HIGH 5.4% CAP RATE WITH UPSIDE

20 East represents the rare opportunity to purchase a property at a 5.5% cap T- 3 Cap Rate on pricing guidance of $13.5M. Half of units have been upgraded (but current owner is not charging premiums) leaving additional value add potential through continued unit upgrades and organic rent growth.

98%+ OCCUPANCY & UNDER MARKET RENT

With a multiyear history of 95%+ occupancy, 20 East has demonstrated incredibly high renter demand. Current rental rates trail the surround comparable properties by more than 20%.

HOUSING UNDER SUPPLY & 1.6% UNEMPLOYMENT

The city of Elkhart has a substantial undersupply of housing. Employment has grown substantially, to an unemployment rate of 1.6% - the lowest in the country, outpacing new housing. A study recent study oncluded that there is a nearly 5,000-unit housing deficit in the city of Elkhart.

WELL MAINTAINED & SINGLE STORY PRODUCT

The entire property is single story and all of the units have a private entry and washer/dryer hookups. 20 East has benefitted from major capital expenditures in the last few years, leaving the new ownership to focus on property upgrades that will increase revenue.

360 UNIT PORTFOLIO: $99K/UNIT & 5% T-3 CAP RATE

20 East can be purchased individually, or as part of a three property, 360-unit portfolio. The Portfolio Pricing Guidance of $35.5M represents an average price per unit of just under $99k per unit and a blended 5.0% Trailing 3 Cap Rate.

   
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Under Contract
20 East
156 Units
2125 Toledo Road
Elkhart, IN  46516
Posted: 5/5/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is excited to present the exclusive listing of 2050 Morningside in Atlanta, Georgia. 2050 Morningside provides an opportunity to acquire a strategic institutional asset with significant rental upside. The property is surrounded by major intown rental pressure at the true center of Atlanta’s job driver triangle created by Midtown, Buckhead, and the Clifton Corridor. The Morningside submarket has experienced explosive growth with continued investment and commitment to providing a highly desired intown culture. Future developments such as the new MARTA line extending through the Clifton Corridor to create an intown loop will further solidify 2050 Morningside’s positioning within the growing Morningside submarket.
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Under Contract
2050 Morningside
198 Units
2050 Cheshire Bridge Road
Atlanta, GA  30324
Type: Conventional
Posted: 2/7/2022

Cushman & Wakefield is pleased to offer for sale 209 Harvard Street, an irreplaceable asset and transit-oriented development opportunity in the heart of Coolidge Corner, Brookline, Massachusetts. The prominent 32,223 square foot medical office building is a four story structure on top of a 2 level covered parking garage containing 63 spaces.

Medical Office Building Renovations

The Medical Office building renovations include several improvements to the Harvard Street Facade:

1) Café with outdoor seating on the ground floor

2) New more welcoming facade material replacing the precast concrete with a glass and panelized system that admits more daylight

These features are particularly appropriate given the mission to provide a fit and healthy, community-centric place to live and a Medical Building that supports wellness needs of the area. The site plan shows the new café seating on site along Harvard Street and the entry path to the entry courtyard along the south side of the property. The former, along with the new facade materials and glass addition will activate the street. The latter provides a pleasant arrival sequence for the new residents. Preliminary grading and landscape materials, as well as critical dimensions, are indicated.

Fully Approved 44-Unit Residential Building

The approved plans allow one to build a new housing component on the rear portion of the lot. The housing portion of this proposal is to build four levels of units, over two levels of parking. The expectation is that these units will constitute a good addition to the range of housing options available in town, particularly for professionals looking for an active lifestyle and valuing both the amenities and the transit options available in Coolidge Corner.

Pricing & Process

209 Harvard Street is available on an "as-is" basis and is being offered without a formal asking price. Upon receipt of a signed Confidentiality Agreement, investors will be provided with access to due diligence materials via The Multifamily System website. Once investors have had an opportunity to review the offering materials and tour the property, Cushman & Wakefield will schedule a "Call for Offers".

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209 Harvard Street
   
209 Harvard Street
Brookline, MA  02446
Posted: 3/23/2022
Cushman & Wakefield is pleased to present for sale, the New Construction Multifamily Portfolio, a 16-property/54-unit portfolio located in Minneapolis, MN. These 16 assets are situated throughout the highly sought-after and walkable neighborhoods of Minneapolis. Built between 2014 and 2021, the properties in the portfolio have an average unit size of 2,150 sq.ft. and average in-place rent of $3,150/month, which provides an outstanding opportunity for investors to acquire a niche/high-demand product below replacement costs.

