Concho Vista Apartments

Description:

Concho Vista is a completely renovated property.  Current owners have injected significant cap ex to rebrand and renovate both the interiors and exterior.  This is currently a stablized, highly performing asset and the new owner should be able to do very well without investing capital into other major projects.  Some of the completed projects include: renovating interiors with new flooring, paint, and replacing 7/8 PTAC units.  Exterior projects include adding a BBQ area and patio, painting, replacing doors, adding solar screens, a camera system, and improving the railing.  The cast-iron vent stacks and old electric wiring and panels were also replaced.  Parking lot was also seal coated and restriped.  The hard work's been done and the property is ready for a new owner looking for a stabilized asset.


San Angelo is located in central Texas and has a population of close to 104,000.  Top employers in the city include: Angelo State University, Goodfellow Air Force Base, and Shannon Medical Center.  Concho Vista is just a few blocks away and walking distance from Shannon Medical Center which has almost 4,900 employees (economicdevelopmentsanangelo.com).



Walking distance to hospital    
Proven value add with exceptional trend on actuals:    

Total income is up 43% on T3 vs. T12 basis    
NOI is up 64% on T3 vs. T12 basis!!!    


Projected 5 Year Levered IRR      20.4%
Projected Value Add IRR              22.3%
Projected Value Add Valuation    $88,422