Offering Memorandum (L)€¦ · CHALET APARTMENTS 1505 W Lovers Ln, Arlington, TX 76013 LOGAN...

CHALET APARTMENTS1505 W Lovers Ln, Arlington, TX 76013

LOGAN [email protected]

WA L L E R G R O U P, L . L . C .5115 McKinney Ave

Dallas, TX 75205214.736.1500

wallergrouphomes.com

Presented By:

M U L T I F A M I L Y P R O P E R T Y F O R S A L E

WALLER GROUP || 5115 McKinney Ave || Dallas, TX 75205 || 214.736.1500 || wallergrouphomes.com 2

C O N F I D E N T I A L I T Y & D I S C L A I M E R

1505 W Lovers Ln, Arlington, TX 76013Chalet Apartments

CONFIDENTIALITY & DISCLAIMER

All materials and information received or derived from Waller Group, L.L.C. its directors,officers, agents, advisors, affiliates and/or any third party sources are provided withoutrepresentation or warranty as to completeness , veracity, or accuracy, condition of theproperty, compliance or lack of compliance with applicable governmental requirements,developability or suitability, financial performance of the property, projected financialperformance of the property for any party’s intended use or any and all othermatters.Neither Waller Group, L.L.C. its directors, officers, agents, advisors, or affiliatesmakes any representation or warranty, express or implied, as to accuracy or completenessof the any materials or information provided, derived, or received. Materials andinformation from any source, whether written or verbal, that may be furnished for revieware not a substitute for a party’s active conduct of its own due diligence to determinethese and other matters of significance to such party. Waller Group, L.L.C. will notinvestigate or verify any such matters or conduct due diligence for a party unlessotherwise agreed in writing.EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENTINVESTIGATION AND DUE DILIGENCE.Any party contemplating or under contract or inescrow for a transaction is urged to verify all information and to conduct their owninspections and investigations including through appropriate third party independentprofessionals selected by such party. All financial data should be verified by the partyincluding by obtaining and reading applicable documents and reports and consultingappropriate independent professionals. Waller Group, L.L.C. makes no warranties and/orrepresentations regarding the veracity, completeness, or relevance of any financial dataor assumptions. Waller Group, L.L.C. does not serve as a financial advisor to any partyregarding any proposed transaction. All data and assumptions regarding financialperformance, including that used for financial modeling purposes, may differ from actualdata or performance. Any estimates of market rents and/or projected rents that may beprovided to a party do not necessarily mean that rents can be established at or increasedto that level. Parties must evaluate any applicable contractual and governmentallimitations as well as market conditions,vacancy factors and other issues in order todetermine rents from or for the property.Legal questions should be discussed by theparty with an attorney. Tax questions should be discussed by the party with a certifiedpublic accountant or tax attorney. Title questions should be discussed by the party with atitle officer or attorney. Questions regarding the condition of the property and whetherthe property complies with applicable governmental requirements should be discussedby the party with appropriate engineers, architects, contractors, other consultants andgovernmental agencies. All properties and services are marketed by Waller Group, L.L.C.in compliance with all applicable fair housing and equal opportunity laws.


O F F E R I N G P R O C E D U R E S


OFFERING SUMMARY

Sale Price: $1,200,000

Number Of Units: 20

Cap Rate: 6.01%

NOI: $72,121

Lot Size: 0.56 Acres

Year Built: 1961

Building Size: 10,320

Renovated: 2012

Price / SF: $116.28

Chalet Apartments provides an excellent opportunity for a passive investor to take advantage of recent capitalimprovements and strong Arlington class C rental growth which has exceeded 5% within the last year. Entireproperty was renovated to the studs in 2012, including tile flooring, plumbing, electrical, cabinets, electrical andplumbing fixtures. Owner replaced TPO roof in 2015 and converted HVAC to PTACS within the last 18 months andhot water heater in 2015. New owner can take advantage of recent improvements and improve managementoperations to lower expenses, property qualifies for Waller Group Property Management for 5% of gross rents. NOIcan also be increased through lowering utility expenses and lease up/make ready expenses through enhancedmanagement, and by reinstalling the laundry facility which will bring in approximately $220/month in revenue.

