Skylane Avenue

Highlights:

• The SFR units offered are located in Corsicana, the County Seat of Navarro County ±50 miles south of downtown Dallas along IH-45. It has a population of around 29,000.
• Corsicana has a strong and expanding local industry providing employment for residents. The unemployment rate in Corsicana is less than the State of Texas. There is a clear housing shortage per a 2017 Housing Study which shows the ability to capture 154 new sale houses and 180 new rental units per year, but little inventory has been built since then.
• The 28 rented homes were built in 2023 and most are leased. There are three floor plans, all 3/2/2 with one story. The rents are $1.47-$1.50/sf/month. The expenses are proforma.
• Priced at $7.0MM, which indicates a going in cap rate of ±6.00%.

Description:

This is a package of 27 SFR detached rental units built and leased in 2023 to address the city housing shortage. Leasing is on-going and they are nearly full at good rents. With pro-forma expenses, the cap rate is a little over 6.00%

The Rental Unit Package is located in Corsicana, about 50 miles SE of downtown Dallas in the county seat of Navarro County. Corsicana has an active EDC attracting new industry and jobs and has a severe housing shortage.