Dorel Laredo (the “property”) is a 424-unit class A apartment community located in the thriving city of Laredo, Texas. The property, which consists of phases built in three (3) phases from 2010 to 2015, features 20 garden-style apartment buildings that were creatively positioned around a native greenscape that bifurcates the two phases of the 20.7-acre community. Dorel Laredo presents an investor with the opportunity to acquire one of the premier properties in the market with turnkey operations, significant scale, and dynamic visibility along the city’s preferred Bob Bullock Loop.
The unit mix for the property includes 162 one-bedroom units, ranging in size from 652 to 957 square feet, 236 two-bedroom units, at 957 square feet, and 26 three-bedroom units, ranging in size from 1,162 to 1,335 square feet. The average unit size is 854 square feet.
The Laredo metropolitan area is the commercial hub of the South Texas Plains with the largest inland port on the United States-Mexican Border. Growing from an agricultural-focused economy along the north bank of the Rio Grande River, the region’s private sector has expanded to include retail trade, international transportation, and gas production. The economic growth and strategic location are drawing new residents from the U.S. and Mexico. Housing development has trailed demand, creating a healthy environment in the apartment market. Builders have responded accordingly by more than doubling multifamily permitting requests annually. Even with an expansion of apartment inventory, occupancy should remain elevated with the population forecast to expand more than double the expected U.S. average over the next five years.
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