The Crossings. of Millbrook 240 UNITS MILLBROOK, AL MONTGOMERY MSA

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Valentine Welch
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1 The Crossings of Millbrook 240 UNITS MILLBROOK, AL MONTGOMERY MSA

PROPERTY SUMMARY Address County Site Size: Units 101 Crossings Drive Millbrook, AL 36054 Elmore County 15.

2 PROPERTY SUMMARY Address County Site Size: Units 101 Crossings Drive Millbrook, AL Elmore County Acres 240 Units Year Completed 2010 Net Rentable Area Average Unit Size 246,624 SF 1,028 SF Average Market Rent* $844 Average Market Rent/SF* $0.82 Occupancy Rate ( ) 92% *June 23, 2014

INVESTMENT HIGHLIGHTS INVESTMENT HIGHLIGHTS 1 CLASS A CONSTRUCTION AT BELOW REPLACEMENT COST Completed in 2010, The Crossings of Millbrook is a Class A residential community featuring top-of-market

Upscale decorator interiors feature Whirlpool stainless steel appliances, wood-like flooring in kitchens and bathrooms, freize carpet in living and bedrooms, raised panel wood cabinets, 9-foot

3 INVESTMENT HIGHLIGHTS INVESTMENT HIGHLIGHTS 1 CLASS A CONSTRUCTION AT BELOW REPLACEMENT COST Completed in 2010, The Crossings of Millbrook is a Class A residential community featuring top-of-market amenities which include fitness facility with children s play area, saltwater swimming pool, sand volleyball court, and detached garages. Upscale decorator interiors feature Whirlpool stainless steel appliances, wood-like flooring in kitchens and bathrooms, freize carpet in living and bedrooms, raised panel wood cabinets, 9-foot celings with crown molding, screened porches, and W/D connections in all units. A buyer will also have an opportunity to purchase adjoining acreage for up to 150 additional units. 2 ATTRACTIVE BELOW MARKET ASSUMABLE LOAN Buyer may assume the below market HUD financing, which features a 3.80% interest rate plus 50 bps MIP. Maturing in February 2054, this assumable loan provides a very attractive long-term investment advantage. With this extremely low rate set until 2054, the next owner will be able to maximize yields while eliminating interest rate risk. 3 UPSCALE DEMOGRAPHICS SUPPORT SOUGHT- AFTER SCHOOLS Situated within a high-income area, the average household income in The Crossing of Millbrook s census tract increased 43% from 2000 to 2010 ($45,810 to $65,312). A compelling demand factor is the property s location in the Stanhope Elmore school district, which is one of the largest and most sought-after school systems in Alabama. 4 STRATEGIC ACCESS, EXPOSURE, & CONNECTIVITY Situated less than one mile northeast of I-65, The Crossings of Millbrook benefits from its short 10-minute commute to downtown Montgomery (12,000+ state capital jobs), as well as other major jobs centers such as Maxwell Air Force Base, Hyundai Manufacturing Corporation and Alfa Insurance. Further, residents may walk to a recently-completed Walmart Supercenter and enjoy back-door access to Highway 82/Cobbs Ford Road via the newly-expanded Old Farm Lane. Hwy-82, Prattville s main commercial corridor, features Lowe s, Home Depot, Target, Publix, Best Buy, JCPenney, Kohl s, Ashley Furniture, TJMaxx, Starbucks, Panera Bread, etc. 5 UNDER-RENTED VS MARKET COMPS Compared to similar newer suburban Montgomery apartment properties, rents at The Crossings at Millbrook are at the lower end of the market spectrum. Its current effective rent of $807 is below comparables Chapel Lakes ($908, 2005), Villas at Homeplace ($1,007, 2015), and The Park ($1,076, 2009). A buyer will enjoy the immediate upside by elevating subject rents to a market level.

NEWER UPSCALE CLASS A PRODUCT MILLBROOK S NEWEST RENTAL

the 240-unit subject property represents an upscale Class A

and top-of-market community amenities and residences.

Cafe Fitness Facility with Play Area & TVs on all Equipment

Court 27 Detached Garages Open Concept Floorplans 9 Ceilings

Built-In Microwave Oven Kitchen Islands Wood-look Kitchen

4 NEWER UPSCALE CLASS A PRODUCT MILLBROOK S NEWEST RENTAL COMMUNITY Developed by Homecorp and completed in March 2010, the 240-unit subject property represents an upscale Class A asset with long-wearing stacked stone and hardiplank siding and top-of-market community amenities and residences. UPSCALE AMENITIES & FEATURES Resort-Style Clubhouse Internet Cafe Fitness Facility with Play Area & TVs on all Equipment Saltwater Swimming Pool w/ Striking Pergola Sand Volleyball Court 27 Detached Garages Open Concept Floorplans 9 Ceilings w/crown Molding Whirlpool Stainless Steel Appliances Built-In Microwave Oven Kitchen Islands Wood-look Kitchen Floors Screened Patio/Balcony Built-In Desks/Workstations Raised Panel Wood Cabinets

RAPIDLY IMPROVING DEMOGRAPHICS PREMIUM DEMOGRAPHIC HAS RAPIDLY GROWING HOUSEHOLD INCOMES Well reputed

demographics with increasing household incomes, and is situated in one of Alabama s best and most

