Spotlight on Lewisville - Final
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© 2015 The Greysteel Company LLC. All rights reserved. Located on the south shore of DFW’s largest lake, Lewisville Lake, and surrounded by the cities of Flower Mound, Coppell, and Carrollton is the city of Lewisville, Texas. The origins of Lewisville date back to the early 1840s, when it was originally named Holford’s Prairie and provided a new home for settlers moving west mostly from Missouri and other surrounding states. Today, Lewisville is known as a major hub of recreational activity in the Dallas-Fort Worth Metroplex, and has the advantages of superior infrastructure access, a low tax environment, and a highly skilled workforce. With millions of square feet currently in the development pipeline for office, retail, and multifamily, the commercial market in Lewisville is set to expand on the continued growth in economic activity that has sparked life into this up-and- coming North Texas city. Lewisville is known as the official “Urban Bass Fishing Capital of Texas,” and rightly so; the city is host to 183 miles of shoreline along Lewisville Lake with over 29,600 acres of navigable waters. The lake is a centerpiece to the city’s image and affords residents a multitude of activities such as boating, fishing, camping, swimming, and water sports. Lewisville is within five miles of nine champion golf courses where sample replicas model some of America’s most famous courses. The city is also home to the popular Toyota of Lewisville Railroad Park, which opened in October of 2009. Railroad Park was developed in a single phase as the city’s largest capital project in the history of Lewisville. The park is 269 acres and features 16 different sports fields, a skate park, three irrigation and fishing lakes, a 1.5-mile perimeter jogging trail, and a six- acre dog park. Another strategic advantage for the City of Lewisville is its prime location within the DFW Metroplex, giving access to major thoroughfares. Running straight through the heart of the city is US Highway 35-E, which is one of the most heavily traveled roadways in the area running north to the City of Denton and south through Downtown Dallas on to Hillsboro, Texas. Additionally, SH 121 (Sam Rayburn Tollway) near the south side of Lewisville provides direct access to the rapidly growing locations along the Dallas North Tollway corridor, a direct route to the Dallas-Fort Worth International Airport, the nation’s fourth busiest airport, a mere five miles southwest of the city’s limits, and a convenient route of travel to Fort Worth in the southwest. In addition to these transportation options, the city is now linked to the surrounding area through the Denton County Rapid Transit (DCTA), which includes three different A-Train stations for commuters making Lewisville an ideal location for new commercial development looking to capitalize on cities with superior commuter benefits. Old Town – DCTA Major developers of multifamily assets are already aware of the numerous benefits that Lewisville provides to new projects in the area. In late 2014, Bright Realty broke ground on a new development that plans to add more than 4,000 new units to the city in the coming years. The first phase of this project will include a 419-unit Class A apartment complex called Discovery at the Realm, which is set to open in 2016. Additionally, Bright Realty currently has plans for a mixed-use project, called The Realm at Castle Hills, which will be located near Discovery at the Realm and feature an additional 546 multifamily units and over 800,000 square feet of retail, restaurant, and office space. Spotlight on Lewisville, Texas Multifamily April 2015 Service. Success. Perfected. Lewisville City Hall
Transcript of Spotlight on Lewisville - Final
© 2015 The Greysteel Company LLC. All rights reserved.
Located on the south shore of DFW’s largest lake, Lewisville Lake, and surrounded by the cities of Flower Mound, Coppell, and Carrollton is the city of Lewisville, Texas. The origins of Lewisville date back to the early 1840s, when it was originally named Holford’s Prairie and provided a new home for settlers moving west mostly from Missouri and other surrounding states. Today, Lewisville is known as a major hub of recreational activity in the Dallas-Fort Worth Metroplex, and has the advantages of superior infrastructure access, a low tax environment, and a highly skilled workforce. With millions of square feet currently in the development pipeline for office, retail, and multifamily, the commercial market in Lewisville is set to expand on the continued growth in economic activity that has sparked life into this up-and-coming North Texas city.
Lewisville is known as the official “Urban Bass Fishing Capital of Texas,” and rightly so; the city is host to 183 miles of shoreline along Lewisville Lake with over 29,600 acres of navigable waters. The lake is a centerpiece to the city’s image and affords residents a multitude of activities such as boating, fishing, camping, swimming, and water sports. Lewisville is within five miles of nine champion golf courses where sample replicas model some of America’s most famous courses. The city is also home to the popular Toyota of Lewisville Railroad Park, which opened in October of 2009. Railroad Park was developed in a single phase as the city’s largest capital project in the history of Lewisville. The park is 269 acres and features 16 different sports fields, a skate park, three irrigation and fishing lakes, a 1.5-mile perimeter jogging trail, and a six-acre dog park.
