DeVille & Wolflin

Amarillo, TX

Info For Buyers

Overview

Summary

Price $3,450,000
# of Units 61
Rentable SF 49,172 SF
Year Built 1965

Deville and Wolflin Apartments is a 61-unit, partially renovated multifamily community located in Amarillo in Potter County, Texas. Built in 1965 and situated on 2.41 acres, the property is improved with 10 two-story apartment buildings with brick siding and pitched roofs.

Deville and Wolflin Apartments offers open and spacious one-, two-, and three-bedroom units featuring full kitchens equipped with white appliances, formica countertops, tile backsplash, faux hardwood flooring, spacious bedrooms, and new paint. Ample open surface parking is provided.

Key Facts

The property sits below competitors in rents and occupancy. New ownership will have immediate upside with a more hands-on approach.

Prime location just within blocks of the medical district, where over 5,000 people are employed.

There is an opportunity to add immediate scale by purchasing one or more of the other properties in the portfolio. E.g., Deville and Wolfin is within walking distance of West Oaks.

Deville and Wolflin sit on five separate parcels, offering a unique opportunity to buy one property and exit as multiple smaller properties.

Amarillo is the second fastest growing mid-sized city in the nation.

Amarillo performs exceptionally well during economic slowdowns. The local economy increased 3.8% over Covid while the national economy shrank 2.8%.

There are numerous major economic projects slated to add over 4,500 jobs to the local economy in the next few years, including Producer Owned Beef which plans to build a $670M facility, as well as a new Amazon Fulfillment Center which will employ 500 people.