Rowan Multifamily Advisors is pleased to announce the exclusive listing of the Pearl on University, a 35-unit apartment complex located in Denton, TX. The property consists of 35 one- and two-bed-room units with an average unit size of 867 square feet per unit. Built in 1985, the property is equipped with individual hot water heaters and HVAC units, pitched roofs and mainly brick exterior.
This investment provides a new owner a recently stabilized, cash flowing asset in a dynamic northern suburb of Dallas/Fort Worth. The current owner has spent over $350,000 on exterior and interior capital improvements over the last year in order to drive rents and make this asset competitive with other recently renovated Denton properties. Additional income opportunities include renovating the remaining classic units (17% remaining), implementing a RUBS system at the property (potential for $21,150 of additional income) and charging residents for reserved parking spots (potential for $4,725 of additional income). A new investor has the ability to take the interior upgrades to the next level with granite counters and new cabinet fronts for additional premium. Implementation of these strategies will create over $610,000 in value for a new investor.
The property is located in thriving Denton, Texas, which is home to two major universities, The University of North Texas (over 39,000 students) and Texas Women’s University (over 15,000 students). Denton is one of the fastest growing suburbs in North Texas and is now up to a population of over 138,000 residents. The city also sits at the convergence of I-35 East and West, which allows it’s residents quick and easy transit to both Dallas and Fort Worth.
