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: Jacksonville, Fla.
Year Built: 1973
Net Rentable: 89,750 square feet
San Marco Village is situated five minutes away from Jacksonville’s Central Business District, at 2165 Dunsford Terrace. The area is home to some of the largest employers in the region, including three Fortune 500 companies: CSX, Fidelity National Financial and Fidelity National Information Services. Approximately 60,000 people are employed by the 2,000 businesses present in Jacksonville’s CBD. The asset presents a value-add opportunity through the implementation of an interior upgrade program, which would increase premiums. San Marco Village comprises 85 one-bedroom and 21 two-bedroom units, ranging from 760 to 1,000 square feet. According to Yardi Matrix, the property is currently 93 percent occupied.
Contact: JBM Institutional Multifamily Advisors – Jonathan Barclay, (818) 812-5002; Edward Yang, (407) 456-8000
Location: Leesburg, Ga.
Year Built: 1994
Net Rentable: 78,646 square feet
This community is located at 100 Tallokas Drive Drive, adjacent to a lake and with immediate access to State Route 19. Several restaurants and retailers can be found within walking distance of Springlake. Residents are near Albany schools, entertainment and employment opportunities. The property is well maintained, with several recent remodels, upgrades and updated landscaping implemented by ownership in 2017. Springlake is offered at a 7 percent capitalization rate. The property is currently 98 percent occupied, and it benefits from a long and stable rental history.
Contact: Webb Properties – William Hancock, (229) 347-4668
Location: Capitol Heights, Md.
Year Built: 1948
Net Rentable: 165,843 square feet
This community is located at 1201 Benning Road, an area which has displayed approximately 17 percent rent growth over the past five years. Highland Ridge is within minutes of several large retailers, restaurants and entertainment. Major thoroughfares nearby include Pennsylvania Avenue and the Marldboro Pike. Downtown Washington, D.C., is approximately eight miles away. Major employers include Joint Base Andrews and the Suitland Federal Center, which collectively have approximately 25,000 employees. Ownership implemented a full renovation of the property in 2005, which addressed all interior and exterior improvements at a total cost of approximately $4.6 million. Energy efficient HVAC, light fixtures and insulation were installed earlier this year, reducing expenses for residents of the community. Potential value-add opportunities lie within implementing cosmetic upgrades and achieving higher market rents for improved units.
Contact: Greysteel – Herbert Schwat, (202) 618-3419; Kyle Tangney, (202) 280-2730
Location: Baton Rouge, La.
Year Built: 1968
Net Rentable: 66,864 square feet
Elm Grove Gardens is a few minutes’ drive away from the Baton Rouge Central Business District and Baton Rouge Airport. The community is under LIHTC affordability restrictions covering 100 percent of the units. Elm Grove comprises 20 two-bedroom and 64 three-bedroom units, averaging 932 square feet. The eight, two-story buildings received renovations in 2006. Electricity is paid directly by the landlord, with a monthly HUD reimbursement. Additional improvements are currently underway, and will include repair/replacement of sidewalks, roofs, HVAC units, as well as some interiors.
Contact: SVN Realty – Justin Langlois, (225) 367-1515; Benjamin Graham, (225) 367-1515 x103
Location: Decatur, Ill.
Year Built: 1968
Net Rentable: 97,555 square feet
Huntley Ridge is situated near downtown Decatur, at 552 S. Church St., in an area featuring a plethora of restaurants and retailers, along Main Street. Current ownership implemented a complete renovation of the property in 2016, which included new roofs, landscaping, sidewalk repairs, as well as interior improvements in 88 of the units. Recent state funded grants and local investors have brought much attention to the area, revitalizing it. A new financing program is available for interested parties, while the property is offered free and clear of existing debt.
Contact: Marcus & Millichap – Aaron Kuroiwa, (317) 218-5330
All images and information are property of the respective brokerage firms or broker. Three images courtesy of Yardi Matrix, one image via Google Street View.