We are pleased to announce the closing of our most recent property, Brighton Apartment homes, located in the affluent suburb of Richardson in Dallas, Texas. This 410-unit property was built in 1979 and 1980 and is in close proximity to several major employment centers and one of the top school districts in the state and country.
In the surrounding area, the average home value is over $350,000. Within a 1 mile radius of the property, the average household income is more than $125,000. Brighton is an exceptionally maintained property and the business plan is to renovate and modernize the unit interior while increasing rental rates. Brighton has some of the larges and most desirable units in the market which is extremely attractive to the resident base.
The location of this property has unparalleled access to several of DFW's major employment centers and is within close proximity of a variety of upscale entertainment options and attractions.
Dallas/Fort Worth (DFW) continues to be ranked nationally for job production. The area supports over 3.7 million workers and has added ~110,000 jobs over the past 12 months. The metroplex is one of only two submarkets nationally to add 100k or more jobs over this period. Current unemployment rate stands at 3.7% (June 2018) compared to 3.9% for the nation.
Thank you to our sponsors, partners and investors! We look forward to the improvements to the property and the investor returns. If you're interested in learning more about apartment syndications or our current offerings, please sign up at our Investor Circle.
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