- Situated in the Highly Attractive and Growing Market of Farmington, MO
- Significantly Below-Market Rents Offer Immediate Upside of $200+ Per Unit (Monthly)
- Well-Positioned Asset Primed for Value-Add Implementation
- Offered at a an Extremely Attractive Basis, Well Below Replacement Cost
- Great Connectivity to Demand Drivers and ~70 miles from St. Louis
- Surrounding Properties Generating Top of Market Rents
- Offered Free-and-Clear of Existing Debt
- May be Purchased with Quail Run and Oakcrest (155 Units in Paducah, KY) for 247 Units Total
Situated in Highly Attractive and Growing Market of Farmington, MO
The vacancy rate in Farmington, MO is 2.3% and is below the long-term average. With no units delivered in 2023, low vacancy rates are forecasted. Rents have increased by an impressive 9% over the past 12 months. Farmington continues to be a very attractive market with strong apartment fundamentals and economic indicators, including the benefits of BJC Healthcare’s $21MM expansion into the market and their recent partnership with Parkland Health Center, among many other significant employers in the area. In addition, Farmington, MO has a median household income over $50,000 (compared to the STL Metro average of $69,635). The median home price in Farmington is $126,800, compared to the STL Metro average of $189,600.
Significantly Below-Market Rents Offer Immediate Upside of $200+ Per Unit (Monthly)
Current ownership has employed a conservative strategy in lieu of maximizing Net Operating Income, as illustrated by the community’s below-market rents. As a result, Autumn Creek is ideally positioned for new ownership to add substantial value through organic rental increases of $200+ per unit, in addition to other income charges.
Well-Positioned Asset Primed for Value-Add Implementation
Located in the high-growth market of Farmington, MO, Autumn Creek is surrounded by newer construction multifamily communities and top-tier retail & healthcare systems, including Parkland Health Center and BJC Healthcare’s recently announced, $21MM expansion office, slated to deliver in November 2024. Built in 1989 & 2000, Autumn Creek has maintained dated unit interiors that are primed for value-add upgrades to significantly increase revenues and capture further growth in the market.