The Bristol Square Apartments
Workforce Housing Opportunity with Immediate Mark-to-Market Upside
Marketing description
Stanbrough Realty is proud to offer The Bristol Square Apartments. Located 45 minuets from Downtown Des Moines and located in Newton, IA. Bristol Square Apartments offers investors the opportunity to acquire 56 well operated and maintained units after a 17 year hold by current ownership. Bristol Square offers investors immediate cashflow with the opportunity to further grow NOI through rent raises & unit renovation. The property is currently 100% occupied and features 56 1BR/1BA units, complemented by an exterior patio and grilling area, on-site library, and dedicated management office. Newton serves as a regional employment hub with a strong blue-collar workforce driven by manufacturing and logistics, supporting consistent renter demand.
Investment highlights
Cash flowing - Well Operated/Maintained - Value add opportunity - Over 70K in Pro forma NOI growth
Attractive Acquisition Basis - $53.5K/unit
Gross Monthly Rent - $33K + Utility Reimbursement
Average in place rent - $593
Market Rent - $715
100% Occupied
Management Office on site
24/7 Secured Access + Full Camera System
RUBS in place
New House Electric Panel
6 Sets of non income generating washer/dryer units
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