On the Market: 5 Interesting Listings for the Week of 2/19
This week's listings include two recently constructed properties in Florida and a condominium offering in Vineland, N.J., which has seen historically high occupancy rates since its delivery.
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.
Summerhill Estates
Location: Lansing, Mich.
Price: Subject to offer
Units: 129
Year built: two phases: 1973 & 2002
Total size: 109,912 square feet
Summerhill Estates is located at 3313 W. Mount Hope Ave., near the eastern bank of the Grand River and downtown Lansing. The community comprises 71 one-bedroom and 57 two-bedroom units, as well as one single family home. The apartments range in size from 734 to 1,039 square feet. New construction in the area is limited, providing little to no impact on the existing market. As of last month, occupancy is at almost 97 percent, according to Yardi Matrix. Average rents at Summerhill Estates are at $781 per month. Value-add potential exists in the form of upgrading the units’ interior, which could result in higher rent premiums.
Contact: Greystone – Steve Van Riper, (248) 394-0000 x256; Cary Belovicz, (248) 394-0000 x252
RiverSong
Location: Bradenton, Fla.
Price: TBD, offered free and clear of debt
Units: 179
Year built: 2015
Net rentable: 174,514 square feet
RiverSong is a new Class A apartment community located on the Manatee River in downtown Bradenton, at 606 3rd W. Ave. It is adjacent to the Bradenton Riverwalk park, which features entertainment venues, a fishing pier, skate park and dockage. Additionally, the location is close to multiple connectors and several employment centers. The unit mix comprises one-, two- and three-bedroom units, which range in size from 834 to 1,450 square feet. According to Yardi Matrix, current occupancy is at 94.4 percent, while monthly rents average $1,724. A recently implemented renovation program can be completed to add value to the community.
Contact: JBM – Jonathan Barclay, (813) 812-5002; Claudia Raines, (813) 812.5003
The Vue on Camelback Apartments
Location: Phoenix
Price: $10,670,000
Units: 93
Year built: 1974
Net site size: 2.62 acres
This garden-style apartment community is located at 4802 N. 15th Ave. It is minutes away from the Camelback corridor, with its dining and shopping destinations. Light rail stations are in proximity, as are interstates 17 and 10. The property comprises 53 one-bedroom and 40 two-bedroom units, with sizes ranging from 500 to 730 square feet. A renovation program was rolled out by current ownership, presenting a value-add opportunity for potential buyers. Yardi Matrix reports a current occupancy of 89 percent due to renovations, while monthly rents at Vue on Camelback average $822.
Contact: ABI Multifamily – Alon Shnitzer (602) 714-1283; Rue Bax (602) 714-1406
Veve at Castle Hill
Location: Clermont, Fla.
Price: TBD, offered free and clear of debt
Units: 328
Year built: 2017
Net rentable: 374,072 square feet
Situated in the growing Clermont enclave of the Orlando MSA, Veve at Castle Hill comprises 21 buildings. The property features 105 one-bedroom, 191 two-bedroom and 32 three-bedroom units, which range in size from 771 to 1,446 square feet. This Class A asset is a newly constructed community which offers potential investors the opportunity to generate additional revenue through various means. Currently, the demographics indicate that within a one-mile radius, average household incomes are about $92,455. The property opened in October 2017 and since then achieved a 62 percent occupancy, according to Yardi Matrix. Monthly rents average $1,435.
Contact: JBM – Jonathan Barclay, (813) 812-5002; Claudia Raines, (813) 812.5003
Harlén Court Apartments
Location: Vineland, N.J.
Price: $6,500,000
Units: 55 for sale (out of 104 total)
Year built: 1988
Net rentable: 96,396 square feet
This condominium offering represents a value-add opportunity through potential increase in rents or a transformation into retail. Harlén Court is 100 percent occupied, with average tenant retention of almost eight years, and a waiting list for new residents. The community is located at 3001 E. Chestnut Ave. with good access to several thoroughfares, as well as shopping and dining destinations and several schools. The occupancy rate alone represents a good avenue for increasing profits, as market rents are slowly increasing.
Contact – Colliers International: Tony DiDio, (856) 316-4138; Carl Neilson, (610) 684-1856
All images and information are property of the respective brokerage firms or broker. Three images courtesy of Yardi Matrix and one image via Google Street View.
