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Multifamily

The Bristols

825 Norwood Dr, Hurst, TX 76053

Listing Price: Request For Offer

Number of Units
94
Gross SF
86,305

Investment Overview

The Bristols is a quaint, 94-unit community located in Hurst, Texas, which conveniently sits within 15 minutes of Downtown Fort Worth and DFW Airport. This location also offers quick access to Highways 121 & 183, Northeast Mall and Bell Helicopter, all excellent employment drivers for the submarket. The Bristols offers large floorplans, averaging over 900 square feet per unit and is next door to Harrison Lane Elementary School, part of the renowned HEB-ISD, making this an excellent community for families. The one mile median income is $53,000+ and average household income within three miles is $80,000+, positioning The Bristols to take advantage of a quality tenant base and strong growth prospects. In fact, the Hurst submarket is currently enjoying over nine percent rent growth year over year and CoStar projects over eight percent rent growth for the next 12 months. The subject property was built in 1963 and consists of 11 buildings which are comprised of brick veneer exterior with pitched composition roofs and wood framing on concrete slab foundations. The units are master metered for electricity and have copper wiring, and the HVAC system is run by two chillers that are less than seven years old. Residents enjoy large units with brick hearths in the kitchens, excellent storage space, onsite laundry (property owned), and three interior courtyard areas with green-space and picnic tables. The Bristols offers an opportunity for a new investor to enjoy quality yields in one of the most sought-after suburbs in DFW and still realize substantial rent growth. Other nearby properties are seeing much higher rent premiums with more up-to-date interior finish out paired with strong amenities. The closest All-Bills-Paid asset, Davis Park, has implemented updates that include black appliances, flooring, fixtures and granite countertops and are seeing premiums up to $185 higher than the Bristols on similar floorplans. See the Case Study on pages 12 & 13 of this OM for more detail. Additionally, there is opportunity for utility savings that, as an All-Bills-Paid property, would go directly to a new investors bottom line. The Bristols is being offered free and clear of existing debt.

Investment Highlights

  • 94 Units with Beautiful Colonial Style Architecture in Acclaimed HEB School District, Located Next Door to an Elementary School
  • Solid Day-One Yields with Opportunity to Raise Rents and Lower Expenses
  • Closest ABP Community has Rent Premiums Up $185 Higher than Subject Property
  • Large Floorplans Averaging Over 900 Sq Ft Making Bristols an Excellent Community for Families
  • Quality Location with Quick Access to Downtown Fort Worth, DFW Airport, Bell Helicopter, Loop 820 and HWYs 183 & 121
  • Strong Economic Drivers in Submarket, 9%+ Rent Growth Projections Over Next 12 Months and 3 Mile Average HH Income is Over $80,000
  • Opportunity to Upgrade Amenities with 3 Interior Courtyards with Green-Space
  • Available Free & Clear of Existing Debt During a Generationally Attractive Debt Market

Exclusively Listed By

Financing By

Multifamily

The Bristols

Listing Price: Request For Offer

Number of Units
94
Gross SF
86,305

Investment Highlights

  • 94 Units with Beautiful Colonial Style Architecture in Acclaimed HEB School District, Located Next Door to an Elementary School
  • Solid Day-One Yields with Opportunity to Raise Rents and Lower Expenses
  • Closest ABP Community has Rent Premiums Up $185 Higher than Subject Property
  • Large Floorplans Averaging Over 900 Sq Ft Making Bristols an Excellent Community for Families
  • Quality Location with Quick Access to Downtown Fort Worth, DFW Airport, Bell Helicopter, Loop 820 and HWYs 183 & 121
  • Strong Economic Drivers in Submarket, 9%+ Rent Growth Projections Over Next 12 Months and 3 Mile Average HH Income is Over $80,000
  • Opportunity to Upgrade Amenities with 3 Interior Courtyards with Green-Space
  • Available Free & Clear of Existing Debt During a Generationally Attractive Debt Market

Investment Overview

The Bristols is a quaint, 94-unit community located in Hurst, Texas, which conveniently sits within 15 minutes of Downtown Fort Worth and DFW Airport. This location also offers quick access to Highways 121 & 183, Northeast Mall and Bell Helicopter, all excellent employment drivers for the submarket. The Bristols offers large floorplans, averaging over 900 square feet per unit and is next door to Harrison Lane Elementary School, part of the renowned HEB-ISD, making this an excellent community for families. The one mile median income is $53,000+ and average household income within three miles is $80,000+, positioning The Bristols to take advantage of a quality tenant base and strong growth prospects. In fact, the Hurst submarket is currently enjoying over nine percent rent growth year over year and CoStar projects over eight percent rent growth for the next 12 months. The subject property was built in 1963 and consists of 11 buildings which are comprised of brick veneer exterior with pitched composition roofs and wood framing on concrete slab foundations. The units are master metered for electricity and have copper wiring, and the HVAC system is run by two chillers that are less than seven years old. Residents enjoy large units with brick hearths in the kitchens, excellent storage space, onsite laundry (property owned), and three interior courtyard areas with green-space and picnic tables. The Bristols offers an opportunity for a new investor to enjoy quality yields in one of the most sought-after suburbs in DFW and still realize substantial rent growth. Other nearby properties are seeing much higher rent premiums with more up-to-date interior finish out paired with strong amenities. The closest All-Bills-Paid asset, Davis Park, has implemented updates that include black appliances, flooring, fixtures and granite countertops and are seeing premiums up to $185 higher than the Bristols on similar floorplans. See the Case Study on pages 12 & 13 of this OM for more detail. Additionally, there is opportunity for utility savings that, as an All-Bills-Paid property, would go directly to a new investors bottom line. The Bristols is being offered free and clear of existing debt.

Exclusively Listed By

Financing By

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