Creekside Manor Apartments 721 W 11th St 44 Unit Apartment Building $22,849,010 CAD ($519,296 CAD/Unit) 7.13% Cap Rate Chico, CA 95928

ALIVE Commercial Real Estate is excited to present Creekside Manor Apartments, a premier student housing community conveniently located within walking distance of California State University, Chico. Built in 1989, the 44-unit community consists of with (43) four-bedroom two-bathroom and (1) two-bedroom two-bathroom floor plans, showcasing modern finishes and exceptional amenities. Creekside's appealing proximity, just 0.7 miles from campus, combined with its stylish finishes and desirable community amenities, make it the undisputed #1 choice for underclassman at CSUC. While most student communities complete their renewal/pre-leasing for subsequent school years in spring, Creekside has created a reputation of the "go-to" community, specifically for sophomores, and have been 100% pre-leased by early winter for nearly 20 years. Every unit has been thoughtfully renovated with updated kitchen appliances, tile flooring, modern cabinetry, and in-unit washer/dryers. These improvements have created a true ‘pride of ownership’ community, well-positioned to capitalize on rising enrollment and rent growth without the need for major additional capital investment. Creekside has a brand that stands out in a market characterized by a sluggish pipeline for purpose-built student housing (PBSH), with no new inventory currently underway. Additionally, the 560-unit dormitory "Whitney Hall" is offline with no plans to reopen in the near future. These favorable supply-and-demand dynamics suggest strong long-term rent growth and stability for the next savvy owner.