Updated Dec 4, 2024
Institutional Property Advisors Sells 186-Unit Multifamily Property The Biltmore In Arlington Texas
2300 Misty Ridge Circle
Units
186
Asset Type
MultiFamily
Closing
Oct 16, 2024
About this deal
AI
The Biltmore is a 186-unit multifamily property situated at 2300 Misty Ridge Circle in Arlington, Texas. This asset has undergone significant capital improvements and is strategically located near the Texas Rangers Golf Club and the Arlington Entertainment District. As for the potential for further enhancements, it should be noted that fewer than 40% of the units have been renovated.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: Not disclosed
- Address: 2300 Misty Ridge Circle
- Market: Arlington
- Units: 186
The transaction involved Michael Ware and Will Balthrope representing Institutional Property Advisors, the organization that announced the sale of the property. Their expertise in the industrial market played a crucial role in facilitating this transaction.
On the Map
MultiFamily
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Arlington MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93