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|Number of units||342|
High Visibility with Superior Ingress/Egress –The Property is located along Loma Del Sur Dr., and is bordered by the heavily travelled US-54 and Martin Luther King Jr. Blvd. This ideal location affords excellent connectivity to Interstate-10 to the south as well as SH 375 that runs through the Franklin Mountains State Park and easily connects residents to virtually every significant employment area and amenity base in the El Paso MSA including the El Paso CBD and the University of Texas at El Paso.
Strong-Growth Corridor – The area surrounding Bungalows at North Hills continues to grow at an extremely rapid rate. Since 2000, the population within a one-mile radius surrounding the Property increased by 67%. Furthermore, the average income per household within a one-mile radius is an impressive $90,624 per year, which is well above the $61,996 average income for the El Paso MSA.
Prominent Neighboring Retail – The Property is conveniently located adjacent to the 158,000 SF North Hills Crossing Shopping Center that features over 28 shops and dining options including Walmart Neighborhood Market, PetCo, Marshall’s, Planet Fitness, Big Lot’s, Rack Room Shoes, Starbucks, Chick-Fil-A, Chipotle, and Wendy’s. Additionally, Bungalows at North Hills is just two blocks from Kenworthy Crossing Shopping that is anchored by Albertson’s and consists of 74,000 SF. Other major retailers in the immediate vicinity include AMC Theaters, Lowe’s, Walmart Supercenter, Sam’s Club, Ross, Walgreens, and CVS.
- Class “A” Asset Below Replacement Cost –The Bungalows at North Hills presents the opportunity to acquire a well-maintained, Class “A” asset below replacement cost. Spanning 42 buildings, the community features spacious interiors, a large clubhouse with vaulted ceilings, a resort-style swimming pool, fitness center, two pet parks, playground, 28 detached garages, 68 covered parking, and 36 storage units leasing for $45 per month. In addition, the Property was repainted in 2020.
- Significant Value Enhancement Opportunity Through Interior Upgrades – New ownership is afforded the opportunity to increase effective rental rates through an interior renovation program, which could include the following: Stainless steel appliances, Granite countertops, Faux wood flooring on 2nd floor, Tile backsplash, New or painted cabinet fronts, Upgraded lighting package, New fixtures and hardware, Washer/dryer units