Tower Capital facilitated a joint venture with an institutional private equity firm, which resulted in $14,600,000 in financing for TOWN Arlington. The 135-unit, single-family build-for-rent development project is being built by Family Development in Arlington, TX.
TOWN Arlington is a roughly nine-acre land parcel located just off of U.S. Highway 287 and Sublett Road in Arlington. Designed for move-down baby-boomers and move-up millennials in the Dallas-Forth Worth market, the two and three bedroom townhomes at TOWN will be positioned at attainable monthly lease rates. This professionally managed community will consist of luxury townhomes, each with it’s own two-car garage, all behind private gates with central pool and spa, walking trails, multiple park areas and onsite leasing office.
The site provides excelent walkability for residents since it’s adjacent to the popular Sublett Marketplace, which includes a Kroger grocery store, LA Fitness and several dining options such as Chick-fil-A, Whataburger, and Starbucks. With Highway 287 just east of the site, residents gain easy access to all of the major employment centers in nearby Downtown Arlington and Fort Worth, and have a quick, 30-minute commute to Dallas. An abundance of amenities are also within a couple miles of the site at Lake Arlington Golf Course and Lake Arlington. Visitors can enjoy multiple parks, as well as boating and fishing. The property’s unit mix features 108 two-bedroom / two-and-a-half-bathroom units, along with 27 three-bedroom / two-and-a-half bathroom units.
The two- and three-bedroom homes will feature bright kitchens that open to large great rooms, two baths, a powder room and convenient in-unit laundry rooms. With granite countertops, plentiful cabinets, handsome flooring and upgraded fixtures, all details are commensurate with newly built single-family homes.
Although bulid-for-rent is a common housing option in Arizona, the product type is starting to emerge in Texas. While many developers have walked away from the challenge, Family Development has confidence in the market and emerging housing product type.
