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Multifamily

Norwood Village & Bowen Square

507 Sandpiper Dr W, Arlington, TX 76013

Listing Price: Request For Offer

Number of Units
176
Occupancy
99.0%
Gross SF
102,176

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of Norwood Village and Bowen Square, a portfolio of two apartment properties totaling 174-units. Both properties are currently being managed together. Norwood Village has 112 units and was built in 1975. Bowen Square has 64 units and was built in 1983. Arlington is well-known as the home of the original Six Flags and as the city where the Cowboys and Rangers play. The “American Dream City” is driven primarily by blue-collar manufacturing and industrial employment, but there are other demand drivers here as well. The University of Texas at Arlington has a student population of over 40,000, bolstering apartment demand. The General Motors Arlington assembly plant supports about 4,500 local jobs and the company recently made a $20 million investment in the plant for a series of upgrades. All of this demand growth means that Arlington is well-positioned due to the strong demand for workforce housing and impressive job growth in the booming industrial sector. The Arlington apartment market has experienced strong rent growth over the last decade, driven by vacancies well below the metro average and several renovations of older properties. Rents have appreciated about 40% over the previous decade, which is one of the best marks in the metro. Rent growth is picking up in 2021, trending at the highest rate since 2017. Rent growth in Arlington remained consistent in the past year, despite widespread economic disruption. Vacancies in Arlington have remained below the metro average over the last decade Norwood Village and Bowen Square presents the next investor an outstanding first-generation, value-add opportunity. Potential interior upgrades could include new appliances, updated countertops, tile backsplash, framed mirrors, upgraded lighting, and plumbing fixtures. Upgraded units could achieve up to $250 rent premiums as the properties in-place rent is well below market. The property has been very well maintained, leaving minimal deferred maintenance. The property is being offered on an ALL CASH basis, allowing investors to take advantage of today’s historically low interest rate environment.

Investment Highlights

  • First Generation Value Add Opportunity. Potential interior upgrades could include new appliances, updated countertops, tile backsplash, framed mirrors, upgraded lighting, and plumbing fixtures.
  • Property in-place rents are significantly under market. Upgraded units could achieve up to $250 rent premiums.
  • The property is being offered on an ALL CASH basis, allowing investors to take advantage of today's historically low interest rate environment.

Exclusively Listed By

Financing By

Multifamily

Norwood Village & Bowen Square

Listing Price: Request For Offer

Number of Units
176
Occupancy
99.0%
Gross SF
102,176

Investment Highlights

  • First Generation Value Add Opportunity. Potential interior upgrades could include new appliances, updated countertops, tile backsplash, framed mirrors, upgraded lighting, and plumbing fixtures.
  • Property in-place rents are significantly under market. Upgraded units could achieve up to $250 rent premiums.
  • The property is being offered on an ALL CASH basis, allowing investors to take advantage of today's historically low interest rate environment.

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of Norwood Village and Bowen Square, a portfolio of two apartment properties totaling 174-units. Both properties are currently being managed together. Norwood Village has 112 units and was built in 1975. Bowen Square has 64 units and was built in 1983. Arlington is well-known as the home of the original Six Flags and as the city where the Cowboys and Rangers play. The “American Dream City” is driven primarily by blue-collar manufacturing and industrial employment, but there are other demand drivers here as well. The University of Texas at Arlington has a student population of over 40,000, bolstering apartment demand. The General Motors Arlington assembly plant supports about 4,500 local jobs and the company recently made a $20 million investment in the plant for a series of upgrades. All of this demand growth means that Arlington is well-positioned due to the strong demand for workforce housing and impressive job growth in the booming industrial sector. The Arlington apartment market has experienced strong rent growth over the last decade, driven by vacancies well below the metro average and several renovations of older properties. Rents have appreciated about 40% over the previous decade, which is one of the best marks in the metro. Rent growth is picking up in 2021, trending at the highest rate since 2017. Rent growth in Arlington remained consistent in the past year, despite widespread economic disruption. Vacancies in Arlington have remained below the metro average over the last decade Norwood Village and Bowen Square presents the next investor an outstanding first-generation, value-add opportunity. Potential interior upgrades could include new appliances, updated countertops, tile backsplash, framed mirrors, upgraded lighting, and plumbing fixtures. Upgraded units could achieve up to $250 rent premiums as the properties in-place rent is well below market. The property has been very well maintained, leaving minimal deferred maintenance. The property is being offered on an ALL CASH basis, allowing investors to take advantage of today’s historically low interest rate environment.

Exclusively Listed By

Financing By

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