The Allen Multifamily Team at Colliers International is pleased to announce the exclusive listing of Timber Ridge Apartments, a 212-unit offering in Fort Worth, positioned just 10 miles of downtown Fort Worth. Built in 1983, Timber Ridge offers an outstanding value-add opportunity through interior upgrades. The property is approximately five miles from the Interstate 20/Loop 820/HWY 287 interchange offering quick access to Arlington, Mansfield, Kennedale, Tarrant County Community College and the I-20 Distribution corridor. The asset has a total of 14 pitched roof buildings spread over 8.12 acres with brick and wood exteriors; situated on concrete slab foundations. The property features a standalone leasing office, community swimming pool, and two on-site laundry facilities. Timber Ridge has a controlled access gate, has individual HVAC’s, water heaters, and individual meters for electricity. The property has copper wiring, and plumbing is undergirded by PVC, copper, and cast-iron piping. The early 1980’s asset has an ideal family friendly unit mix comprised of 47 percent two bedrooms and 53 percent one-bedroom units. The two floorplans range in size from 517 square feet to 970 square feet with an average of 744 square feet. Unit amenities include standard appliance packages, select units have fireplaces, balconies, walk-in closets, ceiling fans, miniblinds and are cable ready. Timber Ridge presents the new investor an outstanding value-add opportunity. The existing upgrade program includes faux-wood flooring, resurfaced countertops, painted cabinets with brush nickel fixtures, new black appliances in select units, and updated lighting. Upgrades have been reportedly completed on 40% of the units and are currently achieving premiums reflecting seven cents per square foot premiums and or an average of $48.40 increases pending floor plans. Presently the property has third party management in place. Operations staff includes a property manager, two maintenance men, a make ready specialist and a groundskeeper. The property has received two respectable rent increases within the last 12 months.The assumable Fannie Mae in place debt is serviced by Wells Fargo at an attractive 4.6% rate and a second mortgage with a rate at 6.28%. The property is being offered on an ALL CASH or ASSUMPTION basis, allowing investors to take advantage of today’s historically low interest rate environment. Investors seeking a value-add opportunity in one of America’s Fastest Growing Cities, with historically high occupancy, in the path of growth should strongly consider the Timber Ridge Apartments.
