Estate At Riverside: 50± Acres of Undeveloped Land

Transcription

1 THE OUTLET SHOPS OF ATLANTA EXCLUSIVE OFFERING ESTATE AT RIVERSIDE PAYNE DR HOLLY SPRINGS PKWY Estate At Riverside: 50± Acres of Undeveloped Land WOODSTOCK l CHEROKEE COUNTY l GEORGIA

2 Estate At Riverside: 50± Acres of Undeveloped Land Disclosure / Confidentiality Statement The material contained in this Offering Memorandum is confidential, furnished solely for the purpose of considering the acquisition of Estates at Riverside in Cherokee County, Georgia( Property ), and is not to be used for any other purpose or made available to any other person without the express written consent of Ackerman & Co. and Pioneer Land Group. ( Broker ) and the Owner ( Owner ). This Offering Memorandum was prepared by Broker, and the information contained herein has been obtained from sources that Broker deems to be reliable, and Broker has no reason to doubt its accuracy. However, neither Owner, its affiliates, officers, directors or employees, nor the Broker, nor any other party, make any warranty or representation, expressed or implied, as to the accuracy or completeness of the information contained herein, including but not limited to financial information and projections, and any engineering and environmental information. Prospective purchasers should make their own investigations, projections, and conclusions. It is expected that prospective purchasers will conduct their own independent due diligence concerning the Property, including such engineering inspections as they deem necessary to determine the condition of the Property. Ackerman and Co. and Pioneer Land Group represent the Owner in this transaction and makes no representations, expressed or implied, as to the foregoing matters. This Offering Memorandum is exclusively presented by the Broker. For additional information or to schedule a property tour, please contact: Woodstock Georgia JOHN SPEROS Senior Vice President Ackerman & Co. Direct: Mobile: jsperos@ackermanco.net KYLE GABLE Broker Pioneer Land Group Direct: Mobile: kgable@pioneerlandga.com

3 table of contents 01. THE OPPORTUNITY 02. THE PROPERTY 03. THE MARKET 04. SUPPORT DOCUMENTS (DOWNLOADABLE) Cherokee County Water Map Cherokee County Sewer Map Estates at Riverside KMZ 2013 Conservation Tax Use Easement Agreement

4 ESTATE AT RIVERSIDE 50± ACRES OF UNDEVELOPED LAND CHEROKEE COUNTY, GA 4 the opportunity Ackerman & Co. and Pioneer Land Group are pleased to present Estates at Riverside, a 50± acre parcel of undeveloped land in Cherokee County, Georgia ( The Property ). While the initial residential recovery focused on close in locations and the Georgia 400 corridor, the recovery has now shifted to suburban locations along the I-75 and I-85 corridors. The inventory of vacant lots in these corridors has been dramatically reduced and development of raw land is beginning to occur. Much of the new development is focused around the best school districts as the houses in these districts sell at a faster pace and at a higher price than those in less desirable school districts. Estates at Riverside is uniquely positioned for development for the following reasons: Excellent location with convenient access to Interstate 575, allowing easy access the job markets along the I-75 corridor. Most notable is the Northwest Sub-market (Cumberland/ Galleria are) located at Interstate 285 and Interstate 75. The Northwest Office Submarket represents more than 15% of Atlanta s total office market and is also the location of SunTrust Park the new Atlanta Braves stadium. Access to retail and restaurant amenities on Highway 92, Town Lake Parkway, Sixes Road and Ridgewalk Parkway. The Property is located less than three miles from the new Outlet Shoppes at Atlanta located at the Ridgewalk Parkway and Interstate 575 interchange. The Outlet Shoppes at Atlanta is a 370,000-square-foot outlet center featuring more than 80 retail outlet stores that opened in Excellent school system. Woodstock Middle is ranked 4 out of 5 stars, and Woodstock High is ranked 5 out of 5 stars by SchoolDigger.com. Woodstock High is ranked the 41st best High School in the state of Georgia. View of SunTrust Park

5 the opportunity, cont d. ESTATE AT RIVERSIDE 50± ACRES OF UNDEVELOPED LAND CHEROKEE COUNTY, GA 5 Limited housing inventory and lot supply within the Woodstock High school district. As of the second quarter of 2015, there was a 7.2 months of supply of single family housing and a 30.1 month s supply of single family developed lots. It appears that the property is the second largest undeveloped parcel in the Woodstock High School district. Estates at Riverside US Corps of Engineers ESTATE AT RIVERSIDE The Estate at Riverside is accessed via Payne Road in the existing Riverside Subdivision. In 2015, the average price for a new house in Riverside is $251,000. Paran Homes is the current active builder in Riverside and only has a few lots remaining. The final phase of Riverside is currently under development by Ashton Woods and will contain 182 lots. While the Estates at Riverside is not a part of the Riverside subdivision, a recorded sign easement allows for Estates at Riverside signage on Old Highway 5 (Holly Springs Parkway). The Estate at Riverside is bordered on two sides by the U.S. Corps of Engineers 17,700 acres of contiguous recreational land including Lake Allatoona. As an undeveloped parcel, Estates at Riverside allows a builder/developer to design a subdivision that fits market demand without the constraints of existing housing.

