DR Amarillo Portfolio

Amarillo, TX

Info For Buyers

Overview

Summary

Price Market
# Units 176
# Properties 8

GREA is pleased to announce the exclusive listing of the DR Portfolio. Comprising a total of 176-units spanning 8 garden-style properties, this portfolio totals 5 acres of well-maintained apartments. Nestled in prime locations within Canyon (6 complex’s) and Amarillo (2 complex’s), each property within this portfolio offers a blend of historical charm and modern convenience. Dating from 1926 to 1980, these properties have been thoughtfully maintained to ensure a superior living experience for residents featuring an array of one and two-bedroom units with vinyl plank hardwood flooring, complemented by either sleek black or pristine white appliances. Additionally, select units offer the convenience of washer and dryer hookups, while all units are fully equipped kitchens complete with Electric Ranges/Ovens.

Key Facts

20+ year ownership; keeping rents low and occupancy high while also taking care of large capex items

Since the operational approach was to pay down debt and keep the properties full for the ease of management, rents are below market

Amarillo is ranked the second fastest growing mid- sized city and boasted the lowest unemployment level in the state of Texas in 2022.

New ownership can expect the local economy to be robust and the property to thrive in this recession-resistant environment.

The portfolio is offered at an extremely attractive cap rate with positive leverage opportunites. The basis, with value creation via moving rents to market and adding car ports, offers an opportunity to stabilize much higher.

The Seller would consider seller financing on offers with aggressive pricing and terms.