Town View is a 121 unit garden style apartment community located in Dallas, TX. The property is situated at the high traffic intersection of S. Buckner Blvd. & St. Francis Avenue. The average traffic count is 43,500 cars per day in front of the property on Buckner Blvd. and the median income is $44,056 within a 1 mile radius of the property. The subject's location offers quick and convenient access to I-30 and employment in the DFW Metro area which is comprised of more than 6.3 million people and over 130,000 business establishments. Town View is an REO property and was foreclosed on July 5th, 2011.
The improvements were constructed in 1984 of brick veneer and wood siding on concrete slab foundations. The property is individually metered for electric with individual HVAC units. Hot water is supplied through a central gas boiler. Exterior amenities include a gated community, stand-alone leasing office, maintenance shop, laundry care facilities and private patios or balconies with exterior storage. The property has a superior interior amenity package as well which includes washer dryer connections, pre-wired alarm systems, walk-in closets, brick fireplaces and microwaves in select units. The floor plans range in size from 486 SF to 820 SF. The property is well kept for a foreclosed multifamily asset which accounts for its relatively high occupancy of 87% as of 12/1/11.
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Town View is well located, approximately 10 minutes south east of the Dallas CBD, and less than 1-mile off of I-30, which provides excellent access to the Dallas Metro area. The property is approximately 5 miles east of Dallas’ Central Business District. There are two bus stops immediately in front of the property, on Buckner Blvd and one on St. Francis (north side of property). There is a grocery store within walking distance which is just on the other side of Buckner and the property backs up to residential homes. Frank Guzick Elementary is only one third of a mile to the east on the same side of St Francis Rd. and Skyline High School is about one quarter of a mile to the southeast of the property. Mi Escuelita Pre - School is located one third of a mile to the north on Buckner Blvd. Town View draws a high percentage of its tenants from the major employers in the area.
Town View Apartments is an excellent opportunity for an investor looking for an asset with good structural and mechanical fundamentals like brick construction, individual electric metering, and individual HVAC units. The property is priced well below area comps and upon stabilization to market rents and occupancy a buyer should be able to realize a substantial return on their investment.
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