5800 HARPER DRIVE NE. ALBUQUERQUE, NM 87109

Transcription

1 LINCOLN 5800 HARPER DRIVE NE. ALBUQUERQUE, NM DIRECT DIRECT DIRECT DIRECT MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON MOBILE MOBILE MOBILE MOBILE Cynthia Meister Associate Broker Bill Hahn Executive Vice President Trevor Koskovich Executive Vice President Jesse Hudson Senior Associate P. 1

2 TABLE OF CONTENTS 3 PROPERTY INFORMATION 19 RENT COMPS 27 FINANCIAL ANALYSIS 31 SALES COMPS 40 LOCATION MAPS

3 PROPERTY HIGHLIGHTS PROPERTY PHOTOS Property Information AREA DESCRIPTION DEMOGRAPHICS FLOOR PLANS

4 PROPERTY HIGHLIGHTS OFFERING List Price Terms Can be purchased together with Lincoln Place Apartments. SITE DESCRIPTION Apartment Community Lincoln Heights Location 5800 Harper Dr. NE Total Units 184 Year Built 1975 Net Rentable Square Feet 120,276 Number of Buildings 13 Number of Stories 2 Sub-market Far Northeast Heights Land Size 5.85 Acres Density Units Per Acre Parking 368 Uncovered Spaces CONSTRUCTION Foundation Framing Exterior Roof Parking Surface Market Cash - Fee Simple Concrete Wood Painted Stucco Pitched, composite shingle Asphalt MECHANICAL Heating / Cooling Hot Water Electricity Water / Sewer Individual Wall & Ground Mounted Units Commercial Boiler Paid by Tenant (Provided by PNM Resources) Paid by Property Owner PROPERTY TAXES Number of Parcels 1 Tax Parcel Number Property Tax $68,151 UNIT TYPE # OF UNITS % OF COMPLEX SQUARE FEET Studio % 413 Studio* % 413 1BD/1BA % 562 1BD/1BA* % 562 1BD/1BA % 600 1BD/1BA* % 600 2BD/1BA % 819 2BD/1BA* % 819 2BD/2BA % 819 2BD/2BA* % 819 Total/Average % 654 *Upgraded units boast new paint, new flooring, new appliances, new cabinets, new countertop, new bathroom vanity, and new hardware. 63 units were upgraded - 34%. CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON

5 ASSET HIGHLIGHTS PROPERTY HIGHLIGHTS Property is well maintained and boasts significant value-add opportunities. Proximity to major employment centers including the Journal Center, Lovelace Health System, University of New Mexico, Kirtland AFB, and Downtown. High physical occupancy in submarket provides compelling opportunity to raise rents. Strong submarket fundamentals - average rents increased over 9% since Diverse unit mix - studios, one and two bedrooms. ORIGINAL INTERIOR FINISHES UPGRADED INTERIOR FINISHES BEFORE AFTER VALUE-ADD OPPORTUNITIES Currently 63 units are renovated and are leased at significant rent premiums (lease rates are $125-$220 higher than classic units). Value-add program can continue for remaining units. Installation of controlled-access gates to increase overall desirability of property. Modernization of signage will enhance the curb appeal for prospective residents. Installation of covered parking spaces can generate additional ancillary income. Cost savings can be realized by installing more water-efficient landscaping, low-flow water faucets & toilets, and CFL/LED lighting and fixtures - will decrease utility & contract service expenses.

6 PROPERTY EXTERIOR PHOTOGRAPHS

7 CLUBHOUSE PHOTOGRAPHS

8 FLOOR PLANS (24) Studio SF (60) 1BD/1BA SF (24) 1BD/1BA SF MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 8

9 FLOOR PLANS (40) 2BD/1BA SF (36) 2BD/2BA SF MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 9

10 MODEL INTERIOR PHOTOGRAPHS

11 PROPERTY INFORMATION AREA DESCRIPTION Lincoln Heights is located at 5800 Haper Drive NE in Albuquerque, New Mexico. The property is situated one block northeast of the Academy Road NE and San Mateo Boulevard NE intersection, two major thoroughfare lined with several retail centers and restaurants connecting directly to Interstate 25. Residents of Lincoln Heights are close to major employers and points of interest, including shopping, dining, recreational facilities and transportation networks. The immediate neighborhood surrounding Lincoln Heights comprises a mixture of single-family homes, multifamily projects, and commercial developments. The pedestrian-friendly Uptown Shopping Center, located three miles south of Lincoln Heights, features high-end retail such as Pottery Barn, Apple, Michael Kors, JCrew, and upscale restaurants. The Macy s anchored Coronado Center is located three miles south of the property. Additional nearby shopping options include the Far North Shopping Center, Fiesta Square Shopping Center, and Montgomery Plaza. The Lovelace Women s Hospital is less than two miles southwest and the University of New Mexico is five miles southwest. Other nearby employment centers include the 180 acres of office at the Journal Center, north of the property, and The Balloon Field Industrial Park, one mile northwest of the property. Nearby schools include the Del Norte High School, Arroyo Del Oso Elementary School, Governor Bent Elementary School, and Cleveland Middle School. The Whole Foods Market is two miles east of the property on the northwest corner of Academy Road and Wyoming Boulevard. The property is less than a mile west of Arroyo Del Oso Park and Golf Course, and is within walking distance of new restaurants and shopping development projects that recently opened in the spring of MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 11

