Allen & Reina Summerland Apartment Project

Transcription

1 Allen & Reina Summerland Apartment Project [Insert description of photograph here]

2 PRIME APARTMENT SITE Entitled For 328 Dwelling Units SEC Allen Road & Reina Road Bakersfield, CA Exclusively Represented by: MATTHEW P. WADE PRESIDENT CA DRE# URBAN LAND ADVISORS 1400 Easton Drive, Suite 113 Bakersfield, CA (661) CA Corporate DRE# BID DEADLINE: Thursday, November 17, 2011

3 CONFIDENTIALITY AND DISCLAIMER The information contained in this offering material ( Brochure ) is confidential, furnished solely for the purpose of a review by a prospective purchaser of the +/ acre multi-family site located on the SEC of Allen Road & Reina Road in Bakersfield, CA (the Property ) and is not to be used for any other purpose or made available to any other person without the express written consent of Urban Land Advisors, Inc. ( ULA ). The material is based on information from sources that ULA deems reasonably reliable. No representations or warranties, either expressed or implied, is made by the Seller, ULA, or any of their respective affiliates, as to the accuracy or completeness of the information contained herein. Prospective purchasers should conduct their own independent due diligence, including but not limited to engineering and environmental inspections, to determine the condition of the Property and viability of its intended use and the existence of any potentially hazardous material located at the site. The Property is privately offered and by accepting this Brochure, the party to whom this Brochure is delivered agrees that its contents are confidential and to not copy, reproduce or otherwise disclose the Brochure or the information contained herein to anyone without the prior written authorization of ULA and the Seller. Seller and ULA expressly reserve the right to withdraw the property from sale consideration, reject any or all expressions of interest or offers to purchase the property and/or terminate discussions with any party at any time without notice. ULA is not authorized to make any representations, warranties or agreements on behalf of the Seller. Seller shall have no legal commitment to any prospective purchaser unless a written agreement for the purchase of the Property has been fully approved and executed by the Seller and any conditions to Seller s obligations there under have been satisfied in full or otherwise waived in writing by the Seller. BY ACCEPTING RECEIVE OF THE BROCHURE, BUYER ACKNOWLEDGES THAT ULA MAY ACT AS AN AGENT FOR MORE THAN ONE PROSPECTIVE BUYER ON THE SUBJECT PROPERTY AND/OR ACT AS THE AGENT FOR BOTH THE BUYER AND SELLER ON THE SUBJECT PROPERTY. ANY PROSPECTIVE BUYER REQUESTING ULA TO SUBMIT AN OFFER ON ITS BEHALF ACKNOWLEDGES THE FOREGOING DISCLOSURES AND AGREES TO THE DESCRIBED AGENCY RELATIONSHIPS WITH OTHER PROSPECTIVE BUYERS.

4 SUMMERLAND APARTMENTS General Information Item: Vacant Land Sale Type: Multi-family Address: SEC Allen Road and Reina Road City, County: Bakersfield, Kern County Property Information Acreage: Acreage: Frontage: Shape: gross acres ALTA Land Title Survey by Quad Knopf (July 07) acres Kern County Assessors Parcel Map 1,300 ft on Allen Road 630 ft on Reina Road Rectangular Parcel No.: Map Page: 2400-J7 Zoning: Topography: R-2; Multi-Family / HMR Designation Level Property Rights: Fee Simple Utilities: All electric, water, gas and sewer to perimeter of site Location: The property has a corner orientation on two arterial streets in northwest Bakersfield. This prime apartment site is ½ mile south of Frontier High School in North West Bakersfield, the newest and most rapidly developing area in the greater Bakersfield area. Services: City of Bakersfield and site is provided all municipal services, including police, fire and refuse garbage collection

5 PROPOSED DEVELOPMENT The property was previously proposed for a 328-unit garden-style apartment complex in the heart of the growth corridor in Northwest Bakersfield, just ½ mile south of new Frontier High School. The original development schedule had a planned construction commencement of June 2006 and with a proposed completion date of November 2008, with stabilization a year later in November Increasing demand for quality apartment rentals and high occupancy in Bakersfield has situated the site as the prime multi-family site in Northwest Bakersfield. The following information is made available for information purposes only, based on prior development plans that may or may not be feasible or achieve the maximum potential rental income for the Property. No. of Units Unit Type Unit Size Total SF Proposed Mo. Rent Rent Per SF Annual Total $ 72 1BR / 1BA 702 SF 50,544 SF $910 $1.30 $786, BR / 1BA 894 SF 64,368 SF $975 $1.09 $842, BR / 2BA 954 SF 15,264 SF $1,075 $1.13 $206, BR / 2BA w/g 954 SF 122,112 SF $1,075 $1.13 $1,651, BR / 2BA w/g 1,231 SF 49,240 SF $1,250 $1.02 $600, SF Avg 301,528 SF $1,038 $1.13 $4,086,240 Source: Compiled by CBRE 2007

6 NET OPERATING INCOME Income/Expense Total $ % EGI $/Unit INCOME (Pro Forma) Rental Income (5% Vacancy Factor) $3,881, % $11,835 Garage/Other Income 255, % 780 Effective Gross Income (EGI) $4,137, % $12,615 EXPENSES (Per CBRE 2007 Per Unit Costs) Real Estate Taxes $483, % $1,474 Property Insurance 96, % 295 Utilities 139, % 425 Repairs and Maintenance 311, % 950 Advertising 32, % 100 Administrative/Payroll 328, % 1,000 Management Fee (3% of EGI) 124, % 378 Reserves for Replacement 65, % 200 Total Operating Expenses $1,581, % $4,822 NET OPERATING INCOME (Pro Forma) $2,556, % $7,793 Source: CBRE 2007 /Developer Pro Forma Projection

7 BAKERSFIELD APARTMENT DEMAND Apartment rental demand has continued to strengthen since 2009 as average occupancy levels continue to strengthen and asking rents are increasing. While employment levels have stabilized, the combination of a increasing population, household growth and the influx of renters that have lost their home to foreclosure have served to increase demand against a backdrop of limited multi-family new construction permits Yr Ago Qtr Current Qtr Average Asking Rents $818 $836 $863 $834 $822 $826 $850 1-Yr Growth Rate 5.8% 2.2% 3.2% -3.4% -1.4% -1.8% 2.9% Average Occupancy Rate 95.4% 94.5% 94.2% 93.2% 95.6% 96.1% 96.6% 1-Year Growth Rate -0.9% -0.9% -0.3% -1.1% 2.6% 2.7% 0.5% Source: John Burns Real Estate Consulting (Sep 2011); RealFacts (100+ Units)

8 NORTHWEST BAKERSFIELD SITE AERIAL

9 REVISED TENTATIVE TRACT 6612

10 PROPOSED SITE PLAN

11 SITE PHOTOS

12 VICINITY PHOTOS