Upstate NYProperty Type: Multifamily
Size: 760 Units
Price: See Broker for Details
CAP: See Broker for Details
- 760-Unit, Five-Property Value-Add Apartment Portfolio Located in Upstate NY
- Constructed in Late 1980s and Being Sold by Original Developer
- Stable Apartment Market Due to Fort Drum Army Base - Home to More than 30,000 Service Men and Women and Their Families
- Significant Value Add Potential - Rents are Well Below-Market; New Leases are Averaging 10% Higher Than Current Median Rents
- Strong Historical Occupancy - All 5 Properties Currently at or Close to 100%
- Large Units with Tremendous Value Add Opportunity - Properties are Well-Maintained But Units Have Limited Upgrades
- Portfolio Offers Investors Immediate Scale at an Above-Market In-Place Yield, with Significant Value-Add Opportunity
- All Five Properties Offered Free-and-Clear of Debt
Marcus & Millichap is pleased to present the North Country Portfolio - A 760-unit, 5-property portfolio located in Jefferson and Lewis counties in Upstate New York. The properties consist of:
• The Heights - 300 Units in Evans Mills, NY
• Pleasant Creek Meadows - 156 Units in Evans Mills, NY
• Forest Hills - 126 units in Carthage, NY
• Sedgewick Pines - 122 units in West Carthage, NY
• Willow Landing - 56 units in Lowville, NY
The Properties are located in the Watertown, NY MSA, and primarily serve the Fort Drum Army Base. The base is home to America’s Light Infantry 10th Mountain Division. More than 30,000 service men and women and their families are stationed at the base. Watertown is centrally located in Northern New York, 1 hour north of Syracuse and within a 6-hour drive of New York, Philadelphia, and Boston. Buffalo, Toronto, and Montreal are all located within a 3-hour drive.
All five properties were built in the late 1980s, and are being sold by the original developer. The unit mix consists primarily of two-bedroom flats and three- and four-bedroom townhouses. Four out of the five properties have individual garage parking for most units. The portfolio has been well maintained by current ownership, but there have been limited upgrades to tenant spaces. A new owner will have a significant value add opportunity to upgrade kitchens and baths, and offer a deluxe unit package to residents. Higher end comps in the market are receiving $300-$600 more than current rents at the subject property. Currently, all 5 properties are at or close to 100% occupancy, and are achieving significant rent growth. Over the past few months, new lease rents are averaging approximately 10% higher than the current average rent.
The North Country Portfolio offers investors immediate scale, at an above-market in-place yield, with significant value add opportunity. There is an experienced leasing and maintenance team running the management for the 760-unit portfolio, available to hire on a third party or individual basis.
Please contact the listing agents for due diligence information and walkthrough videos of sample units.