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September 20, 2019
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MULTIFAMILY NEWS
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232-Unit TX Multifamily Asset Trades Hands

7/23/19

A CA-based investor has acquired Las Lomas Apartments, a 232-unit, multifamily property located in El Paso, TX. It was sold by a Chicago-based investment company.

Las Lomas Apartments is comprised of attractive two- and three-bedroom unit mixes in the heart of El Paso’s hottest entertainment area. The property is next door to the brand new Topgolf, Alamo Drafthouse, and the iFly indoor skydiving facility currently under construction.

El Paso is recognized as one of the largest international trade hubs in the western hemisphere, has one of the largest Army bases in America, and is home to a number of government agencies. The combination of private and public sectors have also made El Paso fairly recession resistant, having barely felt the pain of the 2008 recession. El Paso is also ranked one of the safest cities in America and best cities to raise a family.

Jack Stone, Doug Banerjee, and Andrew Hanson with Greysteel represented both parties in the deal. According to Stone, the seller had stabilized the property after spending significant capital on deferred maintenance and increasing the occupancy. Only a handful of units had been upgraded and are receiving significant rent bumps, allowing plenty of upside for the buyer.





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