- For Sale Contact for pricing
- Property Type Other
- Property Size 1,154,340 SF
- Units 411
- Date Updated Jun 12, 2025
The Aspen Apartments is a recently renovated 411-unit multifamily community located in Amarillo, Texas, in Randall County. The property was constructed in two phases in 1976 and 1980 and is comprised of 31 two-story buildings of wood frame construction with a combination of brick, stucco, and hardie panel siding. The Aspen offers five spacious and contemporary one-, two-, and three-bedroom floor plans. Unit amenities include fully equipped kitchens with black appliance packages, faux hardwood flooring, and large bedrooms with oversized closets. Common area amenities include four laundry facilities, a clubhouse, a fitness center, a swimming pool, a basketball court, a sand volleyball court, picnic areas, a property management office, and on-site property management. The grounds span 15.53 acres and feature large, open green spaces.
Reach out to the broker for more info on lease terms and amenities
Highlights
- Amenity-Rich Community: Includes new pavilions, BBQs, basketball court, and pet parkboosting tenant appeal.
- Extensive Capital Improvements: New office, 80% new HVACs, exterior and interior upgrades, gym, pet park, and more.
- Favorable Financing: Agency 75%+ leverage, 3-5 year interest-only options, and rates in the low to mid 5% rangeor assume current loan. Current loan is 5.28% blended rate, up to 75% leverage. Contact broker for loan terms.
- Major Income Upside: Rent surveys show the property is significantly behind the comparable properties in rent. Opportunity to increase income through carports, W/D connections, and cosmetic upgrades.
- Prime Amarillo Location: Right off I-27 with quick access to top retailers, dining, and $68K avg. household income nearby.
- Strong Day-One Cash Flow: 7.5% cap rate and 9% CoC year one, 10+% CoC at year two. Projected 21%+ IRR after a 5-year hold.
False
Contacts
Location
Getting Around
-
Walk Score ®
58/100
Somewhat Walkable
-
Transit Score ®
30/100
Some Transit
-
Bike Score ®
46/100
Somewhat Bikeable
- City Amarillo, TX
- Neighborhood Amarillo SouthWest
- Zip Code 79109
- Market Amarillo
Points of Interest
-
Toot-n-Totum
0.35 miles
-
Brake Time
0.37 miles
-
Toot"n Totum
0.69 miles
-
Valero
0.77 miles
-
Phillips 66
1.00 miles
-
Walmart
1.04 miles
-
Pak-A-Sak
1.09 miles
-
Toot'n Totum
1.16 miles
-
Murphy USA
1.20 miles
-
Shell
1.33 miles
-
Harrington Employee Parking
3.26 miles
-
Employee Parking Lower Level B
3.30 miles
-
Patient & Visitor Parking A
3.31 miles
-
Employee Parking Lower Level D&E
3.33 miles
-
Patient & Visitor Parking C
3.36 miles
-
Employee Parking
3.46 miles
-
910 S Van Buren St
3.68 miles
-
904 S Van Buren St
3.69 miles
-
900 S Van Buren St
3.70 miles
-
220 SW 10th Ave
3.71 miles
-
Traveler Motel
0.60 miles
-
Amarillo Motel
1.40 miles
-
Staybridge Suites Amarillo-Western Crossing
1.88 miles
-
Candlewood Suites Amarillo-Western Crossing
1.88 miles
-
Comfort Suites
1.94 miles
-
Baymont Inn & Suites Amarillo West
2.04 miles
-
Super 8 by Wyndham Amarillo West
2.05 miles
-
Travelodge Amarillo West
2.10 miles
-
Motel 6
2.10 miles
-
Holiday Inn Express & Suites Amarillo
2.32 miles
-
Rise 'N' Shine Donuts
0.25 miles
-
Whataburger
0.25 miles
-
Braum's
0.26 miles
-
Wendy's
0.26 miles
-
The Potato Factory
0.29 miles
-
Scott's Oyster Bar
0.40 miles
-
Mr. Gatti's Pizza
0.43 miles
-
Pizza Hut
0.51 miles
-
McDonald's
0.52 miles
-
Rosa's Café & Tortilla Factory
0.52 miles
-
South Georgia Elementary School
0.63 miles
-
Paramount Terrace Elementary School
0.64 miles
-
Western Plateau Elementary School
0.84 miles
-
Fannin Middle School
0.98 miles
-
Bonham Middle School
1.01 miles
-
Saint Josephs School
1.22 miles
-
Holy Cross Catholic Academy
1.28 miles
-
South Lawn School
1.28 miles
-
Ridgecrest Elementary School
1.35 miles
-
David Crockett Middle School
1.45 miles
-
Night & Day, Care & Play
0.85 miles
-
Children's Circle of Friends
1.54 miles
-
Imagination Station
2.72 miles
-
Unique Individuals
3.15 miles
Frequently Asked Questions
The sale price for The Aspen is available upon request. Contact the listing broker for more information.
The Aspen totals 27 square feet.
Looking for more in-depth information on this property? Find property characteristics, ownership, tenant details, local market insights and more. Unlock data on CommercialEdge.
