Devonshire Village Apartments presents investors with an opportunity to own a 51-unit townhouse style community in a stable market with significant upside in rents and operations. There is a value-add opportunity by upgrading interior finishes and possibly converting existing office space to apartments or storage units. The deal is underwritten with current rents and the proforma consists of closing the loss to lease gap only. Please refer to the market rent study for additional details.
Built in 1980, the property was originally developed as a 73-unit townhouse style rental community together with a hotel and conference center. The unit mix is ideal and consists of one, two and three bedroom units. Each building consists of a two story, wood frame structure on concrete slab with brick or painted wood façades. Each unit also features PTAC units and an outdoor patio/living space. Over the years ownership has successfully sold over 19 of the 73 units to individual Buyers. There is an HOA in place which is managed by the Seller. Condo owners pay $175 per month to Seller. This covers water, sewer, trash, grounds maintenance and insurance. The HOA documents are available upon request.
The original developer developed the hotel and conference center together with the units. These facilities all share a private sewer plant which is maintained by the Seller. This plant was updated when the Seller purchased all three properties as a package a few years ago. The Seller plans of retaining and operating the Hotel and Conference Center and will continue to service the units with private sewer. The property is serviced by well water. There are two assigned parking spaces for each unit and plenty of off-street parking surrounding the property.
