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Multifamily

The Colony on Rochelle

1000 W Rochelle Rd, Irving, TX 75062

Listing Price: Request For Offer

Number of Units
64
Gross SF
44,892

Investment Overview

The Colony on Rochelle is a 64-unit apartment community located in Irving, Texas, one of the top submarkets in the D/FW metroplex. The property sits two blocks north of Highway-183 near the corner of MacArthur Boulevard and Rochelle Road, both major thoroughfares in North Irving and affords the property consistent drive by traffic and great visibility. Residents enjoy a strong retail corridor on MacArthur, including a grocery store across the street, and being within walking distance to Elementary, Middle School and High School. Additionally, Highway-183 offers easy access to anywhere in the metroplex and plenty of employment centers, including Baylor Scott & White Hospital just three blocks away. Irving is considered to be one of the most sought after and resilient submarkets while maintaining quality growth as it sits between North Dallas and DFW Airport and boasts four major highways. CoStar projects rent growth to be a healthy nine percent through 2022 and over six percent growth through 2023. Average household income within a one-mile radius of the property is $75,569, confirming the robust employment base in the immediate area. The subject property was built in 1968 and consists of three buildings with two stories that consists of brick veneer exteriors with mansard roofs on concrete slab foundations. The property is individually metered for electricity, has individual HVACs and pigtailed wiring. The property has $925,000 in capital expenditures during the past five years, ensuring the property is in great condition. Outside of the convenient location and access to schools, residents enjoy an onsite leasing office, property owned onsite laundry, and a swimming pool. Colony on Rochelle offers a new investor the opportunity to purchase a multifamily asset in a high growth submarket with solid day one cash-on-cash returns nearing double digits. Additionally, many nearby properties are achieving higher rents than Colony on Rochelle, including the property next door, which rents similar two-bedroom units for $172 higher and one-bedroom units for $80. The finish out is materially the same or better at Colony on Rochelle. While there is room to grow on the income side, there is also an opportunity to reduce the water bill by 20 percent. Colony on Rochelle is being offered free and clear of existing debt, allowing for a wide range of attractive bridge or agency financing options.

Investment Highlights

  • Well Located Apartment Community in High-Growth Irving with Day-One Yield and Strong Rental Upside
  • Affluent Submarket – Average HH Income is $75,000/ Median HH Income is $62,500 Within 1 Mile of Colony on Rochelle
  • Quality Asset with More Than $925,000 in Capital Expenditures Over the Past 5 Years
  • Opportunity to Increase Rents to Match Neighboring Properties Achieving Higher Rents with Similar Interior Finishes
  • Excellent Drive-by Traffic and Visibility with Location on Major Thoroughfares of MacArthur and Rochelle
  • Easy Access to Highway-183 Which Offers Fast Commutes to D/FW Airport, Retail, Employment Centers and Baylor Scott & White Hospital (2 Minutes)
  • Irving Submarket is Considered to be One of the Strongest Submarkets in DFW with 9%+ Anticipated Rent Growth Through 2022 per CoStar
  • Available Free & Clear of Existing Debt – Potential for Interest Rates in the 3% Range and 75% Leverage

Exclusively Listed By

Multifamily

The Colony on Rochelle

Listing Price: Request For Offer

Number of Units
64
Gross SF
44,892

Investment Highlights

  • Well Located Apartment Community in High-Growth Irving with Day-One Yield and Strong Rental Upside
  • Affluent Submarket – Average HH Income is $75,000/ Median HH Income is $62,500 Within 1 Mile of Colony on Rochelle
  • Quality Asset with More Than $925,000 in Capital Expenditures Over the Past 5 Years
  • Opportunity to Increase Rents to Match Neighboring Properties Achieving Higher Rents with Similar Interior Finishes
  • Excellent Drive-by Traffic and Visibility with Location on Major Thoroughfares of MacArthur and Rochelle
  • Easy Access to Highway-183 Which Offers Fast Commutes to D/FW Airport, Retail, Employment Centers and Baylor Scott & White Hospital (2 Minutes)
  • Irving Submarket is Considered to be One of the Strongest Submarkets in DFW with 9%+ Anticipated Rent Growth Through 2022 per CoStar
  • Available Free & Clear of Existing Debt – Potential for Interest Rates in the 3% Range and 75% Leverage

Investment Overview

The Colony on Rochelle is a 64-unit apartment community located in Irving, Texas, one of the top submarkets in the D/FW metroplex. The property sits two blocks north of Highway-183 near the corner of MacArthur Boulevard and Rochelle Road, both major thoroughfares in North Irving and affords the property consistent drive by traffic and great visibility. Residents enjoy a strong retail corridor on MacArthur, including a grocery store across the street, and being within walking distance to Elementary, Middle School and High School. Additionally, Highway-183 offers easy access to anywhere in the metroplex and plenty of employment centers, including Baylor Scott & White Hospital just three blocks away. Irving is considered to be one of the most sought after and resilient submarkets while maintaining quality growth as it sits between North Dallas and DFW Airport and boasts four major highways. CoStar projects rent growth to be a healthy nine percent through 2022 and over six percent growth through 2023. Average household income within a one-mile radius of the property is $75,569, confirming the robust employment base in the immediate area. The subject property was built in 1968 and consists of three buildings with two stories that consists of brick veneer exteriors with mansard roofs on concrete slab foundations. The property is individually metered for electricity, has individual HVACs and pigtailed wiring. The property has $925,000 in capital expenditures during the past five years, ensuring the property is in great condition. Outside of the convenient location and access to schools, residents enjoy an onsite leasing office, property owned onsite laundry, and a swimming pool. Colony on Rochelle offers a new investor the opportunity to purchase a multifamily asset in a high growth submarket with solid day one cash-on-cash returns nearing double digits. Additionally, many nearby properties are achieving higher rents than Colony on Rochelle, including the property next door, which rents similar two-bedroom units for $172 higher and one-bedroom units for $80. The finish out is materially the same or better at Colony on Rochelle. While there is room to grow on the income side, there is also an opportunity to reduce the water bill by 20 percent. Colony on Rochelle is being offered free and clear of existing debt, allowing for a wide range of attractive bridge or agency financing options.

Exclusively Listed By

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