On the Market: 5 Interesting Listings for the Week of 1/29
This week's listings include a portfolio investment opportunity in Prince George's County, Md., a new development in the Irvington neighborhood of Portland and an affordable housing community in Dallas.
On the Market is a weekly department curating the most interesting recent 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 Associate Editor Tudor Scolca.
Cheverly Station
Multifamily Portfolio in George’s County, Md.
Location:
- Cheverly Station, comprising 555 units at 6501 Landover Road in Landover, Md.
- Parkland Station, comprising 147 units at 2128 County Road in District Heights, Md.
- Pennbrooke Station, comprising 404 units at 5042 Silver Hill Court in Forestville, Md.
Price: Unspecified / Subject to offer. Properties can be acquired individually, or as a portfolio, offered free and clear of debt
Property Type: Multifamily
Units: Portfolio totals 1,106 units
Average Unit Size: 870 square feet
Year Built: 1962/1963
Net Rentable: 962,049 square feet
The three, individually operated properties have all received improvements from current ownership. Windows, sliders, appliances, countertops, roofing, HVAC units, balcony decks and railings were replaced. Leasing offices and common amenities were improved as well. Average occupancy across the portfolio is at 95 percent, while the average market rent is at $1,293, according to Transwestern.
Contact: Transwestern – Robin Williams, (301) 896-9070; Dean Sigmon, (301) 896-9089; Justin Shay, (301) 896-9082
The Russell
The Russell
Location: Portland, Ore.
Price: Unspecified / Subject to Offer
Property Type: Multifamily
Year Built: 2017
Units: 68
Total Size: 59,656 square feet
The Russell is a new development located in the neighborhood of Irvington. Competition is limited by recent zoning and design changes made by the City of Portland. The apartment community comprises one three-bedroom, 19 two-bedroom, 35 one-bedroom and 13 studio units, with an average size of 877 square feet. Downtown Portland and the Pearl District are easily accessible, while nearby major employers include Adidas and the Legacy Emanuel Medical Center, among others.
Contact: HFO Investment Real Estate – Tyler Johnson or Cody Hagerman, (503) 241-5541
Springbrook Apartments
Springbrook Apartments
Location: Whitewater, Wis.
Price: Request for Offer
Units: 44
Year Built: 2008
Net Rentable: 40,980 square feet
Lot Size: 4.88 acres
Located near the University of Wisconsin Whitewater, Springbrook Apartments features one-, two- and three-bedroom floorplans, as well as four studios. Potential rents range from $769 to $1,209. Common amenities include 16 storage units, laundry facilities, a fitness center and 50 parking spaces. Springbrook Apartments is situated at 539 W. Caine St., proximate to the university campus, shopping, dining and employment opportunities.
Contact: Marcus & Millichap – Matthew E. Whiteside, (262) 364-1930
Artisan Ridge
Artisan Ridge
Location: Dallas, Texas
Price: Unspecified / Subject to Offer
Units: 264
Average Unit Size: 999 square feet
Property Type: Multifamily/Affordable Housing
Year Built: 2004
Net Rentable: 263,748 square feet
Lot Size: 14.7 acres
Artisan Ridge is a Section 42 low income property with a maximum allowable rent of $812 per month. It is situated at 5480 Preakness Lane, near Route 12 and adjacent to the Dallas National Golf Club. Nearby shopping includes the Southwest Center Mall. The University of Dallas is just over seven miles away, while Mountain View College is about one mile away. The property has an assumable fixed rate HUD loan in the amount of $13.7 million, with an interest rate of 3.93 percent.
Contact: Greysteel – Doug Banerjee, (469) 518-5038; John Marshall Doss, (469) 518-5037
The Highlands Apartments
Location: Pflugerville, Texas
Price: Unspecified/Subject to Offer
Property Type: Apartments
Units: 292
Year Built: 2017
Average Unit Size: 856 square feet
The newly constructed garden-style apartment community is in the northeast Austin corridor, at 1501 S. Heatherwilde Blvd. Common amenities include a swimming pool, fitness center with yoga studio, a movie theater, private garages and yards. Sitting at the corner of Wells Branch Parkway and Heatherwilde Boulevard, the property offers residents access to major thoroughfares such as Interstate 35. Some of the metro’s largest employers are nearby, which include Dell, Samsung and General Motors.
Contact: HFF – Sean Sorrell, (512) 532-1924; Matt Pohl, (512) 532-1929
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