REO Sale | 72-Unit Asset | Hallmark Gardens 1501 E Reed Rd 72 Apartment Units Online Auction Sale Greenville, MS 38703
INVESTMENT HIGHLIGHTS
- Significantly positioned 72-unit multifamily property in Greenville, Mississippi, optimally offered at a substantial discount to replacement cost.
- Desirable opportunity offered at a lower cost basis to deliver refreshed units versus facing a complete teardown to minimize construction efforts.
- Favorably situated next to Washington County Day School and within a five-minute drive to Walmart Supercenter, Kroger, Lowe's, and Greenville Mall.
- Low-occupancy acquisition provides value-add opportunity to renovate vacant/down units and lease-up at consistently increasing market rents.
- Incentives, such as tax credits and reimbursement programs, may be available for affordable housing through ideal city, state, and federal programs.
EXECUTIVE SUMMARY
Friedman Real Estate Brokerage Inc. with Bang Realty of Mississippi Inc., in conjunction with Ten-X, has been retained by the lender/receiver as the exclusive advisor for the 100 percent fee simple interest sale of Hallmark Gardens. The opportunity presented gives potential investors the opportunity to acquire a 72-unit multifamily property in Greenville, Mississippi, at a substantial discount to replacement costs.
Hallmark Gardens is a Class C garden apartment community with an outdoor pool at 1501 E Reed Road positioned at the southeast edge of Downtown Greenville. The unit comprises eight one-bedroom, one-bath units, 52 two-bedroom, one-and-a-half-bath units, and 12 three-bedroom, one-and-a-half-bath units spread across nine, two-story buildings. As of February 2025, the property is ±19% occupied. The property is located adjacent to Washington County Day School and within a five-minute drive to a major national retail corridor that includes Walmart Supercenter, Lowe's, Kroger, and Greenville Mall.
This offering is primed as an incredible value-add opportunity to renovate vacant/down units and lease-up the low-occupancy asset at increased market rents. The multifamily property is ideally located in the Greenville multifamily market, which has experienced rental increases of 3.1% for two-star buildings. An investor can appreciate the lower-cost basis to deliver refreshed units versus a complete new build due to the rising construction expenditures. Incentives may be available for affordable housing through city, state, and federal programs, such as tax credits and reimbursement programs. At the property, approximately 7% of current residents (one of 14 occupied units) have some or all of their monthly base rent subsidized by the local housing authority.
Property tours are available by appointment only. Please contact the broker to schedule.
Broker of Record: Brian Brockman with Bang Realty Mississippi License #21542.
Hallmark Gardens is a Class C garden apartment community with an outdoor pool at 1501 E Reed Road positioned at the southeast edge of Downtown Greenville. The unit comprises eight one-bedroom, one-bath units, 52 two-bedroom, one-and-a-half-bath units, and 12 three-bedroom, one-and-a-half-bath units spread across nine, two-story buildings. As of February 2025, the property is ±19% occupied. The property is located adjacent to Washington County Day School and within a five-minute drive to a major national retail corridor that includes Walmart Supercenter, Lowe's, Kroger, and Greenville Mall.
This offering is primed as an incredible value-add opportunity to renovate vacant/down units and lease-up the low-occupancy asset at increased market rents. The multifamily property is ideally located in the Greenville multifamily market, which has experienced rental increases of 3.1% for two-star buildings. An investor can appreciate the lower-cost basis to deliver refreshed units versus a complete new build due to the rising construction expenditures. Incentives may be available for affordable housing through city, state, and federal programs, such as tax credits and reimbursement programs. At the property, approximately 7% of current residents (one of 14 occupied units) have some or all of their monthly base rent subsidized by the local housing authority.
Property tours are available by appointment only. Please contact the broker to schedule.
Broker of Record: Brian Brockman with Bang Realty Mississippi License #21542.
OFFERING MEMORANDUM Click Here to Access
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Register to Bid Instructions
- INITIAL DD - DO NOT PUBLISH
PROPERTY FACTS
| Sale Type | Investment |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| No. Units | 72 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 6.00 AC |
| Building Size | 69,312 SF |
| Average Occupancy | 19% |
| Number of Floors | 2 |
| Year Built | 1974 |
| Parking Ratio | 1.8/1,000 SF |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Waste Disposal
- Microwave
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Kitchen
- Fridge
- Cooker
- Bath/Shower
- Walk-In Wardrobes
- Carpet
- Vinyl Flooring
- Window Blinds
SITE AMENITIES
- Clubhouse
- Laundry Facilities
- Swimming Pool
- Property Manager on Site
- Laundry Service
- On-Site Maintenance
- Online Services
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ABOUT VICKSBURG/CENTRAL AREA
As the home of Mississippi State University, Starkville is a prototypical college town. The university enrolls more than 23,000 students, and total enrollment has increased over the past few years. Furthermore, the university employs roughly 4,500 individuals as either administrative or academic staff, further boosting the local rental demand pool.
