On the Market: 5 Interesting Listings for the Week of 9/4
- Sep 08, 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.
Tahiti Palms Apartments
Location: Phoenix, Ariz.
Price: $2.8 million
Features: Built in 1963; priced at $126.99 per square foot; located in South Arcadia neighborhood in East Phoenix; value-add opportunity; submarket with increasing rental demand and prices; unit mix of 11 one-bedroom/one bathroom (four with washers an dryers, one two-bedroom/one full bath/one half-bath, 14 two-bedroom/two bathroom (5 with washers and dryers) and one three-bedroom/two-bathroom apartments; located 10 minutes from Sky Harbor International Airport and close to Route 51 and Camelback Corridor.
Contact: Ryan Smith, ABI Multifamily, 602-761-9318
The Woodlands of Crest Hill Apartments
Location: Crest Hill, Ill.
Pricing: HFF is accepting bids on this property, as well as four others in a portfolio, in groups/pools of individually.
Features: Largest of a total five-unit Chicago-area portfolio; located in Joliet submarket, which averaged 4.8 percent rent growth during the past three years, per HFF; HFF project future growth to be an average 3.7 percent through 2020; property benefits from proximity to employers like Caterpillar, Exxon and Amazon’s multiple Will County locations.
Contact: Wickliffe Kirby, HFF, 312-980-3611
Location: Salinas, Calif.
Avg. In-Place Rent: $1,631
Avg. Market Rent: $1,863
Net Rentable SF: approx. 140,311
Avg. Unit Size: 825 SF
Features: Built in 1987; on approximately 11.2 acres; 96.5 percent occupancy; current ownership controls four of the five seats on the HOA board; year-over-year rent growth in Salinas has surpassed 5 percent for three consecutive years; 340 parking spaces.
Contact: Mark Leary, ARA Newmark, 415-273-2152
Park Place Apartments
Location: Canoga Park, Calif.
Price: $17.8 million
Building Size: 45, 712 SF
Features: Built in 1990; situated on 1.8 acres; located in Canoga Park submarket of the San Fernando Valley; common areas and some units have been recently renovated; property consists of: 47 one-bedroom/one-bathroom units, 14 two-bedroom/two-bathroom units, an amenity package which includes a pool, spa, lighted tennis court, shaded picnic area with four barbecues, two interior central courtyards with lounge furniture, two on-site laundry rooms, a fitness center, open and covered parking, controlled access and expansive grounds; located within walking distance to the Metro Orange Line Nordhoff Station and is in close proximity to the 101 and 118 freeways.
Contact: Matthew Ziegler, Marcus & Millichap, 818-212-2738
Bauer Farm Apartments
Location: Lawrence, Kan.
Price: $14.2 million
Building Size: 130,428 SF
Features: Built in 2017; designed to appeal to renters looking for urban appeal with its location in the middle of a retail/mixed-use development; within walking distance to shops, groceries and entertainment; community amenities include a swimming pool, hot tub, wine bar with a kitchen, game room and outdoor grilling and dining area; property is located six minutes from the K-10/South Lawrence Trafficway.
Contact: Lance Johnson, The Johnson Group, 785-550-7126
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