2610 Mirabeau Dr SW

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Address: 2610 Mirabeau Dr, Huntsville, AL 35805, USA

Atlanta & Southeast + Apartment Buildings

Created date: February 19, 2024

Date last updated: August 28, 2024

The property is extraordinarily well positioned in the Huntsville market for many reasons:
1. About 7 years ago, Huntsville City rezoned the city schools in an effort to improve this particular area, just West of Memorial Parkway. This property is zoned for Blossomwood Elementary, the most critically acclaimed elementary school in the city, and Huntsville High School--the same school that my daughter attended.
2. The city has also poured over $100 million into public works projects and private/public partnerships in this SW submarket over the last six years, including the largest public pool facility in the Southeast US, the largest sand volleyball court complex in the Southeast, a huge expansion to the city's Botanical Gardens, expansion and renovations of public parks, public incentives on two large private developments known as Stovehouse and Campus 805, and many more.
3. Villages at Lennox Square sits adjacent to Lowe Mill Arts and Entertainment, the largest privately owned arts facility in the Southeast.
4. Several Regional investors have taken advantage of the rezoning of schools by buying dozens of lots in the residential community that sits adjacent to Villages at Lennox Square Apartments and are selling rebuilt houses for between $400k-$500k..
I have a link to all the developments I mention above here below:
https://www.stovehouse.com/
https://campus805.com/
https://lowemill.art/
https://www.downtownhuntsville.org/lowe-mill-live
http://shopmerchantswalk.com/
https://www.huntsvilleal.gov/environment/parks-recreation/recreation/sports-complexes/sand-volleyball-complex/
https://www.huntsvilleal.gov/environment/parks-recreation/recreation/aquatics/huntsville-aquatics-center/
Google Drive | New Villages Images

Property Description

Villages at Lennox Square Apartments, a 229-unit apartment asset strategically located on 17 acres in the fastest gentrifying area in Huntsville, Alabama, only 1 mile from 900-bed Huntsville Hospital, 1.2 miles from exploding downtown Huntsville, 3.1 miles from major job engine Redstone Arsenal, and within 1/3 of a mile from a new 84,000 square foot Whole Foods Center. Villages at Lennox Square is in some ways the most desirable location in Huntsville for an asset of its type and is a truly unique asset with incredible upside for those looking for a relatively heavy lift with high upside. Current Ownership has fully renovated 34 units and is achieving up to a $300 premiums. This renovation of 15% of the units provides a clear path to effective rents over $1,050 for the next Owner. And as the 74 down units are brought back online over the next 24-30 months and rented Investment Highlights: 74 down units needing full rehab Total renovation cost of $7.2M “All in” price of $19.2M Projected 5-year IRR of 26%

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
No. of Units:	228
Year Built:	1965
Lot Size:	15.77 Sq ft
Opportunity Zone:	No
Property Website	Click Here