CEDAR POINT

PROPERTY INFORMATION

  • Arlington, Texas
  • 272 Unit
  • Built 1977
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SUMMARY
  • Project Size: $32,700,000
  • Equity: $8,000,000
  • Loan: $24,700,000
OVERVIEW
  • Cedar Point is a 272 unit Class B apartment community in Arlington, Texas
  • Property is located along high traffic Pioneer Parkway in a city that is home to Dallas Cowboys’ AT&T Stadium, Texas Rangers’ Globe Life Field, Entertainment Center Texas Live, Six Flags Over Texas, General Motors and many other economic drivers
  • Schools, recreational, retail and employment centers are all located within few blocks
  • Community amenities include Swimming Pool, several onsite Laundry Facilities, Resident Clubhouse, and Professional Business Center
  • Current ownership completed more than $2.4M in recent capital improvements
  • 60% of interiors are classic or partially upgraded providing new ownership with solid value add opportunity
INVESTMENT HIGHLIGHTS
  • Attractive purchase price with property across the street now selling for $140,000/unit. Reflects approximately $5.4M gain in value.
  • Densely urban with a 1 mile population of 27,466 with renters comprising 97.2%.
  • Submarket with consistently lower vacancy rate than DFW Metro
  • Diverse employment-based area
  • Value add through interior unit upgrades and adding new revenue streams.
BUSINESS PLAN

UNIT UPGRADES

  • 60% of units remain with opportunity for an upgrade
  • Classic Units upgrade to Premium Units which includes new flooring, stainless appliances, backsplash and granite countertops 54 units
  • Standard Units upgrade to Premium Units which include stainless steel appliance, backsplash and granite countertops 109 Units
  • Introduce new cabinet fronts for all floor plans

COVERED PARKING & PREMIUM PARKING

  • Build covered parking 150 Spots (* 3 Years to fully implement)
  • Premium reserved parking 50 spots (2 Years to fully implement)

TECHNOLOGY PACKAGE

  • Mandatory Internet and Cable Package (* 3 Years to fully implement)

ADDITIONAL CAPEX EXPENDITURES

  • Playground, Dog Park, Grill/Picnic Areas
  • Solar Screens / Cedar Plank Balconies
  • Perimeter Fencing / Gates
  • Landscaping

DEFERRED MAINTENANCE

  • Boiler Replacement (1 Unit)
  • Parking Lot Repairs
  • Foundation Repairs
  • HVAC Replacements
  • Spot repair parking lot as needed
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