FOR SALE

AZALEA GARDENS APARTMENTS

THE OFFERING

Azalea Gardens Apartments consists of 11 buildings and 90 units, built in 1970, and currently at 100% occupancy in Jacksonville, NC. There are 40 1-bedroom units, and 50 2-bedroom units with an average of 822 SF. The community features a sizeable pool and lounge area, small playground, laundry facilities and on-site maintenance and property management. Azalea Gardens is located off Gum Branch Road where residents are surrounded by major retail hubs, dining options and parks.

This asset is a solid performer that offers immediate organic rent growth and value-add opportunities.

YEAR BUILT: 1970
UNITS: 90
OCCUPANCY: 98%
AVG. CURRENT RENT: $620
AVG. CURRENT RENT/SF: $0.75

PHOTO GALLERY

INVESTMENT SUMMARY

ORGANIC RENT GROWTH

New ownership can capitalize on the significant rental headroom and strong rent growth seen across the market.

Rents can be raised organically by an average of $175/unit based on supported comparables.
By increasing the below-market rents, annual rental revenue will grow by 28%.
Concessions are projected to be close to 0% through 2026
Vacancy rates are projected to be 3% through 2026

VALUE-ADD POTENTIAL

Opportunity to further push rents by offering affordable, updated units and improved amenities.

$100 per unit (1 BR)

$125 per unit (2 BR)

Average rent increase based on market comparables with minor upgrades

Value-add opportunities:
Select unit interior upgrades
Installation of small dog park
Upgrades to playground
New parking lot asphalt and re-striping
Privacy fencing around unit patios
Pet security deposits/monthly rent

VIRTUAL TOURS

CONTACT US

Windy Parsons
Sweetwater Capital
(336) 688-2320

Brandon Fox
Sweetwater Capital
(919) 670-9814

Jackson Howard
Sweetwater Capital
(910) 483-0516

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