Build-To-Rent Product by Respected Builder
Avalon Bluff is a build-to-rent (BTR) community developed by Tempest Homes, a well-respected Great Lafayette-based company founded in 2002. Tempest Homes has an A+ Better Business Bureau Accreditation.
High Demand for BTR CommunitiesDemand for BTR communities has steadily increased as renters prefer the privacy and larger size of a home, without the burden of homeownership.
Affluent Resident Profile in High Growth Area
Avalon Bluff is primed for a high-level resident profile. Average household incomes within one mile of the community are $113K and are expected to increase by 18% over the next five years. Within a one-mile radius of the site, the population has grown by 50% since 2010.
Near Notable Medical & Education Employment
IU Health Arnett Hospital and Franciscan Health Lafayette East Hospital, among many other medical facilities, as well as Greater Lafayette's largest employer, Purdue University, are all within a 15-minute drive of Avalon Bluff.
Dynamic Greater Lafayette
The Greater Lafayette Area, a diverse community situated between Chicago and Indianapolis, is experiencing incredible growth and robust innovation. With new developments in both education, biotech, and aerospace, the area continues to be a top place to live and work.
Cushman & Wakefield has been exclusively retained by Shea Connelly Development, LLC to offer an investment opportunity in the development of Avenue of the Fountains Luxury Apartments (the “Property”), a 190-unit luxury multifamily development. It will be situated in the Phoenix suburb of Fountain Hills, located directly across from the Fountain Monument, the focal point of community gathering and celebration in Fountain Hills. Shea Connelly Development is seeking approximately $13.7M of JV Equity for the development of Avenue of the Fountains Luxury Apartments.
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Barcelona Apartments (the “Property”) a 22-unit property located at 905-915 W 29 Street in Hialeah.
With a mere 1.8% vacancy and 10.4% rent growth in 2022, Hialeah is one of the strongest multifamily submarkets in Florida. Average asking rents within the submarket are $1,800/month, which is significantly above the $1,450/month at the Property but still below the metro average of $2,200/month, providing renters with a significant discount to most Miami submarkets.
There is notable value-add upside potential. Market rents at the property are $1,450. With a modest value-add program, Cushman & Wakefield estimates the units can rent for an average of $1,597 per unit, which would still be notably below the submarket average. The property has eight renovated units.
Built in 1969, the property has its 40-year certification and is well maintained All units are one-bedrooms. The Property is 100% occupied. The property provides 23 onsite parking spaces. The property is available by itself, or as a portfolio of properties including:
The property is central located in Hialeah, with an 83 walk score. The property provides easy access to all the major employment areas in Miami-Dade including 10 minutes north of the Miami International Airport.
The property has approximately 225 feet of direct water frontage, which includes five boat slips. The property has a brand new seawall. Bayview 30 is the only waterfront multifamily rental with boat slips available on the market in Miami-Dade.Built in 1973, the property has its 40 year certification, is well maintained. Recent improvements include a new seawall, impact windows, new swimming pool and exterior paint. The roof was replaced in 2015. Bayview 30 has 20 one-bedroom/one-bathroom units and 10 two bedroom/two-bathroom units averaging approximately 813 square feet.
In place rents at the property are below market. In place rents average $1,888, whereas market rents are $2,020. With a modest value-add rents can be $2,180, which is almost $300 higher than effective rents.
The property is available by itself, or as a portfolio of properties including:
Bayview 30 represents a rare waterfront mulitfamily opportunity with boat slips. The property is ideally situated with the Eastern Shores area of North Miami Beach which offers proximity to Sunny Isles Beach, and Aventura. Within a one-mile radius there is an average household income of $90,000.
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Biltmore Villas (the “Property”) – a 30-unit property located at 416-426 Santander Avenue in Coral Gables.
The property is centrally located in Coral Gables and has a 87 walk score. The property is walking distance to Downtown Coral Gables and its famed Miracle Mile. Built in 1964, the property has its 40 year certification, is well maintained and provides notable value-add upside potential. With an average asking rent of $2,869, the Coral Gables submarket has the highest rent in all of Miami-Dade. Market rents at the property are $2,020. With a modest value-add program, Cushman & Wakefield estimates the units can rent for $2,180 per unit, which would still be notably below the submarket average.
