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McCallum Communities – Dallas, TX

419-Unit Apartment Community – 506(c) Offering

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Why You Should Consider This Project
  • High Quality Location & Excellent Submarket Fundamentals

  • Average Submarket Rent Growth (2022): 12.7%

  • 5-Year Population and Household Growth: 20+%

  • No New Supply Under Construction within 3.0 Miles

  • Strong Renter Demand (Average Submkt Vacancy: 4.5% – Q3 2022)

  • Clear Rent Growth Upside & NOI Growth Achievable through Value-Add Renovations and Mark-to-Market Leasing

  • Low-Leverage Transaction (52% LTC)

  • Average Debt Service Coverage Ratio of 2.37x during the Hold Period

  • Assumption of Attractive In-Place Freddie Mac Loan

  • 2.9% Fixed Interest Rate with 12 months of interest only period remaining

  • Attractive Purchase Price Basis of $124,105/unit

  • Similar Vintage and Location Sales Comparable Range between $146k-166k/unit

  • Conservative Exit Cap Rate Assumption of 5.50%

Address: 7740 & 7777 McCallum Boulevard, Dallas Texas 75252

Property type:  Rental Apartment/Multifamily

Strategy:  Value Add

Price Acquired:  $52,000,000

Offering size for LP Equity:  $8,000,000

Hold Time:   5 Years

Exit Strategy:  Planned outright sale of property

IRR*:  23.9%

LP Preferred Return*:  8%

Minimum Investment: $100k (Limited Spaces for $50k)

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* The preferred return / IRR is not guaranteed as it relies on the performance of the asset

Value-Add Opportunity:

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  • Comprehensive Interior Renovation Program, 90%+ of the existing units are in Classic Condition

  • Exterior Cosmetic Improvements to enhance curb appeal and leasing

  • Amenity Enhancement and Upgrades (Pool Areas, Social Court, and Fitness Center)

  • Opportunity to Add Other Income Sources (Washer/Dryer 100% Hook-Up in Units and Parcel Lockers)

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Property Details

Submarket: Far North Dallas
Units: 419
Unit Mix: (1) Studio, (390) 1-Bedroom Units and (28) 2-Bedroom Units

Ave Unit SF: 595 SF
Total Rentable SF: ± 249,475 SF
Current Occupancy: ± 91%
# of Buildings: 14 (mix of 3 and 4 story structures)

Major Building Systems: 100% of the Roofs were replaced in the last 4-5 Years, MEP, windows and other major building systems are functional and do not require immediate replacement or substantial repair.

Submarket and Neighborhood Fundamentals

Submarket: Far North Dallas [3rd Highest Rent Growth Submarket]

1-Mile Median HH Income: $48,782
3-Mile Median HH Income: $77,630
3-Mile Employment: 64,856
5-Yr Projected Population Growth: 21.90%

Neighborhood Profile:
% of Neighborhood as Renters: 98.7%
% of Neighborhood Single Person HH: 72.7%
Median Home Value: $531,115

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Submarket & Neighborhood Attributes that Support the Business Plan:

  1. Strong Projected Population Growth (US Average Annual Pop Growth is less than 1%)

  2. Median Household Incomes that Support Rent Growth

  3. High % of Renters and Single Person Households

  4. Strong Access to Jobs and Employment Opportunities (1 mile from George Bush Turnpike)

  5. Strong Affordability Gap between Home Prices (Mortgage/Ownership Costs) and the Rentable Market

  6. Close Access to High Quality New Retail & Shopping Corridors Along W Campbell Road (South) and in Plano (North)

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