On the Market: 5 Interesting Listings for the Week of 8/6
This week’s selection of listings includes a garden-style community in the Phoenix area, a recently renovated Seattle asset 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 Yardi Matrix
Crestview North Apartments & Townhomes
Location: Carmichael, Calif.
Price: Subject to offer
Units: 201
Year Built: 1969, 1986
Net Rentable: 206,980 square feet
These two neighboring communities, located at 4494 Mary Lynn Lane and 5925 Rampart Drive, are positioned 12 miles from Sacramento, where rents are growing significantly faster than the national average. With no new multifamily projects planned in the nearby area, the property is marketed as a value-add opportunity given the spacious units and amenity-rich area. As of June, the 50 townhome units are fully leased, with the remaining one-, two- and three-bedroom apartments 90.1 percent occupied, according to Yardi Matrix.
Contact: Gallelli Real Estate – Gary Gallelli, (916) 784-2700; Patrick Ronan (916) 784-2700
Image via Google Street View
Llandover Flats
Location: Seattle
Price: $2,350,000
Units: 9
Year Built: 1962
Net Rentable: 4,840 square feet
Cap rate: 5.0 percent
Situated at 14045 Greenwood Ave. N. in North Seattle’s Greenwood neighborhood, the community’s single building is roughly 11 miles from the city’s central business district, accessible via either public transportation or Interstate 5. Following the recent completion of interior and exterior improvements, all units now feature new windows, hot-water tanks and storage units. The asset’s two studio units share a laundry facility, and the seven one- and two-bedroom units contain washers and dryers. Floorplans range from 400 to 750 square feet.
Contact: Paragon Real Estate Advisors – Jacob Odegard, (206) 623-6819; Eric Smith, (206) 623-6077
Image courtesy of Yardi Matrix
Tuscano Village
Location: Glendale, Ariz.
Price: Subject to offer
Units: 120
Year Built: 1974
Net Rentable: 114,213 square feet
Tuscano Village is a garden-style community situated at 6816 W. Bethany Home Road in Glendale, Ariz., less than 10 miles northwest of central Phoenix. The property consists of 30 single-story buildings across a 9.8-acre parcel. The asset contains 37 two- and 83 three-bedroom apartments, with floorplans including between 896 and 986 square feet. Most of the units were renovated between 2017 and 2018, though there is an opportunity to add value through additional interior improvements. The community is 95 percent occupied.
Contact: ABI Multifamily – Doug Lazovick, (610) 714-1388
Image via Google Street View
Colony House
Location: Aurora, Colo.
Price: $4,295,000
Units: 37
Year Built: 1967
Building Size: 29,120 square feet
Colony House, located at 152 Del Mar Circle in Aurora, Colo., is a four-story building approximately 10 miles east of downtown Denver. The property contains one studio, 34 one-bedroom and two two-bedroom units. Built in 1967, the community was most recently renovated in 2010, with a new elevator and boiler installed in 2016. The structure is positioned next to the Hoffman Heights Shopping Center and the Del Mar Park and Aquatic Center, with a newly opened VA hospital five blocks north.
Contact: Nexus Commercial Realty – Jason Koch, (303) 918-8909; Adam Riddle, (303) 257-7627; Sean Holamon, (806) 789-9799
Image courtesy of Yardi Matrix
Serenity Creek
Location: St. Petersburg, Fla.
Price: Subject to offer
Units: 90
Year Built: 1983
Net Rentable: 63,144 square feet
Positioned at 4201 49th St. N. in St. Petersburg’s Gulfport/Lealman submarket, Serenity Creek is a Class B vintage community situated 5 miles northeast of the city’s downtown. Built in 1983, the property underwent major renovation work in 2007, with the current owner investing approximately $2 million in further upgrades to 97 percent of the units over the past 18 months. The asset’s seven two-story buildings contain a mix of one- and two-bedroom apartments, averaging 668 square feet per unit. The community’s amenities include a swimming pool, outdoor lounge areas, a large laundry facility and a clubhouse.
Contact: Marcus & Millichap – Casey Babb, (813) 387-4723; Luis Baez, (813) 387-4849
All images and information are property of the respective brokerage firms or broker.
