FOR SALE: The Crown Apartments

Crown Apartments consists of 3 well-maintained buildings and 60 turn-key units. There are 24 one-bedroom units, and 36 two-bedroom units with an average of 943 SF. The community features a sizeable pool and lounge area, abundant yard space and on-site maintenance and property management.

Crown Apartments are located just off Western Boulevard where residents are surrounded by major retail hubs, dining options and parks. 

This asset is a solid performer that offers immediate organic rent growth.

PROPERTY HIGHLIGHTS

Address 190 Valencia Drive
Jacksonville, NC 28546
Year Built 2009
Number of Units 60
Residential Buildings 3
Occupancy 93%
Avg. Unit Size 943 SF
Avg. Rent $1,076
Avg. Rent/SF $1.11

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 $165 per unit based on supported comparables.
  • By increasing the below-market rents, annual rental revenue will grow by 16%.
  • Concessions are projected to be close to 0% through 2026.
  • Vacancy rates are projected to be 5% through 2026.

PROPERTY INFO ACCESS

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CONTACT US

Windy Parsons
Vice President
Windy@sweetwatercap.us
(336) 688‐2320

Brandon Fox
Vice President Brandon@sweetwatercap.us
(919) 670‐9814

Jackson Howard
President Jackson@sweetwatercap.us
(910) 635‐0240
Don-Carlos Moniz
Broker
Don@sweetwatercap.us
(910) 988-6653
Rob Ferguson
Vice President of Sales Rob@sweetwatercap.us
(910) 730-4348

 

Bill Cobey
Broker
Bill@sweetwatercap.us

(919) 961-8888
Rosalyn Funez
Broker
Rosalyn@sweetwatercap.us
(919) 364-6773
Cameron Thigpen
Broker
Cameron@sweetwatercap.us
(910) 483-0516
Brett Yates
Broker
Brett@sweetwatercap.us
(919) 801-6301
Scott Cline
Broker
Scott@sweetwatercap.us
(919) 452-0832