New Construction with Revenue Upside
Completed in 2021, the current owner does not bill back for water and sewer, and provides bulk internet and cable. Additional revenue could be made by billing back for water/sewer and internet/cable.
7.0% Cap Rate with Five-year Tax Abatement/ 5.8% Cap Rate without Tax Abatement
Baldwin Heights offers immediate cash flow selling at a 7.0% cap rate with a five-year tax abatement in place. Without the abatement, the cap rate is 5.75%.
Near Significant Employment
Toyota Motor Manufacturing | Indiana (7,296 employees) is less than five miles from Baldwin Heights. 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).
Desirable Unit Features
All units offer full size washer/dryer connections and machines, open layout, modern kitchens and bathrooms, ceiling fans, and a full appliance package. Units are large, averaging 999 square feet.
There is very little direct competition for Baldwin Heights. Vail Estates is the only other apartment property that is comparable.
The Berkley Riverfront location is a prime downtown development opportunity in Kansas City, Missouri, serviced by the new Riverfront Drive and bounded by the Kit Bond and Heart of America bridges. With nearly a mile of frontage on the Missouri River, the site is a destination unto itself. Its outstanding synergistic potential is affirmed through connections to adjacent neighborhoods in the River Market and Columbus Park.
The master-planned development for the 85-acre riverfront site calls for the creation of a world-class urban village with OVER FIVE MILLION SQUARE FEET OF OFFICES, RESIDENTIAL AND RETAIL SPACE, along with entertainment and cultural amenities. Sites ranging from less than two acres to 15 acres are available for immediate development, with grading, engineered fill, and utilities to be delivered to the sites. The master plan envisions a pedestrian-friendly, mixed-use environment with density, a FAR of 10 and building heights up to 130 feet.
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire BLUME (the “Property”) – a boutique, Class-AAA, 100-apartment high-rise community located adjacent to downtown Coral Gables and its famed Miracle Mile. Developed in 2019 and owned by 37 Gables Property LLC, an affiliate of Greystone, the Property has large floorplans - almost 900 square feet - with a mix of lofts, one-, and two-bedroom units, along with 6,191 square feet of ground floor retail.
The Property provides an exceptional location with 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. Blume is offering is a generational opportunity to acquire a new construction, Miami-Dade luxury high-rise apartment community with a unique boutique feel, only moments from the center of its most affluent and economically robust city.
Cushman & Wakefield’s Multifamily Advisory Group is pleased to present the opportunity to acquire Brighton Village, a 68-unit apartment building located in Brighton, Massachusetts. The property, built in 1920, is situated on a quiet side street just steps (less than 0.1 mile) from the MBTA Green Line (Sutherland Road). The building features a mix of studio, one- and two-bedroom units as well as 20 surface parking spaces in the rear of the property.
The property is strategically located near many neighborhood amenities including Whole Foods, Star Market, and TJ Maxx and its proximity to the MBTA Green Line and multiple bus routes provides tenants access to the Fenway area and Downtown Boston in a matter of minutes. The Brighton tenant population is highly educated due in part to the abundance of higher education institutions in the area which also employ a large percentage of that population. Opportunities in academia and the medical field draw young professionals to Brighton and creates demand for housing in the market. Brighton Village offers the opportunity for investors to acquire a rarely available, transit oriented asset in a core plus location.
Brighton Village 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 proved 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".