The James-Myers Multifamily Team of Marcus & Millichap Announces the Offering of Sundial Apartments
This asset is available individually or as part of a two-property portfolio with Mountaindale Apartments in El Paso, Texas.
El PASO, TEXAS – Sundial is an attractive infill asset situated in the heart of central El Paso, Texas. The property is located at the confluence of the highly traveled US Highway 180, Interstate 10 and Patriot Freeway (State Highway 54) allowing for ease of access to the greater El Paso area. Sundial is comprised of 112 total units built in four phases; the first 40 units were completed in 1971, 34 units were constructed in 1972, eight in 1984, and 30 were built in 1992. The property boasts scenic views, mature landscaping, two swimming pools, a resident clubhouse, playground, three onsite laundry facilities, and a quiet neighborhood living environment. Interiors feature newly renovated units, spacious closets, dishwashers and disposals, private patios or balconies, ceramic tile in select units, ceiling fans, and mini-blinds. Sundial is available individually, or as part of a two-property portfolio with Mountaindale Apartments.
Strong Secondary Market Dynamics
Surrounding local economic drivers include a plethora of retailers, including Target, Office Depot, and Bassett Place Mall, which includes an IMAX Theatre. Within easy driving distance is McKelligan Canyon Park & Amphitheater, Fort Bliss Golf Course and Franklin Mountain State Park. El Paso Community College Transmountain Campus is nearby, and The University of Texas at El Paso is within only 15 miles. The location of the property near high-traffic commuter highways, its proximity to the growing population of Fort Bliss, and the demographic profile of the area, all provide strong market fundamentals and the potential for long-term value appreciation of the asset.
Excellent Employment Drivers
Sundial is near Fort Bliss Army Base, home to the 1st Armored Division and the Army’s second largest installation. Fort Bliss provides a constant impact on El Paso’s demand for high quality rental housing. Approximately 60% of Fort Bliss soldiers currently reside off base. The city of El Paso serves as the economic center of West Texas and ranks in the top five largest manufacturing cities in the nation. Two of El Paso’s largest employers, high tech giants Hewlett-Packard and Automatic Data Processing, increased their workforces last year, and plan to continue hiring. Overall, job growth is expected to continue to increase over the near future. Sundial benefits from numerous nearby employment centers and continued expected job growth, both promising continued demand for housing units, and strong future occupancy rates.
Strong Multifamily Submarket
Sundial is situated in a highly sought-after area of El Paso, which boasts significant growth and strengthening demographics. Properties similar to the subject have experienced an average occupancy rate of 93 percent, while rents are currently $0.91 per square foot. With strong employment and the influx of new soldiers to Fort Bliss driving demand for multifamily housing, Sundial’s location will continue to be one the most prized rental areas in El Paso, providing the investor long-term stability, strong future rent growth potential and excellent value appreciation.
The asset is being offered on an all cash basis allowing for unrestricted financing options.
For the complete Offering Memorandum, please sign the Sundial Confidentiality Agreement, or read more at our website.
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The James-Myers Multifamily Team of Marcus & Millichap (NYSE: MMI) has participated in the sale of more than 63 transactions since 2007 totaling over 13,000 units and more than $730 Million in sales across Texas. Contact us for acquisitions, dispositions, property evaluations or market information for your Texas apartments.