Foster & Company has been retained as an agent for the sale of the 73 unit Rushfair Apartments, an apartment community located in El Paso, Texas. Rushfair is well located in the northeast section of the city only minutes from the Fort Bliss army base. It is close to retail centers, shopping, entertainment, and has excellent access to all areas of the city, with close proximity to both north-south and east-west freeway access.

The complex is comprised of nine buildings, which have recently been completely remodeled and modernized. It includes 73 living units with large balconies, a clubhouse with two offices, two laundries, a large swimming pool with BBQ area, workshop, and storage facility. The total HVAC area is over 80,000 sq. ft. with a total land area of approximately 3.5 acres. The floor plans are the largest in the market area. There is a ample parking with 111 parking spaces. Modernization, extra large units, and independently metered units make this a good condo conversion opportunity.

The buildings are primarily brick construction built on slab, with accent exterior wood siding. All landscaping has been converted to xeriscape, low water usage, low maintenance landscaping including palm trees, mulberry trees, and assorted shrubs and grasses. Mature plantings were kept and many new plantings make this one of the nicest looking apartments in the area. Over $1,500,000 was recently spent renovating the entire apartment complex.

It has been completely refurbished with refinished kitchens, baths, floor coverings, porches, exterior enhancements, and landscaping. The entire complex is now in a

Revenues $548,964

Total O E $248,714

Net Income $300,250

Cap Rate 6.8%