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:Â Cary, N.C.
Acres: approx. 30
Rentable SF:Â 312,990 SF
Units: 302
Features:Â Value-add opportunity; nine-foot ceilings; southwest Raleigh/Cary central location; recent infrastructure improvements; discount to new construction; nearby schools and employment options.
Contact:Â Dean Smith, ARA Newmark, 704-926-4430
The Park at London
Location:Â Ellenwood, Ga.
Avg. Market Rent: $797
Avg. Unit Size:Â 1,167 SF
Rentable SF:Â 280,072
Units:Â 240
Features:Â 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:Â Robbie O’Bryan, Cushman & Wakefield, 404-645-7279
Newberry Square Apartments
Location:Â Lynnwood, Wash.
Avg. Market Rent: $1,684
Avg. Unit Size:Â 944 SF
Year Built: 2005
Units:Â 123
Features:Â 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:Â Kenny Dudunakis, Berkadia, 206-521-7216
Tres Arcos Apartments
Location:Â Phoenix, Ariz.Â
Sale Price: $3.9 million
Price/Unit: $160,000
Units:Â 25
Built: 1969
Features:Â 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:Â Royce Munroe, ABI Multifamily, 602-635-7431
1954 Hillcrest Road
Location:Â Los Angeles, Calif.
Price: $10.9 million
Price/Unit: $730,000
Building Size: 15,408 SF
Year Built:Â 1938
Units:Â 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:Â Rich Johns, KW Commercial, 818-432-1575
Images and information are courtesy of respective brokers or brokerage firms.
