Cushman & Wakefield, as exclusive advisor, is pleased to present the core-plus investment opportunity to acquire the 700 unit City Center on 7th in Pembroke Pines, Florida. The property features an appealing unit mix with 425 garden style apartment homes and 275 two-bedroom townhomes with a market-leading size of 1,143 square feet. Of the townhomes, 55% have direct-access two car garages while 18% have one car garages. Originally built in two phases in 2014 and 2015, the property has upgraded 320 units – changing Formica countertop in the kitchens and bath to quartz for a $75 monthly premium. Given its two-phase development, the property now has two clubhouses, pools and fitness centers. The recently completed Pines City Center provides residents walkability to 300,000 square feet including Publix and other shopping and dining destinations. Its central Broward location provides residents quick commutes to the major employment centers in South Florida.
This Investment Offering provides the Opportunity for an investor to acquire the CLIFFSIDE APARTMENTS, a 27-unit community located minutes north of Downtown Salt Lake City in the highly desirable Marmalade District. Defined as one of Salt Lake City’s most historic neighborhoods, the area is characterized by its mature landscaping and iconic architecture.
Complimented by the prestigious adjacent Capitol Hill and Avenues neighborhoods, Marmalade continues its transformation from a funky, dated district to a revitalized, active downtown community with a wide variety of development underway.
Cobblestone Crossings can be purchased with the Garden Quarter Portfolio (498 units) a total portfolio of 946 units offering immediate presence and economies of scale. The properties may also be purchased individually. For information about the Garden Quarter Portfolio visit: LINK
Cushman & Wakefield, in conjunction with WT Mitchell Group Inc., are pleased to exclusively present the opportunity to acquire Concord Terminal (the "Property"), a ±2.66 acre transit-oriented multifamily development site located in Concord, California. Situated just steps from the Concord BART station, the Property’s infill location provides future residents immediate access to the San Francisco Bay Area’s economic and lifestyle offerings that make it one of the world’s premier places to live, work and play.
Concord Terminal is currently a retail shopping center with month-to-month tenancies which provides an investor logistical flexibility while also benefitting from recurring cash flow during the entitlement process. Located within Concord’s Downtown Mixed Use (DMX) zoning district, the Property is zoned for up to 266 multifamily units and, through density bonuses, more than 300 units could potentially be built on the site.
With modern design, a transit-friendly location, and close-proximity to downtown Concord's numerous lifestyle amenities, Concord Terminal will offer a highly-amenitized living experience for residents seeking convenient living in the San Francisco Bay Area.
Cushman & Wakefield, as exclusive advisor, is pleased to present Cottage Cove - a 468-unit value-add opportunity located in Miami, Florida. Situated on 23.75 acres, Cottage Cove provides a low density, value-add opportunity with above market cash-on-cash returns. The property is offered free & clear although there is an option to assume the current loan. The opportunity to acquire a critical mass of units in Miami is rare. In the past 10 years, there has been less than 2 transactions per year of 400+ unit properties in Miami-Dade on average.
Current ownership has spent approximately $3.4 million in improving the property, ensuring limited need for major capital expenditures. Part of the renovations include replacing 94 out of 100 roofs in 2018. A future investor can further enhance the existing cash flows by implementing an in-unit renovation program to modernize the units by replacing carpet with vinyl tile flooring and upgrading kitchens and bathrooms to generate potential additional income of about $440,000. (6.6% over current market rents). There 45 units (9.6%) fully upgraded at the property. These units receive $140 premium over the classic units.
Cottage Cove provides immediate positive cash flow. In the past 12 months, the retention rate at the property was 65% with the most recent month’s retention rate hitting 85%. Over the past year, there has been 229 rent renewals that averaged an astonishing 6% in rent bumps making rent renewal a better option as opposed to renting the units to new tenants at market rents.
