Sunrise Vista Apartments - 2301 Dalworth St, Grand Prairie, TX 75050 Number of Units: 45 Year Built: 1970 - LoopNet.com
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multifamilygrp.com
Sunrise Vista Apartments
2301 Dalworth St, Grand Prairie, TX 75050
Number of Units: 45 Year Built: 1970
Investment Advisors
Garrett Kinney
Advisor
garrett.kinney@multifamilygrp.com
o. 469.969.9336
Jon Krebbs
Managing Partner
jon.krebbs@multifamilygrp.com
o. 972.379.9843
Paul Yazbeck
Managing Partner
paul.yazbeck@multifamilygrp.com
o. 972.379.9844
Chase Davis
Chief Operating Officer
chase.davis@multifamilygrp.com
o. 972.465.9533
Dmytro Gladchenko
Chief Analyst
dmytro.gladchenko@multifamilygrp.com
c. 469.789.6805
4
Investment Strategy
Investment
The Multifamily Group is pleased to present the exclusive offering of Sunrise Vista,
a unique, value-add opportunity in the middle of the metroplex in Grand Prairie,
Texas. The investment’s location is just off of Interstate-30, a 20-minute commute
both to downtown Dallas and Fort Worth. A new investor has the chance to ac-
quire a multifamily asset with 100% occupancy, while also being able to increase
Highlights
cashflow by renovating 45 units, along with several other income-producing
opportunities listed on pages 11-12. The property has had the same owner for 17
years. All of the roofs were replaced in 2018, and all of the units have individual
HVAC’s and electric hot water heaters. Sunrise Vista’s location features desirable
qualities to residents of Grand Prairie with its proximity to the city’s highly skilled
employment base near Texas Health Resources (23,000 Employees) - #7 2021
Fortune 100 Best Companies to Work For. Sunrise Vista was originally constructed
in 1970 and has a great unit mix of one, and two-bedroom options, averaging 721
square feet. Grand Prairie has 284,358 residents within a 5-mile radius, making it
the 16th most populous city in the state (CoStar). The area has a dense suburban
feel with easy access to all of the arts, culture, events, and attractions Dallas and
Fort Worth have to offer. Grand Prairie is surrounded by Six Flags Over Texas, $1.6M+ IN ASSET IMPROVEMENT WITH SEVERAL WAYS TO ADD VALUE
AT&T Stadium, Lone Star Park, Ripley’s Believe It or Not!, the Epic Central Recre-
ation Center, and is still rapidly growing (more on page 8). Sunrise Vista provides a PROXIMATE LOCATION TO SIX FLAGS OVER TEXAS, AT&T STADIUM, AND
HURRICANE HARBOR
fantastic investment opportunity with unique value-add aspects.
$260/UNIT BELOW COMPARABLE MARKET RENTS
100% OCCUPIED - OPPORTUNITY TO ACQUIRE A FULLY LEASED ASSET
MEDIAN HOUSEHOLD INCOME IS $51,889 IN THE 5-MILE RADIUS -
COSTAR - NEAR TEXAS HEALTH RESOURCES, THE UNIVERSITY OF
TEXAS AT ARLINGTON (UTA), AND A 900,000 SF GENERAL MOTORS
MANUFACTURING FACILITY
EFFECTIVE RENTS IN THE SUBMARKET HAVE INCREASED BY 13% YoY IN
THE PAST 12 MONTHS - COSTAR
THE CITY OF GRAND PRAIRIE
6
Investment Strategy
$1.6M+ IN ASSET IMPROVEMENT WITH $260/UNIT BELOW COMPARABLE MARKET EFFECTIVE RENTS IN THE SUBMARKET
SEVERAL WAYS TO ADD VALUE RENTS HAVE INCREASED BY 13% YoY IN THE PAST
The asset is ideally positioned for new Sunrise Vista’s average effective rents are 12 MONTHS - COSTAR
ownership to add substantial value through $834/unit/month ($1.16/SF). This is $260/unit/ The Arlington submarket has consistently
improvements such as rehabbing the units with
moderate interior upgrades, conserving water
month less than other comparable assets.
