Newmark is pleased to represent the seller in the disposition of La Residencia & Bonaventure Apartments ("The Property"), a 244-unit multifamily property with high occupancy and outstanding rent growth momentum. The Property is available on an all-cash basis to qualified purchasers. Contact the Newmark team for additional information on pricing, the opportunity, or to schedule a tour.
La Residencia & Bonaventure
Building Details
| Property Type | Multifamily - Conventional, Investment |
|---|---|
| Year Built | 1974 |
| Square Feet | 331,481 |
| Tenancy | Multi |
| Occupancy | Immediate |
| INVESTMENT HIGHLIGHTS | |
| Strong property operations with outstanding leasing momentum - 25% rent increases on recent lease tradeouts | |
| Proven value-add concept with upside remaining - recently upgraded units are receiving $179 avg. rent premiums and 152 classic units remain | |
| Proximity to top area employers and conveniences, including the Port of Brownsville, SpaceX, Keppel AmFELS, Walmart Supercenter, & H-E-B | |
| Below market rents compared to comparable properties - average rents at the Property are $0.09 PSF less than the comps | |
| Robust multifamily market with limited supply - Brownsville has an average occupancy of 97.6% with 8.8% YOY rent growth |
Spaces
| Name | Size | Term | Rate | Use | Condition | Available |
|---|---|---|---|---|---|---|
| La Residencia 2454 E Price Rd, Brownsville, TX | ||||||
| Bonaventure Apartments 2313 Shidler Dr, Brownsville, TX |