Investment Highlights
– All Laundry Machines Owned by the Property
– 80 New A/C Units in 2014
– Located In Booming Amarillo, Texas Location
– Tremendous Rental Upside
– Historically High Occupancy
– Attractive Non-Recourse Assumable Loan
Lakeview North and South Apartments are located on Dale Street between Amarillo Boulevard and Old Route 66 in Amarillo, Texas. The 253-unit complex consists of an ideal unit mix of spacious one and two bedroom units with an average size of 715-square feet. The property is in walking distance to the area surrounding retail and nearby Gene Howe Park.
The Lakeview Apartments are a well-maintained separately metered multifamily asset with lawn sprinklers, carports, gas stoves, frost-free refrigerators, and dishwashers. Multiple units have recently received new flooring and nine new staircases. There are two maintenance shops and two onsite laundry facilities. All 18 washers and 18 dryers are owned by the property and the seller retains 100 percent of the income. In 2014, 80 new air conditioners were installed.
In 2005, the Northside of the property was upgraded with stucco. The existing pitched roofs were installed in two phases, half in 2005 and half in 2010. The roofs are in line to be replaced as an insurance claim has been submitted to the insurance company. The seller has agreed to assign the insurance proceeds to the purchaser or replace the roof. The property has 42 buildings in total. One building was completely remodeled in 2013 from fire insurance proceeds. The parking lot was also resurfaced in 2013. Originally built as 255 Units the current owner converted some units to 3bdr units and could be converted back.
Lakeview Apartments - 1600, Dale Street, Amarillo, Potter County, Texas, 79107, USA
