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Multifamily

Bel Aire

818 Tharp St, Arlington, TX 76010

Listing Price: $7,000,000

Cap Rate
4.77%
Number of Units
92
Price/Unit
$76,087
Price/Gross SF
$136.89
Gross SF
51,136

Investment Overview

Bel-Aire Apartments is a 92-unit community located in Arlington, Texas, 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. Arlington’s central location and two interstate highways offers easy access to the rest of the metroplex. These drivers have been vital to Arlington’s outstanding growth in recent years, but new mixed-use developments and the widening of Highway-360 (which feeds directly into DFW Airport) have Arlington poised for continued growth. Bel-Aire is in central Arlington near UT-Arlington and sits off Collins Street, a major thoroughfare, and directly across the street from Carter Junior High, an excellent amenity for families. The subject property was built in two phases. The larger phase was built in 1985 and consists of 48 units in five buildings which are comprised of brick veneer and siding exteriors with pitched composition roofs on concrete slab foundations. These units have individual HVACs and are individually metered for electricity. Tenants here pay for their own electric and are on a RUBS system for water bills. The smaller phase was built in 1965 and consists of 44 units in three buildings which are comprised of brick veneer and siding exteriors with pitched composition roofs on concrete slab foundations. These units are heated and cooled by a two-pipe chiller and are master metered for electricity. These units are all bills paid. Apart from being across the street from the Junior High, residents also enjoy and onsite leasing office and three laundry rooms. Current ownership has been in place for over 16 years and Bel-Aire is a first-generation value add opportunity with virtually all the units having classic interiors. A new owner will enjoy solid cash flow from day one, but nearby competitors are achieving rents that are $150-$250+ higher on similar floorplans and there is ample opportunity to make interior and exterior renovations to the property and take advantage of this large rent delta. For more detail, please see the case studies on pages 12 -13 of this offering memorandum. The property is being offered free and clear of existing debt, which opens up multiple attractive new financing options. Bel-Aire is a unique opportunity in the heart of the DFW metroplex that presents cash flow and strong value creation potential.

Investment Highlights

  • Well Located 92-Unit Asset in DFW with Day-One Yield and is a First Generation Value-Add Opportunity
  • Classic Interiors, Nearby Comps are Achieving $150-$250+ in Rent Premiums for Similar Floorplans
  • Current Ownership has Been in Place for 16 Years - Lowest Rents in the Entire Submarket
  • Available Free & Clear, Allowing for Attractive Bridge and Agency Options
  • Property is Located in Arlington Across from Carter Junior High and Minutes from UT Arlington
  • Current Ownership has Maintained Asset Well – Over $600,000 in Capital Expenditures in Past 5 Years
  • Situated Less than Five Miles from AT&T Stadium, Globe Life Field, Six Flags and Texas Live

Exclusively Listed By

Multifamily

Bel Aire

Listing Price: $7,000,000

Cap Rate
4.77%
Number of Units
92
Price/Unit
$76,087
Price/Gross SF
$136.89
Gross SF
51,136

Investment Highlights

  • Well Located 92-Unit Asset in DFW with Day-One Yield and is a First Generation Value-Add Opportunity
  • Classic Interiors, Nearby Comps are Achieving $150-$250+ in Rent Premiums for Similar Floorplans
  • Current Ownership has Been in Place for 16 Years - Lowest Rents in the Entire Submarket
  • Available Free & Clear, Allowing for Attractive Bridge and Agency Options
  • Property is Located in Arlington Across from Carter Junior High and Minutes from UT Arlington
  • Current Ownership has Maintained Asset Well – Over $600,000 in Capital Expenditures in Past 5 Years
  • Situated Less than Five Miles from AT&T Stadium, Globe Life Field, Six Flags and Texas Live

Investment Overview

Bel-Aire Apartments is a 92-unit community located in Arlington, Texas, 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. Arlington’s central location and two interstate highways offers easy access to the rest of the metroplex. These drivers have been vital to Arlington’s outstanding growth in recent years, but new mixed-use developments and the widening of Highway-360 (which feeds directly into DFW Airport) have Arlington poised for continued growth. Bel-Aire is in central Arlington near UT-Arlington and sits off Collins Street, a major thoroughfare, and directly across the street from Carter Junior High, an excellent amenity for families. The subject property was built in two phases. The larger phase was built in 1985 and consists of 48 units in five buildings which are comprised of brick veneer and siding exteriors with pitched composition roofs on concrete slab foundations. These units have individual HVACs and are individually metered for electricity. Tenants here pay for their own electric and are on a RUBS system for water bills. The smaller phase was built in 1965 and consists of 44 units in three buildings which are comprised of brick veneer and siding exteriors with pitched composition roofs on concrete slab foundations. These units are heated and cooled by a two-pipe chiller and are master metered for electricity. These units are all bills paid. Apart from being across the street from the Junior High, residents also enjoy and onsite leasing office and three laundry rooms. Current ownership has been in place for over 16 years and Bel-Aire is a first-generation value add opportunity with virtually all the units having classic interiors. A new owner will enjoy solid cash flow from day one, but nearby competitors are achieving rents that are $150-$250+ higher on similar floorplans and there is ample opportunity to make interior and exterior renovations to the property and take advantage of this large rent delta. For more detail, please see the case studies on pages 12 -13 of this offering memorandum. The property is being offered free and clear of existing debt, which opens up multiple attractive new financing options. Bel-Aire is a unique opportunity in the heart of the DFW metroplex that presents cash flow and strong value creation potential.

Exclusively Listed By

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