The 16 properties can be purchased as a portfolio, several together or individually.
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Minneapolis New Construction Multifamily Portfolio (16 properties, 54 units)
2109 Aldrich Ave S
3 Units
2109 Aldrich Ave S
Minneapolis, MN  55405

Cushman & Wakefield, as exclusive marketing advisor, is pleased to present 2150 Park, 20 fully renovated residences located at 2150 Park Avenue in the heart of South Beach. The property is currently operating as a Short-Term Rental facility with a hotel license in place under the Jurny Brand. The management agreement has the option to be terminated upon a potential sale of the property. It has been performing exceedingly well in the post-pandemic era with ADR levels surpassing $240 and occupancy levels hitting higher than 90%.

The property allows for multiple investment strategies including hotel, apartments, short-term rentals, condo-conversion and condo-hotel. The property was recently completely “gutted” with just the building frame remaining. All “behind the scenes” elements including electrical, plumbing, roofing etc. were replaced. Renovations also featured tile flooring throughout the rooms, upgraded kitchens with stainless steel appliances and modern cabinets, subway tile throughout the bathroom and the shower, new vanities and fixtures as well as modern furniture and light fixtures. With STR being very limited throughout Miami Beach, this truly is a stabilized turnkey, high-end boutique residence that does not exist near the Convention Center.

The property provides furnished units averaging 443 square feet, all 1BR/1BA units. 2150 Park is located only footsteps from the Miami Beach Convention Center, the Bass Museum of Art and the world-renowned Lincoln Road. The property is steps away from some of South Beach’s most iconic resorts including The Loews, The Setai, The Shore Club, The Delano, The W and Faena Miami Beach.

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2150 Park
Offers Due:  Friday, June 17, 2022
20 Units
2150 Park Avenue
Miami Beach, FL  33139
Posted: 5/3/2022

Cushman & Wakefield is pleased to present the opportunity to acquire 22 units spread across 14 properties just south of Downtown Pittsburgh.

The Greater South Pittsburgh Portfolio provides the unique opportunity for an investor to acquire 22 units in a high barrier to entry market surrounded by Pittsburgh's world class education, culture, and the region's top employers. The portfolio sits in the heart of some of Pittsburgh's strongest rental submarkets - Mount Washington, Brookline, and Brentwood.

Investors can purchase the portfolio below the individual assets' market value, allowing for multiple exit strategies. There is value-add potential for an investor by bringing the units to market, improving the units, or simply selling off pieces of the portfolio at fair market value.

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Under LOI
Greater South Pittsburgh Portfolio (14 properties, 22 units)
2320 Vodeli St
1 Units
2320 Vodeli St
Pittsburgh, PA  15216
Type: Single Family Rental
Posted: 3/29/2022
Cushman & Wakefield is pleased to present for sale, the New Construction Multifamily Portfolio, a 16-property/54-unit portfolio located in Minneapolis, MN. These 16 assets are situated throughout the highly sought-after and walkable neighborhoods of Minneapolis. Built between 2014 and 2021, the properties in the portfolio have an average unit size of 2,150 sq.ft. and average in-place rent of $3,150/month, which provides an outstanding opportunity for investors to acquire a niche/high-demand product below replacement costs.

The 16 properties can be purchased as a portfolio, several together or individually.
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Minneapolis New Construction Multifamily Portfolio (16 properties, 54 units)
2424 Lyndale Ave S
4 Units
2424 Lyndale Ave S
Minneapolis, MN  55405
Cushman & Wakefield is pleased to present for sale, the New Construction Multifamily Portfolio, a 16-property/54-unit portfolio located in Minneapolis, MN. These 16 assets are situated throughout the highly sought-after and walkable neighborhoods of Minneapolis. Built between 2014 and 2021, the properties in the portfolio have an average unit size of 2,150 sq.ft. and average in-place rent of $3,150/month, which provides an outstanding opportunity for investors to acquire a niche/high-demand product below replacement costs.

The 16 properties can be purchased as a portfolio, several together or individually.
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Minneapolis New Construction Multifamily Portfolio (16 properties, 54 units)
2449 Lyndale Ave S
4 Units
2449 Lyndale Ave S
Minneapolis, MN  55405

Cushman & Wakefield, as exclusive marketing advisor, is pleased to present 250 Collins, 27 fully renovated residences located at 250 Collins Avenue in the heart of South Beach. The property is currently operating as a Short-Term Rental facility with a short-term rental license in place under a management agreement with Sextant Brand. The management agreement has the option to be terminated upon a potential sale of the property. 250 Collins has been performing exceedingly well in the post-pandemic era with ADR levels surpassing $500 and occupancy levels hitting higher than 90%.