• Bella Capri - .4-miles from the subject
reported above-average rent growth over
the last few years at 13% as of March 2022
$1.6M+
by replacing plumbing fixtures with lower property has effective rents of $932/unit/ and 12.2% in 2021 YoY. The growth trend Value-Add
consumption units, beginning an appliance month with nearly the same average unit is projected to continue by another 9.6% Oppportunity
package, and installing covered parking. sizes, ~$100 more per unit. (CoStar).
• Parkway Villas - 1.5-miles from the subject
Value Creation Possibilities: property has market rents of $1,003 with THE CITY OF GRAND PRAIRIE
• Moderate Interior Renovations with average unit sizes of 736 SF, ~$170 more
Grand Prairie is experiencing a plethora of
updated countertops, new appliances and per unit, with upgraded amenities.
growth with several new restaurants, retailers,
cabinets, upgraded lighting fixtures, and and entertainment venues added in 2021 and
modern tile backsplashes. 100% OCCUPIED - OPPORTUNITY TO
more developments coming in 2022.
• Implement water conservation to bring ACQUIRE A FULLY LEASED ASSET
expenses to be in line with market levels.
See pages 13-14 for a water conservation
The asset is fully leased with 100%
occupancy across all 45 units. The occupancy
Developments include:
• Bolder Indoor Adventure Park - featuring
2018
estimate for the property. in the Arlington submarket has averaged rock climbing, zip lines, ropes courses, All Roofs Were
• Begin an appliance package by adding above 93.5% for the last 5 years and is tubing slides, and synthetic ice skating - a Replaced
stoves, refrigerators, and microwaves to currently at 95.3% (CoStar). 66,000 SF indoor family entertainment
the units. venue, set to open summer of 2022.
• Install carports and charge tenants for PROXIMATE LOCATION TO SIX FLAGS OVER • Major League Cricket Stadium - AirHogs
covered parking TEXAS, AT&T STADIUM, AND HURRICANE Stadium opening in Spring 2022.
• See more on pages 11-12. HARBOR • Loop 9 BBQ, Stirr, Vidorra, and Serious Eats
Sunrise Vista is nestled in the mid-cities area - Opening in late Summer 2022.
MEDIAN HOUSEHOLD INCOME IS $51,889 of Dallas-Fort Worth (DFW), one of the MSA’s • Chicken N Pickle - indoor/outdoor
IN THE 5-MILE RADIUS - COSTAR- NEAR strongest submarkets. Less than 15 minutes entertainment complex including pickleball
SEVERAL MAJOR EMPLOYERS from the property residents have convenient courts, shuffleboard, and a variety of yard
The area boasts strong demographics with access to Six Flags Over Texas, Hurricane games - opened December 2021.
a median household income of $51,889 in Harbor, Lone Star Park, Ripley’s Believe It or • Lockheed Martin Missiles and Fire Control -
the 5-mile radius. Sunrise Vista is located Not!, and the University of Texas at Arlington. added 500 positions in 2020.
right off the President George Bush Turnpike, The property is also surrounded by Joe • Mission Tortilla - opens massive 900,000
Interstate-30, and Highway 360. This provides Pool Lake, Mountain Creek Lake, and Lake SF hub in Grand Prairie and added 100
convenient access to all of Grand Prairie’s Arlington. Each of them features a variety of jobs.
largest demand drivers including Texas recreational activities such as hiking trails, • Find out more about Grand Prairie’s
Health Resources (#7 2021 Fortune 100 Best canoeing, kayaking, boat ramps, and golfing. continuing Economic Development here.
Companies to Work For), The University of
Texas at Arlington (2020 Fall Enrollment 49,461
students), and a General Motors Manufacturing Sunrise Vista Apartments
Grand Prairie, TX 75050
Facility (paying $1 million in daily wages).
