1 2002 BUILT PROPERTY WITH PROVEN VALUE ADD POTENTIAL
Current owner has completed light upgrades on 120+ units in phases I and II (The Flats – 320 units) and achieves a $60 premium. The new owner can continue with the current upgrade program and further enhance the units to achieve a higher premium of $100+.
2 2016 BUILT LUXURY PHASE PROVES DEMAND FOR HIGH END FINISHES
73 luxury townhomes, all with attached one car or two garages, were built in 2016 as Phase III and lease for 400+ more per unit than the 2002 built flat style units. The townhomes maintain high occupancy proving the demand in the area for luxury finishes.
3 COMPREHENSIVE AMENITY SET
Stone Ridge offers its residents a comprehensive amenity set that, while already in good condition, could be elevated. Amenities include a walking trail around the entire community, large pool with hot tub and adjacent covered outdoor cooking area, fitness center, bark park, basketball court, tennis court and 2 Amazon Hubs.
4 BRICK EXTERIORS & DESIRABLE UNIT FEATURES
The 2002 built phase (The Flats – 320 Units) offers a full brick exterior and desirable unit finishes including open kitchen layouts, washer/ dryer connections and private entrances. The 2016 built phase (The Townhomes – 73 Units) have attached one and two car garages, private entrance and high end luxury finishes.
5 NEAR VAST EMPLOYMENT OPPORTUNITIES
Located immediately adjacent to Ameriplex, a Class A logistics and distribution park with millions of square feet. Additional employment is plentiful near the site.
1 FREE & CLEAR – 5% TRAILING 12 CAP
Suncrest can be purchased free and clear for a 5% cap rate on T-12. In 2020, rental revenue grew by more than 8% at Suncrest and the property maintained 95%+ occupancy. For many years the property has maintained both high occupancy and collections and provides reliable cash flow day one.
2 FULLY RENOVATED PROPERTY
While originally constructed in 1986, Suncrest was fully renovated in 2015/16. The property’s unit finishes rival those of new construction properties but yet offer at a lower overall rental rate..
3 FURTHER RENT GROWTH VIA VALUE ADD
$50 rent bumps are achievable via washer/ dryer hookups in the 32 remaining units (no laundry contract in place) and creating additional property amenities.
4 LESS THAN 7 MILES FROM DOWNTOWN
Suncrest residents can be downtown Indy in a quick 15 minute or less drive. Employment and entertainment options are plentiful downtown and are very easy to access from the property..
5 WEST SIDE EMPLOYER & AMENITY CONNECTIVITY
The convenient location on Washington Street, a major Indianapolis east-west thoroughfare, offers residents a short drive to Indy’s largest job centers and amenities on the west side..
Cushman & Wakefield is pleased to present the exclusive listing of Sunset Marina, the newest waterfront Class-A rental community in the Florida Keys and the only waterfront multifamily rental in Key West. 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. Sunset Marina is ideally situated with over 950 feet of direct water frontage on Stock Island in Key West.
The property features 60 spacious townhome units that average 800 square feet. All units are two bedroom/two bathrooms. The property is 98.3% occupied with average market rents of $3,045 per unit. The property includes 23 market rate units and 37 workforce units. The majority (30 out of 37 units of the workforce units) allow for a mix of moderate and middle income which is defined as 110% of 120% of AMI. Adjacent to the property is Sunset Marina a 165-slip marina. Out of 60 units, the 52 (87%) have direct water frontage whereas the remaining 8 units have partial water views.
Cushman & Wakefield has been exclusively engaged to arrange the sale The Cottages of Wildwood, a fully entitled and shovel ready, 9.98-acre, build-to-rent ("BTR") development site (the "Property"). The Property is zoned R-3, Medium Density Residential and current plans propose a 71-unit BTR apartment complex, consisting of one- and two-story detached cottages and townhouse-style residential buildings, a single-story clubhouse and pool, dog park, as well as two 5-car detached garage buildings and a maintenance building.