- New Construction Class-A Asset with Well-Below-Market Rents
- Offered at an Extremely Attractive Basis – Significantly Below Current Replacement Cost
- Very Well Maintained by Current Ownership
- Attractive Unit Mix Featuring Over 50% Large 2BR/2BA Units
- Unique Springfield Market Dynamics Create Ideal Future Value-Add Opportunity
- Offered Free & Clear of Existing Debt
New Construction Class-A Asset with Well-Below-Market Rents
Logan Heights was built in two phases in 2021 and 2023. With the lease-up of Phase 1 and and the majority of Phase 2 completed by the local builder, rents are significantly below market across the entire property. Through professional management and a more aggressive leasing style (focused on driving revenues rather than maintaining above-market occupancy), a new owner can increase effective rents by ~$224/unit/month without any significant capital investment into the asset, which will result in an additional $238k in top-line revenue.
Offered at an Extremely Attractive Basis – Significantly Below Current Replacement Cost
Logan Heights is being offered at a highly attractive going-in basis relative to current replacement cost and recent trades across the market. The opportunity to acquire a new construction asset featuring best-in-class finishes at a significant discount to replacement cost will position new ownership for outsized long-term returns.
Very Well Maintained by Current Ownership
The asset has been well maintained under the current ownership, allowing a new investor to focus solely on immediately improving operations and capturing the organic rent upside that exists in the market.