On the Market: 5 Interesting Listings for the Week of 3/5
This week's multifamily listings include a portfolio in Denver's Glendale market and newly converted condominiums in Scottsdale, Ariz.
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.
Hidden Oaks
Location: St. Helens, Ore.
Price: $6,800,000
Units: 72
Year Built: 1997
Land Size: 1.92 acres
This apartment community is in an area with almost no new multifamily developments. Columbia County maintains a vacancy rate of under five percent, with steadily increasing rent growth. The property is situated approximately 28 miles from downtown Portland, near South Columbia River Highway. Hidden Oaks features two-bedroom units only, 828 square feet in size. Current ownership installed new roofs last year, on all seven buildings. The property is 100 percent occupied.
Contact: Colliers – Kenneth Verbeck, (503) 449-0079; Sean Worl, (503) 449-0082
Albion Portfolio
Location: Denver
Price: $14,250,000
Units: 98 across five buildings
Rentable Area: 63,080 square feet
Year Built: 1957 – 1961
The Albion Portfolio is situated within the growing Glendale market, between Denver’s major employment centers, downtown and the Denver Tech Center. The properties comprise nine studios, as well as 62 one-bedroom and 27 two-bedroom units. Current ownership rolled out an extensive renovation program, implemented to about half of all units. Improvements include ceiling fans, new paint and flooring, dishwashers and updated appliances. Upgrading the remaining units will allow new investors to increase net operating income.
Contact: Unique Properties – Scott Shwayder, (303) 321.5888; Jason Koch, (303) 512.1153
Scottsdale Haciendas Condominiums
Location: Scottsdale, Ariz.
Price: Market Pricing
Units: 79
Year Built: 1985
Rentable Area: 77,405 square feet
The property is situated in eastern Scottsdale, near Route 101 and the Salt River. In 2006, the offered units were converted to condominiums. The community comprises 45 two-bedroom units and 34 townhouses, also with two bedrooms, 855 and 1,145 square feet in size, respectively. Common amenities include two pools, a spa and 273 parking spaces. Yardi Matrix reports an occupancy rate of 98 percent and an average monthly rent of $1,160.
Contact: ABI Multifamily – Doug Lazovick, (602) 714.1388; Eddie Chang (602) 714.1398
Cedarfield at Churchland
Location: Portsmouth, Va.
Price: Subject to offer
Units: 118
Year Built: 1973
Rentable Area: 121,585 square feet
Cedarfield is situated in an area with positive demographics, due to nearby major employment centers in Chesapeake, Newport News and Norfolk. An increase in population growth and household income paired with a small new supply of multifamily projects creates strong value-add potential. A renovation plan implemented by current ownership resulted in an increase in premiums of up to $100. Additionally, the asset is located near Route 164 and Interstate 664, providing connectivity to the region’s employers, many of which are federal institutions.
Contact: Greysteel – Rawles Wilcox (202) 640.1810; Jared Emery (202) 499.4237
Solis Place
Location: San Diego
Price: $5,095,000
Units: 21
Solis Place underwent a full renovation last year. The community comprises seven one-bedroom units and 14 studios. Located in the Old Town neighborhood, residents have access to multiple shopping and dining destinations, while also being in proximity to Columbia College and the San Diego International Airport. Units come equipped with furniture and various kitchen appliances. The property boasts a low vacancy rate, as well as minimal maintenance costs.
Contact: South Coast Commercial – Benn Vogelsang, (619) 794-0381
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