60-Unit Repositioning Opportunity in Thriving Central Texas Market

The James-Myers Multifamily Team of Marcus & Millichap Announces the Offering of Asbury Park

TEMPLE, TEXAS – Asbury Park offers investors an excellent opportunity to capture a value-add investment and reposition the asset through renovation.

Asbury Park Apartments in Temple, Texas For Sale

The City of Temple is considered one of Central Texas’ thriving secondary markets along the highly traveled Interstate 35 corridor, only 70 miles north of Austin and 120 miles south of Dallas.

Temple, Texas – Attractive and Well-Maintained Asset: Asbury Park Apartments is a well-maintained community comprised of 60 units with four distinct floor plans. Units include 40 one-bedrooms of 660 square feet, 11 two-bedroom/one-bath units (933 square feet), 8 two-bedroom/two-bath units with 990 square feet, and 1 four-bedroom/1.5-bath unit with 1,150 square feet. Community amenities include a central swimming pool, onsite laundry facilities, ample parking and a central courtyard. All units feature standard appliance packages, central air conditioning, patios/balconies, ceiling fans and mini blinds. Situated on an approximately 2.5-acre site, Asbury Park is currently at 95% occupancy, and 2013 cash flows were reinvested in upgrading units on the property. Renovated units boast rent growth potential that has not yet been captured.

Thriving Texas Secondary Market: The City of Temple is considered to be one of Central Texas’ thriving secondary markets along the highly traveled Interstate 35 corridor, only 70 miles north of Austin and 120 miles south of Dallas. Temple is known for its strength as a regional medical center; Scott & White Memorial Hospital is the largest employer in Temple providing employment to over 9,000 individuals. The city is also known as a major hub for logistical distribution centers based on its convenient access to rail systems. This unique investment opportunity is strategically located near several large industrial employers as well as the approved site for a new 25,000 square foot Biodiesel manufacturing plant set to be completed mid 2015.

Stable Investment Opportunity: Asbury Park Apartments offers investors an excellent opportunity to capture a value-add asset and improve the holding through repositioning through renovation in a growing market. With declining vacancy rates, increasing rents, and limited new construction, Asbury Park serves as a reliable source of cash flow and future appreciation.

For the complete marketing package, please sign the Asbury Park Confidentiality Agreement.

For additional investment information, please contact:

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

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

Reynold Toepfer | rtoepfer@marcusmillichap.com | 512-338-7866

Follow us on Twitter @JamesMyersMF for the latest market news and activity.

The James-Myers Multifamily Team of Marcus & Millichap 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.

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