Berkadia Real Estate Advisors LLC is pleased to present the opportunity to acquire Steeple Crest, a 200-unit Class B garden-style community located in the diverse Columbus-Phenix City MSA. Built from 2001 through 2003, Steeple Crest features superior quality construction with custom/specialty design features and materials including wood and steel framing and custom steel railings. The property has been meticulously maintained under the watchful eye of the original owner/developer and is located in an affluent area with fantastic surroundings. With brand new roofs, 80 units recently upgraded with “deluxe” features, and all units featuring other upgrades such as two-inch blinds and refinished cabinet doors, the property is in great condition. However, continuation of the proven value-add enhancements, as well as minor tweaks to add amenities would strengthen Steeple Crest’s appeal in the market leading to significant revenue growth and allow the property to compete more effectively with the new Class A properties located nearby.

  • Affluent Class A Location, Very Close to Hospital and Publix
  • Super-Adequate Construction / Institutional Quality
  • Meticulously Maintained / New Roofs
  • Nine-Foot Ceilings in All Units
  • Proven Value-Add with 40% of Units Recently Renovated
  • Assumable Non-Recourse HUD Loan at 4.25% (also available free and clear, if desired)

PROPERTY DESCRIPTION

 

Total Units: 200

Year Built: 2001-2003

Buildings: 10, Garden-Style

Stories: 2 and 3

Total SF: 251,008

Average Unit SF: 1,255

Average Rent: $910 ($0.73/SF)

Roofs: Pitched with Architectural Shingles

Exterior: Wood and Steel Frame with Brick Veneer and Hardi-Plank Siding

 

d volleyball court, two swimming pools, and a clubhouse all located within the controlled access community.

FLOOR PLANS

80 "Deluxe" Units with Granite Countertops

AMENITIES

UNIT AMENITIES

• Granite Countertops*

• Tile Backsplash in Kitchen* • Crown Molding • Ceiling Fans • 9' Ceilings • Hardwood-Style Vinyl Flooring* • Oversized Closet • Built-In Microwave • 2" Plantation Shutters • Central Heating & Air Conditioning

*Select Units

COMMUNITY AMENITIES

• Salt Water Swimming Pool & Hot Tub • Poolside Covered Pavilion • Fitness Center • Spin Room / Cycling Center • Tanning Bed • Tennis Court • Playground • Picnic Area

• Athletic Field with Full-Size Soccer Goals • Pet Park • Clubhouse • Business Center • Car Care Center with Vacuum

LOCATION

Steeple Crest is located in a very affluent area of Phenix City, Alabama, positioned effectively adjacent to a hospital and immediately west across the Chattahoochee River from Columbus, Georgia. The property is conveniently situated adjacent to U.S. Route 80, providing easy access to Downtown Columbus and major employers throughout Greater Columbus such as St. Francis Medical Center, TSYS, and Char-Broil. Phenix City boasts numerous outdoor recreational and cultural activities, including the Phenix City Riverwalk, Idle Hour Park, and the whitewater recreational course on the Chattahoochee River the longest urban whitewater rafting in the world. Phenix City is also an attractive "bedroom community" to the larger city of Columbus and the rapidly growing Auburn-Opelika MSA a short 30-minute drive along Highway 431.

CONTACT

Experts here for you

Investment Advisors

DAVID OAKLEY

Senior Managing Director

david.oakley@berkadia.com

205.918.0785 x1

DAVID WILSON

Senior Director

david.wilson@berkadia.com

256.682.9143

caleb frizzell

Associate Director

caleb.frizzell@berkadia.com

205.403.5544

Abe maddox

Associate Director

abe.maddoxl@berkadia.com

205.403.5550

SUPPORT TEAM

Amy Lynton

Transaction Manager

 

Jessica duckett

Financial Analyst

 

BIRMINGHAM OFFICE

2120 16th Ave South, Third Floor

Birmingham, AL 35205

Phone: 205.918.0785

Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.

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