|Number of units||78|
Amenity Rich, Well-Maintained Class “B” Asset – Northwood Village presents the opportunity to acquire a well-maintained, Class B asset that features mostly brick exteriors. The Property is in excellent physical condition and offers an all two story design and a low-density setting with ample open space, creating a desirable environment for renters. The Property is also one of the best amenitized assets in the market featuring a swimming pool, covered outdoor grilling area, and outdoor fitness equipment. Moreover, new ownership is afforded the opportunity to step into a well-performing asset with upside that is significantly below replacement cost.
Significant Value Enhancement Opportunities – Currently there are 12 units that have been upgraded at the Property and are achieving approximately a $90 premium. By continuing or expanding on the interior renovation program that is in place, new ownership has the ability to achieve healthy rental premiums by upgrading the remaining “classic” units to include:
• Black or stainless-steel appliances
• Faux wood flooring
• Resurfaced countertops
• Painted or new cabinet fronts
• Upgraded lighting
• Upgraded fixtures
• Brushed nickel hardware
• 2” blinds
Great Location Near Economic Drivers – Northwood Village is surrounded by numerous employment centers and quality economic drivers including:
- Navarro College: With an enrollment of more than 1,800 students and over 580 employees, Navarro College features campuses in Corsicana, Waxahachie, Midlothian, and Mexia, with Corsicana being the main campus
- Navarro Regional Hospital: Award-winning 162 bed hospital with more than 50 full time physicians on staff
- Russell Stover Candies: 462,000 SF plant, which is the largest U.S. marker of boxed chocolates
- Kohl’s Distribution Center: Over 180 employees at the regional distribution center
- Oil City Iron Works: Headquartered in Corsicana
Additionally, Northwood Village is less than five miles from Interstate-45, less than one hour from the Dallas CBD, is approximately a 30-minute commute from Waxahachie and Ennis, Texas.
Strong Apartment Market Fundamentals – Northwood Village is well positioned in the Corsicana market as there are only a total 1,033 multifamily units and only 222 units have been built in the last 15 years. Occupancy in Corsicana remains strong as evident by the 95% average occupancy over the last five years. The competitive set consists of two properties that have an average effective rent of $1,036 per month, which is a $278 delta, allowing for new owners to further increase rents.