Keene Place Apartments is a desirable, Class B, 44-unit, 2006/2008 construction, multifamily asset
located at 400 Wells Court in Keene, Texas. The city of Keene, Texas is a mere 30 minutes from
downtown Fort Worth Business District. The asset is near City Hall, Keene Adventist Elementary, Keene
Elementary and High Schools, Chisholm Trail Academy, Southwestern Adventist University and Callicott
Student Park. The property also has easy access to North Old Betsy Road, Chisholm Trail, and near
State Highway 67.
The property consists of 100 percent three-bedroom/two-bath units at 1,237 square feet. Unit amenities
include, but not limited to, full size washer and dryer connections, covered patio, balcony, ceiling fans,
dishwasher, and disposal. Each unit has central air and heat, and is individually metered for water and
electricity. There are approximately three off-street parking spaces per unit.
The property consists of 11 pitched roof fourplex buildings, with attractive brick construction, within a nice
cul-de-sac. Common amenities include, but not limited to, lawn maintenance, trash dumpster service,
and is near Callicott Student Park. Residents benefit from the full time local maintenance staff.
The asset has received $34,000 in recent capital improvements throughout 2017. Five select units
received capital improvements which consisted of vinyl plank flooring, four HVAC 2.5-ton A/C condensers,
new microwave ovens, and ceiling fans.
Current management is operating at 98 percent occupancy and elected to increase rents at $925 per unit,
or $0.75 per square foot, on April 1, 2018. Similar assets in the area are achieving an average of $0.92
per square foot rents for three-bedroom units.
