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|Number of units||180|
Waldenbrooke Estates is a 180-unit age-restricted and independent living community in Bryan, Texas. Bryan is located adjacent to College Station in the Brazos Valley, in the middle of the Dallas/Fort Worth, San Antonio, and Houston triangle. Built in 1984, the community has 175,812 square feet and is situated on 5.57 acres of land. With both age-restricted and independent living options, this community is a very attractive and unique product within the senior living market.
- Value-add opportunity – This community presents the opportunity to purchase a senior living community at well below replacement cost. With 180 units, in a mix of age-restricted and independent living, the opportunity offers a future owner the room to decide how best to allocate future capital expenditure funds.
- Occupancy upside – To achieve 90% occupancy, only two new leases per month are required through the first year. The community is 76% occupied as of June 1, 2021.
- Upside potential – The average rent per month for the most recent 10 independent living leases is 10.4% greater than the average rent per month for the oldest 10 independent living leases, which can equate to an additional approximately $250,000 per year at 95% occupancy – $181 per unit per month.
- Operational opportunity – This property is currently managed by an out-of-state operator. A new buyer could install a more locally focused operator with the ability to drive rental rates higher through increased focus.