We have purchased a 44 unit apartment building in in Arlington, TX. Arlington is located directly between Dallas and Fort Worth in a central part of the MSA. The property is minutes from the Dallas Cowboys Stadium, the Rangers Stadium, Six Flags and countless employment centers.
The building is being purchased off market at a price well below market level. We are purchasing the project at approximately $70/unit and comparable sales range from $90-$100/unit.
The property had a large insurance claim that resulted in 32 of the 44 units being completely rebuilt from the studs up. On these units, all we have to do is apply cosmetic upgrades to bring them into line with newer product and increase rents. The remaining 13 units will undergo a full remodel. This will bring the building into competition with the higher rent levels of newer properties.
44 Units
size
October 2020
Purchase Date
TBD
Sale Date
In Progress
Hold Period
65.04%
Equity Returned via Refinance
TBD - Est. 5.8%
Cash Flow
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