Renovation Summary: All of the property’s units have been updated with Stainless Steel Appliances, Granite Countertops, LED Lighting, Gooseneck Faucets, and New Cabinet Fronts. About 65% of the units have also been updated with new Paint and Hardwood-Style Flooring. New ownership will have the opportunity to complete the renovation on the remaining units to potentially increase NOI.
Significant Capital Improvement: Current ownership has spent a significant amount in Capital Improvements since 2019, including interior, exterior, and amenity improvements..
Opportunity to Increase Rent: New ownership will have the opportunity to increase rents on all new leases to increase NOI. Current rents in the market of similar vintage assets are over $125 higher with top of market rents over $300 higher than Vue at Rocket City.
Premier Huntsville Location: Some of Huntsville’s largest demand drivers are
within minutes of Vue at Rocket City and include:
• Redstone Arsenal (38,000+ jobs)
• Cummings Research Park (26,000 jobs / 300 companies)
• The University of Alabama in Huntsville (9,988 students)
• Bridge Street Town Centre (828,495 SF)
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.
MidCity District: Located roughly 3 miles from VUE at Rocket City, 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.
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. According to CoStar, a range of economic drivers, such as low business and living costs, favorable tax incentives, high in-migration, and the presence of Redstone Arsenal, have attracted a diverse group of businesses to the area.
Located in Opportunity Zone: VUE at Rocket City is located in an opportunity zone, providing a future road map for continued development.