526 Walnut Pky
Garland, TX 75042
Crossings Apartments · Multifamily Property For Sale · 151 Units

The Multifamily Group is pleased to present the exclusive offering of Crossings Apartments, a value-add opportunity in Garland, TX. Constructed in 1969, Crossings consists of 151 units averaging 808 square feet. Over the past two years ownership has spent over $1,200,000 on electrical, plumbing and exterior renovations. HVAC shutoffs and GFCIs have been added to all units and extensive plumbing upgrades have been made. Exterior renovations include a resurfaced parking lot, fresh paint and new signage. The roofs were completely replaced in 2015. An opportunity exists for new ownership to increase rents with interior upgrades. Light upgrades of vinyl flooring and new faucets have been implemented resulting in rent increases of $50. Comparable properties nearby are achieving $75-125 rent premiums with upgraded kitchen appliances, cabinets, countertops and backsplashes. Renovated units in those properties average $1.15/SF. The effective rent at Crossings is $1.01/SF. Crossings is conveniently located 4 ¼ miles from the “High Five”, the junction of Lyndon B. Johnson Freeway (Interstate 635) and Central Expressway (US Highway 75). The property is across the street from the 7,000-square-foot Hollabaugh Recreation Center & Park which features a fitness facility, multipurpose room, classroom, kitchen, covered pavilion and playground. Crossings has significant frontage on West Walnut Street (10,190 VPD). Crossings is less than 1 mile from the city of Garland’s core industrial district, 4 ½ miles from the telecom corridor, 3 ½ miles from the headquarters for Texas Instruments and 3 miles from downtown Garland, home to a variety of independently owned and operated restaurants, museums and boutique shopping centers. Crossings is 16 miles from Dallas Love Field and 24 miles from DFW International Airport.