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Jones Lang LaSalle Americas, Inc. (“JLL”) has been exclusively retained to offer an opportunity for qualified investors to purchase the fee simple interest in The Granite at Olsen Park and The Granite at Thirty-Fourth (the “Portfolio” or “Properties”). The 363-unit, portfolio represents an outstanding value-add opportunity to acquire an asset with the potential for significant upside through an interior renovation program. Situated less than 5 miles from downtown Amarillo, the property’s strategic location provides a strong neighboring amenity base, convenient access to I 27 and I-40 and proximity to economic drivers including the Medical District, Amarillo College and Texas Tech University Health Sciences Center at Amarillo, Bell Helicopter Textron, and Tyson.
CENTRALIZED LOCATION NEAR MAJOR EMPLOYERS & RETAIL
Located in the heart of Amarillo, the Portfolio benefits from a centralized location as well as quick and easy access to I-27 and I-40 providing residents with unparalleled access to move about the City and MSA. Additionally, the Properties have great drive-by traffic and visibility of SW 34th Avenue and S Western Street, driving leasing traffic to the Properties. Also driving leasing traffic to the Portfolio is over 10 million square feet of retail within three miles which includes Westgate Mall, the 500K+ square foot super-regional mall that is the only enclosed mall within 100 miles, Wolfin Village Shopping Mall, and Western Crossing Shopping Center.
VALUE-ADD THROUGH UTILTIY BILL BACK
At both Properties, in addition to rent, a fixed rate is charged for utilities which is materially below actual usage. While the Properties are master-metered, new ownership can increase the rates charged on utilities to bridge the gap to actual usage.