On the Market: 5 Interesting Listings for the Week of 4/30
This week's listings include a newly renovated age-restricted community in Vegas and a turnkey asset in central Richmond, Va.
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.
Cambridge Court Apartments
Location: Rochester, N.Y.
Price: Unpriced
Units: 132
Year Built: 1970
Net Rentable: 101,970 square feet
Cambridge Court is situated at 76 Dodge St., near the junction of interstates 490 and 390 and about a 10-minute drive from downtown Rochester. Nearby destinations include the pubs and restaurants along Lyell Avenue, retailers and the Rochester Regional St. Mary’s Campus hospital. The community consists of studio, one-, two- and three-bedroom units, averaging 770 square feet in size. Current ownership fully renovated the property in several phases from 2000 to 2006. Improvements were made to roofing, plumbing, tiling, exterior painting and the parking lot. Cambridge Court is currently below average market rents, providing potential investors with an opportunity to improve income streams.
Contact: DWG Capital Group | NEC – Judd Dunning (212) 328-1168
Uptown 68
Location: Phoenix
Price: $10,540,000
Units: 68
Years Built: 1958-63
Net Rentable: 49,550 square feet
Uptown 68 is located within walking distance of the busy Camelback corridor, at 337 W. Pasadena Ave. A plethora of shopping, dining and entertainment destinations can be found alongside Camelback Road. Public transportation is also within reach, with a light rail station just minutes away by foot. The community comprises three studios, 27 one-bedroom, 37 two-bedroom and one three-bedroom floorplans. Units range in size from 400 to 1,000 square feet. According to data provided by Yardi Matrix, occupancy is at 78 percent as of March, with monthly rents averaging $959.
Contact: ABI Multifamily – John Klocek, (602) 344-9258; Patrick Burch, (602) 344-9197
Galewood Gardens
Location: Austin, Texas
Price: Unpriced
Units: 95
Year Built: 1972
Net Rentable: 57,285 square feet
Galewood Gardens is situated in North Central Austin, on approximately 2.5 acres. Common amenities include a large courtyard, a playground, laundry facilities and 200 parking spaces. All units are one-bedroom, at 603 square feet. The four buildings comprising the property were well-maintained by current ownership. The community is within a short distance of Interstate 35, Highway 183 and a light rail station. Plentiful employment options are to be found nearby as well, including the high-density Domain area and the ACC Mall redevelopment. According to Yardi Matrix data, the property was subject to a $4.4 million Fannie Mae CMBS loan, due 2022. Potential buyers can purchase the asset free and clear, or assume the existing loan.
Contact: HFF – Forrest Bass, (512) 532-1964; Matt Pohl, (512) 532-1929
Topaz Senior
Location: Paradise, Nev.
Price: Unpriced
Units: 61
Year Built: 1983
Net Rentable: 45,560 square feet
Topaz Senior is an age-restricted community located at 4990 S. Topaz Road, near the Tropicana Avenue corridor, which features a plethora of shopping and dining destinations, including a Walmart Supercenter. Topaz Senior comprises one studio, 12 one-bedroom and 48 two-bedroom units, averaging 809 square feet in size. Current ownership completed multiple capital improvements totaling around $640,000. These include an upgraded amenity package, new painting, barbecue area, landscaping, new floors and air-conditioning. The asset also comes with approved entitlements, with plans and engineering work, for an additional 24 units.
Contact: Ken Templeton Realty – Kris Templeton, (702) 873-6700
Park Chateau Apartments
Location: Richmond
Price: $8,000,000
Units: 119
Years Built: 1967-73
Net Rentable: 54,720 square feet
Park Chateau Apartments comprises two properties situated within just over a mile from each other, just south of the James River. The asset is located on 3900 Forest Hill Ave. and 600 Westover Hills Blvd., near Forest Hill Park. The community consists of 102 one-bedroom and 17 two-bedroom units, all recently renovated. The turn-key asset offers a potential cash on cash return of approximately 10 percent. Residents have access to the area’s top employers, including the HCA Virginia Health Systems, Bon Secours Healthcare Centers and Virginia Commonwealth University, among others.
Contact: Marcus & Millichap – Altay Uzun, (757) 777-3737; Justin Ferguson, (804) 205-5022
Images courtesy of Yardi Matrix. Information property of the respective brokerage firms or broker.
