Courtyard Apartments

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Created date: August 31, 2023
Date last updated: March 28, 2024
  • Owned by the Same Family for 17 Years
  • $2.7MM+ in Value Add Upside – With Reducing Large Expense Load, Interior Modernization, and Billing Back for Utilities
  • More than half of the Units are Two-Bedrooms
  • $51,759 Median Household Income within 5-Mile Radius
  • 215,000+ People Living in the Longview MSA
  • Easy Commute to Large Economic Drivers, K-12 Schools, LeTourneau University, and Multiple Outdoor Activities
  • Offered Free and Clear of Any Existing Debt

Property Description

Summary: The Multifamily Group is pleased to present the exclusive offering of Courtyard Apartments, a unique, value-add opportunity in Longview, TX. Constructed in 1966, Courtyard Apartments consists of 63 units averaging 777 square feet. The property offers (28) 1/1 units and (35) 2/1 units. The property is currently 89%. Courtyard Apartments is being offered free and clear of any existing debt. Value-Add: There is an opportunity to add value to the Courtyard in a number of ways. The property is operating with unusually high expenses that can be reduced. All of the interiors should be renovated to push rents higher. The owner is currently operating the asset as all bills paid (water and electric). New ownership can billback for these charges for additional income. Location: Longview attracts residents with its low cost of living, outdoor recreation, and quiet lifestyle away from the hustle and bustle of big cities. The asset is located just 65-miles west of Shreveport and two hours east of Dallas. There are more than 215,000 people that currently reside in the Longview MSA with an area median income of $51,759/year in a 5-mile radius (CoStar). Interstate-20 and Hwy-281 are both just 4-minutes away. Courtyard is within walking distance of a large grocery store, a convenience store/gas station, Dollar General, and several local restaurants. There are three large economic drivers within an 8-13 minute drive. All of the K-12 schools are between a 3 to 13-minute commute. The LeTourneau University is only a half-mile away. Longview is an outdoor person’s oasis with two country clubs and multiple parks and lakes.

Key Property Information

Listing Status: Sold
Listing Type: Highest & best offer
Multifamily type: Garden Style
No. of Units: 63
Average Occupancy: 89
Year Built: 1966
Building Size: 49,750 Sq ft
Lot Size: 1.94 Acres
No. of Stories: 1
APN: 51620
Opportunity Zone: No

Unit mix

Description No. of Units Sq ft. Avg. Monthly Rent
1-1 28 750.00 0.00
2-1 35 800.00 0.00

FINANCIAL DETAILS

Income/expense info: Actual

Additional contacts

Full name Phone number Email address
Yonnic Land 972.983.9051 [email protected]

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