Highland Hills Apartments
5850 Highland Hills Drive, Dallas, TX 75241
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$650,000
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100
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86,893 SF
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$6,500
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Multifamily
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Garden/Low-Rise
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Investment
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Yes
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20.73%
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60%
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2
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1974
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5.59 AC
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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
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Proforma
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2012
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$570,240
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$582,240
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$367,627
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$214,613
