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.
Watermans Crossing Apartments
Location: Tampa, Fla.
Year Built: 1973
Net Rentable Area: 301,700 square feet
Watermans Crossing Apartments is a fully affordable community situated on the northern bank of Hillsborough River, at 4515 Rome Ave. The property’s 20 buildings comprise four studios, 120 one-bedroom, 168 two-bedroom and 45 three-bedroom units, ranging from 575 to 1,150 square feet. The property has approximately 1,000 feet of frontage along the Hillsborough River. Common-area amenities include a clubhouse, three swimming pools, sports court, playground and a boat ramp. The asset’s 13.4 acres include several open areas upon which potential investors can expand the amenity package. Rent premiums are also attainable through an interior renovation program.
Contact: Cushman & Wakefield—Luis Elorza, (813) 204-5319; Brad Capas, (813) 204-5316
Location: Hartford, Conn.
Year Built: 1920
Gross Rentable Area: 76,855 square feet
This community is situated just over one mile from downtown Hartford, at 131 Brook St. Bedford Gardens comprises six studios, 37 one-bedroom, two two-bedroom, nine three-bedroom, three four-bedroom, two five-bedroom units and 25 townhomes. Floorplans range from 480 to 1,520 square feet. In 2013, the current ownership implemented a renovation program, including new windows, gas-fired water heaters and boilers, new kitchens, oak cabinets, marble-tiled floors, new bathrooms and refinished floors. The property’s location grants access not only to downtown but also to St. Francis Hospital and Medical Center, interstates 84 and 91, as well as several parks and recreational areas. With Bedford Gardens, investors have the opportunity to obtain a stabilized asset with strong cash flow: Bedford Gardens’ occupancy has steadily increased, from 82.5 percent to 86 percent (as of September) over the past four years, according to Yardi Matrix.
Contact: NorthEast Private Client Group—Brad Balletto, Rich Edwards, Jeff Wright, (203) 692-2420
Year Built: 1920
Total Residential Area: 35,668 square feet
The Dorchester is a turnkey opportunity, following several renovations over the past few years. The most recent upgrade, completed in 2017, consisted of new exterior landscaping work and an upgrade of the brick exterior. The Dorchester comprises 39 one-bedroom, 12, two-bedroom and one four-bedroom unit, ranging from 647 to 1,443 square feet. The community is located at 3720 N. Pennsylvania St., within walking distance of several dining and shopping destinations along 38th Street. The Dorchester is situated about five miles from Indianapolis’ central business district. Access around the metro is facilitated by the nearby Interstate 65.
Contact: Wisely Commercial Realty—Mark Wisely, (317) 758-5032; Adam McNeil, (317) 564-8339
University Square Apartments
Location: Boca Raton, Fla.
Year Built: 1969
Net Rentable Area: 69,580 square feet
This community is primarily used as an off-campus student housing dormitory. The 128-bed property comprises 52 one-bedroom and 38 two-bedroom units, ranging from 713 to 850 square feet in size. The property underwent a full renovation program between 2014 and 2016. Common-area amenities include a swimming pool, outdoor lounge, clubhouse, fitness center, recreational areas and a beach volleyball court. The community is within walking distance of Florida Atlantic University, as well as a plethora of dining and shopping areas.
Contact: RE/MAX—John DeMarco, (954) 678-8733
Year Built: 1985
Net Rentable Area: 41,250 square feet
This community is situated in a Phoenix submarket which, according to CBRE, has seen a 7 percent year-over-year increase in rents. The property consists of 17 one-bedroom and 40 two-bedroom units, averaging 724 square feet. Common-area amenities include a playground, swimming pool, laundry facilities and 60 parking spaces. Paradise Place is located at 16645 N. 31st St., near the intersection with the busy Bell Road, which features multiple points of interest such as shops, restaurants, movie theaters and gyms. Access around the metro is facilitated by proximity to Bell Road and the Piestewa Freeway. According to Yardi Matrix, occupancy at Paradise Place is on a steady upward curve, and as of September, it remains at 96.5 percent. An interior upgrade program is in place, allowing investors to obtain up to $150 in rent premiums, should the program be continued.
Contact: CBRE—Brian Smuckler, (602) 735-5688; Jeff Seaman, (602) 735-5634
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