The property allows for multiple investment strategies including hotel, apartments, short-term rentals, condo-conversion and condo-hotel. The property recently completed a multi-year renovation which offers ultra high-end finishes including custom kitchens with quartz counters, high-end white lacquered cabinets and Miele appliance packages. Added into the redesign are a third floor glass penthouse level and a fourth floor roof top pool and sun deck. This truly is a stabilized turnkey, high-end boutique residence that does not exist South of 5th on Miami Beach.

The property provides spacious units averaging 703 square feet including 16 1bd/ba; 8 2bd/2ba; and 3bd/2ba units. 250 Collins is located in SOFI (South of Fifth) neighborhood, which is considered the most desirable in South Beach. The property is steps away from some of South Beach’s finest destinations including Carbone’s, Prime 112, Prime Italian, Prime Fish, Nikki Beach, Joe’s Stonecrab, Smith & Wollensky, Milos, and Fogo de Chao. Surrounding condominiums such as Continuum, Apogee One Ocean, and Glass are selling up to $50 million per unit. Just 200 yards from 250 Collins and you are on the sand amongst the hottest beach scene on South Beach.

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250 Collins
Offers Due:  Friday, June 17, 2022
27 Units
250 Collins
Miami Beach, FL  33139
Posted: 5/3/2022
Under Contract
250 Everett Street
   
250 Everett Street
Boston, MA  02134
Posted: 12/9/2021

Cushman & Wakefield is pleased to exclusively offer for sale 2525 Turtle Creek Boulevard (the “Property”), located in one of Dallas’ most sought-after enclaves. The Property is one of the only remaining parcels of its size suitable for high-density development under its existing zoning within the Turtle Creek submarket. Originally built in 1961, the ±4.446-acre Property consists of 108 condominium units and is named the Turtle Creek Gardens Condominiums. The current low-density condominiums no longer constitute the Property’s highest and best use, as there has been an unprecedented surge in demand for high-density development in the area. This surge in demand can be attributed to Dallas’ unrivaled employment growth, having led the nation in new jobs over the past three years. Due to its low cost of living, high quality of life and pro-business environment, Dallas continues to see an influx of corporate relocations from across the country, which drives its rapid expansion.

Offering Memorandum and related documents can be found at 2525turtlecreekblvd.com.

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Under Contract
2525 Turtle Creek
4.44 Acres
2525 Turtle Creek Blvd.
Dallas, TX  75219
Type: Land
Posted: 8/14/2020
Cushman & Wakefield is pleased to present for sale, the New Construction Multifamily Portfolio, a 16-property/54-unit portfolio located in Minneapolis, MN. These 16 assets are situated throughout the highly sought-after and walkable neighborhoods of Minneapolis. Built between 2014 and 2021, the properties in the portfolio have an average unit size of 2,150 sq.ft. and average in-place rent of $3,150/month, which provides an outstanding opportunity for investors to acquire a niche/high-demand product below replacement costs.

The 16 properties can be purchased as a portfolio, several together or individually.
...
Minneapolis New Construction Multifamily Portfolio (16 properties, 54 units)
2743 Dupont Ave S
4 Units
2743 Dupont Ave S
Minneapolis, MN  55408
Cushman & Wakefield is pleased to present for sale, the New Construction Multifamily Portfolio, a 16-property/54-unit portfolio located in Minneapolis, MN. These 16 assets are situated throughout the highly sought-after and walkable neighborhoods of Minneapolis. Built between 2014 and 2021, the properties in the portfolio have an average unit size of 2,150 sq.ft. and average in-place rent of $3,150/month, which provides an outstanding opportunity for investors to acquire a niche/high-demand product below replacement costs.

The 16 properties can be purchased as a portfolio, several together or individually.
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Minneapolis New Construction Multifamily Portfolio (16 properties, 54 units)
2808 Colfax Ave S
3 Units
2808 Colfax Ave S
Minneapolis, MN  55408
3001 Alhambra offers an income producing development opportunity in the heart of Ft. Lauderdale Beach. The site totals 0.25 acres and has favorable ABA A-1A zoning allowing a 4x FAR and up to 200 feet high. Zoning allows for condo, hotel, retail and multifamily development. The property currently has three multifamily units totaling 2,800 square feet with average rents of $1,475. In addition, there is ±1,800 SF office building currently producing $4,064 per month. There are 6 parking spaces onsite currently producing $1,640 per month. The income from the multifamily, office and garage spaces provides in place income while a developer can work through the entitlement process.
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3001 Alhambra
0.25 Acres
3001 Alhambra
Fort Lauderdale, FL  33304
Type: Land
Posted: 3/16/2022
Cushman & Wakefield is pleased to present for sale, the New Construction Multifamily Portfolio, a 16-property/54-unit portfolio located in Minneapolis, MN. These 16 assets are situated throughout the highly sought-after and walkable neighborhoods of Minneapolis. Built between 2014 and 2021, the properties in the portfolio have an average unit size of 2,150 sq.ft. and average in-place rent of $3,150/month, which provides an outstanding opportunity for investors to acquire a niche/high-demand product below replacement costs.

