Description

BID DEADLINE JANUARY 25, 2011. LaPromesa is a 136 unit Project Based Section 8 complex with a 5-year HAP Contract located in Odessa TX. It is comprised of a 100 unit & 36 unit site minutes from one another. The total complex is under one HAP contract, mortgage, & is managed as one site. The address for the sites are 4560 North Texas Ave. & 901 Monahans St. Odessa, TX. 100% of the units are under the HAP Contract & the community is consistently 95% occupied & maintains an active waiting list. The asking price is supported by the 2010 rent schedule & 2009 audited expenses w/market adjustments. The Section 8 contract rents as of 10/1/2010 are $98,136 or 7.9% below the as is market rents supported by a 2010 Rent Comp Study which was approved by the Fort Worth HUD field office. In addition an as improved option to La Promesa indicates the rents are $296,856 below market through additional rehab to the asset. The current HAP contract was renewed in 2010 under Opt. 2 of the Sect.8 Renewal Guide & expires in 2015

LaPromesa Apartments is located in Odessa Texas which is the county seat of Ector County. Ector County has a population of approximately 132,000. Oil and gas remain the citys largest industry but is quickly being recognized as a major health industry hub featuring 3 hospitals, several medical specialists and a cancer center. The 9th largest Texas airport, Midland International Airport is conveniently located halfway between Odessa and the city of Midland. Odessa is home to Music City Mall with 95 specialty tenants and anchor tenants such as J.C. Penney, Dillards and Sears. The University of Texas Permian-Basin also in Odessa has an enrollment of over 5,000 students. One of the largest retail employers in the area is Family Dollar Distribution Center.Due to the projects superior location in Odessa it attracts an above average Sect.8 tenant base which means lower turnover, increased market demand & additional stability to the operation.Broker has partial ownership interest in the Property.