Room To Grow Rents: Grand Reserve at Madison is currently 91.81% occupied with rents well below market value. Nearby properties with similar vintage are achieving over $160 more on 1BD, $312 on 2BD units, and $390 on 3BD units.
Proven Value-Add Opportunity: 82 units have been renovated with LVT flooring, granite countertops, stainless steel appliances, and new cabinet fixtures and are achieving a roughly $140-$180 rent premium on in-place rents. New ownership will have the opportunity to complete the renovation on the remaining 150 units to drive additional NOI.
Large Floor Plans: Grand Reserve at Madison has an average floor plan size of 1,434 SF, significantly larger than any of the surrounding comps. Over 79% of the property features 2BD or 3BD units.
Expansive Amenities Package: Grand Reserve at Madison offers a wide variety of amenities, including walk-in closets, vaulted ceilings, storage units, clubhouse, fitness center, pool, sauna, tanning beds, multiple dog parks, and more.
Outstanding School System: Grand Reserve at Madison is zoned for 3 top Madison County schools, which are all ranked 8/10 or higher (greatschools.org). Madison County boasts the state’s highest-rated county school system in the state of Alabama. James Clemens High School has a 97% graduation rate with the school earning the College Success Award from 2020-2022.
The Case For Suburbs: Located in Huntsville’s premier suburb, Grand Reserve at Madison is primed to benefit from Huntsville’s rapid growth over the past couple of years. Madison is accessible to Huntsville via I-565 and Highway 72, allowing commuters the ability to get to major Huntsville demand drivers such as Huntsville International Airport, Redstone Arsenal, Cummings Research Park, the University of Birmingham Huntsville, and downtown.
Desirable Zip Code With High Barrier To Entry: The average single family sale price in the 35758 zip code is $362,000 with home sales up to $1.5 million in the last 12 months. Over the last 5 years, there has been a 68% increase in average home sale price.
Access To Nearby Demand Drivers: The Grand Reserve at Madison is close in proximity to many different nearby demand drivers, including:
Midcity District: Located roughly 10 miles from the The Grand Reserve at Madison, the MidCity Huntsville District is a $500 million, 100-acre multi-use development that is slated to include 350,000 SF of retail, 400,000 SF of office, 1,400 residential units, and 650 hotel rooms once completed.
Nation-Wide Leading Economic Growth: Huntsville led the nation for growth amongst mid-size cities in 2021, and the trend has continued as the population has grown 2.04% in the last year in addition to the city adding 260K jobs. Specifically, Madison has increased in population 7.38% since the last census, and the job market has increased 3.6%.
Huntsville Rated #1 Place To Live In USA: According to U.S. News, Huntsville has been rated the #1 place to live in the United States for 2022-2023. Furthermore, Huntsville is the fastest-growing market in Alabama, outpacing Birmingham. This strong economic growth has benefited rent growth in recent years.
Massive Huntsville Corporate Developments: Mazda Toyota Manufacturing is investing $2.311 billion in a state of the art automaking facility that is under construction and will support up to 4,000 employees. The FBI is under construction on a $1 billion outpost viewed as HQ2 that will support over 5,000 jobs upon completion. The Air Force recently selected Huntsville for the US Space Command headquarters and will bring at least 1,600 jobs.
THIS CONFIDENTIALITY AGREEMENT (“Agreement”) is made and agreed to by The Kirkland Company (“Broker”), exclusive listing broker for the Property, and (“Buyer”) regarding the sale of the property known as Grand Reserve at Madison (“Property”) located in Huntsville, Alabama. The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of the Broker’s listing agreement with the Owner.
BUYER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner of the property has instructed Broker to deliver information concerning the Property, much of which is highly confidential, only to those potential purchasers who sign this Agreement. To receive an Offering Memorandum (“Offering Memorandum”) please read, sign and return this Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation.
THEREFORE, THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows:
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by and between THE KIRKLAND COMPANY (“Broker”), and “Prospective Buyer” with respect to the sale of certain real property located in Huntsville, Alabama and known as Grand Reserve at Madison (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: