The San Antonio Legacy 7 Portfolio is an exceptional opportunity to acquire well located and meticulously maintained value add assets in the San Antonio market. These properties have been owned and operated as an "all bills paid" portfolio by the current owner for over 36 years. The operating philosophy has been to keep the properties in top condition and fully occupied with a well-qualified resident profile. Rental rates are well below the market and new ownership can potentially increase income dramatically with value-add improvements and operational efficiencies.
All properties are located in mature infill locations that are difficult, if not impossible, to replicate, within Loop 410. Six of the seven properties have north side locations. Each asset has a history of high occupancy and none have been "upgraded" other than regular replacements.
This portfolio of 760 units represents a tremendous opportunity for investors to acquire a well-positioned and operationally efficient portfolio with a clear value add strategy. It could take years to assemble a similar group of properties with equivalent locations through individual acquisitions. These assets are unencumbered by existing debt and can be purchased individually or as a portfolio.
Tarpon Harbor is the newest Class-A rental community in the Florida Keys. The property offers an exceptionally rare opportunity to acquire only one of nine rental communities over 100-units in the entire Florida Keys. A shortage of rental supply, limited land and limitations on new residential development make the Florida Keys one of the most supply constrained markets in the U.S. Tarpon Harbor offers an immediate critical mass of units in a market where the demand for rentals significantly outpaces the supply. Located on the water, adjacent to Florida Keys Marathon Airport, the property features 106 spacious townhome units that average 1,293 square feet, including sixty-two 2 bed/2.5 bath units at 1,092 square feet and forty-four 3 bed/2.5 bath units at 1,577 square feet. The property provides 450 feet of open water views on the Atlantic side of the Island and includes fourteen 32-foot boat slips. The property is 99.1% occupied with twelve month leases.
VALUE-ADD MULTIFAMILY INVESTMENT OPPORTUNITY
Cushman & Wakefield is pleased to offer TATUM PLACE, a 164-unit Class "B" apartment community located east of the southeast corner of Tatum Boulevard and Bell Road on 49th Street in Northeast Phoenix, Arizona. This location offers residents easy access to the State Route 51 and Loop 101 freeways, providing immediate access to employment and "world-class" entertainment, shopping and dining venues in Scottsdale and Northeast Phoenix.
Tatum Place offers residents two swimming pools (one an Olympic style lap pool), sun decks, a brand new fitness center, poolside clubhouse, barbecue grills and picnic area, fire pit, attractive landscaping, gated access and covered parking. Interior amenities include washers/dryers, ceiling fans, contemporary window coverings, wood cabinetry, microwaves, double stainless steel kitchen sinks, 9-foot ceilings, cultured marble vanity countertops, patios/balconies with outside storage. Select units include skylights, vaulted ceilings, accent walls, wood-style flooring, pantries, stainless steel appliances, granite countertops and walk-in closets.
Approximately 25% of the unit interiors have been recently upgraded while most of the property exterior and common areas have been upgraded. However, there is still significant opportunity to add value by completing interior renovations to the remaining "untouched" units while at the same time adding finishing touches to the already renovated units that will allow for even further growth in the market rental rates.
The Downtown Indy Portfolio consists of 3 properties totaling 100 units built by Bloomington, Indiana based developer Cedarview. Two of the three buildings (632 MLK and 946 MLK) are located on the campus of IUPUI providing walkability not only to the buildings of the University but also to the incredible perks of living downtown.
The third property, The Delaware, is located within the historic neighborhoods of Fall Creek Place and Herron-Morton providing proximity to downtown with all the benefits of a more residential setting. These very popular neighborhoods are experiencing a boom in new singlefamily home construction/renovation with prices that can exceed $1 million.
The DeSota, a landmark multifamily investment opportunity in the affluent community of downtown Sarasota, Florida sets a new standard for rental living on Florida’s west coast. Large, condo-quality units, extensive community amenities and an irreplaceable location create an upscale lifestyle experience that is unrivaled in the region. The DeSota’s residents enjoy ultimate walkability and retail convenience resulting from over 15,000 square feet of (fully-leased) retail space within the building, Whole Foods Market across the street and Starbucks just one block away. Completed in early 2018, The DeSota offers a discerning investor the opportunity to acquire a premiere quality asset in an incredible, affluent market.