The James-Myers Multifamily Team of Marcus & Millichap Announces the Offering of Mountain View Apartments
EL PASO, TEXAS – Comprised of 296 units, Mountain View offers investors a recently renovated multifamily asset with strong market fundamentals.
Central El Paso Infill Asset: Mountain View is an attractive, recently renovated asset situated in the heart of Central El Paso. 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. Built in 1978 and renovated in 2012, Mountain View offers recently updated landscaping, two swimming pools, covered parking, a dog park, eight onsite laundry facilities, a sprinklered water park, and a quiet neighborhood living environment. Comprised of 296 units, interior features include updated kitchens, new wood flooring, wood burning fireplaces, walk in closets, and private patios and balconies. Surrounding local retail drivers include a plethora of major retail stores, including Target, Office Depot, and Bassett Place Mall, which includes an IMAX Theatre. All within an easy commute are McKelligan Canyon Park & Amphitheater, Fort Bliss Golf Course, and Franklin Mountain State Park. El Paso Community College Transmountain Campus is located approximately four miles from the property, and The University of Texas at El Paso is within 12 miles. The location of the property near high-traffic commuter highways, its proximity, adjacent 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: Mountain View sits adjacent to Fort Bliss Army Base, home to the 1st Armoured 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, and Mountain View is conveniently located to the entrance to the base. Additionally, the city of El Paso serves as the economic center of West Texas and is ranked 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 hire more this year. Overall job growth is expected to continue to increase over the near future. Mountain View benefits from numerous nearby employment centers and continued expected job growth, both promising continued demand for housing units, and strong future occupancy rates.
Strong Multi-Family Submarket: Mountain Vew is situated in a highly sought after area of El Paso, which has boasted significant growth and strengthening demographics. properties similar to the subject have experienced an average occupancy rate of 90 percent, while rents are currently $0.87 per square foot. With the expansion of Fort Bliss, and as the absorption rate of rental units begins to outstrip supply, vacancy rates have been compressed to levels between 2% and 3.5% since 2010. With strong employment and the influx of new soldiers to Fort Bliss driving demand for multifamily housing, Mountain View’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.
Financing: This investment opportunity is being offered on a cash to existing note basis.
For the complete marketing package, please sign the Mountain View Confidentiality Agreement.
For additional investment information, please contact:
Joe James | firstname.lastname@example.org | 512-338-7852
Kent Myers | email@example.com | 512-338-7853
Reynold Toepfer | firstname.lastname@example.org | 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.