Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Mission Villas (the "Property"), a ±1.05 acre site with active entitlements to construct 16 new duet-style single family residences in Fremont, California. Situated 1.5 miles from the Fremont BART station and 3.2 miles from Interstate 680, the Property is a rare in-fill development site offering strategic access to the San Francisco Bay Area’s most notable employers.
Mission Villas has Tentative Map approval through May 12, 2019. The Final Map, Improvement Plans and Joint Trench Plans have been drafted but have yet to be submitted to the City of Fremont for its approval. Construction Drawings and Architectural Review are expected to be completed by the selected purchaser of Mission Villas.
The Property provides the rare opportunity to acquire an entitled single family project in the San Francisco Bay Area’s fourth largest city. With immediate access to the region’s world-renowned economy, admission to the highly regarded local public school system and numerous recreational amenities, Mission Villas will provide home buyers the exceptional quality of life standard enjoyed by Fremont residents.
The Mountain Vista apartment complex was built in 1979 and is located at 3950 South Mountain Vista Street, in Las Vegas, NV. The Paradise Valley East submarket is well situated to value-add opportunities and the Mountain Vista exemplifies this, given that nearly 50% of the units have been renovated, thus displaying clear upside to increase yields above the market. Amongst comparable rental properties in this submarket, the current asking rent of unrenovated units at the Mountain Vista are $57 per month lower than the average market rent & $218 per month lower than the highest comp in the submarket.
Renovated units are only asking $22 per month higher than the average of the comp set, proving that there is additional upside beyond the renovation plan that the current ownership has implemented. Additionally, the project has been well kept by ownership that owns other high-end assets in the market.
Approximately 30% of the A/C units have been recently replaced, and the common areas have been upgraded and maintained, thus encouraging the continuation of a renovation plan to boost rents.
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Nexus Sawgrass, a 501-unit core-plus opportunity located in Sunrise, Florida. Developed in 2013, the property consists of a mix of four-story midrise and three-story garden buildings. Current ownership has been upgrading the bedrooms with hard surface flooring on 47 units and has been achieving average premiums of approximately $45. With the quality construction and location, Cushman & Wakefield projects additional upside potential to include: continuation of the hard surface flooring, upgraded light & fan package, backsplash, USB ports and updated appliances. The location of Nexus Sawgrass in Sunrise offers the ultimate in access to jobs and retail within a quintessential Florida suburban community. The property is less than two miles from the 612-acre, Sawgrass International Corporate Park and is walking distance to the 2.3 million sf Sawgrass Mills Mall. It also has immediate access to the Sawgrass Expressway, I-75, and I-595 which have undergone over $2.2B in improvements allowing residents direct commutes to the major employment centers in Broward and Miami-Dade Counties.
Cushman & Wakefield, as exclusive marketing advisor, is pleased to present the opportunity to acquire NoMia Land: a ±1.88-acre site located at the intersection of one of North Miami’s most traveled thoroughfares at NE 135th Street (47,000 vpd) and NE 6th Avenue (26,000 vpd). The site is within the newly established Neighborhood Redevelopment Overlay district (NRO) that allows up to 100 units per acre and a building height of up to 110 feet, allows for 188-units with a minimum average of 750 square feet. The site zoning allows for a variety of uses including residential, commercial, hotel, mixed use and assisted living.
The site serves as a “Main and Main” location within the City of North Miami. The site is approximately 1.5 miles from I-95 and Biscayne Boulevard, allowing easy access to the areas major thoroughfares. Moreover, the site is walking distance to Arch Creek Elementary and North Miami Middle and High Schools as well as the North Miami Downtown District located on NE 125 Street.
Cushman & Wakefield is pleased to present a unique opportunity to purchase a ±8.2 net acre multifamily development site located on a major intersection in Phoenix’s rapidly transforming Central Corridor. This rare, hard-corner site is located along the Valley Metro Light Rail, with a station adjacent to the property at the corner of Central Avenue and Indian School Road. Phoenix’s urban revival has transformed the Central Corridor into a 24-hour live-work-play environment with new residential and trendy restaurants, coffee houses and bars. In addition to the Light Rail, the area has been influenced by anchor cultural, educational, research, sports and healthcare institutions, including Arizona State University’s 15,000-student downtown campus and the 1.5 billion dollar Phoenix Biomedical Campus. The result is an unprecedented demand for urban living solutions in the Central Corridor.
The opportunity consists of four (4) parcels with a combined total of ±356,905 square feet of developable land on the northwest corner of Central Avenue and Indian School Road. This transit oriented development site is bound by three streets.
Oakbrook Park Apartments, located on the desirable north side of Indianapolis, offers buyers the opportunity to purchase a stable, partially renovated property in a solid B location with the demonstrated ability to renovate units and achieve rent premiums.
