Jameson St Apts

Highlights:

• Well-maintained, cash-flowing, performing asset
• Offered at $86,000 per unit
• In-place yield with upside
• Occupancy at 98.3%
• 11.6% rent growth 2023-2025
• Rents below comps about 13%

Description:

 

Jameson Street Apartments is a 60-unit multifamily community in Weatherford, Texas, located one block north of Highway 180 and less than one mile east of downtown Weatherford. The asset benefits from an accessible infill location near neighborhood retail, schools, civic services, and major east-west transportation routes that connect Weatherford with the broader Fort Worth employment base. The property is situated in a quiet, primarily residential setting near a senior housing facility, an elementary school, and a newly constructed multi-tenant retail center within walking distance.

The community consists of 10 two-story brick-veneer apartment buildings and a standalone office/laundry/mechanical building. Originally constructed in 1973 and renovated in 2007–2008, Jameson Street offers a low-density garden-style layout of fewer than 15 units per acre. The buildings have flat roofs with metal mansards. There are individual HVAC units and individual gas heaters. Hot water is supplied by central tankless water heaters. All utilities are master metered with the landlord paying all the utility bills. Community amenities include a swimming pool supporting demand from Weatherford’s workforce and family-oriented renter base.

Ownership has completed meaningful capital improvements that enhance the property’s durability, operating profile, and buyer confidence. New roofs were installed in 2019, the former Federal Pacific Stab-Lok breaker boxes have been replaced with modern breaker boxes, and the parking lot was recently resurfaced, sealed, and striped. These improvements position the asset as a well-maintained, stabilized multifamily offering with several major exterior and life-safety-related capital items already addressed.

Jameson Street Apartments has historically operated as a low-turnover, steady-occupancy property. The asset was originally developed as a HUD 236 property, but there are no remaining HUD restrictions. Approximately 30% of current residents receive rental assistance through HAP vouchers administered by the Weatherford Housing Authority, providing a stable income component while preserving future flexibility for market-based operations.

Income and Rent Growth

The property has demonstrated consistent top-line growth from 2023 through 2025, with rental income increasing approximately 11.6% over the period. Total income also increased by approximately 11.9%, reinforcing the property’s revenue momentum.

Based on a recent rent roll, Jameson Street’s in-place rents remain below the Yardi comparable rent set. The blended in-place rent average compared with a Yardi comp average reflects a 12.8% rent gap. This spread supports a conservative post-update rent-growth thesis, including the potential to increase rents by at least $100 per unit per month following targeted, cost-effective interior and operational improvements.

Value-Add Lite Opportunity

Jameson Street offers a compelling “value-add lite” opportunity for investors seeking stabilized cash flow with achievable upside. Because ownership has already addressed several major capital items, a buyer can focus on lower-disruption improvements such as selective unit refreshes, rent optimization, ancillary income growth, utility recovery strategies where appropriate, and continued expense controls.

The utility structure further strengthens the upside story. Jameson Street currently operates with owner-paid utilities, while certain competing properties achieve comparable or higher rents with tenant-paid utility structures. As a result, the apparent rent gap is more pronounced on an NOI-equivalent basis. Even modest rent growth combined with partial utility recovery or utility-cost reduction could produce meaningful incremental NOI without requiring a full-scale repositioning.


Weatherford is one of the fastest-growing western-edge communities in the Dallas-Fort Worth metroplex. The city’s official 2020 Census population was 30,854, and the U.S. Census Bureau estimated Weatherford’s population at 40,634 as of July 1, 2025, representing a 31.6% increase from the April 2020 estimates base. A third-party 2026 estimate from World Population Review places Weatherford’s population at 42,728, indicating continued near-term expansion and underscoring the city’s rapid post-2020 growth trajectory.

Weatherford’s growth is driven by its position as the county seat of Parker County, proximity to Fort Worth, relative affordability compared with core DFW submarkets, and continued westward residential and commercial expansion. The city’s small-town character, schools, growing business community, and access to major employment centers continue to support renter demand and long-term multifamily fundamentals.


Well-maintained, cash-flowing, performing asset

Offered at $86,000 per unit 

In-place yield with upside

11.6% rent growth 2023-2025

Rents below comps about 13%

Value-add lite opportunity with a manageable CapEx budget

Weatherford is one of the fastest growing western-edge communities in the DFW metroplex

Documents: