Irving Community Ready for New Ownership
- Oct 02, 2015
By Liviu Oltean, Associate Editor
Bethesda, Md.-based Greysteel announced that its multifamily investment sales team has been selected as exclusive adviser and sales agent for the Rock Island Apartments, a 154-unit rental community located at 2002 Rock Island Road in Irving, Texas.
Having been developed in 1973, the multifamily property has undergone extensive interior and exterior renovations in recent years, including new paint, energy efficient solar screens, two-inch TPO roofing, and a new boiler. The apartments feature wood-look vinyl flooring, resurfaced countertops, and upgraded black appliance packages. The apartment complex is less than five minutes from the Downtown Irving/Heritage Crossing Station of the TRE; within a mile of six community parks; and in close proximity to a Kroger store.
According to Yardi Matrix property records, the Rock Island Apartments complex has been under the same ownership since 2011, when it was acquired for $5.12 million or $33,247 per unit.
“Rock Island is a well-maintained asset in the highly desirable Irving market. Ownership has recently implemented further upgrades on 12 units with tiled backsplashes in the kitchens to push rents an extra $30/month,” Boyan Radic, managing director with Greysteel, said in a prepared statement. “This additional revenue along with upgrading the remaining units that haven’t turned will allow a new buyer to step in to an already stabilized asset and further increase the returns and value.”
Image courtesy of Greysteel