Villas at The Parks Apartments

05-06-2022
05-10-2022

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.​

Unit 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

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
No. of Units
103
Average Occupancy
91%
Year Built
1981
Building Size
59,556 Sq ft
Lot Size
203,860.8 Sq ft
No. of Stories
2
APN
02499266
Opportunity Zone
Off
Price per unit
$ 0
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