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Multifamily

Estrella at Broadmoor

8021 Calmont Ave, Fort Worth, TX 76116

Listing Price: $8,736,000

Cap Rate
4.87%
Number of Units
96
Price/Unit
$91,000
Price/Gross SF
$104.46
Gross SF
83,630

Investment Overview

The Estrella at Broadmoor is a 96-unit community conveniently located in Fort Worth, Texas along Calmont Avenue, just 10 minutes from Downtown. Within minutes of the property, a resident can get to Lockheed Martin, Joint Reserve Naval Air Station, Ridgmar Mall, Elementary, Middle or High School and numerous other shopping, dining and employments centers. Additionally, this submarket is the closest workforce housing, 10 minutes on I-30, to the largest high-end master planned community in Texas, called Walsh Ranch. Walsh Ranch will have 50,000+ residents and countless commercial and office developments. Fort Worth is one of the nation’s most dynamic rental markets and with solid employment drivers and multiple exciting new developments, the West Fort Worth market is poised for strong and steady growth in the short and long term. The subject property was built in 1968 and consists of 16 buildings which are comprised of mostly brick exteriors with pitched roofs and concrete slab foundations. The roofs, all windows, mechanicals systems (chiller system and boiler) have all been replaced in the past 2 years, as part of a $1.6MM renovation project. Residents enjoy a pool, large floorplans, on-site laundry, playground and easy access to major thoroughfares and public transit. Additionally, the property is walking distance to Western Hills Elementary School and the LVT Rise Community Center that sits on 5 acres and offers recreational and community driven programs for area residents. A new owner will enjoy strong double-digit cash-on-cash returns from day one on this turnkey asset and can realistically push yields to the mid-teens within a short time frame. The attractive Freddie Mac debt has 3 years of interest only period left and a very advantageous 1% prepay, offering superior financing terms while maintaining flexibility for a new buyer. Between the strong cash flow, lack of deferred maintenance, attractive debt, area growth and rental upside, Estrella at Broadmoor presents a hard to find opportunity for new investors.

Investment Highlights

  • Strong Day One Cash Flow – 10%+ In-Place Cash-on-Cash Return with Near Term Potential in the Mid-Teens
  • Attractive Freddie Mac Loan Assumption – Libor Floating Rate around 2.75% currently, 4 Years I/O & 1% Prepay
  • Turn-Key Property; $1.6MM in Capital Improvements in past 2 years – over $17,000 per unit
  • All Roofs, Mechanicals and Windows were Replaced in Past 2 Years
  • Closest Workforce Housing Submarket to New Walsh Ranch Development in West FW with 50,000+ Potential Residents
  • Strong Momentum in the Submarket has Created Rental Upside Based on Nearby Comps Undergoing Renovations
  • Easy Access to I-30, I-820 Loop, Camp Bowie Retail Corridor and Downtown Fort Worth (10 minutes)
  • Walking Distance to Elementary School & LVT Rise Community Center that offers Recreational and Community Driven Programs for area Residents

Exclusively Listed By

Multifamily

Estrella at Broadmoor

Listing Price: $8,736,000

Cap Rate
4.87%
Number of Units
96
Price/Unit
$91,000
Price/Gross SF
$104.46
Gross SF
83,630

Investment Highlights

  • Strong Day One Cash Flow – 10%+ In-Place Cash-on-Cash Return with Near Term Potential in the Mid-Teens
  • Attractive Freddie Mac Loan Assumption – Libor Floating Rate around 2.75% currently, 4 Years I/O & 1% Prepay
  • Turn-Key Property; $1.6MM in Capital Improvements in past 2 years – over $17,000 per unit
  • All Roofs, Mechanicals and Windows were Replaced in Past 2 Years
  • Closest Workforce Housing Submarket to New Walsh Ranch Development in West FW with 50,000+ Potential Residents
  • Strong Momentum in the Submarket has Created Rental Upside Based on Nearby Comps Undergoing Renovations
  • Easy Access to I-30, I-820 Loop, Camp Bowie Retail Corridor and Downtown Fort Worth (10 minutes)
  • Walking Distance to Elementary School & LVT Rise Community Center that offers Recreational and Community Driven Programs for area Residents

Investment Overview

The Estrella at Broadmoor is a 96-unit community conveniently located in Fort Worth, Texas along Calmont Avenue, just 10 minutes from Downtown. Within minutes of the property, a resident can get to Lockheed Martin, Joint Reserve Naval Air Station, Ridgmar Mall, Elementary, Middle or High School and numerous other shopping, dining and employments centers. Additionally, this submarket is the closest workforce housing, 10 minutes on I-30, to the largest high-end master planned community in Texas, called Walsh Ranch. Walsh Ranch will have 50,000+ residents and countless commercial and office developments. Fort Worth is one of the nation’s most dynamic rental markets and with solid employment drivers and multiple exciting new developments, the West Fort Worth market is poised for strong and steady growth in the short and long term. The subject property was built in 1968 and consists of 16 buildings which are comprised of mostly brick exteriors with pitched roofs and concrete slab foundations. The roofs, all windows, mechanicals systems (chiller system and boiler) have all been replaced in the past 2 years, as part of a $1.6MM renovation project. Residents enjoy a pool, large floorplans, on-site laundry, playground and easy access to major thoroughfares and public transit. Additionally, the property is walking distance to Western Hills Elementary School and the LVT Rise Community Center that sits on 5 acres and offers recreational and community driven programs for area residents. A new owner will enjoy strong double-digit cash-on-cash returns from day one on this turnkey asset and can realistically push yields to the mid-teens within a short time frame. The attractive Freddie Mac debt has 3 years of interest only period left and a very advantageous 1% prepay, offering superior financing terms while maintaining flexibility for a new buyer. Between the strong cash flow, lack of deferred maintenance, attractive debt, area growth and rental upside, Estrella at Broadmoor presents a hard to find opportunity for new investors.

Exclusively Listed By

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