AREA DEMOGRAPHICS RADIUS FROM SUBJECT 1 MILE 3 MILES 5 MILES 2000 $45,730 $46,822 $53,159 2014 $66,983

5 RAPIDLY IMPROVING DEMOGRAPHICS PREMIUM DEMOGRAPHIC HAS RAPIDLY GROWING HOUSEHOLD INCOMES Well reputed for its high quality of life factors and solid employment opportunities, Millbrook boasts desirable demographics with increasing household incomes, and is situated in one of Alabama s best and most sought-after school systems. AREA DEMOGRAPHICS RADIUS FROM SUBJECT 1 MILE 3 MILES 5 MILES 2000 $45,730 $46,822 $53, $66,983 $70,576 $70, Forecast $80,118 $83,553 $81,652 AREA HOUSEHOLD INCOME 2000 AREA HOUSEHOLD INCOME 2010 Millbrook Millbrook Prattville Montgomery Prattville Montgomery Source: SocialExplorer.com

6 HIGH CONNECTIVITY PROXIMATE TO MAJOR RETAIL AND INTERSTATE 65 Situated just northeast of a Walmart Supercenter, The Crossings of Millbrook is less than 3 miles north of the 2.7M SF Highway 82 commercial corridor, which includes Lowe s, Home Depot, Target, Publix, Best Buy, JCPenney, Kohl s, Ashley Furniture, TJMaxx, Starbucks, and Panera Bread, etc. Additionally, Interstate 65 provides direct connectivity to downtown Montgomery and Maxwell Air Force Base, the largest employment center in the region. EXIT 179 THE HOME DEPOT, TARGET, TJMAXX, ROSS AUBURN UNIVERSITY PRATTVILLE AGRICULTURAL RESEARCH UNIT HWY-82 / COBBS FORD ROAD KMART CAPITOL HILL GOLF COURSE PROMENADE 12 HIGH POINT TOWN CENTER - 900,000 SF (BASS PRO SHOPS, BELK, BEST BUY, JCPENNEY, PUBLIX) PREMIER PLACE - 354,000 SF (WALMART, BATH & BODY WORKS, BIG LOTS, MICHAELS) DOWNTOWN PRATTVILLE, 1.5 MILES OLD FARM LANE EXIT 181 N THE CROSSINGS OF MILLBROOK WALMART SUPERCENTER HWY-14 / ROBINSON SPRINGS ROAD

7 UNDER-RENTED VS MARKET COMPS ROOM TO MOVE RENTS WITHIN THE MARKET The Crossings at Millbrook is currently under-rented compared to similar properties in the market. Though it is newer and considered to have a superior location, the subject rents trail comparable Chapel Lakes by an average of $100. The average rent of the two most similar Prattville comparables, Villas at Homeplace and The Park, is $1,042, a full $235 higher than the subject s. A buyer will enjoy immediate upside by elevating subject rents and remain a value provider to Villas at Homeplace and The Park. RENT COMPARISON $1,100 $1,076 $1,050 $1,000 $1,007 $950 $900 $908 $850 $800 $807 $750 $700 $650 $600 The Crossings at Millbrook (2010) Chapel Lakes (2005) Villas at Homeplace (2015) The Park (2009)

COMMUNITY AMENITIES Clubhouse/Leasing Office Internet Café Fitness Center Saltwater Swimming Pool Grilling/Picnic Area Sand Volleyball Court

Molding Built-in Desk Cable & Internet Ready Ceiling Fans Chair Rail Breakfast Bar or Island FF Refrigerator w/icemaker Stainless Steel

Kitchen Pantry Laundry/Utility Room Microwave Oven Paneled Interior Doors Screened Patio/Balcony Exterior Storage Closet Window Blinds THE

9 COMMUNITY AMENITIES Clubhouse/Leasing Office Internet Café Fitness Center Saltwater Swimming Pool Grilling/Picnic Area Sand Volleyball Court Laundry Facility Dog Park/Play Area Sprinklered Buildings 27 Detached Garages RESIDENCE FEATURES 9 Ceilings w/cr. Molding Built-in Desk Cable & Internet Ready Ceiling Fans Chair Rail Breakfast Bar or Island FF Refrigerator w/icemaker Stainless Steel Appliances Track Lighting W/D Connections W/D Appliances Available Wood Cabinetry Wood-Look Flooring in Kitchen Frieze Carpet Garden Tubs Kitchen Pantry Laundry/Utility Room Microwave Oven Paneled Interior Doors Screened Patio/Balcony Exterior Storage Closet Window Blinds THE CROSSINGS OF MILLBROOK UNIT MIX TYPE FLOORPLAN # UNITS SIZE (SF) 1BR, 1BA A BR, 1BA A BR, 2BA B1 96 1,157 3BR, 2BA C1 48 1,384 Total / Avg. 240 Units 1,028 SF Avg.

55 Ivan Allen Jr. Blvd., Suite 700, Atlanta, GA 30308 Phone: 404.875.

com/atlanta TRAVIS PRESNELL Multifamily Advisory Group Associate Broker 404.853.

com MIKE KEMETHER Multifamily Advisory Group Executive Vice President 404.853.

10 55 Ivan Allen Jr. Blvd., Suite 700, Atlanta, GA Phone: Fax: TRAVIS PRESNELL Multifamily Advisory Group Associate Broker MIKE KEMETHER Multifamily Advisory Group Executive Vice President Please visit our website, to sign a Confidentiality Agreement and gain access to the Offering Memorandum.

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