Summit at Dean is a well-positioned 54 unit, 90 bedroom apartment community located in the heart of Auburn, Alabama. Summit at Dean has consistently maintained full occupancy and offers tremendous opportunity to increase rents. The property is 100% pre-leased for the 2018-2019 school year putting gross rents at $45,100. The community has maintained housing for a large range of tenants including Auburn students, faculty, families, and young professionals. This sprawling community, sitting on 3.69 acres, offers new Owners the opportunity to purchase a stabilized asset that maintains consistent rental growth in a strong economic market. The community was fully renovated, to the studs in 2009 and 2012. The entire roof was replaced in 2009, all HVAC systems replaced in 2009, and all appliances within each unit were replaced in 2012. Complete renovations in 36 units in 2009, and 18 units in 2012, include new wiring, plumbing, recessed lighting, granite, cabinets, kitchens and baths. A gated entrance offers residents security and the Tiger Transit stop is convenient for students and faculty living in the community. Summit at Dean is located off Opelika Road, which takes residents directly into downtown 1 mile east and offers excellent access to the rest of the city. The asset sits between Creekside of Auburn and Aspen Heights Auburn, along Opelika Rd which has continued to thrive with new retail & commercial development. Several restaurants and shops are within half a mile from the asset including a Kroger shopping center renovated in 2017, Starbucks and Chicken Salad Chick. **Please request OM from Brokers.
