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Property Detail

Poole Avenue
Investment with strong occupancy in Port Arthur.
$3,000,000

Description

  • The Pointe, located at 1501 Poole Avenue, is home to a 226-unit multifamily complex, currently 70% occupied with a recent $1.6M capital injection.
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  • Investment with strong occupancy in Port Arthur.
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  • Complex spans 14 two-story buildings on 10.33 acres and offers residents an abundance of unit and on-site amenities.
  • Nestled in Port Arthur, which is known as the Cajun Capital of Texas and has a job market heavy on industry and maritime opportunities.
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  • The Pointe’s garden-style complex was built in 1967 and renovated in 2020 to 2021. It has eight different floor plans, ranging from 650 to 1,150 SF.

Executive Summary

Worldwide Commercial is pleased to exclusively announce the investment opportunity of The Pointe Apartments, a 226-unit, garden-style community in Port Arthur, Texas. The units are spread out among 14 two-story buildings on the 10.33-acre parcel. The Pointe offers eight unique one-bedroom, two-bedroom, and three-bedroom floor plans, with an average unit size of 900 square feet. The recently remodeled asset is now majority-leased at 70% occupancy. The Pointe Apartments have recently received a significant renovation of $1.6 million, offering investors the opportunity for minimal deferred maintenance. Residents enjoy the in-unit and on-site amenities the complex’s professional management team provides. These include but are not limited to large walk-in closets, well-equipped kitchens, additional storage space available, a modernized fitness center, a laundry facility, an executive business center, plenty of surface parking spaces, lush landscaping, and pet friendly.

Port Arthur, known as the Cajun Capital of Texas, is a vast seaport community bordering Louisiana at the state's southern tip along the Gulf of Mexico. The Sabine Lake separates the two states, and the Sabine Pass enables entry to the waterfront city. Port Arthur is usually a half an hour's drive from neighboring metro Beaumont and is accessible by Highways 73, 87, and 96, which leads to further accessibility to Interstate 10. The area comprises a mix of residential, commercial, and industrial developments, while restaurants and businesses line the highways. Locals enjoy outdoor recreational opportunities at nature preserves like Big Hill Bayou Wildlife Management Area and Candy Cain Abshier Wildlife Area, as well as the white-sand beaches of the Gulf Coast and marinas along Sabine Lake. Lamar University, on the south outskirts of Beaumont, is a public, four-year university with last year’s enrollment surpassing 17,400 students.

The Port of Port Arthur is the nation’s ultimate direct transfer facility for international shipping on the Gulf of Mexico, about 6 miles from the subject property. It is a significant employer in this southern Texas seaport city, with more than 2,000 daytime employees. The Port is connected to the KCS Railroad, providing direct intermodal service to and from major markets in the United States and Canada, and it also offers convenient access to interstate highways. The Port Arthur/ Groves Submarket confirms a local population of 125,604, with a correlating average household income surpassing $85,700 and an annual consumer spending power of $1.4 billion. Approximately 83% of renter households are one, two, and three-unit buildouts, signifying strong demand for rental units such as The Pointe’s to serve the immediate area best.

226-Unit Multifamily

Listing ID : 00543

SKU: 543

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Price History

DateEventPrice
December 2 2024Listed$3,000,000.00