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 67-Lake Community

4412 Chaha Rd., Garland, TX 75043

Price: $3,500,000 Year Built: 1980's Type: Garden/Low Rise
PP Unit: $52,238 # of Units: 67 Stories: 2
Cap Rate: 6.80% GRM:   5.80 Building Size: 55,183 SF
Occupancy: 86% Avg. Rent per Unit: $ Lot Size:  AC

   
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Description

67-Unit Apartment-Condo portfolio will not be divided. Very well maintained condo units built in early 1980's. The Faulkner Pt. #6 condo development is 100% owned (32 of 32 units) and is being operated as apartments collecting rent on some units over $1/SF. Some units in FP#6 are leased below market. The Centre Point condo development is 77% owned (17 of 22 units) and is collecting rent of up to $1,000 per month on its large units. The On the Point condo development is 25% owned (4 of 16 units). The Hillpoint condo development is 18% owned (11 of 60 units) and the remaining 3 units are units with lake views with one unit each in Lakepoint, Faulkner Point and Highpoint.

This package of condos are in a tight group location no more than 1 minute apart. Just south of IH-30 in the Garland, Texas neighborhood of Faulkner Point, this is a lakeside community and some of the condos have lake views. The nearby President George Bush Turnpike/IH-30 interchange provides easy fast transport to any part of the DFW metroplex. Nearby developments include Bass Pro Shops with nearby restaurants such as Primo's and Whataburger. A new unnamed hotel development is proposed adjacent to one of the condo developments.

 

 

 

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Broker Contact

JOE LONGEST CO.
JOE LONGEST
(972) 934-1500

 
 
 
 
 

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