On the Market: 5 Interesting Listings for the Week of 8/21

This week's listings feature a 1938-built asset including a mix of property types situated on four parcels in California, as well as a 123-unit community in the growing Seattle submarket of Lynnwood.

On the Market is a weekly department curating the most interesting recent for-sale CRE assets. If you have a commercial real estate asset that you’d like to share with our readers, please email it to Associate Editor Mallory Bulman.

Brook Arbor

Location: Cary, N.C.

Acres: approx. 30

Rentable SF: 312,990 SF

Units: 302

Features: Value-add opportunity; nine-foot ceilings; southwest Raleigh/Cary central location; recent infrastructure improvements; discount to new construction; nearby schools and employment options.

Contact: Dean Smith, ARA Newmark, 704-926-4430

The Park at London

Location: Ellenwood, Ga.

Avg. Market Rent: $797

Avg. Unit Size: 1,167 SF

Rentable SF: 280,072

Units: 240

Features: Currently at 91 percent occupancy; property located on 25 acres; located six miles southeast of Hartsfield-Jackson Atlanta International Airport; numerous employers in growing district; value-add opportunity.

Contact: Robbie O’Bryan, Cushman & Wakefield, 404-645-7279

PropertyImage1_1Newberry Square Apartments

Location: Lynnwood, Wash.

Avg. Market Rent: $1,684

Avg. Unit Size: 944 SF

Year Built: 2005

Units: 123

Features: Located in Lynnwood submarket between Everett and Seattle; average Lynnwood rents increased 44 percent during past five years; located close to employers like Boeing’s Paine Field, Naval Station Everett, Microsoft and Amazon; located near I-5 and I-405; the Link Light Rail expansion will include the planned Ash Way Station located one block from the property.

Contact: Kenny Dudunakis, Berkadia, 206-521-7216

tres arcosTres Arcos Apartments

Location: Phoenix, Ariz. 

Sale Price: $3.9 million

Price/Unit: $160,000

Units: 25

Built: 1969

Features: All units are two-bedrooms; property has covered parking and individual backyard; individually metered for electricity and hot water; walking distance to The Biltmore and Camelback Corridor; value-add opportunity through additional interior and exterior renovations; swimming pool and onsite laundry.

Contact: Royce Munroe, ABI Multifamily, 602-635-7431

calif1954 Hillcrest Road

Location: Los Angeles, Calif.

Price: $10.9 million

Price/Unit: $730,000

Building Size: 15,408 SF

Year Built: 1938

Units: 15

Features: Situated on four private land parcels; vintage treatments; gated vehicle and pedestrian entries; walkways and fountains throughout property; parking accommodates 23 vehicles with enclosed garages and on-grade spaces; mix of homes, out buildings and bungalows.

Contact: Rich Johns, KW Commercial, 818-432-1575

Images and information are courtesy of respective brokers or brokerage firms.

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