8
Summary Tax Information
County Tarrant
Sunrise Vista Apartments CAD Account No. 06974457
00688738
2301 Dalworth Street, Grand Prairie, TX 75050 Tax Rate 2.635%
Tax Detail
General Assessed Value $2,348,481
Terms Free and Clear City 0.691
Address 2301 Dalworth Street ISD 1.361
Grand Prairie TX, 75050 County 0.229
Year Built 1970 College 0.130
Units 45 Hospital 0.224
Net Rentable SF 32,460 Other 0.000
Average Unit Size 721 SF Other 2 0.000
Site Size 1.89 Acres Total 2.635%
Density 23.8 Units/Acre
Occupancy 100% School Information
Grand Prairie Independent School
School District
Construction District
Foundation Slab Elementary Hobbs Williams Elementary School
Exterior Brick and Wood Middle School Carter Junior High School
Roof TPO High School Sam Houston High School
Number of Buildings 4 Buildings + Laundry Room
Parking
Paving Approximately 70
Mechanical
HVAC Individual Heat and Air Leasing Fees
Hot Water Individual Electric Hot Water Heaters Application Fee $50
Administration Fee None - Value-Add Opportunity
Utilities Security Deposit $200
Electricity Resident Pays; Individual Pet Deposit $0
Water/Sewer RUBS $50 Flat Fee Pet Rent $0
Gas No Gas on Property 1 Space included; $100 for Extra
Cable/Internet None - Value-Add Opportunity Reserved Parking
Space
Trash Fee $0
Laundry / Washer and Dryers
Pest Control Fee $0
Laundry Laundry Room Onsite - Currently
Down - No Contract - Fits 6 W’s and Personnel
6 D’s Manager 1 Full-Time
10
Additional Images multifamilygrp.com
Sunrise Vista Apartments | Grand Prairie, TX
12
Disclaimer
The material contained in this Offering Memorandum is furnished solely for the purpose of considering
the purchase of the property within and is not to be used for any other purpose. This information should
not, under any circumstance, be photocopied or disclosed to any third party without the written consent
Investment Advisors of The Multifamily Group or Property Owner, or used for any purpose whatsoever other than to evaluate
the possible purchase of the Property.
Garrett Kinney The only party authorized to represent the Owner in connection with the sale of the Property is The
Multifamily Group Advisor listed in this Offering Memorandum, and no other person is authorized by the
Advisor
Owner to provide any information or to make any representations other than contained in this Offering
Memorandum. If the person receiving these materials does not choose to pursue a purchase of the
garrett.kinney@multifamilygrp.com Property, this Offering Memorandum must be returned to The Multifamily Group Advisor.
o. 469.969.9336
Neither The Multifamily Group Advisor nor the Owner makes any representation or warranty, express or
implied, as to the accuracy or completeness of the information contained herein, and nothing contained
Jon Krebbs herein is or shall be relied upon as a promise or representation as to the future condition, operations
or financial performance of the Property. This Offering Memorandum may include certain statements
Managing Partner
and estimates with respect to the Property based on certain assumptions. These assumptions may
or may not be proven to be correct, and there can be no assurance that such results will be achieved.
jon.krebbs@multifamilygrp.com Further, The Multifamily Group Advisor and the Owner disclaim any and all liability for representations
o. 972.379.9843 or warranties, expressed or implied, contained in or omitted from this Offering Memorandum, or any
other written or oral communication transmitted or made available to the recipient. The recipient shall be
entitled to rely solely on those representations and warranties that may be made to it in any final, fully
executed and delivered Real Estate Purchase Agreement between it and Owner.
Paul Yazbeck
Managing Partner
The information contained herein is subject to change without notice and the recipient of those
materials shall not look to Owner or The Multifamily Group Advisor nor any of their officers,
paul.yazbeck@multifamilygrp.com employees, representatives, independent contractors or affiliates, for the accuracy or completeness
o. 972.379.9844 thereof. Recipients of this Offering Memorandum are advised and encouraged to conduct their own
comprehensive review and analysis of the Property.
Chase Davis This Offering Memorandum is a solicitation of interest only and is not an offer to sell the Property.
The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of
Chief Operating Officer
interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate
negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have
chase.davis@multifamilygrp.com no legal commitment or obligation to any entity reviewing the Offering Memorandum or making an
o. 972.465.9533 offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate
Purchase Agreement on terms acceptable to Owner, in Owner’s sole discretion. By submitting an offer, a
prospective purchaser will be deemed to have acknowledged the foregoing and agreed to release the
Owner and The Multifamily Group Advisor from any liability with respect thereto.
Dmytro Gladchenko
Chief Analyst
To the extent Owner or any agent of Owner or any agent of Owner corresponds with any prospective
purchaser, any prospective purchaser should not rely on any such correspondence or statements as
dmytro.gladchenko@multifamilygrp.com binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each
c. 469.789.6805 prospective purchaser proceeds at its own risk.
14
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