On the Market: 4 Interesting Listings for the Week of 9/10

This week's listings include a box factory that was remodeled into multifamily in 2017, located in Richmond's Manchester neighborhood, as well as a property in Albuquerque that presents a unique opportunity.

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.

Image courtesy of NAI Latter & Blum

Jackson’s Landing South

Location: New Orleans

Price: $14,450,000

Units: 262

Year Built: 1965

Building Size: 191,099 square feet

Jackson’s Landing South is situated in New Orleans’ south side, at 3400/3500 Garden Oaks Drive. The property features strong historical occupancy and rental performance. Data provided by Yardi Matrix shows occupancy growing steadily from 91 percent in 2014 towards 95 percent as of July. Current ownership spent more than $8 million in capital improvements over the past few years. The community comprises 18 studios, 66 one-bedroom, 158 two-bedroom and 20 three-bedroom units, ranging from 453 to 1,200 square feet. The French Quarter and Central Business District are nearby, while the Algiers ferry offers transit across the Mississippi River.

Contact: NAI Latter & Blum – Ryan Pearce, (504) 569-9300; Paul Richard, (504) 569-9329

Image via Google Street View

Image via Google Street View

Barcelona Suites

Location: Albuquerque, N.M.

Price: $7,000,000

Units: 164

Year Built: 1983

Net Rentable Square Footage: 138,891 square feet

This property marks a potentially unique opportunity for redevelopment, due to recent changes in zoning. Barcelona Suites currently operates as a hotel, but the context favors converting it into either a senior or assisted living facility, or a multifamily asset. The property features an indoor pool with spa, outdoor pool, patios, meeting rooms and a gated underground parking garage, among other amenities. Located at 900 Louisiana Blvd., it offers good access around the Albuquerque metro. Interstates 40 and 25 are nearby, as are several entertainment, shopping and dining destinations.

Contact: SVN Investment Sales Group – Todd Franks, (972) 916-9397; Sean Reynolds, (972) 961-7963

Image courtesy of Yardi Matrix

The Verandas

Location: Canoga Park, Calif.

Price: $38,800,000

Units: 81

Year Built: 2012

Net Rentable Square Footage: 100,478 square feet

This market-rate community features spacious units, ranging from 1,104 to 1,479 square feet. The Verandas comprises 51 two-bedroom and 30 three-bedroom podium apartments. Common-area amenities include large courtyards, swimming pool with spa, a fitness center and a lounge. The community presents investors with a value-add opportunity by implementing small-scale interior renovations. The Verandas is positioned to obtain rent premiums of $135/$185 per month. Located at 21535 Roscoe Blvd., the community has exposure and immediate access around metro Los Angeles.

Contact: Avison Young – Peter Sherman, (424) 265-9200; Alex Jurdi, (424) 369-8019

Image courtesy of Yardi Matrix

Plant 1 Apartments

Location: Richmond, Va.

Price: Unpriced

Units: 134

Year Built: 2017

Net Rentable: 96,807 square feet

This community, situated in Richmond’s Manchester neighborhood, spans an entire block. Plant 1 comprises one- and two-bedroom units, each a bit different from the rest, and in varying sizes—from 672 to 1,037 square feet. Plant 1 was converted from an industrial box factory, giving the community a vintage allure. Located at 403 Stockton St., Plant 1 Apartments is just 1 mile away from the Central Business District and downtown attractions. The community features amenities such as a rooftop deck, indoor and outdoor parking and physical training facility. In addition to the community, the offering includes an additional acre of land, currently used as parking, which can be used to develop a second community.

Contact: Marcus & Millichap – Christopher Chadwick, (202) 536-3753; Marty Mooradian, (804) 205-5008

All images and information are property of the respective brokerage firms or broker. 

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