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.
1430 Hollins Street
Price: Subject to offer
Year Built: 1915
Building Size: 5,391 square feet
This historic multifamily asset received extensive gut renovations in 2015, which included the addition of luxury finishes such as hardwood floors, granite countertops and new appliances. The community benefits from Baltimore City’s Historic Tax Credit Program (CHAP), which is targeted towards the rehabilitation and preservation of historic buildings. The credit is in effect until 2025. The asset is located within the Union Square neighborhood. Residents have immediate access to Union Square park, a plethora of shopping and dining destinations, as well as multiple entertainment venues.
Contact: SVN | RealSite – Justin Verner, (410) 960-3962; Brooks Healy, (443) 523- 6865
Alpine Terrace Apartments
Location: Sacramento, Calif.
Year Built: 1964
Net Rentable: 65,252 square feet
Alpine Terrace is situated at 1257 Fulton Ave., near several restaurants, retailers and recreation. The community comprises 80 one-bedroom and 18 two-bedroom units, ranging from 628 to 825 square feet. Current ownership started work on a thorough renovation program, which can be completed to increase the below-market rents. Improvements can generate more income include updated signage, landscaping, common-area amenities and parking. Current occupancy is around 86 percent, while average monthly rents are approximately $1,159, according to data provider Yardi Matrix. Upgraded units achieved a 24 percent increase in rent.
Contact: Gallelli Real Estate – Gary Gallelli, (916) 784-2700; Patrick Ronan, (916) 784-2700
St. Theresa’s Apartments
Location: Baton Rouge, La.
Year Built: 1995
Net Rentable: 61,930 square feet
This community sits on a 3.4-acre lot at 3620 Winbourne Ave., near several shopping and dining destinations and schools. St. Theresa’s Apartments is a fully affordable and age-restricted community which comprises 42 one-bedroom and 46 two-bedroom units, averaging 704 square feet. Mass transit is available along Windbourne Avenue, while Interstate 110 is just a few minutes away. The property is currently 100 percent occupied and has a waiting list for new residents. St. Theresa’s Apartments is offered at a 7 percent capitalization rate.
Contact: Saurage Rotenberg CRE – Bill Jeansonne, (225) 766-0000; Hank Saurage, (225) 930-8260
Location: Portland, Ore.
Year Built: 1911
Net Rentable: 26,024 square feet
This community is a vintage property which was recently upgraded, located in a popular urban Portland area, at 715 S.W. King Ave. Downtown Portland, Providence and Washington parks and a plethora of bars and restaurants are all within minutes from Vista Heights. The community comprises 22 studios and 23 one-bedroom and three two-bedroom units, ranging from 400 to 887 square feet. The property also includes a recently renovated 800-square-foot commercial space.
Contact: Colliers International – Beth DuPont, (503) 499-0091
Casa del Norte
Location: Tucson, Ariz.
Year Built: 1984
Net Rentable: 44,120 square feet
Casa del Norte is situated in North Tucson, near the intersection of Rodger Road and Flowing Wells Road. The property comprises 16 studios and 28 one-bedroom and 40 two-bedroom units, ranging from 342 to 647 square feet. Common-area amenities include a swimming pool, spa, laundry facilities and 120 parking spaces. Nearby major thoroughfares include Interstate 10 and State Route 77. The property currently has a NOI of $287,152. According to Yardi Matrix, Casa del Norte is at 92 percent occupancy as of May.
Contact: ABI Multifamily – Ryan Kippes, (520) 265-1895
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