STRONG PERFORMING | <$140K/UNIT | 6.2% T-3 CAP RATE

Lush landscaping, expansive lakes with fountains, extensive amenities and popular unit layouts attract residents to Astoria Park. The physical occupancy has averaged 94%+ over the last few years and delinquency is very low. The asset is offered at less than $140K per unit with a very attractive 6.2% trailing cap rate.

WELL-MAINTAINED: $12M+ SPENT ON IMPROVEMENTS

More than $12 million has been spent improving the property since 2011. Updated items include 20 roof replacements since 2019, a clubhouse relocation with new fitness center, new outdoor amenities, updated unit interiors, painting, gutters and downspouts, signage, and lighting, in addition to numerous other improvements.

PROVEN RENT PREMIUMS & RESIDUAL YIELD

A $181 average rent premium is being achieved on the 168 units upgraded by the current owner. A full upgrade could be completed on the remaining 302 classic units to match the current upgrades, and more community amenities could be added. Additional yield could be obtained with the suggested enhancements.

HIGH TRAFFIC LOCATION ADJACENT TO EAGLE CREEK

Located directly on a major thoroughfare, Astoria Park benefits from its visibility to nearly 45,000 vehicles per day along 38th Street. Immediately west of the property is Eagle Creek Park and Reservoir, a very popular landmark for nature lovers, with more than 1 million visitors annually.

CENTRAL TO SIGNIFICANT EMPLOYMENT

Ideally located on Indy’s west side, Astoria Park is adjacent to fast-growing and high-income Hendricks County, and proximate to significant high-wage employers. Indy’s logistics hub (98M SF of facilities), northwest side and downtown employment corridors can be accessed quickly from the property.

The Property is centrally located off Interstate 94 on the east side of the Mississippi River in the southeast part of the city just minutes from Downtown St. Paul. The Property has access to major freeways, plenty of shops, restaurants, parks, and local businesses nearby as well as major employment centers in both Downtown St. Paul and Downtown Minneapolis.

English Street Apartments have been well-maintained, can be acquired at a significant discount to replacement cost, and offer an investor the opportunity to implement a value-add program. In addition, future ownership has the option to enter the 4d Affordable Housing Incentive Program which offers rental owners one-time administrative grant assistance as well as 10-year qualification to the “4d” property tax classification for rental units preserved for low/moderate-income households for that same period. This 4d, or “low income rental” classification (“LIRC”) provides for up to a 40% reduction in those 4d units’ assessed rate assessed to the portion of units committed to 4d preservation.

For loan quotes, contact a Greystone Team Member:

Kyle Jemtrud
Managing Director | Greystone
561.601.4500
kyle.jemtrud@greyco.com

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 203-unit Cortland Mooresville apartment community located in Mooresville, North Carolina, a highly sought-after suburb of Charlotte located along Lake Norman. Mooresville is characterized by a high quality of life, blue-chip demographics ($140K Avg HHI), and Charlotte’s best schools. The tranquil location is highly accessible to top employers via I-77, including Lowes Corporate HQ (6,000 jobs) and Lake Norman Regional Hospital (900 jobs) within 10 minutes, as well as CBD Charlotte (130,000 jobs) within 30 minutes. Walkability to an array of high-quality retail including Harris Teeter, Starbucks, and a local brewery combined with proximity to Lake Norman further highlight the location’s desirability.

Built in 2017, Cortland Mooresville represents the opportunity to invest in a highly amenitized, core plus asset with recent leases achieving 10% growth over average in place rents, and a clear $300 rent runway to newly delivered assets in the submarket.

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 640-unit Seven Lakes at Carrollwood multifamily community located in Tampa, Florida.

The property offers direct access to an eclectic mix of hip bars and eateries, breweries, and coffee shops as well as recreational amenities at the Mississippi riverfront and Boom Island with close proximity to Target Field, Target Center, U.S. Bank Stadium, the Theater District, and the Central Business District.

Current ownership has completed extensive renovations of both exterior and interior elements over the last several years. All units are “best-in-class” and feature new cabinets, granite countertops, subway tile backsplash, LVT flooring as well as full bathroom remodels that include new tubs, tile, vanity, toilets, and lighting.

5.2% T-3 CAP RATE + DEMONSTRATED HIGH DEMAND

Legacy Park is offered at an attractive 5.2% T-3 Cap Rate, 5.8% Year One Cap Rate (without renovations) and a 6.2% Post Reno Forecast Cap Rate (including the cost of upgrades). The demand to live here is evidenced by consistently high occupancy—95%+ since 2022, and low bad debt. The average market rent has jumped 29.5% from April '21 to May '23.

PARTIALLY RENOVATED WITH REMAINING UPSIDE

The current owner has added amenities and partially upgraded all units. Enhancing the unit interiors further and adding more amenities could command an average rent premium of $270. With the proposed rent premiums post renovation, rents will still be under The Arbuckle and Union Green (newer, nearby competing properties). The recently implemented mandatory internet fee will also provide $100K in additional annual revenue.

SUBURBAN ASSET WITH SUPERIOR FEATURES

Legacy Park is tucked away on a low density site with lush landscaping, plenty of green space and great curb appeal. Interiors are well-appointed with 9' ceilings, washer/dryer, granite counters, wine rack and ample closet space. Select units have a fireplace, built-in desk and direct access garage. Adding to the current popular amenities and renovating units will only add to the appeal of Legacy Park.

RAPID GROWTH + HIGH RANKED BROWNSBURG

Legacy Park takes advantage of its stellar location with 63% population growth and an average household income of $133K+ (one-mile radius). Brownsburg continually ranks nationally among the best places to live and is among Indiana's fastest-growing, high-end counties (Hendricks). Residents benefit from close proximity to healthcare, logistics and advanced manufacturing employers.