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Multifamily

Parkwood Apartments

700 W Ave I, Lancaster, CA 93534

Listing Price: Request For Offer

Number of Units
90
Gross SF
83,939

Investment Overview

THG Multifamily, as the exclusive listing agent, is pleased to present the opportunity to acquire Parkwood Apartments (the “Property”), a 90-unit multifamily property located in Los Angeles County’s northern city of Lancaster, CA. Constructed in 1983, the Property’s 90 units total 76,308 of net rentable square feet. The offering features spacious apartment homes (72% are 2 bedrooms) and offers its residents the following community amenities: two swimming pools, a fitness center, garage and carport parking, secured access and on-site laundry facilities. Parkwood Apartments is being offered to the market by the original owner for the first time in nearly 40 years. During this time, ownership has placed greater emphasis on maintaining occupancy (historically averaging 96%) versus the curtailment of loss-to-lease (currently 24%). Accordingly, investors will have the opportunity to add value by capturing loss-to-lease as units turn over. Notably, recently signed one bedroom and two bedroom leases have achieved rents that are $296 and $270 higher, respectively, versus the average inplace rents.

Investment Highlights

  • Excellent Value-Add Opportunity - An investor will have the quintessential opportunity to renovate all of the apartment homes and realize approximately 32% of rental upside.
  • Sizeable Offering - With a total of 90 apartment homes, Parkwood Apartments represents a sizeable offering that will allow an investor to execute a comprehensive value-add business plan.
  • Limited Development Pipeline - There are no market rate properties (+50 units) currently under construction in Lancaster and any future development would require significantly higher rents.
  • Premier Location - Parkwood Apartments is located just a few blocks from The BLVD, the main entertainment and culture hub of Lancaster. Within a 5-10-minute walk, residents have access to dozens of multicultural restaurants, popular nightlife establishments, chic boutique retailers, and culturally significant exhibits, including the Museum of Art and History.
  • Strong Submarket Fundamentals - The City of Lancaster has seen its population grow by 36.6% over the past 20 years, which is 4.39x the growth rate of Los Angeles County. This has contributed to strong rental demand in the submarket resulting in 97.45% occupancy and projected rent growth of 19.15% over the next five years.
  • Economically Accessible Market Adjacent to LA - Lancaster has desirable low density homes with rents accessible to a broad array of household incomes in Los Angeles County. This class of housing appeals to an emerging workforce housing millennial demographic that is aging into lower density communities. In 2020, Lancaster's rental market flourished (7.89% Rent Growth with 98.04% Occupancy) and was the strongest housing market in Los Angeles County.

Exclusively Listed By

Listing Price: Request For Offer

Number of Units
90
Gross SF
83,939

Investment Highlights

  • Excellent Value-Add Opportunity - An investor will have the quintessential opportunity to renovate all of the apartment homes and realize approximately 32% of rental upside.
  • Sizeable Offering - With a total of 90 apartment homes, Parkwood Apartments represents a sizeable offering that will allow an investor to execute a comprehensive value-add business plan.
  • Limited Development Pipeline - There are no market rate properties (+50 units) currently under construction in Lancaster and any future development would require significantly higher rents.
  • Premier Location - Parkwood Apartments is located just a few blocks from The BLVD, the main entertainment and culture hub of Lancaster. Within a 5-10-minute walk, residents have access to dozens of multicultural restaurants, popular nightlife establishments, chic boutique retailers, and culturally significant exhibits, including the Museum of Art and History.
  • Strong Submarket Fundamentals - The City of Lancaster has seen its population grow by 36.6% over the past 20 years, which is 4.39x the growth rate of Los Angeles County. This has contributed to strong rental demand in the submarket resulting in 97.45% occupancy and projected rent growth of 19.15% over the next five years.
  • Economically Accessible Market Adjacent to LA - Lancaster has desirable low density homes with rents accessible to a broad array of household incomes in Los Angeles County. This class of housing appeals to an emerging workforce housing millennial demographic that is aging into lower density communities. In 2020, Lancaster's rental market flourished (7.89% Rent Growth with 98.04% Occupancy) and was the strongest housing market in Los Angeles County.

Investment Overview

THG Multifamily, as the exclusive listing agent, is pleased to present the opportunity to acquire Parkwood Apartments (the “Property”), a 90-unit multifamily property located in Los Angeles County’s northern city of Lancaster, CA. Constructed in 1983, the Property’s 90 units total 76,308 of net rentable square feet. The offering features spacious apartment homes (72% are 2 bedrooms) and offers its residents the following community amenities: two swimming pools, a fitness center, garage and carport parking, secured access and on-site laundry facilities. Parkwood Apartments is being offered to the market by the original owner for the first time in nearly 40 years. During this time, ownership has placed greater emphasis on maintaining occupancy (historically averaging 96%) versus the curtailment of loss-to-lease (currently 24%). Accordingly, investors will have the opportunity to add value by capturing loss-to-lease as units turn over. Notably, recently signed one bedroom and two bedroom leases have achieved rents that are $296 and $270 higher, respectively, versus the average inplace rents.

Exclusively Listed By

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