12 LINCOLN HEIGHTS A P A R T M E N T S AREA BREAKDOWN + -WORKFORCE 216,000 SOURCE: COSTAR, 5 MILE RADIUS + -BUSINESSES 20,000 SOURCE: COSTAR, 5 MILE RADIUS $212,000 +ĀVERAGE HOME LIST PRICE ZIP CODE: SOURCE: TRULIA.COM + - $50,000 MEDIAN HOUSEHOLD INCOME SOURCE: COSTAR, 3 MILE RADIUS ,000 TRAFFIC COUNT SOURCE: COSTAR, NORTHWEST ON SAN MATEO BLVD 3.93% POPULATION GROWTH SOURCE: COSTAR, 1 MILE RADIUS 39 MEDIAN AGE SOURCE: COSTAR, 1 MILE RADIUS 96% SUBMARKET OCCUPANCY SOURCE: COSTAR, BALLOON FIESTA PARK - WEST SUBMARKET ASKING RENT PER UNIT $756 EDUCATION STATUS ZIP CODE $746 ASSOCIATE DEGREE 12% $724 BACHELOR DEGREE 24% $694 GRADUATE DEGREE 18%

13 DEMOGRAPHICS RADIUS 1 MILE 3 MILE 5 MILE Population: 2022 Projection 14, , , Estimate 13, , , Census 11,080 98, ,014 Growth % 1.16% 0.96% Growth % 4.17% 3.04% 2017 Population Hispanic Origin 5,025 39,337 85, Population by Race: White 11,128 85, ,082 Black 512 3,189 6,609 Am. Indian & Alaskan 1,080 6,969 12,640 Asian 360 3,812 8,185 Hawaiian & Pacific Island Other 422 3,105 6,994 U.S. Armed Forces: Households: 2022 Projection 6,860 45, , Estimate 6,586 45, , Census 5,318 43,184 99,010 Growth % 1.22% 1.03% Growth % 4.47% 3.38% Owner Occupied 3,202 26,501 60,541 Renter Occupied 3,385 18,611 41, Avg Household Income $57,869 $67,916 $69, Med Household Income $44,874 $49,317 $49, Households by Household Inc: <$25,000 1,807 11,614 26,624 $25,000 - $50,000 1,825 11,217 25,051 $50,000 - $75,000 1,314 7,581 16,875 $75,000 - $100, ,201 11,247 $100,000 - $125, ,715 8,481 $125,000 - $150, ,935 4,408 $150,000 - $200, ,359 5,767 $200, ,490 3,903 MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 13

14 EMPLOYMENT ±216,000 JOBS ±93,000 JOBS ±20,000 JOBS LINCOLN HEIGHTS A P A R T M E N T S 1 Mile 3 Miles ±20,000 JOBS WITHIN A ONE MILE RADIUS FROM THE PROPERTY ±93,000 JOBS WITHIN A THREE MILE RADIUS FROM THE PROPERTY ±216,000 JOBS WITHIN A FIVE MILE RADIUS FROM THE PROPERTY 5 Miles

15 ALBUQUERQUE MARKET OVERVIEW REGIONAL INTRODUCTION The Albuquerque MSA is centrally located at the crossroads of Interstates 25 and 40 and is by far New Mexico s largest city. The MSA is comprised of four counties; Bernalillo, Sandoval, Torrance and Valencia. Albuquerque is the principal city in the MSA and other bedroom cities/communities include Rio Rancho (adjacent to Albuquerque), Los Lunas, Belen, Edgewood and Moriarty, many residents of said communities commute to Albuquerque. Albuquerque accounts for nearly 61 percent of the MSA s population and 53 percent of employment. Since 1960, the city has grown 171 percent and stretches from the Sandia Mountains on the east to historic volcanoes on the west. Educational and Health Services, 15% Professional & Business Services, 15% ALBUQUERQUE MSA EMPLOYMENT BY SECTOR Leisure & Hospitality, 11% Financial Activities, 5% Information, 2% Other Services, 3% Government, 22% Transportation, Warehousing & Utilities, 3% Mining, Logging & Construction, 5% Manufacturing, 5% Wholesatle Trade, 3% Retail Trade, 11% Source: NM Department of Workforce Solutions, Economic Research & Analysis Bureau Albuquerque is home of the University of New Mexico (UNM), the state s flagship university with over 27,300 students; Sandia National Laboratories; and Kirtland Air Force Base (KAFB). The City also has three science and technology parks to capitalize on these assets. According to the City of Albuquerque Economic Development Department, 28.7% of the population (age 25+) has attained a bachelor s degree, 14.9% has a graduate or professional degree, 27.6% some college or associate s degree and 28.7% has a high school diploma. It is notable that on a per capita basis, the Albuquerque MSA ranks among the top 25 largest metro areas in the nation for cities with the most college graduates. Further, New Mexico has one of the highest concentration of Ph.Ds. in the nation. Transportation is a strong point with two interstate highways, commuter and freight rail, an international airport, a general aviation airport, city-wide transit services, as well as a healthy network of bike lanes and trails. Revitalization projects, public and private, are beginning to transform Downtown and adjacent older neighborhoods into pleasant, lively, pedestrian-friendly centers of commerce and activity. More recent efforts extend along some of the city s busy arterials and include commuter rail stations along the N.M. Rail Runner Express running from Belen to Santa Fe. MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 15

