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Duo Teaming Up on El Paso Rental Community
GenX Capital Partners has entered into a development agreement with Prestige Development Group for Azul El Paso. The project totals 104,000 square feet and encompasses 130 apartment units along with 12,000 square feet of retail space. The $40+ million project is the first of three Azul developments planned over the next 36-48 months by the duo.
Azul El Paso features include:
- 12,000 square feet of retail and 130 apartment units ranging from studios to 2 bed/2 bath options.
- Amenities include a gym, business center, conference room, meditation room, theater room, and a restaurant and bar on the amenity deck, facing the pool.
- Positioned within the heart of El Paso’s urban community, the city boasts lower vacancy rates than the national average, with rents growing 3.5% more than double the national rate.
The developers anticipate a 100% lease-up by Certificate of Occupancy, with units commanding maximum rents.
- ◦Development
