A community in Arlington, Texas will soon have a facelift after being purchased by Pegasus Real Estate. The company purchased The Vineyards at Arlington Apartments from Arlington Realty Owner De LLC for an undisclosed price.
Taylor Snoddy of NorthMarq, James Roberts, Philip Wiegand of the Dallas Investment Sales team represented the seller. NorthMarq also arranged the financing for the acquisition and found a financial partner for Pegasus. A NorthMarq team consisting of Stephen Whitehead, Lauren Bresky and William Hancock secured the bridging loan due to the sponsor’s need for funding for the unit’s major refurbishment process. The NorthMarq Dallas team also recently arranged the sale of The Vineyards at Ranch I & II in northeast Dallas.
Located at 2007 Springcrest Drive, The Vineyards at Arlington Apartments was built in 1985 on a 16.4 acre site. The community offers 396 units in one-, two-, and three-bedroom floor plans in the 31 two- and three-story buildings. Units include patio/balconies and walk-in closets and property amenities include a swimming pool, racquetball court, volleyball court, business center, movie theatre, resident clubhouse, gym, fitness center, dog park, picnic area, playground and activity center.
Snoddy said in prepared remarks that the community is a great example of a value-added opportunity with a Class B property. Snoddy also said in his prepared statement that Pegasus is planning an extensive renovation to compete with other communities in the market. Pegasus will also change the name of the property, according to NorthMarq.
Snoddy added in prepared remarks that the property has generated a lot of interest and received offers from several buyers. Hancock said in prepared remarks that The Vineyards units offered new owners a blank canvas with plenty of potential, which was highlighted to attract several equity groups.
AVERAGE ANNUAL GROWTH IN ARLINGTON
According to NorthMarq, Arlington’s central market has seen average annual rent growth of 6.2% over the past five years. Specifically with The Vineyards, the community’s rent has seen a 12% increase since 2014. NorthMarq attributed the rent increases to the community’s strong location.
The Vineyards is located near the intersection of Texas State Highways 303 and 360, providing tenants a short commute to major area employers and attractions including the Arlington Entertainment District, the GM Assembly, Great Southwest Industrial Park, University of Texas at Arlington and Arlington Medical Center.