- For sale
1. Opportunity to Increase Effective Gross Income over $350,000.
The future owner has the opportunity to significantly increase Effective Gross Income through operational efficiencies. Based on the trailing 12-month operating statement through May 2021, Raintree Apartments had over $200,000 in Loss-to-Lease and nearly $150,00 in concessions. The future owner can capture this upside by maintaining the strong leasing activity and allowing concessions to burn off in the Spring of 2022.
2. Incredible Assumable Debt
The future owner has the opportunity to assume historically low, 40-year, fully amortizing HUD debt that was just recently placed on both phases of the property
3. Recently Constructed, Turn-Key Opportunity
Raintree Apartments is a very well maintained, professionally managed apartment community constructed in two phases and completed in 2017. With spacious units and modern design, residents enjoy many amenities, including: clubhouse, luxurious pool & spa, and fitness center.
4. Stable Tertiary Market with Strong Fundamentals
Clovis, New Mexico is the largest city in eastern New Mexico with a population of approximately 40,000 residents and is home to Cannon Air Force Base and Eastern New Mexico University. With an average household income of $55,811 and an average single family home price of $151,195 (according to Zillow.com), Clovis is an affordable place to live and raise a family.