Phone: (415) 800-7487
Austin Creek Apartments is a 156 unit apartment
community located in Vallejo California. The property
consists of 76 one bedroom/one bath units of
approximately 700 square feet, and 80 two
bedroom/two bath units of approximately 900 square
feet. The improvements consist of 10 - two story
garden style buildings totaling 125,200 square feet of
rentable space. Construction is wood frame with
pitched composition roofs and sheet siding. Original
construction was completed in 1989, and sits on 7.17
acres in Solano County.
We acquired this property at 6.5% cap rate which Northern California is consedered very good. With long term 12 year fixed rate money al 4.2% are generating significant cash flow for investors. We are finishing a mayor capital improvement program to create a more market rate community for residences. We have added a fitness center, business center and completed a capital expense program by replacing dry rot and painting the exterior of the property. Lastly we are adding a gate for increased security to complete the upgrade.
Unit amenities include central air conditioning and
heat, plush wall to wall carpeting, ceiling fans, and
walk-in closets. All units are cable ready with available
high speed internet access. All kitchens are fully
appointed with gas ovens and stoves, as well as
dishwashers and garbage disposals and frost free
refrigerators. Each unit has a private patio or balcony
and comes equipped with washer/dryer hookups.
Several units have recently undergone a renovation
and upgrade project including new paint, granite
counter tops, cherry wood cabinets, carpeting and
flooring, and stainless steel appliances. Rents for
these units have increased an average of $100 per
month post renovation when re-rented.