On the Market is a new department curating the week’s most interesting for-sale CRE assets. If you have a commercial real estate asset that you’d like to share with our readers, please email it to Mallory Bulman, Associate Editor.
Hainesway Apartments
Location: Rapid City, S.D.
Offering Price: $12 million
Price/Unit: $49,180.33
Units: 244
Year Built: 1974
Features: Centrally located south of Interstate 90; value-add opportunity; unit mix consists of one-, two- and three-bedroom apartments; property sits on 11.2 acres; 68 garage stalls and 401 parking spots.
Contact: Sandra Runde, Keller Williams Realty Black Hills, 605-343-7500
Silver Lake
Location: Fresno, Calif.
Offering Price: $17.5 million
Price/Unit: $69,444.44
Units: 252
Year Built: 1985
Features: Situated on 17.33 acres; major renovations completed since 2003, with current ownership executing $630,000 in capital improvements since 2013; recent upgrades include fresh exterior paint, an updated leasing office and business center, new irrigation, a resurfaced pool with new tile and updates to the fitness room and resident lounge; unit mix of 100 percent two- and three-bedroom apartments; located close to Fresno Yosemite International Airport, Fresno Pacific University, and downtown Fresno.
Contact: Robin Kane, Berkadia Real Estate Advisors, 559-761-0020
Cornerbrook Cottages
Location: Round Rock, Texas
Offering Price: $35.1 million
Price/Unit: $123,453.28
Units: 285
Year Built: 2017 (under construction)
Features: Class A community; located in Austin suburb of Round Rock, rated first on Livability.com‘s list of 10 Best Affordable Places to Live 2015; major area employers include Dell, Apple, eBay and Google.
Contact: George Kaleh, Cornerbrook Development Co., 713-806-0562
Racquet Club Apartments
Location: Lancaster, Calif.
Building Size: 181,520 SF
Occupancy: 99 percent
Units: 200
Year Built: 1974
Features: Directly adjacent to Antelope Valley Hospital, one of the area’s largest employers, and SR-14, a primary transportation hub; select units offer washers and dryers; approximately $200 premium currently achieved on recent leases.
Contact: Javier Rivera, JLL Southern California Multifamily Group, 213-239-6213
Cross Timber Apartments
Location: Oklahoma City, Okla.
Offering Price: $17.2 million
Price/Unit: $115,133.33
Units: 150
Year Built: 2015
Features: Newly constructed community; located within South Oklahoma City and Moore School District; area is home to high-end commercial and residential developments, office and medical facilities.
Contact: Mike Buhl, Commercial Realty Resources Company, 405-360-5966
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