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DFW MULTIFAMILYSUBMARKET REPORT
ENNIS / WAXAHACHIE
April 2020
DFW MULTIFAMILY
APRIL 2020
COVID-19 UPDATE
On behalf of the entire Greystone ISG team, we hope you, your family and loved ones are healthy and safe during the self-quarantine order was implemented amid the coronavirus (COVID-19) outbreak.
As we carefully monitor the developments, we are writing to share information on the impact on current business operations and the market.
VIRTUAL PROPERTY TOURSOne of the most effective mitigation techniques recommended by the Centers for Disease Control and Prevention (CDC) is social distancing. With that in mind, the Greystone ISG team will be offering virtual, in-lieu of in-person, tours.
Our team will send out virtual tour dates when available, however, please feel free to reach out to the listing broker for a property of interest to inquire about other virtual tour availability.
MARKET UPDATESPlease visit www.greystoneisg.com to hear about the latest developments directly from the agencies (Fannie, Freddie, HUD), operators, and third-party service providers. Please also reach out to any of our advisors for updates and to share thoughts, questions, and concerns.
ENNIS / WAXAHACHIE
ENNIS / WAXAHACHIE SUBMARKET OVERVIEW
Waxahachie is one of the hottest submarkets in North Texas, according to a ranking based on the combination of rental rate growth and absorption. The rent growth in the hottest submarkets and in most areas of DFW is being driven primarily by employment growth. Waxahachie is ranked 4th out of 117 submarkets for occupancy in Dallas by Yardi Matrix .
DFW has had slightly more than two times the national job growth for the last decade. The annualized growth rate for Ennis/Waxahachie is 3.8 percent. DFW was also ranked as the #1 market to weather a recession and multifamily is ranked as top asset class to weather a recession.
Turning to absorption, the Waxahachie submarket led the way, absorbing 2.2 percent of the overall DFW market in the past three months.
We have two properties coming to market in Waxahachie soon, but like most listings that were in the early stages, we have decided to delay the marketing until the self-quarantine orders have been lifted and we get back to business as usual. That said, please contact us if you’d like to learn more about these upcoming opportunities.
RENT GROWTH
Waxahachie has continued to be a strong DFW submarket for rental growth, ranking 45th out of 114 Submarkets in Texas. With year over year growth at 3.4%, rent growth is projected to continue to be strong.
RECENT CLOSINGS
Red Oak Town Village**200 S Ryan Dr
Cambridge Court**1301 US-287
Victorian Square*1831 John Arden Dr
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OCCUPANCY TRENDS
CONTACT USGet in touch for inquiries, feedback or a complementary valuation of your property.
Todd FranksExecutive Managing Director(972) [email protected]
DFW MULTIFAMILY
APRIL 2020
ENNIS / WAXAHACHIE
SALES HISTORY
96.2%average occupancy rate
22properties
2,242units
SUBMARKET INVENTORY
View Available Listings
Waxahachie has seen an average of 1.2 properties sold per year over the past 5 years The average price per unit over the past year has been $85,000 per unit.
*Sold by Greystone | ISG**Greystone | ISG Listings Coming Soon
Byron GriffithManaging Director(972) [email protected]
Our multifamily team of expertsand advisory service platformdistinctively blends ourunparalleled brokerageknowledge and experience withGreystone’s extensive capitalsourcing capabilities.
This powerful combination offersclients a consistent and highlyefficient execution process duringacquisition, disposition andrefinancing.
Why Choose Greystone for yourmultifamily financing needs?With over 30 years of real estatelending as its core business,
Greystone brings expertise,knowledge and creativity to theloan process.
Greystone’s national team ofprofessionals has built strong,collaborative relationships withFannie Mae, Freddie Mac, and theUS Department of Housing andUrban Development enablingthem to move quickly to helpclients achieve their financingneeds and avoid costly delays.
Learn more about how ourcomprehensive services can helpyou meet your investment goals.
Greystone | Investment Sales GroupOne team for all your multifamily investment needs.
View Available Listings
Todd FranksExecutive Managing Director
(972) [email protected]
Byron GriffithManaging Director
(972) [email protected]