Cushman & Wakefield is pleased to introduce the opportunity to purchase Twillingate, an attractive, garden-style asset comprised of 52 units located on the METRO Light Rail on 19th Avenue. This submarket is expected to exceed above average revenue growth due to improved demographics associated with the impact of the METRO Light Rail operation and redevelopment of the Metrocenter area nearby.
Find out more about the value-add opportunities available with interior upgrades coupled with strong occupancy and convenient location. Contact us today to schedule your personal tour of Twillingate.
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire the 100% fee simple interest in Villa Esta, a 28-unit apartment building located in San Leandro, California. Situated within walking distance of the San Leandro BART station and immediately proximate to Interstates-880 and -580, the Property offers market proven value-add potential with strategic access to the San Francisco Bay Area’s most notable employers.
Current ownership has self-managed Villa Esta for approximately 40 years. Completed capital improvement projects include: seismic retrofit, elevator mechanical systems replacement, resurfacing of driveways/parking stalls and partial roof replacement.
Villa Esta provides the unique opportunity to acquire a sizeable value-add property situated in a preferred inner East Bay community. No units at the Property have been updated to modern finishes – 1 bedroom and 2 bedroom rents average $1,201 and $1,400, respectively. Meanwhile, rehabbed 1 bedroom rents in the immediate area command rents up to $2,150 and renovated 2 bedroom units lease for upwards of $2,395. With three vacancies and 25 month-to-month leases, investors can execute on the neighborhood’s market proven value-add strategy and quickly unlock Villa Esta’s tremendous upside potential.
Nestled among a lush landscape, including sweeping willow trees and a large, peaceful pond with multiple fountains, Waterleaf Apartments sprawls across 22 acres in the popular Greentree neighborhood of Madison. The asset is a perfect value-add opportunity that affords an owner the ability to renovate units and add amenities. Comprising 176 one-, two- and three bedroom units, Waterleaf Apartments provides endless options to increase value. Until recently, Waterleaf Apartments was encumbered by a LURA (Land Use Restrictive Agreement) with rent restrictions. However, now that the building is fully unrestricted, ownership has begun to push rents on renewals and new leases. A new investor will be able to continue this practice and implement a strategic value-add strategy that could include interior renovations and additional amenities and upgrades. Both the submarket and Madison itself experiences srong rent growth and high occupancies. Rent growth over the past three years has averaged 2.7% and occupancies have hovered around 95%, allowing for long term growth and strong returns.