Bonita Gardens

Summary:

The Multifamily Group is pleased to present Bonita Gardens, a unique, value-add opportunity in Dallas, Texas.​ Constructed in 1974, the property consists of 136 units averaging 732 square feet.​ The property offers one and two-bedroom floorplans.​ 79% of the units (108) are two-bedrooms.​ The property is currently 92% occupied matching the occupancy rates of 92% in the Dallas-Cedar Crest submarket (Yardi).​ There are around 50 units that are receiving assistance through local housing authorities.​ Effective rent growth for the Southeastern Dallas submarket is at 6.4% year-over-year (Yardi).​ The U.​S.​ Census Bureau shows that 58% of Dallas’ population are renters.​ Bonita Gardens is being offered free and clear of existing debt.​

Value-Add:

Rents on the two-bedroom units are $124/unit/month under the area market rate and can be increased with renovations.​ The renovations are estimated to be $1,500 for the 108 units and would cost a total of $162,000.​ This would bring an added NOI revenue stream of $5,400/month and $64,800/year with a capitalized value of $864,000 on a 7.5% exit cap.​

Location:

Less than 7-miles to downtown Dallas, with easy access to I-45, TX Hwy-175, and Loop-12 makes this area highly sought after.​ Bonita Gardens has a great level of visibility off Fordham Road with more than 18,800 vehicles passing by per day.​ The property is within walking distance of two convenience stores and two city parks.​ The K-12 schools are a quick drive 1.5 to 3-miles away.​ Paul Quinn College is less than 4-miles away.​ There is a new retail center planned just 3-miles from the asset bringing new stores and Frost Bank.​ The Dallas Zoo, which was approved for $100MM in renovations, and the planned engineering marvel over I-35, Southern Gateway Park, are less than 5-miles away.​ The American Growth Project ranked Dallas as the 5th fastest-growing city in 2022 considering several factors including GDP and population growth.​ The U.​S.​ Census Bureau counted 1,304,379 residents in Dallas, Texas in 2020.​ The metroplex saw 6.5% job growth in the year ending in October 2022, while LA and New York saw 4.3%, according to the latest DFW Resiliency report.​ DFW is estimated to have grown by another 120,000 people during the pandemic.​ Amazon, Walmart, Dart Container Corp.​, Dolco Packaging, Procter and Gamble, and DXP Enterprises Inc.​ have sprawling warehouses in DFW.​ Dallas is a continually growing city with six Fortune 500 companies that have relocated here in the last six years.​

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  Double Digit Cash-on-Cash Year 1

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  Owners Have Infused $343,500 in Improving the Property

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  79% Are Two Bedroom Units

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  Granite Countertops in Every Unit

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  6.4% YoY Effective Rent Growth in the Submarket – Yardi

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  Walking Distance of Two Convenience Stores and Two City Parks

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  Offered Free and Clear