DOUGLASVILLE (ATLANTA) GEORGIA A MULTIFAMILY INVESTMENT OPPORTUNITY PRESENTED BY

Transcription

1 DOUGLASVILLE (ATLANTA) GEORGIA A MULTIFAMILY INVESTMENT OPPORTUNITY PRESENTED BY

2 JLL is pleased to present Wesley Pond ( Wesley ), a 246-unit apartment community located in the desirable west metropolitan Atlanta suburb of Douglasville, Georgia. Built in two phases in 1988 and 1996, the Property benefits from a superior location with immediate proximity to Interstate 20 providing best of market connectivity to 450,000+ jobs within a short commute. Douglasville offers a superior suburban lifestyle with premier shopping destinations, recreational amenities, historic charm and vibrant downtown. Wesley Pond represents a rare investment opportunity to acquire a premier asset at a fraction of the cost of like-type properties in more northern Atlanta locations. With no new development in the immediate submarket, the Property offers double-digit cash-on-cash returns, strong stable property performance, and a proven value-add opportunity. OFFERING HIGHLIGHTS Best of market connectivity - 450,000+ jobs within 30 minute commute Strong, double digit, cash-on-cash returns Attractive basis well below replacement cost with no new multifamily development pipeline Property proven value-add program receiving premiums of $120+ Income growth of 18.25% through last two years Organic growth of 5% from January average effective rents to most recent leases Premiere value-add asset at a fraction of the cost of like-type properties in more northern suburban locations UNIT MIX AND EFFECTIVE RENT SUMMARY Unit Type No. of Units % of Unit Mix Unit SF Effective Rent Effective Rent/SF 1BR - 1BA 50 20% 678 $717 $1.06 1BR - 1BA 50 20% 830 $764 $0.92 2BR - 1BA 54 22% 986 $813 $0.82 2BR - 1BA 7 3% 1,090 $945 $0.87 2BR - 2BA 50 20% 1,065 $857 $0.80 2BR - 2BA 14 6% 1,225 $948 $0.77 3BR - 2BA 21 9% 1,555 $1,039 $0.67 Totals / Averages % 973 $823 $0.85 * Rent Roll 2/12/2016 PROPERTY SUMMARY Address 3000 Highway 5, Douglasville, GA Year Built 1988/1996 Avg. Effective Rents $823 No. of Apartment Buildings 14 Avg. Effective Rent/SF $0.85 Net Rentable Area (SF) 239,329 No. of Floors 3 / 4 Avg. SF per Unit 973 Land Area (acres) Occupancy / Leased 94% / 96% Density 12 units / acre 2

3 DOWNTOWN DOUGLASVILLE 20+ Shops and Restaurants CUMBERLAND GALLERIA 30 Minute Drive 164,800+Jobs DOUGLAS COUNTY HIGH SCHOOL WELLSTAR DOUGLAS HOSPITAL PERIMETER CENTER 40 Minute Drive 123,000+ Jobs BUCKHEAD 36 Minute Drive 100,000+ Jobs ARBOR PLACE MALL 1.2M SF 120+ Stores DOWNTOWN/ MIDTOWN ATLANTA 30 Minute Drive 208,000+ Jobs WEST PINES GOLF CLUB I-20 89,500 VPD SOUTH ATLANTA 30 Minute Drive 81,000+ Jobs CARROLLTON 30 Minute Drive 14,000+ Jobs Bill Arp Rd/Hwy-5 Douglas Blvd ARBOR SQUARE SHOPPING CENTER AVG HOME VALUE: $338,920 AVERAGE HH INCOME $138,305 MARKET SQUARE SHOPPING CENTER 24,400 VPD 3

4 PREMIER WEST ATLANTA SUBURB PROVIDES BEST OF MARKET CONNECTIVITY TO 450,000+ JOBS 30 MINUTE DRIVE 30 MINUTE DRIVE 30 MINUTE DRIVE 30 MINUTE DRIVE CUMBERLAND- GALLERIA 164,803+ JOBS MIDTOWN 130,000+ JOBS DOWNTOWN 208,000+ JOBS CAROLLTON 14,000+ JOBS SOUTH ATLANTA 59,000+ JOBS Strategically located on I-20, Wesley Pond s location appeals to those who desire the best of suburban living while maintaining excellent connectivity to a powerhouse of economic centers, including: Downtown, Midtown, Cumberland-Galleria, South Atlanta, and Carrollton. With about 70% of the population in Douglasville commuting to these job centers for work, residents enjoy proximity to Blue Chip employers, an explosive retail market, and countless recreational amenities. Downtown & Midtown Over 31.7M SF of office 208,000+ Jobs Cumberland-Galleria Over 24M SF of office 164,803+ Jobs South Atlanta Poised to add over 16,100 new jobs ($2.2B in new investments) 81,000+ Jobs Carrollton Home to 14 international companies 14,000+ Jobs 4

