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Multifamily and Retail Portfolio

Listing was updated at: 06/03/2019
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Property Overview

Price/Rent PSF $ 8,194,500.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 113,216
Date Available 05/23/2019
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Description

Location
Just miles from Expressway 83 - the main thoroughfare connecting the entire Rio Grande Valley - both Palms Cabana and Stone Ridge Weslaco offer an easy commute to anywhere in the valley. Stone Ridge Weslaco is within a mile of an abundance of restaurants and is situated across Pike Blvd from Sam Houston Elementary School. Stone Ridge Elsa is located just North of Edinburg Avenue - the northernmost route connecting the upper RGV - and is situated across Austin St from John F Kennedy Elementary School.

Sale
This portfolio consists of eighty-one freestanding buildings divided among three properties located in two centrally located cities in the Rio Grande Valley. There are 102 multifamily units and 4 retail/office suites, for a total of 106 units that together make up 113,216 SF of leasable space. Palms Cabana, the centerpiece of the portfolio, was built in 2008 and 2009 and features 57 2/2s and 19 1/1s, each unit housed in its own freestanding building. Stone Ridge Weslaco was built in 2007 and includes 20 multifamily units and 4 retail/office suites, and Stone Ridge Elsa is a six-plex that was built in 2006. All together, the portfolio commands just over a million dollars of market rent.

Location

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