On the Market: 5 Interesting Listings for the Week of 9/24
This week's listings include a value-add opportunity in the growing Glendale area of Queens, N.Y.; a well-positioned Connecticut portfolio; 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.
Location: Rosedale, Md.
Price: Call for offers, due Oct 26th
Year Built: 1970
Building Size: 80,640 square feet
This offering comprises two properties situated half a mile from each other, in suburban Baltimore. Both properties consist of one- and two-bedroom units, ranging from 650 to 893 square feet. The garden-style communities are situated close to Interstate 95, along multiple neighborhood amenities such as retail, restaurants and entertainment. Major employers can also be reached along the Interstate 95 corridor. The properties represent a straightforward value-add opportunity, with achievable rent premiums of 10 to 40 percent. Current ownership implemented recent capital improvements at the properties.
Contact: SVN | RealSite – Justin Verner, (410) 960-3962; Brooks Healy, (443) 523-6865
New Haven County Portfolio
Location: New Haven, West Haven, Wallingford, Conn.
Gross Leasable Area: 257,737 square feet
The portfolio represents an opportunity for a potential buyer to position themselves in one of Connecticut’s most dynamic rental markets. High rent growth and low vacancies are two main characteristics of the county. The portfolio is projected to sustain long-term income growth. The properties were acquired between 2014 and 2016, with ownership subsequently implementing $2.3 million in capital items, from unit renovations to deferred maintenance. The remaining unrenovated units have the potential to offer investors more than $700,000 in revenue growth. Multiple strategies can be implemented to ensure positive cash-flow upon acquisition. Large employers can be found in the area, including Yale University, Yale New Haven Hospital, VA Connecticut Healthcare, and many others.
Contact: NorthEast Private Client Group – (203) 692-2420
Canyon Village Apartments
Location: Los Alamos, N.M.
Net Rentable Area: 107,010 square feet
This property is situated in the Los Alamos Canyon Trail area. The community, constructed in 2001, comprises 30 one-bedroom and 90 two-bedroom units, ranging from 654 to 971 square feet. Situated at 3200 Canyon Road, Canyon Village puts residents near multiple nature trails and other outdoor attractions. Common-area amenities include a fitness room, maintenance shop, recreation lounge and 197 parking spaces. Los Alamos High School, University of New Mexico, along with downtown, are all within a short distance of the property. According to Yardi Matrix, Canyon Village is currently fully occupied, with monthly rents averaging around $1,100.
Contact: Colliers International – Ben Perich, (505) 880-7054
The Glendale Multifamily Portfolio
Location: Glendale, Queens, NY
Building Size: 62,640 square feet
The Glendale Portfolio consists of three contiguous four-story walk-up buildings located on 65th Street, between Central Avenue and Myrtle Avenue. The buildings comprise nine studios and 51 one-bedroom and 12 two-bedroom units. A total of 63 units are stabilized, with potential investors having the opportunity to add significant value. The community is within walking distance of the Fresh Pond Road M-train, while Myrtle Avenue presents a plethora of shops and restaurants to choose from, among other points of interest. The Glendale Multifamily Portfolio is an opportunity to acquire a well-positioned asset within a growing neighborhood.
Contact: Ariel Property Advisors – (212) 544-9500
Location: San Antonio
Year Built: 1973
Net Rentable Area: 259,472 square feet
This garden-style community is situated in northeast central San Antonio, near the intersection of Highway 35 and Loop 410, within one of the metro’s fastest growing corridors. The property is within walking distance of multiple restaurants, retailers and entertainment. Proximity to Loop 410 puts the metro within reach. Saddlewood comprises 2 studios, 120 one-bedroom, 112 two-bedroom and 48 three-bedroom units, ranging from 440 to 1,177 square feet. Current ownership focused capital expenditures on exterior renovations, leaving potential buyers with an opportunity to implement an interior renovation program which would significantly increase cash-flow.
Contact: HFF – Forrest Bass, (512) 532-1964; Matt Pohl, (512) 532-1929
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