Built in 2009 and consisting of 152 units, La Sierra was one of the newest apartment communities in New Braunfels at that time. Amenities include a clubhouse, fitness center, and swimming pool. A percentage of the apartments will be allocated to short- and long-term furnished corporate rentals, catering to executives. Prior to acquisition, the seller was charging below-market rents and failing to charge residents for all shared services. With 4.4% 40 year HUD financing and installation of market rental rates and service charges, under 4% unemployment and market occupancy consistently above both national and Texas averages, La Sierra was poised to generate superior cash-on-cash returns.
New Braunfels was ranked one of the top 100 Places to Live in America by Money Magazine. Located centrally between San Antonio and Austin, New Braunfels is known for its family oriented lifestyle and excellent school system. Local area employers include Caterpillar, Walmart Distribution Center, and UPS Group. Close proximity to a number of medical facilities makes New Braunfels attractive to a growing retirement population. Additionally, a new 130 bed Methodist Hospital is under construction approximately one mile from La Sierra Apartments. This will add a projected 800 jobs to the local economy, which is already booming with unemployment nearly 2% below the national average. New Braunfels is also a regional entertainment destination – home to Schlitterbahn Water Park and adjacent to the historic town of Gruene, TX.