INVESTMENT OPPORTUNITY - Dakota Canyon in Texas
Western Wealth Capital is pleased to introduce their latest Texas investment property: Dakota Canyon Apartments.
Dakota Canyon is their 50th acquisition, and second acquisition in Houston, Texas. The investment presents an opportunity to double your equity by investing in a cash-flowing property in one of North America's strongest real estate markets. Western Wealth Capital believes investors in Dakota Canyon could realize annualized returns as high as 19% and up to 100% of equity returned within four years.
- Located just 2.5 miles from the new Springwoods Village development (15,400+ jobs), which houses several major employers including Exxon Mobil, HP, Southwestern Energy, and American Bureau of Shipping.
- Families specifically move to this area to ensure that their children are zoned to attend the schools in the Conroe Independent School District. Dakota Canyon is zoned to four schools with a Great Schools rating of 7+/10. The graduation rate of 95.7% is among the highest in the state.
- The property is Located less than a quarter-mile from Interstate 45 and 2.75 miles from Texas State Highway 99.
- The billion dollar Springwoods Village development will continue to be a huge demand driver for this submarket.
- The new 1,800-acre office, school, retail and dining development (15,400 jobs) is just 8 minutes from Dakota Canyon.
- Currently under construction is a 60-acre expansion ‘community gathering area’ called City Place.
- The development has a 10-year development plan and will have added 5000 more jobs by the end of 2018. When completed the development will include millions of square feet of office and retail space, as well as two hotels and a luxury multifamily, residential complex.
- Rents at Dakota Canyon currently sit $150 below comparable late 1970's and 1980's assets within a 3-mile radius of the property.
- The current owners are operating with signiﬁcant disparity between rents of like-units across the property. Western Wealth Capital intends to reduce that disparity using our proven lease management approach.
- These actions have the potential to increase the value of the asset by approximately $5.1 million, simply by normalizing and bringing rents to market.
- All units at Dakota Canyon are plumbed and ready for washer/ dryer installations but do not have any equipment. This will mean quick, low-cost and easy washer/ dryer installation.
- We plan to install washer/ dryers in 244 of the 376 units at Dakota Canyon and have modeled a projected $40 per month per unit increase in rental income for upgraded units.
- These washer/ dryer installations have the potential to increase the value of the asset by approximately $2.1 million.
- There have been some minor interior upgrades to date, however 225 units still retain their original 1981 fittings (see above).
- Western Wealth Capital plans to complete interior upgrades to 225 of the 376 units at Dakota Canyon. We have modeled a projected $120 per month per unit increase in rental income for upgraded units.
- These Gold Star Interior Upgrades have the potential to increase the value of the asset by approximately $5.8 million.