$185MM Mixed-Use Loan Sale | Washington, DC
US - Washington, DC
NZ$305,511,000 | 45,411 m²
Jones Lang Lasalle, a North & South Carolinas Licensed real estate broker (“JLL”), has been retained as the exclusive sales representative for the two (2) asset Washington Heights Portfolio consisting of 25 apartment units located in Charlotte, North Carolina hereinafter, “The Portfolio”, or “The Assets”).
Fairmont Street Apartments consists of 10 units and was constructed in 1958 while Boone Street Apartments contains 15 units and was built in 1967. The Assets are one block from one another simplifying management efforts from ownership. The older vintage suggests a possibility to increase rents up to $1400/unit by renovating the units and light curb appeal exterior upgrades.
Additionally, the Washington Heights neighborhood is in the process of revitalization. Multiple houses have been scraped and replaced with new single-family homes that are selling in the high $500k’s. The area is quickly changing, and is showing strong similarities to what was occurring in Wesley Heights ten years ago.
The Assets are located in a premier transit corridor, just a five minute drive from downtown, less than three minutes away from I-85, and ten minutes from both I-77 and I-485 allowing efficient commutes to all major employment hubs in the Charlotte MSA.