101535 Home Bfr Amarillo Tx Amarillo, TX 79110

Property Details for 101535 Home Bfr Amarillo Tx

Year built

2024

Property size

131,139 SF

Property type

Residential income homes

Description

This exceptional investment opportunity presents an 81-unit build-for-rent (BFR) townhome portfolio in Amarillo, Texas. The portfolio comprises 60 attached townhomes and 21 detached single-family homes, all featuring three bedrooms, two bathrooms, and two-car garages. Each unit boasts approximately 1619 square feet of living space, totaling 131,139 square feet across the entire portfolio situated on a 255,000 square foot lot. Construction is slated to begin in the second or third quarter of 2024, with the first units anticipated to receive their Certificate of Occupancy (CO) in the fourth quarter of 2024 or the first quarter of 2025. This new construction development offers below-market pricing, presenting a compelling value proposition. The property benefits from a strong local market with limited housing inventory, promising high lease-up velocity and robust rental income. The experienced local developer, with over two decades of Amarillo experience, provides added confidence. Investors have the flexibility to either purchase the land and contract for construction or acquire the completed units upon CO. Projected Year 1 stabilized NOI is $1,402,067, resulting in an 8.03% cap rate and a pro-forma cap rate of 8.29%. The asking price is $17,450,000, translating to $215,432 per unit. Amarillo's diverse economy, low unemployment rate (3.4%), and below-average cost of living contribute to the property's strong investment potential. The property's location in Amarillo, known for its educated workforce and central location, further enhances its appeal. This portfolio offers a compelling combination of new construction, strong market fundamentals, and flexible acquisition options, making it an attractive investment for both long-term and short-term investors.

Location Insight

City

Amarillo

County

Randall

State

Texas

Longitude

-101.883

Latitude

35.138