Augusta Apartments
74 Units Built in 1973 in Vernon, TX
Marketing description
Summary:
The Multifamily Group is pleased to present the exclusive offering of the Augus-
ta apartments, a unique, opportunity in Vernon, Texas. Constructed in 1973, the
property consists of 74 units averaging 801 square feet. The property features
one- to three-bedroom floor plans, with 82% of units (61 total) consisting of two- and
three-bedroom layouts. It is currently 99% physically occupied. Augusta is being of-
fered free and clear of existing debt.
Location:
Located in the heart of Vernon, Texas, Augusta Apartments offers convenient access
to major local thoroughfares, providing residents with connectivity throughout Wil-
barger County and the surrounding region. The property is within walking distance
of multiple shopping centers, including Hillcrest Plaza and Santa Rosa Center, both
less than half a mile away. Residents also are in close proximity to essential services
such as Wilbarger General Hospital, located approximately 0.5-miles from the site,
enhancing the property’s appeal for a wide range of tenants. The surrounding Ver-
non market is characterized by steady demand for workforce housing, supported by
local employment centers, schools, and regional connectivity to larger hubs such as
Wichita Falls and Altus.
Investment highlights
• Historically Consistent 95+% Physical Occupancy
• Ownership Has Prioritized Occupancy Over Rent Growth – Opportunity to Increase
Rents Through Interior Upgrades and Professional Management
• 82% 2BD & 3BD Units – Family-Oriented Layout Driving Stable Tenancy
• Avg. Rents ~$624/Unit ($0.78 PSF) with Room for Growth Through Capital Infusion
• High Visibility on Business-287 & US-70 (11,000+ VPD)
• Same Owner for 10+ Years – Operational Upside Opportunity
• Proven Historical Cash Flow with 15% Avg. Cash-on-Cash Over Five Years
• Located in Vernon with Employment Anchors Including Tyson Foods, Solvay & North
Texas State Hospital
• Regional Connectivity to Wichita Falls (150K+ MSA)
• ~$51,000 Median Area Income Supporting Workforce Housing Demand
• Offered Free and Clear of Existing Debt
Listing Contacts
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