Apartments in Texas and Florida
I'm working with a wholesaler who has several apartment building in Texas and Florida.
1. Hidden Springs
This property is close to Foreclosure. Have to move fast.
The address is on Shiloh Road, Tyler, Texas
The Loan amount is the $2.3M asking price. Rents are $80 below market. Selling because of bad management. Seller pays my fees.
80 units Tyler, Texas
NOI 269, 418
Cap rate is 11%
Occupancy is 90%
Asking price is $2.3 million
2.Wheatland Gardens.
Wheatland Road, Dallas Texas. It's currently at a 7.25% CAP rate but the Apartments are underpriced for the area by about $70 each so there is room to raise the rates. If you look this address up online it will show up as a larger complex (around 277 units) and under a different name but the current owner has subdivided this down to 77 units. It is currently off market and the seller will pay the fees.
A recently rehabbed and stabilized C Class asset in a transitional area of South Dallas, the asset is priced to sell at $1,650,000 ($21,710/unit). The seller is highly motivated and is entertaining financing the transaction short term with 30% down payment at 5% interest only payments.
The owner purchased the Note from the lender in 2011, evicted all residents by the end of 2012 and began rehab. He “rebranded” the property’s reputation by changing the name, installing responsive management, providing security in the form of gated access and cameras, and renovating the asset.
The property has been stabilized since the beginning of 2013 and occupancy has been consistently above 90%. The property offers an excellent mix of spacious (avg 944 sq ft) mostly two bedroom floor plans, which attracts many working class families with children in the area. It is in close proximity to the three local public schools nearby and provides easy access to I-35, I-20, and Highway 67 making this a highly desirable location.
3.Spanish Trace
NE 2nd st Mineral Wells, tx
79 Units
Off Market for the moment
Seller= Private
No loans
93% occupancy
Price $2.3M
The same wholesaler has all 3 of these under contract and is willing to make a package deal for all 3 at a price of $5.7M which is $500,000 off of what they would cost individually.
4. ARLINGTON RIVER RD, JACKSONVILLE, FL 32211
CLASS B
BUILT: 1966
NUMBER OF UNITS: 112
OCCUPANCY: 83%
CAP RATE: 10%
NOI: $406K
5. JAMMES RD, JACKSONVILLE, FL 32210
CLASS: B
BUILT: 1973
NUMBER OF UNITS: 112
OCCUPANCY: 75%
CAP RATE: 7%
NOI: $291
Let me know if you are interested in any of these and I will send the Rent Rolls and Financial/P&Ls.