On the Market: 4 Interesting Listings for the Week of 3/26
This week's listings include a 100 percent-occupied luxury community in downtown Baltimore, student housing near Philadelphia's universities and a recently renovated value-add opportunity in Columbus, Ohio.
On the Market is a weekly department curating the most interesting recent for-sale CRE assets. If you have a residential real estate asset that you’d like to share with our readers, please email it to Associate Editor Tudor Scolca.
825 North Charles
Location: Baltimore, Md.
Price: $1,274,000
Units: 7 apartments, 1 office
Year Built: 1900
Lot Size: 2,484 square feet
Located in the historic Mt. Vernon neighborhood, the property comprises two studios, three one-bedroom and two two-bedroom units. It also includes one office space. Current ownership renovated the community in 2015, with granite counters, hardwood floors, designer cabinets and stainless-steel appliances. Multiple upscale restaurants, retailers and transit options are nearby. The community is currently 100 percent occupied, with average rents at $1,312.
Contact: SVN – Justin Verner, (410) 960-3962; Brooks Healy, (443) 523-6865
Spruce Hill Apartments
Location: Philadelphia
Price: $13,000,000
Units: 40
Year Built: 2016
Building Size: 40,000 square feet
This recently completed asset was purpose built for student housing. It features three-bedroom/three-bath units only, whilst also featuring bicycle storage, laundry facilities, Wi-Fi and a fitness room. Located at 4525 Walnut St., the community is about a 10-minute’s bike away from the University of Pennsylvania campus. Additionally, plenty of restaurants, shops and employment opportunities are to be found in the vicinity. The building is 100 percent occupied since it was finished, with average rents at about $2,055, a price approximately five percent below market rates.
Contact: Rittenhouse Realty Advisors – Kenneth Wellar, (215) 454-2879; Chris Egan, (215) 454-2913
The Russell
Location: Portland, Ore.
Price: Subject to offer
Units: 68
Year Built: 2017
Total Size: 59,656 square feet
The Russell is a new development located in the neighborhood of Irvington. Competition is limited by recent zoning and design changes made by the City of Portland. The apartment community comprises one three-bedroom, 19 two-bedroom, 35 one-bedroom and 13 studio units, with an average size of 877 square feet. Downtown Portland and the Pearl District are easily accessible, while nearby major employers include Adidas and the Legacy Emanuel Medical Center, among others.
Contact: HFO Investment Real Estate – Tyler Johnson or Cody Hagerman, (503) 241-5541
Cambridge Apartments
Location: Columbus
Price: Subject to offer
Units: 66
Year Built: 1967
Net Rentable: 41,060 square feet
This apartment community comprises 52 one-bedroom and 14 two-bedroom units, at 550 and 890 square feet in size. Cambridge Apartments received a complete renovation in 2013 and features grade-level parking and two laundry facilities. Located at 3170 Cleveland Ave., a main artery with multiple bars, restaurants and shopping destinations. Two of the busiest corridors in Columbus are nearby, interstates 270 and 71. Ohio State University is about 15 minutes away by car. The property is 92 percent occupied.
Contact: Colliers International – Carter Brehm (404) 574-1085; Payton Herschberger, (404) 574-1061
All images and information are property of the respective brokerage firms or broker. One image courtesy of Yardi Matrix and one image via Google Street View.
