Casa Bandera

Property feature image
Property gallery image
Address: 855 E. University Ave., Las Cruces, New Mexico, CA
Created date: September 6, 2023
Date last updated: September 16, 2023
  • Scaling 232-unit value-add opportunity in Las Cruces, NM directly across the street from New Mexico State University
  • Impressive operational performance with year-over-year income increasing 17% and year-over-year rents increasing 13%
  • Currently occupied at 96%
  • The community features 100% classic interiors primed for the next investor to complete interior renovations to generate rent premiums
  • Organic rent growth opportunity as average in-place occupied rents are up to ±$276-$359 below submarket competitors
  • Renovating interiors to a premium upgrade package (cost $8,000/unit) could yield premiums of ±$200/unit for a potential revenue increase of $556,800 annually, a 30% return on investment
  • Favorable unit mix with 13% one-beds, 70% two-beds, and 17% three-bed units averaging 977 sf
  • Current and previous ownership have invested significant capital into community improvements including, but not limited to, roof upgrades/coating with a warranty good through 2025, addition of a dog park, renovated pool area and clubhouse, new exterior paint, parking lot restripe, and LED lighting upgrade
  • Ancillary income opportunities include installing covered parking and charging up to ±$40/covered space/month
  • Opportunity to covert the complex to student housing and charge per bed, yielding significant rent premiums

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Apartments
No. of Units: 228
Year Built: 2002
Building Size: 226,604 Sq ft
No. of Stories: 2
Opportunity Zone: No
Address: 855 E. University Ave., Las Cruces, New Mexico, CA

Similar Properties in the Area

3 ACRES in Downtown Coral Springs

Coral Springs , Florida
Florida & Gulf Coast + Apartments
Units: 53
Price: $13,000,000

811 S Wilton Pl

Los Angeles , California
California & West + Apartments
Units: 10
Price: $1,900,000

3791 Marlborough Avenue

San Diego , California
California & West + Apartments
Units: 5
Price: $1,375,000
New call-to-action


View All


View All


View All
popup background image