On the Market: 5 Interesting Listings for the Week of 4/3

This week's assets include two student housing properties: a 528-bed community with a pool located less than half a mile from Georgia Southern University and a sleek 2017-built property near the University of Texas in Austin.
  • by Mallory Bulman | Apr 07, 2017

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.

Campus Evolution Villages Statesboro

Location: Statesboro, Ga.

Year Built: 1999

Rentable SF: 190,608

Units: 132

Beds: 528

Average Unit Size: 1,444 SF

Features: Asset below replacement costs; offered at more than 60 percent less than replacement cost; new owner can drive NOI by implementing value-add enhancements with a potential increase of about $790,000; located less than half a mile from Georgia Southern University; nearly 21,000 students are enrolled at GSU, a figure that has increased 26 percent during the past 10 years; GSU is a tier 1 university in the NCAA Division.

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

ruckusThe Ruckus

Location: Austin, Texas

Year Built: 2017

Rentable SF: 58,745

Units: 46

Beds: 167

Average Unit Size: 1,277 SF

Features: Directly across the street from the University of Texas; minutes from downtown Austin; high barriers to new construction with limited developable land; all units fully furnished; seventh-floor sky gym, study lounge open 24 hours every day and a game room; UT is the fifth largest university in the country with more than 51,000 enrolled.

Contact: Ryan Lang, ARA Newmark, 512-637-12961

Park-Place-32-Edit-Web.101024Park Place at Maguire

Location: Orlando, Fla.

Year Built: 2016

Rentable SF: 246,772

Units: 242

Features: Located in Windermere/Ocoee submarket; property has achieved occupancy stabilization and rent levels and lease-up velocity have exceeded expectations; unit mix of one-, two- and three-bedroom units averaging 1,020 square feet.

Contact: Jamie B. May, JBM Institutional Multifamily Advisors, 813-812-5000

4f00387b-8bcb-4972-8701-29cae6a018f6Brighton Place Apartments

Location: Phoenix, Ariz.

Year Built: 1988

Price: $5.5 million

Price/Unit: $62,250

Units: 80

Features: Renovated in 2016; price per square foot is $97.07; all units are garden-style and individually metered for electricity; convenient access to downtown Phoenix entertainment and employment; unit mix consists of all two-bedroom and one-bathroom units; offered all cash/new loan.

Contact: Rue Bax, ABI Multifamily, 602-714-1406

1551highstreetbutton1571 High Street

Location: Denver

Year Built: 1980/2017

Price: $2.1 million

Price/Unit: $525,000

Units: 4

Average Unit Size: 1,000 SF

Features: Fully-renovated property in City Park West neighborhood; high-end finishes throughout; in-unit washers and dryers; located blocks from the St. Joseph Hospital redevelopment, City Park and the new Central Denver Rec. Center; gross SF of property is 7,004 SF.

Contact: Robert Bradley, ARA Newmark, 303-260-4115