Contact Listing Agents for a Complete Offering Memorandum. This superior offering of three separate properties known as Turtle Creek I, Turtle Creek Townhomes, and Turtle Creek II, represents an excellent opportunity to acquire a portfolio of three distinct and separate apartment communities, that are each on their own parcel. The current ownership cohesively manages all three complexes as one integrated community, however a new owner may capture upside through individual spin-off.
Turtle Creek I is a twenty-four-unit apartment community located at 1119 Colorado Avenue and contains spacious single level two-bedrooms/one-bath floorplans that are each approximately 745 square feet. There are three, two-story buildings and one single story duplex to the front of the complex. The property was constructed circa 1972 with wood frame, concrete slab, stucco siding, and flat roofs except for the duplex, which is pitched tile. Tenants benefit from individual assigned carport parking, walk up entrances, and an on-site laundry room.
Turtle Creek II is a nineteen-unit property located at 1230 Pioneer Avenue and contains spacious single level two-bedroom/one-bath floor-plans of approximately 750 square feet. There are three, two-story buildings, constructed circa 1986 with wood frame, concrete slab, wood siding, pitched composite roofs, and open parking. Unit layouts are well designed and have gas stoves, central heat, air conditioning, and full-size washer / dryer laundry hook-ups.
Turtle Creek Townhomes is a nineteen-unit apartment home community located at 1108 Pioneer Avenue and contains all huge three-bedroom/one and one-half bath townhomes of approximately 1,020 square feet. There are two, two story buildings, constructed circa 1987 with wood frame, wood exterior and pitched composition roofs. Units have central heat and air conditioning, modern kitchens and full-size washer/dryer hookups.
The property represents incredible intrinsic value and is offered at only $130 per square foot, far below replacement cost. The current owner has operated remotely from the Bay Area and thus long term in-place management exists, which can facilitate the acquisition and operation by a new landlord. The property has very modest rents that are significantly under market, and a new owner has ample opportunity to increase the rent roll through pro-active management and implementation of a superior renovation program upon turnover.
