From the WSJ Real Estate Archives

Multi-Unit Complexes
That Are Up for Sale

by Sheree R. Curry
From The Wall Street Journal Online
December 15, 2005

The Multifamily Stock Index, which tracks the stocks of public companies that develop and own multifamily housing, is currently outpacing the S&P 500 by more than 13%. Here are three 100-plus-unit complexes for sale.

  • Atlanta
  • Bronx, N.Y.
  • Pasco, Wash.

PLACE/PRICE: Atlanta/ $9.3 million

PROPERTY TAX*: $103,825 per year

THE PROPERTY: 273 units with total square footage of 239,425 on 11.24-acre campus

DESCRIPTION: The units, housed in 16 2-story brick buildings and ranging from 1 bedroom, 1 bath to 4 bedrooms, 2 baths, fetch $437 to $795 in rent. There is an on-site fitness center. The complex was built in 1957.

NOTABLE: There is 12,600 square feet of retail space, including a grocery store, coin laundry and beauty salon. Net operating income for the apartments only is $794,293 after total operating expenses of $871,815. There is a 9.29% cap rate.

Note: *Current owner's payment

Sources: nahb.org, cimls.com, bullrealty.com, crosbyrealtygroup.com, cushwake.com, cauwels-stuve.com

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