Rd - Denton, TX 76209

Property Details for 0 Rd -

Lot size

9.94 lot acres

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a 279-unit Class A apartment building development on a 9.94-acre lot in Denton, Texas. Located at the hard corner of US 380 (a six-lane highway) and Old North Road, this property boasts unparalleled visibility and accessibility. The site is directly across from Texas Women's University, providing a substantial resident pool of over 20,000 students. Preliminary and final plats are complete, and all utilities are installed. The property features a level grade and is fully approved for access by TXDOT and the city, including a median opening on US 380. Construction plans are finalized and in the final permitting stages, calling for a mix of 180 one-bedroom, 90 two-bedroom, and 9 three-bedroom units. The development also includes approximately 37,000 square feet of upscale shop space, with 14,000 square feet reserved for fine dining establishments. Amenities include waterfront and outdoor dining, splash fountains, public art, dog-friendly parks, and a jogging trail. Seller financing is available. The property benefits from an agricultural exemption and lease, and extensive due diligence has already been completed, including market studies, proformas, and construction budgets. This is a rare opportunity to acquire a prime, master-planned, deed-restricted property in a high-growth area with significant barriers to entry for competitors. The property is under contract with a closing date around September 5, 2024, and a backup contract will be considered at the asking price of $15,154,000. The buyer will have a 30-day review and 30-day closing period. The property's location offers easy access to major employers, universities, and amenities, making it an ideal investment for both short-term and long-term growth.

Location Insight

City

Denton

County

Denton

State

Texas

Longitude

-97.1027

Latitude

33.2361