Cushman & Wakefield/NorthMarq is pleased to present Century Commons, a premier value-add investment opportunity. The property offers 153 student bedrooms (39 units) directly adjacent to Century College, Minnesota’s largest two-year community and technical college (11,000 students). Investors are offered the opportunity to acquire a strategically located, well-maintained student housing property with substantial value-add potential through kitchen renovations and light common area upgrades.
Century Commons provides students with a unique living environment that cannot be replicated in the marketplace. Furnished units are rented by-the-bedroom with lease structures catering to the academic calendar. Amenities appeal to the unique needs of students and include wireless internet, study lounge with computers and snack machines, controlled entry, video surveillance system and barbeque area.
Future ownership will be able to build on a multi-year year track record of NOI growth and benefit from a captive audience of student renters. Low long-term interest rates, continued rent growth and minimal ongoing capital requirements will make Century Commons a solid investment with strong cash-on-cash returns.
Cushman & Wakefield San Antonio Commercial Advisors is pleased to announce the exclusive listing of City Heights Apartments, a 272 unit apartment community located in the desirable South Texas Medical Center.
The property received upgrades rom 2014 - 2015 with new paint, new faux wood flooring, upgraded parking lot, upgraded landscaping, addition of pergola sports court, and much more. It also has prime visibility on the corner of Bluemel and Fredericksburg roads.
City Heights provides quality workforce housing for the growing employment base in North Central San Antonio. This area is benefitting from tremendous job creation and rising incomes associated with the continued development of the South Texas Medical Center. City Heights offers a new owner a strong upward trending income stream in a submarket that is dominated by renters.
City View Apartments is a 112-unit property located in the West-Central submarket of Las Vegas and is poised to take advantage of the recent surge of nearby activity. Constructed in 1977, City View is a quaint community that offers proven renovation upside in both floor plans, ample common areas, a pool, and a lightly renovated clubhouse.
Las Vegas was the number one metro for rent growth in 2018, recording 7%+ growth. Las Vegas also recorded rent growth of 6%+ in 2016 and 2017. With the strong rent growth in Las Vegas, City View has been able to prove out $130 per month lifts in rents through a light interior improvement plan, while remaining "under market". Renovations include countertops, appliances, baseboards, paint, and hardware.
The West-Central submarket continues to be a proponent of higher rental rates as newer assets begin value-add campaigns & luxury projects continue to be developed in the immediate vicinity. Rent comps like the Sedona Ridge and Tower at Tropicana have rental rates $150-$200 per month higher than the renovated rates at City View. Sales in the submarket are exceptionally strong as well. The Green Leaf Lotus Apartments, less than one mile away, recently sold for $261,016.95 per unit. The 1988-vintage "Sequoia Meadows", just 0.9 miles away, recently sold for $163,602.94 per unit. Additionally, nearby Chinatown is experiencing a BOOM in the retail sector, as there proves to be huge demand to live, work, & eat in this corridor. Population growth in this pocket is projected at 9.41% through 2023
Cushman & Wakefield|San Antonio Commercial Advisors is pleased to announce the exclusive marketing of Cotton Crossing Apartments, a 118 unit boutique apartment community, located in New Braunfels, Texas.
Built in 2003, this Class A property offers a mix of one, two and three bedroom units with a comfortable small town cottage ambiance that is a perfect fit for the market. The property was repainted in September 2014 and is in top condition. Units have nine foot ceilings, spacious kitchens, full sized washer/dryer connections and ample storage. Cotton Crossing offers a new owner an excellent income stream with numerous value-add opportunities. Interior upgrades could easily be implemented to dramatically increase the in place rental income.
Cushman & Wakefield|San Antonio Commercial Advisors is pleased to announce the exclusive marketing of Desert Shadows Apartments, a 204 unit apartment community located in San Antonio, Texas. Built in 1984, Desert Shadows offers a mix of one and two bedroom units with a great north central neighborhood location and excellent curb appeal. The property has quick access to US Highway 281and many major employers, retail centers and entertainment venues on the growing north side of San Antonio.
The property has mature landscaping and the community offers solid shared amenities. The current owner recently replaced roofs and painted the property an inviting three color scheme. The interiors are extremely functional and well maintained. The owner regularly operates the property at or near full occupancy. Desert Shadows offers a new investor a solid income stream with obvious value-add opportunities. Community enhancement options include an off leash dog park, additional grilling stations, and the modernization of an already fantastic pool deck. On the interiors, rent growth is achievable with either an aggressive unit renovation or moderate upgrades.
The “Echelon at Centennial Hills” is a bite-sized institutional-quality asset in the desirable “Centennial Hills” submarket in Las Vegas. The asset combines oversized units (1,829 SF average), quality podium construction, structured parking, and a top-tier amenity base. The property is poised to take advantage of the accelerating trends of the northwest Vegas market through improved operations and a possible value-add program.
Location and asset type make this a unique offering, as Centennial Hills is the newest area of expansion in Las Vegas. The Centennial Hills location already rivals the established “Green Valley” submarket in the southeast. Single family developers, multifamily developers, and even high-end retail shops are thriving in the northwest. New multifamily projects are thriving, and luxury developers have plans to take advantage of the desirable demographics in the near future; the Calida group has plans to build an “Elysian” branded asset at the former “Great Mall of Las Vegas” location.
Las Vegas is the 29th largest MSA in the United States, and number one in rent growth among major metros. Rent growth figures averaged above 7.2% through 2018, with stronger growth in “lifestyle” assets than “workforce” assets. Additionally, Las Vegas leads the country in job creation, with year-over-year job gains of 3.2%. In total, 43,800 jobs were created through 2016 & 2017, and unemployment has recently dropped to 4.8%%. This job growth, paired with above-average population growth of 2.4%, continues to expand the local rental market. Additionally, personal income growth for Vegas was 6.1% in 2018, continuing to prove that the market has depth.