On the Market: 5 Interesting Listings for the Week of 3/12
This week's listings include a newly constructed asset in Culver City, Calif., which includes ground-floor retail, as well as a community in southern Dallas near the booming I-45 industrial sector.
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.
The Apple
Location: Tucson, Ariz.
Price: $14,900,000
Units: 335
Year Built: 1988
Net Rentable Area: 224,336 square feet
This community features a mix of studios and one-, two- and three-bedroom units, ranging in size from 390 to 937 square feet. The property offers a good opportunity for repositioning via interior and exterior renovations. Similarly, installing in-unit washers and dryers can improve rents and retention. Yardi Matrix currently reports an occupancy rate of 88 percent. Located at 4880 E. 29th St., the community is near major employers, such as the University of Arizona, Tucson Medical Center, several large retailers and the Davis-Monthan Air Force Base.
Contact: Colliers – Jesse Hudson, (602) 222.5010; Bill Hahn, (602) 222.5105
Pecan Tree
Location: Dallas
Price: Market Price
Units: 171
Year Built: 1974
Net Rentable Area: 90,635 square feet
The apartment community at 3001 Kendale Drive offers a floorplan mix of one- and two-bedroom units, as well as studios, ranging from 355 to 739 square feet. Current ownership spent approximately $1.5 million in improvements, including new roofs, exterior paint, parking lot repairs, a new leasing office and interior renovations to 50 units. The asset is situated north of Loop 12 and about one mile from Interstate 35. The Dallas CBD is about seven miles away. Among the largest employers in the area are the Parkland Hospital, Transcontinental Realty, Southwest Airlines and Partsmaster.
Contact: SVN Investment Sales Group – Sean Reynolds, (972) 961.7973; Esther Cho, (972) 440.0440
Pines of Lanier
Location: Gainesville, Ga.
Price: Market Price
Units: 157
Year Built: 1985
Net Rentable Area: 87,015 square feet
This community is in west Gainesville, near Browns Bridge Road, a thoroughfare which has a daily traffic count of about 22,000 vehicles. Current ownership implemented a renovation program, which included new roofs, as well as interior upgrades to some of the units. Major employment centers are situated nearby, and include Brenau University, Northeast Georgia Medical Center, the downtown business district, the airport and a large retail area. Renovated units receive $100 premiums, while overall rents in this market increased by about $20.
Contact: Greystone Brown Real Estate – Barden Brown, (678) 894.2221; Taylor Brown, (678) 894.2219
The Oliver
Location: Culver City, Calif.
Price: $28,850,000
Units: 30
Year Built: 2016
Net Rentable Area: 43,385 square feet
This newly constructed building comprises 24 two-bedroom and six one-bedroom units, with nine-foot ceilings, patio decks and high-end finishes. Residents also have access to underground parking. The ground floor of the asset has approximately 8,660 square feet of retail space. The entire building is 100 percent occupied. The property has approximately 220 feet of frontage along Washington Boulevard, and is in proximity to Venice, Marina Del Rey, Playa Del Rey and Santa Monica, as well as major thoroughfares such as Interstate 405 and the Pacific Coast Highway.
Contact: Lee & Associates – Duncan Lemmon, (310) 899.2733; Richard DeGirolamo (310) 899.2731
Marvin Place Apartments
Location: Waxahachie, Texas
Price: $2,500,000
Units: 31
Year Built: 1970
Building Size: 29,358 square feet
Situated about half an hour from central Dallas, Marvin Place is in an area with no immediate multifamily competition. Several retailers, restaurants and bars are nearby, as is Route 77, Waxahachie’s central artery. Ownership implemented renovations to various aspects of the community, including exterior and interior finishes, roof replacements and electrical system repairs. The asset is 100 percent occupied, with many residents having lived here for years. The southern Dallas-Fort Worth submarkets have seen booming growth in the industrial distribution sector, with the I-45 corridor presenting millions of square feet under construction.
Contact: Waller Group – Logan Waller, (214) 736.1502
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