Property tours will be available Tuesday thru Thursday 10am thru 4pm by appointment ONLY. Please contact Carter Brehm to schedule at 404-574-1085 or by email at carter.brehm@colliers.com.
Red Lion Apartments are located in a quiet community just south of downtown Montgomery, AL. Built in 1971 with a traditional brick siding exterior. While Red Lion has been competitive in the submarket, newer competing properties in the area prove there is significant upside in Red Lion’s rents through an interior renovation program. These interior upgrades would include new faux granite counter-tops in kitchens and bathrooms, vinyl wood flooring in the kitchen and bathrooms, new black appliances and light fixtures. These interior upgrades have an approximated cost of $3,800 per unit on average. We believe the rental premium garnered by these upgraded units will be approximately $60 per unit on average, increasing the average market rent to $638. A new investor has the opportunity to renovate Red Lion Apartments and realize rent ascension through a comprehensive modernization program further bridging the rental gap.
Strategically located at the intersection of Interstate 65 and Interstate 85, Montgomery is the capital city of Alabama and the second largest city in the state. The metropolitan area, comprised of Autauga, Elmore, Lowndes and Montgomery counties, has a population of 374,000. A region of vast economic diversity, Montgomery is home to state and regional governments, a major military installation, the USAF Air University, an extensive service industry, wholesale and retail trade, tourism, and an industrial base. This unique diversity provides a well-balanced economic environment.
Property Listed By: Tony D'Ambrosio – Colliers International; AL RE # 76470 / (404) 574-1048