Biltmore Villas has 24 one-bedroom/one-bathroom units and 6 two-bedroom/one-bathroom units averaging approximately 640 square feet. Most of the tenants are young professionals that work from home or within the close vicinity of the property. The roof was replaced in 2014.
The property is available by itself, or as a portfolio of properties including:
The Property has exceptional proximity to jobs, dining, and nightlife within Downtown Coral Gables. Within a one-mile radius of the Property there is 8.9 million square feet of office space; over 40,000 jobs and an average household income of $105,000. Biltmore Villas offers a rare opportunity to acquire a value-add apartment community with a unique boutique feel, only moments from the center of Miami’s most affluent and economically robust city.
Proven Value Add Opportunity
15 units have been completely remodeled with the high-end modern finishes. These units achieve premiums of $230-$350. In this location there is ongoing demand for upgraded units offering the opportunity to upgrade the remaining 194 units.
Recent Capital Infusion
Black Hawk has been infused with capital spent mostly on modern unit upgrades which include new cabinets, granite countertops black appliances and luxury vinyl plank flooring. Capital was also spent on roofs, exterior paint, asphalt and hallway updates.
Impressive Property Performance
Black Hawk demonstrates impressive performance with bad debt under 0.5% (T-12) and 30% increase in market rent in 2022 (Jan 2022 - Dec 2022).
Fort Wayne’s Tremendous Growth
Fort Wayne-Allen County is a community on the rise with growing population and diverse employment. Average rents grew by 15.2% from 2021 to 2022 contributing to the impressive 59% rent growth since 2015.
Popular Townhome Units
The Black Hawk unit mix features 67% townhome style units. Having a concentration of these sought after large units gives the property a competitive edge in the market.
Iconic Speedway Location
Speedway, Indiana is best known for the iconic Indianapolis Motor Speedway, which has seen impressive new development in the surrounding area. This location also offers residents top schools, easy access to all the amenities downtown Indy and on the westside, and abundant employment options.
$5.8M Capital Infusion
A significant amount of capital has been spent improving the property. Upgrades included 357 fully renovated units and amenity enhancements.
Huge Organic Rent Growth Achieved in 2022
The property boasts impressive organic rent growth with 24.1% increases on new leases and 8.1% rent bumps on renewals achieved without upgrades.
Long Term and Reliable Resident Base
Brickyard Flats boasts low bad debt and reliable residents who have a tendency to stay. The average length of tenancy is 34.5 months.
Upside Potential - 5.0% T-3 & 6%+ Cap Rate Yr 1
The new owner can increase revenue immediately through burning off remaining loss to lease and achieving mid 90’s occupancy (nearby comps average 96% occupancy) to achieve a 6%+ Cap Rate in year one. 55 Classic Units can be fully upgraded to command a $200+ Premium.
1,401-Unit Portfolio Opportunity
Brickyard Flats can be purchased individually, or together with South & Madison (216 units) and Legend at Speedway (773 units), for a total portfolio of 1,401 units, offering instant economies of scale.
5.9% T-3 CAP RATE / $140K PER UNIT
Buffalo Creek is being offered free and clear by the long-term owner (15+ years) at an attractive price of $140k per unit. The property is well-performing with an average historical occupancy of 97.5% (last four years). T-3 Cap Rate is 5.9% and Year One Cap Rate (without upgrades) is 6.5%.
PROVEN VALUE-ADD POTENTIAL
The current owner has upgraded 72 units, which are achieving an average monthly rent premium of $131. Further rent growth could be achieved by upgrading 236 classic units and improving upon the 72 units already upgraded. Nearby properties have completed upgrades and are achieving higher rents. A new owner could also continue to operate the property as is without upgrades and achieve organic rent growth.
