FOR SALE: Park West Apartments

Park West Apartments consists of 13 buildings and 104 units, built in 1987, and currently at 98% occupancy. There are 16 one-bedroom units, and 88 two-bedroom units with an average of 894 SF. The community features a sizeable pool and lounge area, playground, laundry facilities and on-site maintenance and property management. Park West 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 and value-add opportunities.

PROPERTY HIGHLIGHTS

Address 203 Valencia Drive
Jacksonville, NC 28546
Year Built 1987
Number of Units 104
Residential Buildings/Other 13/1
Occupancy 98%
Avg. Unit Size 894 SF
Avg. Rent $818
Avg. Rent/SF $0.93

 

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 $125 per unit based on supported comparables.
  • By increasing the below-market rents, annual rental revenue will grow by 15%.
  • Concessions are projected to be close to 0% through 2026.
  • Vacancy rates are projected to be 5% through 2026.

VALUE-ADD POTENTIAL

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

Rents can be raised by an average of $230 per unit based on supported comparables with minor upgrades.

Value-add opportunity examples:

  • Minor interior unit upgrades
  • Installation of small dog park
  • Offer all-inclusive utilities for additional rent premiums
  • Pet security deposits/monthly rent
  • Offer washer/dryer rental with installation and removal fees
  • Installation of security system

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