Aside from Mississippi State, some of Starkville’s largest employers include healthcare and manufacturing operations such as Oktibbeha County Hospital, Flexsteel Industries, and Weavexx Corporation. The Cotton District is a major regional attraction, as well, and the neighborhood frequently draws visitors for its festivals and concerts.
Investors are drawn to the Starkville for the area’s stable demand drivers, which provides the region with a steady base of renters. In particular, students at Mississippi State provide an outsized share of rental demand for the area. As there are only about 5,000 dormitory beds at the university, the vast majority of students seek off-campus housing, boosting demand for market-rate properties throughout the area.
PROPERTY TAXES
| Parcel Number | 495100000 | Improvements Assessment | £0 |
| Land Assessment | £0 | Total Assessment | £167,667 |
SALE ADVISORS
SALE ADVISORS
Richard Deptula, National Director, Investment Advisory Services
(248) 255-6052
Contact
Rich Deptula has specialized in the sale of investment properties and loans throughout the nation since joining Friedman in 2004. Throughout his tenure, Rich has been involved in the closing of over 25,000 apartment units and 20,000,000 SF of CRE, with a total value of over $2 billion. Rich is one of the nation’s leading portfolio disposition specialists within the Friedman Investment Group. Rich has over 10 years of experience in the acquisition and disposition of investment real estate and note sales including all property types, and over 8 years of experience servicing CMBS related REO and receivership dispositions with over 150 CMBS property-related sales. In the past 12 months, Rich has transacted on more than 3.5 million square feet of commercial and over 9,000 apartment units. The clients he serves include all of the CMBS special servicers, life insurance companies, and banks, as well as local and national investors.
Peter Jankowski, Senior VP - Investment Sales & Advisory Services
(248) 848-4135
Contact
Peter specializes in Investment Sales and Tenant Representation where he provides services such as lease negotiation, lease restructuring, relocation of office space, strategic planning and advisory services.
His drive and attention to detail, along with his strong commitment to client service, has allowed him to consistently align his client’s business plans with their real estate requirements. As the cornerstone for a successful relationship, he strictly adheres to first understanding his client’s business and the basis of their needs, and then works diligently to help them minimize real estate cost and exposure, while creating exceptional value.
Peter’s emphasis on Tenant Representation has allowed him to develop a focused and competitive advantage for each of his clients. He has successfully completed assignments for a variety of regional and national clients. He specializes in representing not-for-profit organizations, medical practices, educational institutions and companies with creative space requirements.
Peter grew up in the real estate industry. His family owns and manages multi-tenant properties including a 300 unit multi-family project. Following in their path, he took an internship position at Newmark Knight Frank in the tenant advisory group, while obtaining his degree at Oakland University. Upon graduation, he decided to pursue a career in commercial real estate and was promoted to Associate Director. In December of 2011, Peter was recruited by Colliers International. As he continued to grow his book of business he became more focused in Investment Sales, primarily on multi-family dispositions and acquisitions. Together with his sales throughout Metro Detroit, his networking efforts and successfully completed transactions, Peter boasts a client base ranging from local owners to ownership with a national presence.
His drive and attention to detail, along with his strong commitment to client service, has allowed him to consistently align his client’s business plans with their real estate requirements. As the cornerstone for a successful relationship, he strictly adheres to first understanding his client’s business and the basis of their needs, and then works diligently to help them minimize real estate cost and exposure, while creating exceptional value.
Peter’s emphasis on Tenant Representation has allowed him to develop a focused and competitive advantage for each of his clients. He has successfully completed assignments for a variety of regional and national clients. He specializes in representing not-for-profit organizations, medical practices, educational institutions and companies with creative space requirements.
Peter grew up in the real estate industry. His family owns and manages multi-tenant properties including a 300 unit multi-family project. Following in their path, he took an internship position at Newmark Knight Frank in the tenant advisory group, while obtaining his degree at Oakland University. Upon graduation, he decided to pursue a career in commercial real estate and was promoted to Associate Director. In December of 2011, Peter was recruited by Colliers International. As he continued to grow his book of business he became more focused in Investment Sales, primarily on multi-family dispositions and acquisitions. Together with his sales throughout Metro Detroit, his networking efforts and successfully completed transactions, Peter boasts a client base ranging from local owners to ownership with a national presence.
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial property. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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AUCTION CONTACT
Cheri Mascitelli
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr 202567. Ten-X Auction Firm 1474; Arlene Richardson Auctioneer 1677
