Village of Westover and Cannon Mills_Property for Sale

Dover, DE, US

Village of Westover and Cannon Mills

Portfolio description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Cannon Mills (120 Units) and Village of Westover (108 Units) (the “Properties” or the “Portfolio”), a 228-unit, value-add multi-housing portfolio adjacently located in Dover, Delaware. The opportunity is being offered individually and as a portfolio.

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Attributes

Number of units

228 units

Year built

1999

Building Area

21,247 m²

Village of Westover and Cannon Mills (2 Properties)

Media

Investment Highlights

Attractive Cash Flow with Rental Upside: Cannon Mills & Village of Westover provide an investor with an attractive going-in yield and renovation upside through a premium kitchen and bathroom renovation program in all 228 units, which will garner premiums upwards of $200. The appealing 6.0% in-place cap rate is unique in the value-add market today, positioning new ownership to capitalize on the associated premiums of a unit modernization program while continuing to attract the influx of employees to this expanding location.
Strong Organic Rent Growth: Net effective rents on new leases and renewals have increased 10.7% across both properties year-over-year, providing the opportunity to capitalize on below market leases and increase rents while developing a comprehensive renovation program. Further, the Dover multi-housing market maintained 4.0% annual rent growth as of 4Q22, while submarket vacancy remains inside of 4.0%.
Institutionally Managed: Cannon Mills & Village of Westover set the stage for an investor to capitalize on direct revenue-enhancing improvements.