Another strategic advantage for the City of Lewisville is its prime location within the DFW Metroplex, giving access to major thoroughfares. Running straight through the heart of the city is US Highway 35-E, which is one of the most heavily traveled roadways in the area running north to the City of Denton and south through Downtown Dallas on to Hillsboro, Texas. Additionally, SH 121 (Sam Rayburn Tollway) near the south side of Lewisville provides direct access to the rapidly growing locations along
the Dallas North Tollway corridor, a direct route to the Dallas-Fort Worth International Airport, the nation’s fourth busiest airport, a mere five miles southwest of the city’s limits, and a convenient route of travel to Fort Worth in the southwest. In addition to these transportation options, the city is now linked to the surrounding area through the Denton County Rapid Transit (DCTA), which includes three different A-Train stations for commuters making Lewisville an ideal location for new commercial development looking to capitalize on cities with superior commuter benefits.
Old Town – DCTA
Major developers of multifamily assets are already aware of the numerous benefits that Lewisville provides to new projects in the area. In late 2014, Bright Realty broke ground on a new development that plans to add more than 4,000 new units to the city in the coming years. The first phase of this project will include a 419-unit Class A apartment complex called Discovery at the Realm, which is set to open in 2016. Additionally, Bright Realty currently has plans for a mixed-use project, called The Realm at Castle Hills, which will be located near Discovery at the Realm and feature an additional 546 multifamily units and over 800,000 square feet of retail, restaurant, and office space.
Spotlight on Lewisville, Texas Multifamily April 2015
Service. Success. Perfected.
Lewisville City Hall
© 2015 The Greysteel Company LLC. All rights reserved.
Spotlight Rent Comparables April 2015
AURA CASTLE HILLS5500 State Highway 121Lewisville, TX 75077
UNIT TYPE AVG SF AVG ASKING RENT
1 BDR/1 BA 783 $1,039
2 BDR/2 BA 1,175 $1,475
3 BDR/2 BA 1,397 $1,800
• Common area amenities include a clubhouse, coffee bar, internet café, billiards room, fitness center, resort-style swimming pool, cookout area, courtyard, business center, and gated access.
• Unit amenities include wood-look vinyl flooring, cathedral/high ceilings, ceiling fans, a washer/dryer, private balcony/patio, granite countertops, kitchen island, stainless steel appliances, a microwave, and track lighting.
• Residents pay a $55 application fee, $750 security deposit, and a $150 move-in fee.
• Additional fees include a non-refundable pet deposit of $350 and a pet rent of $15.
• Residents pay for all utilities.• Management sets rent levels.
No. Units 316
Property Type Class A
Occupancy 93%
Year Built 2014
Managed by ZRS Management
No. Units 280
Property Type Class B
Occupancy 96%
Year Built 1985
Managed by Pinnacle
No. Units 300
Property Type Class A
Occupancy 99%
Year Built 2014
Managed by Owner
No. Units 200
Property Type Class B
Occupancy 92%
Year Built 1987
Managed by Adara Communities
PINE PRAIRIE951 Leora LaneLewisville, TX 75056
UNIT TYPE AVG SF AVG ASKING RENT
1 BDR/1 BA 756 $968
2 BDR/2 BA 1,129 $1,401
2 BDR/2 BA/Town 1,500 $1,745
3 BDR/2 BA 1,400 $1,595
• Common area amenities include a resort-style swimming pool, fitness center, business center, clubhouse, and two on-site laundry facilities.
• Unit amenities include cathedral/high ceilings, faux-wood blinds, ceiling fans, wood-look vinyl flooring, washer/dryer connections, stainless steel appliances, and a private balcony/patio.
• Residents pay a $50 application fee, $150–$250 security deposit, and a $50 move-in fee.
• Additional fees include a $500 pet deposit, of which $250 is non-refundable, and a pet rent of $15.
• Residents pay for all utilities.• Management sets rent levels.
CAMBRIDGE VILLAGE1402 N. Valley ParkwayLewisville, TX 75077
UNIT TYPE AVG SF AVG ASKING RENT
1 BDR/1 BA 687 $788
2 BDR/1 BA 873 $928
2 BDR/2 BA 972 $968
• Common area amenities include a swimming pool, spa/hot tub, fitness center, clubhouse, and gated access.
• Unit amenities include a washer/dryer, fireplace, cathedral/high ceilings, and a microwave.
• Residents pay a $50–$75 application fee, $150–$250 security deposit, and a $75 move-in fee.
• Additional fees include a pet deposit of $400, of which $200 is non-refundable, and a pet rent of $10.
• Residents pay for all utilities.• Management sets rent levels.
WINDSOR COURT247 E. Southwest ParkwayLewisville, TX 75067
UNIT TYPE AVG SF AVG ASKING RENT
1 BDR/1 BA 673 $759
2 BDR/1 BA 890 $868
3 BDR/2 BA 1,000 $936
• Common area amenities include a swimming pool, spa/hot tub, fitness center, playground, and BBQ grills.
• Unit amenities include a private balcony/patio, refrigerator, dishwasher, disposal, walk-in closets, ceiling fans, a fireplace, washer/dryer connections, and gated parking.
• Residents pay a $40–$60 application fee, $150–$200 security deposit, and a $50 move-in fee.
• Additional fees include a pet deposit of $300–$500, of which $150–$250 is non-refundable, and a pet rent of $10.
