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1104 E State Highway 114, Justin, Texas
Quick Stats
227
UNITS
2020
Built
Executive Summary
Berkadia is pleased to present Avilla Reserve, a 227-unit Build-to-Rent (BFR) community located in the city of Justin, Texas. Completed in 2020, Avilla Reserve integrates spacious, one-story apartment homes on a residential scale that compliments the local neighborhood. Each home offers a true residential feel complete with private entryways and backyards. Avilla Reserve’s homes are complemented by attractive community amenities including a dedicated leasing center, resort-style pool, gas fire pits, walking trails, and private dog park.
Avilla Reserve recently completed a successful lease-up, offering an investor the opportunity to capitalize on its trending, high organic rent growth. New leases at the property are capturing substantial premiums (±11.7%) over their initial lease-up rents. Submarket fundamentals remain strong in the North Fort Worth submarket with occupancies projected to remain high (+95%). High occupancies are fueling substantial year-over-year rent growth of 9.5% through 2Q2023.
Avilla Reserve is well positioned within the North Fort Worth submarket, which is a high growth corridor connecting downtown to the dynamic Alliance Airport. Increasing home values in the surrounding neighborhoods (38.7% over the last year) combined with a higher cost of financing is making home ownership more cost prohibitive, driving continued demand for Avilla Reserve’s unique BFR housing.
Avilla Reserve is proximate to many large employers including Schwab, BNSF Railroad, Lockheed and other Fortune 500 firms offering easy commutes for residents. Highly rated public schools and abundant retail and services, including Tanger Outlets, Texas Motor Speedway and Alliance Town Center are also within easy reach of the community. Avilla Reserve is offered free and clear allowing investors to explore new financing.
RENT VS. OWN
PROVIDES HEADROOM
Learn more...
FIRST CLASS AMENITIES
Learn more...
ROBUST POPULATION GROWTH
Learn more...
NEIGHBORING RETAIL AND ENTERTAINMENT
Learn more...
MAJOR EMPLOYMENT CENTERS NEARBY
Learn more...
DESIRABLE SUBURBAN COMMUNITY WITH EXCELLENT DEMOGRAPHIC PROFILE
Learn more...
HIGH-QUALITY NORTH FORT WORTH CLASS A BUILT-FOR-RENT COMMUNITY
Learn more...
Investment Highlights
Previous
Next
Impressive job growth, headquarter relocations and inmigration trends continue to apply pressure to the Greater Dallas Fort Worth housing market with residential demand far outpacing supply. Median home sales in the city of Justin have appreciated to over $401,500 (+36%), providing an attractive rent vs own ratio as high home value and increasing interest rates have made mortgage payments in the area increasing cost prohibitive.
Investment Highlights
RENT VS. OWN
PROVIDES HEADROOM
Average HH Income within a 1-mile radius of Avila Reserve is at least $100,000, nearly 36% above the DFW average
and residents benefit from inclusion in the Northwest ISD (Located next door), a top-rated suburban district. With an overall Niche rating of A-, the Northwest ISD is ranked 3rd best school district in Denton County and 97th best out 1,018 school districts in the State of Texas and a major driver of tenant demand.
Investment Highlights
DESIRABLE SUBURBAN COMMUNITY WITH EXCELLENT DEMOGRAPHIC PROFILE
Tremendous educational institutions, skilled employment, family-oriented residential communities, and extensive lifestyle amenities all contribute to North Fort Worth’s booming growth. The expected growth rate of 27% for North Fort Worth is almost 5 times the growth rate citywide at 6.8%.
Investment Highlights
ROBUST POPULATION GROWTH
The property is located near retail centers which include Tanger Outlets and Alliance Town Center. Additionally, the property is close to many entertainment locations including Texas Motor Speedway (3.6 miles), DFW Adventure Park (5.5 mi), Downtown Roanoke (7.1 miles) and Western Center Retail Corridor, and Southlake Town Center, to name a few.
Investment Highlights
NEIGHBORING RETAIL AND ENTERTAINMENT
Avilla Reserve is surrounded by major job centers and employers including:
• Alliance Texas is a 27,000-acre master-planned, mixed-use community that is the
catalyst driving North Fort Worth’s tremendous economic growth. Anchored by the
multi-modal inland port known as the Alliance Global Logistics Hub, the development
is home to more than 530 companies and over 63,000 employees.
