Kenwood Village, located in the Duluth Heights/Kenwood neighborhood of Duluth, MN, is a Class A apartment building with 14,000 square feet of first floor retail. The property received its certificate of occupancy in February 2017 and leased up with a high degree of interest from university employees, graduate students and people who recently sold their nearby homes in the Kenwood neighborhood. The strong performance of Kenwood Village can be attributed to its close proximity to the University of Minnesota - Duluth and the College of St Scholastica, superior amenities, access to public transit, nearby shopping and spectacular views.
The retail portion offers long-term leases by Amazon Proof retailers. Three of the four current tenants have signed 10-year leases including Caribou Coffee/Einstein Bagels, Crooked Pint, and Duluth Teachers Credit Union, making up 73% of the retail space. Runa Yoga and Experimac complete the list of current tenants and there is value-add potential in leasing up the remaining 1,082 square feet of vacant space. Other key retailers in this area include SuperOne Foods, Papa Murphys, Arby’s, UPS, Cost Cutters, Erbert’s & Gerbert’s and Walgreens.
Cushman & Wakefield, as exclusive advisor, is pleased to present Riviera Hills - a 84-unit value-add opportunity located at 5220-5435 NW 18th Place in Lauderhill, Florida. The property offers 26 studios, 6 1BR/1BA, 34 2BR/1BA and 16 2BR/2BA units averaging 694 square feet. The rents are below market and can be increased generating additional revenue by $170,000.
Riviera Hill’s central Broward location is a magnet for employees working in the area’s largest employment centers, such as Plantation, Sunrise and Fort Lauderdale. The property is 2 miles east of Plantation Pointe, a 900,000 square foot office park with high-profile tenants including Motorola, Envision, and Magic Leap. The property is also about 5 minutes east of University Drive which serves as the main thoroughfare in the area, with various retail and dining options. Lastly, Riviera Hills is just a mile north of the Florida Turnpike’s ramp on Sunrise Boulevard allowing quick access to all major South Florida employment centers.
The "South Beach Resort" is THE premier multifamily asset in the Las Vegas valley, as it combines true resort living with an unequaled lifestyle and hospitality experience. Recently completed, the property is poised to take advantage of the fastest growing submarket in Las Vegas. Location and asset type makes this a unique offering, as the property is nestled between the Red Rock Canyon National Conservation area and the famous Las Vegas Strip, and benefits from proximity to Downtown Summerlin, and ease-of-access to major expressways & transportation.
Currently, Las Vegas is the 29th largest MSA in the United States, and number two in rent growth among major metros. Rent growth figures have averaged above 6% through 2016 and 2017, and the Southwest market continues to have the highest rent growth figures in the greater MSA. Additionally, Las Vegas leads the country in job creation, with year-over-year job gains of 3.3%. In total, 43,800 jobs were created through 2016 & 2017, and unemployment has stayed stable at 4.9%. This job growth, paired with above-average population growth, continues to expand the local rental market.
The result is a creation of the next generation of multifamily living that has never been witnessed in Las Vegas, or nationwide.
After a decades-long development hiatus, Broad Ripple, Indianapolis, has excitedly embraced Indy's most captivating mixed-use development. The Coil Apartments and Fresh Thyme Farmers Market are an integral addition to a submarket with extremely attractive demographics - highly educated, high-earning residents.
Current residency boasts an average age of 38 years and a powerful average income of $100,000 with an average credit score of 726. The asset's prestige even allures out of state residents to enjoy the benefits of a growing job market and economy in central Indiana. The Coil is commanding some of the highest rents in the market.
Adjacent to the Indiana Central Canal, in the heart of Broad Ripple Village, The Coil is walking distance from the myriad shops and restaurants in the Village. The convenient location on College Avenue also grants residents direct access to downtown Indianapolis and the Carmel business corridor.
In addition to boasting 151 luxury apartments, the asset includes a 33,500-square-foot flagship Fresh Thyme Farmers Market with a long-term lease, backed by Meijer credit. This is a rare amenity for renters in Indianapolis.
Discerning residents have limited options in an urban-suburban setting and will continue to thrive in this asset for many years to come.
Cushman & Wakefield, as exclusive advisor, is pleased to present the investment opportunity to acquire Broadstone Plantation – a premier 250-apartment home asset located in Plantation, Florida. The property is comprised of a mix of five-story midrise buildings and three-story garden buildings with a combined average unit size of 989 square feet.
Broadstone Plantation is centrally located in Plantation and provides access to over 2.9 million square feet of office making it one of South Florida’s most dynamic live and work environments. The property opened in August 2017 and represents the newest era of garden apartments while setting the standard for luxury apartment living with market leading finishes, amenities and accessibility.