Cushman & Wakefield/The Lund Company (“C&W/Lund”) is pleased to present Old Mill Apartments, a 248-unit apartment community located in Omaha, Nebraska. Old Mill has maintained stable occupancy and strong cash flow. The immediate area includes many retailers within walking distance and is located within a few blocks from Interstate I-680 allowing for easy access to the rest of the Omaha Metro. With a strong, diverse economy, Omaha continues to have very low unemployment and steady population growth.
The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 165-unit value-add multifamily offering, Orlando Terrace Apartments, located in Orlando, Florida.
The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 300-unit value-add multifamily offering, Parc Place Villas, located in Tampa, Florida.
Cushman & Wakefield is pleased to present a unique opportunity to obtain a 99-year, prepaid ground lease for a ±1.9 net acre, mixed-use development block within the Novus Innovation Corridor at Arizona State University. This rare opportunity is for Parcel 3A, located on the southwest corner of 6th Street and Rural Road, immediately north of the University Drive light rail station.
Novus Innovation Corridor is a 350-acre, 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.
Parcel 3A is located within Phase III of the Novus Innovation Corridor. Phase III features the initial portion of a multi-block, Main Street urban retail district called Novus Place. Stretching from University Drive on the south to Rio Salado Parkway on the north, Novus Place will provide shopping, dining, entertainment and strolling opportunities in an environment that features enhanced paving, landscaping and other pedestrian amenities. Phase III also includes one million square feet of mid-rise, Class A office space, urban residences, hotel rooms, and a diverse collection of retail shops and restaurants in a walkable, compact, urban setting just north of the University Drive Metro Light Rail station.
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.
Cushman & Wakefield is pleased to present the opportunity to acquire Parkside at East Village, a Class A, 282-unit, three-story, garden-style apartment community located in Lady Lake, Florida.
The Cushman & Wakefield St. Louis Capital Market's Team is pleased to offer for sale the 100% fee simple interest in the Pennant Building located at 1701 Locust Street in St. Louis, MO. The building is a premier multifamily/loft redevelopment opportunity positioned in the heart of Downtown St. Louis' "Loft District". As-is, the building contains 76,120 square feet consisting of four stories and a basement level with an additional 8,883 SF penthouse approved. A preliminary redevelopment plan includes 53 multifamily units, four live/work studios, and 36 garage parking spaces. A full set of plans has been approved and will be provided to the buyer.
Fueled by public and private investments, St. Louis is in the midst of a renaissance that is reigniting the growth and vibrancy of the downtown core. Over $8 billion has been invested in downtown since 2000 with $3 billion in development underway or proposed. Among these developments is St. Louis' highly anticipated MLS expansion team's proposed stadium, which is expected to drive significant investments in infrastructure in the surrounding area. The Pennant Building is located just three blocks from the MLS site, offering an exceptionally rare opportunity to acquire an historic building in an area poised for significant growth and long-term appreciation.
1 FORMER INCOME RESTRICTED PROPERTY In February of 2021, Pine Glen was released from the Low Income Housing Tax Credit program which restricted the income level of 71% of the units. The new owner can immediately increase rents for new residents (with no restrictions) and can also raise rents for existing income restricted residents at lease renewal between $100 and $300 (varying by floorplan). The property also benefits from a long term Project Based HAP contract in which 39 units receive guaranteed income and are leased to Veterans. This Project Based HAP Contract runs through 2031.
2 VALUE-ADD OPPORTUNITY While well maintained, Pine Glen provides a clear path to complete unit upgrades and achieve rent premiums. With the installation of new LVT flooring, black appliances, laminate countertops, cabinet hardware, and upgraded plumbing and light fixtures, rent can be raised an average $150 per month..
3 GUT REHAB COMPLETED IN 2005 Pine Glen received a MAJOR multi-million dollar renovation in 2005 and provides a look and feel of a property built in the 2000’s. In 2005, all windows, patio doors and roofs were replaced. 100% of the units received new kitchen and bathroom cabinets and countertops, new appliances, flooring, plumbing fixtures and light fixtures..
4 STRONG SOUTHSIDE SUBMARKET The far southside of Indianapolis boasts a very strong rental market with 95% occupancy and achieved an impressive 5.0% rent growth in 2020,, and an average rent of $880..
5 CLOSE PROXIMITY TO STRONG EMPLOYMENT Pine Glen is a 10 minute drive to Downtown Indianapolis with all of the city’s largest employers. University of Indianapolis, which employs more than 600 faculty, is a 5 minute drive from the property..
The Cushman & Wakefield Multifamily Advisory group is pleased to present this exclusive offering to purchase the 312-unit "Ely at Centennial Hills“ (Ely) and the 312-unit "Pointe at Centennial Hills“ (Pointe). Ely & Pointe are located in the highly desirable Centennial Hills submarket, which experiences drivers from nearby shopping, high-end medical employment hubs, and recent development trends & high-end residential communities.
Investors are welcome to submit offers on Ely and Pointe as a portfolio, or individually, as each property is operated separately, with its own clubhouse, amenity space, and leasing office. Ely has recently undergone a massive renovation program, including a full overhaul of the clubhouse, leasing office, and amenity space, while 14% of the units were elevated to a full renovation scope. Pointe, on the other hand, has remained largely in classic condition, with ownership maintaining the partial renovation scope from prior ownership while operating for natural market growth.
In turn, fully renovated units are achieving $430 over the prior leased rate at Ely, while Pointe has maintained excellent occupancy and organic rent growth above the market.
ESMI ranked Las Vegas at #2 on their Talent Attraction Scorecard, and Yardi ranked Las Vegas at #3, nationally, for rent growth among major metros. Centennial Hills is emerging as one of the more "core" submarkets in Las Vegas and rent growth has been supported by this shift. This offering will give investors the unique opportunity to scaleup in Las Vegas & the booming northwest valley.