$8,320,000 Price Analysis    ♡   Johnson City, TN 37601 Unknown bed None bath 80,240 SqFt ($103/SqFt) Built 2001 Listed 2023-08-30 | Ⓧ USDA Ineligible due to price & location near Johnson City |
Introducing Park Place Apartments
* Has Contingent Offer *An apartment community comprising 64 units nestled in Johnson City, Tennessee. Positioned within the dynamic Tri-Cities area, this complex enjoys a strategic location in close proximity to downtown Johnson City, East Tennessee State University, as well as sought-after employment hubs and retail hubs. Originally established with rent restrictions under the LIHTC program, the transition of Park Place to Market Rate apartments commenced on May 24th, 2023. This evolution presents a compelling opportunity to acquire a premium asset with minimal outstanding maintenance requirements. Brand new ownership can build upon the established value-add initiative in place, pursue market-aligned rent adjustments on average of $517 a crossed all unit types and unlock further potential for enhanced returns. Current ownership has transitioned 36% of the property to market rate in less than 7 months since transitioning to Market Rate. Park Place Apartments is a multifamily property located at 1319 Bell Ridge Rd in Johnson City, TN.
The complex is situated on top of Cherry Hill and is easily accessible from Legion Street. Built in 2001, the property features 64 units, consisting of 2, 3 and 4 bedroom units, all equipped with washer and dryer hookups. The galley kitchens in each unit are fully-equipped with a refrigerator, dishwasher, range/oven and a dining area overlooking the living space. The master bedroom has an attached bathroom. LIHTC requirements required an onsite laundry room even with laundry hook ups in every unit. New ownership will have the opportunity to convert this space into something more functional and attractive for residents like a fitness or media center. Current ownership has invested over $ 649, 300 in capital expenditures, which includes upgrades and improvements to the property. Overall, Park Place Apartments offers comfortable and roomy living with convenient amenities and easy access to local attractons. Highlights and Updates: -Current ownership is aggressively pushing the property to market-rate rents -Currently 10 vacant; with 7 of these already pre-leased at market rate -23 units / 36% of the property to have been converted to market-rate in the first 7 months of being out of QC -The next owners will not have an issue keeping up with this momentum and will not have to underwrite for 2 more years at LIHTC rates.
Presented by Jon Roosen at
Svn I Wood Properties.
Property MLS #1238192 from EastTennessee
Heating Features: Central
Heating: Yes
Parking Features: On Premise Parking
Calculated Total Monthly Association Fees: 0
Source Listing Status: Pending
County: Washington County
Directions: From I-26E, take exit 23. Turn left onto E Main St. Continue on Legion St (TN-91). Go for 174 ft. Turn left onto E Main St (TN-91). Go for 0.4 mi. Turn right onto Jay St. Go for 0.4 mi. Turn left onto Orleans St. Go for 0.2 mi. Turn right onto Bell Ridge Rd. Go for 0.2 mi. Turn left to Park Place Apartments.
Disclaimer: No
Source Property Type: Multi-Family
Area: Washington County
MLS Area Minor: Washington County
Source Neighborhood: Washington County
Parcel Number: 047O A 006.00
Source System Name: C2C
$8,320,000
EastTennessee
Listing removed 2024-01-04
$0
EastTennessee
Listed 2023-08-30
$8,320,000
EastTennessee
Year Built: 2001
Building Area Total: 80240
Building Exterior Type: Brick
Construction Materials: Brick
Property Age: 23
Total Area Sqft: 80240
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.