16 ALBUQUERQUE MARKET OVERVIEW Albuquerque s economy is a diverse mix of service providers, retail, high-tech and manufacturing. It accounts for about one-third of the state s tourism and hosts the internationally known Albuquerque Balloon Fiesta annually in October. Albuquerque is nationally recognized as a movie town, with Albuquerque Studios, along with a 50- acre complex that boasts eight soundstages. Kirtland Air Force Base, located in southeast Albuquerque, is the third largest installation in Air Force Materiel Command and sixth largest in the Air Force. The base occupies 51,558 acres and employs more than 23,000 people, including more than 4,200 active duty and 1,000 Guard, plus 3,200 part-time Reserve personnel. Kirtland AFB s economic impact for 2000 on the City of Albuquerque was over $2.7 billion. ECONOMIC OVERVIEW The largest employment sector is government, which is supported by the largest employer in the metro area, Kirtland Air Force Base. The base employs over 20,000 workers, including 3,400 civil service workers and 12,500 contractors. The base, along with the Department of Energy and Sandia National Laboratories, have annual economic impact on the Albuquerque area of more than $4 billion. Government employment in the Albuquerque MSA accounts for nearly one in every four jobs. Other large government employers include the Albuquerque Public Schools (14,810 workers), City of Albuquerque (5,500), State of New Mexico (4,950) and Bernalillo County (2,425). The University of New Mexico plays a significant role in the Albuquerque economy, serving as a large employer and also training the growing workforce. The university has more than 4,200 employees and an enrollment of nearly 29,000 students. There are several large healthcare providers that employ local workers in significant numbers. Presbyterian Hospital employs 7,310 workers, while UNM Hospital (6,021 employees), Lovelace (4,000) and the New Mexico Veteran Affairs Healthcare System (1,000) also account for significant employment in the region. There are a number of additional national and international companies with a presence in Albuquerque market. Among these are Intel (1,200 workers), T-Mobile (1,700), Honeywell (950), Hewlett-Packard (850), Wells Fargo (850) and Sprint (800). The metro area s diverse and educated workforce will likely continue to attract large corporate companies. LARGEST EMPLOYERS # OF ALBUQUERQUE MSA EMPLOYEES DESCRIPTION Albuquerque Public Schools 14,810 Public School District Kirtland Air Force Base* 10,125 Air Force Materiel Command Sandia National Labs 9,852 Technology Presbyterian Hospital 7,310 Hospital/Medical Services UNM Hospital 6,021 Hospital/Medical Services City of Albuquerque 5,500 Government State of New Mexico 4,950 Government University of New Mexico 4,210 Educational Institution Lovelace Health Systems 4,000 Hospital/Medical Services Bernalillo County 2,425 Government Rio Rancho Public Schools 2,000 Educational Institution Sandia Resort & Casino 2,000 Resort & Casino PNM Electric Services 1,935 Utilities Provider Central New Mexico CC 1,840 Educational Institution T-Mobile 1,700 Customer Service Center Intel Corporation 1,200 Technology Source: Albuquerque MSA Business Location Overview *Kirtland s employment number includes active duty military, guard reserve, civil service and contract employees. Sandia National Laboratories employees are located at Kirtland Air Force Base, but employment number is shown separately. MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 16

17 ALBUQUERQUE MARKET OVERVIEW A CITY OF THE FUTURE The Albuquerque metro area offers forward-thinking business leaders, entrepreneurs and companies a supportive business environment that encourages idea generation, growth and innovation. It s no wonder that Foreign Direct Investment Magazine ranks the metro area in the top 10 American Cities of the Future. Here you ll find a community that applauds diversity, celebrates collaboration and promotes success. Innovate ABQ is a non-profit private-public partnership created to develop a 7-acre innovation center in downtown Albuquerque to foster economic development and job creation in New Mexico. With its first buildings opened in fall 2017, Innovate ABQ aims to develop more than 600,000 square feet of dense, walkable space devoted to bringing together New Mexico s innovators to foster the creation of long-term, job-creating ventures. The urban living and learning environment is the result of a partnership between the University of New Mexico, Innovate ABQ, the City of Albuquerque, Nusenda Credit Union and Bernalillo County. The University of New Mexico (UNM) recently opened the $35 million Lobo Rainforest at the Innovate ABQ site at Broadway Boulevard and Central Avenue. The six-story, 160,000-square-foot mixed-use project is steps from the ABQ Rapid Ride, the Rail Runner and the new ART system. The live-work-play concept property began development in July It will house students, Innovate ABQ tenants and UNM s Innovation Academy (IA). The building represents the first phase of a four-phase development plan. MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 17

18 PROPERTY INFORMATION DOWNTOWN ABQ FAR NORTH SHOPPING CENTER San Mateo Boulevard NE Haper Place NE LINCOLN HEIGHTS A P A R T M E N T S N Harper Drive NE MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 18

19 RENT COMPARABLES

20 RENT COMPARABLES NO. PROPERTY YEAR BUILT UNITS UNIT SIZE AVG. SF PHYSICAL OCCUPANCY MARKET RENT/UNIT MARKET RENT/SF NET RENT/ UNIT NET RENT/ SF MANAGED BY S Lincoln Heights 5800 Harper Dr. NE % $688 $1.05 $688 $1.05 Larimer Square Academy Terrace 6401 Academy Rd. NE Telegraph Hill 7000 Louisiana Blvd. NE Vista Del Sol 7100 Louisiana Blvd. NE Silverado 5741 Osuna Rd. NE Oak Tree Park 5800 Osuna Rd. NE Villas at La Privada 5324 San Mateo Blvd. NE % $819 $1.08 $819 $1.08 Owner % $780 $0.98 $780 $0.98 Owner % $774 $1.00 $774 $1.00 Owner % $740 $1.03 $724 $1.01 Shelton-Cook % $831 $1.08 $831 $1.08 Greystar % $811 $1.02 $791 $0.99 Owner Average % $793 $1.03 $786 $1.02 MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 20

21 APARTMENT COMPARISON # PROPERTY OCCUPANCY RUBS GAS ELECTRIC WATER W/D IN UNIT PET FEES GATED ACCESS DOG PARK CLUB HOUSE GYM SPORT COURT COVERED PARKING KIDS PLAYGROUND S Lincoln Heights 5800 Harper Dr. NE 96% Included Master Individual Master $20 1 Academy Terrace 6401 Academy Rd. NE 97% $46/$66 $76/$96 Individual Individual Master Select $25 2 Telegraph Hill 7000 Louisiana Blvd. NE 96% $58/$64 $69/$80 Master Individual Master Select $25 $20 3 Vista Del Sol 7100 Louisiana Blvd. NE 97% Allocation Individual Individual Master $25 4 Silverado 5741 Osuna Rd. NE 97% Flat $45-$75 None Individual Master 2BD & 3BD $20 5 Oak Tree Park 5800 Osuna Rd. NE 97% $37 $42 $45 Master Individual Master $25 6 Villas at La Privada 5324 San Mateo Blvd. NE 94% Flat $25-$40 Master Individual Master $20 MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 21

