OFFERS DUE: 5:00 P.M. (CST) TUESDAY, OCTOBER 20, 2015 (Seller will consider preemptive bids)
Kingsgate Apartments is a 96-unit, Class A, multifamily asset located in northwest Beaumont, Texas. The City of Beaumont is in southeast Texas minutes from the Louisiana border, 90 miles (1 hour) Northeast of Houston, with a population of (2014) 117,769. Beaumont is one of the three neighboring cities along with Port Arthur and Orange, forming: ”The Golden Triangle”.
The property benefits from an excellent location at the intersection of North Major Dr. and State Highway 105, which receives an average daily traffic count of over 13,800 vehicles. Interstate 10 is 8 miles south of the property and Highway 287 is 2.5 miles east. Kingsgate was built in 1999 and constructed with brick and hardiplank exteriors. Occupancy is currently at 98% (August 2015).
Currently, there are only 328 apartment units under construction in Beaumont, Texas. With limited exposure to new supply, a new owner has the opportunity to raise rental rates.
Residents are within close proximity to major employers including Memorial Hermann Baptist Hospital (8 miles, 1,620 employees) Christus St. Elizabeth Hospital (6 miles, 1,574 employees), ExxonMobil Oil Corporation (10 miles, 2,000 employees and 1,000 contractors) among many others.
Beaumont has a rich history in the oil industry and an abundance of museums, parks, and retail venues. A few noteworthy include: Parkdale Mall (4 minutes), McFaddin-Ward House (13 minutes) and Texas Energy Museum (15 minutes).
With a strong employment base surrounding the property and few comparable units being delivered to the submarket, Kingsgate Apartments is exceptionally positioned to capture increased rents through a minor value-add program.
|Kingsgate Apartment Homes|
|Dr. Arthur G. Howe, DDS|
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|768 kbps: AT&T Southwest|
Median rate is a number derived from the median rate of listings posted on 42floors and reports from thought leaders in the area.