As exclusive advisor, MMG Real Estate Advisors is pleased to offer the opportunity to purchase Portside Apartments, a 92-unit apartment community located in Brownsville, Texas. Built in 2016 and finished in 2020, Portside Apartments is a stabilized asset in a strong rental market, delivering day-one yield for new ownership while being well-positioned for further value-add implementation.
- Prime Location Near Retail Corridor
- Stabilized Asset in a Strong Rental Market
- Opportunity to Enhance Operational Efficiency
- Offered Free & Clear of Existing Debt
Prime Location Near Retail Corridor
Located near the popular Boca Chica Blvd Retail Corridor, Portside Apartments offers convenient accessibility to entertainment and employers. Employers such as Valley Baptist Medical Center are nearby, with the Port of Brownsville less than two miles from the property. Brownsville Sports Park and Gladys Porter Zoo provide nearby entertainment options.
The Brownsville apartment market is predicted to remain stable due to population growth and expanding industries. While manufacturing and shipping drove the economy via the Port of Brownsville, the focus now shifts to diversification and attracting new businesses, like healthcare expansion. New medical facilities, including the UT Health Rio Grande Valley Cancer and Surgery Center, will create jobs and stimulate the local economy, increasing demand for rentals.
Offered at an Incredible Basis
Portside Apartments is offered at a highly attractive going-in basis relative to replacement cost and recent trades in the market. This offering positions new ownership to capitalize on the property’s value as well as broader market trends.
Stabilized Asset in a Strong Rental Market
Brownsville exhibits a healthy demand for multifamily housing, as evidenced by the consistently high occupancy rate of Portside Apartments. At the time of this analysis, the asset maintains 100% occupancy.
Opportunity to Enhance Operational Efficiency
Portside Apartments offers new ownership the opportunity to reduce certain operating expenses while raising rents in the market. Located in the thriving Brownsville market, Portside Apartments is a historically strong asset with the ability to achieve premium rents in an undersupplied market.
Offered Free & Clear of Existing Debt
Portside is free and clear of existing debt. This allows the new owner to have full control and flexibility in shaping the financial structure of the investment and pursuing various financing options, depending on their specific requirements and preferences.