22 RENT COMPARABLES Lincoln Heights 5800 Harper Dr. NE OWNER: Jerrey F. Hermanson MANAGED BY: Larimer Square S WALK SCORE 57 TRANSIT SCORE 31 Telegraph Hill 7000 Louisiana Blvd. NE OWNER: Thompson Michie Communities MANAGED BY: Owner 2 WALK SCORE 39 TRANSIT SCORE 24 UNIT TYPE UNITS SF MARKET RENT/UNIT MARKET RENT/SF NET RENT/UNIT NET RENT/SF Studio $500 $1.21 $500 $1.21 Studio* $625 $1.51 $625 $1.51 1BD/1BA $575 $1.02 $575 $1.02 1BD/1BA* $750 $1.33 $750 $1.33 1BD/1BA $605 $1.01 $605 $1.01 1BD/1BA* $790 $1.32 $790 $1.32 2BD/1BA $695 $0.85 $695 $0.85 2BD/1BA* $890 $1.09 $890 $1.09 2BD/2BA $705 $0.86 $705 $0.86 2BD/2BA* $925 $1.13 $925 $1.13 TOTAL/AVG $688 $1.05 $688 $1.05 *Upgraded units boast new paint, new flooring, new appliances, new cabinets, new countertop, new bathroom vanity, and new hardware. 63 units were upgraded - 34%. UNIT TYPE UNITS SF MARKET RENT/UNIT MARKET RENT/SF NET RENT/UNIT NET RENT/SF 1BD/1BA $625 $1.16 $625 $1.16 1BD/1BA $715 $1.08 $715 $1.08 2BD/2BA $855 $0.93 $855 $0.93 2BD/2BA $955 $0.84 $955 $0.84 TOTAL/AVG $780 $0.98 $780 $0.98 Academy Terrace 6401 Academy Rd. NE OWNER: DiNapoli MANAGED BY: Owner 1 WALK SCORE 65 TRANSIT SCORE 29 Vista Del Sol 7100 Louisiana Blvd. NE OWNER: First Pacific Group MANAGED BY: Owner 3 WALK SCORE 42 TRANSIT SCORE 22 UNIT TYPE UNITS SF MARKET RENT/UNIT MARKET RENT/SF NET RENT/UNIT NET RENT/SF Studio $606 $1.24 $606 $1.24 1BD/1BA $797 $1.31 $797 $1.31 2BD/1BA $845 $1.00 $845 $1.00 2BD/2BA $1,020 $0.89 $1,020 $0.89 TOTAL/AVG $819 $1.08 $819 $1.08 Note: LRO (Prices change daily) UNIT TYPE UNITS SF MARKET RENT/UNIT MARKET RENT/SF MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON NET RENT/UNIT NET RENT/SF 1BD/1BA $665 $1.26 $665 $1.26 1BD/1BA $710 $1.06 $710 $1.06 1BD/1BA $810 $0.98 $810 $0.98 2BD/1BA $840 $0.93 $840 $0.93 2BD/2BA $875 $0.88 $875 $0.88 TOTAL/AVG $774 $1.00 $774 $1.00 P. 22

23 RENT COMPARABLES Silverado 5741 Osuna Rd. NE OWNER: Clear Sky MANAGED BY: Shelton-Cook 4 WALK SCORE 67 TRANSIT SCORE 31 Villas at La Privada 5324 San Mateo Blvd. NE OWNER: Peak Capital MANAGED BY: Owner 6 WALK SCORE 49 TRANSIT SCORE 37 UNIT TYPE UNITS SF Oak Tree Park 5800 Osuna Rd. NE OWNER: Summit Equity MANAGED BY: Greystar MARKET RENT/UNIT 5 MARKET RENT/SF NET RENT/UNIT NET RENT/SF 1BD/1BA $650 $1.21 $633 $1.18 1BD/1BA $690 $1.03 $673 $1.01 2BD/1BA $870 $0.99 $853 $0.97 2BD/2BA $900 $0.90 $883 $0.88 3BD/2BA $1,125 $0.92 $1,108 $0.90 TOTAL/AVG $740 $1.03 $ $1.01 Note: $45 - $110 premium on upgraded units: New flooring, appliances, two-tone paint, new cabinets, new light fixtures WALK SCORE 43 TRANSIT SCORE 31 UNIT TYPE UNITS SF MARKET RENT/UNIT MARKET RENT/SF NET RENT/UNIT NET RENT/SF 1BD/1BA $650 $1.18 $629 $1.14 1BD/1BA * $690 $1.25 $669 $1.21 1BD/1BA ** $725 $1.32 $704 $1.28 1BD/1BA $680 $1.01 $659 $0.98 1BD/1BA * $730 $1.08 $709 $1.05 1BD/1BA ** $760 $1.13 $739 $1.10 2BD/1BA $860 $0.94 $839 $0.92 2BD/1BA * $895 $0.98 $874 $0.95 2BD/1BA ** $950 $1.04 $929 $1.01 2BD/2BA $890 $0.94 $869 $0.92 2BD/2BA * $925 $0.98 $904 $0.96 2BD/2BA ** $965 $1.02 $944 $1.00 TOTAL/AVG $811 $1.02 $791 $0.99 Note: * Partial Upgrade: Includes new black appliances & interior paint ** Full Upgrade: Includes new applicances, painted kitchen cabinets, resurfaced countertops, fixtures & interior paint UNIT TYPE UNITS SF MARKET RENT/UNIT MARKET RENT/SF NET RENT/UNIT NET RENT/SF 1BD/1BA $744 $1.22 $744 $1.22 1BD/1BA $785 $1.03 $785 $1.03 2BD/1BA $927 $1.06 $927 $1.06 2BD/2BA $1,031 $1.00 $1,031 $1.00 TOTAL/AVG $831 $1.08 $831 $1.08 MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 23

