Winlee Apartments

Status: Available

Price: Unpriced

Units: 41


Property Information

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Investment Highlights

  • Significant Upside in Rents – The Seller has achieved an average of $150-$200 increases across all units in the last 12 months. A buyer has the potential to capture an avg of $250-$300 in additional rent increases per unit from light value add. The seller will be renewing leases at an additional $115 premium on average in July 2022.
  • Close Proximity to Old Town Winchester – Winlee Apartments is less than a 5 minute (0.2 mile) walk to Old Town Winchester. This close proximity to one of the most sought-after locations in Winchester will ensure buyers achieve premiums as the market continues to grow. The Winchester market achieved 6.8% rent growth during 2021. Projected rent growth for 2022 is 7.0% and is expected to continue to grow.
  • Well Maintained Asset –Over $150,000 (~$3,660 per unit) in capex spent in the last 12 Months; Including new roofs, patios, and sidewalks among other items.
  • Quality Existing Tenant Base –Current and Historical Collections are 98%+.

Listed By

Altay Uzun

First Vice President, Investments

Email: altay.uzun@marcusmillichap.com

Direct: 757.639.7989

Justin Ferguson

Senior Investment Associate

Email: justin.ferguson@marcusmillichap.com

Direct: 412.849.9977

Theo Jolley

Investment Associate

Email: theo.jolley@marcusmillichap.com

Direct: 540.850.7911

David Chae

Investment Associate

Email: david.chae@marcusmillichap.com

Direct: 804.456.2035

Annika Avillanoza

Senior Research Analyst

Email: annika.avillanoza@marcusmillichap.com

Direct: 757.739.4222

Tracey Mori

Senior Marketing Analyst

Email: tracey.mori@marcusmillichap.com

Direct: 703.505.6210