WHO? WHERE? WHAT? WHO? How to Get Started in Developing Apartments & Condos Part 2: Design and Construction. Who is the renter?

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How to Get Started in Developing Apartments & Condos Part 2: Design and Construction Mark Humphreys, CEO Humphreys & Partners Architects, L.P. February 9, 2012 WHO? WHERE? WHAT? WHO? Who is the renter?

1 How to Get Started in Developing Apartments & Condos Part 2: Design and Construction Mark Humphreys, CEO Humphreys & Partners Architects, L.P. February 9, 2012 WHO? WHERE? WHAT? WHO? Who is the renter? 70 % home ownership to 60% million more renters 2 years of not renting - 500,000 to 1 million pent-up 2 years of Echo Boomers - no job, 6 million kids, 3 mil more this year 9 mil 74 million Baby Boomers downsizing to? Some in apartments Mortgages are 15 to 20% down; kids don t want to be stuck in a place Approximately 5 million apartments built in the late 60 s and early 70 s are now obsolete

2 WHERE?

3 APARTMENT OF THE FUTURE Privately Owned Housing Starts: 5-Unit Structures or More (HOUST5F) Vintages: , Source: U.S. Department of Commerce: Census Bureau APARTMENT OF THE FUTURE Privately Owned Housing Starts: 5-Unit Structures or More (HOUST5F) Vintages: , Source: U.S. Department of Commerce: Census Bureau APARTMENT OF THE FUTURE Privately Owned Housing Starts: 5-Unit Structures or More (HOUST5F) Vintages: , Source: U.S. Department of Commerce: Census Bureau This represents 600,000 units per year for 8 years.

4 APARTMENT OF THE FUTURE APARTMENT OF THE FUTURE You can t just ask customers what they want and then try to give that to them. By the time you get it built, they ll want something new. Stephen Jobs WHAT?

SUBURBAN BIG HOUSE San Antonio, TX 16 to 20 units per

($98 is project shown Cresta Bella) Bay Area - $ 125 to

5 SUBURBAN BIG HOUSE San Antonio, TX 16 to 20 units per acre; attached parking 1000 to 1200 sq. ft. average 40% one s; 60% two s $ 70 to 74 /sq. ft. So. Cal., Union Market, DC $ 98 /sq. ft. ($98 is project shown Cresta Bella) Bay Area - $ 125 to 130 /sq. ft. San Diego, CA San Diego, CA On the Boards (Northeast) BIG HOUSE SUBURBAN/ URBAN

e-urban SURFACE 40 units per acre, surface parked No hallways; 87% efficient Lower operating costs Efficiency

Operating cost efficiency is better - 46,750 less hall = $ No concrete garage from $3mm Easily $6mm savings St.

Fairfax, VA (under construction) 80-90 units per acre wrap; 1.7 parking 800-850 sq. ft.

6 e-urban SURFACE 40 units per acre, surface parked No hallways; 87% efficient Lower operating costs Efficiency Bonus: 250 units at 850 average = 212,500 x 22% = 46,750 Save 22% of square feet 46,750 x $70 = $3,272,500 Operating cost efficiency is better - 46,750 less hall = $ No concrete garage from $3mm Easily $6mm savings St. Petersburg, FL Courtyard landscape design by Haygood & Associates e-urban HI-DENSITY/ INFILL 4 & 5-STORY WRAP Fairfax, VA (under construction) units per acre wrap; 1.7 parking sq. ft. average 70% one s; 30% two s $95/sq. ft.; ½ parking existing So. Cal., Union Market, DC $ /sq. ft. Bay Area - $130/sq. ft. Orange County, CA

8500 Save 4% of sq. ft. 8500 x $150 to 250 = $1.3mm to 2.

7 HIGH-RISE HOME-RISE 250 units per acre No corridor design; up to 88% efficient Efficiency Bonus: 250 units at 850 average = 212,500 x 4% = 8500 Save 4% of sq. ft x $150 to 250 = $1.3mm to 2.12mm Operating cost efficiency is better;4% less hall=$ HOME-RISE SUBURBAN/ URBAN

Blocks from Tampa Bay 40 unit per acre product 2011 Aurora

Executive Grand Award - Project of the Year (Low-Rise)

8 TORTUGA POINTE St. Petersburg, Florida 295 luxury rental units 50,000 SF retail & office Approx. 10,000 SF of amenity space Future retail / office on-site Blocks from Tampa Bay 40 unit per acre product 2011 Aurora Award Rental Apartment Community 2011 Multifamily Executive Grand Award - Project of the Year (Low-Rise) 2011 Silver BALA Award Image credits: Zaremba Group e-urban TORTUGA POINTE St. Petersburg, Florida e-urban TORTUGA POINTE St. Petersburg, Florida e-urban

