Incredible 18-unit value add opportunity priced below area market rents. The investment opportunity has a mix of 4 2-bedroom units and 14 3-bedroom. units. Parking is 2.2 spaces per unit with a separate storage unit for each unit. Recently improved units are stabilized at 1500 per unit. See Offering Memorandum for details. Garland-Rowlett is a primarily blue-collar submarket located east of the demographic and office-using employment growth north of Dallas. From a development and investment perspective, the submarket offers several benefits.
Rent growth continues to register above pre-crisis norms. A surge in renter demand pushed rent growth to record performances in 2021. Properties in the northwestern part of the submarket aim to tap into spillover demand created by the growth in the northern suburbs, particularly the CityLine development in Richardson. Most of that growth falls along the George Bush Tollway, a key thoroughfare for commuters.