Offering Memorandum. Robert Ho BRE:

Transcription

1 30 residential lots in a gated single family neighborhood community Offering Memorandum Robert Ho BRE: Cell: Direct: Robert@longdragon.realtor 2633 S. Baldwin Ave., Arcadia, CA 91007

2 Table of Contents Executive Summary 1 Project Overview 5 Market Analysis and Suggested Price 35 Broker Disclaimer and Confidentiality 37

3 1 Executive Summary

4 Executive Summary Opportunity Overview 2 Lot Size: 4.2 ± acres 30 Lots in a Gated Single-Family Neighborhood Community Final Map Recorded, Building Plan is In Regional Planning for Preliminary Review Bartlett Place (the Property, Site or Project ) will be a gated single-family neighborhood consisting of 30 detached homes (27 market rate and 3 affordable) in the City of San Gabriel ( City ) area of unincorporated Los Angeles County ( County ). The unimproved 4.2 ± acre Site has approved improvement plans and will be delivered with the final map at the close of escrow. The project is envisioned as an upscale, treelined neighborhood with amenities including a small public park on the western border of the Site, as well as a spa amenity and recreation building within the confines of the gated enclave. Bartlett Place is located in the highly desirable San Gabriel Valley submarket and has a City of San Gabriel address. The project represents a rare opportunity for homebuilders to offer detached single-family housing in the heart of the supply-constrained San Gabriel Valley. Bartlett Place will cater to an underserved segment of homebuyers seeking a new, upscale, detached housing option served by the highlyregarded San Gabriel Unified School District and proximate to a wide selection of Asian retail and dining amenities and transportation corridors that provide convenient access to major employment hubs throughout Los Angeles as well as the neighboring counties. Metro Area: San Gabriel Valley/Los Angeles County Gross Acreage: 4.2 ± Acres City: City of San Gabriel (Unincorporated) Entitlements at COE: Final Map Recorded Product Type: Single Family Detached Homes Unit Count: 30 Site Condition: Unimproved Est. Floorplan SF Range: 2,120 2,557 SF

5 Executive Summary Aerial Photograph 3

6 Executive Summary Regional Location 4

7 5 Project Overview

8 Project Overview Site Summary 6 Metro Area: Market: San Gabriel Valley/East Los Angeles County City of San Gabriel (Unincorporated) Location: Located south of East Broadway and west of Rosemead Boulevard, the Project is accessible via North Muscatel Avenue to the east and north Bartlett Avenue to the west. Address: Bartlett Avenue, San Gabriel, CA APNs: , -023, -047, -049 Unit Count: 27 Market Rate Detached Homes 3 Affordable (Very Low Income) Existing Site Condition and Surrounding Uses The Property formerly consisted of a garden nursery and single family residences that were demolished and completely removed in 2014, with the exception of a few concrete piers. The site is irregular shaped and generally flat. Surrounding land uses are as follows: North Single Family Residences and Duplexes West Single Family Residences and Duplexes East Single Family Residences and Duplexes South Railroad Corridor

9 Project Overview Site Summary (continued) 7 Entitlements: Final Map and Improvement Plans: Environmental: Architectural Approvals: Community Facilities District ( CFD ) Homeowners Association ( HOA ) Bartlett Place was approved with the discretionary entitlements listed below by the Los Angeles County Board of Supervisors on September 10, Tentative Tract Map No (5) ( TTM ) Oak Tree Permit No (5) Housing Permit No (5) Mitigated Negative Declaration Improvement plans for the Project have been approved, and the site will be delivered with the final map. There are no recognized environmental condition on-site. Buyers shall process construction drawings through the County Department of Building and Safety in conformance with the community standards for East Pasadena East San Gabriel. The Architecture shall maintain the current building envelope and front elevations in line with the approved conceptual architecture in place for the Project. There is no CFD associated with the subject property. The Project homes will only be subject to ad-valorem property taxes of 1.1%. Project CC&Rs will establish a HOA to own and maintain Project facilities including a sap and recreation center, private streets, common area, a playground, guest parking and gated entryway. It is estimated that HOA dues in the Project will be $250 per unit per month.

