Meade Street Flats W 38 th Ave, Denver, CO OFFERING MEMORANDUM PRESENTED BY: GREG PRICE & RAMIN KHAN

Transcription

1 Meade Street Flats 3674 W 38 th Ave, Denver, CO OFFERING MEMORANDUM PRESENTED BY: GREG PRICE & RAMIN KHAN

2 N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E Non-Endorsements Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. Disclaimer THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Â 2017 Marcus & Millichap. All rights reserved MEADE ST Denver, CO ACT ID Z

3 E X C L U S I V L E Y L I S T E D B Y Greg Price First Vice President Investments Senior Director - National Multi Housing Group Denver Office Tel: (303) Fax: (303) greg.price@marcusmillichap.com License: CO FA Ramin Khan Associate Associate Member - National Multi Housing Group Denver Office Tel: (303) Fax: (303) ramin.khan@marcusmillichap.com License: CO FA

4 OFFERING TERMS OFFERING PROCEDURES Marcus & Millichap is pleased to exclusively offer The Meade Street Flats, a 44-unit, podium construction, multi-family property, in the highly desirable West Highland Neighborhood of Denver, CO. This is a Pre-Sale opportunity. Price: PRICE DETERMINED BY MARKET Purchasers wishing to make an offer should submit: Letter of Intent Proof of Funds and Banking References Resume (including a list of other investment real estate owned past or present) At the time that the Owners select a Purchaser, they will have considered a number of factors which include: price, contingency time frame(s), track record, and the perceived ability of potential purchasers to complete the contemplated transaction. Therefore, interested purchasers are encouraged to submit as much of the above information as possible with the Letter of Intent. All communication, inquiries, and requests, including property tours, should be addressed to the Marcus & Millichap listing agents. We ask that you do not contact the Owners or anyone at the property directly. This is a pre-sale opportunity once contract is executed by both parties, the site plan will be submitted for approval. To Schedule a Tour, Please Contact Ramin Khan: ramin.khan@marcusmillichap.com Call for Offers Date: TBD 4

5 TABLE OF CONTENTS SECTION INVESTMENT OVERVIEW 01 Offering Summary Regional Map Local Map Aerial Photo FINANCIAL ANALYSIS 02 Rent Roll Summary Rent Roll Detail Operating Statement Notes Pricing Detail Acquisition Financing Growth Rate Projections Cash Flow MARKET COMPARABLES 03 Comparables Rent Comparables MARKET OVERVIEW 04 Market Analysis Demographic Analysis

6 INVESTMENT OVERVIEW 6

7 PROPERTY OVERVIEW PROJECT DESCRIPTION The corner of 38th and Meade is a highly desirable location in a vibrant and dynamic area in the Highlands area of Denver. This project is a unique opportunity to purchase a new, contemporary-styled, high quality, 44-unit apartment building with a mix of one-bedroom and twobedroom units ranging from square feet. The building will be composed of concrete podium to provide resident parking in the foundation. The parking will be linked to the community by an elevator. Other amenities include a fitness center, central mail and package distribution location, and roof top entertainment space. The developer has a track record of success in Denver and has been delivering residential projects since The developer has a proven skill set of financial responsibility, attention to detail, quality design sense, management and retention of quality subcontractors, and adherence to schedule. In today's construction climate, the control of the general contractor and the subcontractors is critical to delivering a project on time and on budget. The developer is experienced as a general contractor and will fill that role on this project. As such, the developer's experience effectively controlling the construction supervisory staff and the ability to hire known and qualified subcontractors is critical. With experience earned on other developments, the developer has created a successful network to source cabinetry, plumbing fixtures and other finish specialties directly. These elements make a unique impression to the prospective resident and positively differentiate the community in a competitive market. The financial projections are based on current rents at comparable properties and assume professional management and leasing. A conservative approach has been taken to set realistic expectations for the future owner. 7

8 DEVELOPER EXPERIENCE: PAST PROJECTS PROPERTY OVERVIEW (1) TEATRO HOTEL- (120) Rooms/ Historic Renovation at Five Star Level; Year Completed: 1998 (2) FLOUR MILL LOFTS - (17) High End Lofts/ Renovation of Industrial Flour Mill; Year Completed: 1999 (3) PALACE LOFTS - (136) High End Lofts/ 250 Parking Spaces; Year Completed: 2000 (4) 1899 WYNKOOP 175,000 SF/ Class-A Office Building in Lower Downtown; Year Completed: 2001 (5) NO. 25 DOWNING / TWO TOWERS - (71) Luxury Condominiums/ 150 Parking Spaces; Year Completed: 2001 (6) 16 MARKET SQUARE 183,000 SF of Class-A Office Space and Retail Area/25 Penthouse Condominiums/ 275 Parking Spaces; Year Completed: 2002 (7) ATRIUM LOFTS/ RETAIL/ PARKING GARAGE STRUCTURE - (18) High End Lofts/ Retail Space/ 298 Parking SpacesYear Completed: 2003 (8) STADIUM WALK PROJECT Re-development of Entire City Block into Commercial/ Retail/ Residential; Year Completed: 2003 (9) WATERSIDE LOFTS - (167) High End Lofts/ 250 Parking Spaces; Year Completed: 2003 (10) COLORADO CENTER (PHASE I & II) OFFICE BUILDINGS Phase I - 240,000 SF of Class-A Office Space/ 400 Car Parking Garage Phase II - 252,700 SF of Class-A Office Space/ 800 Car Garage; Year Completed: 2006 (11) JEFFERSON PARK TOWNHOMES - (9) Luxury Townhomes; Year Completed: 2007 (12) CAMPUS VILLAGE STUDENT HOUSING: DENVER - (650) Apartment Student Lofts/ 550 Parking Spaces; Year Completed: 2008 (13) CLAYTON LANE/MIXED-USE PROJECT (9.0 ACRES) -(130,000)SF of New Retail Development(160,000)SF of Janus Office Space (196) Room JW Marriott Hotel and Restaurant, Spa and Retail (25) Luxury Residential Condominiums New Sears Auto Center (5,000) SF of Outdoor Special Event Space; Year Completed: 2009 (14) TENNYSON -7 TOWNHOMES (7) Luxury Townhomes; Year Completed: 2012 (15) FOUR SEASONS HOTEL AND COMDOMINIUMS: DENVER - (105)High End Residences/ (220) Hotel rooms - High Rise; Year Completed: 2014 (16) NAVAJO-STOWNHOMES (8)Luxury Townhomes; Year Completed: 2015 (17)PECOS-15 SINGLE FAMILY AND TOWNHOMES (15)Luxury Homes; Year Completed: 2017 Parking 8

