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1319 Bell Ridge Road Rd

Johnson City, TN 37601
  • $8,320,000
  • STATUS: Active
  • ON SITE: 183 Days
  • ID#: 1238192
UPDATED: 32 min ago
$8,320,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 80,240
    SQFT
  • $104
    $/SQFT
Type:
Multi-Family
Built:
2001
County:
Area:

School Ratings & Info

Description

Introducing Park Place Apartments, an apartment community comprising 64 units nestled in Johnson City, Tennessee. Positioned within the dynamic Tri-Cities area, this complex enjoys a strategic location in close proximity to downtown Johnson City, East Tennessee State University, as well as sought-after employment hubs and retail hubs. Originally established with rent restrictions under the LIHTC program, the transition of Park Place to Market Rate apartments commenced on May 24th, 2023. This evolution presents a compelling opportunity to acquire a premium asset with minimal outstanding maintenance requirements. New ownership can build upon the established value-add initiative in place, pursue market-aligned rent adjustments on average of $517 a crossed all unit types, and unlock further potential for enhanced returns. Current ownership has transitioned 36% of the property to market rate in less than 7 months since transitioning to Market Rate.Park Place Apartments is a multifamily property located at 1319 Bell Ridge Rd in Johnson City, TN. The complex is situated on top of Cherry Hill and is easily accessible from Legion Street. Built in 2001, the property features 64 units, consisting of 2, 3, and 4 bedroom units, all equipped with washer and dryer hookups. The galley kitchens in each unit are fully-equipped with a refrigerator, dishwasher, range/oven, and a dining area overlooking the living space. The master bedroom has an attached bathroom. LIHTC requirements required an onsite laundry room even with laundry hook ups in every unit. New ownership will have the opportunity to convert this space into something more functional and attractive for residents like a fitness or media center.Current ownership has invested over $649,300 in capital expenditures, which includes upgrades and improvements to the property. Overall, Park Place Apartments offers comfortable and spacious living with convenient amenities and easy access to local attractions.Highlights and Updates:-Current ownership is aggressively pushing the property to market-rate rents-Currently 10 vacant; with 7 of these already pre-leased at market rate-23 units / 36% of the property to have been converted to market-rate in the first 7 months of being out of QC-The next owners will not have an issue keeping up with this momentum, and will not have to underwrite for 2 more years at LIHTC rates.

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© 2024 East Tennessee REALTORS®. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings displayed may not belong to Adam Wilson Realty. Information is deemed reliable but is not guaranteed accurate by the MLS or Adam Wilson Realty. Data last updated: 2024-03-01T23:25:04.5.
www.adamwilsonrealty.com/homes/142939342
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1319 Bell Ridge Road Rd Johnson City, TN 37601

  • Price: $8,320,000
  • Status: Active
  • On Site: 183 Days
  • Updated: 32 min ago
  • ID#: 1238192
0
Beds
0
Baths
0
½ Baths
N/A
Acres
80,240
SQFT
$104
$/SQFT
2001
Built
County:
Washington
Area:
Johnson City
Property Description
Introducing Park Place Apartments, an apartment community comprising 64 units nestled in Johnson City, Tennessee. Positioned within the dynamic Tri-Cities area, this complex enjoys a strategic location in close proximity to downtown Johnson City, East Tennessee State University, as well as sought-after employment hubs and retail hubs. Originally established with rent restrictions under the LIHTC program, the transition of Park Place to Market Rate apartments commenced on May 24th, 2023. This evolution presents a compelling opportunity to acquire a premium asset with minimal outstanding maintenance requirements. New ownership can build upon the established value-add initiative in place, pursue market-aligned rent adjustments on average of $517 a crossed all unit types, and unlock further potential for enhanced returns. Current ownership has transitioned 36% of the property to market rate in less than 7 months since transitioning to Market Rate.Park Place Apartments is a multifamily property located at 1319 Bell Ridge Rd in Johnson City, TN. The complex is situated on top of Cherry Hill and is easily accessible from Legion Street. Built in 2001, the property features 64 units, consisting of 2, 3, and 4 bedroom units, all equipped with washer and dryer hookups. The galley kitchens in each unit are fully-equipped with a refrigerator, dishwasher, range/oven, and a dining area overlooking the living space. The master bedroom has an attached bathroom. LIHTC requirements required an onsite laundry room even with laundry hook ups in every unit. New ownership will have the opportunity to convert this space into something more functional and attractive for residents like a fitness or media center.Current ownership has invested over $649,300 in capital expenditures, which includes upgrades and improvements to the property. Overall, Park Place Apartments offers comfortable and spacious living with convenient amenities and easy access to local attractions.Highlights and Updates:-Current ownership is aggressively pushing the property to market-rate rents-Currently 10 vacant; with 7 of these already pre-leased at market rate-23 units / 36% of the property to have been converted to market-rate in the first 7 months of being out of QC-The next owners will not have an issue keeping up with this momentum, and will not have to underwrite for 2 more years at LIHTC rates.
Exterior Features

Construction Frame - Brick Driveway Paved Garage Parking On Premise Parking Lot Size n/a

Interior Features

Cooling Central Cooling Floors HardwoodLaminateTileVinyl Fuel Other Fuel Heat Central Other Rooms Other

Property Features

Auction YN No City County Code City Limits City Taxes 13286.40 County Taxes 16512.00 Multifamily Sub Type Apartment New Financing CashConventionalNew Loan Property Status N/A Pud YN No Sale Includes Building and Land Total Tax 29798.40 Type Of Units 2 Bedroom Unit3 or more Bdrm Units Utilities Mo Avg 6083.00

Listing information © 2024 East Tennessee REALTORS®.
Listing provided courtesy of SVN I Wood Properties: .


© 2024 East Tennessee REALTORS®. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings displayed may not belong to Adam Wilson Realty. Information is deemed reliable but is not guaranteed accurate by the MLS or Adam Wilson Realty. Data last updated: 2024-03-01T23:25:04.5.
 
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