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Multifamily

The Junction

3201 E Park Row Dr, Arlington, TX 76010

Listing Price: Request For Offer

Number of Units
205
Gross SF
186,600

Investment Overview

The Junction is a 205 unit, individually metered community conveniently located in the heart of D/FW in Arlington, Texas just off Highway 360 and Interstate 30. This appealing location offers residents an easy commute to Fort Worth, Dallas or the mid-cities area, and is just 15 minutes from D/FW Airport. The property is also situated next door to Anderson Elementary School and within a few miles of AT&T Stadium, the newly expanded GM Plant, Globe Life Field, Six Flags and Texas Live. With such a large and diverse base of employment drivers, this location attracts a wide range of tenants and generates strong renter demand. The Interstate 30/360 interchange also just underwent a significant improvement, materially easing access to this location and making this one of the most dynamic places to live and invest in the D/FW area. The subject property was built in 1972 and consists of 28 buildings which are comprised of brick veneer and mansard shingle exteriors with flat TPO roofs (fully replaced in 2014) and concrete slab foundations. The property features individual HVAC units, new boilers and a great mix of large floorplans averaging more than 910 square feet. Over $2 million in capital improvements have been implemented since 2019, including a full exterior repaint and carpentry improvements, cedar railing, landscaping, common area amenities and interior upgrades. While about 54 percent of the units have received interior upgrades, the remaining 46 percent of “classic” units can receive upgrades and the existing upgraded units can see additional improvements such as new cabinet fronts and hard countertops, thereby allowing for additional rent premiums to be achieved. The Junction presents new ownership with a compelling opportunity to acquire a large and well-maintained apartment community in one of the nation’s most dynamic markets and enjoy solid yields from day-one of ownership and create significant additional value through the implementation of a multi-faceted value-add strategy. This combined effort should include the upgrading of the 94 remaining “classic” units, further upgrades being made to the existing upgraded units, the implementation of a tech package through Quext and the capturing of incredibly strong organic rent growth, which currently sits at an annual rate of nearly 10 percent. By placing attractive bridge or agency financing and executing this strategy, a new owner can enjoy significant growth in both income and the value of the property within a fairly short time frame.

Investment Highlights

  • Well Located and Maintained 205-Unit Community Offering Solid Going-In Yield Plus Significant Upside Through Interior Upgrades
  • Compelling Value-Add Strategy Through a Combination of Upgrading 94 Classic Units, Additional Improvements to Existing Upgraded Units and Capturing Robust Organic Rent Growth
  • Available Free and Clear of Existing Debt-Multiple Historically Attractive Bridge or Agency Financing Options on the Table
  • Great Location in the Heart of the Dynamic D/FW Market Near Numerous Employment Drivers and Next Door to Anderson Elementary School
  • Clean and Well-Maintained Asset with Individual HVACs & Electric Meters and More than $2MM in Recent Capital Improvements
  • Arlington Effective Year-Over-Year Rent Growth Currently at 9.2%; Subject Property Seeing Strong Growth in Rents
  • Easy Access to Interstate 30 and Highway 360 with AT&T Stadium, GM Plant, Globe Life Field, Six Flags and Texas Live all Within 5 Miles of Subject Property
  • Outstanding Mix of Large Floorplans with 78% 2BR Units and Overall Average Unit Size Exceeding 910 Square Feet

Exclusively Listed By

Multifamily

The Junction

Listing Price: Request For Offer

Number of Units
205
Gross SF
186,600

Investment Highlights

  • Well Located and Maintained 205-Unit Community Offering Solid Going-In Yield Plus Significant Upside Through Interior Upgrades
  • Compelling Value-Add Strategy Through a Combination of Upgrading 94 Classic Units, Additional Improvements to Existing Upgraded Units and Capturing Robust Organic Rent Growth
  • Available Free and Clear of Existing Debt-Multiple Historically Attractive Bridge or Agency Financing Options on the Table
  • Great Location in the Heart of the Dynamic D/FW Market Near Numerous Employment Drivers and Next Door to Anderson Elementary School
  • Clean and Well-Maintained Asset with Individual HVACs & Electric Meters and More than $2MM in Recent Capital Improvements
  • Arlington Effective Year-Over-Year Rent Growth Currently at 9.2%; Subject Property Seeing Strong Growth in Rents
  • Easy Access to Interstate 30 and Highway 360 with AT&T Stadium, GM Plant, Globe Life Field, Six Flags and Texas Live all Within 5 Miles of Subject Property
  • Outstanding Mix of Large Floorplans with 78% 2BR Units and Overall Average Unit Size Exceeding 910 Square Feet

Investment Overview

The Junction is a 205 unit, individually metered community conveniently located in the heart of D/FW in Arlington, Texas just off Highway 360 and Interstate 30. This appealing location offers residents an easy commute to Fort Worth, Dallas or the mid-cities area, and is just 15 minutes from D/FW Airport. The property is also situated next door to Anderson Elementary School and within a few miles of AT&T Stadium, the newly expanded GM Plant, Globe Life Field, Six Flags and Texas Live. With such a large and diverse base of employment drivers, this location attracts a wide range of tenants and generates strong renter demand. The Interstate 30/360 interchange also just underwent a significant improvement, materially easing access to this location and making this one of the most dynamic places to live and invest in the D/FW area. The subject property was built in 1972 and consists of 28 buildings which are comprised of brick veneer and mansard shingle exteriors with flat TPO roofs (fully replaced in 2014) and concrete slab foundations. The property features individual HVAC units, new boilers and a great mix of large floorplans averaging more than 910 square feet. Over $2 million in capital improvements have been implemented since 2019, including a full exterior repaint and carpentry improvements, cedar railing, landscaping, common area amenities and interior upgrades. While about 54 percent of the units have received interior upgrades, the remaining 46 percent of “classic” units can receive upgrades and the existing upgraded units can see additional improvements such as new cabinet fronts and hard countertops, thereby allowing for additional rent premiums to be achieved. The Junction presents new ownership with a compelling opportunity to acquire a large and well-maintained apartment community in one of the nation’s most dynamic markets and enjoy solid yields from day-one of ownership and create significant additional value through the implementation of a multi-faceted value-add strategy. This combined effort should include the upgrading of the 94 remaining “classic” units, further upgrades being made to the existing upgraded units, the implementation of a tech package through Quext and the capturing of incredibly strong organic rent growth, which currently sits at an annual rate of nearly 10 percent. By placing attractive bridge or agency financing and executing this strategy, a new owner can enjoy significant growth in both income and the value of the property within a fairly short time frame.

Exclusively Listed By

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