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.
Location: San Antonio
Year Built: 1975
Net Rentable: 30,318 square feet
Wyndhaven in 09 is located at 121 Victor St., a few blocks away from Broadway Street and in proximity to the San Antonio Botanical Garden. Alamo Heights is a fast-growing area of San Antonio, with a projected increase in population of almost 10,000 people over the next five years, according to Yardi Matrix. The community comprises one- and two-bedroom units, averaging 550 square feet. Current ownership implemented a renovation program that includes new appliances, countertops, flooring and backsplashes. Potential investors can increase cash flow via a rent uptick, as current rates at Wyndham in 09 are below market averages.
Contact: The Multifamily Group – Chase Davis, (972) 465-9533; Jon Krebbs, (972) 379-9862
Location: Redding, Calif.
Year Built: 1968
Net Rentable: 122,954 square feet
Heritage Plaza is an age-restricted community situated at 1895 Benton Drive, with immediate access to major thoroughfares such as Interstate 5 and state routes 299 and 44. A plethora of dining and shopping destinations are less than a mile away. The property comprises one- and two-bedroom units, ranging from 470 to 670 square feet. Common amenities include an outdoor picnic and barbecue area, a garden, laundry facilities, a clubhouse and 190 parking spaces. Heritage Plaza is currently 100 percent occupied, providing investors an opportunity to enhance yield by slight rent increases and full recovery of loss-to-lease.
Contact – The Mogharebi Group: Robin Kane, (559) 288-8803; Brendan Kane, (559) 892-0036
Year Built: 1962
Lot Size: 1.33 acres
Townhomes at Hapeville is situated south of downtown Atlanta, at 2959 Forrest Hills Drive. The proximity to four major interstates offers flexibility to commuters, within reach of large corporate demand generators. Current ownership implemented renovations in 2011, with new cabinets, HVAC units, furnaces, appliances and other interior upgrades. Occupancy has grown since the capital improvements, and currently sits at 100 percent. The two-story buildings comprise units averaging 1,012 square feet. Investors can increase gross rent by roughly $10,000. The property is proximate to multiple new developments, such as Aerotropolis, the Summerhill Redevelopment and Porsche’s new headquarters.
Contact – Marcus & Millichap: Dan McBurney, (678) 808-2793; Adrian Provost, (678) 808-2788
Location: Las Vegas
Year Built: 2017
Net Rentable: 230,960 square feet
South Beach Resort is a recently constructed community situated in Vegas’ Spring Valley area, at 8920 W. Russell Road. The property sits between Red Rock Canyon National Conservation area and the Las Vegas Strip, in proximity to multiple shopping, dining and recreational destinations. The community comprises one-, two- and two-bedroom units, ranging from 776 to 1,380 square feet. Common amenities include a fitness center, business center, a clubhouse, volleyball and basketball courts, a swimming pool and a spa. The Las Vegas MSA is one of the leading U.S. markets in terms of rent growth, while more than 43,000 jobs were created in the past two years.
Contact – Cushman & Wakefield: Taylor Sims, (702) 688-6957; Carl Sims, (702) 688-6921
Location: St. Louis
Year Built: 1924
Net Rentable: 47,578 square feet
This beaux-arts style building, initially constructed as a hotel and movie theater, is in the DeBaliviere Place neighborhood of central St. Louis. In 1986, the building underwent a full rehabilitation and conversion into multifamily. The floorplan mix comprises of one- and two-bedroom units, averaging 680 square feet. The historic building offers immediate access to multiple thoroughfares, mass transit and plentiful employment. The asset is stabilized, and revenue can be potentially increased in several ways, including a minimal in-unit rehab program. The basement is currently unfinished and unused, presenting another opportunity to increase value.
Contact – RE/MAX: Paul Cunningham, (314) 406-4896; Patrice TenBroek, (314) 614-0247
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.