Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Attributes

Year Built 1983
Building Area
Land Area ()
Number of units 78

Property Description

Amenity Rich, Well-Maintained Class “B” Asset – Northwood Village presents the opportunity to acquire a well-maintained, Class B asset that features mostly brick exteriors. The Property is in excellent physical condition and offers an all two story design and a low-density setting with ample open space, creating a desirable environment for renters. The Property is also one of the best amenitized assets in the market featuring a swimming pool, covered outdoor grilling area, and outdoor fitness equipment. Moreover, new ownership is afforded the opportunity to step into a well-performing asset with upside that is significantly below replacement cost.


Significant Value Enhancement Opportunities – Currently there are 12 units that have been upgraded at the Property and are achieving approximately a $90 premium. By continuing or expanding on the interior renovation program that is in place, new ownership has the ability to achieve healthy rental premiums by upgrading the remaining “classic” units to include:

• Black or stainless-steel appliances

• Faux wood flooring

• Resurfaced countertops

• Painted or new cabinet fronts

• Upgraded lighting

• Upgraded fixtures

• Brushed nickel hardware

• 2” blinds

Investment Highlights

Great Location Near Economic Drivers – Northwood Village is surrounded by numerous employment centers and quality economic drivers including:

  • Navarro College: With an enrollment of more than 1,800 students and over 580 employees, Navarro College features campuses in Corsicana, Waxahachie, Midlothian, and Mexia, with Corsicana being the main campus
  • Navarro Regional Hospital: Award-winning 162 bed hospital with more than 50 full time physicians on staff
  • Russell Stover Candies: 462,000 SF plant, which is the largest U.S. marker of boxed chocolates
  • Kohl’s Distribution Center: Over 180 employees at the regional distribution center
  • Oil City Iron Works: Headquartered in Corsicana

Additionally, Northwood Village is less than five miles from Interstate-45, less than one hour from the Dallas CBD, is approximately a 30-minute commute from Waxahachie and Ennis, Texas.


Strong Apartment Market Fundamentals – Northwood Village is well positioned in the Corsicana market as there are only a total 1,033 multifamily units and only 222 units have been built in the last 15 years. Occupancy in Corsicana remains strong as evident by the 95% average occupancy over the last five years. The competitive set consists of two properties that have an average effective rent of $1,036 per month, which is a $278 delta, allowing for new owners to further increase rents.

Last Updated Date: 31 Aug 2021
Steven Hahn Jr.
Steven Hahn Jr.
Senior Director, Capital Markets
License details
TX-615904 OK-184952
Art Barnes
Art Barnes
Director, Capital Markets

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Last Updated Date: 31 Aug 2021

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