Listed by Colliers - Dallas, Texas
Unpriced
St. Augustine Townhomes
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 46,037
Units 45
Year Built 1983
Acreage 3.520
About This Property
Investment highlights
- Desirable Unit Mix & Layout: 78% of the units are two-bedroom, two-story townhomes ranging from 850 SF to 1,190 SF, providing ample living space.
- HOA Control & Exit Flexibility: Owners control 45 of the 48 townhomes (94% ownership), providing HOA control and multiple exit strategies. New ownership can consider options to purchase remaining 3 units. HOA has first right of refusal on the 3 remaining units should they choose to sell.
- Extensive Improvements (~Over $2MM Spent): Newer roofs (2021–2022), windows, and siding on all buildings, fresh exterior and interior paint, foundation repairs and interior upgrades including stainless steel appliances and stone countertops
- Modernized Interiors: About 85% or More Renovated: Updated kitchens with stone countertops, black and stainless steel appliances, faux wood flooring throughout common areas, modern bathrooms with tile surround, updated vanities and lighting, and full-sized washers and dryers
- Low Basis Compared to Market Value: Priced at less than $90k a unit, individual sales comps suggest a value of $105k-$122k per unit.
- Focus on Stabilizing while Capturing Rent Premium: An attractive opportunity to acquire a substantially renovated asset with operational upside through lease-up of renovated units
Listing Contacts
Listed by Colliers - Dallas, Texas
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Zoning
CR CommercialRetail CommercialCommunity Retail District
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