On the Market: 5 Interesting Listings for the Week of 4/24

Last week's listings include two recently built student housing properties: an amenity-laden 661-bed property catering to students at the University of Florida and a 173-bed community located four blocks from the University of Wisconsin - Milwaukee.

On the Market is a weekly department curating the most interesting recent for-sale CRE assets. If you have a commercial real estate asset that you’d like to share with our readers, please email it to Associate Editor Mallory Bulman.

salemSalem Crest

Location: Winston-Salem, N.C.

Units: 144

Avg. Unit SF: 880

 

Rentable SF: 126,720

Avg. Market Rent: $674

Features: Sanctioned under Section 42 Affordability Program; 17.4-acre property; currently 94 percent occupied; more than $530,000 of recent capital improvements completed.

Contact: Watson Bryant, Cushman & Wakefield, 919-439-5148


 

ridgeThe Ridge at Gainesville

Location: Gainesville, Fla.

Units: 178

Avg. Unit SF: 2,625

Rentable SF: 467,000

Features: Built in 2016; currently 100 percent occupied; student housing property located one half mile from University of Florida; 100 percent pre-leased for 2017-2018 academic year; 661 beds; University bus line stops in front of property; amenities include themed pool, lazy river and cabanas, Jumbotron and sand volleyball court, onsite mini-mart, multiple study lounges, coffee bar and game room; all units fully furnished.

Contact: Ryan Lang, ARA Newmark, 512-637-1296


arcadiaArcadia Cove

Location: Phoenix, Ariz.

Units: 432

Built: 1996

Property Size: 17.8 acres

Features: Newly remodeled units include granite countertops, updated cabinets, gourmet kitchens, full size washers and dryers and a private patio or balcony; community amenities include a clubhouse, 24-hour fitness center, two pools and one spa, cyber cafe and lounge, poolside barbecue and cabanas, outdoor TV and bar area, standalone rental office, gated access, 745 total parking spaces, including 69 private detached garages and 76 storage units; new financing available at low interest rate; area saw 50,000 new jobs in past 12 months; upgraded units are bringing in $268 more in rent than unrenovated.

Contact: Cindy Cooke, Colliers International, 602-222-5039


305maynord_poolPatio Page 29Maynard 305 Apartments

Location: Memphis, Tenn.

Units: 118

Avg. Unit SF: 755

Rentable SF: 69,100

Avg. Market Rent: $712

Features: Value add opportunity exists to upgrade units and receive $180 or more additional rent; close proximity to medical and professional jobs and the expanding Methodist Hospital; currently 95 percent occupied; located in strong midtown submarket.

Contact: Blake Pera, ARA Newmark, 901-260-1156


thepark1824_960x397_webThe Park at 1824

Location: Milwaukee, Wis.

Price: $9.4 million

Units: 61

Rentable SF: 52,887

Features: Student housing property for the University of Wisconsin – Milwaukee with 173 beds; built in 2009; located within walking distance of the university and North Avenue Retail and Entertainment Corridor; offered free and clear of existing financing; located along free shuttle bus line to campus.

Contact: Ryan Tobia, Triad Real Estate Partners, 312-878-7362


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