Royal Oak

Description

INVESTMENT HIGHLIGHTS:
• Constructed over ten phases, starting in 2008 and completed in 2020 (Current owners are the Developers and Management)
• Fully occupied with a waiting list
• Six units are Master Leased with Marathon Oil. (Current ownership has been approached by other local businesses to master lease units)
• Within a 20-mile radius of the property there are only Five Market Rate complexes with 150 or more units.
• Conveniently located, only minutes from Downtown Huntington and Barboursville
• Royal OAK at Pea Ridge medium household income is $65K
PROPERTY HIGHLIGHTS:
• The property is comprised of 204 units with a mix of one- and two-bedroom luxury spacious apartments, with 2/3rd of the units being one-bedroom.
• Brick Construction (Low Maintenance)
• High end unit finishes to include Washer and Dryers in every unit
• Property is fully sprinklered for fire suppression
• Outdoor amenities include a clubhouse, fitness center, game room, two swimming pools, dog park, picnic area with grills, and a basketball court.
MARKET HIGHLIGHTS:
• Located right off Interstate 64; this allows tenants quick access to all WV has to offer.
• Apartment Rents in the Huntington Submarket have increased 4.7% over the second quarter of 2022
• New unit development remains minimal: No new complexes have been delivered over the past three years, to include no new complexes over 150 units have been delivered in the last 5 years and no projects are currently planned
• Huntington is the second largest City in WV
• Huntington has grown its economic base in recent years to include technology, retail, finance, education, and medical care (which constitutes the largest proportion of the city’s employment). The largest employers are Marshall University, Cabell Huntington Hospital, St. Mary’s Medical Center, Amazon, DirecTV, and the City of Huntington, AK Steel, Marathon Ashland Petroleum
• The Amazon Customer Service Center in Huntington employs approximately 700 people.

Listing Details

Location Map