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As more people migrate to the Dallas-Fort Worth area, the multifamily market continues to boom.
In the Richardson submarket, high demand for apartments has led to a 9.6% growth in rents over the past year.
Investors can capitalize on the growth with Richland Park, an 82-unit luxury apartment community listed exclusively by Rowan Properties. Completed in 2016, the property is one of the newest multifamily developments in the southern part of Richardson and the first developed since 2011. Due to its size, this property offers private investors the opportunity to purchase a trophy asset in a premier submarket.
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Part of the Richardson Independent School District, one of the most sought-after school districts in Dallas-Fort Worth, Richland Park appeals to families. Its location within the northeast section of Interstate 75 and Highway 635, two of the most highly traveled highways in the area, makes it ideal for commuting professionals.
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The luxury, Class-A community offers one-, two- and three-bedroom apartments ranging from 710 SF to 1,380 SF. Interior amenities include granite countertops, stainless steel appliances, laminate and tile flooring, and in-unit washers and dryers.
The building is at 100% occupancy.
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Outdoor amenities include a resort style pool, private balconies, a children's playground, covered parking and a barbecue/picnic area with a gazebo.
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Residents also have access to a business center with WiFi, a fitness center, a coffee bar and a large clubhouse.
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At an average rental price of $1,136/unit, Richland Park was leased up at rents below other comparable properties in the market to quickly stabilize the development. The low pricing provides room for an investor to grow the rent roll. Recent leases have been signed at an average of 12% higher than the last in-place lease.
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Compared to other major markets in the U.S., Dallas-Fort Worth offers more affordable housing options and a greater quality of labor as more companies relocate to the area.
Northern Dallas suburbs like Richardson offer more incentives for companies, and have attracted millennials through initiatives like the Young Professionals Talent Attraction Campaign.
Job creation will fuel increased demand for housing, and with limited multifamily zoned land in south Richardson, Richland Park is insulated from new competition.
Reach out to the Rowan Properties team to tour the property and see its investment potential.
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