On the Market: 5 Interesting Listings for the Week of 3/27
This week's listings feature a property located two miles from the Las Vegas Strip and a luxury community in the growing Augusta, Ga.
By Mallory Bulman
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 Mallory Bulman.
Location:Â Charlotte, N.C.
Year Built:Â 2016
Rentable SF:Â 321,546
Acreage: 18.95
Units:Â 310
Average Unit Size: 1,037 SF
Features:Â Best-in-class asset; rental discount in comparison to neighboring properties; strong lease-up progress with 23 leases signed in March (as of 3/29); new construction.
Contact:Â Sean Wood, ARA Newmark, 919-590-4821
Location: Celebration, Fla.
Year Built:Â 2015
Market Rent/Unit:Â 1,494
Units:Â 350
Average Unit Size: 975Â SF
Features:Â Located in Orlando MSA; average household income for the area is $121,158; significant historical rent growth with upside potential; located within 20 minutes of nearly 150,000 jobs and eight of Orlando’s top employers.
Contact:Â Scott Ramey, ARA Newmark, 321-316-3011
Location:Â Kansas City, Mo.
Year Built:Â 2003
Average Rent: $1,090
Units:Â 120
Features:Â Free and clear unpriced offering; located north of Kansas City’s CBD in Briarcliff neighborhood; close proximity to employers such as Cerner and North Kansas City Hospital and recreation like the Briarcliff Trail and the Power and Light District; select units which underwent renovation are achieving an approximate rent premium of $150 monthly.
Contact:Â Brett Meinzer, Berkadia, 816-759-0366
Location:Â Las Vegas
Year Built:Â 1978
Net Rentable SF:Â 223,240
Units:Â 232
Average Unit Size: 962Â SF
Features: Value-add opportunity with addition of in-unit washers and dryers; unit mix consists of one-, two-, three- and four-bedroom units and select townhome-style units; located approximately two miles from the Las Vegas strip; located in close proximity to Kindred Hospital, Montevista Hospital, the College of Southern Nevada and the University of Nevada – Las Vegas.
Contact:Â Bill Hahn, Colliers HSK Multifamily, 602-222-5105
Location:Â Augusta, Ga.
Average Rent: $1,178
Year Built:Â 2009 and 2012
Rentable SF:Â 360,774
Acreage:Â 25.8
Units:Â 358
Average Unit Size: 1,008 SF
Features: Built as two properties in 2009 and 2012; favorable job market with more than 14,000 jobs created in the Augusta, Ga. MSA since 2014; connectivity to metro area via Washington Road and Old Evans Road; recent capital improvements which resulted in a 25.7 percent increase in total collections since February 2016.
Contact:Â Robert Stickel, Cushman & Wakefield, 404-442-5609
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