Cove Townhomes

DeSoto TX

Offering Memorandum

Overview

Price Market
Address 514 E Belt Line, DeSoto
# Units 14
Rentable SF 16,240 SF
Year Built 1983

Deal Highlights

1980s Value-add Townhomes through continuing with the in-place upgrade program- modern paint, fixtures, flooring, cabinet fronts, backsplashes, counter-top resurface, and appliances

Competing properties achieving over $250/unit more with mid-tier amenities ($1,300 vs $1,550/unit)

Exceptionally high sub-market rent growth as reported by ALN; trailing 24-mos is 23.59% and trailing 12-mos 14.55% while CoStar reports 3-star assets in the area experienced rent growth of 9.4% YTD and are forecasting 6.2% growth by 2022 EOY

Owner recently completed significant deferred maintenance, including replacing plumbing (toilets and faucets), reducing the water bill by $2,000, and adding new roofs, fencing, awnings, and signage.

Expense saving opportunity by implementing Smart Technology Package

Superior location situated at the corner of E. Beltine Rd and Parks Dr. with over 20,000VPD traveled and frontage to West Middle School