Village Creek

2231 Live Oak Street, Commerce, TX 75428

  • For Sale Contact for pricing
  • Property Type Other
  • Property Size 86,000 SF
  • Units 100
  • Additional Rent Contact for pricing
  • Year Built 1973
  • Date Updated Dec 21, 2024

Village Creek Apartments is a renovated 100-unit multifamily community located in Commerce, TX in Hunt County, part of the Dallas metro area. Built in 1973 and situated on 7.05 acres, the property is improved with 12, one- and two-story clusters of buildings with pier and beam foundations, wood framing, and pitched metal roofs. All units are individually metered for electricity and feature updated individual HVAC units and hot water heaters. Village Creek offers a variety of spacious floor plans including one-bedroom units and two- and three-bedroom townhouse-style residences. Amenities include fully equipped kitchens, large individually locking bedrooms, and faux hardwood flooring. Common area amenities include a swimming pool, clubhouse, and a management office. Texas A&M University-Commerce, now named East Texas A&M, is within walking distance. 

In 2014 Village Creek received $3.75 million in capital improvements. Interior improvements consisted of flooring, electrical fixtures, plumbing fixtures, water heaters, appliance package, paint, cabinets, hardware, and window coverings. On the exterior, the property received new roofs, HVACs, electric metering, paint, and exterior repairs. In addition, community amenities added to the property include a new pool, basketball court, dog park, parking lot, signage, and landscaping.

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Highlights

  • Prime Location with Growing Demand: Situated directly across from East Texas A&M, the fastest-growing public university in Texas (12.5% enrollment increase in 2023). Strong application growth (+15% from pre-pandemic levels) ensures sustained demand for student housing.
  • Strong Occupancy and Rent Growth: Commerce market rents have grown 5.77% year-over-year. Student housing occupancy is robust nationally at 94.5% for the '24-'25 school year, with a 5.8% rent growth over the past 12 months.
  • Stable Asset with Immediate Cash Flow: Village Creek offers a 7% in-place cap rate and averages 93% occupancy over the past six years. A 5-year hold projects a 10% average cash-on-cash return.
  • Value-Add Potential: Addressing operational inefficiency for August rents could immediately boost income, adding $410k in value. Reserved parking opportunities could add $171k in value.
  • Rental Upside: Significant potential to increase revenue by addressing one-bedroom unit demand ($65 premium) and optimizing by-the-bed pricing for two- and three-bedroom units.
  • Low Competitive Supply: Besides rents being too low in Commerce to justify new construction, National construction activity for student housing has decreased by 5%, underscoring a favorable supply-demand balance in the market.

Contacts

broker
Todd Franks

GREA

broker
Zack Del Medico

GREA

broker
Ryan Quaid

GREA

Location

Getting Around

  • Walk Score ®

    44/100 Car-Dependent

  • Bike Score ®

    39/100 Somewhat Bikeable
Powered by Walk Score ®
  • City Commerce, TX
  • Zip Code 75428
  • Market Dallas Fort Worth

Points of Interest

  • Shell

    0.13 miles

  • Valero

    0.30 miles

  • Brookshire's Gas

    0.87 miles

  • Exxon

    1.08 miles

  • Parking lot 34

    0.31 miles

  • Parking lot 38

    0.31 miles

  • Parking lot 2

    0.32 miles

  • Parking lot 1

    0.32 miles

  • Parking lot 3

    0.36 miles

  • Parking lot 33

    0.38 miles

  • Parking Lot 35

    0.39 miles

  • Parking lot 4

    0.42 miles

  • Parking Lot 5

    0.51 miles

  • Parking Lot 23

    0.52 miles

  • Commerce Inn

    0.26 miles

  • Magnuson Hotel

    0.67 miles

  • Sonic

    0.10 miles

  • Luigi's Italian Cafe

    0.10 miles

  • Taco Bell

    0.10 miles

  • Burger King

    0.12 miles

  • Domino's

    0.17 miles

  • Braum's

    0.18 miles

  • McDonald's

    0.25 miles

  • Chicken Express

    0.26 miles

  • Subway

    0.28 miles

  • Tokyo Express

    0.30 miles

  • Texas A&M University-Commerce

    0.52 miles

  • Commerce High School

    0.70 miles

  • Norris School

    1.62 miles

  • Commerce Middle School

    1.65 miles

  • A C Williams Elementary School

    1.82 miles

  • Commerce Elementary School

    1.89 miles

  • Campbell Independent School District

    6.85 miles

  • Cumby Independent School District

    8.64 miles

  • Children's Learning Center

    0.57 miles

  • Joyful Hearts Learning Center

    1.32 miles

Frequently Asked Questions

How much does Village Creek cost?

The sale price for Village Creek is available upon request. Contact the listing broker for more information.

What is the total square footage of Village Creek?

Village Creek totals 86,000 square feet.

When was this property built?

Village Creek was built in 1973.

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Contact Village Creek