Del Norte Apartments

Highlights:

• Full rehab in 2019-2020, consistently high occupancy near 100%
• Adjacent to Ft Hood military base, the largest employer in the metro area (40,000)
• Located in N Killeen Revitalization Program area
• Separate meters for electricity, gas, water in 12 units; Separate meters for electricity in 24 units
• UPSIDE: Continue rental increases to market rates of $695
• UPSIDE: Add amenities such as covered or premium parking, or water savings devices
• UPSIDE: Implement RUBBS for recapture of water utilities

Description:

SOME SELLER FINANCING AVAILABLE!

Update: Del Norte Apartments continues to perform at a high level with little required maintenance as it heads toward market rates. Demand also continues to be very high in Killeen for this class type with still-rising rental rates. Upside is in-place rents still lag competitors of similar vintage and unit sizes! T3 annualized income and T12 expenses reflects an NOI of $190,191. Projected NOI at the next targeted rate of $695 is $205,765. Seller will also consider carrying a second Note with lender approval.

Del Norte is an excellent opportunity to acquire a strong performing asset in this rapidly growing Central Texas region. Killeen is the largest city metro area of about 250,000 situated along I-35 just one hour north of Austin. The property is located in the North Killeen area just south of Ft Hood military base, the largest employer in the area (40,000). It is also located in the N Killeen Revitalization Program zone, which assist owners with permitting and fees for rehab and repairs as the area transitions.

Financing: Some seller financing available. Let's discuss

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