1505 W Lovers Ln
Arlington, TX 76013
Chalet Apartments · Multifamily Property For Sale · 20 Units

Chalet Apartments provides an excellent opportunity for a passive investor to take advantage of recent capital improvements and strong Arlington class C rental growth which has exceeded 5% within the last year. Entire property was renovated to the studs in 2012, including tile flooring, plumbing, electrical, cabinets, electrical and plumbing fixtures. Owner replaced TPO roof in 2015 and converted HVAC to PTACS within the last 18 months and hot water heater in 2015. New owner can take advantage of recent improvements and improve management operations to lower expenses, property qualifies for Waller Group Property Management for 5% of gross rents. NOI can also be increased through lowering utility expenses and lease up/make ready expenses through enhanced management, and by reinstalling the laundry facility which will bring in approximately $220/month in revenue. COMMUNITY FEATURES • Utilities Included: Heat, Sewer, Trash Removal, Water, Electricity • On-site Laundry Facility • 2 Miles away from University of Texas Arlington INTERIOR FEATURES • Updated Black appliances. • Gas Stoves, Updated • Updated Flooring and Fixtures • Updated Bathroom, Sink, Toilets & Shower VALUE-ADD OPPORTUNITIES • Property was Completely Renovated in May of 2012, ALL Units where gutted down to the Studs. • Roof replacement in 2015 with TPO Roof. • Water Heater replacement in 2013 • HVAC - 6 PTACS installed in 2017, the other 14 PTACS are in good working order. • Increased revenue potential by reinstalling a laundry facility and generating laundry revenue at approximately $220/month.