Jasmine Apartments presents the opportunity for investors to acquire one of the most popular apartment communities in Dumas, Texas. The 28 buildings span five addresses: 100 Plum Avenue with 20 units, 1401 East Street with 10 units, 1725 East Street with 20 units, 1801 East Street with 12 units, and 1301 S Maddox Avenue with 80 units. The owner has held the property since 2005 and has decided to sell the property and retire. They have made several improvements, such as replacing the roof in 2023, adding central heat and cooling, and implementing robust management teams and procedures.
New owner-operators will enjoy a smooth takeover with an in-place management office run by an asset manager, a full resident manager, a secretary, and a maintenance crew. The property is on the accessible Yardi 360 management platform, allowing the owner to view every activity, including tenant evaluation, tenant pre-approval, leasing, bank account history, and more.
At 100% occupancy with many prospective residents and their deposits on a waitlist, the desirability of these units is abundantly apparent. Market factors paint an optimistic future with major employers like JBS, the Valero McKee Refinery, Faria Dairy, Dumas ISD, and Moore County Hospital. These jobs pay remarkably well for a small market as households within a 10-mile radius report an average annual income of $74,095 per year.