Upload
cutmytaxes
View
99
Download
1
Embed Size (px)
Citation preview
A R L I N G T O N • T E X A S
O F F E R I N G S U M M A R Y
INVESTMENT OVERVIEW Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp. a Texas licensed real estate broker (“HFF”) has been exclusively retained to offer an
opportunity for qualified investors to purchase the fee simple interest in 404 Border (the “Property”), a unique, newly constructed asset located in Arlington,
Texas. Built in 2016, the 135-unit Property is strategically positioned in the heart of Downtown Arlington, equidistant to both Dallas and Fort Worth. In addition,
404 Border is adjacent to the University of Texas at Arlington, the fourth largest university in Texas, and is just minutes from the only Whole Foods in Arlington.
Furthermore, 404 Border is situated in the largest entertainment district in North Texas with venues including AT&T Stadium, Globe Life Park, Six Flags Over
Texas, Six Flags Hurricane Harbor, and the $1.25 billion master-planned, mixed-use Texas Live! development. With its prime, central location, new ownership
is afforded the opportunity to capitalize on the tremendous momentum in the area and further increase rental rates.
NEWLY BUILT, CLASS “A” ASSET WITH TREMENDOUS LEASE UP –
Completed in 2016, 404 Border is the first conventional apartment
development in Arlington since 2003. The Class “A” asset offers beautiful
community amenities and interior finish outs that are not typically found in the
Arlington market including granite countertops, stainless steel appliances,
faux wood floors, and tile backsplashes. Demand for higher quality product
in the market was evident by the fact that 126 units were leased without the
Property having a clubhouse, and 86 units (64%) were leased before the
Property was delivered.
ADJACENT TO UNIVERSITY OF TEXAS AT ARLINGTON – 404 Border
benefits from its immediate proximity to the University of Texas at Arlington
(“UTA”), the fastest growing university in Texas. Since 2008, enrollment at
the university has increased by 58% to nearly 40,000 students. Because UTA
does not have a “live-on” campus policy, only 9% of the student population
lives on campus leaving strong demand for new product. UTA continues to
invest in its campus to keep up with its expansive growth with major recent
projects such as the $150 million Engineering Building, $160 million College
Park District, and the $125 million Science, Engineering Innovation, and
Research building. Potential investors have the opportunity to operate 404
Border as a conventional multifamily community or convert the Property to
a student housing asset.
THE ENTERTAINMENT DISTRICT OF DALLAS/FORT WORTH – Arlington
is home to the largest entertainment concentration in North Texas with the
Property located just minutes away from major professional sports and
theme park destinations.
• AT&T Stadium is the $1.15 billion, world-class home of the Dallas
Cowboys and host of major events and concerts
• Globe Life Park is the current home of the MLB Texas Rangers and
generates more than 2.7 million annual visitors
• Six Flags Over Texas, a 212-acre theme park, and Six Flags Hurricane
Harbor, a 47-acre water park, bring in over 4 million annual visitors
FUTURE, WORLD-CLASS MIXED-USE DEVELOPMENT — Arlington
recently announced plans for the new Texas Rangers ballpark as part of the
Texas Live! development. The $1.25 billion mixed-use project is projected
to deliver in 2020 and will include the new baseball stadium, more than
200,000 square feet of restaurants, retail, entertainment, as well as a new
302-room Loews Hotel.
DOWNTOWN ARLINGTON REVITALIZATION RESULTING IN WALKABILITY —
In recent years, Downtown Arlington has expanded rapidly with several new
restaurants and businesses, and as a result, 404 Border receives a Walk
Score rating of 71. Recent projects such as Block 300, as well as the Urban
Union mixed-use project have helped reshape the Downtown Arlington area
bringing in tenants that include Division Brewing, Hooligan’s Pub, Flying
Fish, Fuzzy’s Tacos, Legal Draft Beer Co., Mellow Mushroom Pizza, On Tap:
Growler & Tap Room, Twisted Root Burger, and more.
