University of Texas at Arlington Off-campus student housing
Location: Directly across the street from the University of Texas at Arlington
Acres: 3.23 acres
66 Units/218 Beds
Two, Three and Four Bedroom Apartments
Acquisition Cost: $14.15 M
Renovation Budget: $.61 M
Financing: $12.54 M Bridge Loan
The Midtown Arlington student housing apartments is an off-campus project comprised of a total of 66 units/218 beds. The project is located near the northwest corner of the University of Texas at Arlington ("UTA") campus, just one block away from the main campus and is adjacent to the University’s existing on-campus housing area.
The project was purchased by RedBridge Capital in a joint venture with an American Family Office in January 2018.
We acquired Midtown Arlington with an existing 100% occupancy and an in-place net operating income of approximately $1.02 million. Our strategy is to convert the existing vacant retail space into residential units (subject to City Council approval), furnish the unfurnished units, lease the existing model unit, renovate the interior and exterior of the project (including, the clubhouse and common areas), and eliminate existing property management inefficiencies to generate a higher rental rate and increase the bed counts.