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Dallas Multifamily Real Estate Investment
- Riverbend is a 471-unit, garden-style apartment community built in 1983. Located in Lancaster TX, the property is a 20-minute drive from Downtown Dallas. The current 471-unit community used to be 2 separate properties, Riverbend and Hunter’s Creek, and was later combined into one. The Property features spacious floor plans and three swimming pools. The community is comprised of 181 one-bedroom units (38%), and 290 two-bedroom units (62%). The Riverbend section is comprised of 143 units (30%) and Hunter’s Creek section is compromised of 328 units (70%).
- Deal sourced off-market through broker relationship.
- Excellent entry price. Strong going in yield of 5.45% / 7.04% un-trended pro-forma yield on 100% renovation.
- A clear path to growth:
- Direct access to the South Dallas County Inland Port and the Union Pacific Intermodal Facility makes this a booming industrial location.
- Over 73MM SF of existing class A industrial warehouse space in the submarket, with an additional 9MM SF currently under construction.
- 11.6MM SF of industrial space absorbed in the past 12 months.
- Several large companies taking over 1MM+ SF each in the submarket, including Amazon, Walmart, Proctor & Gamble, BMW, Quaker Oats, and PepsiCo.
- Currently, there are no multifamily properties are under construction in Lancaster or the neighboring cities of DeSoto, Duncanville, Red Oak, Cedar Mill, and Hutchins.
- ~4,500 jobs will be added via incoming industrial supply, expanding the property’s renter base in an already supply-constrained submarket.