After having this property under contract in mid -2024, Avista Fund together with RSN Property Group is pleased to announce that we have re-negotiated this incredible value-add community in the fast-growing Dallas – Fort Worth MSA at an even more attractive price of $21.75MM. At $96K per door, this represents a significant discount to not only the market’s peak in 2022 for similar assets of around $152K per door but also significantly below recent market comps, including a lower-quality property that sold for $123K per door in June 2024.
“Eagle Creek Landing” is a boutique rental community offering a total of 226 apartment homes in a two-story garden-style layout.
This tree-lined community, a tenant’s dream, boasts a pool, two pickleball courts, a tennis court, a basketball court, a clubhouse, and ample greenspace. Its prime location, just 20 minutes from downtown Dallas, and the surrounding area’s amenities, including restaurants, shopping centers, major highways, and parks, make it an ideal investment.
Due to inefficiencies in property management, and higher-than-expected capital expenditures totaling $4.9MM current ownership has decided to dives the asset. We believed that the previous ownerships investment into the physical attributes of the property, along with strong market fundamentals, will provide investors with the opportunity to capitalize on potential future upside.
Furthermore, roughly 30% of the units have been upgraded to a platinum level, securing rental premiums of +$200-250/month above the classic units. Through our proven value-add program, we will renovate the remaining 70% classic units to a similar standard, pushing rents to this proven level.