24 Rent/Unit $630 RENT ANALYSIS STUDIO RENTS 2 # PROPERTY UNIT TYPE UNITS SF RENT/UNIT RENT/SF $615 $ Lincoln Heights Studio $500 $ Lincoln Heights Studio* $625 $ Academy Heights Studio $606 $1.24 $585 $ TOTAL/AVG $568 $1.24 *Upgraded Units $555 $540 $525 $510 1 $495 $1.20 $1.25 $1.30 $1.35 $1.40 $1.45 $1.50 $1.55 Rent/SF Rent/Unit $850 $800 $750 $700 $650 $ MULTIFAMILY ONE BEDROOM RENTS $550 $0.90 $1.00 $1.10 $1.20 $1.30 $1.40 Rent/SF # PROPERTY UNIT TYPE UNITS SF RENT/UNIT RENT/SF 1 Lincoln Heights 1BD/1BA $575 $ Lincoln Heights 1BD/1BA* $750 $ Lincoln Heights 1BD/1BA $605 $ Lincoln Heights 1BD/1BA* $790 $ Academy Terrace 1BD/1BA $797 $ Telegraph Hill 1BD/1BA $625 $ Telegraph Hill 1BD/1BA $715 $ Vista Del Sol 1BD/1BA $665 $ Vista Del Sol 1BD/1BA $710 $ Vista Del Sol 1BD/1BA $810 $ Silverado 1BD/1BA $650 $ Silverado 1BD/1BA $690 $ Oak Tree Park 1BD/1BA $744 $ Oak Tree Park 1BD/1BA $785 $ Villas at La Privada 1BD/1BA $650 $ Villas at La Privada 1BD/1BA $690 $ Villas at La Privada 1BD/1BA $725 $ Villas at La Privada 1BD/1BA $680 $ Villas at La Privada 1BD/1BA $730 $ Villas at La Privada 1BD/1BA $760 $ TOTAL/AVG $706 $1.12 *Upgraded Units

25 RENT ANALYSIS Rent/Unit $1,075 $1,025 $975 $925 $875 $825 $775 $ TWO BEDROOM RENTS $675 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 Rent/SF # PROPERTY UNIT TYPE UNITS SF RENT/UNIT RENT/SF 1 Lincoln Heights 2BD/1BA $695 $ Lincoln Heights 2BD/1BA* $890 $ Lincoln Heights 2BD/2BA $705 $ Lincoln Heights 2BD/2BA* $925 $ Academy Terrace 2BD/1BA $845 $ Academy Terrace 2BD/2BA $1,020 $ Telegraph Hill 2BD/2BA $855 $ Telegraph Hill 2BD/2BA $955 $ Vista Del Sol 2BD/1BA $840 $ Vista Del Sol 2BD/2BA $875 $ Silverado 2BD/1BA $870 $ Silverado 2BD/2BA $900 $ Oak Tree Hill 2BD/1BA $927 $ Oak Tree Hill 2BD/2BA $1,031 $ Villas at La Privada 2BD/1BA $860 $ Villas at La Privada 2BD/1BA * $895 $ Villas at La Privada 2BD/1BA ** $950 $ Villas at La Privada 2BD/2BA $890 $ Villas at La Privada 2BD/2BA * $925 $ Villas at La Privada 2BD/2BA ** $965 $ TOTAL/AVG $900 $1.10 *Upgraded Units MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 25

26 RENT COMPARABLES MAP 3 2 S Lincoln Heights 5800 Harper Dr. NE Academy Terrace 6401 Academy Rd. NE Telegraph Hill 7000 Louisiana Blvd. NE Vista Del Sol 7100 Louisiana Blvd. NE Silverado 5741 Osuna Rd. NE Oak Tree Park 5800 Osuna Rd. NE N 6 6 Villas at La Privada 5324 San Mateo Blvd. NE MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 26

27 FINANCIAL ANALYSIS

28 FINANCIAL ANALYSIS OPERATING INCOME Monthly Scheduled Gross Rent $126,550 Annual Scheduled Gross Rent $1,518,600 Physical Vacancy 4.35% -$66,026 Economic Vacancy 4.29% -$65,084 Net Rental Income $1,387,490 Other Income (Late Fees, Pet Fees, Application Fees, Etc.) $82,284 Gross Operating Income $1,469,774 OPERATING EXPENSES PER UNIT Property Taxes $370 $68,151 Insurance $379 $69,702 Maintenance & Repairs $452 $83,148 Turnover $270 $49,660 Electricity $107 $19,662 Gas $76 $13,912 Sewer and Water $406 $74,753 Trash $208 $38,287 Payroll $754 $138,652 Management Fee 3.86% OF $308 $56,707 Marketing $32 $5,805 Administrative Expenses $167 $30,636 TOTAL OPERATING EXPENSES $649,075 Operating Cost Per Unit $3,528 Operating Cost Per Sq Ft $5.40 NET OPERATING INCOME $820,699 Capital Reserve $300 $55,200 ADJUSTED NET OPERATING INCOME $765,499 CURRENT OPERATIONS ANNUALIZED T-6 INCOME T-12 EXPENSES UNIT TYPE UNITS SF NOTES FINANCIALS THROUGH AUGUST 2017 RENTS Current asking rents. PHYSICAL VACANCY Rent Roll dated September 20, MARKET RENT/UNIT PROPERTY TAXES 2016 annual property taxes quoted from the Bernalillo County Treasurer. INCOME Annualized trailing six months from P&L statement dated August EXPENSES Trailing 12 months from P&L statement dated August MONTHLY RENT Studio $500 $11,000 Studio* $625 $1,250 1BD/1BA $575 $28,750 1BD/1BA* $750 $7,500 1BD/1BA $605 $10,285 1BD/1BA* $790 $5,530 2BD/1BA $695 $10,425 2BD/1BA* $890 $22,250 2BD/2BA $705 $11,985 2BD/2BA* $925 $17,575 TOTAL/AVG $688 $126,550 *Upgraded Units MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 28

