Brioso Apartment Listing Details & Market Data

Conveniently located nearby Walmart, Target, and Sam's Place. Average Household Income: $120,000 (5 mile radius) Northwest Dallas Submarket shows a 96% Five-Year Average Occupancy Rate (Ranked 2nd in DFW). Median Home Value: $450,000+ DFW Year Over Year Rent Growth: 13.8%SVN | Angelic is pleased to exclusively offer the Brioso Apartments, a value-add 46-unit multifamily property in the DFW MSA with tremendous upside opportunity for new Ownership to capture. The Seller's recently completed, extensive capital improvements include a new central chiller, a parking lot patch + stripe and seal, exterior façade work and complete painting, dry rot and siding repair, new entry doors and windows in every unit, landscaping, lighting, a new courtyard, etc. Current Ownership acquired the Property out of foreclosure and has fixed several key deficiencies and meaningfully upgraded the property. As part of that, they have also renovated several units to new standards which have achieved significant rent increases post renovations. In order to focus on a larger project nearby, Ownership is selling the Brioso Apartments with the ability for a Buyer to capture already proven rent jumps on both legacy and renovated units, with the cost of renovated new units proven, and no heavier lifting base building work remaining. The Sellers remodeled eight (8) of the forty-six (46) units and are in the process of upgrading an additional three (3) units as gut renovations that will combine two smaller units into one larger and easier to lease unit, as well as turn a studio into a new laundry room, leaving the opportunity for new Ownership to perform light renovations on the remainder and achieve significant rent growth without having to perform the “heavy lifting” that is usually required on value-add assets.