501 Fuller St, Arlington, TX 76011
The Sawyers Mill Apartments, is a two story, garden-style, apartment community located in Arlington,Texas. The asset was built in 1963. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies, walk-in closets. The owner reports that the roofs are 15 years old and in good shape. Underground is galvanized and is functioning well, per owner.
Currently there are no reported leasing concessions. The Broker toured 8/21/20 and there were only 3 vacants. Two units are leased to AirBnB and get twice the rent of the other units. One phase is master metered and the other phase is individually metered. The property at one time has a chiller but this went out during an electrical surge so the owner replaced the chiller with window units.
Owner has spent approximately $1,863,970.01, since 2016, on capital expenditures. See CapEx List for details. Seller fully and nicely updated 67 units and got as much as a $500/unit bump. The current owner has had the property for 28 years. Several area properties have traded and have rehabbed over the past few years.
The property is close to Six Flags and the Arlington Ball Park sports arena. Hispanic music is played in front of the office and the entrance is very festive. There are as many as three generations of family members at the property and most leasing is by word of mouth.
Tom Wilkinson has performed real estate marketing serves for institutional and individual investors since 1972. He has a BA in Mathematics from Rice University and an MBA in Real Estate Investments from the University of Texas. In addition to brokering real estate, Tom previously owned and operated more than 80 properties. Tom has successfully marketed properties for and to dozens of individual, business and institutional sellers and buyers, including REO properties for the RTC, FNMA and FreddieMac.