Property Details
Stabilized Occupancy  Below Market Rents  NOI Growth 
Asset Profile
Value Add

Remington Meadows Apartments

Arlington, TX

Multi-Family Property
RedBridge Capital, LLC Los Angeles, CA
RedBridge Capital, LLC
Targets
  • IRR 15.5%
  • Equity Multiple 1.53x
  • Hold Period 3Y
  • Minimum Investment $25K
  • Year 1 Cash on Cash 1.3%
  • Stabilized Cash on Cash N/R
  • First Distribution Mar 2019
  • Distribution Frequency Quarterly
  • Asset Profile Value Add
  • Loan-to-Value 85%
  • Current Occupancy 92%

About this Property

Remington Meadows (the “Property”) is a Class B multifamily apartment comprised of a total of 296 units with 232 one-bedroom units and 64 two-bedroom units. The Property is located at 903 Ashford Lane, in the City of Arlington, Texas. Remington Meadows currently has an occupancy of 92%, and its average occupancy in the last 3 years is 95%. It has a total of 531 parking spaces with 284 carports and 247 open spaces. Washers and dryers are provided in 48 one bedroom units, and washer and dryer connections are provided in all the remaining units.

Key Points

  • Attractive Location: Remington Meadows is located in one of the most desirable neighborhoods in the City of Arlington. Within a 3-mile radius, residents can enjoy numerous amenities and retailers, including the newly built $24 million Texas Rangers golf course, Six Flags Hurricane Harbor, AT&T Stadium, $1.25 Billion Texas Live (restaurant and sports entertainment complex), Walmart and the only Whole Foods in Arlington. The property also has convenient access to Interstate 30 and State Highway 360, providing residents a less than 20-minute drive from Downtown Dallas, Downtown Fort Worth, and only 10 minutes drive from the Dallas/Fort Worth International Airport.
  • Thriving Rental Market: The north Arlington submarket has averaged 6.6% rent growth in the last 3 years, and is expected to have 4.7% rent growth in 2018. To be conservative, we have underwritten only 3% average rent growth for the next 5 years.
  • Rent Upside Potential: Remington Meadows currently has lower rents among its direct competitors at comparable properties. On average its in-place rent is 7% lower than market rent. After renovation, average rent is targeted to increase from $927/unit to $1027/unit, which is only 4% higher than its latest achieved rent ($974/unit).
  • Strong Demand: As the 3rd largest city in Dallas - Fort Worth metroplex with over 35,000 employers/companies and more than 395,000 residents, the City of Arlington has a very low unemployment rate of 3.2%. According to the Bureau of Labor Statistics, job growth in the Fort Worth – Arlington Metro was 2.9% in 2017, reflecting 29,900 new jobs. Another 23,000 new jobs are expected to be added in 2018. Based on the foregoing statistics, the demand for housing in the City of Arlington is very strong and should continue to grow in the foreseeable future. The average occupancy rate in the market is 94% and is growing.
  • Limited Supply: Within a 3-mile radius of Remington Meadows, only 353 units were delivered in the past 12 months and only 208 new units are currently under construction, representing a 2% increase in total inventory. The average unit price for new projects is $1,482/unit, which is 44% higher than our expected rents after renovation.

Offered By

RedBridge Capital, LLC

RedBridge Capital, LLC

Los Angeles, CA

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Assets Under
Management

Currently
$270MM less than 10 assets
Exited
$0 No asset count reported
Portfolio LTV
N/R  
Historical
Realized Returns

Total IRR
N/R  
Equity Multiple
N/R  
Annual Cash
N/R  
Years Of
Experience

As Principals
20+ years  
In Business
3 years  
Size
7 Staff  
* All information is reported by RedBridge Capital, LLC as of 12/18/2018.
Assets Under
Management

Currently
$270MM less than 10 assets
Exited
$0 No asset count reported
Portfolio LTV
N/R  
Historical
Returns

Total IRR
N/R  
Equity Multiple
N/R  
Annual Cash
N/R  
Years Of
Experience

As Principals
20+ years  
In Business
3 years  
Size
7 Staff  
* All information is reported by RedBridge Capital, LLC as of 12/18/2018.

Financials

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Offering Financial

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Location Details

Arlington, TX

Remington Meadows is located in one of the most desirable neighborhoods in the City of Arlington. Within a 3-mile radius, residents can enjoy numerous amenities and retailers, including the newly built $24 million Texas Rangers golf course, Six Flags Hurricane Harbor, AT&T Stadium, $1.25 Billion Texas Live (restaurant and sports entertainment complex), Walmart and the only Whole Foods in Arlington. The property also has convenient access to Interstate 30 and State Highway 360, providing residents a less than 20-minute drive from Downtown Dallas, Downtown Fort Worth, and only 10 minutes drive from the Dallas/Fort Worth International Airport.

Documents

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Offering Agreement Documents

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