McDowell Properties has acquired Oakley Apartments in Arlington, TX, an in-fill submarket demonstrating strong workforce demographics. The property is conveniently located within the Dallas-Fort Worth MSA, just 20 miles of downtown Dallas. The property is in close proximity to Texas Rangers Golf Club, Rolling Hills Country Club, JW Dunlop Sports Center, Whole Foods Market, Walmart Neighborhood Market, Lincoln Square Shopping Mall, and an abundance of restaurants as well as access to several nearby parks and lakes, such as River Legacy Parks and Lake Viridian. The Dallas-Fort Worth area is home to major employers such AT&T, American Airlines, Tenet Healthcare, Jacobs Engineering Group, Southwest Airlines, and Essilor of America, as well as several prominent health care providers. According to recent U.S. Census data, the Dallas-Fort Worth-Arlington region saw the largest population growth from 2010-2019, adding over 1 million people and it remains as one of the top ten growing MSA’s.
The 196-unit garden-style complex was built in 1980 and offers numerous opportunities to add value through interior and exterior renovations as well as a more hands on approach to management. The property’s value-add strategy will consist of a mix of renovations to the 84 classic units, enhancements to the 48 partially renovated units, washer/dryer additions and extending six ground floor patios into private yards. Exterior renovations and enhancements are to include improvements to landscaping, amenity and pool area upgrades, tree trimming, and an exterior paint refresh.
Arlington is a part of the Dallas-Fort Worth Metroplex and idyllically situated less than 20 miles from both Fort Worth and Dallas and a 15-minute drive from the Dallas-Fort Worth International Airport. At the crossroads of multiple major highways, the suburb ranks as Texas’s seventh largest city and is home to both AT&T Stadium hosting the Dallas Cowboys and Globe Life Field, home of the Texas Rangers as well as its’ own amusement park, Six Flags Over Texas. In addition to being a destination for entertainment, the city offers a plethora of employment opportunities through being a hub for aerospace and aviation industries, as well as automotive, industrial machinery and medical devices manufacturing, all benefiting from the city’s accessibility to major supply chains, lower business costs and proximity to one of the nation’s largest airports. Major employers in area include Arlington ISD, University of Texas at Arlington, General Motors Co., Texas Health Resources, Six Flags over Texas and GM Financial, all contributing to Arlington’s economic stability and in-migration.
About McDowell Properties:
McDowell Properties, which has six offices across the United States, invests in multifamily assets across the risk spectrum including debt, affordable housing, core plus and value-add investments. Since 2004, McDowell Properties has acquired over $3 billion of multifamily assets (over 40,000 units) and has been an active buyer of subordinate CMBS debt secured by multifamily loans (total loan balances of $16 billion and are secured by over 232,000 apartment units).