La Residencia & Bonaventure

On Market

East Price Road

Brownsville, Texas 78521

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Building Details

Property Type Multifamily - Conventional, Investment
Year Built 1974
Square Feet 331481
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

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.

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