1919 Walnut Plaza | Carrollton, TX 75006

HIGHLIGHTS

244 Unit LIHTC Affordable Community Very Well Located in Dallas-Ft. Worth Metroplex

Market-Rate Reposition in 2025 With Current Market Rent Delta of $257

In-Place Rents 15% Below Newly Released 2019 Net Max LIHTC Rents Creating Opportunity to Immediately Grow NOI

Well-Maintained Asset with Significant Capital Improvements by Current Owner

THE OPPORTUNITY

 

The Berkadia Investment Sales team is pleased to present the 244-unit Estrada affordable LIHTC community, boasting well-proportioned one, two, and three-bedroom floorplans averaging 836 square feet. Estrada is located within the Carrollton/Farmer’s Branch submarket and has exhibited strong fundamental trends since 2014 with vacancy currently averaging 5.6%. Estrada’s location offers it excellent connectivity to many of Dallas-Fort Worth's major employment and retail hubs, including the Platinum Corridor, Midtown, and Legacy West. The property is located within a 5-minute drive from four of Dallas’ major thoroughfares - Interstate 35E, the Dallas North Tollway, Interstate 635, and the George Bush Turnpike, providing convenient access to nearly any Dallas-Fort Worth major employment center.

Built in 1969 and substantially renovated in 1995 with Section 42 Low-Income Housing Tax Credits (LIHTC), the subject is positioned to benefit from a market-rate conversion upon the expiration of the extended-use period in 2025. In addition to its tax credit potential, Estrada offers multiple opportunities to substantially increase NOI in the interim as current in-place rents are 8% below net max LITHC rents. Market rents across all comparable market-rate properties in the submarket are average $1,133, creating a $257 rent premium upon conversion to market-rate at the end of the extended-use period representing a potential 30% increase in income.

Additionally, current ownership deployed over $1,375,000 in capital improvements which include but are not limited to new roofs, new parking overlay, electric panel upgrades, and other items providing an investor an opportunity to acquire a well-maintained asset with no deferred maintenance.

ESTRADA

244

Units

1969

Built

204,093

Total SF

836

Average Unit SF

Estrada is a 244-unit garden-style affordable housing community in Carrollton, Texas. The property was built in 1969. Unit mix for the property is made up of 112 one-bedroom units, ranging in size from 660 to 1,000 square feet, 128 two-bedroom apartments, ranging in size from 940 to 1,033 square feet, and 4 three-bedroom apartments, each measuring 1,140 square feet. The average unit size for the property is 837 square feet. A mix of brick and masonry siding materials provides the property with a handsome visual profile. Professionally kept lawns and mature trees decorate the exterior of the property.

 

THE LOCATION

Old Downtown Carrollton - Located just a few minutes from Estrada, a revitalized Old Downtown Carrollton boasts new Class-A multifamily communities and unique restaurants anchored by the Downtown Carrollton DART station.

The Platinum Corridor - The Platinum Corridor encompasses the highest inventory of office building submarkets in the metroplex with 50 million square feet of office space and more than 60,000 jobs.

Dallas Midtown - The Dallas Midtown development will be anchored by an 8-screen Cinepolis Luxury Cinema, a 187,000 Lifetime Fitness, two 4/5 star hotels, over 5 acres of open space, restaurant establishments, and retail shopping. Located along Preston Road & US 635/LBJ Freeway, Dallas Midtown is one of the most highly visible retail sites in the Dallas-Fort Worth metroplex and is extremely well-located with nearly one-third of the Dallas population within 3.5 miles. Additional plans call for over 1.5MM SF of Class A Office and approximately 3,000 residential units.

Legacy West - Legacy West is a $2 billion development that will add more than 16,000 new jobs through major corporate and regional headquarter relocations including Toyota, Liberty Mutual, FedEx, J.P. Morgan Chase, and Fannie Mae.

Grandscape - A city within a city, Grandscape stretches across 400+ acres and will feature more than 3 million square feet of retail, entertainment, dining, residential, office and attractions. Grandscape is being developed by Berkshire Hathaway-affiliate Nebraska Furniture Mart with a vision to create the best retail and entertainment destination in the country.

Investment AdvisorS

william jarnagin
senior Director
972-458-6868
will.jarnagin@Berkadia.com
tx license #0530519
JEREMIAH JARMIN
DIRECTOR- Affordable housing
404-654-2609
jeremiah.jarmin@berkadia.com
Ga license #355022
TIMOTHY BRACKEN
Director- affordable housing
303-689-8336
timothy.bracken@Berkadia.com
co license #fa.100078665

DALLAS OFFICE

5960 Berkshire Lane

Suite 1000

Dallas, TX 75225

Phone: 972.458.7300 | Fax: 972.458.1933

Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. 

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