Overview

Description

The Stone Ridge Apartments consists of 228-units across two apartment complexes separated by Kemp Blvd in Wichita Falls, TX. Operated as one complex, the West (140-units) and East (88-units) side were built in 1972 & 1963 respectively before being renovated in 2022 / 2023. The floorplans contain a mix of studios, 1-bedrooms and 2-bedroom layouts. New solar panels, electric panels, upgraded units, PVC plumbing and new chiller systems attest to the excellent physical condition. With over $3.2m capex invested since 2021, high occupancies and stellar financial performance, this asset is an excellent opportunity with value left to be added through the continuation of the RUBS conversion started in January of 2023.


Centrally located on the historic Kemp Blvd, the Stone Ridge apartments have swift access to the major economic drivers of Wichita Falls. Drive times include 4 minutes to the United Regional Healthcare System, 6 minutes to Midwestern State University and 10 minutes to Sheppard Airforce Base. Major highways such as Hwy 287 & Hwy 44 contribute to a conducive environment that supports their 185 manufacturing companies. The 151,000+ populated MSA is seeing growth through the addition of two new high schools opening in 2024 and the contruction of a 100,000sf + facility with Land O' Lakes in their 525-acre business park (WFBP).



6% T12 Cap Rate >> 7.4% T3
82% of units remain for RUBS conversion
PVC plumbing & over $3.2 million capex invested
Appraisal for $1 million over asking price (April 2023)

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