Knight Road Apartments

Investment Overview

Knight Road Apartments is a stable, 21-unit garden-style community comprised entirely of highly desirable two-bedroom layouts. Built in 1984, the property operates at an efficient sub-50% expense ratio and boasts a historical occupancy rate of over 90%, currently sitting at 95% occupied. This asset offers a proven and immediate value-add opportunity. Significant capital improvements have already been completed, with 16 of the units fully renovated to include modern finishes such as stainless steel appliances, LVP flooring, new cabinetry, and upgraded countertops. Despite these upgrades, current rents are below market. New ownership has a clear path to growing revenue by establishing rent premiums on the already renovated units, completing upgrades on the remaining units, and developing community amenities in the property's unused greenspace.

Investment Highlights

• 21 Units/16,400 Rentable Square Footage
• Immediate Revenue Growth: There is ample room to increase revenue by establishing rent premiums on fully renovated units.
• Proven Value-Add Opportunity: New ownership can force appreciation by continuing interior and exterior updates, and by adding community amenities to the property's unused greenspace.
• Stable & Efficient Operations: The property is a stabilized, cash-flowing asset that operates at an efficient sub-50% expense ratio.
• Strong Occupancy History: The community has historically maintained over 90% occupancy and is currently 95% occupied.
• Highly Desirable Floorplans: The 21-unit property consists entirely of two-bedroom, one-bathroom layouts, with 16 units already featuring full modern renovations like stainless steel appliances and LVP flooring.
• Accelerating Market Demand: Market absorption in Huntsville is expected to outpace new multifamily supply by 2027-2028, paving the way for faster rental rate growth.
• Strategic Location: Situated in the rapidly growing Southwest Huntsville submarket, the asset provides tenants with quick commutes to major regional employers like Redstone Arsenal and NASA.