Description
Marcus & Millichap is pleased to exclusively offer for sale The Lofts at Willow Creek, a 325-unit apartment complex in the hyper-growth Beavercreek submarket of Dayton, Ohio. Built in 2009, the asset totals about 335,000 square feet on a 22.42-acre lot. The building features one- and two-bedroom apartments with an occupancy rate of 100%, averaging 789 square feet, and 1,215 square feet.
The asset is divided into two sections, L1 and L2, with L2 being recently renovated with hardwood flooring, granite countertops, new cabinetry and new paint throughout. Community amenities include a heated pool with sundeck, movie theatre, dog park, fitness center and a reservable clubhouse with a lounge. Unit amenities include over-sized closets, frieze carpeting, all black appliances, plantation wood-style blinds and private patios and balconies.
Recently renovated with upside 325-unit apartment complex in favorable Dayton submarket
• 325-unit newly upgraded asset in Beavercreek, Ohio.
• Select units recently renovated and include hardwood flooring, granite countertops, new cabinetry and new paint throughout.
• Community amenities include heated pool with sundeck, movie theatre, dog park, fitness center and a reservable clubhouse with a lounge.
• The asset has upside potential by completing all unit upgrades and raising rents.
Located in Dayton’s highest profile retail submarket with nearby demand drivers
• Within 5 minutes (1.4 miles) of The Mall at Fairfield with retailers include Macy’s, Dick’s Sporting Goods, H&M and JCPenney.
• Within 14 minutes (8 miles) of The Greene, a mixed-use asset featuring offices, apartments and retail destinations including Apple, Forever 21, Lululemon and Nordstrom Rack.
• Wright State University is located 6 minutes from the subject, with 12,000 students and 276 degree programs.
• Wright Patterson Air Force Base is located within 15 minutes (6 miles) of the subject, with 20,000+ civilian employees and 7,000+ military personnel.
Dayton’s booming downtown neighborhood and thriving healthcare sector
• Downtown Dayton, the region’s entertainment hub, is located within 15 minutes of the asset and offers professional sports, farmers markets, museums, nightlife and concert venues.
• Dayton’s four largest medical employers, Premier Health Partners, Kettering Health Network, Children’s Hospital and CareSource, are all within 15 minutes of property and total 25,085 employees.
Dayton metro’s explosive apartment rent growth
• Dayton metro’s apartment rental growth income has been explosive over the past 5 years. Between 2015 and 2020, apartment rents are projected to increase at an average of 4.7% year-over-year, from $764 to $855.
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 2621 Hibiscus Way |
| City: | Beavercreek |
| State: | Ohio |
| Zip Code: | 45431 |
| Year Built: | 2009/2012 |