Savoy of Garland

Value-Add Opportunity in Garland


Summary

  • Number of Units 144
  • Year Built 2008
  • Structure Equity
  • Projected Holding Period 4 years
  • Projected Annual Dividend 7.12%
  • Projected Annual Total Return 12.29%

Investment Thesis

Built in 2008, Savoy is located in the high-growth Dallas suburb of Garland, which sits at the intersection of three major freeways. Nearby employers include Dean Foods, Neiman Marcus Group and Trinity Industries. Lake Ray Hubbard is a short drive away and features fishing, boating and other outdoor activities. The property features a coffee bar, picnic area with barbecue, garages, a jogging trail, resort-style pool with lounge area, business center, playground, and both covered parking and garages.

Rent growth in the Garland/Rowlett Submarket is a 3.4% and occupancy rates sit at 96%.

Half of the units will receive an interior upgrade which includes new cabinet fronts and pulls, new plank flooring, new laminate 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. The upgrades at Savoy will deliver a $114 premium on average. Additionally, 40 fenced yards and 72 washers and dryer sets will be added to the property.

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