411 Ponder St
Denton, TX 76201
Vine Apartments · Multifamily Property For Sale · 35 Units

SVN Trinity Advisors is excited to announce the exclusive listing of Plantation Apartments located in Denton, TX, one of the fastest growing counties in Texas. The property consists of two buildings, a total of 35 units and sits on approximately 0.89 acres within walking distance to the University of North Texas and it’s popular Fry St. area. The Denton submarket has been extremely successful for investors acquiring these older C Class properties especially when they are located near the UNT or TWU campus. Plantation Apartments is a textbook valueadd play as it has never had any significant updating and, with it’s advantageous location this close to campus, would benefit from an infusion of capital to rebrand and reposition the property through attractive exterior and interior updating to directly appeal to students and young professionals alike. The 2 bedroom units could be rented by the bedroom to increase revenue and is common here in Denton for student housing type properties. Direct competitors utilizing this model are achieving $200-300 more per 2 bedroom unit as can be seen in the rent comp section. The first building, built in 1963, is all brick with hardie board on upper floors, pitched roof, master metered for both electricity and water with a total of 27 units ranging from studio to 2 bedroom / 1 bath units. The second building, built in 1969, has 8 large 1,229 SF, 2 bedroom / 2 bath townhome units. It’s individually metered for electricity, master metered for water and is all brick with mansard shingles and a flat roof. These are some of the largest 2 bedroom units around and once updated, rent for significantly more than the current rate. Currently operating as All Bills Paid, there is the option to shift utility expenses to the tenants especially in the building with 8 large, 2 bed/2 bath townhome units as the electricity is already individually metered in that building. The electricity is master metered in the first building so it could be billed back to the tenants in the first building as well. The water could be billed back to the tenants and/or water conservation efforts could be made in both buildings to further increase revenue. Plantation Apartments is a stable asset that enjoys a strong historical occupancy that currently sits at 97%. The Denton market itself has been historically strong thanks to both major universities and averages 92-98% occupancy overall.