The Gardens on Walnut Apartments presents a great value-add opportunity for a new investor by bringing all leases to market rates. The current owner has been able to increase rental rates and the new owner will be able to continue leasing the units at market rate. For new leases: the A1 units are achieving $675 versus the average of $599 and the B1 units are achieving $775 versus the average of $696.
With extensive interior and exterior renovations completed over the last 18 months by current ownership, The Gardens on Walnut Apartments are a well-maintained asset conveniently located at 4209 & 4301 West Walnut Street, Garland, TX 75042 providing easy access to Downtown Dallas and the Plano Corridor. Within the community, there are 160 apartment homes with two spacious floor plans ranging from 750 to 940 square feet. The Gardens on Walnut has 33 one-bedroom/one-bathroom flats and 127 two-bedroom/one-bathroom flats. Constructed in 1966, The Gardens on Walnut features a total of sixteen two-story buildings under pitched roofs. The construction consists of brick, wood and stone siding with ample open asphalt surface parking. The rentable square footage is 144,130 and the total lot size is 7.825 acres.
The current owner has spent over $900,000 ($5,400 per unit) renovating the property in the past 18 months. Approximately 38% of the units received black appliance packages, 51% have received new faux wood flooring and 51% have received new/resurfaced counter tops in the kitchen and bathroom. The exterior renovations include: resealed and re-striped parking lot, landscaping upgrades, new roofs on every
building, solar screens, exterior paint, carpentry repair and replacement, a rebuilt chiller and new monument sign. The new exterior paint and monument sign has attracted additional drive by traffic from busy West Walnut Street which has 19,512 cars per day. The Garland sub-market is currently 97% occupied. The Gardens on Walnut is within proximity to several neighborhood shopping centers, hospitals, educational institutions and employers. The intersection of I-30 and the Central Expressway is less than 3 miles northwest of The Gardens on Walnut and offers easy access throughout the Dallas-Fort Worth Metroplex.