Waller Group is proud to present the 46-unit opportunistic Amarillo Villas Apartment property in Amarillo, TX. Current ownership is selling to reinvest proceeds.
The property has been vacant the past few years. This redevelopment opportunity is located in the redevelopment zone of the North Heights neighborhood.
New ownership has the opportunity to completely redevelop the property. Current ownership has estimated a cost of roughly $2,015,000 to completely redevelop the property to market-rate standards. Current rent comparables achieving top of the market rents in the area contain upgraded flooring, plumbing, & fixtures, but lack stainless steel appliances and W/D connections (or stackable/full-size W/D in-unit), so there may be additional room to set top of market rents beyond where they currently stand (especially with a newly redeveloped property).
Blaze Property Management is willing to manage the property. Current and proforma financials were underwritten with a 10.0% management fee.