10 Project Overview Site Plan 8

11 Project Overview Plan 1 Floor Plan 9

12 Project Overview Plan 1 Elevation A 10

13 Project Overview Plan 1 Elevation B 11

14 Project Overview Plan 1 Alt Floor Plan 12

15 Project Overview Plan 1 Alt Elevation A 13

16 Project Overview Plan 2 Floor Plan 14

17 Project Overview Plan 2 Elevation A 15

18 Project Overview Plan 2 Elevation B 16

19 Project Overview Plan 2 Alt Floor Plan 17

20 Project Overview Plan 2 Alt Elevation B 18

21 Project Overview Plan 3 Floor Plan 19

22 Project Overview Plan 3 Elevation A 20

23 Project Overview Plan 3 Elevation B 21

24 Project Overview Plan 4 Floor Plan 22

25 Project Overview Plan 4 Elevation A 23

26 Project Overview Plan 4 Elevation B 24

27 Project Overview Plan 5 Floor Plan 25

28 Project Overview Plan 5 Elevation A 26

29 Project Overview Recreation Building Floor Plan 27

30 Project Overview Recreation Building Elevation 28

31 Project Overview Proximity Map 29

32 Project Overview Aerial Photograph 30

33 Project Overview Site Development 31 Utility Providers: Water: San Gabriel County Water District Sewer: County of Los Angeles Sanitation District No. 15 Gas: Southern California Gas Company Electric: Southern California Gas Company Telephone: AT&T Fire: Los Angeles County Fire Department Police: Los Angeles County Sheriff Department Public Playground and Private Recreation Center: Oak Tree Permit ( OTP ): Railroad Corridor: The developer is required to build a playground on a 13,000 SF area located along the western perimeter of the site along Bartlett Avenue and to record an easement granting public access to the playground. The Project is also required to have a private spa and recreation room amenity. Both the playground and private amenities shall be maintained by the HOA. As part of the Project entitlement, an Oak Tree Permit was secured to allow the removal of the small non- heritage oak tree located in the middle of the site and for the construction of a sidewalk within the protected zone of a large heritage oak tree located at the northwest corner of the site along Bartlett Avenue. Mitigation measures require the developer to plant at least two new oak trees on-site. The developer is also required to protect the heritage oak through the grading and construction phases. All work performed pursuant to the OTP will be required to be monitored by an oak tree consultant. Additionally, the conditions of approval require that 30 additional trees are planted on-site within the landscaped and common areas, not including the two mitigation oak trees. The approved landscape plans and cost-to-complete account for all costs associated with the requirements of the Oak Tree Permit. The Union Pacific Railroad s Alhambra Subdivision rail line runs along the southern border of the Property. A noise and vibration study for the Project was completed by Davy & Associates in The Project has been designed with a 12-foot block wall and a private road to separate the rail line from the residential units to mitigate noise and vibration impacts from rail activity. It should also be noted that there are currently tow active new home communities along the Alhambra Subdivision less than one mile from the Property.

34 Project Overview Affordable Housing 32 Per Section 12 of the Project s conditions of approval, the Project is required to set aside three units for affordable housing (one each of plan Type A, B and D), which must be sold to a qualified Very Low Income household as determined by median income levels in Los Angeles County. According to Section (b)(2) of the California Health and Safety Coded affordable housing cost for very low income households must not exceed the product of 30 percent times 50 percent of the area median income adjusted for family size appropriate for the unit. For purpose of this section, adjusted for family size appropriate to the unit was defined to mean for a household of one person in the case of a studio unit, two persons in the case of a one-bedroom unit, three persons in the case of a two-bedroom unit, four persons in the case of a threebedroom unit, and five persons in the case of a four-bedroom unit. Based on the 2015 State Income Limits published by the California Department of Housing and Community Development for Very Low Income households in Los Angeles County, the sales price for the affordable units in Bartlett Place are projected to be as follows: Floor- BR HH Very Low Monthly Homeowner s PMI Property HOA Dues Utilities Mortgage Mortgage Home Price plan Count Size Income Housing Insurance Taxes Payment Amount* Level Cost (30%) (1.1%) Type A 5 6 $ 49,550 $ 1,239 $ 67 $ 98 $ 112 $ 250 $ 150 $ 562 $ 117,742 $ 122,013 Type B 4 5 $ 46,150 $ 1,154 $ 67 $ 87 $ 100 $ 250 $ 150 $ 500 $ 104,780 $ 108,580 Type D 4 5 $ 46,150 $ 1,154 $ 67 $ 87 $ 100 $ 250 $ 150 $ 500 $ 104,780 $ 108,580 *Assumes 3.5% down payment (96.5% LTV) and 4% fixed interest rate for 30 years

