River Oaks is an early 2000s asset with excellent value-add potential located in the high-growth suburban Dallas submarket of Wylie. The property has easy highway access to major employers and entertainment in Dallas and nearby suburbs, including Keurig Dr. Pepper, State Farm, and Toyota. Nearby Lake Ray Hubbard is a popular attraction outside of the bustle of city life. The community features a large swimming pool and spa, outdoor grilling area, fitness center with cardio and weight machines, business center, laundry facilities, and courtyard.
Rents in the Rockwall/Rowlett/Wylie Submarket have experienced a 4.7% growth rate and a 95% occupancy rate.
Half of the units will receive an interior upgrade which includes new cabinet fronts and pulls, new plank flooring, granite countertops, stainless steel appliances, updated lighting, and fixtures, as well as a technology package that includes Nest thermostats or Bluetooth locks, smart lighting, and USB outlets in the living room. This upgrade package is projected to earn $180 premiums on average.
In addition to these interior upgrades, fenced yards will be added to 53 of the first-floor units, washer/dryer sets in half of the units, and a valet trash service throughout the property.