On the Market: 5 Interesting Listings for the Week of 10/29
This week's listings include a two-property portfolio in McAllen, Texas, a turnkey investment opportunity in Rhode Island, and more.
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.
Location: Pawtucket, R.I.
Gross Leasable Area: 67,602 square feet
This property is a turn-key opportunity for investors, as it has achieved full occupancy in the first 4 months since it opened its doors. The building received a complete renovation this year, which included brand new kitchen and bathroom appliances, hardwood floors and other interior and exterior work. The community is located at 211 Columbus Ave., in one of Pawtucket’s many artist communities. The building includes studios and one-bedroom units, as well as art studios. Currently, rents are below market levels, providing an opportunity to increase cash flow. Columbus Lofts is sold at a 6.5% cap rate.
Contact: NorthEast Private Client Group – (203) 692-2420
The Flats at 2030
Year Built: 1971
Gross Leasable Area: 119,070 square feet
The three-story, garden-style community comprises 10 buildings connected by a large clubhouse and office building. The asset’s floorplan mix consists of 107 studios, 126 one-bedroom, 3 two-bedroom units, ranging in size from 575 to 950 square feet. Common-area amenities include two swimming pools, barbecue areas and parking. The property offers investors the possibility to buy into immediate cash flow, as the offering is at a 7% cap rate, with growth potential in the form of a classic value-add strategy. Current ownership has implemented a renovation program which, if continued, can lead to higher rents.
Contact: ORION Investment Real Estate – Bob Farell, (480) 612-0398; Joseph Dietz, (602) 524-0418
The Jane Apartments
Location: Greenbelt, Md.
Building Size: 25,712 square feet
The Jane Apartments is situated in Prince George’s County, just north of central Washington, D.C. Current ownership rolled out a renovation program which included interior renovations throughout 77 percent of the units, new roof, updated electrical service and common halls. Updated units benefit from a 30 percent increase in rental premiums. The property has a historically high occupancy rate. The neighborhood features many points of interest within walking distance, such as restaurants, bars and entertainment venues. Several large employers are situated nearby, including the NASA Goddard Space Flight Center, U.S. IRS, U.S. Census Bureau and Prince George’s Community College, among others.
Contact: SVN | RealSite – Justin Verner, (410) 960-3962; Brooks Healy, (443) 523-6865
Location: Yakima, Wash.
Year Built: 1977
Gross Leasable Area: 48,550 square feet
The property’s three buildings comprise 79 studios, 10 one-bedroom and four two-bedroom units, ranging from 450 to 850 square feet. Common-area amenities include a grassy courtyard, seasonal pool and a picnic area. This property is offered at a 7% cap rate. An additional investment incentive is the lack of competition in the area. There are no current developments of comparable size underway within three miles of Mesa Apartments. Situated at the north end of the city, residents are within walking distance of several schools, public transportation, dining and shopping. Nearby major thoroughfares include Highway 12 and Interstate 82.
Contact: Summerfield Commercial – Ryan Kidwell, (425) 260-6286; Robert Parmar, (206) 920-3055
Location: McAllen, Texas
Years Built: 2001, 2004
Gross Leasable Area: 189,368 square feet
The portfolio comprises two properties, Redwood and Northwood, which are both situated near downtown McAllen, providing immediate access to restaurants, entertainment and employment. Northwood encompasses 44 one-bedroom and 80 two-bedroom units, averaging 944 square feet. Redwood consists of 16 one-bedroom and 54 two-bedroom units, ranging from 770 to 1,124 square feet. Both properties are maintained in good condition by the owner and are stabilized, at over 90 percent occupancy. Redwood is currently achieving market rent premiums. Both properties feature top-of-the-line market amenities, such as swimming pools, full-size kitchens, and walk-in closets.
Contact: Marcus & Millichap – Michael Moffitt, (512) 338-7846; Patrick Strake, (512) 906-8393
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