• Charles Schwab HQ Relocation - The company has relocated its headquarters from
San Francisco to North Fort Worth. It has occupied the new campus and already has
over 2,500 employees at the location.
• Fidelity Investments has a campus style office park just a little over 10 miles away
spread across 337-acre site housing over 6,700 employees.
• Other institutions calling North Fort Worth home include Wells Fargo, TD Ameritrade,
and Deloitte.
Investment Highlights
MAJOR EMPLOYMENT CENTERS NEARBY
The pet-friendly, gated community offers the perks of neighborhood living with optional garages, resort-style pool & spa, two dog parks, outdoor green space with lounge seating and entertainment area, fire pit, outdoor kitchen & BBQ, and walking paths.
Investment Highlights
FIRST CLASS AMENITIES
Built in 2020, Avilla Reserve features 227 homes in spacious one-,two- and three-bedroom floorplans averaging 955 square feet. Each unit offers residents a true home feel with private entrances and outdoor patios & backyards, along with high end finishes including 10’ ceilings, granite/ quartz countertops, and stainless-steel appliances. Avilla Reserve’s luxury offering fits perfectly with the demographic trends of North Fort Worth towards a highly skilled, high paid employees.
Investment Highlights
HIGH-QUALITY NORTH FORT WORTH CLASS A BUILT-FOR-RENT COMMUNITY
GALLERY 2/3
GALLERY 1/3
Photo GALLERY
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Paul Harris
Senior Managing Director
972.764.8490
Paul.harris@berkadia.com
Mark Forrester
Senior Managing Director
302.526.4800
Mark.forrester@berkadia.com
Kristin Watson
Operations Director
602.445.1674
Kristin.watson@berkadia.com
Greg Smith
Senior Managing Director
817.313.7081
Greg.smith@berkadia.com
Andrew Curtis
Director
602.571.4190
Andrew.curtis@berkadia.com
Investment Sales Advisors
DALLAS
5960 Berkshire Lane, Suite 1000
Dallas, TX 75225
214.346.0200
PHOENIX
2525 E. Camelback Road, Suite 1150
Phoenix, AZ 85016
602.955.1122
OFFICES
CONTACT Us
BACK TO TOP
GALLERY 3/3
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Paul Harris
Senior Managing Director
972.764.8490
Paul.harris@berkadia.com
Greg Smith
Senior Managing Director
817.313.7081
Greg.smith@berkadia.com
Mark Forrester
Senior Managing Director
302.526.4800
Mark.forrester@berkadia.com
Andrew Curtis
Director
602.571.4190
Andrew.curtis@berkadia.com
Kristin Watson
Operations Director
602.445.1674
Kristin.watson@berkadia.com
Investment Sales Advisors
DALLAS
5960 Berkshire Lane, Suite 1000
Dallas, TX 75225
214.346.0200
PHOENIX
2525 E. Camelback Road, Suite 1150
Phoenix, AZ 85016
602.955.1122
OFFICES
CONTACT Us
1104 E State Highway 114, Justin, Texas
Home
Summary
Contact
CA/Doc Center
Terms of Use
Privacy
Quick Stats
227
UNITS
2020
Built
Executive Summary
Berkadia is pleased to present Avilla Reserve, a 227-unit Build-to-Rent (BFR) community located in the city of Justin, Texas. Completed in 2020, Avilla Reserve integrates spacious, one-story apartment homes on a residential scale that compliments the local neighborhood. Each home offers a true residential feel complete with private entryways and backyards. Avilla Reserve’s homes are complemented by attractive community amenities including a dedicated leasing center, resort-style pool, gas fire pits, walking trails, and private dog park.
Avilla Reserve recently completed a successful lease-up, offering an investor the opportunity to capitalize on its trending, high organic rent growth. New leases at the property are capturing substantial premiums (±11.7%) over their initial lease-up rents. Submarket fundamentals remain strong in the North Fort Worth submarket with occupancies projected to remain high (+95%). High occupancies are fueling substantial year-over-year rent growth of 9.5% through 2Q2023.
