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.
La Estrella Vista
Location: Phoenix, Ariz.
Year Built: 2008 / 2014
Net Rentable Area: 107,232 square feet
This community is situated just a few minutes away from the Thomas Road and 67th Avenue intersection, which features a wide range of shopping and dining destinations. The property, built in two phases in 2008 and 2014, comprises three-bedroom units averaging 1,117 square feet in size. Common-area amenities include a clubhouse, playground, swimming pool and spa, along with 192 parking spaces. Over the past 12 months, the community has not fallen below 95 percent occupancy, while monthly rents average $1,069, according to data provided by Yardi Matrix. Situated at 3065 N. 67th Ave., the property is close to major thoroughfares such as Thomas Road and Interstate 10, as well as public transit.
Contact: ABI Multifamily – Doug Lazovick, (602) 714-1388
Location: Wilmington, Del.
Price: Subject to Offer
Year Built: 1948
Building Size: 110,000 square feet
The garden-style community is located within a 4-mile drive from downtown Wilmington, approximately 45 minutes from Philadelphia and 90 minutes from Baltimore. Located at 5 Ruth Road, the property is also within walking distance of Kirkwood Highway, proximate to several retailers, restaurants and the Wilmington VA Medical Center. Parklynn Apartments comprises 100 one-bedroom and 40 two-bedroom units, ranging from 500 to 650 square feet. The property represents a value-add opportunity, with rental upsides of 10 to 15 percent possible. Data provided by Yardi Matrix shows that current average monthly rents are at $780, while occupancy remained at 97 percent over the past 12 months.
Contact: Rittenhouse Realty Advisors – Kenneth Wellar, (215) 454-2879; Corey Lonberger, (215) 454-2878
The Daily Record Building
Year Built: 1900
Building Size: 14,560 square feet
The former office building of the Daily Record newspaper received gut renovations and was converted into multifamily by current ownership. The community is situated in downtown Baltimore, at 11 E. Saratoga St., near Preston Gardens Park, the central business district and a plethora of transit options, dining, shopping and major employers. The building comprises four studios, 12 one-bedroom and four two-bedroom units, ranging from 508 to 725 square feet. Interiors feature granite and wood countertops, ceramic tile in bathrooms, stainless steel appliances and in-unit laundry machines. Average monthly rents currently range from $981 to $1,100, according to SVN, which is a value approximately 30 percent below market rates. The property is in the lease-up phase and is 40 percent occupied.
Contact: SVN|RealSite – Justin Verner, (410) 960-3962; Brooks Healy, (443) 523-6865
2028 W. Cary
Location: Richmond, Va.
Year Built: 2015
Building Size: 9,100 square feet
Situated in Richmond’s Fan District, this community comprises two structures, one of which is a historic construction, now fully renovated and redeveloped into retail. The ground floor is occupied by a local restaurant, with one of the units situated above. In 2016, a complementary building was constructed, comprising the rest of the apartments, with designs provided by Johannas Design Group. In contrast to value-add offerings on this list, 2028 W. Cary St. represents a turn-key investment opportunity in one of Richmond’s most popular neighborhoods. The asset is characterized as a low-maintenance luxury property, with a diversified revenue stream.
Contact: One South Commercial – Ann Schweitzer Riley, (804) 353-0009
1823 – 43 Dewey Street
Location: Hollywood, Fla.
Year Built: 1949 / 1952
The asset comprises three separate properties sold together, located within walking distance to Young Circle and the central business district. The proximity to North Federal Highway places downtown Fort Lauderdale and its International Airport within a half-hour drive. Current ownership replaced roofs on 47 units, leaving room for a potential value-add strategy. The property also includes a 0.9-acre lot which encompasses 149,050 square feet of buildable surface with current zoning. The IRS designated the area as an Opportunity Zone.
Contact: MSP Group – Deme Mekras, (786) 671-0149; Elliot Shainberg, (786) 671-0151
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