Village Creek Apartments | 2231 Live Oak St
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Village Creek Apartments 2231 Live Oak St
100 Unit Block of Flats For Sale Commerce, TX 75428
Investment Highlights
- Prime Location with Growing Demand, Strong Occupancy and Rent Growth
- Value-Add Potential: Addressing operational inefficiency could immediately boost income
- Stable Asset with Immediate Cash Flow: offers a 8% in-place cap rate and averages 93% occupancy over the past six years
- Potential to increase revenue by addressing one-bedroom unit demand ($65 premium) and optimizing by-the-bed pricing for two- and three-bedroom
Executive Summary
Village Creek Apartments is a renovated 100-unit multifamily community located in Commerce, TX in Hunt County, part of the Dallas metro area. Built in 1973 and situated on 7.05 acres, the property is improved with 12, one- and two-story clusters of buildings with pier and beam foundations, wood framing, and pitched metal roofs. All units are individually metered for electricity and feature updated individual HVAC units and hot water heaters. Village Creek offers a variety of spacious floor plans including one-bedroom units and two- and three-bedroom townhouse-style residences. Amenities include fully equipped kitchens, large individually locking bedrooms, and faux hardwood flooring. Common area amenities include a swimming pool, clubhouse, and a management office. Texas A&M University-Commerce, now named East Texas A&M, is within walking distance.
In 2014 Village Creek received $3.75 million in capital improvements. Interior improvements consisted of flooring, electrical fixtures, plumbing fixtures, water heaters, appliance package, paint, cabinets, hardware, and window coverings. On the exterior, the property received new roofs, HVACs, electric metering, paint, and exterior repairs. In addition, community amenities added to the property include a new pool, basketball court, dog park, parking lot, signage, and landscaping.
In 2014 Village Creek received $3.75 million in capital improvements. Interior improvements consisted of flooring, electrical fixtures, plumbing fixtures, water heaters, appliance package, paint, cabinets, hardware, and window coverings. On the exterior, the property received new roofs, HVACs, electric metering, paint, and exterior repairs. In addition, community amenities added to the property include a new pool, basketball court, dog park, parking lot, signage, and landscaping.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Sale Type | Investment | Lot Size | 7.06 AC |
| No. Units | 100 | Building Size | 83,200 SF |
| Property Type | Residential | Number of Floors | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1973/2014 |
| Apartment Style | Garden | Parking Ratio | 2.63/1,000 SF |
| Building Class | C |
| Sale Type | Investment |
| No. Units | 100 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 7.06 AC |
| Building Size | 83,200 SF |
| Number of Floors | 2 |
| Year Built/Renovated | 1973/2014 |
| Parking Ratio | 2.63/1,000 SF |
Unit Amenities
- Air Conditioning
- Dishwasher
- Kitchen
- High Speed Internet Access
- Range
- Tub/Shower
- Wheelchair Accessible (Rooms)
Site Amenities
- Courtyard
- Laundry Facilities
- Property Manager on Site
- Basketball Court
- Grill
- Online Services
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 28 | - | 550 |
| 2+1.5 | 52 | - | 900 |
| 3+1.5 | 20 | - | 1,050 |
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PROPERTY TAXES
| Parcel Number | 112080 | Improvements Assessment | £4,519,601 |
| Land Assessment | £202,028 | Total Assessment | £4,721,629 |
PROPERTY TAXES
Parcel Number
112080
Land Assessment
£202,028
Improvements Assessment
£4,519,601
Total Assessment
£4,721,629
zoning
| Zoning Code | MF |
| MF |
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Village Creek Apartments | 2231 Live Oak St
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