The acquisition of Deercross provides investors with the rare opportunity to acquire 372 units at a 6%+ trailing cap rate and the proven ability to increase rent with light unit upgrades.. Deercross is being sold subject to the assumption of the existing Fannie Mae loan and therefore will not require upfront escrows and has interest only payments until June of 2025.
51 units at Deercross have been lightly renovated and have achieved $60+/- premiums. The new owner has the ability to continue to renovate units and grow revenue.
Deercross is located on the west side of Indianapolis and offers very convenient access to some of the city’s largest employers. Located directly on 38th street, a major east/ west thoroughfare with an average daily traffic count of 45,000, Deercross maintains extremely high leasing traffic.
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.
The Cushman & Wakefield Multifamily Advisory Group is pleased to present this confidential offering to purchase the Ely at Spring Valley Apartments, in Las Vegas, Nevada. This 180-unit asset was built in 2000 and has recently received a large capital injection in order to implement a strong value-add campaign. The asset is located at the edge of Spring Valley, near Summerlin South, one of the most desirable submarkets in the greater Las Vegas MSA, with nearby shopping, high-end residential communities, & employment hubs.
Summerlin South has the highest rent levels in the Las Vegas valley, and some of the strongest demographics in town as well. The average rents at Ely at Spring Valley are $1,326 per month. Classic units are renting for $1,250 on average and renovated units are renting for $1,488 on average. There’s 11.31% in loss to lease on the current rent roll and rent comps in the immediate area are achieving rents of up to $300 per month more than the renovated rents at Ely at Spring Valley.
Given that Las Vegas saw net in-migration topping 45,000 people in 2020 it’s no surprise that ESMI ranked Las Vegas at #2 on their Talent Attraction Scorecard and Yardi ranked Las Vegas at #5 for rent growth among major metros. Additionally, Las Vegas continues to see limited construction for multifamily, and CoStar projects Las Vegas to be in the top 3 among major metros for rent growth over the next 5 years.
Cushman & Wakefield, as exclusive advisor, is pleased to present an exceptional investment opportunity to acquire Emerald Landings (the “Property”) – a 20-unit, luxury townhome community located in Tamarac, Florida. The property was built in 2015 to sell as individual townhomes. No townhomes were sold and the property operates as a single folio and ownership of all units.
Emerald Landings represents the rare opportunity for an investor to acquire a boutique, luxury townhome community without any HOA obligations. The property offers strong in-place income. Current market rents at the property are $2,364 whereas in place effective rents are $2,210 per month. A new investor can recognize revenue upside by eliminating $36,900 or $154/u/m in loss-to-lease by renewing or offering new leases to the units which are at below market levels. A new owner will also have the potential exit strategy of selling the units individually once the “for sale” market stabilizes.
FORMER INCOME RESTRICTED PROPERTY
In February of 2021, Falcon Creek was released from the Low Income Housing Tax Credit program which restricted the income level of 86% 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 $450 (varying by floorplan). The property also benefits from a long term Project Based HAP contract in which 12 units receive guaranteed income and are leased to Veterans. This Project Based HAP Contract runs through 2026.
HIGHLY SOUGHT AFTER 1999 BUILT VALUE ADD
Offering Washer / Dryer connections in all units, attached garages in select units and spacious floorplans, a comprehensive property and interior unit upgrade will allow a new owner to significantly raise rents. Current rents at Falcon Creek trail the market by an average of $179. The property offers a large clubhouse which, when renovated, can offer ample amenities to residents that are currently missing.
STRONG WESTSIDE INDY SUBMARKET
The westside of Indianapolis offers favorable dynamics with an average submarket occupancy of 95.5% and an impressive 4.3% rent growth in 2020.
NEARBY BY RETAIL
The property is very near many shopping centers and retailers including Aldi, Walmart, Meijer, Fedex, and many others.
CLOSE PROXIMITY TO KEY ECONOMIC DRIVERS
Falcon Creek is less than a 15 minute drive to downtown and near many major employers, millions of square feet of warehousing and the city’s largest logistics hub.