For Sale:
http://northmarq.listinglab.com/StoneleighHarlingen/
Stoneleigh Harlingen
905 N. Loop 499, Harlingen, TX
NorthMarq is pleased to offer the opportunity to acquire Stoneleigh Harlingen (“Property”), an unparalleled, value-add apartment community built in 2006 and comprised of 180 units in Harlingen, Texas. This property offers a new investor the opportunity to buy a newer vintage asset than normally seen that still allows for a value-add strategy. The projected returns are similar to Class “B” value-add returns without the worry of the deferred maintenance that comes with 70’s and 80’s assets. This “Best in Class” development located in the heart of the Rio Grande Valley in South Texas offers a desirable suburban lifestyle due to its immediate access to a multitude of dynamic employers, quality retail services, and a variety of eateries, entertainment, and recreational amenities.
YEAR BUILT 2006 NET RENTABLE AREA 127,680sf
NUMBER OF UNITS 180 LAND AREA 10 acres
NUMBER OF FLOORS 2 DENSITY 17.98
AVERAGE UNIT SIZE 709sf PARKING SPACES 291
INVESTMENT HIGHLIGHTS
:: PROPERTY PERFORMANCE :: proving to be a favorite pick for residents in the Rio Grande Valley
:: OCCUPANCY RENTAL TRENDS :: operating at a consistently high performance ratio
:: DESIRABLE LOCATION :: offers residents immediate access to airport, retail and major area employers
:: CAMERON COUNTY DEVELOPMENT :: vast corporate investments in area – including Rio Grande LNG, Rio Bravo Pipeline, Big River Steel Flex Mill and SpaceX – to lead to thousands of construction jobs and hundreds of permanent positions thereafter
:: BARRIERS TO ENTER MARKET :: current construction costs for Class A assets are up to $150K/unit
:: RECENT RENOVATIONS :: current ownership has invested over $560K to upgrade exterior and on-site amenities
THE VALUE-ADD OPPORTUNITY
:: PROVEN UPSIDE :: renovated ‘platinum tier’ units are achieving rent premiums of $177/unit over in-place rents
:: MAJORITY OF UNITS NEED UPGRADE :: 19 of the 180 units have been upgraded to a ‘premium tier’, and only 5 units to a ‘platinum tier’
:: RENOVATION PROGRAM :: NorthMarq suggests full-interior renovation program to remaining unrenovated units, with limited-to-no exterior work needed
:: HEALTHY DEMAND :: a new owner could continue the implementation of unit upgrades and see very generous rental premiums and revenue growth