The 16 properties can be purchased as a portfolio, several together or individually.
...
Minneapolis New Construction Multifamily Portfolio (16 properties, 54 units)
3028 Humboldt Ave SE
2 Units
3028 Humboldt Ave SE
Minneapolis, MN  55408
Cushman & Wakefield is pleased to exclusively present the opportunity to acquire 312 Monte Vista Avenue (the "Property" or "312 Monte Vista"), a ±6,400 square foot residential development site zoned for 14 for-rent or for-sale units. Located in one of Oakland’s most sought-after submarkets, 312 Monte Vista is a 6-minute walk from Piedmont Avenue, granting future residents immediate access to some of the East Bay’s most renowned dining, retail and entertainment offerings. 312 Monte Vista is walking distance to the MacArthur BART Station and steps from an AC Transit Transbay Service stop, providing seamless commuting access to downtown Oakland, San Francisco and throughout the Bay Area.

Oakland has proven itself as one of Northern California’s strongest job markets. With a 46% trailing 5-year average discount to San Francisco class A office rents, Oakland has attracted companies such as Square, Credit Karma, Blue Shield, PG&E, and Oracle in addition to 44,133 new residents since 2010. With 5MM square feet of office in the development pipeline, Oakland will continue to attract companies and employees - the continued in-migration is projected to fuel rent growth 26% by 2030.

As a newly constructed property with direct access to The Bay Area’s renowned employers and lifestyle attractions, 312 Monte Vista will offer the high-end, convenient living experience critical to attracting the region’s most affluent residents.
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312 Monte Vista
0.15 Acres
312 Monte Vista Avenue
Oakland, CA  94611
Type: Land
Posted: 1/5/2021
Cushman & Wakefield is pleased to present for sale, the New Construction Multifamily Portfolio, a 16-property/54-unit portfolio located in Minneapolis, MN. These 16 assets are situated throughout the highly sought-after and walkable neighborhoods of Minneapolis. Built between 2014 and 2021, the properties in the portfolio have an average unit size of 2,150 sq.ft. and average in-place rent of $3,150/month, which provides an outstanding opportunity for investors to acquire a niche/high-demand product below replacement costs.

The 16 properties can be purchased as a portfolio, several together or individually.
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Minneapolis New Construction Multifamily Portfolio (16 properties, 54 units)
3150 Lyndale Ave S
2 Units
3150 Lyndale Ave S
Minneapolis, MN  55408

Cushman & Wakefield’s Multi-Family Advisory Group is pleased to present the opportunity to acquire the EB2 Portfolio, a collection of two newly constructed, luxury apartment buildings completed in Q1 2022, located in East Boston, Massachusetts. The two assets, 319 & Park (319-327 Chelsea Street) and ONE52 (152 Liverpool Street) consist of sixty-one (61) residential apartments, two (2) ground floor commercial suites, and 51 garage parking spaces. The assets offer unique one, two, and threebedroom apartment homes, featuring oversized open floor plans, in-unit laundry, 9’+ ceilings, condominium quality finishes, private garage parking and ample private outdoor space.

EB2 Portfolio is available on an "as-is" basis and is being offered without a formal asking price. Upon receipt of a signed confidentiality agreement, qualified investors will be provided with the offering memorandum (containing property data and financial information) and access to due diligence materials. Once investors have had an opportunity to review the offering materials and tour the property, Cushman & Wakefield will schedule a "Call for Offers".

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EB2 (2 properties, 63 units)
319 & Park
39 Units
319-325 Chelsea Street
East Boston, MA  02128
Posted: 4/4/2022
Cushman & Wakefield, as exclusive advisor, is pleased to present a core-plus investment opportunity to acquire 33 West, a 376-unit garden-style multifamily asset located in a central, in-fill, higher barrier-to-entry location in Davie, Florida. Originally built in 2014, the property offers the opportunity for investors to add hard-surface bedroom flooring, refinish the cabinets and a tech package within the units. Overlooking an expansive ±68-acre lake, the property was designed with quality finishes and an impressive amenity package that includes two large pools, two clubhouses and oversized dog park. With its central Broward location and access to the surrounding roadways, the property provides residents quick commutes to the major employment centers in South Florida.
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33 West
376 Units
6300 SW 24th Place
Davie, FL  33314
Type: Conventional
Posted: 4/21/2022
Cushman & Wakefield is pleased to present for sale, the New Construction Multifamily Portfolio, a 16-property/54-unit portfolio located in Minneapolis, MN. These 16 assets are situated throughout the highly sought-after and walkable neighborhoods of Minneapolis. Built between 2014 and 2021, the properties in the portfolio have an average unit size of 2,150 sq.ft. and average in-place rent of $3,150/month, which provides an outstanding opportunity for investors to acquire a niche/high-demand product below replacement costs.

