The Cushman & Wakefield Multifamily Advisory Group is pleased to present 6484 Indian Creek Drive, a waterfont land lease opportunity on Miami Beach. The land totals +/- 53,000 square feet. Currently on the site there is a 102-unit coop. The property was built in 1957. The land lease expires June 30, 2055 (almost 37 years left). The land lease totals approximately $65,000 per year in net income to the land lease holder.
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.
Castle Point is a distinctive 740-unit property located at 18011 Cleveland Road in South Bend, Indiana. Built in three phases between 1974 and 1980, the property sits on almost 50 acres and consists of an exceptionally large clubhouse / amenity center and thirty-one two-story residential buildings and a maintenance shop. Due to its size, proximity to University of Notre Dame, and its many amenities, the community is an apartment landmark in South Bend.
Harbour Town Apartments is a 104-unit luxury apartment community located on beautiful Morse Lake in affluent and fast-growing Noblesville, Hamilton County, Indiana. Recent property renovations include all new windows and patio doors. Many units have received various levels of upgrade, 34 of which receive rent premiums of $75-$165. The community also offers residents a pool with sundeck, fitness center, playground, dog park, picnic areas, available covered parking and the very unique feature of private boat docks. All units feature private patios or balconies, wood burning fireplaces, large closets and fully-equipped kitchens including microwaves. Select units have washer/dryer connections and wrap-around balconies.