Cushman & Wakefield, as exclusive advisor, is pleased to present a multifamily investment opportunity to acquire The Shenandoah (the “Property”) – a 24-unit, fully renovated residential asset in the heart of Miami, Florida.

All 24 units are two bedroom/ one bathrooms and have recently been gut renovated with high end finished. Current ownership spent over $2.4 million in improving the property in 2020. This includes hurricane impact windows, new electrical/plumbing, complete interior renovations with new tile flooring, granite counter tops/new kitchen cabinets, stainless steel appliances, and new glass shower tubs and vanities security cameras/ secured building access, exterior paint and resealing/striping parking area. Roads were replaced in 2014. The property offers an onsite laundry facility as well as a leasing office.

The property is 100% occupied. The current gross income at the property is $460,980. New construction two-bedroom units in the immediate rent up to $1,756 and average rents in the submarket are $2,298 with two bedrooms averaging $2,516.

FORMER INCOME RESTRICTED PROPERTY
In February of 2021, Falcon Creek was released from the Low Income Housing Tax Credit program which restricted the income level of 86% of the units. The new owner can immediately increase rents for new residents (with no restrictions) and can also raise rents for existing income restricted residents at lease renewal between $100 and $450 (varying by floorplan). The property also benefits from a long term Project Based HAP contract in which 12 units receive guaranteed income and are leased to Veterans. This Project Based HAP Contract runs through 2026.

HIGHLY SOUGHT AFTER 1999 BUILT VALUE ADD
Offering Washer / Dryer connections in all units, attached garages in select units and spacious floorplans, a comprehensive property and interior unit upgrade will allow a new owner to significantly raise rents. Current rents at Falcon Creek trail the market by an average of $179. The property offers a large clubhouse which, when renovated, can offer ample amenities to residents that are currently missing.

STRONG WESTSIDE INDY SUBMARKET
The westside of Indianapolis offers favorable dynamics with an average submarket occupancy of 95.5% and an impressive 4.3% rent growth in 2020.

NEARBY BY RETAIL
The property is very near many shopping centers and retailers including Aldi, Walmart, Meijer, Fedex, and many others.

CLOSE PROXIMITY TO KEY ECONOMIC DRIVERS
Falcon Creek is less than a 15 minute drive to downtown and near many major employers, millions of square feet of warehousing and the city’s largest logistics hub.

The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of Linden Square, a 298-unit, 2001 & 2015-built apartment community located in very desirable Town of Avon, a growing Indianapolis suburb.

Linden Square is located in one of Indiana’s hottest fastest growing submarkets. Hendricks County is among the country’s fastest-growing and offers residents an exceptionally high quality of life. Units at Linden Square already offer desirable features including 9, 10 or 12 foot ceilings, in unit laundry and open floorplans. Enhancing these finishes will allow for rent premiums of $130+.

The Cushman & Wakefield Multifamily Advisory Group is pleased to present this exclusive offering to purchase the Luna Apartments in Las Vegas, NV. The property is located in the gentrifying Charleston Preservation submarket, in the heart of West Las Vegas and adjacent to the highly affluent Summerlin submarket. The property is directly across from the College of Southern Nevada, which has a yearly rate of 31,000 students enrolled.

ESMI ranked Las Vegas at #2 on their Talent Attraction Scorecard, and Yardi ranked Las Vegas at #3, nationally, for rent growth among major metros. The Charleston Preservation submarket has maintained above-average rent growth through COVID, and the property has also sustained rent growth, month over month, through 2020. Yardi estimates the rent growth to be roughly at a 7.3% YoY change, making it one of the top sub-markets in Las Veas.

Ownership just started the process of implementing a renovation program, leaving plenty of value-add for prospective buyers. We estimate a renovation scope could achieve premiums of roughly $150 or more. Additional renovation options could also include improving private yards, which would allow incoming ownership to achieve an additional premium of roughly $75.

Cushman & Wakefield is pleased to present for sale RIVERSIDE PLACE, a 22-unit value-add apartment community located in the Harvard Square area of Cambridge, Massachusetts - one of the Northeast’s most prestigious neighborhoods. Built in 1990, the highquality constructed building consists solely of 2- and 3-bedroom apartments each containing at least 1.5 bathrooms. The property boasts 100% occupancy with virtually no historic vacancy.

Riverside Place is available on an unpriced basis. Additional due diligence materials are available for qualified buyers. Cushman & Wakefield will be conducting tours of the property in the coming weeks with call for offers to follow.

1 FREE & CLEAR – 5% TRAILING 12 CAP

Suncrest can be purchased free and clear for a 5% cap rate on T-12. In 2020, rental revenue grew by more than 8% at Suncrest and the property maintained 95%+ occupancy. For many years the property has maintained both high occupancy and collections and provides reliable cash flow day one.

2 FULLY RENOVATED PROPERTY

While originally constructed in 1986, Suncrest was fully renovated in 2015/16. The property’s unit finishes rival those of new construction properties but yet offer at a lower overall rental rate..

3 FURTHER RENT GROWTH VIA VALUE ADD

$50 rent bumps are achievable via washer/ dryer hookups in the 32 remaining units (no laundry contract in place) and creating additional property amenities.

4 LESS THAN 7 MILES FROM DOWNTOWN

Suncrest residents can be downtown Indy in a quick 15 minute or less drive. Employment and entertainment options are plentiful downtown and are very easy to access from the property..

5 WEST SIDE EMPLOYER & AMENITY CONNECTIVITY

The convenient location on Washington Street, a major Indianapolis east-west thoroughfare, offers residents a short drive to Indy’s largest job centers and amenities on the west side..

Cobblestone Crossings can be purchased with the Garden Quarter Portfolio (498 units) a total portfolio of 946 units offering immediate presence and economies of scale. The properties may also be purchased individually. For information about the Garden Quarter Portfolio visit: LINK