111 Unit Mix Use Apartment Community in Amarillo Texas
7 Minutes to Downtown Amarillo
Walk Score of 71

67,932 SF Leaseable Building on 4.245 Acres - Built in 1940
Five floor-plans with a unit mix of - (1) Studio, (65) 1+1, (5) 1+2, (5) 2+1 and (35) 2+2
Property consists of a Class B 7 story mid rise multi family apartment community which was previously senior living with lots of amenities such as 2 chapels, a fitness center, grocery store, a hair salon, dining hall, billiard room, a library, laundry facility, courtyards and a coffee shop and comes with secured gates with 34 audio capable cameras on the property and carports and parking for over 80 cars.

RENOVATIONS AND PROPERTY STATUS
The property has received over $1.6M in renovations in past 3 years with a new roof and elevators and is currently just over 70% occupied.

Current Monthly Income $55,177
Monthly Proforma Income $75,000
Property was listed for sale at $5,900,000

Original Loan Amount $3,500,000
Original Interest Rate 11%
Default Rate 21%
Loan Matured August 2024