On the Market: 5 Interesting Listings for the Week of 4/24
Last week's listings include two recently built student housing properties: an amenity-laden 661-bed property catering to students at the University of Florida and a 173-bed community located four blocks from the University of Wisconsin - Milwaukee.
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: Winston-Salem, N.C.
Avg. Unit SF: 880
Rentable SF: 126,720
Avg. Market Rent: $674
Features: Sanctioned under Section 42 Affordability Program; 17.4-acre property; currently 94 percent occupied; more than $530,000 of recent capital improvements completed.
Contact: Watson Bryant, Cushman & Wakefield, 919-439-5148
Location: Gainesville, Fla.
Avg. Unit SF: 2,625
Rentable SF: 467,000
Features: Built in 2016; currently 100 percent occupied; student housing property located one half mile from University of Florida; 100 percent pre-leased for 2017-2018 academic year; 661 beds; University bus line stops in front of property; amenities include themed pool, lazy river and cabanas, Jumbotron and sand volleyball court, onsite mini-mart, multiple study lounges, coffee bar and game room; all units fully furnished.
Contact: Ryan Lang, ARA Newmark, 512-637-1296
Location: Phoenix, Ariz.
Property Size: 17.8 acres
Features: Newly remodeled units include granite countertops, updated cabinets, gourmet kitchens, full size washers and dryers and a private patio or balcony; community amenities include a clubhouse, 24-hour fitness center, two pools and one spa, cyber cafe and lounge, poolside barbecue and cabanas, outdoor TV and bar area, standalone rental office, gated access, 745 total parking spaces, including 69 private detached garages and 76 storage units; new financing available at low interest rate; area saw 50,000 new jobs in past 12 months; upgraded units are bringing in $268 more in rent than unrenovated.
Contact: Cindy Cooke, Colliers International, 602-222-5039
Location: Memphis, Tenn.
Avg. Unit SF: 755
Rentable SF: 69,100
Avg. Market Rent: $712
Features: Value add opportunity exists to upgrade units and receive $180 or more additional rent; close proximity to medical and professional jobs and the expanding Methodist Hospital; currently 95 percent occupied; located in strong midtown submarket.
Contact: Blake Pera, ARA Newmark, 901-260-1156
Location: Milwaukee, Wis.
Price: $9.4 million
Rentable SF: 52,887
Features: Student housing property for the University of Wisconsin – Milwaukee with 173 beds; built in 2009; located within walking distance of the university and North Avenue Retail and Entertainment Corridor; offered free and clear of existing financing; located along free shuttle bus line to campus.
Contact: Ryan Tobia, Triad Real Estate Partners, 312-878-7362
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