The Bristols is a quaint, 93-unit community located in Hurst, Texas, which conveniently sits within 15 minutes of Downtown Fort Worth and DFW Airport. This location also offers quick access to Highways 121 & 183, Northeast Mall and Bell Helicopter, all excellent employment drivers for the submarket. The Bristols offers large floorplans, averaging over 900 square feet per unit and is next door to Harrison Lane Elementary School, part of the renowned HEB-ISD, making this an excellent community for families. The one-mile median income is $62,000+ and average household income within three miles is $94,000+, positioning The Bristols to take advantage of a quality tenant base and strong growth prospects.

The subject property was built in 1963 and consists of 11 buildings which are comprised of brick veneer exterior with pitched composition roofs and wood framing on concrete slab foundations. The units are master metered for electricity and have copper wiring, and the HVAC system is run by two chillers that are less than ten years old. The property has undergone $1 million plus in capital expenditures over the past four years, including a unit upgrade program that entails new hardware, lighting and plumbing upgrades, vinyl flooring, two-tone paint, resurfacing, and appliances as needed to 49 units, leaving 44 classic units. Residents enjoy large units with brick hearths in the kitchens, excellent storage space, onsite laundry (property owned), and three interior courtyard areas with green-space and picnic tables.

The Bristols offers a rare opportunity for a new investor to acquire a stable, quality asset in a strong location directly from the lender who originated the loan and took the property back via deed-in-lieu, allowing for a very attractive basis and going-in yields plus good upside without a “heavy lift”. The current owner hired a new property manager, replaced delinquent tenants, improved screening standards, and leased up the property. Currently in the mid-90’s in occupancy, the property is stable yet there is a substantial NOI boost readily available between the rental upside on the table and ability to cut operating expenses, such as water and property insurance. The current owner has just completed repairs of water leaks throughout the property, which will reduce water expenses going forward. By implementing their business plan, a new owner can significantly increase the value of this asset and enjoy cash flow well above a typical multifamily investment in D/FW and achieve a substantial gain upon sale or refinance. Further upside may be available by renovating the remaining 44 classic units. This property is available free and clear of existing debt.