On the Market: 5 Interesting Listings for the Week of 6/25
This week's listings include an heirloom property near Roxbury Park and Century City in Beverly Hills, a community in the heart of Texas that is primed for Fannie or Freddie green financing, and more.
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.
Havana Palms II
Location: Miami
Price: $11,000,000
Units: 79
Year Built: 1947
Net Rentable: 51,774 square feet
Havana Palms II is a portfolio offering situated in Miami’s Little Havana neighborhood, a rapidly gentrifying area which is seeing more and more multifamily investment. The portfolio, located at 931 S.W. 3rd St., comprises 10 two-story buildings sitting on a 94,134-square foot lot. The asset is primed for repositioning, with potential upside in rents, from the current $1.58 up to $1.98 per square foot. Potential financing terms are in the 65 to 70 percent LTV range. The communities are just over two miles away from downtown Miami, and residents have immediate access to a plethora of dining, shopping and entertainment options. Major transportation nearby includes state routes 968 and 41 and Interstate 95.
Contact – Marcus & Millichap: Arthur Porosoff, (768) 522-7058; Fernando Polanco, (768) 522-7071
First Flats
Location: Kokomo, In.
Price: $6,950,000
Units: 122
Year Built: 1970
Net Rentable: 75,100 square feet
First Flats sits on 4.4 acres of land at 1930 S. Goyer Road, just minutes away from the Kokomo Town Center shopping mall and various other shopping and dining destinations along South Reed and Boulevard streets. The stabilized asset saw more than $1.5 million in capital improvements, which included complete remodeling of units, new flooring and paint. The community is situated near some of Kokomo’s largest employers, such as the Chrysler Transmission Plant or Indiana University Kokomo. The property is currently 94 percent occupied. This asset is a turnkey opportunity which includes professional property management already in place.
Contact – Wisely Commercial Realty: Adam McNeil, (317) 564-8339
Silver Tree Apartments
Location: Phoenix
Price: $8,150,000
Units: 98
Year Built: 1986
Net Rentable: 59,152 square feet
Silver Tree Apartments is situated northwest of downtown Phoenix, near Grand Canyon University, at 4336 N. 35th Ave. The garden-style community comprises studios, one- and two-bedroom units, averaging 604 square feet. Current ownership maintained the property in good conditions and applied several upgrades, including new roofs and paint. The value-add opportunity lies with a potential rent uptick, currently at below-market rates, and through interior renovations. Residents have immediate access to major thoroughfares such as State Route 60 and interstates 17 and 10.
Contact – ABI Multifamily: Eddie Chang, (602) 714-1398
405 Shirley Place
Location: Beverly Hills, Calif.
Price: $7,775,000
Units: 11
Year Built: 1948
Total Size: 13,122 square feet
This Beverly Hills community represents a rare opportunity to purchase an ‘heirloom’ asset which has been under the same ownership for more than 50 years. The property comprises 10 two-bedroom units and a studio. The neighborhood features ample destinations for shopping, dining and entertainment. Century City and Roxbury Park are within walking distance, while Santa Monica boulevard offers access around the metro. This property is the first of its size to hit the Beverly Hills market in 14 years and provides potential investors with the opportunity to own a unique asset in a high-density neighborhood.
Contact – Pacific Union International: Allen Roth, (424) 249-7145; Adam Carr, (310) 652-6285
Summerlyn
Location: Killeen, Texas
Price: Unpriced
Units: 200
Year Built: 1974
Net Rentable: 152,000 square feet
Summerlyn Apartments is situated in the heart of Texas, in Killeen, at 4101 E. Rancier Ave. The community comprises 120 one-bedroom and 80 two-bedroom units, averaging 760 square feet. Each apartment features electric appliances, ceiling fans, walk-in closets and enclosed patios. Common-area amenities include two swimming pools, fitness center, grill and picnic area, as well as basketball and volleyball courts. The community is within short distance of Killeen-Fort Hood Regional Airport, a plethora of dining and nightlife destinations. Killeen is also home to Texas A&M University-Central Texas and Central Texas College. The property has several value-add opportunities, such as applying interior upgrades, energy conservation initiatives and bringing occupancy to market averages. Summerlyn qualifies for Green Financing programs through Fannie Mae or Freddie Mac.
Contact – The Multifamily Group: Jon Krebbs, (972) 379-9862
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