Irving is in a great location within the DFW metroplex. It is just east of the DFW Airport and is close to major highways connecting it to downtown Dallas and Fort Worth. The key demographics of the city per the 2010 census were: Population over 225K, Median income of $50K, and a 40% Hispanic population. It contains many Fortune 500 company HQ’s along Hwy 114 in Las Colinas, and has A LOT of 60’s-70’s-80’s built product for Class B and C apartment investors. Most of the “newer” properties are North of Highway 183 and command a higher premium than the older properties to the South near downtown Irving. Class C properties in this submarket are trading in the $40K-$50K range (7-7.5% cap rates) with Class B properties trading north of $70K/unit (6.5%-7.0% cap rates).
Here is a sampling of the market activity in the area:
Waterford Court-1000 West Rochelle Road, Irving, TX; 68 units built in 1968; Listed at $2.825M ($42K/unit; $62/SF); Estimated listed Cap Rate: 6.33%.
Las Palmas- 851 South Irving Heights Drive; 116 units built in 1971; No list price.
Demasiado Apartments- 1200 North Nursery Road; 87 units built in 1970; No List Price.
Rock Island Apartments- 2002 Rock Island Rd, Irving, TX 75060; 154 units built in 1973.
Cooper’s Crossing- 1101 Oxbow Dr, Irving, TX 75038; 93 units; built in 1995; Listed at $7.7M ($83K/unit; $69/sf)
Pebblebrook- 2200 William Brewster Dr, 60 units built in 1964; Listed at $2.1M ($35K/unit) closed August 2015. Local owner financed with recourse bank debt.
Hacienda Serena- 1409 West Pioneer Parkway, Irving, TX; Closed in July 2015 by local investment group and financed through Old Capital with an 80% LTV, non-recourse, with 3 years interest only.
Knollwood Apartments -2727 W Walnut Hill Ln, Irving, TX 75038; 188 units closed in July 2015. Well occupied property financed with non-recourse agency debt.
The Terrace on Finley -2504 Finley Road, Irving, TX 75062; 142 units closed in July 2015. Well occupied property acquired with non-recourse agency debt.
As you can see the Irving submarket was extremely busy this summer with a large number of transactions. If you are interested in learning more about any of these properties or want to discuss purchasing or refinancing another property in the DFW area, please reach out to me at: firstname.lastname@example.org or 214-300-5035.