11575 Memorial Parkway SE

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Address: 11575 Memorial Parkway SE, Huntsville, Alabama, US
Created date: February 15, 2024
Date last updated: February 15, 2024
  • Aura is currently 75% renovated with tastefully updated units featuring all new LVP flooring, high end plumbing fixtures, stainless steel appliances, granite countertops, bathroom vanities, modern light fixture packages, cabinet fronts, hardware, outlet covers, and two-tone paint. Half of the exterior is brick, and the other half is siding, which has been recently painted.
  • Other Income already being collected to be leveraged moving forward:
  • 1. Washer/Dryer Rental: $50/month
  • 2. Utility Billing: $45/month for 1/1, $55/month for 2/2, and $65/month for 3/2
  • The Seller has added a BBQ grilling station and community area near the pool and the new dog park, in addition to a fully renovated leasing office and new monument sign on South Memorial Parkway,
  • where 44,000 vehicles per day travel along the major North/South thoroughfare.
  • While executing the business plan the Seller dropped the property to 75% occupancy, and now sits at over 93% occupancy, all within a 12 month period--highlighting the desirability of this location.

Property Description

Aura Apartments, a recently renovated and very well-appointed apartment asset situated on a quiet, heavily treed 5-acre lot in prestigious Southeast Huntsville, Alabama, offers astute Buyers something they have been looking for in Huntsville-without luck-for almost SIX years, namely, a B+ Quality, turnkey property in an outstanding area, delivered at closing nearing a 6% cap rate with additional upside. Even with our modest performance projections, a Buyer is almost assured to achieve a 20%+ IRR on a seven-year hold, a feat without precedent in the dynamic and award-winning Huntsville market in quite some time. We can’t wait to tour Aura with you--the property shows great, and the renovations to the units and the exterior rebrand, have been nothing short of staggering.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Multifamily type: Apartments
Price: $13,500,000
No. of Units: 88
Year Built: 1984
Opportunity Zone: No
Price per unit: $153,409
Property Website Click Here
Address: 11575 S Memorial Pkwy, Huntsville, AL 35803, USA
Provided by:

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