On the Market: 5 Interesting Listings for the Week of 2/5
This week's listings include a five-property LIHTC portfolio across the Baltimore and Washington, D.C., metros; a new community in Oregon; and a recently renovated property in Riverview, Fla.
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.
Seasons at Farmington Reserve
Location: Bend, Ore.
Price: Subject to Offer
Units: 228
Year built: 2017
Total size: 208,764 square feet
Seasons at Farmington Reserve is located at 61650 Aaron Way, in proximity to multiple restaurants and shopping destinations. The apartment community offers a mix of one- and two-bedroom floorplans, which range in size from 450 to 1,288 square feet. Common amenities include a clubhouse, heated pool, outdoor fire pit with barbecue and dining area, outdoor lounges and a dog park. Investment incentives include the low unemployment rate, at 4.2 percent, a restricted development pipeline and the tech sector payroll, estimated at $110 million across more than 1,400 jobs.
Contact: HFO – Rob Marton, (503) 241.5541; Cody Hagerman, (503) 241.5541
Maryland LIHTC Portfolio
Locations: Germantown, Olney, Silver Spring, Edgewater and North East, Md.
Price: Subject to Offer
Units: 438 across five properties
Years built: 2004-2006
Average occupancy: 98 percent
The portfolio is situated in Washington D.C.’s and Baltimore’s suburbs and comprises five properties:
- Willow Manor at Clopper’s Mill in Germantown, a 102-unit community featuring rents from $1,217 per unit.
- Willow Manor at Fair Hill Farm in Olney, totaling 101 units and with rents starting at $1,168.
- Willow Manor at Colesville in Silver Spring, a community of 83 units with in-place rent per unit at $1,168.
- Victoria Park at Edgewater in Edgewater, with rents averaging $1,017 and a total of 102 units.
- Victoria Park at North East in North East, featuring 50 units which command a rent of $912 on average.
All properties were developed under the Low Income Housing Tax Credit program. The communities are age-restricted to residents of 62 years or older. Current rents are 12 percent below the maximum allowable, providing potential new owners with an opportunity to increase profits. Amenities across the portfolio include a fitness center, business center, craft room and billiards room.
Contact: Greysteel – Alicia Orkisz, (202) 800.2410
The Radius Apartments
Location: Phoenix
Price: $4,400,000
Units: 72
Year built: 1979
Building size: 37,000 square feet
Lot size: 0.78 acres
Cap rate: 8.67 percent
Radius Apartments received significant exterior and interior upgrades recently, including completely new roofs, paint and stucco. Additionally, 58 units were completely renovated. The community comprises 22 one-bedroom, two two-bedroom and 48 studio units, which range in size from 400 to 800 square feet. Located at 2602 W. Glenrosa Ave., the property offers immediate access to Interstate 17 and Route 60, with downtown Phoenix just five miles away. Market rents at Radius range from $595 to $795.
Contact: Kasten Long Commercial Group – Scott Trevey, (602) 445.4114
6600 West Diversey Avenue
Location: Chicago
Price: TBD / Subject to Offer
Units: 165 across two properties
Total size: 210,678 square feet
Year built: 2012-2018
The portfolio is situated in Chicago’s Montclare neighborhood and comprises two-bedroom units which range in size from 1,140 to 1,400 square feet. The first asset is located on Diversey and Natoma avenues and will comprise eight buildings, currently totaling 99 units, with 18 more to come online later this year. The second, 48-unit property is located at 2931-57 N. Harlem Ave. and comprises six four-story buildings. Investors can achieve immediate economies of scale with the newly-built apartment communities. Current occupancy across the portfolio is at 99 percent.
Contact: Greystone – Bill Montana, (312) 283.8076; Chris Sackley, (312) 283.8077
Rivertree
Location: Riverview, Fla.
Price: TBD, offered free and clear of debt
Units: 251
Net rentable: 239,087 square feet
Year built: 2004
Total land area: 14.5 acres
Construction: Wood frame and stucco exterior
Rivertree is located at 5959 Bandera Springs Circle, near Bloomingdale Avenue and Interstate 75. The community comprises 89 one-bedroom, 106 two-bedroom, 26 three-bedroom and 30 studio units, ranging in size from 600 to 1,453 square feet. The property recently underwent capital improvements of $1.5 million, which included the installation of a summer kitchen, clubhouse and fitness center renovation, new pool furniture, landscaping, as well as interior unit enhancements. The upgrade program can be carried out by potential new owners, with 40 percent of the units still to be renovated. The stabilized property is currently 94 percent occupied.
Contact: JBM – Claudia Raines, (813) 812.5003; Jonathan Barclay, (813) 812.5002
All images and information are property of the respective brokerage firms or broker. One image courtesy of Yardi Matrix. Two images via Google Street View.
