Texas Panhandle Multifamily Property Hits the Market at $16.2 MillionTexas Panhandle Multifamily Property Hits the Market at $16.2 Million

 AMARILLO, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing for Arden Ridge Apartment Homes (top left photo), a 218-unit multifamily community in Amarillo, the largest city in the Texas Panhandle.

The listing price of $16.2 million equates to $74,312 per unit and $104 per square foot.

            Joe James (middle right photo) and Kent Myers (lower left photo), senior associates, along with J. Patrick Burke, an associate, all in Marcus & Millichap’s Austin office, are representing the seller, a regional owner.

 “The Amarillo multifamily sector has proven itself to be one of the strongest secondary markets in Texas,” says Myers.

“Arden Ridge Apartment Homes is a high-quality asset with historically strong occupancy rates that is currently 99 percent occupied,” adds James.

            The 156,318-square foot property is located at 6302 Blake Ave. in southern Amarillo near Interstate 27, a major traffic artery with access to the central business district. West Texas A&M University is located nearby.

Arden Ridge Apartment Homes was constructed on 12 acres in two phases in 2008 and 2011. The unit mix features 101 one-bedroom/one-bath units, 97 two-bedroom/two-bath apartments and 20 three-bedroom/two-bath apartment homes. The floor plans range from 570 square feet to 1,038 square feet. The average unit size is 717 square feet.

            The property is a pet-friendly community that features on-site management and offers tenants free high-speed Internet connectivity and free access to a DVD library. Other amenities include a fitness center, a tanning salon, a swimming pool, an Internet-equipped business center and a printer. Fully furnished corporate suites are also available.

Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716