6400 Bell Street, Amarillo, TX 79109
The Stonegate Apartments, is a two story, garden-style, apartment community located in Amarillo, Texas. The asset was built in 1997. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies and walk-in closets.
Currently there are no reported leasing concessions. The owner appears to be constantly improving the asset. It is assumed that some of the payroll expense relates to the updating under way.
Ideal for long term hold. Per owner, principal is reducing approximately $14,000/month.
Only 2 properties totaling 200 units are under construction in Amarillo per CoStar. The most recent construction occurred in 2015.
Seller reports a new manager just took over and reportedly the collections will start to improve.
Tom Wilkinson has performed real estate marketing serves for institutional and individual investors since 1972. He has a BA in Mathematics from Rice University and an MBA in Real Estate Investments from the University of Texas. In addition to brokering real estate, Tom previously owned and operated more than 80 properties. Tom has successfully marketed properties for and to dozens of individual, business and institutional sellers and buyers, including REO properties for the RTC, FNMA and FreddieMac.