9 TORTUGA POINTE St. Petersburg, Florida e-urban TORTUGA POINTE St. Petersburg, Florida e-urban TORTUGA POINTE St. Petersburg, Florida Courtyard landscape design by Haygood & Associates e-urban

RESERVE AT VILLAGE CREEK Burleson, TX HUD 221 D4 191

19 acres / 23 units per acre 3- story e-urban

master plan 1751 total units Adjacent to DCTA transit

10 TORTUGA POINTE St. Petersburg, Florida 1/2 the common area e-urban RESERVE AT VILLAGE CREEK Burleson, TX HUD 221 D4 191 units on 8.19 acres / 23 units per acre 3- story e-urban w/surface and garage parking 1, 2 and 3 bedrooms 1,012 sq. ft. avg. e-urban HEBRON 121 STATION Lewisville, TX 7 phase master plan 1751 total units Adjacent to DCTA transit stop Phase I 3-story breezeway w/tuck under parking 234 units 18 units per acre 1 & 2 bedroom units 586 1,276 sq. ft. units Future phases include breezeway & e-urban product in 3 & 4-story buildings

HI-DENSITY/ INFILL BLVD (under construction) Dallas, TX Modified e-urban 494 1,520 sq. ft. Efficiency, 1, 2 & 3 BR units 114.

11 HI-DENSITY/ INFILL BLVD (under construction) Dallas, TX Modified e-urban 494 1,520 sq. ft. Efficiency, 1, 2 & 3 BR units units per acre FUSION 1560 St. Petersburg, FL 4/5 story MR wrapping 7-story garage 326 units 850 sq. ft. average 100 units per acre 2011 BALA Gold Award HPA is Design Architect only

EASTWOOD TOWN CENTER PHASE II Lansing, MI 4-story wood frame over podium retail &

level above-grade parking garage 621 1,481sq. ft. 1, 2, & 3 BR units 57.

12 EASTWOOD TOWN CENTER PHASE II Lansing, MI 4-story wood frame over podium retail & Municipal offices Attached to an above grade garage; both podium & a wrap 228 units 558 1,384 sq. ft. 1, 2 & 3 BR units units per acre THE MILLENNIUM WATERWAY The Woodlands, TX 393 total units 4-story over 4 level above-grade parking garage 621 1,481sq. ft. 1, 2, & 3 BR units 57.4 units per acre LEED Silver certified 222 HENNEPIN Minneapolis, MN 288 total units 6-story with retail 817 sq. ft. average Efficiency, 1 & 2 BR units 113 units per acre

13 REVEAL Woodland Hills, CA 4-story wood frame Above grade structured parking 438 units; units per acre 674 sq. ft sq. ft. LEED Silver certified Includes clubhouse, exercise facilities and common areas AMLI Parkside Atlanta, Georgia 301 total units 912 SF average unit size 57 units / acre Sloping site total of 6 levels Utilizes wood frame construction Each portion of building is 4 story + basement or less Winner Multi-Housing News Excellence Award AMLI Parkside Atlanta, Georgia

THE MONTEREY Dallas, Texas photo credit:

Utilizes wood frame construction 5 stories

McSam Award Best Multifamily Rental Community

Development 5 Stories & Over THE MONTEREY

14 THE MONTEREY Dallas, Texas photo credit: Steve Hinds 371 total units 105 units / acre Utilizes wood frame construction 5 stories over 2 levels of podium parking Winner 2010 McSam Award Best Multifamily Rental Community Winner 2010 Silver BALA Award Rental Development 5 Stories & Over THE MONTEREY Dallas, Texas THE MONTEREY Dallas, Texas photo credit: Steve Hinds

15 THE MONTEREY Dallas, Texas photo credit: Steve Hinds THE MONTEREY Dallas, Texas photo credit: Steve Hinds THE MONTEREY Dallas, Texas photo credit: Steve Hinds

16 ON THE BOARDS 7-Story FAIRMOUNT (under construction) Dallas, TX 7-story wrap 332 units AOR HIGH-RISE

GRANT PARK Minneapolis, Minnesota 27 story high-rise tower with 291 total units Two buildings with townhouses One 3-story building of row houses with 9 units and

HOME-RISE GRANT PARK Minneapolis, Minnesota The Home-Rise concept Typical long hi-rise corridors are eliminated Smaller, separate elevator lobbies are created, freeing

HOME-RISE THE CARLYLE Minneapolis, Minnesota 39-story condominium tower 255 total units 1,567 sq. ft. avg.

