Description

The improvements totaling 280 individual condo units were originally built in 1973 with significant improvements to the property completed in 2009. The Village is comprised of twenty buildings for a total combined rental square footage of 218,569. Construction is 80% brick veneer and 20% wood siding over frame with flat roofs and a slab foundation. The heating/cooling system is supplied through individual HVAC units.
All units are sub-metered, but the property is currently operated as an all bills paid facility. The complex is situated on approximately 13.75 acres + and is currently zoned MF-2. The Village Condominiums is a low density property with spacious open areas. The property consists of three different floor plans. The 280 units consist of 128 one bedroom / one bath @ 615 square feet; 108 two bedroom / one bath @ 858 square feet; and 44 three bedroom / two bath @ 1,094 square feet. All unit amenities include:

·ð frost-free refrigerators
·ð dishwashers
·ð garbage disposals
·ð range with large capacity ovens
·ð mini-blinds
·ð ceiling fans
·ð no-wax vinyl flooring in kitchen and bath areas
·ð granite like counter tops; and laminate wood floors (in select units).

The Village common area amenities include:

·ð an open playground area;
·ð mature landscaping;
·ð two on-site laundry rooms centrally located for residents - facilities equipped with the newest Maytag green energy savings features and convenient coinless cards usage;
·ð ample parking with additional guest spaces; close proximity to shopping and schools;
·ð University of Texas at Arlington (UTA) within one (1) mile of property;
·ð Arlington Entertainment Center within two (2) miles of property including

o New Dallas Cowboy Stadium
o Home of 2011 Superbowl
o Rangers at Ballpark Stadium
o Six Flags Amusement Park

The Village Condominiums has an excellent occupancy due to its desirable
location and appealing floor plans. The purchase of this property represents an
outstanding opportunity for an investor to own a very solid multifamily investment in a strong and desirable sub-market. An investor would also have the option of selling the units as individual condominium units by updating the current HOA declarations. This option provides multiply exit strategies for an educated investor.