2269 W Oak St, Denton, TX 76201

The Cluster Apartments located in Denton, TX, one of the fastest growing counties in the state. This property is five buildings, 57 units and sits on approximately 1.469 acres within walking distance of the University of North Texas. SVN Trinity Advisors is pleased to announce the exclusive listing of The Cluster Apartments located in Denton, TX, one of the fastest growing counties in the state. This property is five buildings, 57 units and sits on approximately 1.469 acres within walking distance of the University of North Texas. The Cluster Apartments is a great investment opportunity for those seeking a traditional value add play in a predominantly student housing market. With it’s advantageous location this close to campus, the property would benefit from an infusion of capital to rebrand and reposition the property through attractive exterior and interior updating to directly appeal to students and young professionals alike. The Cluster Apartments is a typical, lower end, C Class product and is perfect for rebranding and repositioning into the “premium unit” B Class market which is in high demand in Denton especially being this close to the University of North Texas. One such “premium unit” property is across the street at 2505 W. Hickory Steet. Rents for their 530-570 SF units are $955-1,055 whereas rents at The Cluster Apartments ranges from $750-860 for units 400-740 SF. The property was built in 1972. While some units have had minor updating over the years, the property has never had any significant updating since it was built. The property has a strong street presence with frontage on two major Denton streets, Oak St. and Hickory St. Master metered for both electricity and water, The Cluster Apartments is currently operating as All Bills Paid. There is the option to shift utility expenses to the tenants through RUBS to further increase revenue. The Cluster Apartments is a stable asset that enjoys a strong historical occupancy that currently sits at 95%%. The Denton market itself has been historically strong thanks to both major universities and averages 92-98% occupancy overall.