Entitled 50-Unit Apartment Site Whittier Blvd. Whittier, CA 90605

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Darren Lindsey
6 years ago
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Approved, non-appealable entitlement within the City of Whittier for the development of a 50-unit apartment building. Units average 984 SF. 100% market rate.

1 Approved, non-appealable entitlement within the City of Whittier for the development of a 50-unit apartment building. Units average 984 SF. 100% market rate. Conceptual plans in substantial conformance with approved entitlement conditions. All condo spec. parking configured within at-grade podium and zero tandem. 54,985 SF site will benefit from 265 of street frontage along Whittier s most visible and transformative transportation and shopping thoroughfare. Currently the only available entitled multifamily development site in the City of Whittier. $2,750,000 ($55,000/unit) Evanisko Realty & Investment, Inc. BRE

2 Current Site View

3 This brochure has been prepared to provide summary, unverified information to interested parties, and to establish only a preliminary level of interest in the subject development opportunity. The information contained in this brochure has been obtained from sources we believe to be reliable. However, Evanisko Realty & Investment, Inc. has not verified, and will not verify, any of the information contained herein, nor has Evanisko Realty & Investment, Inc. conducted any investigation regarding theses matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All interested parties must take appropriate measures to verify all of the information set forth herein. Please contact Evanisko Realty & Investment, Inc. for additional information and/or guidance pertaining to this opportunity. All offers and correspondence regarding this opportunity are to be directed to: Frank Evanisko (818) frank@evaniskorealty.com Evanisko Realty & Investment, Inc. BRE

6 The subject development site offers a builder with the opportunity to construct a highly visible apartment complex at a location brimming with demand for quality residential rental product. The site is being offered for sale with a non-appealable entitlement in place for 50 market rate apartment units as well as conceptual plans in conformance with all approved entitlement conditions. The site is strategically located at the best possible location in the City of Whittier for new apartment development surrounded by an abundance of shopping, schools, and services all within walking distance. The site still manages to possess a unique residential feel as it directly abuts a city park to the south while its frontage is oriented towards single family residential property across the street. Total Site Area: 54,985 SF/54,198 after 3 dedication along Whittier Blvd. Site APN s: , 006, 007 Existing Improvements: Parking lot + small vacant sales shack [current short-term lease with Toyota dealership for overflow parking] Project Summary Parking Summary Unit # Unit Type Unit Area [SF] Anticipated Rent Total Units Rentable Area Mix Parking Spaces/Unit A 1BR-1BA ,500 36% 2 $2.10/FT Average B 2BR-2BA 1, ,680 64% 2 TOTALS 50 49, % 113 [Includes 13 Guest] Each unit will have additional assigned lockable storage space outside of unit not counted in SF specs. above [shown in plans]. Project Summary and Highlights Project Specifications 6

7 The City of Whittier lies within the East Los Angeles basin, at the base of the Puente Hills. Whittier is located 12 miles southeast of Los Angeles, at the border of Orange County, and its close proximity to several highways, with the Interstate 605 and Interstate 5 at its western boundary and Interstate 60 to the north, make it easily accessible for both Los Angeles County and Orange County communities. High Amenity Location: The site is bookended by Whittier s two major shopping destinations [The Quad and Whittwood Town Center] and is in close proximity to Whittier College and a plethora of public schools. Urgent Demand Location: Whittier needs new apartments; no new market rate apartment units have been delivered within the City of Whittier since the 1990 s. This may be attributed to an extremely difficult entitlement environment and zoning along Whittier Blvd. [the most logical place to develop multifamily] which had precluded residential development prior to The City of Whittier is now poised for residential growth along its most commercialized thoroughfare. Whittier s estimated population is 85,000 spread across a land area of 14.8 square miles. The demographics of this population are changing: while families have always made of a large proportion of the City s population, these families are becoming younger, and there are more children in the community than ever before. The continuing influx of people from East Los Angeles, especially younger families, adds to the City s need for more affordable housing. Future developments must be planned to absorb the young and growing population. A KMA market report [included in Buyer Due Diligence Package] found the greatest demand for the City of Whittier focused on the residential sector. The high demand for housing in the market area, combined with continued population growth within this part of LA County, is in stark contrast to the highly limited growth of supply of new housing units in Whittier. - Excerpts from the Updated Whittier Boulevard Specific Plan Document Dated 2011 Project Summary and Highlights Location 7

