Multifamily

Renaissance Hills

3801 S Water Tower Pl, Mount Vernon, IL 62864

Listing Price: Request For Offer

Number of Units
99
Occupancy
95.0%
Gross SF
101,699

Investment Overview

Marcus & Millichap is pleased to present Renaissance Hills Apartments. This five-building, 99-unit apartment complex is located in Mt. Vernon, Illinois. Construction of these Class A, luxury apartments began in 2015, with the final building being completed in April of 2020. As the premier property in its vicinity, Renaissance Hills stands alone atop its rental market. Strong demand for its luxury living experience draws tenants from the areas surrounding Mt. Vernon, and the property is currently 100% occupied.

Renaissance Hills was purpose-built to differentiate itself from the Southern Illinois market. All units have spacious floor plans, large closets, ceiling fans, fiber optic internet connectivity, washer/dryer connections, and central air conditioning. Every kitchen is fully-equipped with a refrigerator, range, microwave, dishwasher, garbage disposal, and solid surface countertops. The grounds have video surveillance, the units are pet-friendly, and many units have a balcony or patio.

The unit-mix consists of 49 1-bedroom/1-bathroom and 50 2-bedroom/2-bathroom units. 14 of the 2-bedroom units have studies (and are essentially 3-bedroom units), and 18 of the 2-bedroom units have attached 1-car garages. Furthermore, there are 20 floating 1-car garages which can be rented to any of the surrounding tenants. Multiple tenants rent 2 of the garages, providing them the rare rental opportunity of luxury living with garage parking for two vehicles. The space for the 21st floating garage was built into an on-site leasing office.

Revenue has not yet been maximized at the Renaissance Hills Apartments. Every time rents have increased units have been immediately leased. There are old leases which can be renewed at noticeably higher rents, and the market has indicated continued demand even with across the board increases. There is also an opportunity to increase profits from cable & internet. Currently, the owner has a contract for the complex with both services, and tenants are given the option to have either or both. Tenants pay management based on their selection. This profit margin could be increased if cable & internet are always offered together for $110/month.

Renaissance Hills provides investors with a significant opportunity. Class A new-construction apartments with low expenses, strong safety of investment with no true competition in the surrounding areas, very strong occupational track-record since completion, and value-add income growth through more sophisticated management.

Investment Highlights

  • 99-unit new construction multifamily complex
  • Current rents are below potential
  • Top-of-the-market finishes and amenities

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    License(s): IL: 471.011175

    Illinois

Listing Price: Request For Offer

Number of Units
99
Occupancy
95.0%
Gross SF
101,699

Investment Highlights

  • 99-unit new construction multifamily complex
  • Current rents are below potential
  • Top-of-the-market finishes and amenities

Investment Overview

Marcus & Millichap is pleased to present Renaissance Hills Apartments. This five-building, 99-unit apartment complex is located in Mt. Vernon, Illinois. Construction of these Class A, luxury apartments began in 2015, with the final building being completed in April of 2020. As the premier property in its vicinity, Renaissance Hills stands alone atop its rental market. Strong demand for its luxury living experience draws tenants from the areas surrounding Mt. Vernon, and the property is currently 100% occupied.

Renaissance Hills was purpose-built to differentiate itself from the Southern Illinois market. All units have spacious floor plans, large closets, ceiling fans, fiber optic internet connectivity, washer/dryer connections, and central air conditioning. Every kitchen is fully-equipped with a refrigerator, range, microwave, dishwasher, garbage disposal, and solid surface countertops. The grounds have video surveillance, the units are pet-friendly, and many units have a balcony or patio.

The unit-mix consists of 49 1-bedroom/1-bathroom and 50 2-bedroom/2-bathroom units. 14 of the 2-bedroom units have studies (and are essentially 3-bedroom units), and 18 of the 2-bedroom units have attached 1-car garages. Furthermore, there are 20 floating 1-car garages which can be rented to any of the surrounding tenants. Multiple tenants rent 2 of the garages, providing them the rare rental opportunity of luxury living with garage parking for two vehicles. The space for the 21st floating garage was built into an on-site leasing office.

Revenue has not yet been maximized at the Renaissance Hills Apartments. Every time rents have increased units have been immediately leased. There are old leases which can be renewed at noticeably higher rents, and the market has indicated continued demand even with across the board increases. There is also an opportunity to increase profits from cable & internet. Currently, the owner has a contract for the complex with both services, and tenants are given the option to have either or both. Tenants pay management based on their selection. This profit margin could be increased if cable & internet are always offered together for $110/month.

Renaissance Hills provides investors with a significant opportunity. Class A new-construction apartments with low expenses, strong safety of investment with no true competition in the surrounding areas, very strong occupational track-record since completion, and value-add income growth through more sophisticated management.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    License(s): IL: 471.011175

    Illinois

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