On the Market: 5 Interesting Listings for the Week of 1/15

This week's listings include a 56-unit, mixed-use building with a self-storage component and a community in Miami Beach overlooking Biscayne Bay.

On the Market is a weekly department curating the most interesting recent for-sale multifamily assets. If you have a property that you’d like to share with our readers, please email it to Associate Editor Tudor Scolca.

Serrano GardensSerrano Gardens Apartments

Location: Mesa, Ariz.

Price: $9,300,000

Price/Unit: $95,876

Units: 97

Year Built: 1973, renovated in 2016/7

Occupancy: 97 percent

Highlights: Serrano Gardens, located at 1915 E. Broadway Road, features one- and two-bedroom floorplans with an average size of 722 square feet. Common amenities include a playground, laundry facilities and 138 parking spaces. Units include tub and shower enclosures with ceramic tile and unitized fiberglass. Located on the southwestern corner of E. Broadway and S. Gilbert roads, the community offers immediate access to retailers, restaurants, public transit and an elementary school.

Contact: Eddie Chang, ABI Multifamily, 602.714.1398

Riveredge Rentals

Location: Spring City, Penn.

Price: $5,100,000

Units: 56 apartments, 225 self-storage units, 10 retail storefronts, one garage

Year Built: 1980 (apartments and retail) and 2000 (self-storage component)

Rentable self-storage space: 45,172 square feet

Highlights: The mixed-use Riveredge Rentals has 10 retail spaces on the ground-floor and features a concrete plank construction with pitched roofs. The property is situated on the West bank of the Schuylkill River, at 20 Riverside Drive. The Philadelphia metro area can be easily reached via nearby interstates 276 and 76. Residents are nearby multiple shopping and dining options and the Schuylkill River Trail.

Contact: Matthew Stefanski, Berkadia, 215.328.1339

Ocean Bay AptsOcean Bay Apartments

Location: Miami Beach, Fla.

Price: Pricing guidance is in the $5.6 million price range based upon recent trades and market capitalization rates

Units: 16 market-rate units and four licensed Hotel Suite rentals

Year Built: 1949

Total Surface: 8,754 square feet

Average Unit Size: 437 square feet

Acreage: 0.21

Highlights: Ocean Bay Apartments has undergone complete interior and exterior renovations, including a painted exterior, new windows, renovated bathrooms and kitchens, new laminate floors. The property also features a marina with available boat slip rentals. Situated in the North Beach neighborhood of Miami Beach, Ocean Bay Apartments offers residents quick access to multiple bars and restaurants overlooking Biscayne Bay, golf and country clubs and multiple entertainment venues.

Contact: Fernando Polanco, Greystone Real Estate Advisors, 305.677.9917

240 St. Josephs Avenue240 St. Josephs Avenue

Location: San Francisco

Price: $7,188,888

Price/Unit: $479,259

Units: 15

Year Built: 1963

Gross Size: 10,433 square feet

Highlights: Located in the Anza Vista District, the community offers views of downtown San Francisco and immediate access to the city’s public transit system. The neighborhood features multiple retailers, bars and restaurants within walking distance. The University of San Francisco is also nearby. The owners properly maintained the asset, which features a landscaped garden entry and inner atrium. It comprises four one-bedroom and 11 two-bedroom units.

Contact: James Devincenti, Colliers International, +1.415.288.7848

Roman Villas Apartments

Location: San Diego

Price: $7,295,000

Price/Unit: $260,535

Units: 28

Built: 1972

Rentable: 20,822 square feet

Highlights: The Roman Villas apartment community features a 16-space parking lot and a unit mix of two one-bedroom, 24 two-bedroom units and two studios. Onsite laundry facilities are available to residents. The owner of the property made several changes and renovations recently, including new windows, completely rebuilt bathrooms and kitchens, new appliances and A/C units.

Contact: Lora Johnson, South Coast Commercial, (858) 357-7149

All images and information are property of the respective brokerage firms or broker. First image courtesy of Yardi Matrix.

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