|Number of units||240|
Jones Lang LaSalle Americas. Inc. or its state-licensed affiliate has been exclusively retained to offer an opportunity for qualified investors to purchase the fee simple interest in Grayson Ridge (the “Property”), a unique, value-add asset located in North Richland Hills, Texas. Completed in 1988, the Property consists of 240 well appointed units and presents a unique opportunity to acquire a Class “B” asset coupled with value-add potential in a highly desirable residential area. Situated along Loop 820, this premier site offers residents immediate access to numerous employment center in the immediate area including DFW Airport, American Airlines and BNSF Corporate Headquarters, Medical City North Hills, and the Fort Worth CBD. In addition, Grayson Ridge is situated near the largest entertainment district in North Texas with venues including AT&T Stadium, Globe Life Field, and the recently completed $1.25 billion mixed-use Texas Live! development. Furthermore, effective rents are seeing an average of 20.9% growth on the recent trade out report allowing for significant upside to increase rental rates across the rent roll.
High Quality, Well-Maintained Asset – Grayson Ridge presents the opportunity to acquire an exceptionally well-maintained property that is in excellent physical condition and offers a low-density setting with ample open space, creating a desirable environment for renters. Additionally, residents are afforded a full amenity set that includes a swimming pool, fitness center, outdoor grilling areas, and dog park. Furthermore, the current owner has invested a significant amount of capital in recent years for the following modernizing the clubhouse, new roof, replaced the boilers, sidewalk and parking lot repairs, and new signage.
Ideal Value Enhancement Through Interior Upgrades – The Property represents an extraordinary opportunity to further achieve rental premiums through continued unit enhancements. Currently there are 36 units that can still add faux wood flooring throughout. In addition, there are 43 upgraded units receiving approximately a $120-$140 rent premium. Washer/dryers can be added to 79 units, and currently none of the units have hard surface countertops.
Potential for Future Rent Increases – There are several data points that help support significant rent growth at Grayson Ridge.
Address: 6901 NE Loop 820 North Richland Hills, TX 76180
Year Built: 1988
Avg. SF: 760
Total Parking Spaces: 528
Lease Trade Out %: 20.9%