Arlington Village Town Homes, a 164 unit, townhouse apartment community located in the City of Fairborn, Ohio, a submarket of Dayton.
Spirit purchased the 96% leased asset from a large institutional owner who acquired the property as part of a large portfolio acquisition approximately 10 years ago. The property has benefitted from institutional ownership and has been well maintained with no significant deferred maintenance. Spirit implemented value-add improvements such as updated appliances, kitchen cabinets and other modern fixtures.
The property is 1/2 mile from the entrance to Wright-Patterson Air Force Base, which has a current workforce of over 27,000 employees, making it the fifth largest employer in the state of Ohio and the largest employer at a single location. Additionally, the property is 2.3 miles from Wright State University, which has a 2010 enrollment of approximately 20,000 students and employs nearly 3,100 people.
The entire property is comprised of attractive 2 story townhouse style units, with 90% of the units containing 2 bd/1.5 layouts, with an average size of 1,500 square feet and large basements – a unique feature in the market.
The property is located 3 miles from Fairfield Commons Shopping Center, a 500,000 square foot mall with over 140 shops and restaurants, 10.5 miles from The Greene Town Center, a recently completed, $185 million, 72 acre mixed-use development with over 128,000 square feet of class A office space and 790,000 square feet of upscale retail, 11 miles from downtown Dayton and 23 miles from Dayton International Airport.
Dayton is 60 miles equidistant between Columbus, the state capital and largest city with approximately 770,000 people, and Cincinnati, the state’s largest MSA with over 2.1mm residents. Dayton is also 120 miles east of Indianapolis and 155 miles south of Toledo. Dayton is located within 500 miles of 60% of the US population and 60% of the manufacturing capacity of the US who, along with Riverside, California, are defined as the only two major logistics centroids in the US.