Multi-Housing

Summer Ridge Apartments

322 W 65th St Davenport, IA United States 52806-2013
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Attributes

Year Built 1977
Building Area

Property Description

Click Link for Data Room:

https://www.crexi.com/properties/361849/iowa-summer-ridge


JLL (“Jones Lang LaSalle”) is pleased to present Summer Ridge, a 204-home garden-style apartment community located in suburban Davenport, Iowa. Davenport is the largest city in a region commonly referred as the Quad Cities. The Quad Cities is a vibrant community made up of Davenport, Iowa; Bettendorf, Iowa; Rock Island, Illinois; and Moline, Illinois. With nearly 400,000 residents, the Quad Cities is the second largest metropolitan community in Iowa. Residents at Summer Ridge enjoy convenient access to all of the major employers in the Quad Cities including John Deere, Rock Island Arsenal, Genesis Health System, and Hy-Vee, as well as limitless shopping, dining, and entertainment destinations, most notably in and around NorthPark Mall. Summer Ridge offers investors significant scale (204 homes) in an excellent location with strong market fundamentals and a steadily increasing population.

Investment Highlights

EXCELLENT AREA DEMOGRAPHICS

  • The population within a one-mile radius has grown more than 9% over the last 10 years with nearly 23% of area residents representing the millennial demographic.

STRONG MARKET FUNDAMENTALS

  • The Davenport-Moline-Rock Island, IL-IA market exhibits stable market fundamentals and has a strong 5-year projected average annual rent growth of 2.2% with an outstanding 5-year forecasted occupancy of 96%.

ACCESSIBLE TO MAJOR EMPLOYERS

  • The property benefits from its proximity to Interstate 74 and Highway 61 which provide direct access to an expansive employment base in downtown Davenport and the remaining Quad Cities.

OUTSTANDING SCHOOL DISTRICT

  • The Quad Cities is home to Pleasant Valley High School and Bettendorf High School which are widely regarded as the #2 and #10 best high schools respectively in the state of Iowa.

PROXIMITY TO QUAD CITY INTERNATIONAL AIRPORT

  • The Quad City International Airport is only 20 minutes from Summer Ridge and services over 700,000 passengers each year with 11 nonstop domestic travel destinations.
David Gaines
David Gaines
Senior Director, Capital Markets
License details
IL-475.137087
Kyle Butler
Associate, Production Support

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