17 GRANT PARK Minneapolis, Minnesota 27 story high-rise tower with 291 total units Two buildings with townhouses One 3-story building of row houses with 9 units and underground parking Second building is a 3-story townhouse over flats with 30 units that wraps around a six-level, 550 stall parking structure. HOME-RISE GRANT PARK Minneapolis, Minnesota The Home-Rise concept Typical long hi-rise corridors are eliminated Smaller, separate elevator lobbies are created, freeing up the core of the building for building systems and service The simplified plan improves efficiency while creating a more inviting and luxurious unit entry space HOME-RISE THE CARLYLE Minneapolis, Minnesota 39-story condominium tower 255 total units 1,567 sq. ft. avg. 255 units per acre Project sold out in 2 weeks 86% efficient building Tunnel form construction method Tallest tunnel form structure West of Atlanta $ per sq. ft. construction cost including land Winner: 2009 Pillars of the Industry Best High-Rise Condominium HIGH-RISE

THE CARLYLE Minneapolis, Minnesota tunnel form Speed and Efficiency (assembly line automation) 15% cost

walls and slabs in single, monolithic pours Accuracy for plumbing, electrical, cabinetry and interior finishes

subtract panels to vary bay sizes Formwork easy to reuse and adapt to multiple projects HGHI-RISE THE CARLYLE

18 THE CARLYLE Minneapolis, Minnesota tunnel form Speed and Efficiency (assembly line automation) 15% cost savings 25% time savings Quality of Construction Low maintenance and resistant to damage Casts load bearing walls and slabs in single, monolithic pours Accuracy for plumbing, electrical, cabinetry and interior finishes Flexibility and Adaptability Can be adapted to existing plans Durable, easy to move, set and assemble Add or subtract panels to vary bay sizes Formwork easy to reuse and adapt to multiple projects HGHI-RISE THE CARLYLE Minneapolis, Minnesota T t ti t HIGH RISE THE CARLYLE Minneapolis, Minnesota T t ti t HIGH RISE

ON THE BOARDS 5-17 story building 261 total units 233 units per

average 1, 2 & 3 BR units HIGH-RISE GLACIER TOWER Dallas, Texas

tower renovation (office to condos) 734 2,846 sq. ft.

19 ON THE BOARDS 5-17 story building 261 total units 233 units per acre 799 sq. ft. average 1, 2 & 3 BR units HIGH-RISE GLACIER TOWER Dallas, Texas 24 story residential w/5 story parking garage 113 total units 179 units per acre 83.4% efficiency HIGH-RISE CENTURY PLAZA Phoenix, Arizona 15 Story tower renovation (office to condos) 734 2,846 sq. ft. 148 total condominium units 53.8 units per acre Winner: 2009 Pillars of the Industry Best Adaptive Re-Use of a Condominium Winner: 2009 & 2010 Gold Nugget Award HIGH-RISE

& PARTNERS STUDENT HOUSING SIGNATURE CONCEPTS Breezeway - 39 Beds Per Acre Townhome

Acre Townhome Over Flat - 44 Beds Per Acre Cottages - 35 Beds Per Acre High Density

Clara, CA 304 beds/97 units 4-story, Type V Construction 5-level structured parking

5 units per acre Clubhouse & retail STUDENT HOUSING STERLING HIGHLANDER Riverside,

total beds 461 1,493 sq. ft. unit average 28 units per acre; 76.

20 & PARTNERS STUDENT HOUSING SIGNATURE CONCEPTS Breezeway - 39 Beds Per Acre Townhome Over Flat - 36 Beds Per Acre Townhome - 29 Beds Per Acre High Rise 280 Beds Per Acre Townhome Over Flat - 44 Beds Per Acre Cottages - 35 Beds Per Acre High Density Beds Per Acre E-Urban - 80 Beds Per Acre STUDENT HOUSING ON THE BOARDS Santa Clara, CA 304 beds/97 units 4-story, Type V Construction 5-level structured parking garage 1, 2 & 4 bedroom units 526 1,562 sq. ft beds per acre/37.5 units per acre Clubhouse & retail STUDENT HOUSING STERLING HIGHLANDER Riverside, CA (under construction) 4-story e-urban student apartments 216 total units / 598 total beds 461 1,493 sq. ft. unit average 28 units per acre; 76.6 bed per acre Surface parking plus 1-story parking structure, 505 spaces LEED Silver Certified Project STUDENT HOUSING

Off-Campus Student Housing 159 units / 662 beds 51 beds per acre surface parked / 12.9 acres 1,764 sq. ft.

