Park Place 1420 Park Pl Immeuble residentiel 21 lots À vendre Sherman, TX 75092

Summary:
The Multifamily Group is proud to exclusively offer the Park Place Apartments, a rare investment opportunity in Sherman, Texas. Built in 2020, the property features 21 units, each offering 800 square feet with two bedrooms and one bathroom. Every unit is equipped with a smart home package, allowing residents to control door locks, thermostats, and lighting. These features also allow prospective tenants to complete self-guided tours, boosting leasing efficiency. Interior finishes include granite countertops, in-unit washer/dryer combos, dishwashers, microwaves, and other luxury-style features.
The property is currently 86% occupied (pre-leased to 100%), with an opportunity to add value through rent growth; average rents are approximately $300/month ($0.23 PSF) below market. Additionally, $165,000 in capital expenditures has been invested by the current ownership, including blue-painted doors and cedar plank enhancements to the balconies approximately 2.5 years ago. The asset is being offered free and clear of existing debt.
Location:
Park Place is conveniently located in the Fairview neighborhood of Sherman, just an hour north of Dallas along I-75, and approximately 15 minutes from Denison. The property offers quick access to I-75 (4 minutes) and TX Highway-82 (7 minutes), ensuring easy commutes and access to everyday amenities. Nearby destinations include the Sherman Town Center, Canyon Creek Shopping Center, Midway Mall, and Pecan Grove Park.
Residents also enjoy proximity to recreational venues such as Fairview Park, Veterans Field, The Splash Family Aquatic Center, and local pickleball courts. Fairview Elementary is currently constructing a new campus scheduled to open for the 2025–2026 school year. Additionally, Lake Texoma, just 30 minutes away, offers 90,000 acres of boating, fishing, and swimming.
Market Overview:
The Sherman–Denison area boasts a stable and expanding employment base, with top sectors in education and health services. Denison is home to two regional medical centers: Wilson N. Jones Regional Health System and Texoma Medical Center. In Sherman, major employers include Tyson Foods and Texas Instruments (TI). The area is rapidly evolving into a hub for chip and semiconductor manufacturing, fueled by the development of the 3,300-acre master-planned Progress Park. TI has already broken ground on a $30 billion manufacturing campus, and GlobiTech recently invested $5 billion into a new facility, that created ~1,500 new jobs. These developments are set to drive ongoing and future housing demand in the region.