29 FINANCIAL ANALYSIS PRO FORMA OPERATING INCOME Monthly Scheduled Gross Rent $126,550 Annual Scheduled Gross Rent $1,518,600 Physical Vacancy 2.00% -$30,372 Loss to Lease 1.00% -$15,186 Concessions 1.00% -$15,186 Economic Vacancy 2.00% -$30,372 Net Rental Income $1,427,484 Other Income $84,753 Gross Operating Income $1,512,237 PRO FORMA OPERATING EXPENSES PER UNIT Property Taxes $370 $68,151 Insurance $175 $32,200 Maintenance & Repairs $350 $64,400 Turnover $200 $36,800 Contract Services $100 $18,400 Electricity $110 $20,252 Gas $78 $14,329 Sewer and Water $418 $76,996 Trash $214 $39,436 Payroll $1,000 $184,000 Management Fee 3.00%OF GOI $247 $45,367 Marketing $100 $18,400 Administrative Expenses $200 $36,800 Capital Reserve $300 $55,200 TOTAL OPERATING EXPENSES $710,730 Operating Cost Per Unit $3,863 Operating Cost Per Sq Ft $5.91 PRO FORMA NET OPERATING INCOME $801,506 PRO FORMA OPERATIONS UNIT TYPE UNITS SF NOTES RENTS Current asking rates. PHYSICAL VACANCY Consistent with submarket performance. OTHER INCOME Increased 3% from annualized trailing six months income operations. PROPERTY TAXES 2016 Annual property taxes quoted from the Bernalillo County Treasurer. UTILITIES Increased 3% from trailing 12 months from P&L statement dated August OPERATIONAL EXPENSES Based on industry standards of similar properties. MARKET RENT/UNIT MONTHLY RENT Studio $500 $11,000 Studio* $625 $1,250 1BD/1BA $575 $28,750 1BD/1BA* $750 $7,500 1BD/1BA $605 $10,285 1BD/1BA* $790 $5,530 2BD/1BA $695 $10,425 2BD/1BA* $890 $22,250 2BD/2BA $705 $11,985 2BD/2BA* $925 $17,575 TOTAL/AVG $688 $126,550 *Upgraded Units MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 29

30 FINANCIAL ANALYSIS PRO FORMA OPERATING INCOME Monthly Scheduled Gross Rent $147,860 Annual Scheduled Gross Rent $1,774,320 Physical Vacancy 3.00% -$53,230 Loss to Lease 4.00% -$70,973 Concessions 3.00% -$53,230 Model & Employee Units 0.50% -$8,872 Economic Vacancy 2.00% -$35,486 Net Rental Income $1,552,530 Other Income $84,753 Gross Operating Income $1,637,283 PRO FORMA OPERATING EXPENSES PER UNIT Property Taxes $370 $68,151 Insurance $175 $32,200 Maintenance & Repairs $350 $64,400 Turnover $200 $36,800 Contract Services $100 $18,400 Electricity $110 $20,252 Gas $78 $14,329 Sewer and Water $418 $76,996 Trash $214 $39,436 Payroll $1,000 $184,000 Management Fee 2.50% OF GOI $222 $40,932 Marketing $100 $18,400 Administrative Expenses $200 $36,800 Capital Reserve $250 $46,000 TOTAL OPERATING EXPENSES $697,095 Operating Cost Per Unit $3,789 Operating Cost Per Sq Ft $5.80 PRO FORMA NET OPERATING INCOME $940,187 VALUE-ADD PRO FORMA OPERATIONS UNIT TYPE UNITS SF NOTES RENTS Assuming all units were upgraded. Current asking rates for upgraded units. PHYSICAL VACANCY Consistent with submarket performance. OTHER INCOME Increased 3% from annualized trailing six months income operations. PROPERTY TAXES 2016 Annual property taxes quoted from the Bernalillo County Treasurer. UTILITIES Increased 3% from trailing 12 months from P&L statement dated August OPERATIONAL EXPENSES Based on industry standards of similar properties. MARKET RENT/UNIT MONTHLY RENT Studio* $625 $15,000 1BD/1BA* $750 $45,000 1BD/1BA* $790 $18,960 2BD/1BA* $890 $35,600 2BD/2BA* $925 $33,300 TOTAL/AVG $804 $147,860 * All units upgraded MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 30

31 SALES COMPARABLES

32 SALES COMPARABLES NO. PROPERTY YEAR BUILT UNITS PRICE $/UNIT $/SF SALE DATE S Lincoln Heights 5800 Harper Dr. NE On Market 1 Spain Garden 8401 Spain Rd. NE Albuquerque, NM $38,250,000 $77,117 $ / Academy Terrace 6401 Academy Rd. NE $18,750,000 $80,819 $ / Retreat at Candelaria 3011 Jane Pl. NE Albuquerque, NM $33,750,000 $66,964 $ / Sungate Village Comanche Rd. NE Albuquerque, NM $7,000,000 $73,684 $ / Rancho Verde 5800 Truchas Dr. NE $5,500,000 $84,615 $ / Suncreek Village 9900 Spain Rd. NE Albuquerque, NM $22,890,120 $85,731 $ /2016 Average $78,155 $96.60 MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 32

33 SALES COMPARABLES SPAIN GARDEN Address: 8401 Spain Rd. NE Albuquerque, NM Buyer DiNapoli Capital Partners 3021 Citrus Cir. Walnut Creek, CA Seller Prime Group 50 California St. San Francisco, CA Sale Price $38,250,000 Price / Unit $77,117 Price / SF $ Sale Date 4/2017 Location/Property A- / B Electric Metering Individual Year Built 1979 Building S.F. 380,928 Total Units 496 UNIT TYPE UNITS SF RENT/UNIT RENT/SF STUDIO $583 $ BD / 1 BA $551 $ BD / 2 BA $782 $0.83 TOTAL/AVG $676 $0.88 MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 33

