16.08-ACRE DEVELOPMENT OPPORTUNITY IN GREENSBORO S HIGH-GROWTH, AMENITIZED BRIDFORD/WENDOVER AREA GREENSBORO, NORTH CAROLINA

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1 16.08-ACRE DEVELOPMENT OPPORTUNITY IN GREENSBORO S HIGH-GROWTH, AMENITIZED BRIDFORD/WENDOVER AREA GREENSBORO, NORTH CAROLINA

2 16.08-ACRE DEVELOPMENT OPPORTUNITY IN GREENSBORO S HIGH-GROWTH, AMENITIZED BRIDFORD/WENDOVER AREA Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp., a North Carolina licensed real estate broker ( HFF ), has been retained as the exclusive sales representative for Bridford Land, a acre development opportunity zoned RM-12 with up to 200 residential units allowed by right in the high-growth Bridford/Wendover area of Greensboro, North Carolina. Centrally located in the resurgent Greensboro area with compelling immediate access to I- and I-, Bridford Land has convenient access to 3+ million square feet of retail (5 minutes) and to numerous regional employment hubs within 15 minutes. The Bridford area has strong demographics ($,448 average household incomes in a one-mile radius) and has experienced robust development in the past five years with forrent multifamily achieving $1,200+ rents and for-sale townhomes selling for $150,000 to $250,000. INVESTMENT HIGHLIGHTS ADDRESS GUILFORD COUNTY PINS MUNICIPALITY ACREAGE (APPROX.) ACREAGE IMPACTS FRONTAG ES (APPROX.) ZONING ALLOWABLE UNITS CURRENT USAGE PRICING 5631 Ruffin Road Greensboro, NC & City of Greensboro gross acres 9.81 net acres Bridford Lakes final plat ( ): Dedication to City of Greensboro for drainage, open space, and utility easement 625' Ruffin Road RM-12: Multifamily and other residential uses at a density of 12.0 units per acre or less Bridford Lakes final plat ( ): Lot 2 allocation for 200 units Vacant, wooded land Unpriced 2

3 220 WINSTON-SALEM 15 MILES GREENSBORO RALEIGH-DURHAM 45 MILES DEMOGRAPHICS HIGH POINT CHARLOTTE 75 MILES RADIUS 1-MILE 3-MILE 5-MILE 2016 Population 8,749 57, ,803 Census Population (2000) 5,790 46, ,116 Historical Population CAGR ( ) 2.8% 1.5% 1.5% Avg Household Income $,448 $66,855 $69,687 Median Household Income $61,265 $54,841 $56,480 Per Capita Income $34,943 $30,461 $30,942 Median Age Average Household Size % Bachelors Degree or Higher 44.8% 39.1%.5% 85 DENSE IN-PLACE RESIDENTIAL ZONING With only ±9.81 net acres (aprox.) available for development, Bridford Land is already zoned for medium-density residential development, either for-rent multifamily or for-sale product, with up to 200 allowable units corresponding to 12 units per gross acre. The Property s usable acreage is approximately 9.81 acres due to an impact from the adjacent Bull Run Creek and a previous dedication to the City of Greensboro. CENTRAL GREENSBORO LOCALE WITH EMPLOYMENT PROXIMITY Situated two miles from the critical I- (112,000 VPD) and I- (42,000 VPD) interchange, Bridford Land has an exceptional central Greensboro location within 15 minutes of major employment areas such as Downtown Greensboro, University of North Carolina at Greensboro (20,000 students/3,500+ faculty/staff), and a thriving logistics-oriented employment base around Piedmont Triad International Airport (1,700-job Honda Aircraft, 1,500-employee FedEx, and 1,500-job HAECO). Source: Regis 3

4 WENDOVER VILLAGE WENDOVER AXCESS APARTMENTS DOWNTOWN GREENSBORO UNMATCHED RETAIL OPTIONS AND ACCESS Bridford Land is ideally located within five minutes of Greensboro s largest retail concentration along Bridford Parkway and West Wendover Avenue with more than three million square feet of sought-after retail, including Costco, Target, The Home Depot, Kohl s, Old Navy, Walmart, Sam s Club, Lowe s, and Bed Bath & Beyond, to name a few. HIGH-GROWTH BRIDFORD/WENDOVER AREA The Bridford/Wendover area has attracted institutional interest with nearly 33% of Greensboro s new supply (851 units) built within a one-mile radius of the Property. Lafayette Landing I & II ($1,225 average rents) is leasing up quickly while Bridford West, Wendover at Meadowood, and Wendover Axcess command $900+ rents. Several nearby townhome developments, notably Eagle Pointe and Lafayette Landing Villas, have flourished in the past several years with $150,000 to $250,000 pricing. ROBUST REGIONAL GROWTH AND DEMAND FUNDAMENTALS The Greensboro/Winston-Salem/High Point area, known as the Triad, is home to nearly 1.7 million people and a highly diversified economy with five Fortune 500 corporate headquarters (Reynolds American, BB&T, VF Corporation, LabCorp, and Hanesbrands). Greensboro was recently ranked the 9th fastest growing U.S. city since the recession (Forbes) and the area continues to attract new companies and residents with a strong economy and compelling quality of life. 4

5 WEST WINDOVER AVENUE 5 2 BRIDFORD PARK WAY S 1 6 SURROUNDING MULTIFAMILY DEVELOPMENTS COMMUNITY OWNERSHIP AVG ASKING RENT YEAR BUILT UNITS OCCUPANCY 1 Bridford Lakes Apartments CORE Realty $ % 2 Reserve at Bridford Bell Partners $ % 3 Bridford West Hawthorne Residential $ % 4 Lafayette Landing I & II BSC Holdings $1, % 5 Wendover Axcess Real Catalyst Group $ % Source: Axiometrics RECENTLY BUILT TOWNHOMES COMMUNITY DEVELOPER HOME PRICES 6 Eagle Pointe Keystone Homes $220,000-$2,000 7 Lafayette Landing Villas BSC Holdings $150, The Avenues $130,000-$155,000 5

6 PIEDMONT TRIAD INTERNATIONAL AIRPORT & BOOMING LOGISTICS HUB 20,000+ jobs, Honda Aircraft, FedEx, HAECO 112,000 VPD TARGET KOHL S OLD NAVY DICK S MICHAEL S WALMART SAM S CLUB THE HOME DEPOT FIELD & STREAM HOBBY LOBBY DOWNTOWN GREENSBORO UNC-GREENSBORO 15 Minutes WINSTON-SALEM 25 Minutes KERNERSVILLE 15 Minutes RESERVE AT BRIDFORD $910 average, 1998 vintage BRIDFORD WEST $926 average, 2015 vintage 42,000 VPD BRIDFORD LAKES $968 average, 1998 vintage BRIDFORD PARKWAY investment advisors debt & structured finance JUSTIN GOOD Managing jgood@hfflp.com JEFF GLENN Managing jglenn@hfflp.com ALLAN LYNCH alynch@hfflp.com HUNTER BARRON hbarron@hfflp.com TRAVIS ANDERSON Senior Managing tanderson@hfflp.com ROGER EDWARDS redwards@hfflp.com BRENT BOWMAN bbowman@hfflp.com CORY FOWLER Associate cfowler@hfflp.com analysts SARAH GODWIN Associate sgodwin@hfflp.com GEORGE SCHUBERT Real Estate Analyst gschubert@hfflp.com 201 NORTH TRYON STREET SUITE 10 CHARLOTTE, NORTH CAROLINA SIX FORKS ROAD SUITE 876 RALEIGH, NORTH CAROLINA HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.