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Multifamily

Westwood

3064 Spruce Valley Ln, Dallas, TX 75233

Listing Price: Request For Offer

Number of Units
187
Gross SF
172,378

Investment Overview

Westwood is a 187-unit apartment community that is conveniently located in the heart of Dallas, Texas just minutes from downtown and highly visible along South Westmoreland Road. The property is situated adjacent to Briar Gate Park and is just down the street from several schools, Fiesta Supermarket, and many other retail and dining establishments. The popular Bishops Arts District is also just five miles away, offering numerous dining and entertainment options for residents. The subject property was built in 1969 and consists of 15 buildings that are comprised of brick veneer and hardie plank siding exteriors with wood frames and pitched composition roofs on concrete slab foundations. Over the past four years, more than $2.5 million in major capital improvements have occurred onsite. All roofs and siding have been replaced, along with mechanicals including new boiler and chiller systems. Stair railing has been replaced, LED lighting has been installed throughout the property and new playgrounds and grill areas have been added. The parking lot and carports also underwent renovation. The large swimming pool, onsite laundry facilities and spacious floorplans allow a comfortable and affordable place to live for area residents. The large average unit sizes also offer a competitive advantage for the property. Westwood offers a new owner a great opportunity to acquire a well located, well maintained and highly visible apartment community in Dallas and enjoy solid yields from day-one of ownership with the opportunity to significantly increase income and value in the near term. This can be achieved through improved management and through the implementation of a unit enhancement program. While current ownership has done a good job of managing capital improvements and maintaining the asset, the property operation currently falls well short of the market average of 9 percent economic vacancy. Also, by implementing a unit enhancement program consistent with several nearby properties, substantial rental upside can be realized. Westwood is available free and clear of existing debt, allowing new ownership a wide array of historically attractive financing options through bridge or agency programs.

Investment Highlights

  • Management Play-Ability to Increase NOI an Additional ~$110k by Achieving Market Average Economic Vacancy of 9%
  • Great Mix of Large Floorplans-63 Percent 2BR and 3BR Units with 920-Square Foot Average Unit Size
  • Solid Yield From Day-One of Ownership Plus Significant Upside Thru Improved Management and Unit Enhancement Program
  • More Than $2.5MM in Capex Completed Since 2017 Including All New Siding and Roofs, Mechanicals, Carports and Amenities
  • Available Free and Clear of Existing Debt with Historically Attractive Agency and Bridge Financing Options on the Table
  • Attractive, Highly Visible Location Adjacent to a Park, Near Schools and a Fiesta Supermarket
  • Outstanding Upside by Implementing Unit Upgrades Comparable to Nearby Properties

Exclusively Listed By

Listing Price: Request For Offer

Number of Units
187
Gross SF
172,378

Investment Highlights

  • Management Play-Ability to Increase NOI an Additional ~$110k by Achieving Market Average Economic Vacancy of 9%
  • Great Mix of Large Floorplans-63 Percent 2BR and 3BR Units with 920-Square Foot Average Unit Size
  • Solid Yield From Day-One of Ownership Plus Significant Upside Thru Improved Management and Unit Enhancement Program
  • More Than $2.5MM in Capex Completed Since 2017 Including All New Siding and Roofs, Mechanicals, Carports and Amenities
  • Available Free and Clear of Existing Debt with Historically Attractive Agency and Bridge Financing Options on the Table
  • Attractive, Highly Visible Location Adjacent to a Park, Near Schools and a Fiesta Supermarket
  • Outstanding Upside by Implementing Unit Upgrades Comparable to Nearby Properties

Investment Overview

Westwood is a 187-unit apartment community that is conveniently located in the heart of Dallas, Texas just minutes from downtown and highly visible along South Westmoreland Road. The property is situated adjacent to Briar Gate Park and is just down the street from several schools, Fiesta Supermarket, and many other retail and dining establishments. The popular Bishops Arts District is also just five miles away, offering numerous dining and entertainment options for residents. The subject property was built in 1969 and consists of 15 buildings that are comprised of brick veneer and hardie plank siding exteriors with wood frames and pitched composition roofs on concrete slab foundations. Over the past four years, more than $2.5 million in major capital improvements have occurred onsite. All roofs and siding have been replaced, along with mechanicals including new boiler and chiller systems. Stair railing has been replaced, LED lighting has been installed throughout the property and new playgrounds and grill areas have been added. The parking lot and carports also underwent renovation. The large swimming pool, onsite laundry facilities and spacious floorplans allow a comfortable and affordable place to live for area residents. The large average unit sizes also offer a competitive advantage for the property. Westwood offers a new owner a great opportunity to acquire a well located, well maintained and highly visible apartment community in Dallas and enjoy solid yields from day-one of ownership with the opportunity to significantly increase income and value in the near term. This can be achieved through improved management and through the implementation of a unit enhancement program. While current ownership has done a good job of managing capital improvements and maintaining the asset, the property operation currently falls well short of the market average of 9 percent economic vacancy. Also, by implementing a unit enhancement program consistent with several nearby properties, substantial rental upside can be realized. Westwood is available free and clear of existing debt, allowing new ownership a wide array of historically attractive financing options through bridge or agency programs.

Exclusively Listed By

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