35 Project Overview Project Serving Schools 33 Bartlett Place is served by the San Gabriel Unified School District ( District ). Serving community throughout the San Gabriel Valley, the District educates more than 6,000 students in grades K-12, across five elementary schools, one middle school, one traditional high school and one continuation high school. The District continues to maintain a reputation for excellence and has perennially had schools on the California Distinguished School list. Through outstanding parent support, facility and staff, the San Gabriel Unified School District has become one of Southern California s premier public school districts. Roosevelt Elementary School Jefferson Middle School Gabrielino High School Grade: K-5 Statewide Rank: Growth API: 752 Roosevelt Elementary School is located at 401 S. Walnut Grove. Sitting on over six acres, the school facilities include a computer lab, playgrounds, library and cafeteria. Each classroom is also equipped with five computers available for student use. Roosevelt also offers students a variety of extracurricular activities including Book of the Month Club, GATE, outdoor science school and student congress. Through a comprehensive educational experience, Roosevelt students grow socially and educationally. Grade: 6-8 Statewide Rank: Growth API: 832 Jefferson Middle School, located at 1372 E. Las Tunas Drive, serves students in grades six through eight. As a California Distinguished School, Jefferson addresses varying learning styles, provides a challenging curriculum and socially develops students, helping them prepare for high school and beyond. The campus is sprawled over 14 acres and includes sixty classrooms, four computer labs, a fitness lab, a gymnasium and an athletic field. Jefferson also provides an expansive list of extracurricular activities and clubs including mock trial, speech and debate, robotics and several sports. Faculty, staff and parents work together to help each student achieve educational success while fostering a positive outlook on school. Grade: 9-12 Statewide Rank: Growth API: 843 Gabrielino High School is located at 1327 S. San Gabriel Boulevard. Built in 1994, the school was named after the Gabrielino Indians who built the nearby San Gabriel Mission. The school fosters a student comes first mentality which has helped it become one of the top performing high schools in the area. With a campus of nearly 15 acres, student are able to enjoy seventy classrooms, an on campus theater, a gymnasium and several athletic fields. The school also continues to be remodeled and updated regularly. By providing over twenty extracurricular activities, students are able to participate in programs such as drama, badminton and engineering; thereby, further helping them decide on a future college and/or career path. Academically, there are over ten Advanced Placement classes available for students to enroll in, allowing them to earn college credit.

36 Project Overview Project Consultants and Due Diligence Materials 34 Consultants Tentative Tract Map Architect Landscape Architect Civil Engineer WQMP & Hydrology Geotechnical Phase I and II Environmental CEQA Study Cost of Complete EGL Associates, Inc. Saito Design Group, Inc. Terri Lee Design Group EGL Associates, Inc. EGL Associates, Inc. EGL Associates, Inc. EGLab Inc. & Secor Inc. County of Los Angeles Savello & Associates The following due diligence materials are available upon request: Tract Map Improvement Plans Conditions of Approval Lighting Plan Phase Report Irrigation Plan Grading Plan Will-Serve Letters Geotechnical Report Cost to Complete Budget Landscape Plan

37 35 Market Analysis and Suggested Price

38 Market Analysis and Suggested Price 36 Bartlett Place (5006 Bartlet Ave. San Gabriel, California ) will be a gated single-family neighborhood consisting of 30 detached homes. The Project is envisioned as an upscale, tree-lined neighborhood with amenities including a small public park on the western border of the Site, as well as a spa amenity and recreation building within the confines of the gated enclave. Bartlett Place is located in the highly desirable San Gabriel Valley sub-market and has a City of San Gabriel address. Bartlett Place will cater to an undeserved segment of home buyers seeking a new, upscale, detached housing option served by the highly-regarded San Gabriel Unified School District and proximate to a wide selection of Asian retail and dining amenities and transportation corridors that provide convenient access to major employment hubs throughout Los Angles as well as the neighboring counties. The competitive market area ( CMA ) for Bartlett Place was defined as the Site s 3 miles radius in the city of San Gabriel, includes detached condos and single family neighborhoods below a $1.5 MM price point. Suggested price: $ 450/Foot

39 37 Broker Disclaimer & Confidentiality

40 Broker Disclaimer & Confidentiality 38 The information contained herein is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Long Dragon Realty ( Broker ) and should not be made available to any other person or entity without the written consent of Broker. The Materials have been prepared to provide summary, unverified information to interested parties, and to establish only a preliminary level of interest in the subject property. The information contained herein is not substitute for a thorough independent due diligence investigation. Broker, as a Real Estate Licensee is not qualified to discuss or advise on legal, accounting, or other matters outside of those permitted by state law. Broker has not made any investigation, and makes no warranty or representation, with respect to the future projected financial performance of the property, the acreage, square footage or unit count of the property and improvements, the compliance or non-compliance with City, County, State and/ or Federal regulations, or the physical condition of the improvements thereon. The information contained in this Brochure has been obtained from sources we believe to be reliable, however, Broker has not verified, and will not verify, any of the information contained herein, nor has Broker conducted any investigation regarding these 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. All references to Broker include its officers, partners, agents, sub-agents, and employees.