21 THE DISTRICT ON APACHE Tempe, AZ 5-story wrap 279 units/900 beds 600 1,489 sq. ft. 1, 2, 3 & 4 BR units 49 units per acre/161 beds per acre STUDENT HOUSING UNIVERSITY OF SOUTH FLORIDA PHASE II Tampa, Florida Off-Campus Student Housing 159 units / 662 beds 51 beds per acre surface parked / 12.9 acres 1,764 sq. ft. average STUDENT HOUSING STUDENT HOUSING AT THORPE San Marcos, Texas 4-story e-urban student apartments 210 total units/644 total beds 1,150 sq. ft. unit average 2, 3 & 4 bedrooms 60 beds per acre STUDENT HOUSING

ft. average 40 units per acre / 148 beds

22 VILLAGE AT OVERTON PARK Lubbock, Texas (under construction) 4-story wrap with structured parking Flats & Townhome 169 units / 630 beds 2 & 4 bedroom 1,354 sq. ft. average 40 units per acre / 148 beds per acre STUDENT HOUSING THE DISTRICT AT ODU Norfolk, Virginia 4-Story student housing 307 total units (911 beds) on 5.27 acres 1, 2, 3 and 4 bedroom units 1,057 sq. ft. average 173 beds per acre STUDENT HOUSING SUBURBAN

THE PRESERVE ON FREDERICKSBURG San Antonio, TX 2011 Pillars of

Under) 2011 Multifamily Executive Merit Award Project of the Year

Project Up to 3 Stories 2011 Gold Nugget Grand Award Residential

2010 Gold Nugget Merit Award Best Multifamily Housing Project -

Best Garden Apartment Community (4 Stories & Under) 2010

Development-Garden/Low Rise Category 2010 Best in American Living

PRESERVE ON FREDERICKSBURG San Antonio, TX Big House apartments

23 THE PRESERVE ON FREDERICKSBURG San Antonio, TX 2011 Pillars of the Industry Award Best Garden Apartment Community (4 Stories and Under) 2011 Multifamily Executive Merit Award Project of the Year (Low-Rise) 2011 Gold Nugget Grand Award Best Multifamily Housing Project Up to 3 Stories 2011 Gold Nugget Grand Award Residential Project of the Year Attached Product within a Suburban Setting 2010 Gold Nugget Merit Award Best Multifamily Housing Project - Up to 3 Stories 2010 Pillars of the Industry Award (Finalist) - Best Garden Apartment Community (4 Stories & Under) 2010 Multi-Housing News Excellence Awards (Finalist) Best New Development-Garden/Low Rise Category 2010 Best in American Living Platinum Award Rental Development up to 4 Stories BIG HOUSE THE PRESERVE ON FREDERICKSBURG San Antonio, TX Big House apartments 376 total units 1,013 sq. ft. unit average 1 & 2 bedroom units 15 units per acre BIG HOUSE

24 THE PRESERVE ON FREDERICKSBURG San Antonio, TX BIG HOUSE THE PRESERVE ON FREDERICKSBURG San Antonio, TX BIG HOUSE THE PRESERVE ON FREDERICKSBURG San Antonio, TX BIG HOUSE

ft) Unit Count % of Total Net (A/C) Total Area (sq.

04% 24,616 25 A1-U 1Br/1Ba 806 34 9.04% 27,404 25 A2-L 1Br/1Ba 772 18 4.

79% 17,676 B1-U 2Br/2Ba 1058 18 4.79% 19,044 B1-U-ALT 2Br/2Ba 1077 50 13.

25 THE PRESERVE ON FREDERICKSBURG San Antonio, TX BIG HOUSE THE PRESERVE ON FREDERICKSBURG San Antonio, TX CONSTRUCTION COST INFORMATION Contract Sum = $29,275, Cost per sq.ft = $76.75 UNIT TABULATIONS Unit Unit Type Unit Area (sq.ft) Unit Count % of Total Net (A/C) Total Area (sq.ft) Unit Ave. (sq.ft) One Car Garage Two Car Garage A1-L 1Br/1Ba % 24, A1-U 1Br/1Ba % 27, A2-L 1Br/1Ba % 13,896 A2-U 1Br/1Ba % 58, B1-L 2Br/2Ba % 17,676 B1-U 2Br/2Ba % 19,044 B1-U-ALT 2Br/2Ba % 53, B2-L 2Br/2Ba % 80, B2-U 2Br/2Ba % 85, Totals % 381, BIG HOUSE THE PRESERVE ON FREDERICKSBURG San Antonio, TX BIG HOUSE

