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Verandas at Mitylene

One of the Premier Apartment Communities in the Montgomery Market

Call For Offers Deadline

Thursday, October 4th at 5:00PM CST

The Opportunity

Berkadia Real Estate Advisors is pleased to present the opportunity to acquire the Verandas at Mitylene. A Class A property located in the desirable East Montgomery submarket. This property offers:

  • Outstanding Low-Density Design with Above-Average Home-Like Features
  • Best In Class Location
  • Recently Upgraded - Now with Granite Countertops in 100% of Kitchens and Bathrooms
  • Features Vinyl-Plank Flooring in Less than 15% of Units Providing Excellent Opportunity to Continue this Proven Value-Add Upgrade that has Recently Been Initiated

VALUE-add opportunity

Opportunity for Additional Enhancement
POSSIBLE FUTURE INTERIOR UPGRADES:
  • Continued installation of vinyl plank flooring in living areas
  • Replace existing "bisque" appliances in units where not already replaced
  • Add ceramic tile flooring in bathrooms (replace sheet vinyl)
  • Add ceramic tile flooring in pantry and laundry (replace vinyl tile)
  • Upgrade the standard shower head in bathrooms
  • Add curved shower rods, where not already added
  • Upgrade of kitchen light fixture
POSSIBLE FUTURE PROJECT AMENITY ADDITIONS:
  • Addition of outdoor kitchen at or near pool area (existing grill areas are minimal)
  • Addition of outdoor fire pit and gathering area
  • Addition of large pavilion with outdoor kitchen / gathering area
  • Addition of a dog park
  • Addition of pet wash station at car wash
  • Addition of shade at playground area
  • Modernization of the fitness equipment
  • Modernization of the media room
  • Modernization of the conference room / business center
  • Add windows to lanai (currently screened)
  • LED lighting in common areas

UNIT Amenities (EXISTING)

  • Granite Countertops in Kitchen and Bathrooms (all units)
  • Oak Cabinets with Custom Hardware
  • Breakfast Bar with Pendant Lighting
  • Farm-Style Single-Basin Kitchen Sink
  • 10-Foot Vaulted Ceiling in Top Floor Living Areas
  • Crown Molding in All Rooms (except laundry)
  • Hardwood-Style Flooring in Living Area (10% of Units)
  • Walk-in Closets with Wire Shelving
  • Full-Size Washer / Dryer Provided (All units)
  • Balcony / Patio / Sunroom

COMMUNITY Amenities (EXISTING)

  • Swimming Pool
  • Hot Tub
  • On-Site Full-Body Massage Chair
  • Outdoor Deck with Barbecue Grills
  • Lanai with Kitchen and Gathering Area
  • Playground/Tot Lot (2)
  • Covered Pavilions (2) with Charcoal Grill and Picnic Table
  • Fitness Center
  • Clubhouse
  • Business / Media Center

ASSET

The Verandas at Mitylene features 332 units spread across nearly 23 acres and 14 well-laid out three-story buildings. Built in 2007, the property features eight unit types with spacious floor plans; one-bedroom / one-bath, two-bedroom / one-bath, two-bedroom / two-bath, and three-bedroom / two bath units ranging in size from 845 to 1,394 square feet.

LOCATION

Best in Class Location - Close to Eastchase

The property is located in Montgomery’s most desirable submarket extremely close to the “Eastchase Area” featuring over 2.0 million square feet of retail and commercial space – the largest concentration of retail, restaurant, hotel and upscale shopping in the greater Montgomery area. This upscale mixed-use area extends along the south side of Interstate 85, between Taylor Road and Chantilly Parkway, only minutes from the property. This area also features numerous office and medical office uses and residential development.

CONTACT US

Investment Advisors

DAVID OAKLEY

Senior Managing Director

David.Oakley@berkadia.com

205.918.0785

DAVID WILSON

Senior Director

David.Wilson@berkadia.com

256.682.9143

CALEB FRIZZELL

Associate Director

Caleb.Frizzell@berkadia.com

205.403.5544

ABE MADDOX

Associate Director

Abe.Maddox@berkadia.com

205.403.5550

Financing

BRIAN HUFF

Senior Director

Brian.Huff@berkadia.com

303.689.8314

ALABAMA OFFICE

2120 16th Avenue South, Suite 300

Birmingham, AL 35205

Phone: 205.918.0786

Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
©2018 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx