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Mill Run Apartments is a 112 unit garden-style apartment community located in the North Oak Cliff area of Dallas on approximately 4.00 acres of land. Oak Cliff is a submarket located just a few minutes SW of downtown. Due to the rapid amount of redevelopment in the area, Mill Run will continue to benefit with high occupancy (currently 92%) as many older apartment properties are demolished for newer town home, condo, mixed-use and retail projects. The property location gives residents easy access to major thoroughfares, downtown Dallas and public transportation. Nearby attractions include the Stevens Park Golf Course, the Dallas Zoo and the Bishop Arts District. The middle and elementary schools are across the street on the north side of the property.
The subject property is constructed on a concrete slab foundation, brick veneer, wood siding and a flat built-up mansard roof. All utilities are master metered with hot water provided via centralized boilers. Each unit utilizes individual HVAC systems, which results in decreased maintenance expenses. Residents are provided with ample asphalt parking, an on-site laundry facility and a swimming pool. There is also a DART bus stop located at the NW corner of the property.
Mill Run consists of 39% 1 bed/1 bath floor plans and 61% 2 bed/1.5 bath floor plans. The average unit size of 830 SF is above the market average of 792 SF according to the attached rent survey. Each unit features ceiling fans, dishwashers, disposals, frost free refrigerators, vent hoods and balconies/patios. Select units also feature walk-in closets.
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The property is located in the Oak Cliff submarket of Dallas in what would be considered a C-class location. Oak Cliff is located just 5 minutes southwest of downtown Dallas. The subject's location offers quick and convenient access to employment in the Dallas Metro area which is comprised of more than 6.3 million people and over 100,000 business establishments. The subject is well located near the intersection of W Colorado Blvd & Westmount Ave and has an average daily traffic count of 20,250 cars per day. The property is located in a mid-density area with other multifamily properties and single family homes in the immediate area.
This property offers a new investor an incredible opportunity to acquire a stabilized asset located within the Fort Worth Avenue Tax Increment Financing (TIF) District. A TIF encourages new development by allocating real estate tax dollars to pay for new public improvements within the specified district. Many units have been razed to make room for future developments within the Fort Worth Avenue TIF. Properties that have been razed near Mill Run include land at the intersection of Forth Worth Ave and Colorado St (just 3 blocks from the subject property). This site was home to the 346-unit Colorado Place Apartments. When that project is completed it will be an anchor property and should stimulate numerous other redevelopment projects within the boundaries of the TIF. The nearby 156 unit Virginia Manor Apartments is another multifamily site that was demolished and is slated for a future high end town home development with prices ranging from $250,000 to $400,000.
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