Triumph Tower Apartments

IN ESCROW

  • 78,211 Square Feet
  • Multifamily-Apartment
  • For Sale

Summary Description

25400 Euclid Avenue, Cleveland, OH 44117

Prior to current Developer’s acquisition in December of 2014, Triumph Tower (fka as Richmond Towers) was a bank-owned (REO) property suffering from years of significant deferred maintenance and management inefficiencies. At the time of purchase, one-bedrooms were renting for $568 and two-bedrooms for $669 with overall occupancy at 72% (35 vacant & offline units) and was purchased by the Seller at a negative (-8.79%) capitalization rate. The Developer instituted and successfully implemented a comprehensive renovation and re-branding program. Within two months of ownership and close to $700,000 in capital improvements, the property was violation free, no longer functionally declining and was able to regain traction very quickly as occupancies and rents rebounded. With the new property condition and curb appeal, the Seller was easily able to push one-bedroom rents of $620 (8.4% gain) and two-bedroom rents of $721 (7.2% gain) and Occupancy to 100%. Priced nearly half million dollars below the September, 2015 appraisal, Triumph Tower offers a savvy operator the opportunity to own a stabilized, renovated apartment property with strong existing operations and potential to capture upside through continued management efficiencies and rent increases as leases turn.

Property Status: In Escrow

Price: $4,775,000.00

Lot Size: 2.71 Acres Square Feet

Building Size: 78,211 Square Feet

Area Available: 78,211 Square Feet

Features:

  • Opportunity to Acquire a Recently Renovated and Re-branded Apartment Asset
  • Priced Nearly Half Million Dollars below September 2015 MAI Appraisal
  • Approximately $700,000 in Capital Improvements Implemented between 2014-2015
  • Occupancy Increased from 72% to 100% in Last Ten Months
  • One and Two-Bedroom Rents Increased 7-8% during Stabilization Period
  • Upside Potential through Continued Management Efficiencies and Rent Increases

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