Creekbridge Crossing Apartments
- Low-Assumable Debt: 2.88% interest-only CMBS financing for approximately 20 months, subject to verification and approval.
- Clear Mark-to-Market: Two-bedroom asking rents are approximately 27.8% below comps; three-bedroom asking rents are approximately 27.1% below comps.
- Occupancy Recovery: Reported vacancy improved from 29.5% to 8.0% year over year.
- Family-Oriented Mix: All 112 units are two- or three-bedroom/two-bath layouts.
- Renovation Efficiency: Only two primary floorplan types simplify scopes, purchasing, and leasing.
- Strong Trade-Area Income: Median household income is $86,068 within two miles, with 7.2% household growth projected through 2030.
Property Description
Creekbridge Crossing is a 112-unit, two-story garden-style apartment community in Brandon, Florida. Built in 1987, the property consists exclusively of two- and three-bedroom/two-bath floorplans, creating a family-oriented unit mix and a straightforward renovation program. Creekbridge offers the clearer mark-to-market opportunity of the seller’s two Brandon assets, with current asking rents materially below the selected bedroom-specific comparable set. Reported vacancy improved sharply from 29.5% one year ago to 8.0%, with 22 units absorbed over the trailing 12 months. The combination of restored occupancy, significant rent discounts, and seller-reported 2.88% interest-only CMBS financing provides a compelling execution window. The challenge is to convert the physical-occupancy recovery into durable economic occupancy and higher NOI before the approximately 20-month loan term expires. Current two-bedroom asking rent of $1,192 is $460 per month below the selected two-bedroom comp average of $1,652. Current three-bedroom asking rent of $1,283 is $478 below the selected three-bedroom comp average of $1,761. Applying those bedroom-specific differences to all units implies an illustrative gross market gap of approximately $52,300 per month, or $628,000 annually, before vacancy, concessions, bad debt, loss-to-lease, renovation downtime, and operating expenses. This is a measure of potential—not a forecast. Creekbridge also reports 8.3% concessions, versus 2.5% for the selected comp set. The business plan must therefore address both face rents and concession burn-off. A new owner can segment units by condition and lease expiration, renovate in measured batches, and increase effective rents only as leasing evidence supports the move.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Property Types: | Apartment Buildings |
| Price: | $17,000,000 |
| No. of Units: | 112 |
| Year Built: | 1987 |
| Opportunity Zone: | No |
| Price per unit: | $151,786 |
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