On the Market: 5 Interesting Listings for the Week of 4/2
This week's listings include a historic luxury community in Iowa and a property near Lake Michigan's southernmost point.
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.
Ivy Place
Location: Tulsa, Okla.
Price: $9,500,000
Units: 261
Year Built: 1969
Building Size: 194,482 square feet
The community is located near several major thoroughfares, including interstates 244, 44 and state route 169. Many large employers are present, mostly in the manufacturing, distribution and retail sectors. Ivy Place received major capital improvements since 2014, including new heating and air systems, interior renovations, new roofs, new windows and parking lot upgrades. One-, two- and three-bedroom floorplans are available, with a weighted average size of 764 square feet. According to Yardi Matrix, the property is 92 percent occupied, with rents below current market rates.
Contact: SVN|OAK Realty Advisors – Raymond Lord, (918) 201-2005; Benjamin Davis, (918) 201-2005
Lakeshore Dunes
Location: Gary, Ind.
Price: $19,950,000
Units: 680
Year Built: 1966
Net Rentable Area: 483,954 square feet
Lakeshore Dunes sits near Miller Beach, along Lake Michigan’s southernmost point. The community comprises 48 studios, 218 one-bedroom, 375 two-bedroom and 39 three-bedroom units, ranging in size from 390 to 950 square feet. Common amenities include two pools, three playgrounds, a mini-mart, tennis and basketball courts and laundry facilities. Nearby attractions include Marquette Park, with its jogging, hiking and bike trails along Lake Michigan. Double-digit cash-on-cash returns are possible with Lakeshore Dunes, which is currently 20 percent vacant.
Contact: Marcus & Millichap – Eric Bell, (630) 570-2200; Josh Caruana (317) 218-5300
Wendover Apartments
Location: Lubbock, Texas
Price: Unpriced
Units: 79
Year Built: 1964
Lot Size: 3.18 acres
This three-story community is in northwest Lubbock, within minutes of Texas Tech University and in immediate proximity to the Marsha Sharp Freeway. Retailers, restaurants and entertainment venues are situated along the freeway, a few minutes from the community. The stabilized property is performing above the market average, and presents a value-add opportunity. Minor upgrades can be implemented, resulting in a higher revenue stream. Wendover Apartments is currently 95 percent occupied.
Contact: Coldwell Banker Commercial – Chase Tucker (806) 784-3268; Taylor Tucker (806) 784-3260
Los Olivos Condominiums
Location: Phoenix
Price: $5,895,000
Units: 59
Year Built: 1968
Cap Rate: 5.83 percent
This garden-style community is situated just east of Interstate 17 and adjacent to 19th Avenue. A shopping mall is located a few minutes’ walk from the property, featuring multiple shops and restaurants. Light rail stations are within walking distance, offering convenient access to Phoenix Valley’s employment and entertainment. Grand Canyon University is about four miles from Los Olivos. The property comprises two- and three-bedroom units, each metered individually for electricity. Interior and exterior renovations can be applied to improve NOI, at relatively low capital expenditure.
Contact: ABI Multifamily – Ryan Smith (602) 761-9318; Royce Munroe (602) 635-7431
Riverworks Dubuque
Location: Dubuque, Ia.
Price: $5,750,000
Units: 34
Year Built: 1894
Building Size: 14,115 square feet
This luxury apartment community is listed on the National Register of Historic Places, and received a certified historic renovation which was finished in 2011. The ground floor features three retail spaces totaling 14,115 square feet, currently all occupied. The historic renovation is part of an ongoing downtown redevelopment wave taking place in Dubuque, resulting in an influx of new entertainment, hospitality and recreational venues, along with many restaurants and bars. The community offers access to Tristate employment opportunities. Employment growth in the region is currently above national levels. Riverworks Dubuque is currently 100 percent occupied. It comprises 20 one-bedroom and 14 two-bedroom units, ranging in size from 783 to 1,080 square feet. The ground floor leases are currently undergoing renewal negotiations.
Contact: Colliers International – Tyler Hague, (312) 612-5936; Jack Maloney, (312) 612-5944
All images and information are property of the respective brokerage firms or broker. Three images courtesy of Yardi Matrix and one via Google Street View.
