Onyx Legacy Group

Onyx Legacy Realty is pleased to announce the exclusive listing of Eban Village, a Section 42 Low-Income Housing Tax Credit (LIHTC) affordable housing community currently in its extended use period expiring in 2052, consisting of 330 units located at 3023 Park Row Avenue in Dallas, Texas near Downtown Dallas, the famous Fair Park, DART Rail lines, retailers, and easy access to highways I-30, I-45, and US Route 75.
The nine percent tax credit property has 19 pitched roof buildings spread across 14.88 acres and was developed in two phases. The first phase, 110 units, originally built in 1985, was completely renovated and delivered to market in 1999, and the second phase, 220 new units were delivered to market in 2001. The buildings are individually metered, have individual HVAC’s, asphalt parking lot, and are surrounded by mature trees and shrubs. It was constructed with wood frames, stucco, brick, and hardie board siding exteriors, and concrete slab foundations.
The property has copper wiring, is undergirded by PVC, copper, and cast-iron piping. Eban Village is a controlled access gated community, with iron perimeter fencing, features a standalone leasing office/clubhouse, fitness center, grill, four laundry facilities, picnic area, and a playground. Eban Village contains 330 one, two, and three-bedroom apartments for rent ranging from 445 to 1,088 square feet.
New ownership has the potential to acquire the recently renovated asset, carry out stringent property management practices, to bolster and sustain occupancies with a custom marketing initiative, and achieve above market yields. Investors seeking a large value add affordable housing asset with great economies of scale in one of the most robust markets in the U.S. should strongly consider Eban Village Apartments.

The subject property is in the Fair Park submarket which neighbors the Downtown Dallas Central Business District. Fair Park, a 277-acre Dallas & National Historic Landmark, is home to the State Fair of Texas. The fair has taken place every year since 1886, over recent years attracting roughly 2.2 million visitors annually. Fair Park recently receive a $8.6 acre federal grant to be allocated towards a $39 million community public park development. Furthermore the Cotton Bowl Stadium is set for $140 million in renovations.
Dallas is a dense city with one of the largest concentrations of big corporations in the nation. The city has a very diverse economy, with many companies in a wide range of sectors, such as defense, information technology, finance, transportation and telecommunications.
Dallas’s Top Employers Include But Not Limited To; 1. AT&T 2. Energy Transfer 3. Southwest Airlines 4. AECOM 5. Tenet Healthcare 6. Texas Instruments 7. HollyFrontier 8. Jacobs 9. Builders FirstSource 10. Alon USA 11. The Beck Group 12. Bank of America 13. UT Southwestern Medical Center 14. Parkland Health and Hospital System 15. Affiliated Computer Services/Xerox 16. Essilor of America 17. Brinker International Inc. 18. 7-Eleven 19. ClubCorp 20. Trinity Industries