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Capital Improvements Generate Buyer Interest

GRAND PRAIRIE, TX—Most DFW properties have been updated in recent years, so property valuations are at a premium and investors are expecting higher revenues than when properties were initially purchased.

By Lisa Brown | lisabrown | | Updated on March 08, 2016
Terraces on the Parkway The asset recently got numerous capital improvement updates to boost buyer interest.
GRAND PRAIRIE, TX—Since 2013, Terraces on the Parkway LP has invested in a multitude of capital improvements, including interior and exterior updates, energy-saving measures and new amenities for its property, Terraces on the Parkway. Tenants now have access to two swimming pools with custom outdoor kitchens, a new fitness center, an updated resident center, an oversized dog park and a soccer field. These efforts have led to the complex leasing up to 97% occupancy. The 297-unit multifamily community has recently sold to EB Real Estate Group LLC for an undisclosed price. The 263,555-square-foot asset, located at 1109 North Carrier Pkwy., was built in 1972. The complex is comprised of 20, two-story residential buildings and offers efficiency, one-, two- and three-bedroom options. Interior unit upgrades include monochromatic appliances, updated flooring and countertops, glass tile kitchen backsplashes and 2-inch blinds. The forward-thinking ownership also installed a variety of energy-efficiency measures, including solar photovoltaic energy systems, two water wells used for irrigation and hot water-saving devices in every unit. Chris Deuillet , first vice president of CBRE tells GlobeSt.com: “Most properties in Dallas-Fort Worth have been updated in recent years, so property valuations are at a premium. Along with strong historical rental growth and high occupancies for the past two or three years, and similar rent growth expected for 2016, investors are expecting higher revenues than when they initially purchase the properties.” Deuillet and Nita Stewart with CBRE’s Dallas office represented the seller. “We aggressively marketed this property and received multiple offers. Although the property recently underwent a significant rehabilitation, a utility bill-back program for tenants has not been fully implemented, giving the buyer more upside,” says Deuillet.  

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