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Hillsboro Townhomes

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Address: 1600 E Short Hillsboro St, El Dorado, AR 71730, USA

Chicago & Midwest + Apartment Buildings

Created date: June 20, 2024

Date last updated: September 20, 2024

Hub of South Central Arkansas
33% of households within 3-miles are renter-occupied
Located within an opportunity zone
Ample parking
Subject property takes up 15% of multi-family market
Value-add, high vacancy property
Population in over 21,000 within a 5-mile radius
Able to achieve market rates in section 8 units

Property Description

Hillsboro Townhomes (the “Property”) are a rent subsidized, 152-unit, value-add multifamily opportunity located in El Dorado, Arkansas. Built in 1971, the property is constructed of brick veneer and wood painted siding with pitched gable roofs. The complex is situated on 18.826 acres with 19 apartment buildings, an office, a vacant community center, two playgrounds, and a storage shed. The unit mix consists of one, two, and three bedroom units averaging 894 square feet. Currently the property is 61.84% occupied. The Section 8 housing contract was renewed on October 1, 2014, and will last 20 years until September 30, 2034; with adjustments every 5 years. According to the HUD contract, 150 total units are contracted. As of March 2024, of the occupied units, 83 units are receiving subsidy, and 12 contracted units are occupied by market rate tenants. According to Costar, there are 1,006 units total in El Dorado, Arkansas. The Hillsboro Townhomes are currently the largest apartment complex taking up 15% of the market. There have not been any new apartments constructed since 2014, and there is no multifamily planned or under construction. Due to the limited supply of multifamily and multiple different avenues to add value, the Hillsboro Townhomes are a prime investment opportunity for a new multi-family investor.

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Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Lot Size:	136.00 Sq ft
Opportunity Zone:	No
Property Website	Click Here