Multi-housing / PRS

Elk Meadows & Christiana Pointe

399 Booth St Elkton, Maryland United States 21921-5625
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Key facts

Year Built 1964
Building Area Net
Number of units 66

Property description

JLL (“Jones Lang LaSalle Americas Inc.”) is pleased to present the opportunity to acquire Elk Meadows (66 units) and Christiana Pointe (56 units) (the “Portfolio”) a 122-unit value-add portfolio offering situated 15 miles apart in Elkton, Maryland, and Wilmington, Delaware. 


Investment highlights

Significant Loss To Lease Across The Portfolio 

As currently positioned, Elk Meadows and Christiana Pointe’s in-place rents trail the market average for comparable properties by upwards of $200 per unit. Prior to the implementation of a streamlined renovation program, new ownership can immediately capitalize on the below market in-place rents through an aggressive leasing strategy upon turnover, bridging the gap amongst competitors in the market. 


Attractive Cash Flowing Portfolio 

Elk Meadows and Christiana Pointe provide investors with two assets that offer an attractive going-in yield and upside potential to further enhance revenue through aggressive leasing strategies and a streamlined renovation program. The opportunity provides management efficiencies, allowing an investor to grow their portfolio in two higher yielding sub-markets along the I-95 corridor. Furthermore, the current debt capital market environment, specifically Fannie Mae and Freddie Mac along with the most aggressive bridge lenders, enable investors to achieve current cash-on-cash yields above historical precedent. 


Dynamic Multi-Housing Market Fundamentals 

Elk Meadows: 

Rental rates in the Cecil County submarket have increased by an impressive 8.5% over the past year, which significantly exceeds the average annual growth of 2.5% over the past decade further indicating new owner's ability to increase rental rates upon turnover. 

 

Christiana Pointe: 

New Castle County’s apartment market has proven resilient throughout the pandemic with occupancies remaining at 4.70%, below the market average of 5.50%. Furthermore, asking rental rates have increased 5.60% year over year as of 2Q21, outpacing 2020’s average of 3.10%. 

Last Updated Date: 30 Sep 2021
Carl Fiebig
Carl Fiebig
Managing Director, Capital Markets
Broker Licenses
PA - RS320618 MD - 5000439
Mark Thomson
Mark Thomson
Senior Managing Director, Philadelphia Office Co-Head
Broker Licenses
DE-RS0019034 MD-5000570 PA-RS292417

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Last Updated Date: 30 Sep 2021

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