On the Market: 5 Interesting Listings for the Week of 7/16
This week's listings include a newly constructed luxury community in Boston, a 1920s-era property in Los Angeles 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.
Image courtesy of HFO Investment Real Estate
Green Leaf River Pointe
Location: Vancouver, Wash.
Price: Subject to Offer
Units: 388
Year Built: 1980
Net Rentable: 339,980 square feet
This community is situated in the northern Portland metro, with immediate access to Interstate 205. Plentiful dining and shopping can be found at the nearby Vancouver Mall. Residents can also connect to the area’s large employers, such as PeaceHealth, SEH America or ControlTek. The community comprises 115 one-bedroom, 198 two-bedroom and 75 three-bedroom units, ranging from 691 to 1,111 square feet. Approximately 24 percent of the units were recently renovated, increasing rents by about $197 per unit. Potential investors can continue the program, adding more value to the asset.
Contact – HFO Investment Real Estate: Tyler Johnson, (971) 717-6336; Cody Hagerman, (971) 717-6333
Image courtesy of NKF
Serenity
Location: Boston
Price: Unpriced
Units: 195
Year Built: 2017
This recently completed luxury community is situated near Northeastern University, at the northeastern edge of Olmsted Park. The property boasts high-end finishes, including contemporary kitchens and bathrooms, walk-in closets and oversized windows. Common-area amenities include a dual-entrance lobby, lounge area, elevated pool deck, private courtyard, a fitness center and parking garage. The community is near the Longwood Medical Area, anchored by Harvard Medical School. Residents have immediate access to the MBTA Green Line, providing mass transit to key areas of the metro. The property is currently awaiting LEED Gold certification.
Contact – NKF Capital Markets: Robert Griffin, (617) 863-8611; Thomas Greeley, (617) 863-8621
Image courtesy of Yardi Matrix
San Mar Manor
Location: Los Angeles
Price: $10,500,000
Units: 56
Year Built: 1927
Net Rentable: 30,240 square feet
This reinforced masonry building is located at 523 Westmoreland Ave. in Los Angeles’ Koreatown. A plethora of shopping and dining destinations are situated nearby. The Wilshire/Vermont subway station is within walking distance of the community. San Mar comprises 42 studios and 14 one-bedroom units, averaging 540 square feet in size. The building underwent several capital improvements, including a new electrical system and plumbing upgrades. The property has the potential to be repositioned as a vintage 1920s vintage luxury community, significantly increasing revenue.
Contact – Marcus & Millichap: Sean Rosenzweig, (213) 943-1897
Image courtesy of Yardi Matrix
Alliance at 400
Location: Tallahassee, Fla.
Price: $4,832,000
Units: 80
Year Built: 2003
Net Rentable: 127,680 square feet
Alliance at 400 is a student housing community situated less than half a mile from Florida Agricultural and Mechanical University campus. The property comprises four-bedroom units only, at 1,596 square feet in size. Common-area amenities include a fitness center, basketball court, swimming pool and clubhouse. The asset is offered free and clear of debt, providing an opportunity for favorable financing. Downtown Tallahassee is just over a mile away, while Florida State University approximately two miles. The market in which Alliance at 400 is located averages 94 percent occupancy.
Contact – Carriera Regan: Benjamin Skinner, (813) 387-4778; Matthew Prozzillo, (813) 387-4818
Image courtesy of Yardi Matrix
Velo Flats
Location: Austin
Price: Unpriced
Units: 70
Year Built: 1972
Net Rentable: 61,620 square feet
This community is situated in Austin’s northeastern area. Velo Flats is near several major thoroughfares—Interstate 35 and state routes 290 and 183. Several golf courses are nearby. The University of Texas is about 4 miles from the property, while downtown Austin is just over 7 miles away. The community comprises 32 one-bedroom and 38 two-bedroom units, ranging from 805 to 990 square feet. The northeast central submarket presents a stable rent growth as well as demand. Value-add opportunities exist for potential investors.
Contact – HFF: Forrest Bass, (512) 532-1964; Matt Pohl, (512) 532-1929
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