Offered with Attractive In-Place Financing (3.78% Fixed Rate)
Woodland Apartments is being offered with assumable non-recourse Freddie Mac financing in-place with very favorable terms. The long-term, 10-year loan offers a favorable 3.78% interest rate, 1 year of interest-only, a 30-year amortization schedule, and a current balance of $4,350,000. Woodland Apartments is also being offered free and clear of existing debt.
Convenient Location Proximate to Both Retail and Job Centers
Woodland Apartments is located in the heart of the Kimberly Road Retail Corridor, bookended by Northpark Mall to the East and Hy-Vee Grocery Store to the West. The property is adjacent to Walgreens and across the street from CVS. Some of the area’s largest employment drivers are located within minutes of Woodland Apartments, including the new Amazon Distribution Center. This center is the largest development project in the history of both Davenport and The Quad Cities and will create over 1,000 jobs. Other nearby employers include Von Maur Corporate Offices and Distribution Center, John Deere Davenport Works Factory, Quad City Freight, UPS Customer Center, and Rhythm City Casino & Resort. Unemployment is below the national average at 3.4% in the metro. Woodland Apartments is a workforce product that is well suited for the submarket.
Attractive Basis and Strong Submarket
Woodland Apartments offers an extremely attractive basis considering the strength of the submarket, location of the asset within the submarket, and recent renovations. Significantly below replacement cost, Woodland Apartments is a unique opportunity to acquire a sizeable asset at an attractive basis.
The information above is from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice.