Disrupt Equity has acquired Parkwyn Townhomes, a 241 Unit Apartment and Townhome Community in North Richland Hills, TX, located at 4401 Glenview Ct, North Richland Hills, TX 76180. The property was purchased by Disrupt Equity for $32,322,313, marking Disrupt Equity’s fifth multifamily acquisition to close in 2022, and it’s the third asset to close this year in the state of TX.
The property, Parkwyn Townhomes, is located in a highly desirable submarket situated 15 minutes from downtown Fort Worth, TX, employing 46,000 people with a payroll exceeding $3 billion annually. The submarket holds great demographics with an average household income of $84K and a 19.5% rental rate growth in the past 12 months.
The Dallas-Fort Worth MSA consistently ranks among the top U.S. cities for exceptional business opportunities and rapid population and job growth. In the last few years, the region led the nation in job growth, adding more than 323,500 jobs in the last five years, mostly in white-collar positions with companies such as McKesson, Charles Schwab, TD Ameritrade, and Toyota. Already the home to 22 Fortune 500 headquarters and growing, Dallas-Fort Worth is an innovation hub with a wealth of resources that make it an ideal location for business and employment opportunities for Parkwyn residents.
Parkwyn Townhomes was built in 1969 and features 241 one- to three-bedroom townhomes. The property offers residents a variety of amenities, including a state-of-the-art fitness center, two swimming pools with outdoor kitsch areas, a playground, courtyards, a dog park, and a business center.
To date, only 11 units at Parkwyn Townhomes have been upgraded to a platinum level that is currently commanding premium rental rates. This allows the new ownership at Disrupt Equity to continue the already-proven value-add model for the remaining 230 units and capture an average additional premium of $150-250+ per unit. This reduces risk and removes uncertainty as the Disrupt Equity team continues with this already-proven value-add plan for the remaining units at Parkwyn.
Parkwyn will be managed by Disrupt Management, Disrupt Equity’s in-house multifamily property management firm that currently manages over 3.600+ units in Texas.
“This is an outstanding addition to the Disrupt Equity portfolio as we continue to see compelling investment opportunities across Texas,” said Ben Suttles, Managing Partner at Disrupt Equity.