UNIQUE PROPERTY WITH EXTENSIVE AMENITIES
Ideally situated within an upscale mixed-use planned development, Buffalo Creek was built by J.C. Hart, a well-respected Indianapolis developer. The low-density property offers lush landscaping with five scenic lakes, attractive exterior architecture, beautifully designed units and an extensive list of amenities including a state-of-the-art fitness center, sports courts, dog park, putting green and outdoor social spaces.
EXCELLENT HIGH-GROWTH AREA
The property is adjacent to the city of Greenwood (Johnson County), a sought-after south suburb of Indianapolis enjoying 23% population growth since 2010. Average rents for the south side increased 13.8% year-over-year. The area is also known for well-performing schools and proximity to downtown Indianapolis, offering additional employment opportunities for residents.
HIGH TRAFFIC LOCATION NEAR AREA'S BEST AMENITIES
The property entrance is visible from high-traffic County Line Road (23,386 AADT). Residents benefit from proximity to major employer Community Hospital South, and two dense corridors (Meridian Street/SR-135 and US-31) filled with the south side’s best shopping, dining and entertainment options including the popular Greenwood Park Mall, containing 1.2M SF and more than 150 retailers.
Cushman & Wakefield's Manufactured Housing Group is pleased to present the exclusive listing of Carlton Heights a manufactured housing community in Sturgeon Bay, WI. The Park consists of 43 Tenant-Owned homes, and 1 Single- Family Home. The Park offers investors the compelling opportunity to acquire a value-add community with demonstrated rent increases and the ability to immediately raise revenue.
Carlton Heights is located in beautiful Sturgeon Bay, named one of the top 10 happiest Seaside Towns in the U.S. by Coastal Living Magazine. The community is situated between vineyards, is less than 2 miles from the shore of Lake Michigan. Door County offers more miles of shoreline, one of the highest concentrations of lighthouses and 5 state parks, more than any other county in Wisconsin. The area offers a wide variety of outdoor recreation and is also known for its art galleries and performing arts
A significant portion of the housing supply in Door County, is occupied on a seasonal basis, leading to a greater need for workforce and seasonal housing for workers in the area's booming tourism industry. Housing prices in Door County have increased 23% in the past 24 months.
The Carmel Gateway Site offers the rare opportunity to own and develop the next city district in thriving Carmel, Indiana. This search is for the right developer to take the exciting master plan and turn this office park into a town center. The owner will retain ownership of the existing office buildings.
- Turning an Office Park Into a Town Center
- Impressive Carmel Growth
- Highest Incomes in the State
- Unparalelled Quality of Life
The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of Castle Point, a 740-unit, 1974 to 1980-built apartment community located in vibrant South Bend Indiana.
The acquisition of Castle Point represents an opportunity to own a large asset adjacent to the city's highest-end suburb at a 5.6% T-12 Cap Rate and a 7%+ Cap Rate Year 1. The property offers an unmatched set of amenities in a sought-after South Bend location.
Large Iconic Asset - 5.6% T-12 Cap Rate
Castle Point is a well-regarded landmark community with it's massive unmatched amenity center, idyllic setting, and unique unit features and floorplans. Providing an excellent immediate yield, the property is being offered at a 5.6% T-12 Cap Rate and an achievable 7%+ in year one.
Huge Remaining Upside & Proven Premiums
The property offers significant revenue increase potential through continued unit upgrades and converting 2 bedroom units with dens into sought after 3 bedroom units. There are also several free strategies to raise cash flow including: maintaining strong rent increases on lease-trade (currently achieving 15% organically) and rightsizing bad debt and occupancy.
$5.6M Capital Infusion Completed
The current owner has enhanced the property through a $5.6M capital ex program. Improvements included clubhouse upgrades, elevating and adding amenities, and 366 unit interior renovations. 374 classic/previously renovated units remain, offering the new owner the ability to increase revenue by $1M annually.
High Income & Growth Location
Castle Point is located on the north side of South Bend and adjacent to Granger, the most upscale area in the region with the highest single-family home values in the county and touting 56% of households with incomes over $100,000.
The Strength of South Bend
The diverse economy of South Bend has upward momentum with ample new developments and growth. Prestigious Notre Dame University brings stability & educated talent, and the rental market offers an incredible 14.4% rent growth.