The property was originally built in 1978 and has received numerous renovations and updates over the years. In 2010 / 2011, a previous owner completed over $1.3M in property renovations/upgrades. These renovations included the replacement of all windows, common area hallway upgrades, full property exterior painting, replacement of 4 roofs, addition of a new fitness facility, yoga studio and business center, clubhouse renovation, installation of a bark park and sand volleyball court, new landscaping and property signage and the updating of 153 apartment units (87 partially renovated and 66 fully renovated units).
The current owner has continued to invest in the property and spent over $1.5M since 2015 in capital improvements. A major project completed by the current owner was the conversion of a previous commercial building. This building was fully renovated and converted into 12 additional apartments. These 12 units have brand new finishes and feel like new construction product. These “new” units are highly sought after and demonstrate the demand for units with higher end finishes and higher rents. Further proving the case for continued unit upgrades, the previous owner fully renovated 66 units in 2011+/- and these units still lease for $50 - $125 more.
Oakbrook Park is being sold free and clear or with the potential to assume the existing debt (assumption NOT required).
Cushman & Wakefield, as exclusive advisor, is pleased to present a core, suburban infill investment opportunity to acquire Parc3400 – a 260-unit, Class A, 5-story multifamily asset in Davie, Florida. Completed in 2018 and developed with the highest design standards, Parc3400 features a mix of one-, two- and three-bedroom residences with state-of-the-art amenities and finish levels. The property was able to stabilize in 12 months and has attracted an affluent residential profile with an average household income exceeding $123,000. Located in one of South Florida’s most dynamic live, work and play environments, this brand new asset is being offered for the first time to investors.
Cushman & Wakefield, as exclusive marketing advisor, is pleased to present the opportunity to acquire Parcel 3B at Las Olas Square, a 15,277-SF site at the epicenter of Downtown Fort Lauderdale. The property has 70 linear feet of frontage along Las Olas Boulevard – the main entertainment and business corridor of Downtown Fort Lauderdale – and is directly adjacent to two of the area’s most iconic developments, Las Olas Square and Icon Las Olas. The liberal RAC – CC zoning allows for a variety of uses including residential, hospitality, office and retail.The site is one the last remaining undeveloped single parcels in Downtown Fort Lauderdale and offers incredible connectivity and walkability to all of the world-class amenities that the area has to offer. With multiple projects underway and planned for Fort Lauderdale, the city is in the midst of an urban revival as the CBD is poised to experience a significant increase in its residential population. Parcel 3B at Las Olas Square presents a compelling opportunity for developers to purchase a trophy development site in Fort Lauderdale’s urban core.
Cushman & Wakefield is pleased to present a unique opportunity to obtain a long-term, prepaid ground lease for a ±1.0 net acre, high density multifamily development site within Arizona State University’s Novus Innovation Corridor. This rare opportunity is for Parcel 3F located on the southwest corner of 6th Street and Packard Drive, immediately north of the University Avenue Light Rail Transit Station.
Novus Innovation Corridor is a 350-acre master planned, mixed use development planned for approximately 10 million square feet along Tempe Town Lake, including State Farm's 2.1-million-square-foot Marina Heights regional office. Strategically integrated with Arizona State University (ASU), wholly on university-owned land, Novus is managed by master developer Catellus, a national leader in the development of urban mixed-use communities.
Novus is a unique opportunity to develop the 21st century urban community on an infill canvas in the center of one of the nation's largest and fastest growing metropolitan areas. The development will include a variety of urban neighborhoods that feature office, retail, hospitality and residential activities, creating the potential to bring more than 30,000 new jobs and 5,000 new residents to the thriving Tempe community.
Tempe, one of the Phoenix area’s most dynamic environments, features a large, educated workforce of over 200,000 people, a diverse mix of major employers including State Farm Insurance, First Solar, Amazon, Microsoft, ZipRecruiter, Chase Bank, Edward Jones, Medtronic and Wells Fargo among others. In addition, Tempe offers major events at venues such asvASU Gammage, Tempe Town Lake, Tempe Center for the Arts and at the various ASU athletic facilities. Tempe is also recognized as being the most bikable and walkable community in the Phoenix area.
Park View Apartments, nestled in the quiet neighborhood surrounding Hawthorne Park in Janesville, Wisconsin is a great opportunity for steady investment. The setting for Park View is idyllic with grand, stately oak trees and an expansive lawn area. Typically appealing to a senior demographic, Park View has been a destination for residents seeking efficient living and access to important amenities like shopping, medical offices, hospitals and pharmacies. Tenants enjoy this asset’s boutique feel, and it shows via high retention rates and long rental tenure as a result.
This is truly a "bread and butter" opportunity for investors seeking low risk and strong returns. This is coupled with the opportunity to convert the asset into a more "senior specific" use giving a new investor multiple executions. In addition, current ownership has secured favorable, assumable agency financing at record-low interest rates, which allows new ownership to generate great returns immediately.