1325 Northwestern Dr, El Paso, TX 79912
- Newer construction asset with interiors primed for modern enhancements
- Unparalleled opportunity to increase asking rents: current rents as up to $285 below the submarket
- Opportunity to capitalize on ancillary income opportunities such as charging for covered parking: competitors charge $20-$40/space/month for covered parking
- Potential to improve management inefficiencies such as renewing new leases at current market rates for a potential NOI increase of $99,036 annually
- Strong in place operations with 100% occupancy suggest rents can be increased
Villas at Helen of Troy is a 108-unit, professionally-owned and managed, newer construction, class-A, garden-style community, strategically located in the dynamic West El Paso submarket. El Paso continues to experience unprecedented job growth, which is fueling robust demand for multifamily housing in the submarket. The property is in proximity to major economic drivers including ADP El Paso, Fort Bliss (direct and indirect creation of ±47,000 jobs), Texas Tech University Health Sciences Center, and the University of Texas El Paso. Investors have the tremendous opportunity to increase asking rents; current rents are up to $194 below submarket averages while the property is operating at 100% occupancy. Additionally, investors can capitalize on ancillary income opportunities such as implementing a covered parking fee or installing parcel lockers. Nearby competitors charge $20-$40/space for covered parking and $15/locker for parcel lockers. Investors can also capitalize on management inefficiencies to improve operations such as renewing expiring leases at current market rents.