On the Market: 5 Interesting Listings for the Week of 5/21
This week's listings include 1950s-era townhomes, a fully affordable community and a 150-unit property in New Mexico's second-largest city.
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.
Camden Oaks
Location: Norman, Okla.
Price: Unpriced
Units: 100
Year Built: 1972
Net Rentable: 97,280 square feet
Camden Oaks Apartments is situated at 301 Hal Muldrow Drive, adjacent to West Main Street, which features multiple restaurants, retailers, as well as immediate access to Interstate 35. The community comprises 40 one-bedroom, 46 two-bedroom and 14 three-bedroom units, ranging from 715 to 1,500 square feet. Current ownership spent approximately $350,000 in capital improvements to the property’s exterior features. As of May, occupancy reached 100 percent, indicating that rents are below market rates. More value can be added to the community by implementing in-unit upgrades and increasing rents.
Contact – The Multifamily Group: Jon Krebbs, (972) 379-9862; Paul Yazbeck, (972) 379-9862
Towers on the 19th
Location: Phoenix
Price: $7,350,000
Units: 128
Year Built: 1985
Net Rentable: 57,668 square feet
This northern Phoenix community features professional landscaping, two courtyards, two swimming pools, picnic areas with barbecues, laundry facilities and secure access. Towers on 19th consists of 19 studios, 94 one-bedroom and 15 two-bedroom units, averaging 451 square feet. Submarket rents increased by about five percent since last year, while average vacancy decreased by 237 basis points, according to CBRE. The property offers potential investors a value-add or repositioning opportunity, in the form of interior and exterior improvements. The property is situated at 11850 N. 19th Ave., near Interstate 17.
Contact – CBRE: Brian Smuckler, (602) 735-5688; Jeff Seaman (602) 735-5634
Vista Estates
Location: Columbus, Ga.
Price: $3,500,000
Units: 148
Year Built: 1950
Net Rentable: 143,520 square feet
Vista Estates is located at 2983 Buena Vista Road, near Fort Benning, the United States Army base and Columbus Park Crossings shopping center. The community has been under the same ownership for decades, with rents well below market rates, at around $350 per unit. The property consists of townhomes with two-bedroom, 920-square-foot units. Vista Estates is offered free of debt. Current ownership has a minimal resident screening process, a potential value-add avenue. Higher screening standards will eventually lead to better retention and increase revenue streams.
Contact – SVN | Avat Realty – Desiree Palmer, (773) 886-6010; Michael Coon (256) 361-8305
Parkside Villa Apartments
Location: Fairfield, Calif.
Price: $9,200,000
Units: 64
Year Built: 1979
Net Rentable: 59,976 square feet
Parkside Villa is a fully affordable community located approximately 40 miles south of Sacramento and about 50 miles north of San Francisco. The property currently operates with a project-based Section 8 Housing Assistance Payments contract, which was renewed in 2016 for another five years. Parkside Villa Apartments comprises two- and three-bedroom units, from 950 to 1,050 square feet in size. Common-area amenities include laundry facilities, 100 parking spaces and a community room. Several schools are located within a one-mile radius. Current ownership maintained the asset in good condition and is planning a refurbishment program to replace flooring, fixtures and appliances.
Contact – Marcus & Millichap: Kirk Trammell (650) 391-1809; Joshua Johnson (650) 391-1784
Sun Ridge Village
Location: Las Cruces, N.M.
Price: Unpriced
Units: 150
Year Built: 1986
Net Rentable: 89,504
This Class B community was constructed in two phases and comprises 10 buildings. Sun Ridge consists of 100 one-bedroom and 50 two-bedroom units, averaging 588 square feet in size. Common-area amenities include a fitness center, two swimming pools, a clubhouse, laundry facilities and 300 parking spaces. The property is near Interstate 25 and Mesilla Valley Mall, Young Park and multiple other retailers and entertainment. The current owner improved several aspects of the community’s exterior and interior features, including the installation of new low-emissivity windows, new A/C systems, new roofing, security LED lighting, among other improvements. Las Cruces is the second largest city in New Mexico, with a stable economy and major employers in the educational services, healthcare and social assistance.
Contact – NAI 1st Valley: Randy McMillan, (575) 640-7213
All images and information are property of the respective brokerage firms or broker. Four images courtesy of Yardi Matrix.
