green house - microsoft
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40-UNIT APARTMENT complex WITH PROVEN VALUE-ADD UPSIDELOCATED IN ARLINGTON, TX
GREEN HOUSEA P A R T M E N T S
OFFERING PROCEDURESPROSPECTIVE INVESTORS WISHING TO MAKE AN OFFER ARE REQUESTED TO SUBMIT: > Letter of Intent > Resume and/or business letter indicating recent or current assets owned > Transaction references > Banking references > Source of equity for acquisition
INTEREST OFFEREDOne hundred percent fee simple interest in Green House Apartments, a 40-unit, class C, multifamily asset located at 2405 E. Park Row in Arlington, Texas.
TERMSGreen House Apartments is being offered as an assumption.
PROPERTY TOURSProspective investors are encouraged to visit the subject property prior to submitting an offer. Please DO NOT contact the on-site management or staff without prior approval. All property showing are by appointment only. Please contact your Colliers International agent for more details.
SALE CONDITIONSInterested prospective investors should be aware that the owner of the property is selling the property in an as is, where is condition with all faults, if any, and without representations or warranties of any kind or nature, expressed or implied, written or oral.
OFFER DUE DATEThe owner of Green House Apartments has requested that all offers be submitted. The call for offers date has yet to be determined.
COMMUNICATIONSAll communications, inquiries and requests, including property tours, should be addressed to the list agents.
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OFFERING SUMMARYGreen House Apartments is a 40-unit, class C, multifamily asset located at 2405 E. Park Row in Arlington, Texas.
Developed in 1966, the rare property is located one street west of highway 360 and close proximity to President George Bush Turnpike 161, TX-303 Spur, TX-180, and Interstate-30. The asset is under 4 miles from AT&T Cowboy’s Stadium, Six Flags Over Texas, and Globe Life Park in Arlington. General Motors, under two miles away, is undergoing a $1.4 billion expansion; the GM Arlington Assembly currently employs over 4,000 people. There are several surrounding retailers and dining options. The DFW International Airport is mere 14 miles away and the Grand Prairie Municipal Airport is only one mile away. There are five schools surrounding the property within a 4-mile radius, including but not limited to the University of Texas at Arlington (UTA).
The asset has a total of ten pitched roof buildings spread over 1.44 acres with brick and wood veneer exteriors; situated on concrete slab foundations. The property features a small modular building which functions as a leasing office and on-site laundry facilities.
Green House has an ideal unit mix suitable for adults or students at 70 percent two bedrooms and 30 percent one-bedroom units. The two floorplans range in size from 600 square feet to 850 square feet with an average of 775 square feet. Unit amenities include but not limited to the basic appliance package, such as garbage disposal, frost-free refrigerators, mini-blinds and ceiling fans.
The property reportedly received $134,277 in capital improvements throughout 2016-2017. Eighteen of the units have received new stylish vinyl plank flooring. The assets mechanicals also reportedly received a new two-pipe chiller with a 5-year warranty and a hot water storage tank. Furthermore, the property reportedly received brush nickel fixtures, signage, resurfaced countertops, and interior paint within select units. A new landlord can complete the remaining units with these upgrades and consider exterior solar screens and low flow toilets to further curtail expenses.
Currently, ownership is operating the asset as “All Bills Paid”. Future owners can raise rents as they improve units’ interiors to offset the utility expenses or by systematically applying a Ratio Utility Billing System (RUBS). The property lends itself well for either a hands-on local self-manager or third-party management. An emphasis should be placed on improving both collections, and occupancy.
Investors seeking a value-add opportunity in a fantastic location, with historically high occupancy, in the path of growth should strongly consider the Green House apartments in Arlington, Texas.
UNIT MIXNO. OF UNITS UNIT TYPE APPROX. SF
12 1 Bd, 1 Bath Flat 60028 2 Bd, 2 Bath Flat 85040 Total 31,000
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FREDDIE MAC LOAN RATE 4.36%
12 Months Interest Only Remain TERM 120 MonthsAMORTIZATION 360 Months
PROPERTY SUMMARYPROPERTY NAME Green House Apartments
STREET ADDRESS 2405 E Park Row Dr
CITY, STATE Arlington, TX 76010
YEAR BUILT 1966
NUMBER OF UNITS 40
RENTABLE SF 31,000
NUMBER OF BUILDINGS 10
LOT SIZE 1.44 Acres
PRICE $2,650,000
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INVESTMENT HIGHLIGHTS
70 PERCENT TWO BEDROOM FLOORPLANS
VALUE-ADDED OPPORTUNITY THROUGH INTERIOR UPGRADES AND PROPERTY MANAGEMENT
ATTRACTIVE FREDDIE MAC, ASSUMABLE, NON-RECOURSE, 4.36 PERCENT
EASY ACCESS TO MANY HIGHWAYS, INDUSTRIAL PARKS, ENTERTAINMENT, RETAIL, AND DINING OPTIONS
UNDER TWO MILES FROM GM ARLINGTON ASSEMBLY PLANT
THREE MILES FROM UNIVERSITY OF TEXAS AT ARLINGTON +/- 40,000 STUDENTS
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PROPERTY AMENITIES
• Garbage Disposal
• Ceiling Fans
• Frost-Free Refrigerator
• Mini Blinds, Stylish Vinyl Flooring*
• Brush Nickel Fixtures*
• Internet/Cable Ready
• Managers Office Building
UNIT AMENITIES
• Gas
• Electricity
• Trash Removal
• Water
UTILITIES
• FOUNDATION: Concrete Slab
• FRAMING: Wood
• EXTERIOR: Brick & Wood Veneer
• PARKING SURFACE: Asphalt
• ROOF: Pitched Composition
CONSTRUCTION
• HVAC: Two Pipe Chiller
• WIRING: Copper
• FIRE PROTECTION: Smoke Detectors
MECHANICAL
VALUE-ADD, FANTASTIC LOCATION, HISTORICALLY HIGH OCCUPANCY
* in select units
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THORNTON ELEMENTARY SCHOOL
CARTER DRIVE
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REEVER STREET
GREEN HOUSE APARTMENTS - SITE PLAN
COLLIERS INTERNATIONAL | DALLAS1717 McKinney Avenue, Suite 900Dallas, Texas 75202www.colliers.com
OFFERING SUMMARY I COLLIERS INTERNATIONAL
This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2019. All rights reserved.
MARK ALLEN, CCIMSenior Vice PresidentMultifamily Investment sales972 759 [email protected]
AMAR HAYER, MBAAssociateMultifamily Investment sales469 888 [email protected] COURTLAND CHARLESAssociateMultifamily Investment sales214 217 [email protected]