On the Market: 5 Interesting Listings for the Week of 2/26
- Mar 02, 2018
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: Kansas City
Year Built: 1986
Net Site Size: 5.02 acres
Net Rentable: 66,640 square feet
Woodcrest Apartments is in the northern part of the metro, near the Kansas City International Airport and with immediate access to Interstate 29. The community was initially developed as a hotel. Ownership implemented a conversion and renovation program, investing more than $2.2 million on interior and exterior upgrades. The property is currently 88 percent occupied and 93 percent leased. The stabilized asset is below replacement cost and provides a good opportunity to increase income through modernization and in-unit upgrades. Floorplan sizes range from 480 to 805 square feet.
Contact: Colliers International – Gabe Tovar, (816) 556-1161; Bob Galamba, (816) 556-1152
Location: Richmond, Calif.
Price: Subject to offer
Year Built: 1979
Total Land Area: 2.3 acres
Net Rentable: 169,696 square feet
The apartment community is situated within walking distance from the Hilltop Shopping Mall and half a mile from Interstate 80. The nearby BART station allows residents to commute towards Berkeley, Oakland or San Francisco. Hilltop Apartments comprises 76 one-bedroom and 88 two-bedroom units, as well as 16 studios, ranging in size from 592 to 1,097 square feet. Additionally, the six-story building includes a 4,000-square-foot ground floor commercial component.
Contact: Greystone – Todd Vitzthum, (415) 589-7557; Simon Herrmann, (415) 589-7555
Epic @ University Pointe Apartments
Location: Tempe, Ariz.
Year Built: 1966
Net Site Size: 2.35 acres
Net Rentable: 55,250 square feet
Epic @ University Pointe comprises entirely of two-bedroom units, at 850 square feet in size. The community is situated near the Arizona State University Tempe Campus. Several restaurants, bars and retailers are in the neighboring area. Additionally, the nearby light rail stations provide transit options to residents around the Tempe metro. According to Yardi Matrix, Epic Apartments is 93 percent occupied, with monthly rents averaging $1,100.
Contact: ABI Multifamily – John Kobierowski, (602) 714-1384; Rue Bax, (602) 714-1406
Springs at Bee Ridge
Location: Sarasota, Fla.
Price: TBD, offered free and clear of debt
Year Built: 2017
Total Land Area: 32.5 acres
Net Rentable: 394,444 square feet
This newly constructed Class A apartment community is located near Interstate 75 and Bee Ridge Road, providing access to the Tampa and St. Petersburg MSA, as well as southwest Florida. The community offers a mix of one-, two- and three-bedroom floorplans which average 971 square feet in size. Currently, the property is 97 percent occupied, presenting room for rental increases. The Sarasota CBD employs around 35,000 people across 2,500 businesses and is situated about 15 minutes away.
Contact: JBM – Jonathan Barclay, (813) 812-5002; Claudia Raines, (813) 812.5003
Location: Suitland, Md.
Year Built: 1962
Net Site Size: 2.84 acres
Net Rentable: 99,772 square feet
This apartment community is located near the Suitland Metro Station and the Suitland Federal Center. Additionally, the largest redevelopment in Prince George’s County, the Town Square at Suitland Federal Center is estimated to create 1,200 construction jobs and will comprise one million square feet of mixed-use projects, which in turn will generate more jobs upon completion. Regency Court has a floorplan mix of 14 one-bedroom, 85 two-bedroom, and 16 three-bedroom apartments. Ownership invested more than $420,000 in infrastructure and exterior upgrades. Current occupancy is at 88 percent, with average market rents at $1,292. Incremental rent increases coupled with some capital expenditure can provide an investment avenue.
Contact: Greysteel – Kyle Tangney, (202) 280-2730; Herbert Schwat, (202) 618-3419
All images and information are property of the respective brokerage firms or broker. One image courtesy of Yardi Matrix and one image via Google Street View.