3638 Waverly Dr, Arlington, TX 76015
- $5+ Million in Value Add Upside – Achieved Through Bringing Rents to Market and Several Other Income-Producing Opportunities
- Spent Over $1.3 Million in CapEx Items – No Deferred Maintenance
- 97% Average Occupancy – Less Than $100/Month in Delinquencies in the Last 12 Months
- $59,997 Median Household Income in the 2-Mile Radius – Costar
- Rents in the Submarket Have Increased by 12.3% 2022 YTD – Projected To Continue Growing by 9.2% in 2022 – Costar
- Located In Between Dallas & Fort Worth – Walking Distance to the Parks Mall at Arlington
- Less Than 10-Minutes From the University of Texas at Arlington – A Division 1 Texas Tier-One University With 41,515 Students Enrolled in Fall 2021
- 7+ Million Residents in the DFW-Arlington MSA
- Offered Free and Clear or Assumable Fannie Mae Loan With a Great Interest Rate of 3.89%
Property Description
The Multifamily Group is pleased to present the exclusive offering of The Villas at the Parks, a class B, value-add opportunity in Arlington, TX. Constructed in 1983, the Villas at the Parks consists of 103 units averaging 578 square feet. The property maintains a high average occupancy of 97% with strong occupancy rates in the submarket at 95%. The subject property is hundreds of dollars below comparable market rents. Effective rent growth has risen drastically for the Arlington-DFW area by 12.3% year-to-date in 2022 (CoStar).
Current ownership has spent over $1.3+ million on enhancing efficiency and completely overhauling the interior and exterior of the entire property. There are no down units and there is no deferred maintenance. Every unit was moderately renovated from 2019 to 2020 with new lower cabinets, black appliances, and 5-inch baseboards. All toilets, faucets, and showerheads were replaced in 2019. There are all new windows and patio doors, and 75% of the hot water heaters are brand new. The parking lot was repaired in 2020, the exteriors were painted in 2019. The vast majority of the HVAC systems are less than 5 years old (79 new air handlers and 80 new condensers), along with 9 new PTAC units. The delinquency has averaged less than $100/month in the last 12 months. Current ownership was also able to get the taxes reduced through litigation in 2020 and they are working on reducing the 2021 bill.
The asset is in a prime location within walking distance of the Parks Mall which has 200 stores including Macy’s, JCPenney, and an AMC Movie theater. The property is situated just 8-minutes south of the University of Texas at Arlington-(UTA) (~6,000 employees and ~41,000 students). Villas at the Parks is located in the Arlington Independent School District. AISD is an award-winning academic and nationally recognized extracurricular programs, the 11th largest school district in Texas, and the third-largest employer in Tarrant County.
Located between Dallas and Fort Worth, Arlington features a unique blend of urban amenities and suburban benefits. Arlington is frequently recognized as one of the best places to live in DFW and Texas overall. Often referred to as the entertainment capital of North Texas, Arlington has the AT&T Stadium, Texas Live!, Choctaw Stadium, Six Flags Over Texas, Hurricane Harbor, and the Verizon Theater. The median income for the area is ~$59,000 with several economic drivers located near Villas at the Parks. Amazon opened a delivery center in Arlington in 2021, providing hundreds of new jobs. The $233 million Interstate-30/SH-360 Interchange Project in Arlington aims to increase safety, connectivity, and mobility for drivers. The Villas at the Parks is being offered free and clear or on assumption.
Website Link
SIGN INUnit Mix
| Description | No. of Units | Sq ft. | Avg. Monthly Rent |
|---|---|---|---|
| 1 Bed/1 Bath-Loft-R | 25 | 496 | $ 0 |
| 1 Bed/1 Bath-R | 46 | 510 | $ 0 |
| 2 Bed/1 Bath-R | 16 | 700 | $ 0 |
| 2 Bed/2 Bath-R | 16 | 781 | $ 0 |