- Well Maintained Assets with High Historical Occupancy
- Attractive Assumable Fixed Rate Debt with Rates Well Below Market
- Projected Double-Digit Cash Returns with Projected Annual Returns in Excess of 20%
- Strategic Location Near Thriving Corpus Christi MSA
- Multiple Value-Add Opportunities
Well Maintained Assets with High Historical Occupancy
Both Colonial Arms and Quail Ridge are stable, simple to operate properties with strong historical occupancy. Both properties offer recently renovated units including paint, flooring, fixtures and some appliances. Colonial Arms’ 40 units were designed with distinctive 2-story architecture built around a central courtyard featuring a swimming pool. The brick exterior is well maintained, the trim was recently painted in 2022 and new roofs were installed in 2018. The parking lot was seal coated in 2023 and the mechanical systems are under 5 years old. There are also 41 covered parking spaces. Quail Ridge is a simple and efficient 29-unit layout with well-designed floor plans including front and back door entry ways. The 8 buildings are a combination of brick and hardie board construction and roofs were installed in 2019. The parking lot was resurfaced in 2020. There is a laundry facility on site and all utilities are paid by the tenant.
Attractive Assumable Debt with Fixed Rates Below 5%
Both assets offer attractive, fully amortizing, fixed rate debt. Colonial Arms offers an assumable loan balance of ~ $1,545,000 with a 4.92% interest rate and a potential supplemental option to achieve 65% LTV. Quail Ridge offers an assumable loan balance of ~ $1,290,000 potentially equating to 65% LTV on target pricing. With projected cap rates in the 7% + range, the portfolio is offered with substantial positive leverage allowing an investor to achieve projected (fully amortizing) double-digit cash on cash returns and projected annual returns in excess of 20%.
Strategic Location Near Thriving Corpus Christi MSA
Kingsville One Portfolio is strategically situated in the stable city of Kingsville, and near the thriving Corpus Christi MSA. Kingsville is the county seat for Kleberg County, as well as home to the headquarters of the world-famous King Ranch. Key demand drivers in the immediate area include Texas A&M University Kingsville and the U.S. Naval Air Station Kingsville. Both Quail Ridge and Colonial Arms are centrally located in Kingsville with easy access to key demand drivers, recreation, and retail.
