Highland Hills Apartments

5850 Highland Hills Drive, Dallas, TX 75241

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• 
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• Price:
  $650,000
• No. Units:
  100
• Building Size:
  86,893 SF
• Price/Unit:
  $6,500
• Property Type:
  Multifamily
• Property Sub-type:
  Garden/Low-Rise
• Property Use Type:
  Investment
• Distressed:
  Yes
• Cap Rate:
  20.73%
• Occupancy:
  60%
• No. Stories:
  2
• Year Built:
  1974
• Lot Size:
  5.59 AC
• Find Out More...

Last Verified  4/25/2012 Listing ID  17632966

Highlights

• Reposition opportunity
• Individually metered for electricity w/ individual HVAC
• 12% one bedroom, 33% two bedroom, 31% three bedroom, 24% four bedroom unit types

• Priced well below other distressed assets
• Priced below taxable value

Description

Highland Hills is a 100 unit garden style apartment community located in Dallas, TX. The property is currently in receivership and is offered as a reposition opportunity. The subject is situated near the high traffic intersection of Bonnie View Rd. & Interstate 20. The average daily traffic count is 11,470 cars per day on Bonnie View Rd. The subject's location offers quick and convenient access to Interstate 20, Interstate 45, Interstate 635 and employment in the DFW Metro area which is comprised of more than 6.3 million people and over 130,000 business establishments. The improvements were constructed in 1974 of mostly brick veneer and vinyl siding on concrete slab foundations. The property is individually metered for electric and utilizes individual HVAC units. Hot water is supplied through 3 central boilers which were recently replaced. Exterior amenities include a gated entry, covered parking, large swimming pool, leasing center and a laundry care facility. Highland Hills is a distressed asset with a current occupancy of approximately 50%. The management company and Receiver estimate the property will require $385,500 in deferred maintenance upon acquisition.

Highland Hills is well located, approximately 10 minutes south east of the Dallas CBD, approximately 1 mile off of I-45 and 1.5 miles from I-20, which provides excellent access to the Dallas Metro area. The property backs up to an A-class development The Homes of Persimmons. Children living at the property will attend J.N. Ervin Elementary (.2 miles), Kenned-Curry Middle School (1 mile) & Wilmer-Hutchins High School (2 miles). There is a Minyard Grocery Store, Walgreens Pharmacy, Marshalls and many other shopping and restaurants in the area. According to management, Highland Hills has a high level of traffic interested in leasing units but the receiver does not have the funds to make ready and they are not leasing at this time.
ALN defines the submarket for Highland Hills as, Southeast Dallas, east of 35 and south of downtown Dallas . The submarket contains 49 multifamily properties that are individually metered for electricity with a total of 8,691 units.

Financial Summary

Unit Mix Information

• Proforma
• Year
  2012
• Scheduled Gross Income
  $570,240
• Effective Gross Income
  $582,240
• Operating Expenses
  $367,627
• Net Operating Income
  $214,613

所有跟帖： 

• TZLC Group Project Proposal? -jy101- ♂ (288 bytes) () 04/27/2012 postreply 16:53:24

• 赞成，如果你或者信得过的人来管理的话。 -SunshineInCA- ♀ (59 bytes) () 04/27/2012 postreply 17:52:51

• I am interested. -abc1967- ♀ (0 bytes) () 04/27/2012 postreply 18:44:50

• 回复：Highland Hills Apartments -cultuslake- ♂ (208 bytes) () 04/27/2012 postreply 16:54:00

• we need someone local tell us more... -jy101- ♂ (50 bytes) () 04/27/2012 postreply 16:55:41

• Very true. Someone has to be on site... -cultuslake- ♂ (0 bytes) () 04/27/2012 postreply 17:03:05

• direct deposit is quite common nowadays. why need to be armed? -都爱哈哈- ♀ (0 bytes) () 04/27/2012 postreply 22:15:28

• 回复：Highland Hills Apartments -monkeyboy- ♀ (0 bytes) () 04/27/2012 postreply 17:16:59

• 回复：回复：Highland Hills Apartments -monkeyboy- ♀ (52 bytes) () 04/27/2012 postreply 18:17:59

• 回复：回复：Highland Hills Apartments -monkeyboy- ♀ (3548 bytes) () 04/27/2012 postreply 18:33:21

• I trust your each words. very valuable input. Thanks. -SunshineInCA- ♀ (0 bytes) () 04/27/2012 postreply 18:44:19

• 回复：盖章, 同意. -达福星- ♂ (0 bytes) () 04/27/2012 postreply 19:40:14

• Thanks for posting your experience! -双擎- ♂ (0 bytes) () 04/28/2012 postreply 00:37:01

• very well experienced said! -美蓝海- ♀ (0 bytes) () 04/28/2012 postreply 05:59:47

• planotx is in dallas. he should know better. -关键字- ♂ (0 bytes) () 04/27/2012 postreply 17:20:09

• 整个一黑人窝。90% 300% 犯罪率指数。 -borisg- ♀ (0 bytes) () 04/27/2012 postreply 17:22:11

• you can make more money selling drugs than renting apartments th -borisg- ♀ (0 bytes) () 04/27/2012 postreply 17:23:52

• haha, ic.. -jy101- ♂ (0 bytes) () 04/27/2012 postreply 17:26:47

• Thanks for the comment. -cultuslake- ♂ (0 bytes) () 04/27/2012 postreply 17:31:35

• Median income at this complex is under $20k, typical wellfare to -borisg- ♀ (0 bytes) () 04/27/2012 postreply 17:39:41

• 回复：Highland Hills Apartments -monkeyboy- ♀ (1880 bytes) () 04/27/2012 postreply 18:14:37

• haha, thanks for the info.... -jy101- ♂ (154 bytes) () 04/27/2012 postreply 18:24:17