$12,390,000

Price Improvement-Riviera Ridge Townhomes enjoys a central Valparaiso location close to Eglin Air Force Base, Northwest Florida State College and various employment, entertainment and dining opportunities. The Property is located just off of John Sims Parkway, the main artery through Valparaiso, leading from Niceville to Eglin AFB in southern Okaloosa County. Riviera Ridge Townhomes contains 84 rental units built in two phases. Initially, Phase I was constructed in 1984 and Phase II was completed in 1986. The complex is comprised of 22 rental buildings, 1 one story maintenance shop and 1 one story office building distributed over 8 acres. The buildings are wood frame construction, with a brick veneer, in an array of exterior styles. Riviera Ridge Townhomes provides a favorable unit mix of 15 one bedroom units and 69 two bedroom units. Units range in size from 725 to 875 square feet, with one bedroom units currently renting for $1,195/month and two bedroom units currently renting for $1,295/month. All apartments include fully appointed electric kitchens and private patios. There is also an on-site central laundry facility that generates additional income. The property's Tenants pay all utilities for their respective residence. Riviera Bay Townhomes, a 36 Door sister property is also available for purchase with Riviera Ridge Townhomes as a package deal only and brings the total number of doors to 120. An assumable mortgage and some very attractive seller financing are also available respectively for both of the properties. The current ownership has been operating the property since 2011 and has made many upgrades during that time. Over 90% of the HVAC systems have been converted to efficient 410A systems and the majority of water heaters and appliances have also been replaced. The parking lots have been sealed and striped multiple times, with the last occurrence in 2022. The property enjoys a peaceful setting surrounded by newly built singe family homes and natural areas. The large oak trees and underground utility services encourage residents to enjoy the generous common areas with friends and family. This property is well constructed with low maintenance brick/vinyl siding and will be desirable for years to come. Northwest Florida, also known as the Florida Panhandle, is a 16-county region that extends along the Gulf of Mexico from Pensacola, on the western border of Florida, to just east of Tallahassee. The region occupies a unique geography in Florida, abutting the southern borders of both Georgia and Alabama, as well as the northwestern boundary of the Florida peninsula. The 16-county region includes nearly one-quarter of Florida' s 67 counties and approximately 20% of the state' s land mass. The local military bases and Northwest Florida State college supplement the local apartment market in Okaloosa and Walton counties. The area also has a strong tourist trade that draws up to 4 million annual visitors. The location near the Gulf of Mexico is very desirable for families to vacation and retirees to relocate here. The largest US Air Force base in the world, Eglin AFB, owns and protects a large land area used for test ranges. The Niceville/Valparaiso sub-market of Okaloosa County has experienced tremendous growth in the past 10 years. The military presence continues to grow and the expansion of the nearby Northwest Florida State College drive demand for quality rentals. This is one of the largest privately owned rental communities in the immediate sub-market. The shortage of buildable land ensures a high barrier to entry for any new supply of rental communities within a 5 mile ring around the subject property. Financial packets for both of the properties are available upon request.