• Residents pay for all utilities.• Management utilizes third party pricing software to
set rent levels.
No. Units 202
Property Type Class C
Occupancy 100%
Year Built 1970
Managed by Wehner Multifamily
No. Units 126
Property Type Class C
Occupancy 99%
Year Built 1963
Managed by Owner
BASSWOOD MANOR1020 Fox AvenueLewisville, TX 75067
UNIT TYPE AVG SF AVG ASKING RENT
1 BDR/1 BA 709 $775
2 BDR/1.5 BA 881 $900
3 BDR/2 BA 1,105 $1,165
• Common area amenities include one on-site laundry facility, a clubhouse, basketball court ,and swimming pool.
• Unit amenities include a refrigerator, dishwasher, ceiling fans, disposals, and walk-in closets.
• Residents pay a $45–$65 application fee and a $200–$400 security deposit.
• Additional fees include a pet deposit of $300, of which $150 is non-refundable.
• Property pays for all utilities. • Management sets rent levels.
ST. CHARLES PLACE1090 S. Charles StreetLewisville, TX 75057
UNIT TYPE AVG SF AVG ASKING RENT
EFF 154 $425
1 BDR/1 BA 505 $669
2 BDR/1 BA 710 $789
• Common area amenities include four on-site laundry facilities.
• Residents pay a $35 application fee and a $100–$200 security deposit.
• Additional fees include a pet deposit of $300, of which $200 is non-refundable.
• Residents pay for electric; property pays for gas and water.
• Management sets rent levels.
© 2015 The Greysteel Company LLC. All rights reserved.
The report below features a sampling of properties sold within the last 12 months in Lewisville, Texas. Please note the different locations and adjust comparisons accordingly. Also note that sales comparables provide a snapshot of recent transactions and are not a perfect predictor of future market movement and behavior.
Spotlight Sales Comparables April 2015
LAKEPOINTE RESIDENCES2025 Lakepointe Drive Lewisville, TX 75067
AUTUMN BREEZE APARTMENTS1679 S. State Highway 121 Lewisville, TX 75067
THE ENCLAVE AT VISTA RIDGE2701 MacArthur Boulevard Lewisville, TX 75067
VISTAS ON THE PARK1002 S. Edmonds Lane Lewisville, TX 75067
VILLAS OF VISTA RIDGE351 State Highway 121 Bypass Lewisville, TX 75067
ABBEY AT VISTA RIDGE350 E. Vista Ridge Mall Drive Lewisville, TX 75067
Close Date: November 2014Units: 300Year Built: 2001Property Type: Class ASeller: Private International
Investment CompanyBuyer: Private International
Investment Company
Close Date: September 2014Units: 300Year Built: 2003Property Type: Class ASeller: Private National
Investment CompanyBuyer: Private Regional
Investment Company
Close Date: July 2014Units: 323Year Built: 2001Property Type: Class ASeller: Private National
Investment CompanyBuyer: Private National
Investment Company
Close Date: June 2014Units: 240Year Built: 1987Property Type: Class BSeller: Private Local
Investment CompanyBuyer: Private National
Investment Company
Close Date: July 2014Units: 220Year Built: 1997Property Type: Class BSeller: Private National
Investment CompanyBuyer: Private International
Investment Company
Close Date: May 2014Units: 288Year Built: 1975Property Type: Class CSeller: Private In-State
Investment CompanyBuyer: Private Local
Investment Company
© 2015 The Greysteel Company LLC. All rights reserved.
Spotlight Exclusive Offering April 2015
EL SOL DEL LAGODALLAS, TEXASREQUEST FOR OFFERS - MAY 21, 2015
INVESTMENT HIGHLIGHTS
• 320-unit multifamily community with future upside rent potential with similar competing properties achieving up to $60 rent premiums.
• Stabilized Property with historic occupancy in the high 90’s.
• This opportunity is being offered free-and-clear of debt. Contact Greysteel Capital Markets to benefit from today’s historically low interest rates.
LOCATION HIGHLIGHTS
• Two blocks from DART bus routes 428 and 535, providing direct access to the DART light rail system at Bachman Station.
• Located blocks from two main Dallas thoroughfares with a combined daily traffic count of over 71,000.
• Close proximity to major employers in Downtown Dallas, Uptown Dallas, and the Southwestern Medical District.
TRANSACTION TEAM:
Boyan RadicManaging Director
Andrew MuellerInvestment Associate
Anne Elizabeth MartinProduction Associate
Doug BanerjeeDirector
John Marshall DossAnalyst
Heather LeighAssociate Creative Director
Mark BittenbenderDirector
Paul PierreFinance Analyst
Matt SchwartzCEO
500 W. 7th Street9th FloorFort Worth, TX 76102 P. [email protected] www.greysteel.com
Service. Success. Perfected.TX License No: 9003023
CAPITAL MARKETS:
Washington, D.C. • Dallas-Fort Worth, TX • Baltimore, MD • Philadelphia, PAThe Greysteel Company is a licensed real estate broker in the State of Texas.
