On the Market: 5 Interesting Listings for the Week of 5/28
This week's listings include a newly constructed community proximate to the East Bay's diverse employer base and two properties within walking distance of Illinois State University, among others.
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.
Stewart & Main Student Housing Portfolio
Location: Normal, Ill.
Price: $4,600,000
Units: 28 units/94 beds
Year Built: 1989
Net Rentable: 19,620 square feet
The Stewart & Main portfolio consists of two properties within a six-minute walk from the Illinois State University campus. The three buildings are fully furnished, have internet access, off-street parking and offer utility allowances in each rent. The properties are situated at 410 N. Main St. and 101 W. Stewart Place, on opposite sides of the ISU campus. Three- and four-bed units are available, approximately 1,090 square feet in size. The Stewart & Main communities are stabilized and offer investors the opportunity to enhance revenue through interior renovations, and to capitalize on the ISU’s high enrollment rates.
Contact – Marcus & Millichap: Aaron Kuroiwa, (317) 218-5330; Austin Meeker (317) 218-5349
Garden Heights Apartments
Location: Youngsville, La.
Price: $8,400,000
Units: 134
Year Built: 1982
Net Rentable: 105,270 square feet
Garden Heights Apartments is situated in the Lafayette Parish school district, at 101 St. Ferdinand Place in Youngsville. The community comprises one-, two- and three-bedroom units, averaging 792 square feet in size. Garden Heights is characterized by a high historical occupancy rates, at 95 percent over the past five years. Current ownership has implemented an exterior renovation program in 2016 and 2017, replacing the roofs on all buildings. Five minutes away, there is significant retail growth, with population projected to grow as well.
Contact – NAI Latter & Blum: Ty Gose, (225) 295-0800; Chris Gremillion, (225) 297-7445
The Apex on Central
Location: Phoenix
Price: Unpriced
Units: 117
Year Built: 1988
Net Rentable: 92,368 square feet
This community is in southern Phoenix, adjacent to Central Avenue, at 40 E. Sunland Ave. Several retailers, restaurants and entertainment venues are in proximity of Apex on Central. A future Metro light rail expansion is underway, the planned route to be right next to the community. The eight buildings comprising Apex feature one- and two-bedroom floorplans, ranging in size from 524 to 888 square feet. Phoenix’s central business district, Chase Field and Talking Stick Resort Arena can be rapidly reached due to immediate access to Central Avenue.
Contact – Northmarq: Bill Hahn (602) 952-4041
Idora Apartments
Location: Oakland, Calif.
Price: Subject to offer
Units: 33
Year Built: 2017
Net Rentable: 31,078 square feet
This Class A multifamily asset presents limited competition in the vicinity, as it is the newest rental property to be constructed in the neighborhood. The five-story comprises 14 one-bedroom and 19 two-bedroom units, ranging from 591 to 1,275 square feet. The property also features 2,990 square feet of ground-floor retail. Two BART stations are within walking distance of the property, putting downtown San Francisco about 15 minutes away. The community is proximate to the East Bay’s diverse employer base, including technology, research, healthcare and biotech companies.
Contact – Greystone Real Estate Advisors: Todd Vitzthum, (415) 589-7557; Simon Herrmann, (415) 589-7555
Langley Place
Location: Decatur, Ga.
Price: Unpriced
Units: 118
Year Built: 1973
Net Rentable: 89.700 square feet
This well-maintained asset has seen consistently high occupancy rates, at around 94 percent over the past four years, according to Yardi Matrix. The community features one- and two-bedroom units, averaging 762 square feet. Langley Place is near Interstate 285, Atlanta’s Perimeter, as well as the Indian Creek and Kensington MARTA rail stations. Multiple employers are within reach, including Emory University, the CDC and DeKalb Medical Center.
Contact: Greystone Brown: Barden Brown, (678) 894-2221; Chandler Brown, (678) 894-2225
All images and information are property of the respective brokerage firms or broker. Three images courtesy of Yardi Matrix and one image via Google Street View.
