Pepper Tree and Four Seasons Apartments 207 28th St

Located a Block Away From West Texas A&M Campus
The properties are ideally located in Canyon on the edge of campus. WTAMU is the second largest employer and the largest economic driver for the town. West Texas A&M has an enrollment of just over 10,000 students and offers 40 undergraduate programs, 40 masters programs, and 2 doctoral programs. Recently, the university built an on campus, state of the art football stadium with capacity for 12,000 people and a 150,000 square foot Agriculture Sciences Center worth $48 million to bolster its highly ranked school of agriculture. WTAMU is ranked the safest campus in the nation and the top for online bachelor and business graduate degree programs by US News and World Report.
Immediate Scale
The current ownership group is selling an additional 186-units in the immediate area of which 44-units are in Canyon, presenting a unique opportunity for a new owner to have economies of scale by purchasing an additional one, multiple, or all of the other properties in the portfolio. Reach out to the listing broker for additional information.
Upside in Rents and Occupancy
New ownership has the chance to take over a well-located property and execute a more hands-on operational approach. Comparable properties are achieving occupancy on average at 94% and are renting over $100 more than Pepper Tree and Four Seasons.
Nearby Amarillo Ranked the Second Fastest Growing Mid-Sized City
Amarillo is ranked the second fastest growing mid-sized city and boasted the lowest unemployment level in the state of Texas in 2022. Amarillo is home to a diverse set of industries, including meatpacking, petroleum extraction, agriculture, and logistics. In recent years, the economy has experienced the strongest growth in the past 30 years, and projections slate the market to grow 2.5% in 2023. Canyon is a benificiary of the local MLS economic expansion.
Amarillo Performs Well During Economic Slowdowns
In 2020, the national economy shrank 2.8%, which was the largest decline in 70-years. During this time, Amarillo was the top mid-sized city in the country in terms of economic growth, growing 3.8%. New ownership can expect the local economy to be robust and the property to perform well despite any uncertainty in the broader national economic landscape.
Offered Free and Clear of Existing Debt
The property is being offered free and clear of existing debt with multiple financing options avaliable.