On the Market: 5 Interesting Listings for the Week of 8/27
This week's listings include a transit-oriented project in North Hollywood, a newly constructed luxury community in Des Moines 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 Yardi Matrix
Villa Primavera
Location: Fresno, Calif.
Price: $4,000,000
Units: 62
Year Built: 1972
Net Rentable: 45,784 square feet
Villa Primavera is situated at 3313 N. Maple Ave, less than a mile from the Sierra Freeway. The community comprises 47 one-bedroom, eight two-bedroom and eight three-bedroom units, ranging from 980 to 1,220 square feet. The property’s laundry facilities represent a secondary source of income. Villa Primavera is situated near several schools, including Fresno State University and the Scandinavian Middle School. The asset was subject to a $2.2 million loan, with a fixed 4.45 percent rate, due 2022. Potential investors can assume the loan or obtain new financing for the property. Villa Primavera has a high historical occupancy rate, currently with only six vacant units.
Contact: RE/MAX Commercial & Investment Realty – Brian Estes, (310) 802-2525; Amanda Santana, (559) 283-9850
Photo courtesy of Aggregate Investment Partners
5050 Bakman Avenue
Location: North Hollywood
Price: $1,800,000
Units: 6
Year Built: 1957
Building Size: 3,823 square feet
Situated in NoHo’s Arts District, this property presents a long-term opportunity to potential investors. The community currently has a monthly average income of $5,674. The asset maintains a lot size of approximately 11,250 square feet with a frontage of 50 feet and a depth of 225 feet. The project is situated in a Tier 3 TOC Area, making it a prime target for redevelopment into a larger community. Nearby neighborhood amenities include several restaurants, bars and coffee shops within walking distance, as well as immediate access to major transport arteries such as the Hollywood and Ventura freeways. Besides the potential to develop the asset further, current rents are below market rates, providing a supplemental avenue for income growth.
Contact: Aggregate Investment Partners – Casey Picard, (626) 376-9224
Photo courtesy of Yardi Matrix
Brendan Towers
Location: New Haven, Conn.
Price: $7,495,000
Units: 60
Year Built: 1968
Net Rentable: 49,985 square feet
This community can be acquired individually or as part of the New Haven County Portfolio, which comprises eight properties in total. Brendan Towers is located at 461 Whalley Ave., within close distance to many restaurants, bars and retailers. Downtown New Haven, Yale University and New Haven Hospital are also nearby. The property features one-, two- and three-bedroom floorplans averaging 833 square feet. Current ownership implemented an extensive renovation program in the past three years, investing around $870,000 on the building envelope, as well as interior and exterior improvements and replacements. The asset features plenty of space for an amenity package improvement, or the construction of additional units.
Contact: NorthEast PCG – Edward Jordan, (203) 692-2420; Bradley Balletto, (203) 307-1574
Image via Google Street View
Jackson Crossing
Location: Des Moines, Iowa
Price: $43,500,000
Units: 244
Year Built: 2017
Net Rentable: 193,376 square feet
This newly constructed luxury community is located at 100 Jackson Ave., just south of Des Moines’ central business district. According to Yardi Matrix, leasing began in September 2017 at Jackson Crossing, with the property achieving 70 percent occupancy as of June 2018. The amenity package includes an outdoor entertainment patio with seating and barbecue area, fitness center, a dog park and bike storage. The property features relatively minimal maintenance costs, as well as high-end finishes. Revenue can be increased through rent optimization, as well as potential parking fees. Jackson Crossing comprises studios, one-, two- and three-bedroom units, ranging from 488 to 1,138 square feet.
Contact: CBRE | Hubbell Commercial – Linda Gibbs, (515) 440-2900; Timothy Sharpe, (515) 440-2902
Photo courtesy of Yardi Matrix
Northchase Apartments
Location: Austin
Price: Unpriced
Units: 120
Year Built: 1984
Net Rentable: 89,664 square feet
The five-acre site upon which this property sits features extensive landscaping and a plethora of outdoor amenities, including a swimming pool, picnic area, grill area and a garden. The community is situated at 306 W. Rundberg Lane, just north of central Austin, an area which exhibits a high potential for growth. Connectivity to a large number of high-profile employers and entertainment options is enabled by the proximity to major thoroughfares such as Interstate 35 or U.S. Highway 183. The corner of Rundberg Lane and North Lamar Boulevard features a plethora of retailers and restaurants. The property is currently 95 percent occupied, with rents below current market rates, presenting investors with an opportunity to increase NOI, potentially through a value-add program.
Contact: HFF – Forrest Bass, (512) 532-1964; Matt Pohl, (512) 532-1929
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