Investment Highlights

Proven Value-Add Opportunity: Current Ownership has updated 45 of the property’s 60 studio units, and these units are renting for a $75 premium. By renovating the remaining 15 studio units, new ownership could increase annual NOI by up to $13,500.

High Rent Ceiling on Studio Units: Other Studio units with a similar location are receiving $1.40 PSF compared to Cambridge Court’s renovated units of $1.19 PSF, providing new ownership with additional upside potential.

Exploding Huntsville Market: Huntsville is the fastest growing metropolitan area in Alabama and is expected to become the largest MSA in the state by 2022. Huntsville market rents increased nearly 8 percent in 2019.

  • Population - Huntsville’s population has exploded in recent decades, with MSA population growing roughly 9% from 2010 to 2018.
  • Rent Growth - Huntsville is currently experiencing a year-over-year rent growth rate of 7.9%. That growth rate is higher than Bakersfield, CA (7.5%), Tacoma, WA (6.4%) and Tucson, AZ (6.2%). Other large metros logging growth rates over 5% include Nashville and Las Vegas.
  • Development - MidCity District - $350 million development in MidCity Huntsville. Upon completion, it will include 350,000 square feet of retail, dining, and entertainment space; approximately 400,000 square feet of high-tech office space; 1,400 residential units; and approximately 650 hotel rooms. The project was recently cited as one of the 12 largest commercial real estate projects in the nation. 
  • Development - Blue Origin - The rocket company owned by Amazon’s Jeff Bezos will open a new rocket engine plant in Huntsville in 2020, bringing 400 jobs at an investment of $200 million.

Major Demand Drivers: Cambridge Court offers its tenants convenient access to some of Huntsville’s largest demand drivers, including:

  • Redstone Arsenal: The arsenal has an annual economic impact of more than $10.5 billion, according to the U.S. Department of Housing and Urban Development. Redstone generates 55,000 indirect jobs in the metropolitan area and bordering counties. The FBI recently invested $1 billion at Redstone Arsenal, planning to bring 4,000 jobs to the site
  • NASA: NASA’s Marshall Space Flight Center employs 6,500 people and creates 14,000 indirect jobs in Madison County. The space center has a $2.5 billion economic impact annually on Madison County
  • Huntsville Hospital: 6,341 jobs and 971 patient beds - Ranked #2 among AL hospitals
  • University of Alabama: 9,736 students enrolled and $475 million in total economic impact. 4,834 jobs are created and sustained by UAH in the State of Alabama
  • Boeing: 2,900 employees
  • Toyota: 1,350 employees. In 2019, Toyota announced its joint venture with Mazda in constructing a $1.6 billion plant that will employ 4,000 people and produce up to 300,000 autos annually when it opens in 2021

Convenient Location: Cambridge Court is conveniently located 10 minutes from downtown Huntsville and is also located within 12 miles of these major retail centers:

  • Parkway Place: 643,135 SF, anchored by Dillard’s and Belk
  • Bridge Street Town Centre: 828,495 SF, anchored by Bath & Body Works, Apple, Barnes & Noble, and Belk
  • Westside Centre: 666,639 SF anchored by Marshall’s, Kirkland’s, Target, & Petsmart

Desirable Area of Huntsville: Cambridge Court is located in one of the most desirable ZIP codes in Huntsville with income and education levels higher than both the state and city averages. 

  • Household Income - Residents within this neighborhood have an average household income of $64,700 compared to $49,060 in the Huntsville MSA.
  • Housing Prices - Houses are sold at an average of $228,483 compared to a Huntsville MSA average of $173,690. Home listings within this neighborhood range up to $2.8M. 
  • Higher Education - 60% of individuals within this ZIP code possess a Bachelor’s Degree or higher compared to a state average of 31.9%. 
  • Population - With over 21,000 residents, Cambridge Court falls within the 8th most populated ZIP code in Huntsville.

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