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Multifamily

Cedar Point of Arlington

2020 Cedar Point Dr, Arlington, TX 76010

Listing Price: Request For Offer

Number of Units
272
Gross SF
196,312

Investment Overview

Cedar Point of Arlington is a 272-unit, class B community located in Arlington, TX, which is a bustling suburb in the heart of the Dallas/Fort Worth metroplex and home to AT&T Stadium, Globe Life Field, Texas Live, General Motors and many other economic drivers vital to the outstanding growth seen in the area over the past decade-plus. The property offers easy access to Highway 360 and is situated in a highly visible position along the high-traffic Pioneer Parkway with schools, retail and employment centers all located within a few blocks. Also adjacent to Cedar Point are Bob Cooke Park and East Library and Recreation Center, both of which are outstanding amenities the property can offer at no cost to the owner or the residents. The subject property was built in 1977 and consists of 26, two-story buildings which are comprised of brick veneer and hardie board exteriors with pitched composition roofs on concrete slab foundations. Community amenities include a large swimming pool, several onsite laundry facilities, a resident clubhouse and professional business center. The property is in great condition with the current owners having completed more than $2.4 million in recent capital improvements (see page 31). This includes all new hardie plank siding, exterior paint, parking lot and mechanical replacement, water conservation and clubhouse/pool renovations. Current ownership has only upgraded about 40 percent of the units, which allows even more upside in rents for the remaining 60 percent. Cedar Point of Arlington offers a new owner the compelling opportunity to acquire a large, well located class B community in the heart of one of the nation’s most dynamic rental and investment markets and enjoy a solid yield from day-one of ownership and realize significant additional income and value creation potential. This can be achieved by improving the level of interior finish out to match several neighboring properties, which should allow the new owners to increase rents to those levels (see case studies on pages 12-14). The property has enjoyed incredible organic rent growth, with year-over-year rents having increased by about $135 (see pages 34-35). The property is available free and clear of existing debt, which opens up multiple attractive new financing options. Cedar Point of Arlington is a true value-add story in a dynamic location that presents a compelling investment opportunity.

Investment Highlights

  • Well Located, Well Maintained 272-Unit Class-B Asset in D/FW with Yield and Great Value Potential
  • Value-Add Opportunity-More Than 60 Percent of Units Remain for Interior Upgrades; 35% Increase in NOI Realistically Achievable Within 2 Years
  • Current Rents Well Below Multiple Comparable, Neighboring Properties
  • Strong, High-Visibility Arlington Location Near Schools, Retail and Employment with Easy Access to Highway 360
  • Outstanding Organic Rent Growth-Average New Lease Exceeds Old Leases by Average of $135 or 13%
  • Available Free and Clear of Existing Debt-Multiple Attractive Financing Options
  • Well Maintained Asset with No Heavy Lift Required-More Than $2.4MM in Recent Capital Improvements
  • Situated Less Than Five Miles from AT&T Stadium, Globe Life Park, Texas Live and Six Flags Over Texas

Exclusively Listed By

Multifamily

Cedar Point of Arlington

Listing Price: Request For Offer

Number of Units
272
Gross SF
196,312

Investment Highlights

  • Well Located, Well Maintained 272-Unit Class-B Asset in D/FW with Yield and Great Value Potential
  • Value-Add Opportunity-More Than 60 Percent of Units Remain for Interior Upgrades; 35% Increase in NOI Realistically Achievable Within 2 Years
  • Current Rents Well Below Multiple Comparable, Neighboring Properties
  • Strong, High-Visibility Arlington Location Near Schools, Retail and Employment with Easy Access to Highway 360
  • Outstanding Organic Rent Growth-Average New Lease Exceeds Old Leases by Average of $135 or 13%
  • Available Free and Clear of Existing Debt-Multiple Attractive Financing Options
  • Well Maintained Asset with No Heavy Lift Required-More Than $2.4MM in Recent Capital Improvements
  • Situated Less Than Five Miles from AT&T Stadium, Globe Life Park, Texas Live and Six Flags Over Texas

Investment Overview

Cedar Point of Arlington is a 272-unit, class B community located in Arlington, TX, which is a bustling suburb in the heart of the Dallas/Fort Worth metroplex and home to AT&T Stadium, Globe Life Field, Texas Live, General Motors and many other economic drivers vital to the outstanding growth seen in the area over the past decade-plus. The property offers easy access to Highway 360 and is situated in a highly visible position along the high-traffic Pioneer Parkway with schools, retail and employment centers all located within a few blocks. Also adjacent to Cedar Point are Bob Cooke Park and East Library and Recreation Center, both of which are outstanding amenities the property can offer at no cost to the owner or the residents. The subject property was built in 1977 and consists of 26, two-story buildings which are comprised of brick veneer and hardie board exteriors with pitched composition roofs on concrete slab foundations. Community amenities include a large swimming pool, several onsite laundry facilities, a resident clubhouse and professional business center. The property is in great condition with the current owners having completed more than $2.4 million in recent capital improvements (see page 31). This includes all new hardie plank siding, exterior paint, parking lot and mechanical replacement, water conservation and clubhouse/pool renovations. Current ownership has only upgraded about 40 percent of the units, which allows even more upside in rents for the remaining 60 percent. Cedar Point of Arlington offers a new owner the compelling opportunity to acquire a large, well located class B community in the heart of one of the nation’s most dynamic rental and investment markets and enjoy a solid yield from day-one of ownership and realize significant additional income and value creation potential. This can be achieved by improving the level of interior finish out to match several neighboring properties, which should allow the new owners to increase rents to those levels (see case studies on pages 12-14). The property has enjoyed incredible organic rent growth, with year-over-year rents having increased by about $135 (see pages 34-35). The property is available free and clear of existing debt, which opens up multiple attractive new financing options. Cedar Point of Arlington is a true value-add story in a dynamic location that presents a compelling investment opportunity.

Exclusively Listed By

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