6 ESTATE AT RIVERSIDE 50± ACRES OF UNDEVELOPED LAND CHEROKEE COUNTY, GA 6 the property Property Size 50 ± acres 370 Feet 656 Feet 1,060 Feet 900 Feet 1,706 Feet

7 the property, cont d. ESTATE AT RIVERSIDE 50± ACRES OF UNDEVELOPED LAND CHEROKEE COUNTY, GA 7 Location The Property is located at 4580 Payne Drive, Woodstock, Georgia, Payne Drive is located off of Old Highway 5, between the Sixes Road and Ridgewalk Parkway interchanges. Sixes Rd Allatoona Lake Toonigh Rd Holly Springs Pkwy E Cherok ee Dr ESTATE AT RIVERSIDE 5 ESTATE AT RIVERSIDE Alabama Rd Sandy Plains Rd ATLANTA

8 the property, cont d. ESTATE AT RIVERSIDE 50± ACRES OF UNDEVELOPED LAND CHEROKEE COUNTY, GA 8 Access Estates at Riverside is accessed via Payne Road in the Riverside Subdivision. 5 HOLLY SPRINGS PKWY 575 Zoning The Property is currently zoned AG (General Agricultural District) in unincorporated Cherokee County, with an opportunity to be annexed into either the city of Woodstock or Holly Springs. It s eastern border is the Riverside subdivision, that is zoned PDTND (Planned Development Traditional Neighborhood in the city of Holly Springs. This subdivision has a density of 3.70 units per acre. PAYNE DR CAMDYN CIR The Property s western border is the RiverPark subdivision, which is zoned LI within the Technology Park Overlay in the city of Woodstock. ESTATE AT RIVERSIDE The Property is bordered on the south by land that is owned by the Corp of Engineers. The Corps of Engineers owns more than 17,000 contiguous acres that includes Lake Altoona and the creeks that feed Lake Altoona.

9 the property, cont d. ESTATE AT RIVERSIDE 50± ACRES OF UNDEVELOPED LAND CHEROKEE COUNTY, GA 9 Aerial View Showing Major Retail and Support Services Near Estates at Riverside H NORTHSIDE HOSPITAL TOONIGH RD ESTATE AT RIVERSIDE 575 E CHEROKEE DR ARNOLD MILL RD MAIN ST

10 the property, cont d. ESTATE AT RIVERSIDE 50± ACRES OF UNDEVELOPED LAND CHEROKEE COUNTY, GA 10 Utilities All utilities are in the two adjoining subdivision to the east and the west, RiverPark and Riverside. Cherokee County sewer and water maps are available in the Support Information section. Per the Easement Agreement in the Support Section of this Offering Memorandum, all utility lines installed in the development of Riverside were done so to serve benifited property (Estates at Riverside). Taxes The 2014 tax bill for the property is $ This property was entered into a 10 year conservation use program in The Owner understand that there will be a breach of the convenant and will bear the cost associated with a breach of this program. School System SCHOOL RATING STATE TOTAL STATE GA STATE RANK SCHOOL RANKED PERCENTILE Woodstock Elementary % Woodstock Middle % Woodstock High School football team Woodstock High % Price The Estates at Riverside is offered for sale for $2.9 million.

11 ESTATE AT RIVERSIDE 50± ACRES OF UNDEVELOPED LAND CHEROKEE COUNTY, GA 11 the market According to MetroStudy, 2012 was the bottom of the market in terms of average price of single family detached housing with an average price of $246,000. The 2014 average price was $302,000, which is a 22% increase from Below is the new construction sales data for Cherokee County since Below are the 5 Top SFD Selling Subdivisions from 7/1/2014-6/30/2015: ALL New Homes Units Sold Average Price ,587 $300, ,961 $308, ,032 $297,000 1 Soleil Laurel Canyon (Age-Restricted) Closings: 84 Avg Price: $381,000 4 Summer Walk Closings: 40 Avg Price: $207, $279, $290, $267, $246, $269, Centennial Lakes Closings: 70 Avg Price: $269,000 Woodstock Knoll Closings: 52 Avg Price: $481,000 5 Harmony on the Lakes Southside Closings: 38 Avg Price: $266, $302, (1/2) 549 $304,000 As of 2Q15, there were 4,782 lots in Cherokee County, with 1,385 annual starts this equates to a 41.4 months supply of lots. These months of supply includes the annual lot delivery of 1063 new subdivision lots.

12 the market, cont d. ESTATE AT RIVERSIDE 50± ACRES OF UNDEVELOPED LAND CHEROKEE COUNTY, GA 12 Woodstock High School District In 2014 and the first half of 2015, the Woodstock High School District has the highest average price of the six high school districts in Cherokee County. Below is the new construction sales data for the Woodstock High School District since As of 2Q15 there is currently 10 model homes, 19 finished vacant, and 73 under construction homes for a total 102 homes. With annual total of 171, this equates to a 7.2 months of supply of houses for this district. Since 2012, the average months of supply for the district are 6.2 months. As of 2Q15, there were 471 lots in the Woodstock High School District, with 188 annual starts this equates to a 30.1 months supply of lots. These months of supply includes the annual lot delivery of 210 new subdivision lots. There are currently nine active subdivisions in this district that have over 10 vacant developed lots and all of these have active builders New Homes Units Sold WOODSTOCK Average Price $394, $342, $396, $256, $356, $304, $273, $289, $343, (1/2) 48 $390,000

13 ESTATE AT RIVERSIDE 50± ACRES OF UNDEVELOPED LAND CHEROKEE COUNTY, GA 13 support information The Estates at Riverside support files below may be downloaded by clicking on the links. Some of the files may not be compatible on a mobile device and may need to be downloaded on a desktop. Cherokee County Water Map Cherokee County Sewer Map Estates at Riverside KMZ 2013 Conservation Tax Use Easement Agreement To view all downloadable documents in one folder click HERE.

14 2015 Ackerman & Co. All rights reserved. FOR MORE INFORMATION, PLEASE CONTACT: JOHN SPEROS Senior Vice President Ackerman & Co. Direct: Mobile: KYLE GABLE Broker Pioneer Land Group Direct: Mobile: