On the Market: 5 Interesting Listings for the Week of 4/10
MHN's recent finds include two Colorado properties: one in the burgeoning Colorado Springs student housing market, and a historic four-unit property in Denver built in 1890.
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: Colorado Springs, Colo.
Year Built: 2016
Rentable SF: 67,439
Units: 71
Beds: 157
Average Unit Size: 950 SF
Features: Current average market rent per unit is $1,619; first student housing asset in city history; located near growing University of Colorado in Colorado Springs, has seen a 64 percent in enrollment increase since 2005; walkable property; significant demand for student housing in area; high-end apartment finishes.
Contact: Ryan Lang, ARA Newmark, 512-637-1296
Brighton Place Apartments
Location: Phoenix, Ariz.
Price: $5.4 million
Price/Unit: $68,250
Year Built: 1988
Units: 80
Features: Renovated in 2016; units individually metered for electricity; all units have two bedrooms and one bathroom; upside potential with further upgrades; offered all cash/new loan.
Contact: Rue Bax, ABI Multifamily, 602-714-1406
Location: College Station, Texas
Year Built: 1963
Units: 60
Features: Located 1.5 miles from Texas A&M University and 1.75 miles from Blinn College; value-add opportunity with future rent increases; retail and entertainment destinations within two miles include HEB, Walmart, CVS, Walgreens, Northgate Entertainment District and Bryan Golf Course.
Contact: Brad Shaffer, ARA Newmark, 713-337-5806
Location: Denver, Colo.
Year Built: 1890/2017
Price: $2.1 million
Price/Unit: $525,000
Units: 4
Average Unit Size: 1,000 SF
Features: Gross square footage is 7,004 SF; initial equity is $735,000; terms are cash to new financing; average market rent per unit is $2,450; fully-renovated property in City Park West neighborhood; high-end finishes throughout; in-unit washers and dryers; located blocks from St. Joseph Hospital redevelopment, City Park and Central Denver Rec Center; large, four-car garage.
Contact: Robert Bratley, ARA Newmark, 303-260-4415
Location: Austin, Texas
Years Built: 1969/1983
Rentable SF: 107, 038
Acreage: 4.27 acres
Units: 138
Average Unit Size: 776 SF
Features: Central Austin location situated minutes from the Mueller redevelopment; urban Austin rents are approximately $1,600 or more while the Legacy’s are roughly $900; current owner spent $425,000 renovating property exterior including roof, landscaping and pool upgrades; units remain a value-add opportunity; nearby properties have received rent increases of $100-$150 0r more by making similar upgrades.
Contact: Andrew Shih, ARA Newmark, 512-637-1219
