The Residences at Bromley is a 32-unit garden-style apartment community located in the highly desirable northwest sub-market. The complex is in a predominantly residential area just two blocks to the 95 Freeway. Residents enjoy easy access to Meadows Mall and major employment centers. schools include St. Francis De Sales and Red Rock Elementary. Mariana's Supermarket along with Dexter and Ed Fountain Park are all within a five-minute walk.
The apartment complex was constructed in 1964 and extensively renovated in 2018. The two-story buildings include spacious one-bedroom floor plans at 720 square feet and two-bedroom floor plans at 950 square feet. Interiors include walk-in closets, upgraded flooring/window treatments, and fully-equipped kitchens. One to two units are being renovated each month with 26 remaining. Common area amenities include lush mature landscaping, resort-style pool, BBQ area and laundry facilities. Major renovations included new roofing, new A/C units, complete exterior painting, and new washer & dryers. The Laundry Lease has been canceled and 100% of the laundry revenue is passed to the owner.
A new assumable loan was placed six months ago with very attractive terms at 4.46% interest with interest-only payments for the first two years. The loan provides an investor a very desirable cash-on-cash return.
The Residences at Bromley are managed by Marshall Stearns, a professional management company. The complex offers the investor a turn key facility in a high demand location with stable occupancy. The complex has been running at below-market rents offering an investor dependable cash flow and rent growth.
