The Multifamily Group is pleased to announce the opportunity to acquire Shadow Pines, 21 of 28 individually deeded townhomes in Denison, Texas. Current ownership controls the HOA and is not currently enforcing any dues. Over the last 2 years, ownership has spent approximately $47,000 improving the property's signage, painting and roof system.
An opportunity exists for a new owner to increase rents with an interior renovation and to acquire additional units. Light upgrades of vinyl plank flooring have been implemented but comparable properties nearby are achieving substantially higher rents with upgraded kitchen appliances, cabinets, countertops and backsplashes. Renovated units nearby average per unit. Shadow Pines average effective rent is per unit. The weighted variance is per unit. See pages for more detail.
Shadow Pines has frontage and strong visibility along West Morton Street which average over 9,000 vehicles per day. The property is 6 miles from Grayson Community College, which has increased enrollment to approximately 5,000 students enrolled for the fall semester. Shadow Pines is 1 ½ Miles from Downtown Denison and conveniently located within a 5 mile radius of some of the area's largest employers, including Ruiz Foods, Texoma Medical Center and Spectrum Brands. Denison's Primary Retail Trade Area population is 224,212 including Texas and Oklahoma. Labor Market within a 30 minute drive time is 1,141,956.
