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.
Narrow Lane Villas
Location: Montgomery, Ala.
Rentable SF: 138,935 SF
Avg. Unit Size: 985 SF
Features: Affordable community with section 42 Low Income Housing Tax Credit; opportunity for conversion to market rate; located in Alabama’s capital city, which has a population of 374,000; close to various employers, including Hyundai Motor Manufacturing which employs 3,100 people; 109 units are affordable and 32 are market rate; in-place rents are $133 less than comparable properties.
Contact: Justin Uffinger, ARA Newmark, 205-582-3676
Highland Park at Northlake
Location: Charlotte, N.C.
Rentable SF: 230,992
Avg. Unit Size: 962 SF
Features: Built in 2014; located on 30.2 acres; value-add opportunity; comparable renter demographics to Uptown Charlotte and South End areas.
Contact: John Heimburger, ARA Newmark, 704-926-4439
Location: Tucson, Ariz.
Price: $3.2 million
Buildable Size: 44,459 SF
Features: Located in East Tucson; mountain views; nearby retail and employment; recent renovations, including energy-saving measures; average unit size of 894 SF; unit mix of one-, two- and three-bedroom apartments; select units have patios or balconies.
Contact: Hamid Panahi, Marcus & Millichap, 520-448-5045
2009 Preuss Rd.
Location: Los Angeles, Calif.
Price: $3.8 million
Building Size: 8,912 SF
Features: Located in West LA submarket; property is situated on a 8,685 SF; unit mix of one studio unit, seven one-bedroom/one-bathroom units and three two-bedroom/two-bathroom units; recent renovations include in-unit laundry and stainless steel appliances.
Contact: William Everitt, Investment Real Estate Associates, 818-386-6888
River Ranch Apartments
Location: Canyon Lake, Texas
Price: $10.5 million
Building Size: 51,232 SF
Features: One- and two-bedroom floor plans; full-size washer and dryer hookups; onsite carports and storage; access to boating, sailing and watersports on Canyon Lake.
Contact: David Kanne, ACR Multifamily, 512-422-5384
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