For Sale $3,450,000
Property Type Other
Units 61
Year Built 1977
Date Updated Apr 26, 2024
Website westoaks.sharplaunch.com

West Oaks is a well maintained 1977 vintage apartment complex boasting 61 spacious units nestled just outside of the vibrant medical district in Amarillo Texas. This classic brick construction property offers a mix of one, two, and three-bedroom residences designed for modern living well equipped with tile and carpet flooring, formica countertops, white appliances, spacious bedrooms, and new paint.

Situated on 1.79 acres of beautifully landscaped grounds, it provides residents with ample outdoor space and includes a pool, on-site laundry facilities, and many open surface parking spots.

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Highlights

Prime location just within blocks of the medical district, where over 5,000 people are employed.
Numerous major economic projects slated to add over 4,500 jobs to the local economy in the next few years, including Producer Owned Beef which plans to build a $670M facility, as well as a new Amazon Fulfillment Center which will employ 500 people.
There is an opportunity to add immediate scale by purchasing one or more of the other properties in the portfolio. E.g., West Oaks is within walking distance of Deville and Wolflin.
Amarillo is the second fastest growing mid-sized city in the nation.
The property sits below direct competitors in rent and occupancy. New ownership can take a hands-on approach to increase income.
Amarillo performs exceptionally well during economic slowdowns. The local economy increased 3.8% over Covid while the national economy shrank 2.8%.