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 75 West (the “Property”) located in Dallas, TX. Built in 1999, the 490-unit apartment community presents a unique opportunity to acquire an exceptionally well-maintained Class “A” asset with townhome units, direct access garages and value-add potential. Positioned along US-75 with more than 200,000 cars passing daily, the Property is located in one of the most visible sites in the city. This ideal location places residents in close proximity to some of Dallas’ top economic drivers, as the Property is adjacent to the Medical City Dallas Hospital and is just minutes from Texas Health Presbyterian Hospital, the Telecom Corridor, and the LBJ Business District. Furthermore, 75 West is surrounded by one of the most affluent demographic bases in the City that includes the esteemed Preston Hollow neighborhood with average home prices in excess of $938,000.
TRULY UNIQUE & IRREPLICABLE, CLASS “A” ASSET – The Property is an institutional, intown asset that offers residents large average unit sizes of 1,020 SF with 44% of the units being townhome product, and in addition to 191 direct access garages. These unique features help 75 West to set itself apart from the competitive set. Moreover, the Property is offered at a significant discount to replacement cost considering the lack of land sites in the neighborhood, size of the site, and current construction costs make the development of like-kind product infeasible.
SIGNIFICANT RECENT CAPITAL IMPROVEMENTS – 75 West presents the opportunity to acquire a Class “A” asset in a premier location. The Property is in excellent physical condition as current ownership has invested nearly $8 million of capital into the asset including unit upgrades with granite countertops, stainless steel appliances, faux wood floors, subway tile backsplash, new cabinets, modern lighting package, brushed nickel fixtures, and upgraded lighting and hardware. Additionally, current ownership spent $3.4 million for a new roof, 201 new A/C units, and landscaping.
IDEAL VALUE-ADD OPPORTUNITY WITH ABILITY TO PUSH RENTS – Although 75 West recently underwent a full renovation in 2019, further upside exists for potential investors to achieve rental premiums through continued unit enhancements. Currently there are only 88 units with a washer/dryer and 0 units with a tech package. Ownership is charging $40/unit for the washer/dryer package. In addition, none of the upper level units in the mid-rise building have faux wood flooring throughout. Potential upside also includes modernizing the community amenities including the swimming pools, fitness center, and resident, as well as capitalizing on the smaller vacant retail space. Furthermore, the 216 townhome units can be taken to a higher level of finish outs, which will help bridge the $972 gap between average in-place rents for the townhome competitive set.
ADJACENT TO MEDICAL CITY DALLAS HOSPITAL & MINUTES FROM PRESBYTERIAN HOSPITAL – Located to the Property is award-winning Medical City Dallas hospital that is the city’s 3rd largest medical campus employing over 1,200 people. In addition, the Presbyterian Hospital Dallas is one of the largest employment centers in the area, employing more than 2,500 local workers.
HIGHLY AFFLUENT DEMOGRAPHIC BASE – 75 West enjoys a premier central location that is supported by some of the strongest demographics in the City as the Property sits adjacent to the prestigious Preston Hollow Neighborhood. The average household income within a three-mile radius is an impressive $120,803 while the average home price is in excess of $938,000.