This Multifamily Property is Off-Market.

4615 S. Virginia Street
Amarillo, TX 79109 ·

216 Units · Multifamily For Sale

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Canyon Ranch Apartments

Price N/A Property Use Type Investment
No. Units 216 Cap Rate 10.60%
Building Size 191,200 SF No. Stories 2
Property Type Multifamily Year Built 1976
Property Sub-type Garden/Low-Rise Lot Size 10.27 AC
Listing ID: 18453376 Date Created: 11/19/2013 Last Updated: 12/04/2013

Description

Canyon Ranch Apartments is a 216-unit garden-style community located in Amarillo, Texas. Over the past 12 months more than $973,000 has been spent on capital improvements, with the majority focused on exterior and mechanical items. Canyon Ranch presents a rare opportunity for an investor to capitalize on below-market rents and occupancy, not to mention the potential to further increase rents through an interior upgrade program.
Common area amenities at the complex include a remodeled clubhouse with fitness equipment, billiard table and 55 television with movie theater seats, a remodeled basketball court, volleyball court, tennis courts, BBQ area, nine-foot-deep outdoor pool and onsite laundry facilities. The property also has 24-hour maintenance and courtesy officers.
This established apartment community possesses an advantageous unit mix of one and two bedroom units ranging from 700 1000 square feet. Unit amenities include ceiling fans, accent walls, walk-in closets, dishwashers, garbage disposals, central heat/air and cable readiness.

The community is conveniently located to Interstates 27 and 40 and is minutes
away from Amarillo College, West Texas A&M and numerous shopping and
restaurant venues. Travel time from Canyon Ranch to any location in the city is never more than 15-20 minutes, any time of day.

Highlights

  • Over $973,000 in capital improvements within the last year
  • Individually metered for electricity with individual HVAC units and hot water heaters
  • Tremendous value-add opportunity with interior upgrades, light exterior renovation and intensive management
  • Below market rents and occupancy
  • Great unit mix of one- and two-bedroom units (average unit size is 841 SF)
  • Excellent location with easy access to I-27 and I-40

Research

4615 S. Virginia Street, Amarillo, TX 79109 (Randall County)

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