Avilla Reserve is well positioned within the North Fort Worth submarket, which is a high growth corridor connecting downtown to the dynamic Alliance Airport. Increasing home values in the surrounding neighborhoods (38.7% over the last year) combined with a higher cost of financing is making home ownership more cost prohibitive, driving continued demand for Avilla Reserve’s unique BFR housing.
Avilla Reserve is proximate to many large employers including Schwab, BNSF Railroad, Lockheed and other Fortune 500 firms offering easy commutes for residents. Highly rated public schools and abundant retail and services, including Tanger Outlets, Texas Motor Speedway and Alliance Town Center are also within easy reach of the community. Avilla Reserve is offered free and clear allowing investors to explore new financing.
RENT VS. OWN
PROVIDES HEADROOM
Learn more...
FIRST CLASS AMENITIES
Learn more...
ROBUST POPULATION GROWTH
Learn more...
NEIGHBORING RETAIL AND ENTERTAINMENT
Learn more...
MAJOR EMPLOYMENT CENTERS NEARBY
Learn more...
DESIRABLE SUBURBAN COMMUNITY WITH EXCELLENT DEMOGRAPHIC PROFILE
Learn more...
HIGH-QUALITY NORTH FORT WORTH CLASS A BUILT-FOR-RENT COMMUNITY
Learn more...
Investment Highlights
GALLERY 3/5
GALLERY 2/5
GALLERY 1/5
Photo GALLERY
Previous
Next
Impressive job growth, headquarter relocations and inmigration trends continue to apply pressure to the Greater Dallas Fort Worth housing market with residential demand far outpacing supply. Median home sales in the city of Justin have appreciated to over $401,500 (+36%), providing an attractive rent vs own ratio as high home value and increasing interest rates have made mortgage payments in the area increasing cost prohibitive.
Investment Highlights
RENT VS. OWN PROVIDES HEADROOM
Average HH Income within a 1-mile radius of Avila Reserve is at least $100,000, nearly 36% above the DFW average and residents benefit from inclusion in the Northwest ISD (Located next door), a top-rated suburban district. With an overall Niche rating of A-, the Northwest ISD is ranked 3rd best school district in Denton County and 97th best out 1,018 school districts in the State of Texas and a major driver of tenant demand.
Investment Highlights
DESIRABLE SUBURBAN COMMUNITY WITH EXCELLENT DEMOGRAPHIC PROFILE
Tremendous educational institutions, skilled employment, family-oriented residential communities, and extensive lifestyle amenities all contribute to North Fort Worth’s booming growth. The expected growth rate of 27% for North Fort Worth is almost 5 times the growth rate citywide at 6.8%.
Investment Highlights
ROBUST POPULATION GROWTH
The property is located near retail centers which include Tanger Outlets and Alliance Town Center. Additionally, the property is close to many entertainment locations including Texas Motor Speedway (3.6 miles), DFW Adventure Park (5.5 mi), Downtown Roanoke (7.1 miles) and Western Center Retail Corridor, and Southlake Town Center, to name a few.
Investment Highlights
NEIGHBORING RETAIL AND ENTERTAINMENT
Avilla Reserve is surrounded by major job centers and employers including:
• Alliance Texas is a 27,000-acre master-planned, mixed-use community
that is the catalyst driving North Fort Worth’s tremendous economic
growth. Anchored by the multi-modal inland port known as the Alliance
Global Logistics Hub, the development is home to more than 530
companies and over 63,000 employees.
• Charles Schwab HQ Relocation - The company has relocated its
headquarters from San Francisco to North Fort Worth. It has occupied
the new campus and already has over 2,500 employees at the location.
• Fidelity Investments has a campus style office park just a little over 10
miles away spread across 337-acre site housing over 6,700 employees.
• Other institutions calling North Fort Worth home include Wells Fargo,
TD Ameritrade, and Deloitte.
Investment Highlights
MAJOR EMPLOYMENT CENTERS NEARBY
The pet-friendly, gated community offers the perks of neighborhood living with optional garages, resort-style pool & spa, two dog parks, outdoor green space with lounge seating and entertainment area, fire pit, outdoor kitchen & BBQ, and walking paths.
