Cove Dallas Multifamily 59 DST is 159-unit garden-style community in the Dallas-Fort Worth MSA. The sponsor has elected to pursue a value-add strategy encompassing interior unit renovations, which include new quartz countertops, stainless steel appliances, upgraded plumbing & lighting fixtures, and wood-like flooring. Communal amenities include a swimming pool, fitness & business centers, grilling area, and on-site laundry facility. Located 20 minutes from downtown Dallas and is within 2.5 miles driving distance to multiple employers, restaurants, and retailers.
Dallas-Fort Worth led all major U.S. metros in terms of annual delivery volume in each of the past four years, and it was not particularly close. Over that span, the Metroplex added more than 100,000 rentals, exceeding New York City by 24,000 units, which was the second-highest-ranking market in that period. This year, Dallas-Fort Worth once again lays claim to the nation’s largest pipeline, though the pace of building has eased. Projected inventory growth of 2.5 percent in 2022 will be the slowest expansion in eight years. The moderation in development comes at a time when the market is adding new residents at an expedited clip, boding well for owners of existing complexes. In-migration to Dallas-Fort Worth is expected to surpass 70,000 new residents this year, a total that will lead the nation. As a result of the new people and households they create, apartment absorption will exceed deliveries in 2022, producing downward vacancy pressure and sustaining rent growth.
- 159-unit garden style community built in 1983 with continued plans of renovations
- Unit amenities include: black appliances, faux wood flooring, two-inch blinds, brushed nickel hardware and fixtures, gooseneck kitchen faucets, modern lighting, two-tone paint, washer/dryer connections, spacious walk-in closets, cozy fireplace, breezy ceiling fan, patio/balcony, exterior storage, and resurfaced countertops
- Community amenities include: sparkling swimming pool, state-of-the-art fitness center, business center, grilling area, controlled access gate, and on-site laundry facility
- The Property is located 20 minutes from revitalized downtown Dallas With more than 135,000 employees
- Proximate to multiple prominent employers, restaurants, and retailers
- Near two higher education institutions with enrollment of more than 13,000 students; Lancaster Dallas College Cedar Valley Campus and University of North Texas Dallas.
- Conveniently positioned near three major highways, Interstate 35, 20, and Highway 342.
Source: Preliminary Information
The market information provided above may not predict the future performance of the property.
*Distribution is not guaranteed and is subject to available cash flow. For further information about cash flow distributions from operations and capital events, please refer to the offering’s Private Placement Memorandum.
All DST properties shown are subject to availability. There can be no assurance that the DST properties shown will be available.