Parkwood Apartments

Summary:

The Multifamily Group is pleased to present the exclusive offering of Parkwood, a unique, value-add opportunity in Richardson, Texas.​ Built in 1956, the property features 28 units, each measuring 800 square feet and configured with a two-bedroom floorplan.​ The property is currently 100% occupied and is being offered free and clear of existing debt.​

Value-Add:

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  Renovate the 11 classic units for an additional ~15% NOI increase.​

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  Offer tenants the option to reserve parking spaces for a monthly fee.​

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  The CSC laundry contract will expire in 2027 and should be changed for a more profitable one or purchase coin operated units.​ The owner estimated CSC paid laundry income was $54 for 2024.​

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  Reduce the water bills by implementing a water conservation program.​ (See SWC quote on pages 9-10)

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  Implement miscellaneous bill-back for fees such as pest control, reserved parking, month-to-month, and trash.​

Location:

The Parkwood Apartments offer an unbeatable location in one of North Texas’s most desirable and fast-growing communities.​ Situated just minutes from Interstate-75, Parkwood provides residents with convenient access to the entire Dallas-Fort Worth metroplex and is surrounded by major retailers like Target and Walmart, as well as popular local spots including Free Play Arcade and a wide range of restaurants and shopping options.​ Richardson is a city on the rise, anchored by the renowned Telecom Corridor, home to industry leaders like Texas Instruments, Samsung, Raytheon, and State Farm, and strengthened by a robust job market, award-winning schools, and the presence of the University of Texas at Dallas.​ The city’s proactive economic development has drawn major investments, including a new GEICO facility bringing over 1,000 jobs by fall 2025.​ Cultural and lifestyle amenities continue to expand, with the revitalized CORE District offering dining and entertainment, and the upcoming UTD/Synergy Park station on DART’s Silver Line promising even greater connectivity.​

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  ~$280/Month/Unit Proven Premiums on Renovated Units - 11 Classic Units Remaining

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  Attaining $1,500 Rents on Lease Renewals

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  All 2-Bedroom Units

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  100% Occupied

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  ~$300,000 Invested in Interior and Exterior Capital Expenditures

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  $88,000+ Median HH Income in a 1-Mile Radius - Yardi

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  Richardson ISD - A-Rated by Niche

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  Close to Interstate-75, Target, and Wal-Mart

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  Richardson is the Second Largest Employment Center in the DFW Metro

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  Offered Free and Clear of Existing Debt