|Number of units||594|
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 Parkside at Firewheel (the “Property”) a 594-unit, value-add Class A apartment complex located in Garland, TX. Positioned just off of President George Bush Turnpike, the Property is in the heart of the Firewheel Town Center mixed-use development and is just minutes from several major employment centers including CityLine and the Telecom Corridor. Built in two phases, 2007 and 2013, Parkside at Firewheel offers the ability for potential investors to continue or expand on the interior renovation program that is in place. In addition, Parkside at Firewheel has seen significant effective rental increases as the Property has achieved 15.6% growth on most recent lease trade out report. Furthermore, the Property is surrounded by an affluent demographic base and is being offered at a significant discount to replacement cost.
VALUE-ADD OPPORTUNITY WITH THE ABILITY TO INCREASE RENTS
Currently there are 111 “Classic” units at Parkside at Firewheel allowing new ownership the ability to achieve healthy rental premiums by installing granite countertops, stainless steel appliances, tile backsplash, vinyl planking, and modernizing the cabinets, lighting, and hardware. In addition, tech packages and washer/dryer sets can be added to all units. These renovations would allow the Property to increase rents and help bridge the gap as effective rents trail the competitive set by $339 per month.
WALKABLE MIXED-USE LOCATION WITHIN FIREWHEEL TOWN CENTER
Positioned in a one-of-a-kind location, the Property is adjacent to Firewheel Town Center, Garland’s premier shopping, dining, and entertainment destination. Residents of the Property have walkability to tenants that include AMC Theatres, Dillard's, Barnes & Noble, and more.
IMPRESSIVE SCHOOL DISTRICT
Not only is Garland Independent School District (GISD) a strong school district within the Dallas/ Fort Worth Metroplex, but it is the only “Choice of School” district in DFW, allowing parents the ability to choose the school their children attend as long as they reside in the GISD.
EASILY ACCESSIBLE LOCATION
The Property benefits from an ideal location at the confluence of President George Bush Turnpike and US-78. Residents enjoy quick access to US-75, Interstate-635, Interstate-30, and are less than 10 minutes from CityLine. Additionally, residents can be in Downtown Dallas in less than 20 minutes.