On the Market: 5 Interesting Listings for the Week of 7/23
This week's listings include a spacious community in west Portland, a 196-unit community just outside of central D.C. 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.
Photo courtesy of HFO Investment Real Estate
Westview Heights
Location: Portland
Price: Subject to Offer
Units: 197
Year Built: 2002
Net Rentable: 285,780 square feet
Westview Heights is situated in the western part of Portland metro, at 18301 N.W. Chemeketa Lane. The community comprises 32 two-bedroom and 165 three-bedroom units, ranging from 900 to 1,620 square feet. The apartments feature spacious living areas, open kitchens and private decks, while common-area amenities include a fitness facility, swimming pool and more than 350 parking spaces. The property is situated in an area where the current construction pipeline is unable to meet demand. The location also enables residents to quickly commute to nearby large employers such as Nike, Intel, Columbia Sportswear, among others.
Contact – HFO Investment Real Estate: Tyler Johnson, (971) 717-6336; Cody Hagerman, (971) 717-6333
Photo courtesy of Yardi Matrix
Highland Ridge
Location: Capitol Heights, Md.
Price: Subject to Offer
Units: 196
Year Built: 1948
Net Rentable: 165,843 square feet
Current ownership invested more than $2 million in the property’s infrastructure, requiring little supplemental capital investments from potential buyers. A 2005 renovation addressed major interior and exterior improvements. Highland Ridge comprises two studios, 67 one-bedroom, 101 two-bedroom and 27 three-bedroom units, averaging 842 square feet. The asset was recently awarded a MEEHA grant, allowing for more added value through the installation of energy efficient HVAC units, light fixtures and insulation, improvements which were added in May this year. The community is near major thoroughfares and public transit, which offer access to the greater Washington metro area.
Contact – Greysteel: Ari Firoozabadi, (202) 280-2724; Kyle Tangney, (202) 280-2730
Image via Google Street View
Harvest Oaks Apartments
Location: Atlanta
Price: $2,300,000
Units: 76
Year Built: 1960
Building Size: 57,100 square feet
Harvest Oaks is a value-add investment opportunity located just west of downtown Atlanta, at 2948-2980 Delmar Lane. The community comprises six one-bedroom, 64 two-bedroom and six three-bedroom units. Currently, average rents are situated well below market rates, with the potential to update them to about $760 – $850. The community is located near interstates 285 and 20, allowing for immediate access around the Atlanta metro. The city of Atlanta implemented a $45 million innovation program to the nearby Martin Luther King Jr. Drive corridor, which has the potential to attract further private investment in the area. Currently, Harvest Oaks is 70 percent occupied.
Contact – Bull Realty: Scott Spalding, (404) 876-1640
Photo courtesy of Yardi Matrix
Heron Village
Location: Meridian, Idaho
Price: $18,500,000
Units: 108
Year Built: 2015
Building Size: 107,000 square feet
Heron Village is offered free and clear of debt in the Boise, Idaho, MSA, which was named the number one fastest growing city in the U.S. by Forbes in February 2018. The community consists of 24 one-bedroom, 72 two-bedroom and 12 three-bedroom units, ranging from 750 to 1,225 square feet. The property is situated about 15 minutes by car from downtown Boise. Approximately two miles east, the Eagle Road corridor and The Village at Meridian features a plethora of shopping, dining and entertainment destinations. The rising rental pressure in Ada County will see an income growth. Rent-roll has already seen a gross five percent uptick over the past six weeks.
Contact – Colliers International: Clay Anderson, (208) 489-6177
Photo courtesy of Yardi Matrix
Knoxwood Hills
Location: Knoxville, Tenn.
Price: Subject to Offer
Units: 97
Year Built: 1969
Net Rentable: 77,714 square feet
Knoxwood Hills is in Knoxville’s central-east side, at 2627 Wimpole Ave. The community is near public transportation, the Knoxville Botanical Garden and Arboretum, and less than 3 miles from Knoxville’s Old Town, with its numerous restaurants, bars, retailers and employment. Potential investors can obtain an upside through cosmetic improvements and rent increases. According to Yardi Matrix, monthly rates average $612. The property comprises two- and three-bedroom units, with an average size of 793 square feet. Knoxville Hills is currently 93 percent occupied.
Contact – NAI Koella | RM Moore: Heidi Adams, (865) 862-6412; Rick Ross, (865) 862-6406
All images and information are property of the respective brokerage firms or broker.