ABUNDANCE OF NEIGHBORING EMPLOYMENT — 404 Border is in close
proximity to several major employment centers including:
• The University of Texas at Arlington employs 5,300 people and has
an academic staff of 2,165
• The General Motors Assembly Plant, consisting of 4.1 million square
feet, has more than 4,100 employees
• The Great Southwest Industrial Park, one of the largest industrial
submarkets in Texas, spans more than 100 million square feet of
industrial space and employs over 60,000 people
• DFW Airport is the third busiest airport in the world and supportive of
over 228,000 jobs
INVESTMENT HIGHLIGHTS
UNIT MIXUnits Unit Description % of Total SF Market Rent Market Rent per SF Effective Rent Effective Rent PSF
6 Studio 4% 561 $950 $1.69 $925 $1.65
57 One Bedroom 42% 657 $1,128 $1.72 $1,108 $1.69
72 Two Bedroom 53% 959 $1,508 $1.57 $1,497 $1.56
135 100% 814 $1,323 $1.63 $1,311 $1.61
PROPERTY DESCRIPTION
DFW ECONOMIC OVERVIEW
N. ARLINGTON APT. MARKET OVERVIEW
129,700 NEW JOBS ADDED DURING YEAR-ENDING MAR. ‘16
578,590 PROJECTED POPULATION GROWTH FROM 2017 — 2021
260,730 PROJECTED NEW JOBS CREATED FROM 2017 — 2021
96.2% OCCUPANCY AS OF 1Q 2017
RENT GROWTH SINCE 1Q169.2%
6.2% FIVE YEAR AVERAGE RENT GROWTH
COMMUNITY FEATURES
• Resort-style pool with cabanas
• Sky Box rooftop lounge
• Outdoor social areas with barbeque grills
• State-of-the-art fitness facility
• Coffee bar
• Business center with MAC/PC computers
• Direct and indirect garages
• Dog park
• Carports
• Valet trash pick-up
• Elegant clubhouse
• ENERGYSTAR® electric stainless steel appliances
• Granite countertops
• Wood-style flooring
• 9’ ceilings
• Kitchen islands
• Track and pendant lighting
• Contemporary fixtures
• Breakfast nooks
• Separate showers with glass enclosures*
• Full-size washer/dryer connections
• Exterior storage available
• Built-in bookshelves and computer desks*
• Private patios and balconies*
• Ceiling fans in living and bedrooms
• French doors*
*in select units
UNIT FEATURES
ADDRESS: 404 E Border St.
Arlington, Texas 76010
YEAR BUILT: 2016
CURRENT OCCUPANCY: 91.1% (as of 6/6/17)
TOTAL UNITS: 135
AVERAGE UNIT SIZE: 814 square feet
RENTABLE SQUARE FOOTAGE: 109,881 square feet
NUMBER OF BUILDINGS: 1
NUMBER OF STORIES: 5
LAND AREA: 2.852 acres
DENSITY: 47 units per acre
PARKING: 70 carport spaces ($50 / month)
16 garages ($150 / month)
88 open surface spaces
174 total parking spaces or 1.29 spaces/unit
ADDITIONAL INFORMATION
EAST ABRAM STREET
S. COLLINS ST.
UTA BOULEVARD
DIVISION ST.
SOUTH CENTER STREET
GENERAL MOTORS ASSEMBLY PLANT- 4,125 EMPLOYEES
- $1.25 BILLION DEVELOPMENT
HOME OF THE TEXAS RANGERS
HOME OF THE DALLAS COWBOYS
MEADOWBROOK PARK GOLF COURSE
DOWNTOWNARLINGTON
ARLINGTONCITY HALL
FORT WORTH CBD(15 MILES)
CENTREPORT BUSINESS PARK- 1,300 ACRES
- MORE THAN 20,000 EMPLOYEES- 100+ COMPANIES
GREAT SOUTHWEST INDUSTRIAL PARK- 7,000+ACRES
- OVER 105 MILLION SQUARE FEET
DALLAS CBD(19 MILES)
JPMORGAN CHASE BANK TOWER267,258 SF
98.6% LEASED
39,714 STUDENTS2,165 ACADEMIC STAFF
420 ACRES
LINCOLN SQUARE306,608 SF RETAIL
360TEXAS
- 3RD BUSIEST AIRPORT IN THE WORLD- 228,000 JOBS
For questions or additional information regarding this property, please contact any of the
individuals below.
ROBERTO CASAS Senior Managing Director | [email protected] | 469.232.1939
BRIAN KELLY Managing Director | [email protected] | 312.980.3605
GREG TORO Director | [email protected] | 469.232.1995
MIKE HIGGINS Associate Director | [email protected] | 312.528.3657
WILLIAM JENNINGS Senior Real Estate Analyst | [email protected] | 469.232.1998
ADAM KRAUS Real Estate Analyst | [email protected] | 469.232.1942
For questions regarding debt structures on this Property, please contact:
DE’ON COLLINS Director | [email protected] | 469.232.1953
One Victory Park
2323 Victory Avenue | Dallas, TX 75219
Tel: 214.265.0880 | Fax: 214.265.9564
www.hfflp.com
©2017 Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing.
