New Owner for El Paso Apartments
El Paso, Texas—Mountain Shadows Apartment Homes in El Paso has traded hands. Both the buyer and seller were private investors, with the seller based in Colorado but the buyer locally based. The price wasn’t disclosed.
The property, at 2500–2624 Morehead Ave., totals 103 units and is collectively made up of Mountain Shadows (72 units), Sun City (28 units) and three single-family homes. All of the component properties are adjacent to each other, and thus are managed as a single community.
Originally built in the 1960s, the property offers one-, two- and three-bedroom units averaging 812 square feet. It features landscaped grounds with mature trees and views of the Franklin Mountains. Common-area amenities include a pool, four laundry facilities, and picnic areas.
ARA’s Jeff Patterson and Kelly Witherspoon represented the seller in the transaction. The property was 94 percent occupied at the time of closing.
Demand for apartments in El Paso, as in most markets, has been increasing in recent years, and is forecast to continue climbing this year. According to apartment research specialist Hendricks-Berkadia, net absorption of El Paso apartment units will be 580 this year, up 16 percent compared with 2012. Roughly the same number of new units—about 600—will be completed in the area this year.Tags: Acquisitions/Dispositions