Madison Chase Apartments

Description:

Madison Chase is a very well-kept 80 unit property built in 2000. It's the newest, and only market-rate apartment complex in Childress. Rents are currently lower than most of the other properties in town, which are tax credit and subsidized. There is significant opportunity to increase rents since it's the nicest place in town and maintains high occupancy!


Childress is located at the intersection of Highways 287 and 62 and is about halfway between Amarillo and Wichita Falls, TX. The population of Childress is a little over 6,000. Because of its location, close to 31,000 vehicles per day go through Childress (childresstexas.com). There are several restaurants, hotels, and businesses in town. The property is located next to a Wal Mart, Holiday Inn, Tractor Supply, and McDonalds. It's less than a mile away from a Starbucks. There's also a regional Medical Center a few blocks away. The IREN data center is being built east of town, and the new Childress Hall luxury golf course is also under construction.



Opportunity to increase rents above competition, which are subsidized and tax credit properties.
Only $43,750/unit for 2000 construction!!!
Value add opportunities:

Start billing back for water/sewer/trash
Water conservation project to lower water bill


Market demographics support higher rents

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