8 Project Summary and Highlights Location 8

Lincoln 75.6 Acre Development Site Former site of the Fred C. Nelles Correctional Facility.

The site is currently slated for the development of 750 homes and 200,000 SF or retail space within a 5-10 year development horizon.

9 Lincoln 75.6 Acre Development Site Former site of the Fred C. Nelles Correctional Facility. The Lincoln Specific Plan was adopted in 8/2014 in conjunction with Brookfield Homes and Standard Pacific Homes. The site is currently slated for the development of 750 homes and 200,000 SF or retail space within a 5-10 year development horizon. Whittier College Founded 1887 Four-year liberal arts college Arbor Ridge Apartments Popular amongst Whittier College students Built 1972, SF rents $1,800/mo. Avg. SFR sales in this approx radius Since 6/1/2014 = $600,000 Source: MLS The Quad A 432,596 SF retail center Built 1990 La Serna High School LA Fitness Constructed Unit Apartment Under Construction East Whittier Middle School 50-Unit Development Site Subject Site For Sale Whittwood Town Center 844,337 SF retail center Built 2005 City of Whittier Anaconda Park Borders Subject Site Whittier Boulevard Key Points 7.48 Acre Retail Development Site Entitlement Phase/In Escrow

Currently the only multifamily development under construction in the City of Whittier 15311 Whittier Blvd. Approx 0.

48 acre retail development site currently in escrow and entitlement phase Residential is not permitted on the site under

10 14339 Whittier Blvd. Approx 0.33 Mile West of Subject Site 70-Unit 100% market rate apartment development by the Charles Company of Beverly Hills Currently the only multifamily development under construction in the City of Whittier Whittier Blvd. Approx 0.68 Mile East of Subject Site 7.48 acre retail development site currently in escrow and entitlement phase Residential is not permitted on the site under the Whittier Boulevard Specific Plan Whittier Blvd. Approx 2.0 Miles West of Subject Site Lincoln; 75.6 acre development site currently being entitled by Brookfield Homes Site will yield approximately 750 homes and 200,000 SF or retail space Development Activity A City on the Brink of Massive Change 10

Downtown Los Angeles 50-Unit Development

Apartment Under Construction The Charles

11 Downtown Los Angeles 50-Unit Development Site Subject Site For Sale 70-Unit Apartment Under Construction The Charles Company Ravello [MBK Homes] 115 Condo Built Acre Retail Development Site Entitlement Phase/In Escrow Whittwood Town Center 844,337 SF retail center Built 2005 The Gables of Whittier [Far West Industries] 96 Condo Built 2009

12 Ravello [MBK Homes] may provide useful market insight as to the general demand for new residential units in the City of Whittier. Please note that sales activity finalized over two years ago in this development with the exception of one resale in The one resale in 2014 hit $450,000 for a 1,770 unit which was the highest overall valued sale in the building since its construction. Year Built: Product Type: Attached condo Total Units: 115 [3+3 units] Unit Size: The average unit size based on all documented closed sale transactions in the development per the MLS is 1,681 SF. Closed Sale Price: The average unit sales price based on all documented closed sale transactions in the development per the MLS is $391,020. Most sales occurred over two years ago and currently no resale units are available. HOA Dues: $227/Mo. Average Unit Monthly Cost to Own: $2,445/MO. **[This calculation assumes 3% down, $227 HOA, 1.25% property tax on a unit valued at $391,020 although recent sales data suggests that future resales will exceed $450K+ ** Ravello is located ½ mile east of the subject property behind the Whittwood Town Center. Whittier s Most Recent Multifamily Developments Ravello 12

The Gables of Whittier [Far West Industries] may also provide useful market insight as to the general demand for new residential units in the City of Whittier.

