Class A Investment Listed For Sale; 218 Units in Strong Secondary Texas Market

Stable Class A Investment:  Arden Ridge Apartments are comprised of 218 units located on 12 acres in southwest Amarillo.  Constructed in two phases in 2008 and 2011, Arden Ridge is a Class A asset with strong historical occupancy rates, currently at 99 percent. The property offers a highly desirable unit mix comprised of one, two and three bedroom floor plans.  Units range from 570 to 1,038 square feet, with an average unit size of 717 square feet.

Arden Ridge in Amarillo, Texas, offers one, two and three bedroom floor plans ranging from 570 to 1,038 square feet with an extensive Class A community amenities package.

Exceptional Location:  The twelve-acre site is well positioned in the south submarket of Amarillo within close proximity to major employers, shopping centers and educational opportunities.  With frontage on Arden Road, Arden Ridge Apartments boast excellent visibility, and tenants enjoy convenient access to Interstate 27, a major traffic artery into the central business district.

Strong Market Fundamentals: Historically, the Amarillo multifamily sector has proven to be one of the strongest secondary markets in Texas.  Located along Interstate 40 at the midpoint between Albuquerque and Oklahoma City,  Amarillo is known as the “Crossroads of the Panhandle” and considered the regional economic center for the Texas Panhandle, eastern New Mexico and western Oklahoma.  Interstate 40 and Interstate 27 intersect in the center of Amarillo, connecting the city to Lubbock to the south, and Albuquerque and Oklahoma City to the west and east. The Dallas/Fort Worth Metroplex is approximately 340 miles to the southeast via Highway 287.

Significant Economic Growth: Amarillo is the largest city in the panhandle, with a population of approximately 191,000 and an MSA population of approximately 236,000 inhabitants.  With very strong fundamentals, Amarillo has seen significant growth developing from a major ranching and railway hub to a progressive city with a diverse group of manufacturers and distribution companies.  The meat packing industry plays a major role in the economy of Amarillo.  Approximately one-quarter of the beef supply in the United States is processed in the area.

Employment Drivers: The employment base in Amarillo has seen continued improvement over the last decade.  According to preliminary data from the Bureau of Labor Statistics, the city of Amarillo reports the third lowest unemployment rate in Texas at 4.9 percent.  Amarillo is a growing and dynamic regional center with a highly diverse economy including industry in energy, manufacturing, agriculture, industrial services, technology, food processing, and transportation.

For the complete marketing package, please return the Arden Ridge Confidentiality Agreement via fax or email, or contact us directly.

For additional investment information, please contact:

Joe James | jjames@marcusmillichap.com | 512-338-7852

Kent Myers | kmyers@marcusmillichap.com | 512-338-7853

Patrick Burke | pburke@marcusmillichap.com | 512-338-7836 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s