Skip to main content

Multifamily

Five Star Apartments

2660 Glenn Pl, Jonesboro, AR 72404

Listing Price: Request For Offer

Number of Units
130
Occupancy
96.0%

Investment Overview

Five Star Apartments includes 130 market-rate multifamily units on 8.38 acres located in Jonesboro, AR. The Property consists of 33 two-story walk-up buildings constructed in 2013. One of the units is currently being used as a leasing office leaving 129 rentable units. Five Star Apartments is being offered as an assumption with a supplemental quote.

· Located off S Carraway Rd that experiences 15,000vehicles-per-day
· Less than 0.25 miles from I-555 that experiences 37,000 vehicles-per-day
· All townhome units providing ample space
· Well maintained asset with no building def erred maintenance
· Proven on-site value add program and room to increase rents further to market

Current occupancy is 95.3%, which is indicative of the historical average. Unit finishes include stained concrete flooring, LVP flooring, black appliances, black cabinets, and brush nickel hardware. Unit menities include central HVAC, fully equipped kitchens with dishwasher, oversized bedroom closets, spacious bathroom suite(s), 9-foot ceilings, and washer/dryer in each unit.

Current ownership has renovated 46 of the 130 units. All eight 2Bd/2.5Ba units and 41 of the 122 2Bd/1.5Ba units have been renovated. The most recent lease for a 2Bd/1.5Ba Platinum unit is $950 which shows an $82 increase over the in-place average of the Classic unit. Five 2Bd/1.5Ba Classic units were leased in November 2023 for an average rental rate of $925/month indicating mark-to-market opportunity on older leases. Additionally, five of the eight 2Bd/2.5Ba units have been re novated. The current average rent for 2Bd/2.5Ba Platinum units are leased on average for $1,114. The three most recent 2Bd/2.5Ba Platinum leases are rented for $1,160/month indicating another mark-to-market opportunity. The average monthly premium of the three most recent renovated 2Bd/2.5Ba leases compared to the average in-place rent for the classic version is $219/month. Five Star Apartments presents an opportunity to investors to purchase a stabilized cash-flowing asset with a proven on-site value add strategy while securing longterm fixed rate.

Investment Highlights

  • Attractive Assumable Debt
  • Proven On-Site Value Add Strategy
  • Well Maintained Asset with No Deferred Maintenance

Exclusively Listed By

Broker of Record

  • Anne Williams

    First Vice President Investments

    (901) 620-3600

    License(s) AR: PB00066390

    Arkansas

Multifamily

Five Star Apartments

Listing Price: Request For Offer

Number of Units
130
Occupancy
96.0%

Investment Highlights

  • Attractive Assumable Debt
  • Proven On-Site Value Add Strategy
  • Well Maintained Asset with No Deferred Maintenance

Investment Overview

Five Star Apartments includes 130 market-rate multifamily units on 8.38 acres located in Jonesboro, AR. The Property consists of 33 two-story walk-up buildings constructed in 2013. One of the units is currently being used as a leasing office leaving 129 rentable units. Five Star Apartments is being offered as an assumption with a supplemental quote. · Located off S Carraway Rd that experiences 15,000vehicles-per-day · Less than 0.25 miles from I-555 that experiences 37,000 vehicles-per-day · All townhome units providing ample space · Well maintained asset with no building def erred maintenance · Proven on-site value add program and room to increase rents further to market Current occupancy is 95.3%, which is indicative of the historical average. Unit finishes include stained concrete flooring, LVP flooring, black appliances, black cabinets, and brush nickel hardware. Unit menities include central HVAC, fully equipped kitchens with dishwasher, oversized bedroom closets, spacious bathroom suite(s), 9-foot ceilings, and washer/dryer in each unit. Current ownership has renovated 46 of the 130 units. All eight 2Bd/2.5Ba units and 41 of the 122 2Bd/1.5Ba units have been renovated. The most recent lease for a 2Bd/1.5Ba Platinum unit is $950 which shows an $82 increase over the in-place average of the Classic unit. Five 2Bd/1.5Ba Classic units were leased in November 2023 for an average rental rate of $925/month indicating mark-to-market opportunity on older leases. Additionally, five of the eight 2Bd/2.5Ba units have been re novated. The current average rent for 2Bd/2.5Ba Platinum units are leased on average for $1,114. The three most recent 2Bd/2.5Ba Platinum leases are rented for $1,160/month indicating another mark-to-market opportunity. The average monthly premium of the three most recent renovated 2Bd/2.5Ba leases compared to the average in-place rent for the classic version is $219/month. Five Star Apartments presents an opportunity to investors to purchase a stabilized cash-flowing asset with a proven on-site value add strategy while securing longterm fixed rate.

Exclusively Listed By

Broker of Record

  • Anne Williams

    First Vice President Investments

    (901) 620-3600

    License(s): AR: PB00066390

    Arkansas

MM Texture Background
MM Textured Background Lower