On the Market: 4 Interesting Listings for the Week of 1/21
- Jan 28, 2019
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.
City Center Apartments
Location: Las Vegas
Year Built: 2003
Net Rentable Area: 106,120 square feet
This fully affordable property is located in downtown Las Vegas, at 811 E. Bridger Ave. Nearby, the Fremont Street Experience mall features several retail and entertainment destinations. The Strip’s attractions are within a few minutes away by car. The asset features a landscaped courtyard, barbecue grills, a fitness center, swimming pool, four laundry facilities and a key-entry parking garage with 300 spaces. The community comprises 180 studios, 100 one-bedroom and 20 two-bedroom units, ranging from 325 to 456 square feet. According to Yardi Matrix, the property is subject to a $14.8 million CMBS loan, due 2025. City Center Apartments is also subject to Section 42 (LIHTC) provisions, with tax credits applied in 2003.
Contact: Colliers International – Tom Naseef, (702) 836-3720; Garry Cuff, (702) 836-3716
Location: Bridgeport, Conn.
Year Built: 2009
Gross Leasable Area: 76,603 square feet
This five-story, Class B asset presents a value-add investment opportunity in a highly populated area of Connecticut. The property one block away from the Yale New Haven Health Bridgeport Hospital, with the neighboring area also featuring a plethora of retailers and access to public transit. Columbia Towers comprises 5 one-bedroom and 60 two-bedroom units, averaging more than 1,000 square feet in size. The community is poised for rent growth with minimal investment. A light renovation program can lead to a significant uptick. The property includes excess land and parking, space which can further be utilized to improve the asset.
Contact: Northeast Private Client Group – (203) 692-2420
224 North Sycamore Street
Location: Petersburg, Va.
Year Built: 1818
Building Size: 2,610 square feet
This property is located across the street from the City of Petersburg Courthouse, downtown. The historic asset received thorough renovations within the last 3 years and is ideal for a turn-key investor. In its current state, the property features a ground-floor retail space and a 2-story walk-up apartment. The B-3 zoning allows for multiple options to reconfigure the asset, either as a mixed-use property with 2-3 units and the retail component, or a commercial office reconversion, to name two. The property also features off-street parking and a good location poised for future growth.
Contact: One South Commercial – Ann Schweitzer Riley, (804) 723-0446; Madeleine Alderman, (804) 922-3117
Units: 78 (of 272)
Year Built: 1996
Net Rentable Area: 84,201 square feet
Cordillera is situated in Phoenix’s Union Hills submarket, at 17017 N. 12th St. The amenity-rich neighborhood allows residents immediate access to several restaurants and retailers situated along Bell Road. Interstate 17 and Loop 101 are approximately 4 miles from Cordillera. The community comprises 15 one-bedroom, 55 two-bedroom and 8 three-bedroom units, ranging from 800 to 1,324 square feet. The property was subject to a partial conversion program, with the rest of its 272 total units under individual ownership and management. Common-area amenities include a fitness center, clubhouse, two swimming pools, two spas and 272 parking spaces. According to Yardi Matrix, the property exceeded 97 percent occupancy, as of December 2018, while rents average around $1,217 per month.
Contact: ABI Multifamily – Eddie Chang, (602) 714-1398; Doug Lazovick, (602) 714-1388
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