13 The Gables of Whittier [Far West Industries] may also provide useful market insight as to the general demand for new residential units in the City of Whittier. Please note that sales activity finalized over two years ago in this development with the exception of one resale in 2014 and four sales in Year Built: Product Type: Attached condo; flats and townhomes Total Units: 96 [a mix of 1,2, and 3 bed units] Unit Size: The average unit size based on all documented closed sale transactions in the development per the MLS is 1,280 SF. Closed Sale Price: The average unit sales price based on all documented closed sale transactions in the development per the MLS is $342,302. Most sales occurred over two years ago and currently no resale units are available. 800 SF 1+1 units generally sold just under $300K and the 1,700 SF units sold just under $450K. HOA Dues: $160-$180/Mo. Average Unit Monthly Cost to Own: $2,112/MO. **[This calculation assumes 3% down, $170 HOA, 1.25% property tax on a unit valued at $342,302] ** The Gables of Whittier is located 1.36 miles east of the subject site along Whittier Blvd. Whittier s Most Recent Multifamily Developments The Gables of Whittier 13

14 The Buyer Due Diligence Package contains all documentation pertinent to the successful entitlement of the site. The City of Whittier Planning Resolution is a fully transferable and assumable entitlement which will run with the land. The Buyer Due Diligence Package will only be distributed to qualified potential buyers at the discretion of the Seller and Evanisko Realty & Investment, Inc. 1. City of Whittier Planning Resolution and Final Conditions of Approval 2. Van Tilberg Banvard & Soderbergh, AIA Conceptual Plans 3. L.A. Group Design Works Landscape Architecture Plans 4. Hardy Engineering Property Survey 5. California Environmental Phase 1 Environmental Report Dated 7/12 6. Hirsch Green Traffic Impact Analysis Report Dated 11/12 7. VSA n Associates Exterior Environmental Sound Transmission Report Dated 11/12 8. Geotechnologies, Inc. Geotechnical Engineering Investigation Dated 8/12 9. Aerial Photos of Property and Area Dated 12/ City of Whittier, Whittier Boulevard Specific Plan Document Dated 8/11 FOR INFORMATIONAL PURPOSES 11. City of Whittier, Economic Development Strategy FOR INFORMATIONAL PURPOSES 12. KMA Market Report referenced as Appendix C in City of Whittier Specific Plan Document FOR INFORMATIONAL PURPOSES Buyer Due Diligence Package Comprehensive List of Documentation 14

15 Conceptual Plans Coversheet 15

16 Conceptual Plans Color Board 16

Floor Plan A 1+1 750 SF Floor Plan B 2+2

17 Floor Plan A SF Floor Plan B 2+2 1,115 SF Conceptual Plans Unit Floor Plans 17

18 Conceptual Plans Basic Ground Level Landscape Plan 18

19 Conceptual Plans Building Cross Sections 19

20 Evanisko Realty & Investment, Inc. has been retained on an exclusive basis by ownership to handle the marketing and disposition of the site. Price: $2,750,000 SUBMIT ALL PROPOSALS/INQUIRIES TO: ALL PROPOSALS WILL BE REVIEWED BY LANDOWNER AND BROKER AS RECEIVED. City of Whittier Anaconda Park 50-Unit Development Site Subject Site For Sale Transactional Information 20

Triple RD1.5 Lot Assemblage Strohm Ave. North Hollywood, CA 91601

Triple RD1.5 Lot Assemblage Strohm Ave. North Hollywood, CA 91601 Proposed Escrow Timeline Contract Date Day 1 Contingency Removal Day 30 Escrow Close Day 60 Potential to build 18 units utilizing SB1818; all parking within at-grade podium garage Proposed scenario above