Contacts

Ryan Quaid

GREA

Sean Scott

GREA

Property Details

Property Type Other
Property Size 1,154,340 SF
Units 411
Date Updated Jun 11, 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.

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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.

Getting around

58/100
Walk Score ®
30/100
Transit Score ®
46/100
Bike Score ®

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

Walmart Supercenter

1.10 miles
Walmart Neighborhood Market

1.11 miles
United Supermarkets

1.26 miles
Big Lots

1.59 miles
The Village on Bell

1.71 miles
Market Street United

1.85 miles
Burlington

1.96 miles
Amarillo International Food Market

2.46 miles
Natural Grocers

2.64 miles
American Freight

2.67 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.

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