Investment Highlights
FIRST CLASS AMENITIES
Built in 2020, Avilla Reserve features 227 homes in spacious one-,two- and three-bedroom floorplans averaging 955 square feet. Each unit offers residents a true home feel with private entrances and outdoor patios & backyards, along with high end finishes including 10’ ceilings, granite/ quartz countertops, and stainless-steel appliances. Avilla Reserve’s luxury offering fits perfectly with the demographic trends of North Fort Worth towards a highly skilled, high paid employees.
Investment Highlights
HIGH-QUALITY NORTH FORT WORTH CLASS A BUILT-FOR-RENT COMMUNITY
GALLERY 4/5
GALLERY 5/5
GALLERY 4/6
GALLERY 3/6
GALLERY 2/6
GALLERY 1/6
Photo GALLERY
GALLERY 5/6
GALLERY 6/6
Previous
Next
Impressive job growth, headquarter relocations and inmigration trends continue to apply pressure to the Greater Dallas Fort Worth housing market with residential demand far outpacing supply. Median home sales in the city of Justin have appreciated to over $401,500 (+36%), providing an attractive rent vs own ratio as high home value and increasing interest rates have made mortgage payments in the area increasing cost prohibitive.
Investment Highlights
RENT VS. OWN PROVIDES HEADROOM
Average HH Income within a 1-mile radius of Avila Reserve is at least $100,000, nearly 36% above the DFW average
and residents benefit from inclusion in the Northwest ISD (Located next door), a top-rated suburban district. With an overall Niche rating of A-, the Northwest ISD is ranked 3rd best school district in Denton County and 97th best out 1,018 school districts in the State of Texas and a major driver of tenant demand.
Investment Highlights
DESIRABLE SUBURBAN COMMUNITY WITH EXCELLENT DEMOGRAPHIC PROFILE
Tremendous educational institutions, skilled employment, family-oriented residential communities, and extensive lifestyle amenities all contribute to North Fort Worth’s booming growth. The expected growth rate of 27% for North Fort Worth is almost 5 times the growth rate citywide at 6.8%.
Investment Highlights
ROBUST POPULATION GROWTH
The property is located near retail centers which include Tanger Outlets and Alliance Town Center. Additionally, the property is close to many entertainment locations including Texas Motor Speedway (3.6 miles), DFW Adventure Park (5.5 mi), Downtown Roanoke (7.1 miles) and Western Center Retail Corridor, and Southlake Town Center, to name a few.
Investment Highlights
NEIGHBORING RETAIL AND ENTERTAINMENT
Avilla Reserve is surrounded by major job centers and employers including:
• Alliance Texas is a 27,000-acre master-planned,
mixed-use community that is the catalyst
driving North Fort Worth’s tremendous
economic growth. Anchored by the multi-modal
inland port known as the Alliance Global
Logistics Hub, the development is home to
more than 530 companies and over 63,000
employees.
• Charles Schwab HQ Relocation - The company
has relocated its headquarters from San
Francisco to North Fort Worth. It has occupied
the new campus and already has over 2,500
employees at the location.
• Fidelity Investments has a campus style office
park just a little over 10 miles away spread
across 337-acre site housing over 6,700
employees.
• Other institutions calling North Fort Worth
home include Wells Fargo, TD Ameritrade,
and Deloitte.
Investment Highlights
MAJOR EMPLOYMENT CENTERS NEARBY
The pet-friendly, gated community offers the perks of neighborhood living with optional garages, resort-style pool & spa, two dog parks, outdoor green space with lounge seating and entertainment area, fire pit, outdoor kitchen & BBQ, and walking paths.
Investment Highlights
FIRST CLASS AMENITIES
Built in 2020, Avilla Reserve features 227 homes in spacious one-,two- and three-bedroom floorplans averaging 955 square feet. Each unit offers residents a true home feel with private entrances and outdoor patios & backyards, along with high end finishes including 10’ ceilings, granite/ quartz countertops, and stainless-steel appliances. Avilla Reserve’s luxury offering fits perfectly with the demographic trends of North Fort Worth towards a highly skilled, high paid employees.
Investment Highlights
HIGH-QUALITY NORTH FORT WORTH CLASS A BUILT-FOR-RENT
COMMUNITY
Brittany Bridges
Senior Financial Analyst
972.757.5208
Brittany.bridges@berkadia.com