Cushman & Wakefield’s Southwest Multifamily Advisory Group is pleased to present the exclusive listing of the 26-unit Camelback Gardens apartment community centrally located in Phoenix, Arizona.
The property is sited on approximately 1.5 acres in a well developed area that offers residents various shopping, recreation and schools. Located in close proximity to both major freeways, I-17 and SR-51, Camelback Gardens also benefits from being situated within walking distance of the METRO Light Rail.
The Cushman & Wakefield Multifamily Advisory Group is pleased to present the exclusive listing of 78 out of 252 condominium units at Caribbean Isle Villas located in Homestead, Miami-Dade, FL. Built in 2007, the units are 100% occupied and are available significantly below replacement cost. The units are generating over $1 million in current income. The HOA is well managed and fully funded with over $340,000 in reserves. Comparable condominium sales in the area range between $112,000 to $187,000 or $86 to $141 per square foot. The property and units are extremely well maintained. The units are spacious averaging almost 1,100 square feet, consisting of 52 2BD/2BA averaging 1,048 square feet and 26 are 3BD/2BA averaging almost 1,200 square feet.
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.
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