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.
INVESTMENT HIGHLIGHTS NEWLY BUILT, CLASS “A” ASSET WITH TREMENDOUS LEASE UP –
FUTURE, WORLD-CLASS MIXED-USE DEVELOPMENT — Arlington
Completed in 2016, 404 Border is the first conventional apartment
recently announced plans for the new Texas Rangers ballpark as part of the
development in Arlington since 2003. The Class “A” asset offers beautiful
Texas Live! development. The $1.25 billion mixed-use project is projected
community amenities and interior finish outs that are not typically found in the
to deliver in 2020 and will include the new baseball stadium, more than
Arlington market including granite countertops, stainless steel appliances,
200,000 square feet of restaurants, retail, entertainment, as well as a new
faux wood floors, and tile backsplashes. Demand for higher quality product
302-room Loews Hotel.
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.
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
ADJACENT TO UNIVERSITY OF TEXAS AT ARLINGTON – 404 Border
Score rating of 71. Recent projects such as Block 300, as well as the Urban
benefits from its immediate proximity to the University of Texas at Arlington
Union mixed-use project have helped reshape the Downtown Arlington area
(“UTA”), the fastest growing university in Texas. Since 2008, enrollment at
bringing in tenants that include Division Brewing, Hooligan’s Pub, Flying
the university has increased by 58% to nearly 40,000 students. Because UTA
Fish, Fuzzy’s Tacos, Legal Draft Beer Co., Mellow Mushroom Pizza, On Tap:
does not have a “live-on” campus policy, only 9% of the student population
Growler & Tap Room, Twisted Root Burger, and more.
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
ABUNDANCE OF NEIGHBORING EMPLOYMENT — 404 Border is in close proximity to several major employment centers including: •
an academic staff of 2,165
Research building. Potential investors have the opportunity to operate 404 Border as a conventional multifamily community or convert the Property to
• •
THE ENTERTAINMENT DISTRICT OF DALLAS/FORT WORTH – Arlington
•
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
The Great Southwest Industrial Park, one of the largest industrial submarkets in Texas, spans more than 100 million square feet of
is home to the largest entertainment concentration in North Texas with the theme park destinations.
The General Motors Assembly Plant, consisting of 4.1 million square feet, has more than 4,100 employees
a student housing asset.
Property located just minutes away from major professional sports and
The University of Texas at Arlington employs 5,300 people and has
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
PROPERTY DESCRIPTION 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)
COMMUNITY FEATURES
88 open surface spaces
•
Resort-style pool with cabanas
•
Business center with MAC/ PC computers
•
Sky Box rooftop lounge
•
Direct and indirect garages
•
Outdoor social areas with barbeque grills
•
Dog park
•
State-of-the-art fitness facility
•
Carports
•
Valet trash pick-up
•
Coffee bar
•
Elegant clubhouse
174 total parking spaces or 1.29 spaces/unit
DFW ECONOMIC OVERVIEW
UNIT FEATURES •
ENERGYSTAR® electric stainless steel appliances
•
Full-size washer/dryer connections
•
Granite countertops
•
Exterior storage available
•
Wood-style flooring
•
•
9’ ceilings
Built-in bookshelves and computer desks*
•
Kitchen islands
•
Private patios and balconies*
•
Track and pendant lighting
•
•
Contemporary fixtures
Ceiling fans in living and bedrooms
•
Breakfast nooks
•
French doors*
•
Separate showers with glass enclosures*
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
N. ARLINGTON APT. MARKET OVERVIEW
96.2%
OCCUPANCY AS OF 1Q 2017
9.2%
RENT GROWTH SINCE 1Q16
6.2%
FIVE YEAR AVERAGE RENT GROWTH
*in select units
UNIT MIX Units
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
100%
814
$1,323
$1.63
$1,311
$1.61
135
DALLAS CBD (19 MILES)
CENTREPORT BUSINESS PARK - 1,300 ACRES - MORE THAN 20,000 EMPLOYEES - 100+ COMPANIES
- 3RD BUSIEST AIRPORT IN THE WORLD - 228,000 JOBS
GREAT SOUTHWEST INDUSTRIAL PARK - 7,000+ACRES - OVER 105 MILLION SQUARE FEET
360 TEXAS
FORT WORTH CBD (15 MILES)
GENERAL MOTORS ASSEMBLY PLANT - 4,125 EMPLOYEES
HOME OF THE TEXAS RANGERS
- $1.25 BILLION DEVELOPMENT HOME OF THE DALLAS COWBOYS
LINCOLN SQUARE 306,608 SF RETAIL
MEADOWBROOK PARK GOLF COURSE
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39,714 STUDENTS 2,165 ACADEMIC STAFF 420 ACRES
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Fort Worth Alliance Airport
HASLET
ADDITIONAL INFORMATION
SOUTHLAKE
KELLER
FLOWER MOUND Grapevine Lake
GRAPEVINE
CARROLLTON COPPELL
SAGINAW
WATAUGA
COLLEYVILLE
820
GREG TORO Director | gtoro@hfflp.com | 469.232.1995
LAKE 820 Fort Worth Associate Director | mhiggins@hfflp.com Meacham| Lake Worth WORTH Airport
NORTH RICHLAND HILLS
BEDFORD
EULESS
820
CHI SHOLM T
RA
PK
DE’ON COLLINS Director | dcollins@hfflp.com | 469.232.1953 . WY 30 IL
DALLAS
30
DueBenbrook Diligence and Closing time periods Lake
University Park
Lakewoo
820 Lake Arlington
Uptown
CBD
30
30
BELT DALWORTHINGTON JUNCTION 404 Border is being offered on a free and clear FOREST HILL basis GARDENS BENBROOK OFFER DATE: TBD EDGECLIFF VILLAGE TIMING: All submissions must include specific timing related to 20
OFFERING:
Preston Hollow
Highland Park
Joint Reserve ADAM KRAUS Real Estate AnalystNAS | akraus@hfflp.com | 469.232.1942 Base Fort Worth
HILLS
DALLAS LOVE FIELD AIRPORT
IRVING
CITY WILLIAM JENNINGS Senior Real Estate Analyst | wjennings@hfflp.comHALTOM | 469.232.1998
For questions regarding debt structures WESTOVER on this Property, CBD please contact:
RICHA
HURST
312.528.3657
FORT WORTH
ADDISON
North Lake
TOLLWAY
BRIAN KELLY Managing Director | bkelly@hfflp.com | 312.980.3605
Dallas/Fort Worth International Airport
KE
Addison Airport
DALLAS NORTH
Mountain Lake
ROBERTO CASAS Senior Managing Director | rcasas@hfflp.com | 469.232.1939
ENT GEORGE BUSH T SID UR NP I
FARMERS BRANCH LAS COLINAS
For questions or additional information regarding this property, please contact any of the
WHITE SETTLEMENT
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JUSTIN
RHOME
MIKE HIGGINS
NT BUR RAY
VILLAGE
BR
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AZLE individuals below.
SAM
THE COLONY
PR E
ARLINGTON CITY HALL
FRISCO Lewisville Lake JPMORGAN CHASE BANK TOWER 267,258 SF HIGHLAND 98.6% LEASED
GRAND PRAIRIE ARLINGTON
20
OAK CLIFF
Mountain Creek Lake
45
One Victory Park 2323 Victory Avenue | Dallas, TX 75219 DUNCANVILLE Tel: 214.265.0880 | Fax: 214.265.956420 Joe Pool www.hfflp.com Lake
DE SOTO
LANCASTER
©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 CEDAR HILLprovider 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. CROWLEY 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 MANSFIELD BURLESON buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.