June 11, 2019
RealtyMogul subsidiary RM Adviser made its first direct buy, acquiring two multifamily complexes in El Paso, TX from a private buyer in Del Mar, CA. The investor, also headquartered in California, added the Terrace Hill Apartments and La Privada Apartments to its portfolio, with plans toward property upgrades and a long-term hold.
The investor acquired:
- The 310-unit Terrace Hill, 4111 Westcity Court
- The 240-unit La Privada, 9030 Betel
Michael Schoellhammer with RealtyMogul noted that the renovations will have a “green” focus, which will include replacing toilets, shower heads and aerators with low-flow models. “The unit interior renovations will take place in conjunction with common area and amenity enhancements, such as a new playground, pool furniture, upgraded barbecue areas and an outdoor lounge with gazebos,” he added.
Pictured: Terrace Hill Apartments
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