Investment Highlights
– 136 Unit Class C+ Asset
– 13.6 Percent Total Return Day One
– 7.79 Percent Actual Cap Rate
– Potential to Increase Rents and Occupancy
– 92.6 Percent Economic Occupancy
– 64 Percent Two- and Three-Bedroom Units
– Attractive Assumable Financing
The 4.59 acre property is highly visible from E Loop 820, Interstate 30, and only a mere nine miles away from Downtown Fort Worth.
The two-story, 14 brick and wood constructed buildings are individually metered and have flat aesthetically pleasing metal mansard roofs. The property is individually metered for electricity, sub-metered for water, has individual HVAC’s, and individual electric water heaters. There are 177 well-maintained asphalt surface parking spaces, secured gating, and a children’s playground. The inviting property has curb appeal with groomed lawns, mature shrubs, trees, and reflects pride of ownership. The asset features a community pool as well as an onsite laundry room.
The Chaparral Apartments is an opportunity that allows investors to create value through potentially increasing rents up to 3 percent in year one, improving occupancy, and streamlining concessions.
The solid class C+ asset has an array of amenities that include full-size washer & dryer connections, private alarms, frost-free refrigerators with icemakers, and are both cable and internet ready. 47 of the 134 units have vinyl wood plank flooring. The property has floor plans consisting of 1 bedroom at 696 sq. ft., 2 bedrooms at 888 and 949 sq. ft., and spacious three bedrooms two bath units at 1,165 sq. ft. All units are equipped with electric range ovens, private cedar wood patio/balconies, track lighting, and dishwashers.
Chaparral Apartments - Red Sierra Drive, Fort Worth, Tarrant County, Texas, 76112, USA