34 SALES COMPARABLES ACADEMY TERRACE Address: 6401 Academy Rd. NE Buyer DiNapoli Capital Partners 3021 Citrus Cir. Walnut Creek, CA Seller Prime Group 50 California St. San Francisco, CA Sale Price $18,750,000 Price / Unit $80,819 Price / SF $ Sale Date 4/2017 Location/Property B / B Electric Metering Individual Year Built 1975 Building S.F. 175,392 Total Units 232 UNIT TYPE UNITS SF RENT/UNIT RENT/SF STUDIO $615 $ BD / 1 BA $676 $ BD / 1 BA $853 $ BD / 2 BA 36 1,150 $928 $0.81 TOTAL/AVG $766 $1.01 MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 34

35 SALES COMPARABLES RETREAT AT CANDELARIA Address: 3011 Jane Pl. NE Albuquerque, NM Buyer DiNapoli Capital Partners 3021 Citrus Cir. Walnut Creek, CA Seller Prime Group 50 California St. San Francisco, CA Sale Price $33,750,000 Price / Unit $66,964 Price / SF $92.11 Sale Date 4/2017 Location/Property B- / B Electric Metering Individual Year Built 1980 Building S.F. 366,408 Total Units 504 UNIT TYPE UNITS SF RENT/UNIT RENT/SF 1 BD / 1 BA $650 $ BD / 1 BA $695 $ BD / 2 BA $731 $0.81 TOTAL/AVG $678 $0.93 MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 35

36 SALES COMPARABLES SUNGATE VILLAGE Address: Comanche Rd. NE Albuquerque, NM Buyer Clear Sky Capital Inc 2398 E. Camelback Rd. Phoenix, AZ Seller Bridge Investment Group 5295 S. Commerce Dr. Murray, UT Sale Price $7,000,000 Price / Unit $73,684 Price / SF $ Sale Date 6/2016 Location/Property B / B- Electric Metering Individual Year Built 1983 Building S.F. 68,926 Total Units 95 UNIT TYPE UNITS SF RENT/UNIT RENT/SF 1 BD / 1 BA $599 $ BD / 1 BA $684 $ BD / 1 BA $699 $ BD / 1 BA $743 $ BD / 1 BA $860 $ BD / 2 BA $950 $ BD / 2 BA 1 1,240 $1,300 $1.05 TOTAL/AVG $759 $1.05 MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 36

37 SALES COMPARABLES RANCHO VERDE Address: 5800 Truches Dr. NE Buyer Clear Sky Capital Inc 2398 E. Camelback Rd. Phoenix, AZ Seller Bridge Investment Group 5295 S. Commerce Dr. Murray, UT Sale Price $5,500,000 Price / Unit $84,615 Price / SF $95.90 Sale Date 6/2016 Location/Property B / B Electric Metering Individual Year Built 1985 Building S.F. 57,353 Total Units 65 UNIT TYPE UNITS SF RENT/UNIT RENT/SF 1 BD / 1 BA $779 $ BD / 2 BA $892 $ BD / 2 BA 19 1,008 $880 $0.87 TOTAL/AVG $833 $0.94 MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 37

38 SALES COMPARABLES SUNCREEK VILLAGE Address: 9900 Spain Rd. NE Albuquerque, NM Buyer Clear Sky Capital Inc 2398 E. Camelback Rd. Phoenix, AZ Seller Bridge Investment Group 5295 S. Commerce Dr. Murray, UT Sale Price $22,890,120 Price / Unit $85,731 Price / SF $82.69 Sale Date 6/2016 Location/Property B / B+ Electric Metering Individual Year Built 1986 Building S.F. 276,806 Total Units 267 UNIT TYPE UNITS SF RENT/UNIT RENT/SF 1 BD / 1 BA $665 $ BD / 2 BA $829 $ BD / 2 BA 65 1,004 $904 $0.90 TOTAL/AVG $765 $0.88 MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 38

39 SALES COMPARABLES MAP S Lincoln Heights 5800 Harper Dr. NE 1 Spain Garden 8401 Spain Rd. NE Albuquerque, NM Academy Terrace 6401 Academy Rd. NE Retreat at Candelaria 3011 Jane Pl. NE Albuquerque, NM Sungate Village Comanche Rd. NE Albuquerque, NM Rancho Verde 5800 Truchas Dr. NE N 3 6 Suncreek Village 9900 Spain Rd. NE Albuquerque, NM MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 39

40 AERIAL LOCATION MAP Location Maps BIRD S EYE VIEW PARCEL MAP

41 AERIAL VIEW - NORTH Journal Center Edmund G Ross Elementary School Eye Associates of New Mexico Presbyterian Healthplex A P A R T M E N T S Arroyo Del Oso Elementary School Academy Road NE Osuna Road NE Cliff s Amusement Park N San Mateo Blvd NE MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 41

42 AERIAL VIEW - SOUTH Kirtland Air Force Base Veterans Medical Center Albuquerque International Sunport Downtown Albuquerque Coronado Center McKinley Middle School Governor Bent Elementary School Del Norte High School San Mateo Blvd NE Lovelace Medical Montgomery Plaza Group Albuquerque Heights Healthcare and Rehabilitation Center Hodgin Elementary School San Pedro Dr NE Cliff s Amusement Park Osuna Road NE N A P A R T M E N T S MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 42

43 AERIAL VIEW - WEST Indian Petroglyph State Park Cottonwood Mall Sandia Preparatory School Balloon Field Industrial Park Cliff s Amusement Park San Mateo Blvd N Osuna Road NE A P A R T M E N T S Academy Road NE MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 43

