Westminster Apartments

Highlights:

• Going in Cap Rate exceeds 7% on actuals
• Chiller system is less than 3 years old
• Major electrical upgrades completed in prior 12 months

Description:

The Westminster Apartments are a 97 unit apartment complex in Amarillo, Texas. The apartments are comprised of one bedroom, two bedroom, and three bedroom floorpans. Westminster had a dedicated clubhouse and office space to accommodate onsite management. Amenities include two dedicated laundry rooms, swimming pool, and a coffee bar for tenants.This stabilized property has been operated with excellent efficiency maintaining above average occupancy, and collections!

Westminster Apartments are located on Coulter street and I-40, a prime location in Western Amarillo. They are located less than half a mile from Westgate Mall, the premier mall in the city that has been recently renovated, and slightly less than a mile from BSA Hospital. They are also only half a mile from Belmar Elementary School. The median household income in a two mile radius is around $59,000 per year. The median home value within a two mile radius is $191,000, which is considerably higher than the median home values at further out radius', reflecting the desirably of this location. Currently, the Amarillo market as a whole has median rents at 21% of median income, offering a significant amount of room for rents to increase to a higher percentage of median income within the parameters of the LURA currently running with the property.