The Cushman & Wakefield Multifamily Advisory group is pleased to present this confidential offering to purchase the Fifty101 Apartments located in Las Vegas, NV. The property is located in the West Las Vegas submarket, with proximity to major employment hubs, such as Downtown Vegas and the world famous Las Vegas Strip.
Ownership has completed a substantial property-wide renovation, including large sunk costs like dual pane windows, while also renovating 60 units to a partial scope and proving rent lifts of $125 per month. A full renovation scope could create an additional $75 worth of lifts while still maintaining a strong position in the rent comp set. Classic units are currently renting for $1.16 PSF, partially renovated units are renting for $1.28 PSF, and fully renovated units are projected to achieve $1.36 PSF. Comps like the Gloria Park Villas, Palermo, and Sahara West are achieving average market rents as high as $1.61 PSF.
ESMI has ranked Las Vegas at #2 on their Talent Attraction Scorecard, and Yardi ranked Las Vegas at #3, nationally, for rent growth amongst major metros. Las Vegas is expected to be in the top 5 major metros for projected rent growth over the next 5 years, and the West Las Vegas submarket is expected to maintain above-average rent growth.
1. Proven Value Add Opportunity a. Current Owner has upgraded 184 units with new black appliances, new cabinet door and hardware, new light fixtures and flooring. These upgrades achieve up to a $80 premium depending on the floorplan. A new owner has the opportunity to upgrade the remaining 57 units.
2. Excellent Northside Infill Location a. Fountain Parc is located off I-69, only minutes from Broad Ripple, Castleton, Keystone at the Crossing, and a short drive to downtown Indianapolis.
3. Recent Capital Improvements Completed a. Property has undergone $1M in capital improvements in the last 2 years including fitness center renovation, new leasing center, new signage, interior unit upgrades, and new bark park, playground, and bocce.
4. Strong Northeast Indy Submarket a. With 96% Average Occupancy of the surrounding comps and Rent Growth of 3.3% in 2020 the Northside of Indy continues to display growth and stability.
5. Offered Free & Clear a. The ability to purchase Fountain Parc free and clear allows new owners to take advantage of current all-time low rates, interest only periods and maximum leverage which all increase buyer returns
LOCAL LONG-TERM OWNER
Garden Quarter Portfolio is being sold by local long term owner who has self-managed the property during their entire ownership.
6%+ ACTUAL TRAILING CAP RATE
With 95%+ trailing 12 months occupancy and proven rent growth, The Garden Quarter Portfolio provides immediate yield & cash flow. Revenue can be further grown through property enhancements and strong management.
NEAR EMPLOYMENT & GROWTH
The south side of Terre Haute, where 3 of the 4 properties are located, is known as the most affluent area in the city. The average household income within a one mile radius of these properties is over $95,000.
WELL MAINTAINED & DESIRABLE FEATURES
All 4 properties have been well maintained and have unique desirable features that draw in and retain good residents.
IMMEDIATE ECONOMIES OF SCALE
Garden Quarter Portfolio can be purchased with the Cobblestone Crossings 448 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 Cobblestone Crossing visit: LINK
1 PROVEN VALUE-ADD OPPORTUNITY 24 Units have been upgraded with new appliances, laminate countertops, 6 panel doors, painted cabinets, light fixtures, faucets, and new hardware. Georgetown South is currently achieving up to a $75 premium on these units.
2 RECENT MAJOR CAPITAL PROJECTS COMPLETED Current Owner has completed many large capital projects including replaced all windows and patio doors in 2018, all new pool lines, plaster, copping stone and tile in 2018, minor asphalt mill and paving in 2018, and converted 10 units to Central AC.
3 CLOSE PROXIMITY TO LAFAYETTE’S LARGEST EMPLOYERS The property is located only 10 minutes away from the two largest employers in Lafayette, Caterpillar and Subaru. Also, only .5 miles away from the elementary and high school.
4 STRONG HISTORICAL RENTAL INCOME GROWTH Georgetown South has grown Net Rental Income 6.0% in the Trailing 12 months and 7.5% over the T-3. A new owner has the opportunity to take continue this momentum through continuing to raise occupancy and burn off concessions.
5 MARKET RENTS BELOW COMPETITION Current Market Rents are anywhere from $50 - $150 below current competition. A new owner can raise rents day one to bring property in line with surrounding competition.
The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 130-unit value-add multifamily offering, Hamlet Cove Apartments, located in Gainesville Florida.