44 AERIAL MAP Cottonwood Mall Double Eagle II Airport Target Central NM Community College ITT Tech. Institute Grand Canyon University College of Nursing Target Far North Shopping Center Lovelace Women s Hospital A P A R T M E N T S Del Norte Plaza North Towne Plaza Arroyo Del Oso Park Walmart Oldtown Rio Grande Zoo Kindred Hospital Downtown University of New Mexico Hospital University of New Mexico Walmart Coronado Center ABQ Uptown Windrock Center Veterans Medical Center N MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 44

45 SAN PEDRO DR SAN MATEO BLVD LOUISIANA BLVD WYOMING BLVD BIKEWAYS & TRAIL MAP Bikeways & Trails Benefits Economic community building - personal health vehicle expense - traffic congestion Traffic Safety improved traffic flow for motorists 98TH ST CENTRAL AV UNIVERSE BLVD LADERA DR UNSER BLVD MONTANO RD WESTERN TRL PARADISE CENTRAL AV MCMAHON BLVD BLVD BRIDGE BLVD IRVING designated facilities enhance cyclist safety & comfort Social Equity in Mobility 1/3 of Americans do not drive trails & bikeways provide mobility options Public Health facilitate physical activity decrease obesity & chronic diseases enhanced mental health RAINBOW BLVD UNSER BLVD UNSER BLVD OLD COORS DR PASEO DEL TAYLOR RANCH DR NORTE NM 423 Environmental/Natural & Cultural Resource Protection way to preserve open space reduce fossil fuel consumption reduce emissions/improve AQ Quality of Life attract new businesses less traffic in neighborhoods variety of options for travel ± Existing Bikeways and Trails Bike Lane Bike Route Wide Road Bike Blvd Bike Crossing Trail Paved Trail Unpaved Hiking Trail - foot traffic only Proposed Bikeways And Trails Bike Lane Bike Route Bike Blvd TrailPaved TrailUnpaved E COORS BLVD NM 45 Intersection Improvements!R Proposed Overpass/Underpass!R Existing Overpass/Underpass Administrative Boundaries Kirtland Air Force Base Cibola National Forest Petroglyph National Monument Open Space City of Albuquerque Notes: - Not all unpaved trails allow bicycles; check trailhead signs for uses allowed at each location. - Dark gray shading represents area outside of City Limits. - Facilities proposed on other agency's or jurisdiction's lands will require coordination and approval of the responsible party. Proposed facilities shown within Bernalillo County are shown for informational purposes only. RIO GRANDE BLVD TINGLEY DR ISLETA BLVD BLVD RIO GRANDE BLVD S T 12TH NM 528 MONTANO RD CANDELARIA RD TIJERAS 2ND ST BROADWAY BLVD 6TH 4TH ST 3RD ST ST GOLD AV COAL AV 4TH ST 5TH ST 2ND ST GRAND AV AV BROADWAY BLVD CORRALESRD RIO GRANDE BLV D GIBSON BLVD GRIEGOS RD EDITH BLVD UNIVERSITY BLVD LEAD AV YALE BLVD 4TH ST ALAMEDA BLVD COMANCHE RD 2ND ST EDITH BLVD OSUNA RD CARLISLE BLVD 25 LOMAS BLVD MENAUL BLVD CANDELARIA RD NM State Bicycle Route INDIAN SCHOOL RD INDIAN SCHOOL RD MONT E VISTA BLVD JEFFERSON ST ROY AV SAN ANTONIO DR OSUNA RD CENTRAL AV ZUNI RD PASEO DEL NORTE NM HARPER R D MONTGOMERY BLVD VENTURA ST ACADEMY RD 423 A P A R T M E N T S L AYTON EUBANK BLVD TRAMWAY RD NM AV SPAIN RD 556 JUAN TABO BLVD Miles The City of Albuquerque is implementing The Bikeways & Trails Facility Plan, which will update both policies and proposed facilities to support the development of a metropolitan area-wide bicycle and multi-use network. The plan will reflect the desires of area residents to continue developing and improving a multi-use trail and bikeway network for commuting and recreational uses, as well as daily needs. The plan will guide future investment in the bikeways & trails system, including facility improvements, new facilities (gap closures), maintenance, and education/ outreach programs, transportation options, which result in an improved quality of life in the Albuquerque Metropolitan Area. TRAMWAY BLVD NM 556 NM State Bicycle Route MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 45

46 ART MAP BUS RAPID TRANSIT (BRT) Improving transportation options is vital to Albuquerque s future quality of life and economic development. Albuquerque Rapid Transit (ART) offers quick, simple, and safe first-class travel along with economic benefits. Transit-oriented development has proven to be a catalyst for new investment and businesses and supportive of existing corridor businesses, including restaurants, retail, and entertainment. ART would also provide opportunities for improved streetscape and walkability, attracting more people to live along the corridor. MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 46

47 ART MAP A P A R T M E N T S MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 47

48 BIRDS EYE VIEW Harper Dr NE Barnhart St NE A P A R T M E N T S N MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 48

49 PARCEL MAP Harper Dr NE A P A R T M E N T S Barnhart St NE N MULTIFAMILY CYNTHIA MEISTER BILL HAHN TREVOR KOSKOVICH JESSE HUDSON P. 49

50 PRESENTED BY: Bill Hahn Executive Vice President DIRECT MOBILE Jeffrey Sherman Executive Vice President DIRECT MOBILE Trevor Koskovich Executive Vice President DIRECT MOBILE Southwest Office - Phoenix 2390 E. Camelback Rd, Suite 100 Phoenix, AZ Albuquerque Office 5051 Journal Center NE, Suite Jesse Hudson Senior Associate - Tucson DIRECT MOBILE jesse.hudson@colliers.com Cynthia Meister Associate Broker - Albuquerque DIRECT MOBILE cynthia.meister@colliers.com Thomas Olivetti Associate Vice President - Las Vegas DIRECT MOBILE thomas.olivetti@colliers.com Tucson Office One South Church Ave, Suite 1200 Tucson, AZ Las Vegas Office 3960 Howard Hughes Pkwy, Suite 150 Las Vegas, NV This document/ has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s) All rights reserved.