On the Market: 5 Interesting Listings for the Week of 4/3
This week's assets include two student housing properties: a 528-bed community with a pool located less than half a mile from Georgia Southern University and a sleek 2017-built property near the University of Texas in Austin.
By Mallory Bulman
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.
Campus Evolution Villages Statesboro
Location: Statesboro, Ga.
Year Built:Â 1999
Rentable SF:Â 190,608
Units:Â 132
Beds: 528
Average Unit Size: 1,444 SF
Features: Asset below replacement costs; offered at more than 60 percent less than replacement cost; new owner can drive NOI by implementing value-add enhancements with a potential increase of about $790,000; located less than half a mile from Georgia Southern University; nearly 21,000 students are enrolled at GSU, a figure that has increased 26 percent during the past 10 years; GSU is a tier 1 university in the NCAA Division.
Contact:Â Ryan Lang, ARA Newmark, 512-637-1296
Location:Â Austin, Texas
Year Built:Â 2017
Rentable SF:Â 58,745
Units:Â 46
Beds:Â 167
Average Unit Size: 1,277 SF
Features: Directly across the street from the University of Texas; minutes from downtown Austin; high barriers to new construction with limited developable land; all units fully furnished; seventh-floor sky gym, study lounge open 24 hours every day and a game room; UT is the fifth largest university in the country with more than 51,000 enrolled.
Contact:Â Ryan Lang, ARA Newmark, 512-637-12961
Location:Â Orlando, Fla.
Year Built: 2016
Rentable SF:Â 246,772
Units:Â 242
Features:Â Located in Windermere/Ocoee submarket; property has achieved occupancy stabilization and rent levels and lease-up velocity have exceeded expectations; unit mix of one-, two- and three-bedroom units averaging 1,020 square feet.
Contact:Â Jamie B. May, JBM Institutional Multifamily Advisors, 813-812-5000
Brighton Place Apartments
Location: Phoenix, Ariz.
Year Built:Â 1988
Price:Â $5.5 million
Price/Unit: $62,250
Units:Â 80
Features: Renovated in 2016; price per square foot is $97.07; all units are garden-style and individually metered for electricity; convenient access to downtown Phoenix entertainment and employment; unit mix consists of all two-bedroom and one-bathroom units; offered all cash/new loan.
Contact:Â Rue Bax, ABI Multifamily, 602-714-1406
Location: Denver
Year Built:Â 1980/2017
Price: $2.1 million
Price/Unit:Â $525,000
Units:Â 4
Average Unit Size: 1,000 SF
Features: Fully-renovated property in City Park West neighborhood; high-end finishes throughout; in-unit washers and dryers; located blocks from the St. Joseph Hospital redevelopment, City Park and the new Central Denver Rec. Center; gross SF of property is 7,004 SF.
Contact:Â Robert Bradley, ARA Newmark, 303-260-4115
