Arlington's Multifamily Allure
Arlington’s central location makes it an attractive place for multifamily, but Greysteel managing director Boyan Radic (left, with senior associate Doug Banerjee) tells us its population of more than 375,000 and its role as a key entertainment hub make it attractive for multifamily developers. From Six Flags to the Texas Rangers and Dallas Cowboys, there’s also the allure of UTA in the heart of the City of Arlington. As a result, there’s more than $300M in recent construction projects in Arlington. (Or about as much as the Cowboys are over the salary cap.)
UTA has spurred retail development in Downtown Arlington along Center Street including the newest: Sapphire on Center Street project, Boyan tells us. It features 254 student housing units. Upscale amenities from a media center and resort-style pool with underwater sound system (the kind fish use to listen to Kanye West albums) to Wi-Fi in every unit. Boyan tells us there’s a lot of interest in Arlington from local private investors. In a sampling of properties sold in the last few months, five out of six were all local buyers. Doug says that’s because local investors believe in the underlying fundamentals locally supporting rent growth in the area (i.e. population and job growth). Greysteel is negotiating contracts on two deals.
