Off Market DALLAS 404 Unit 7.75% CAP 2 Prop Package 83% Occupancy

[Elan Spreiser]

PRICE - $16.5 million

CAP - 7.75%+

NOI - $1,297,426.17

PRO FORMA CAP - 11.75%+

PRO FORMA NOI - $1,940,831

Property 1 is 304 units and Property 2 is 100 units. These two C-Class multifamily assets are being offered for sale as a package only. A new purchaser must assume an existing CMBS loan, currently serviced by Wells Fargo, with a balance of $7.3 million, 5.41% interest, 30 year amortization, with 9 years remaining. The lender has indicated that a supplemental loan is available. Terms are not verified.

The property has high value add components as overall occupancy is at 83%, and cosmetic repairs may continue to maximize curb appeal. Aggressive leasing strategies and ongoing rehab of interiors and exteriors by the current ownership have brought the property up from low occupancy and performance. A new owner can take it to the finish line, while increasing performance dramatically.

The properties are well located with high visibility on a busy boulevard and offers excellent amenities. Floor plans are very desirable for this family community with mostly 2, 3 and 4 bedroom units at a spacious 849 sf average size!

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Elan Spreiser

Stratton Real Estate Group

JDS Real Estate Services

[email protected]

520-349-6749