Holliday Fenoglio Fowler, L.P. (“HFF”) has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.
OFFERING: 404 Border is being offered on a free and clear basis
OFFER DATE: TBD
TIMING: All submissions must include specific timing related to
Due Diligence and Closing time periods
White RockLake
Lake Ray Hubbard
Lavon Lake
LewisvilleLake
GrapevineLake
MountainCreek Lake
Joe PoolLake
MountainLake
Lake Worth
BenbrookLake
LakeArlington
NorthLake
Fort WorthMeacham
Airport
AddisonAirport
Dallas/Fort WorthInternational
AirportDALLAS
LOVE FIELDAIRPORT
NAS Joint ReserveBase Fort Worth
Fort WorthAllianceAirport
LakewoodLakewood
LakeHighlands
LakeHighlands
PrestonHollowPrestonHollow
UniversityPark
UniversityPark
HighlandPark
HighlandPark
UptownUptown
PLANO
MURPHY
NORTHRICHLAND
HILLS
KELLER
AZLE
HUTCHINS
ROANOKE
McKINNEYMcKINNEY
ALLENALLEN
PLANO
MURPHY
SACHSESACHSE
WYLIEWYLIE
LUCASLUCAS
CARROLLTONCARROLLTON
LEWISVILLELEWISVILLE
FLOWER MOUNDFLOWER MOUND
GRAPEVINEGRAPEVINE
FARMERSBRANCH
FARMERSBRANCH
RICHARDSONRICHARDSON
GARLANDGARLAND ROWLETTROWLETT
ROCKWALLROCKWALL
ROYSECITY
ROYSECITY
FARMERSVILLEFARMERSVILLE
CORINTHCORINTH
FRISCOFRISCO
PROSPERPROSPER
MESQUITEMESQUITE
HEATHHEATH
SUNNYVALESUNNYVALE
BALCHSPRINGSBALCH
SPRINGS
OAK CLIFFOAK CLIFF
ADDISONADDISON
DUNCANVILLEDUNCANVILLE
CEDAR HILLCEDAR HILL
MANSFIELDMANSFIELD
ARLINGTONARLINGTONGRAND PRAIRIEGRAND PRAIRIE
IRVINGIRVING
LAS COLINASLAS COLINAS
BEDFORDBEDFORD
EULESSEULESS
NORTHRICHLAND
HILLS
KELLER
HASLETHASLET
RHOMERHOME
DECATURDECATUR
SAGINAWSAGINAW WATAUGAWATAUGA
WHITESETTLEMENT
WHITESETTLEMENT
WESTOVERHILLS
WESTOVERHILLS
LAKEWORTHLAKE
WORTH
AZLE
BENBROOKBENBROOKFOREST HILLFOREST HILL
BURLESONBURLESON
MIDLOTHIANMIDLOTHIAN
FERRISFERRIS
HUTCHINSSEAGOVILLESEAGOVILLE
CRANDALLCRANDALL
CROWLEYCROWLEY
HALTOM CITYHALTOM CITYHURSTHURST
SOUTHLAKESOUTHLAKE
ROANOKE TROPHYCLUB
TROPHYCLUB
JUSTINJUSTIN
ARGYLEARGYLE
PONDERPONDER
DE SOTODE SOTO LANCASTERLANCASTER
KAUFMANKAUFMAN
FORNEYFORNEY
COLLEYVILLECOLLEYVILLE
COPPELLCOPPELL
DENTONDENTON
THE COLONYTHE COLONY
LITTLEELM
LITTLEELM
HIGHLANDVILLAGE
HIGHLANDVILLAGE
DALLASDALLAS CBDCBD
CBDCBD
FORTWORTHFORT
WORTH
EDGECLIFFVILLAGE
EDGECLIFFVILLAGE
BELTJUNCTION
BELTJUNCTION
DALWORTHINGTONGARDENS
DALWORTHINGTONGARDENS
820
820
820
820
3030
30
30
30
30
30
20
20
20
20
45
45
PRES
IDENT GEORGE BUSH TURNPIK EPRES
IDENT GEORGE BUSH TURNPIK E
DALLAS NORTH TOLLWAY
DALLAS NORTH TOLLWAY
CHIS
HOLM
TRAIL P
KWY.
CHIS
HOLM
TRAIL P
KWY.
SAM RAYBURN TOLLWAY
SAM RAYBURN TOLLWAY