On the Market: 5 Interesting Listings for the Week of 9/17
This week's roundup includes a luxury high-rise in the heart of Miami, a student housing opportunity in Baltimore and an adaptive-reuse property in the Richmond area, among others.
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 CBRE
Monarc at Met
Location: Miami
Price: Call for Offers
Units: 462
Year Built: 2016
Net Rentable Square Footage: 414,643 square feet
Monarc at Met is a 32-story luxury community located in Miami’s central business district, at 201 S.E. 2nd Ave. Finished in 2016, the Class A+ property comprises 29 studios, 172 one-bedroom, 237 two-bedroom, 14 three-bedroom and 10 penthouse units, ranging from 674 to 1,493 square feet. The property received several awards after opening its doors. The property features 30,000 square feet of amenities, such as a game room, entertainment room with demonstration kitchen, a movie theater, fitness club, wellness center, saltwater pool, along with several high-end rooftop features. A Whole Foods market can be found at the ground floor. The property’s location makes it an attractive item for investors, as virtually all what Miami has to offer is within reach, from jobs to entertainment. According to CBRE, the property is currently, 95 percent occupied.
Contact: CBRE – Still Hunter III, (954) 468-3069; Chris Smiles, (561) 393-1650
Image courtesy of SVN | RealSite
Belvedere Court Townhomes
Location: Baltimore
Price: $1,995,000
Units/Beds: 11/35
Year Built: 1990
Building Size: 21,538 square feet
This student housing portfolio is in North Baltimore, within the Lake-Evesham neighborhood. The 35-bed community represents a value-add investment, as multiple improvements can significantly increase its value. Additional bedrooms can be added to the basement areas, which are only partially finished. Other upgrades can be applied to kitchens and bathrooms. The asset currently has a capitalization rate of 8.59 percent. Belvedere Court is situated near Loyola University, Townson University and Notre Dame University of Maryland. Downtown Baltimore is just under 6 miles from the property.
Contact: SVN | RealSite – Justin Verner, (410) 960-3962; Brooks Healy, (443) 523-6865
Image courtesy of One South Commercial
The Lofts at Dunlop
Location: Petersburg, Va.
Price: Call for Offers
Units: 34
Year Built: 1922
Building Size: 34,568 square feet
The Lofts at Dunlop is a historic, adaptive-reuse property situated at 301 N. Dunlop St. in Sterling, 25 miles south of Richmond. Downtown Sterling recently underwent a revitalization effort, and Lofts at Dunlop is a short distance away from multiple cafés, bars and restaurants, along with employers and other points of interest. Interstates 85 and 95 are less than three miles away. In 2010, the property underwent a complete renovation, completed with federal, state and historic tax credits. It is currently outside the five-year hold period. The upgrades include new kitchens, baths, plumbing and electrical systems, new roof and HVAC.
Contact: One South Commercial – Tim Rosman, (804) 539-3017; Justin Sledd, (804) 307-4060
Image via Google Street View
The Drake
Location: Kansas City, Mo.
Price: Unpriced
Units: 71
Year Built: 1920/47
Net Rentable Square Footage: 64,992 square feet
The Drake is situated in one of the top performing submarkets of the Kansas City metro, the Country Club Plaza area. Situated at 4439 Roanoke Parkway, the property is near a plethora of restaurants, retail and employers, along Cleaver Boulevard. Several museums and the Saint Luke’s Hospital of Kansas City are also among nearby points of interest. The property comprises 16 buildings sitting on 2.38 acres of contiguous land. Current ownership acquired the asset in 2015 and implemented more than $5 million in renovations. Yields can still be increased at The Drake, with a combination of organic growth and strategic value-add programs.
Contact: Colliers International – Gabe Tovar, (816) 556-1161; Bob Galamba, (816) 556-1152
Image courtesy of Yardi Matrix
Beverly Grove
Location: Portland, Ore.
Price: $13,150,000
Units: 74
Year Built: 1969
Net Rentable Square Footage: 67,600 square feet
Beverly Grove is situated in Portland’s Gateway neighborhood, at 1820 N.E. 104th Ave. The community comprises 70 two-bedroom and 4 three-bedroom units, ranging from 900 to 1,150 square feet. Off-street parking is available to residents, among common-area amenities such as a pool, laundry facilities and a clubhouse. The property is well situated, granting quick access to restaurants and shops along Weidler and Halsey streets. Several bus stations are nearby as well, along with interstates 205 and 84. Current ownership implemented a significant renovation program in 2016 and managed to achieve $75 rent premiums over current market rates.
Contact: Kidder Mathews – Tyler Linn, (503) 721-2702; Clay Newton, (503) 721-2719
All images and information are property of the respective brokerage firms or broker.
