Value-Add Multifamily Within Walking Distance to University of North Texas. Center Stage Apartments is a 31-unit multifamily asset located within walking distance of the University of North Texas and just half a mile from the vibrant Fry Street district—home to Denton’s most popular bars, restaurants, and retail. This prime location offers built-in rental demand from both students and young professionals. Originally built in 1974, the property underwent moderate renovations in 2016–2017, with approximately $400,000 in capital improvements. Upgrades included replacing all the AC condensers and air handlers, new in-unit and main electrical panels (all brought up to code), stainless steel kitchen appliances, hardwired smoke detectors, and LVT flooring throughout. Select units received new cabinets, and all units were updated with modern bathroom fixtures, lighting, and new shower and tub combos. Exterior enhancements included new siding, windows, rebuilt concrete staircases, and a commercial-grade 199,000 BTU water heater installed around 2021. The roof is estimated to have been replaced around 2014. The property also features an on-site laundry facility with owned machines (3 washers, 3 dryers). There is additional upside through cosmetic and operational improvements. Resurfacing the parking lot and installing a large-scale mural wrap would enhance curb appeal. Implementing a RUBS utility billing system to recover water, gas, and trash expenses offers immediate value-add potential through increased NOI. Denton’s rental market continues to outperform, driven by explosive population growth - over 16.29% in just the last four years and 40% since 2010. Demand is further underpinned by the 65,000+ students enrolled at the University of North Texas and Texas Woman’s University, ensuring consistent occupancy and long-term rental strength.