On the Market: 5 Interesting Listings for the Week of 4/16
This week's listings include a new community in West Seattle, duplexes in Denton, Texas, and 188 units in Phoenix's busy Camelback corridor.
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.
Audra Heights
Location: Denton, Texas
Price: Subject to Offer
Units: 72
Years Built: 2010-2017
Audra Heights comprises 36 duplexes located along Bayfield Drive in eastern Denton. The homes all feature a three-bedroom construction and range in size from 1,550 to 1,706 square feet. In-unit amenities include stainless steel appliances, granite countertops, electric ranges, dishwashers and laundry facilities. The property benefits from a proximity to Texas Woman’s University and the University of North Texas. Major thoroughfares nearby include U.S. Route 288 and Interstate 35E. Additionally, the asset has in-place financing in the form of a $9.4 million Fannie Mae loan, with a 10-year term amortized over 30 years and an interest rate of 4.8 percent.
Contact: Greysteel – Rebecca Wiley, (202) 459-4663
Urban 188
Location: Phoenix
Price: Unpriced
Units: 188
Year Built: 1970
Net Rentable: 94,320 square feet
Urban 188 is located on the busy Camelback corridor, within proximity to the city’s central business district, light rail stations, as well as multiple shopping and dining destinations. The community comprises studios and one-bedroom units, with a weighted average size of 506 square feet. According to Yardi Matrix, there are almost 179,000 people living within a three-mile radius, with a median household income of about $40,000. Current ownership implemented major capital improvements, providing potential investors the opportunity to focus on operations. Additional upgrades can be applied to raise rent premiums.
Contact: HSK Multifamily – Bill Hahn, (602) 222-5105; Trevor Koskovich, (480) 227-7420
The Marq at Shoreview
Location: San Mateo, Calif.
Price: $24,100,000
Units: 70
Year Built: 1962
Size: 56,300 square feet
The Marq at Shoreview is situated minutes from the San Francisco Bay shoreline and downtown San Mateo. It is adjacent to Bayshore Freeway, providing residents with ample access around the metro area, its major employers, as well as entertainment, shopping and dining destinations. The property comprises of 15 studio, 54 one-bedroom and one three-bedroom units, ranging in size from 450 to 1,100 square feet. Current ownership implemented a complete renovation of 31 units, as well as upgrading several exterior aspects of the asset, such as new façade, new roofing, exterior paint and updated access to utilities. According to Yardi Matrix, the property is currently more than 90 percent occupied.
Contact: Marcus & Millichap – Adam Levin, (650) 391-1782; Robert Johnston (650) 391-1744
Arlen Oasis Apartments
Location: El Paso, Texas
Price: $2,300,000
Units: 68
Year Built: 1969
Size: 41,075 square feet
Arlen Oasis comprises of 41 one-bedroom, 24 two-bedroom and three three-bedroom units, ranging in size from 472 to 1,240 square feet. This stabilized asset is located next to Patriot Freeway, multiple retailers and dining destinations. Units have been well maintained by current ownership, with nine of the residences having received full renovations last year. The stabilized rents are currently above market rates, and Yardi Matrix reports a current occupancy of 92 percent.
Contact: Waller Group – Logan Waller, (214) 704-5001
Lofts at the Junction
Location: Seattle
Price: $10,000,000
Units: 38
Year Built: 2015
Net Rentable: 12,806 square feet
This newly constructed community consists of loft and studio units with a weighted average size of 336 square feet. It is located in the West Seattle neighborhood, two blocks away from an upcoming light rail station and within walking distance of more than a dozen restaurants and bars. The building features an energy efficient construction. A high job growth market attracts renters—the average household income within a one-mile radius exceeds $100,000. In addition, the area is a high barrier to entry market, lacking in new multifamily developments or land, presenting an investment opportunity. The building benefits from significantly reduced property taxes due to the MFTE program.
Contact: Colliers International – Joe Levin, (206) 223-5583
All images and information are property of the respective brokerage firms or broker. Four images courtesy of Yardi Matrix, one image via Google Street View.
