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Multifamily

Rio Vista

6324 Baker Boulevard, Haltom City, TX 76118

Listing Price: Request For Offer

Number of Units
246
Gross SF
197,616

Investment Overview

Rio Vista is a 246-unit, individually metered community located in the heart of D/FW in Richland Hills, Texas along the junction of Highways 26 and 183, which are two high traffic thoroughfares that connect downtown Fort Worth with the mid-cities markets. This great location boasts easy access to area highways, retail and employment. The property is also situated within the highly rated Birdville ISD, with a brand new Elementary school under construction next door which will open in August 2021. The opening of this school should provide a significant boost to renter demand at Rio Vista, which is already located in an area short on workforce housing options. D/FW Airport, Downtown Fort Worth, Northeast Mall, and Bell Helicopter are all within a short commute of Rio Vista, making this a convenient place to live for area renters. The subject property was built in 1969, and consists of 13 buildings which are comprised of brick veneer and hardie plank siding with pitched composition roofs on 10 of 13 buildings and TPO mansard roofs on 3/13 buildings on concrete slab foundations. All roofs were fully replaced in 2019. The property boasts the most appealing amenities package in the submarket, with a regulation size soccer field, new playgrounds, two renovated pools, BBQ areas and two laundry facilities. Over $4MM in capital improvements have been completed on the property since 2018, leaving very little in required capital outlay for the new ownership. Rio Vista offers a new investor an outstanding opportunity to acquire a large, well located class B community in the heart of the nation’s most dynamic multifamily market at an attractive basis and achieve above average returns through improved property management and interior finish out. While the physical renovation of the property was significant and well-executed, property management was based out of state and not especially well executed, so a new owner can realize much of the benefit of the capital program that has been completed simply by managing the asset more effectively. Rio Vista is available free and clear of existing debt, so historically attractive debt options are on the table. By implementing a new management strategy, a new owner should achieve great results for years to come.

Investment Highlights

  • Large, Well Located 246-Unit Class B Community in a Great Location Offering the Ability to Dramatically Increase Income and Value Without Major Capital Outlay
  • Compelling Value-Add Strategy Through Improved Property Management and Sharper Interior Finishes Upon Turn
  • Great Location Within Birdville ISD with a Brand New Elementary School Under Construction Next Door Opening August 2021-Will Translate to Increase in Demand from Area Renters
  • More Than $4MM in Recent Capital Improvements Including All-New Roofs, Windows, Siding and Parking Lot Surfaces
  • Best Amenities Package in the Area Including Regulation Soccer Field, Two Swimming Pools, BBQ Areas, Playgrounds and Laundry Facilities
  • Available Free and Clear of Existing Debt-Historically Attractive Bridge and Agency Financing Options on the Table
  • Pitched Roofs (10/13 Buildings), Individual HVAC's, Electric Meters and Hot Water Heaters
  • Outstanding Rent Growth-8.8% Organic Rent Growth in Past 12 Months

Exclusively Listed By

Listing Price: Request For Offer

Number of Units
246
Gross SF
197,616

Investment Highlights

  • Large, Well Located 246-Unit Class B Community in a Great Location Offering the Ability to Dramatically Increase Income and Value Without Major Capital Outlay
  • Compelling Value-Add Strategy Through Improved Property Management and Sharper Interior Finishes Upon Turn
  • Great Location Within Birdville ISD with a Brand New Elementary School Under Construction Next Door Opening August 2021-Will Translate to Increase in Demand from Area Renters
  • More Than $4MM in Recent Capital Improvements Including All-New Roofs, Windows, Siding and Parking Lot Surfaces
  • Best Amenities Package in the Area Including Regulation Soccer Field, Two Swimming Pools, BBQ Areas, Playgrounds and Laundry Facilities
  • Available Free and Clear of Existing Debt-Historically Attractive Bridge and Agency Financing Options on the Table
  • Pitched Roofs (10/13 Buildings), Individual HVAC's, Electric Meters and Hot Water Heaters
  • Outstanding Rent Growth-8.8% Organic Rent Growth in Past 12 Months

Investment Overview

Rio Vista is a 246-unit, individually metered community located in the heart of D/FW in Richland Hills, Texas along the junction of Highways 26 and 183, which are two high traffic thoroughfares that connect downtown Fort Worth with the mid-cities markets. This great location boasts easy access to area highways, retail and employment. The property is also situated within the highly rated Birdville ISD, with a brand new Elementary school under construction next door which will open in August 2021. The opening of this school should provide a significant boost to renter demand at Rio Vista, which is already located in an area short on workforce housing options. D/FW Airport, Downtown Fort Worth, Northeast Mall, and Bell Helicopter are all within a short commute of Rio Vista, making this a convenient place to live for area renters. The subject property was built in 1969, and consists of 13 buildings which are comprised of brick veneer and hardie plank siding with pitched composition roofs on 10 of 13 buildings and TPO mansard roofs on 3/13 buildings on concrete slab foundations. All roofs were fully replaced in 2019. The property boasts the most appealing amenities package in the submarket, with a regulation size soccer field, new playgrounds, two renovated pools, BBQ areas and two laundry facilities. Over $4MM in capital improvements have been completed on the property since 2018, leaving very little in required capital outlay for the new ownership. Rio Vista offers a new investor an outstanding opportunity to acquire a large, well located class B community in the heart of the nation’s most dynamic multifamily market at an attractive basis and achieve above average returns through improved property management and interior finish out. While the physical renovation of the property was significant and well-executed, property management was based out of state and not especially well executed, so a new owner can realize much of the benefit of the capital program that has been completed simply by managing the asset more effectively. Rio Vista is available free and clear of existing debt, so historically attractive debt options are on the table. By implementing a new management strategy, a new owner should achieve great results for years to come.

Exclusively Listed By

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