Waller Group is proud to present BB Way Townhomes, a rare 37-Unit, community in Hurricane, West Virginia. Built in 2016, the property consists of 8 2-bedroom units averaging 1,158 SF and 29 3-bedroom averaging 1,270 SF, with attached garages. The new owner should significantly benefit from the recent construction and avoid large capital expenditures such as new roofs for over a decade, in addition to high renewal rates and low turnover.
The property is currently attaining market rent on new move-ins on its 2- bedroom units ($0.84 / SF), and market rent on new move-ins on its 3- bedroom units ($0.81 / SF). Continuing to command top of market rents should not be an issue due to the combination of unit size, the townhome lifestyle, and rare private garages. All units are currently individually metered and there is minimal R&M expense associated with the upkeep of the property.
The BB Way Townhomes have consistently achieved vacancy rates of 2% – 5% below the submarket and comparable properties. The property should retain its competitive advantages as no construction or deliveries came online in the past two years, and no construction or deliveries are in the pipeline for the next 2 years within a 10-mile radius. Huntington has seen less than 200-units come online since 2010. Currently, around 70% of the 8,200 units in Huntington are 1 & 2-star properties, furthering the relative advantage of BB Way Townhomes over the rest of the market.
A 3rd party manager runs the property while doubling as the handyman and is willing to stay on for the new owner. The new owner will be in charge of the Homeowner’s Association, owning 37 of the 44 units on the property. Currently, the owner does not charge an HOA fee on any of the units. However, 7-units of the original 44-units will begin paying $25 per month once the new owner takes over.
The BB Way Townhomes offer a unique opportunity to increase value through minimal operational adjustments not often found with stabilized assets.