5 DOUGLASVILLE: ATLANTA S THRIVING WESTERN SUBURB Douglasville offers a high quality of life, as evidenced by its population growth. From the Douglasville population grew by 47%, compared to Atlanta s growth rate of 30% during the same time period. WELLSTAR DOUGLAS HOSPITAL NOTABLE EMPLOYERS: McMaster-Carr 800+ Jobs Keurig Green Mountain 550 Jobs Google 350 Jobs FILM Recently Filmed Projects Include: The Founder Finding Carter (MTV series) Hunger Games: Mocking Jay Part 1 Hunger Games: Catching Fire MEDICAL: WellStar Douglas Hospital Jobs MedLine Industries 250 Jobs American Red Cross Southeast Blood Processing Center 450 Jobs RECREATION Downtown Douglasville 20+ Shops And Restaurants. West Pines Golf Club 18-Hole Public Golf Course. Sweetwater Creek State Park 9 Miles of wooded trails and 2015-acre lake. DOWNTOWN DOUGLASVILLE SWEETWATER CREEK STATE PARK 5

6 DOUBLE DIGIT CASH-ON-CASH RETURNS WITH PROPERTY PROVEN VALUE-ADD OPPORTUNITY The opportunity exists to acquire Wesley Pond at a very compelling basis and yield relative to other like-type suburban asset sales. Year one cash-on-cash returns are projected to be 10%+, providing investors with an extremely attractive yield throughout the hold period. Further bolstering these returns, the Property s next owner has the opportunity to capture an embedded $44/unit increase in average rents by rolling all in-place rents to today s recent lease levels, adding $121,968 in annual income. Furthermore, the opportunity exists to continue full interior renovations for the remaining 139 non-renovated units in order to capture a proven $120+/month rent premium. Upgrading the remaining non-renovated unit rents to match the level of the most recent renovations, would generate an additional $200,160-$250,200 in annual income. In addition, by elevating the 104 previously renovated units (2008 and 2014 vintage renovations) to these recent renovation levels would generate an additional $49,920 - $87,360 in income, for a total of $250,080 -$337,560 in additional annual income. A continuation of these top tier renovations at Wesley Pond would enable the Property to meet and exceed the rents achieved by competitors. NONRENOVATED FULLY UPGRADED 2015 # of Units Proposed Rent Premium NOI Increase Non Renovated 139 $120-$150 $200,160 - $250,200 Previously Renovated 2008/ $40-$70 $49,920 - $87,360 Total $250,080 - $337,560 6

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8 3000 Highway 5, Douglasville, GA EXCLUSIVELY PRESENTED BY JONES LANG LASALLE AMERICAS, INC. DIRECTIONS From Atlanta Hartsfield-Jackson International Airport: Take Camp Creek Pkwy 2.9 miles, merge onto I-285 N 7.2 miles, take Exit 10B for I-20 W toward Tom Murphy Fwy/Birmingham 0.7 miles, merge onto I-20 W/Tom Murphy Fwy 1.2 miles, keep left to continue on I-20 W 14.4 miles, take Exit 34 for GA-5 toward Douglasville 0.2 miles, use the left 2 lanes to turn left onto GA-5 S/ Bill Arp Rd 1.0 miles, turn right onto Plaza Pkwy 472 ft, turn left at the first cross street onto Bill Arp Rd 0.3 miles, Property will be on your right. CONTACTS Derrick Bloom Managing Director derrick.bloom@am.jll.com Russ Hardy Vice President russ.hardy@am.jll.com 3344 Peachtree Road NE Suite 1100 Atlanta Georgia David Gutting Managing Director david.gutting@am.jll.com Melissa Foraker Analyst melissa.foraker@am.jll.com I-20 DOUGLASVILLE PERIMETER CENTER CUMBERLAND - GALLERIA MIDTOWN ATLANTA HARTSFIELD - JACKSON INTL AIRPORT Disclaimer Neither the Owner nor Jones Lang LaSalle nor any of their respective officers, agents or principals has made or will make any representations or warranties, expressed or implied as to the accuracy or completeness of the Flyer or any of the contents, and no legal commitment or obligation shall arise by reason of this Flyer or the Contents. By accepting or accessing information applicable to the Property, the user agrees that the owner of the Property, including its affiliates, agents (collectively, the Owner ) or Jones Join us on Twitter & visit us at Lang LaSalle accept no responsibility for errors or omissions in any such Property related information, whether now or hereafter obtained (collectively, the Property Information ). The Property Information is subject to errors, omissions, changes and other conditions, withdrawal without notice, and to any special listing conditions now or hereafter imposed, and is not to be relied upon without Owner s prior written permission. Owner accepts no, and expressly disclaims any, duty to update or revise the Property Information even if it becomes aware of an inaccuracy and/or omission.