PROPERTY OVERVIEW

Arlington as a whole tends to be known for its incredible entertainment opportunities, including Six Flags OverTexas, AT&T Stadium, home of the Dallas Cowboys, and Rangers Ballpark. Arlington provides residents with closeproximity to these landmarks and a host of other opportunities for comfortable living, shopping and more. Boundedon one side by Lake Arlington, the West Arlington neighborhood attracts residents who enjoy easy access tooutdoor activities, such as fishing and boating, as well as the great natural beauty provided by this and other naturalarea landmarks. With Fort Worth to the West, residents of West Arlington can get to downtown in just under 20minutes. Downtown Dallas sits not too far away to the east, and can be reached in just over 30 minutes. This meansresidents always have plenty of things to do and see, regardless of the attraction that interests them.

LOCATION OVERVIEW


E X E C U T I V E S U M M A R Y



COMMUNITY FEATURES

• Utilities Included: Heat, Sewer, TrashRemoval, Water, Electricity

• On-site Laundry Facility

• 2 Miles away from University of Texas Arlington

INTERIOR FEATURES

• Updated Black appliances.

• Gas Stoves, Updated

• Updated Flooring and Fixtures

• Updated Bathroom, Sink, Toilets & Shower

VALUE-ADD OPPORTUNITIES

• Property was Completely Renovated in May of 2012,ALL Units where gutted down to the Studs.

• Roof replacement in 2015 with TPO Roof.

• Water Heater replacement in 2013

• HVAC - 6 PTACS installed in 2017, the other 14 PTACSare in good working order.

• Increased revenue potential by reinstalling a laundryfacility and generating laundry revenue atapproximately $220/month.

P R O P E R T Y F E A T U R E S


SALE PRICE $1,200,000

LOCATION INFORMATION

Building Name Chalet Apartments

Street Address 1505 W Lovers Ln

City, State, Zip Arlington, TX 76013

County/Township Tarrant

BUILDING INFORMATION

Building Size 10,320 SF

Year Built 1961

PROPERTY DETAILS

Property Type Multifamily

Property Subtype Low-Rise/Garden

Lot Size 24,180 SF

PARKING & TRANSPORTATION

Parking Type Surface

Number Of Spaces 1

UTILITIES INCLUDED: SEWER, TRASH REMOVAL, WATER, ELECTRICITY

TAX INFORMATION

Taxes $25,656.00


P R O P E R T Y D E T A I L S



A D D I T I O N A L P H O T O S



L O C A T I O N M A P S



F I N A N C I A L S U M M A R Y



U N I T M I X



R E N T C O M P



1 820 Benge DriveArlington, TX 76013

MESA APARTMENTS2 1400 Cherry Drive

Arlington, TX 76013

TREE HOUSE APARTMENTS3 704 Lynda Lane

Arlington, TX 76013

OAK TREE APARTMENTS

1505 W Lovers Ln | Arlington, TX 76013SUBJECT PROPERTY

R E N T C O M P S M A P



POPULATION 1 MILE 3 MILES 5 MILES

Total population 14,233 115,530 297,624

Median age 34.7 33.7 33.3

Median age (Male) 33.5 32.5 32.2

Median age (Female) 37.0 34.8 34.5

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total households 6,212 44,412 111,805

# of persons per HH 2.3 2.6 2.7

Average HH income $52,052 $58,336 $63,102

Average house value $143,795 $150,146 $152,527

* Demographic data derived from 2010 US Census

D E M O G R A P H I C S M A P & R E P O R T


Offering Memorandum (L)€¦ · CHALET APARTMENTS 1505 W Lovers Ln, Arlington, TX 76013 LOGAN...

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