26 THE PRESERVE ON FREDERICKSBURG San Antonio, TX BIG HOUSE THE PRESERVE ON FREDERICKSBURG San Antonio, TX BIG HOUSE THE PRESERVE ON FREDERICKSBURG San Antonio, TX BIG HOUSE

6 units per acre BIG HOUSE CRESTA BELLA San Diego, CA Big House & Breezeway 368 rental units

27 THE CROSSINGS Del Mar, CA The Big House apartments 100% Affordable Housing 108 total units 7, 10 and 12 unit buildings 1, 2 and 3 bedrooms 681 1,461 sq. ft. 100% garages (1 and 2 car) 17.6 units per acre BIG HOUSE CRESTA BELLA San Diego, CA Big House & Breezeway 368 rental units 817-1,533 sq. ft. 1, 2 & 3 Bedrooms 12 units per acre BIG HOUSE ON THE BOARDS 10-Unit Big House BIG HOUSE

ON THE BOARDS 10-Unit Big House BIG HOUSE NAHB NATIONAL

story of on-grade residential Adjacent 7 level parking

9 units per acre LEED Gold Certified Project 2011 Student

28 ON THE BOARDS 10-Unit Big House BIG HOUSE NAHB NATIONAL GREEN BUILDING PROGRAM STERLING COLLWOOD San Diego, CA 4 & 5 story of on-grade residential Adjacent 7 level parking structure 260 total rental units 924 sq. ft. avg units per acre LEED Gold Certified Project 2011 Student Housing Business Innovator Awards Best Use of Green/Sustainable STUDENT HOUSING

29 STERLING COLLWOOD San Diego, California 100% of the common area power and 30% of the residential power needs are provided through the use of roof mounted photovoltaics. STUDENT HOUSING APARTMENT OF THE FUTURE APARTMENT OF THE FUTURE

30 APARTMENT OF THE FUTURE APARTMENT OF THE FUTURE APARTMENT OF THE FUTURE

3-story surface parked; 30 U/A Wrap; 7-story; 125 U/A e-urban ; 4-story surface parked; 40 U/A Podium; 4-story; 100-140 U/A e-urban ; 5-story surface parked; 50 U/A Podium; 5-story; 120-170 U/A

31 APARTMENT OF THE FUTURE APARTMENT OF THE FUTURE PROJECT TYPES* Townhome; 2-3 story; U/A e-max ; 5-story, podium; 162/UA Breezeway; 3-story; 24 U/A Wrap; 4-story; 80 U/A Big House ; 2-story; U/A Wrap; 5-story; 95 U/A e-urban ; 3-story surface parked; 30 U/A Wrap; 7-story; 125 U/A e-urban ; 4-story surface parked; 40 U/A Podium; 4-story; U/A e-urban ; 5-story surface parked; 50 U/A Podium; 5-story; U/A e-urban ; 4-5 story wrap; U/A Podium; 7-story; U/A e-urban ; podium; 140 U/A HR/ Home-Rise ; 20-story wrap; U/A e-max ; 4-story surface parked; 52 U/A HR/ Home-Rise ; 40-story wrap; U/A e-max ; 5-story surface parked; 62 U/A Student e-urban ; 3-story; 80 Beds/Acre e-max ; 4-story surface parked, tuck under garage; Student e-urban ; 4-story; 90 Beds/Acre 60/UA Student e-urban ; 5-story; 100 Beds/Acre e-max ; 5-story, surface parked, tuck under garage; Student wrap; Beds/Acre 70/UA Student podium; Beds/Acre * Varies by project. No warranty expressed or implied. Copyrighted designs: Humphreys & Partners Architects, L.P. (pdf available upon request)

32 APARTMENT OF THE FUTURE DON T FOLLOW TRENDS CREATE THEM Humphreys & Partners Architects, L.P marketing@humphreys.com

WHO? WHERE? WHAT? WHO? Gen Yers and Boomers: The Future of the Apartment Industry. Who is the renter?

WHO? WHERE? WHAT? WHO? Gen Yers and Boomers: The Future of the Apartment Industry. Who is the renter? Gen Yers and Boomers: The Future of the Apartment Industry Mark Humphreys, CEO Humphreys & Partners Architects, L.P. February 8, 2012 WHO? WHERE? WHAT? WHO? Who is the renter? 70 % home ownership to 60%