The El Pavon apartments at 5130 Chromite St. have been sold to a California investor, marking this buyer’s first acquisition in the El Paso marketplace.
“This investor currently holds a property in Arizona and is now expanding into the Texas market,” says Trevor Koskovich, executive vice president with Colliers International in Greater Phoenix. “The El Pavon opportunity provided a great purchase in the rapidly growing market of El Paso, where more than 70 of the Fortune 500 companies have offices.”
A private investor from Los Angeles, CA purchased the community from another private investor from Scotts Valley, CA. Koskovich, Bill Hahn, Jeff Sherman and Jesse Hudson of Colliers International in Phoenix negotiated the sale transaction. Financing for the acquisition was arranged by Baring Multifamily Capital.
El Pavon was built in 1992 and contains 14 two-story buildings. The community is comprised of 116 apartment units totaling 118,800 square feet. The apartment collection is comprised of one-, two-, and three-bedroom units. The popular community was 92 percent occupied at the time of the sale.
El Pavon is situated just north of Country Club Road, a major east-west thoroughfare through West El Paso. The neighborhood features several schools, several grocery store options, as well as a nearby Sam’s Club and WalMart Supercenter. Two public parks are within two miles of the property and the community offers easy access to Interstate 10 just one mile south.
Additionally, El Pavon offers close proximity to University of Texas at El Paso, Sunland Park Mall, The Hospital of Providence of Memorial Campus and El Paso Country Club