On the Market: 4 Interesting Listings for the Week of 10/8

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.

Crestview Apartments

Location: West Haven, Conn.

Price: $7,275,000

Units: 63

Year Built: 1979

Gross Rentable: 62,727 square feet

The asset is a value-add investment opportunity located off Interstate 95 and a few blocks from University of New Haven. It encompasses 63 one-bedroom units, a pool and 40 parking spaces as well as common laundry facilities. Residents have access to stations on both Metro-North Railroad and Amtrack, which can connect them to New York City, Southwest Connecticut and Boston. The cap rate is estimated at 6 percent. West Haven has a population of approximately 55,000 people with a median household income of $51,000. An upcoming 265,000-square-foot luxury outlet mall is expected to bring more than 2,000 jobs in the area.

Contact: Brad Balletto, Rich Edwards & Jeff Wright, NorthEast Private Client Group – (203) 692-2420

Ambience Lofts

Location: Richmond, Va.

Price: Call for offers

Units: 31

Year Built: 1900

Net Rentable: 50,034 square feet

This historic building is situated in a resurgent area of Richmond, which has seen explosive activity in the past three years. Located between West Broad Street and Boulevard North, the neighborhood features a plethora of new dining, shopping and coworking spaces. The community features seven one-bedroom, 16 two-bedroom and eight three-bedroom units, averaging 1,290 square feet. Average rents are expected to increase by at least 5 percent annually, according to the broker. This is due in part to the state’s continuing job growth. Employment is projected to grow 9.3 percent by 2024, according to the Virginia Employment Commission.

Contact: Tom Rosman, Justin Sledd, One South Commercial – (804) 539-3017; (804) 307-4060

501 Hill Drive

Location: Glendale, Calif.

Price: $1,795,000

Units: 4

Year Built: 1927

Net Rentable: 4,368 square feet

This building was recently renovated and features four spacious two-bedroom units with separate utility areas. New copper plumbing, roof, paint and windows were part of the upgrades. Unit improvements include high-quality kitchen cabinets, engineered floor tiles, brand-new appliances and new quartz countertops. Drought resistant plants and a new drip irrigation system were added to the landscape.

Contact: Jonathan Prakash and Derrick Vartanian, MPV Commercial – (310)-301-2353

Lockhurst Village

Location: Columbus, Oh.

Price: $4,450,000

Units: 79

Year Built: 1967

Gross Rentable: 91,182 square feet

This property received extensive renovations in 2016 by current ownership. Lockhurst Village is located at 1220 Lockhurst Road, just under 5 miles from downtown Columbus. Units are two-bedroom only, averaging 1,169 square feet in size. The community is close to multiple retail, dining and employment points of interest, especially towards downtown. The property presents a value-add opportunity through the potential to increase rents, which are currently below market levels.

Contact: Seth Asman, SVN Wilson – (614) 747-2052

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