Clear Water Place, Saipan
Clear Water Place is well diverse property with a mixture of long-term rental apartments and student accommodation located across from the Northern Marianas College in the vicinity of Susupe. This property is perfectly situated for students from the college and also a popular local residential district, with easy access to various government departments and agencies as well as local amenities such as restaurants, cafes and supermarket.
Bought as an income producing property fully leased to Imperial Pacific, Euro had taken advantage of the shortage in quality local long term residential and student accommodations and repositioned the project for such purpose. With active asset management, Euro has added additional studio units ideally designed for student housing and has attracted new tenants that has seek for rental apartments in the area especially after recent housing shortages.
Property type: Mixed Use residential / student accommodations
Site acquired: 2017
Site status: Repositioned and Holding for Income
Lot size Approx. 1,482 sq. m. (Land Size)
Number of rooms 28 apartments
Location Susepe, Saipan
· Bought with a net-net lease
· Building was repositioned for lease to locals and students
· Additional student studio units were added with the warehouse conversion, creating additional liveable GFA to the project