Ross and Matilda aka Ross Flats is a 32-unit 3-building multifamily infill apartment complex located near Lower Greenville in the Lakewood submarket of Dallas, TX. The buildings consist of 24 efficiency units averaging 400 sf per unit and 8 one bedroom one bath units averaging 575 sf per unit. Net rentable area is roughly 14,200 sf. Renovation was completed in the first quarter of 2017. The buildings are 100% occupied and the average rental rate is $1,235 ($2.68/sf) or 43% higher than original projections. The property was refinanced in August 2017 and all capital was returned to investors with a multiple over 1.0x.


The three buildings of Ross and Matilda (5609 Ross Avenue; 5615 Ross Avenue; 5610 Lewis Street) were severely outdated and underutilized properties located in a prime location currently undergoing tremendous revitalization. There is a need for lower to moderate income rentals in the Dallas Metropolitan area, as well as, to this submarket due to the large number of higher priced luxury units entering the market.


Stabilization is anticipated in year 2 with a 2% rental increase projected for the next 11 years. This project is a buy and hold; however, a year 5 sale date from stabilization leaves upside for a subsequent purchaser’s future cash flows.