River Run Apartments

River Run Apartments presents investors with a value-add opportunity located in Texarkana, AR. The Property is currently mid-80% occupied and quickly trending towards 90%+. River Run provides a healthy unit mix consisting of 1 Bedroom, 2 Bedroom, and 3 Bedroom units. New ownership can push rents to a competitive market level by upgrading interior units and improving the exterior by adding common area amenities to foster community engagement. Rent premiums of nearly $125/month can be achieved based on a market rent comparable study. The roofs will need to be replaced, and a quote can be provided upon request ($185,000).

River Run Apartments is less than two miles from I-30, less than 1.5 miles from I-49, and 1-mile from State Line Avenue providing residents with an easy commute to top MSA employers, dining, nightlife and retail across the surrounding area. 

The submarket demographics indicate a steady demand for housing with a median household income of $43,907/year and average age of 39 years old in the 1-mile radius. The Texarkana MSA has a population of ~150,000 with a median household income of approximately $44,000. The income level is below the national average, which reflects the region’s cost of living. Average rent growth year-over-year in Texarkana is 4.3%, which exceeds the national average of 1.1% and is slightly above the MSA’s five-year average of 4.0%. The five-year average rent growth of 4.0% is highlighted by Texarkana’s diverse economy and the city’s strategic location at the intersection of major highways I-30, I-49, and US 59 supporting local industries such as manufacturing and logistics.

Per CoStar, the Texarkana MSA has approximately 7,400 units of inventory and construction/deliveries is relatively muted. Currently, 81 units are expected to be delivered in the next 8 quarters, and 172 units were delivered in the previous 8 quarters.

River Run Apartments presents investors a value-add investment acquisition opportunity in a demand-heavy market at an attractive entry basis.