Boulder Ridge is a 66-unit, garden-style, seniors housing apartment complex located in southern Dallas near the intersection of Kiest Boulevard and South Westmoreland Road. The property is located in an established neighborhood and reflects pride of ownership. The asset is close to retail, shopping, multiple parks, located just 1.7 miles to University General Hospital, and is less than three miles away from Interstate-35 and US 67.
Built in 1965, the property features pitched roofs with long-lasting brick and wood construction. All units have reportedly received substantial upgrades including new carpet, and faux wood-style vinyl and ceramic tile flooring. Boulder Ridge has an on-site laundry room, on-site management, and a recently updated asphalt parking lot. There is new perimeter fencing and the property is surrounded by tall trees and shrubs. The property is equipped with individual energy efficient window units, providing both cold and hot air throughout the seasons and ideal for landlords with strict budgets.
The six-building property has four, family friendly floor plans ranging in size from 602 square feet to 1,280 square feet with an average unit size of 946 square feet. The unit mix is composed of 21 percent one bedroom/one-bath, 1 percent two-bedroom/one-bath, 21 percent two-bedroom/one-and-a-half bath (townhomes), 43 percent two-bedroom/two-bath, and 14 percent three-bedroom/two-bath apartments. Each unit has a pantry and walk-in closets. The property consists of more than 62,000 rentable square feet on more than 130,000 square feet (approximately 3.0 acres) of land.
The asset is professionally managed and presently operates as an “All Bills Paid” community. Boulder Ridge has irrevocable Deed Restrictions requiring one tenant per lease meets the minimum age of 55.
The property’s rent per square foot is currently $0.24 below the submarket average. A new investor can possibly reduce electricity costs by implementing Ratio Utility Billing Systems (RUBS). Hocutt recently provided a bid for adding an external Manual Read Submetering System for all 66 units at $43,953.00. The present management has strategies to pass through water expenses to future tenants and lease renewals with an objective to reduce water expenses by 75 percent.
Units 103, 104, and 237 are have been renovated. An investor could improvements units with but not limited to, flooring, kitchen cabinets and countertops, paint and texture, appliances, bathroom upgrades, air conditioners, and doors. This will allow an investor to charge higher in rent.
Investors seeking a well-managed asset with mature tenants and true upside in one of the best markets in the United States should strongly consider the Boulder Ridge Apartments.
Proposed Financing: Subject to Change*
Financing can be up to 75% Loan to Value at a 30-year term loan. The initial three (3) years are Interest Only. The start rate would be 3.4% for six (6) months, then the adjustment would be 3.4% plus six (6) month LIBOR. There is a 3/2/1 Prepay (waived if refinanced into a perm loan with the same lender).
Boulder Ridge Apartments - 3130, Springwood Lane, Dallas, Dallas County, Texas, 75233, USA
