On the Market: 5 Interesting Listings for the Week of 3/19
This week's listings include a qualified contract-eligible LIHTC community in Louisiana, a new luxury community in Boston and a beachside property in San Diego.
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.
Berkshire Square
Location: Dallas
Price: Unpriced; offered free and clear of debt
Units: 124
Year Built: 1969
Net Rentable: 121,790 square feet
The community is situated in Richardson, near public transit, retail and several schools. Major thoroughfares nearby include highway 75 and Interstate 635. The asset comprises 60 one-bedroom, 30 two-bedroom and 34 three-bedroom units, ranging in size from 752 to 1,325 square feet. Current ownership implemented a renovation program, upgrading 74 units which consequently yielded an average of $145 per month rental increase.
Contact: Greysteel – Doug Banerjee, (469) 518.5038; Boyan Radic, (469) 518.5041
Casa Nueva
Location: Phoenix
Price: $7,350,000
Units: 90
Year Built: 1987
Net Rentable: 69,950 square feet
Casa Nueva comprises eight one-bedroom and 82 two-bedroom units, ranging in size from 500 to 850 square feet. It is situated in a northeastern neighborhood, near Route 51 and the Paradise Valley Mall. The walkable neighborhood includes shopping and dining destinations within minutes of the property. Yardi Matrix reports an occupancy rate of 98 percent, with monthly rents averaging $822. Current ownership implemented a renovation program, finished last year, which saw a sizeable rental increase.
Contact: ABI Multifamily – Eddie Chang, (602) 714.1398; Rue Bax (602) 714.1406
Fifth Avenue Apartments
Location: Lake Charles, La.
Price: $6,370,000
Units: 120
Year Built: 1999
Net Rentable: 125,410 square feet
This apartment community is a qualified contract eligible LIHTC community located at 4247 5th Ave. It is near the Fairview Elementary School, a Walmart Supercenter, multiple shopping and dining destinations, as well as Interstate 210 and the McNeese State University. The property comprises 24 one-bedroom, 46 two-bedroom, 46 three-bedroom and four four-bedroom units, which have a weighted average size of 1,041 square feet. The asset was well-maintained by the owner, and has a potential cash on cash return of 11.3 percent in year one.
Contact: Greystone – Aaron Hargrove, (918) 269.0896; Eric Taylor, (734) 634.0330
Trac 75
Location: Boston
Price: Unpriced
Units: 80
Year Built: 2017
Net Rentable: 93,000 square feet
This newly constructed luxury apartment community is near the Boston Landing 14-acre mixed-used development. The property is already at full occupancy, with an average of 22 units per month during the lease-up process. Average rents are above $4.2 per square foot. The community comprises 14 studios, 45 one-bedroom, 15 two-bedroom and six three-bedroom units, ranging in size from 430 to 1,168 square feet. A new commuter station is nearby, providing access to the various employers in the area.
Contact: Colliers International – Christopher Sower, (617) 330.8141; Jonathan Bryant, (617) 330.8081
The Sandpiper Apartments
Location: San Diego
Price: $6,199,000
Units: 16
Net Rentable: 6,980 square feet
Cap Rate: 2.15 percent
This apartment community is in the beachside area of Mission Boulevard, near multiple restaurants, parks and entertainment, such as volley ball courts, boat jetties and beach bonfire pits. The property is comprised of four studios, 11 one-bedroom and one two-bedroom units. Attractions near Mission Beach include Sea World in Mission Bay Park and the historic amusement park Belmont Park in South Mission Beach.
Contact: South Coast Commercial – Brian Nelson, (619) 226.6011; Adam Cairo (619) 300.0173
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