University Gardens is an exceptionally maintained garden-style community which has contributed to the low turnover of 30%. This presents the opportunity for new ownership to focus capital on upgrading the remaining 82% of unit interiors to a similar degree as the nearby competition. The sub-market suggests strong fundamentals with the ability to increase rents for interior upgrades evidenced by the premiums in excess of $100 at University Gardens.
Current ownership at University Gardens invested over $75k on new windows and doors in 2017, and over $120k in roof and siding improvements in 2016. However, the property has a significant amount of green space due to the low density of 17.6 units per acre where they could add a community dog park, covered parking, additiona gasl grills, or charge a premium of $75 for the addition of private yards.
University Gardens is in a prime location within the Ellis County submarket, which has averaged an impressive 96.8% occupancy over the last 5 years, and 97.3% in the most recent 24 months. University Gardens has increased rents by over 15% and remained above 97% occupied during the last 5 years.
University Gardens is less than 5 minutes from Baylor Scott & White Medical Center which is a 300,000 square foot facility that employs over 300 full-time staff. Additionally, Waxahachie ISD employs 1,200 people and remains one of the largest employers in Ellis County. Waxahachie has continued to experience rapid growth, evidenced by announcements like the 2nd phase of The Grove and Google's new $500MM Data Center. These announcements are indicators of the continued investment in the long-term growth of Waxahachie's economy which is expected to grow by 43% over the next 10 years.
Waxahachie ISD is one of the top-rated school districts in north Texas and is rated "A" on Niche. The school system boasts a diverse student population of over 8,000 who continue to rank among the top of their peers in academics, athletics, and fine arts.
University Gardens is situated in an ideal Southern area of DFW which continues to experience tremendous growth with the relocation of new businesses and the improvement of major thoroughfares. With the population expected to swell over the next decade, much of the land in Waxahachie is being developed, transforming the remaining developable lands from rolling brush lands into vibrant and highly desirable suburban communities, entertainment destinations, retail, and employment centers.
University Gardens is centrally located in the booming Dallas/Fort Worth suburb of Waxahachie with immediate access to Interstate 35, and US Highways 287 and 77. The city has maintained its rich cultural history despite becoming inundated with new businesses, industrial development, and medical expansions. As a result of the highly desirable location qualities, events, and economic changes the city has doubled in size since 2010 and is expected to continue growing at a significant pace.
As of December 2018, the city of Waxahachie’s unemployment rate was a low 3.2%, which is lower than the Texas average of 4.1%
The median household income within 3 miles of University Gardens in Waxahachie is $60,486, and the homeownership rate is 54% with a median age of 32.5.
The City boasts 11,276 households with a median property value of $142k. The average household size is 2.7 and the population is expected to grow by more than 10% over the next 5 years.
Waxahachie is also a growing destination city with an average of 70,000 visitors each weekend for events at the Texas Motorplex, Scarborough Renaissance Faire, SCREAMS, Tulip Festival, and the Bob Phillips Reporter Festival.
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