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 5.5% T-3 Cap Rate and a 6%+ Cap Rate Year 1. The property offers an unmatched set of amenities in a sought-after South Bend location.
Large Iconic Asset - 5.5% T-3 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 5.5% T-3 Cap Rate and an achievable 6%+ 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 361 unit interior renovations. 379 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 15.4% rent growth.
Cushman & Wakefield, as exclusive advisor, is pleased to present Centre Lake, a transit orientated, incoming producing, development site. Situated on 11.1-acres, the site is adjacent to the Golden Glades Multimodal Transportation Facility and is currently improved with 234-units. The property is part of an areawide rezoning effort that, upon approval, will increase the "as of right" density to 125 units per acre. An additional 25% density bonus can be achieved by incorporating workforce housing or making a “contribution in lieu” payment.
Built in 1986, Centre Lake Apartments is a 234-unit single-story, villa-style property. The property is 94% occupied with below market rents. There is $640,000 of loss-to-lease revenue upside potential to be realized by pushing all the rents to market. Market rents are readily attainable of $1,300 for studios; $1,500 for one bedrooms and $1,925 for two bedrooms; 31 units (13%) are currently renting at or higher than these market rents. Assuming all units are at the respective market rents, there is $640,000 in loss-to-lease before capital enhancements. Current ownership has upgraded three units. New ownership can chose to implement a value-add program and receive $150 per unit rent premiums over the market rents which would add another $420,000 in upside income. All one and two bedroom units (69% of all units) have washer and dryer hookups in place.
The Centre Lake property is positioned within an area that is being considered for up-zoning that would increase the site’s density potential to ± 1,733 units or about 156 units per acre. In September 2022, the Miami-Dade County Commission is scheduled to review a large area rezoning application that would dramatically increase the residential density potential of the N.W. 7th Avenue corridor, including the Centre Lake property, by including it in the North Central Urban Area District (“NCUAD”). As part of the NCUAD, the property will be designated “RM-Core” allowing up to 15 stories and a residential density of up to 125 units per acre "as of right." A density bonus of up to 25% can be achieved by participating in the County’s Workforce housing program, bringing estimated potential density to over 1,700 units. In addition, due to Centre Lake’s proximity to the new Golden Glades Multimodal Transportation Facility, existing bus stops and the Golden Glades Tri-Rail Station, it is eligible for a parking reduction of up to 30%.
Cushman & Wakefield’s Multifamily Advisory Group is pleased to present the opportunity to acquire Charlesbank Estates, a 218-unit prime value-add investment property located in Waltham, MA. Built in 1960-1987, the property is ideally situated within walking distance to Brandeis University.
Charlesbank Estates offers a vast amount of untapped value by increasing rents to market levels as well as the opportunity to implement a comprehensive unit renovation program that would generate significant rent upside. Combined with the fact that the property has 100% market rate units, this presents an extremely rare and desirable investment opportunity.
The property is strategically located in the heart of Greater Boston’s largest suburban employment hub, with over 31 million square feet of office and lab space within a five-mile radius. Many of these employers are Fortune 500 companies, including defense contractor Raytheon, medtech corporation PerkinElmer, technology companies Care.com and StudentUniverse and the marketing firm Constant Contact. In addition to the numerous employment opportunities within Waltham, residents can also utilize the MBTA Commuter Rail to easily reach jobs in Downtown Boston.
Pricing & Process
Charlesbank Estates is offered for sale on an "as-is" basis and without a formal asking price. Once investors have the opportunity to review the offering materials and tour the property, Cushman & Wakefield will schedule a "Call for Offers" date.
New Construction $200K Build-to-rent Homes
Currently under construction, Circle Point Villas is a new, high end rental home community built by an experienced developer. After rollover of the first leases, additional organic rent growth could be achieved.
High Demand for Home Rentals
There is increasing demand for renters who prefer the privacy and larger size of a home, without the burden of homeownership. Peak home prices coupled with the flexibility of renting and desire for suburban living have boosted the demand for BTR communities.
Trending Demographics Support Rental Rates
Circle Point Villas is primed for a high-level resident profile. Average household incomes within five miles are $66K and is expected to increase by 10% over the next four years. Nearly 52% of residents earn over $50K. Spending 30% of a $66K average gross income for housing equates to rents starting at $1,650.
Maintenance Free Rentals with Flexibility
BTR homes attract millennials, baby boomers and prospective home buyers tired of the house hunt with the flexibility to move when they want, and maintenance free living with professional on-site management. Circle Point Villas offer spacious open layouts, direct access garages, green space, patio and front porch, laundry room with W/D and a full appliance package.
Near Significant Employment
Toyota Motor Manufacturing | Indiana (7,296 employees) is less than five miles from Circle Point Villas. The company is adding an additional 1,400 employees by the end of 2023. Additional employers nearby include Duke Energy (1,400 emp), Vuteq Corp. (654 emp), Deaconess Gibson Hospital (350 emp) and Hansen Corp. (233 emp).
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.
The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 80-unit Courtyard Villas Apartments community located in Orlando, Florida.
NEW CONSTRUCTION - $135K/UNIT
Currently under construction, Cypress Point is the only Class A multifamily property in Washington, IN.
The closest direct competitor to Cypress Point is Baldwin Heights, located 40+ minutes south in Princeton, IN and was built by the same developer.
5-YEAR 100% TAX ABATEMENT
Located within a newly established economic revitalization area, Cypress Point has a 5-year tax abatement in place that ends in the year 2027. This favorable tax abatement will offer the new owner increased cash flow.
Located adjacent to the new I-69 North American Super Corridor, Cypress Point benefits from:
- 178,000+ Workforce within a 60 minute drive
- 80% of the US population within a one day drive
- Westgate at Crane Technology Park (30 Minute Drive)
- Naval Surface Warfare Center - Crane Division (30 Min. Drive)
- Toyota Motor Manufacturing - 7,296 Employees (45 Min. Drive)
- Direct commute to Indianapolis and Evansville
- Washington, IN is the county seat of Daviess County
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 1,152-unit, Cross Country 5 Portfolio located in Arkansas, Oklahoma, and West Virginia. This portfolio is distributed across the Little Rock, Tulsa, and Huntington markets that have seen 7.8%, 10.4%, and 4.8% YoY rent growth, respectively. Little Rock is the state capital of AR and is home to over 60K State and Local Government jobs. With an average household income of over $90K, Broken Arrow is the largest suburb of Tulsa, OK, the second largest city in the state. Built between 1964 and 2017 this portfolio offers an outstanding opportunity to invest in a value-add portfolio in some of the strongest performing markets in the Sunbelt.
DLP Wexford, located in West Virginia, is co-brokered with Century Realty, LLC: Century Centre, 1233 Main Street, Suite 1500, Wheeling, WV 26003. John D. Aderholt, Exclusive West Virginia Broker, +1 304 232 5411, email@example.com