The 16 properties can be purchased as a portfolio, several together or individually.
...
Minneapolis New Construction Multifamily Portfolio (16 properties, 54 units)
3317 Bryant Ave S
2 Units
3317 Bryant Ave S
Minneapolis, MN  55408

Cushman & Wakefield’s Multifamily Advisory group is pleased to present for sale 3326 Washington, a fully approved 43-unit development opportunity located minutes from downtown Boston in the Jamaica Plain neighborhood. Situated on a 12,304 SF lot, 3326 Washington Street will include 5 stories and 43 units of residential housing.

Totaling 39,445 GSF, the development opportunity is ideally situated among Jamaica Plain’s neighborhood amenities, combining the best of Boston-based benefits and the suburban neighborhood appeal. 3326 Washington Street is only a block away from the MBTA Orange Line’s Green Street stop and less than a mile from the Commuter Rail’s Forest Hill Station providing access to Downtown Boston in under 20 minutes.

3326 Washington Street is offered for sale on an "as-is" basis and without a formal asking price. Once investors have had an opportunity to review the offering materials, Cushman & Wakefield will schedule a "Call for Offers" date with advanced notice.

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3326 Washington Street
Offers Due:  Thursday, June 23, 2022
43 Units
3326 Washington Street
Boston, MA  02130
Posted: 4/27/2022

Located in Pittsburgh's most popular neighborhoods, this portfolio provides the unique opportunity for an investor to acquire 13 units in a high barrier to entry market surrounded by world class education, culture and the region's top employers.

With properties spread across Oakland, Edgewood/Swissvale, and Greenfield, this portfolio contains some of the region's premier locations where top talent is drawn to live, work and play. The portfolio has a wide variety of unique features and unit types ranging from single family homes to multifamily properties. All the units have been at least partially upgraded and include open floor plans, updated kitchen and bathroom cabinets, flooring and light fixtures.

Many of the units could be easily improved to a more modern aesthetic which would allow the new owner to raise rents. Updated fixtures, common area and exterior upgrades to enhance the façade would make these units stand out even more in an extremely competitive rental market. Given the presence of Carnegie Mellon, The University of Pittsburgh, Chatham University and UPMC, these properties are in the epicenter of some of the world's best education and employment making them ideal for young students and professionals alike.

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Greater East End Portfolio (3 properties, 13 units)
340 N. Craig
5 Units
340 N Craig
Pittsburgh, PA  15213
Type: Conventional
Posted: 5/3/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 3430 East apartment community, comprised of 104 units in Columbia, SC. Just off I-26 and less than a mile from the I-20 and I-26 interchange (140k+ daily traffic count), the property provides seamless connectivity to the state’s busiest highways, giving residents direct access to 96k+ jobs within a 15-minute drive. This asset is situated in the rapidly expanding, St. Andrews neighborhood, characterized by the steady employment industries of medical, education, and government, strong projected rent growth (20% through 2027), and a diminishing multifamily pipeline. Built in 1974, 3430 East arrives to market with a proven in-place value-add ($200+ avg. premiums), offering an outstanding opportunity to complete the current renovation program on the remaining units 67 units (64%) to command average premiums of $200+, aligning the property with top submarket competitors.
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3430 East
104 Units
3430 Kay Street
Columbia, SC  29210
Posted: 5/12/2022
Cushman & Wakefield is pleased to present for sale, the New Construction Multifamily Portfolio, a 16-property/54-unit portfolio located in Minneapolis, MN. These 16 assets are situated throughout the highly sought-after and walkable neighborhoods of Minneapolis. Built between 2014 and 2021, the properties in the portfolio have an average unit size of 2,150 sq.ft. and average in-place rent of $3,150/month, which provides an outstanding opportunity for investors to acquire a niche/high-demand product below replacement costs.

The 16 properties can be purchased as a portfolio, several together or individually.
...
Minneapolis New Construction Multifamily Portfolio (16 properties, 54 units)
3512 Dupont Ave S
4 Units
3512 Dupont Ave S
Minneapolis, MN  55408