Pecan and Villa Apartments

Apartments

Created date: October 13, 2023

Date last updated: October 15, 2023

– High rental demand with low competing supply
– Continued RUBS implementation
– Central location within Monahans

Performance Metrics:
– Projected 5 Year Average Cash on Cash Return 8.1%
– Projected 5 Year Levered IRR 17.7%
– Value Add $738,000
– T&I adjusted Cap Rate 7.02%

Portfolio Description

The 130-units of the Pecan & Villa Apartments are comprised of two communities that are operated together as one. The 80-units at the Pecan Apartments were built in 1984 while the 50-units at the Villa Apartments were built in 1972. The properties consist of 1-3 bedroom floorplans, two on-site laundry rooms, one leasing office and two shimmering pools. Since taking ownership back in 2013, the current owners have updated all of the interior units and roofs to highlight some of the substantial capex completed. The property's high occupancy speaks to the basic economics of the limited supply of this product type compared to the high demand for workforce housing within the market. The city of Monahans is located south of Lubbock and is directly off of Interstate-20 which runs from the Dallas-Fort Worth metroplex through Abilene, Midland, and Odessa before reaching El Paso, TX. About a 40-minute drive from Odessa, Monahans itself is known as the "Center of the Permian Basin." The Permian Basin is responsible for more than 60% of Texas' oil production and it is home to 16% of the U.S. oil reserves. Outside of mining, other top industries include healthcare, transportation/warehousing, food services/sales and more. The median household income in Monahans is $65,438.

Available

Request Information

Name

Phone

Message(optional)

Broker Details

Greg Brownd Greg Brownd

(806) 777-4459

Portfolio Key Information

Listing Status:	Available
Multifamily type:	Apartments
No. of Units:	130
Building Size:	71742 Sq ft
Lot Size:	4 Acres
No. of Stories:	2
Opportunity Zone:	No
Portfolio Website	Click Here

Unit mix

Description	No. of Units	Sq ft.	Avg. Monthly Rent
1 Bed / 1 Bath (pecan)	40	450	841
1 Bed / 1 Bath (villa)	36	471	760
2 Bed / 1 Bath (villa)	12	650	815
2 Bed / 1.5 Bath (pecan)	24	649	907
2 Bed / 2 Bath (pecan)	16	725	963
3 Bed / 2 Bath (villa)	2	883	1000