9 PROPERTY OVERVIEW LOCATION ENTERTAINMENT AMENITIES The Meade Street Flats are located in the thriving West Highlands neighborhood, nestled in between Berkeley and the Highlands, just minutes outside of downtown Denver. In an area filled with local eateries, boutiques, and specialty shops, this development will be surrounded by all the excitement of Denver while meeting the appeal of quieter residential neighborhoods. From tiny bookstores and eclectic coffee shops to big-name shopping centers and restaurants and everything in between West Highlands can offer something different to everyone. The surrounding Highlands/Berkeley neighborhoods are undoubtedly recognized for beauty and charm, however, they also have terrific accessibility to surrounding amenities. Berkeley is filled with unique dining spots, like Parisi, Denver Biscuit Company, and Hops n Pie. Tennyson Street is popular because of all of its restaurant options, but also hosts many breweries and craft beer spots like Local 46, Call to Arms, and Berkeley Untapped. Additionally, the area is home to Scheitler at Berkeley Park Recreation Center, the Smiley Branch of Denver Public Libraries, Lakeside Amusement Park, the Lakeside Shopping Center, and so much more. Between Berkeley s walk-score at 84 and West Highlands at 78, residents and visitors will be sure to easily find their way to all of the local attractions. Beyond the excitement of the social amenities within Berkeley/West Highlands, there are also plenty of necessities in the vicinity as well. Nearby schools include Centennial K-8, Arrupe Jesuit High School, Skinner Middle, and Edison Elementary (most of which are within walking distance, ranging from miles of the development). Regis is the nearest University at just 1.4 miles to the north. There are also several hospitals all throughout Denver the closest to this property being the New West Physicians. Hospitals play a huge part in employment in Denver, but more of the area s top employers within a 5 mile radius of the property can be seen below: # COMPANY NAME EMPLOYEES DISTANCE (MI.) 1 Omaha Holdings LLC 5, Colorado Department Human Svc 5, State of Colorado 5, Arvada Hse Prsrvtion Ltd Prtnr 3, Power Company of Wyoming LLC 2, # COMPANY NAME EMPLOYEES DISTANCE (MI.) 6 St Joseph Hospital Inc 2, Lutheran Medical Center 2, Saint Joseph Hospital Inc 2, Directv Spt Net Rocky MTS LLC 1, Optiv Security Inc 1,

10 PROPERTY OVERVIEW SUMMARY OF TERMS INVESTMENT DESCRIPTION On the corner of 38 th and Meade, The Meade Street Flats presents a unique opportunity to purchase a 44- unit, podium construction, multi-family property. TERMS OF SALE Seller is looking for buyer to participate in the equity contribution throughout the construction process. Any buyer equity contribution amount will be applied to the down payment at Closing, after lease-up. SCHEDULE Property is slated to be completed in 17 to 21 months Entitlements: Three to Six Months Construction: Twelve Months Lease Up: Two to Three Months 10

11 N Lakeside Shopping Center AERIAL PHOTO Edison Elementary Arrupe Jesuit High Centennial K-8 Skinner Middle SUBJECT PROPERTY Downtown Denver

12 PROPERTY OVERVIEW - SITE 12

13 PROPERTY OVERVIEW - SITE 13

14 PROPERTY OVERVIEW - SITE 14

15 PROPERTY OVERVIEW - SITE 15

16 PROPERTY OVERVIEW - SITE 16

17 PROPERTY OVERVIEW - SITE 17

18 PROPERTY OVERVIEW - SITE 18

19 FINANCIAL ANALYSIS 19

20 RENT ROLL SUMMARY FINANCIAL ANALYSIS 20

21 RENT ROLL DETAIL FINANCIAL ANALYSIS 21

22 RENT ROLL DETAIL FINANCIAL ANALYSIS 22

23 OPERATING STATEMENT FINANCIAL ANALYSIS 23

24 PRICING DETAIL FINANCIAL ANALYSIS 24

25 GROWTH RATE PROJECTIONS FINANCIAL ANALYSIS 25

26 CASH FLOW FINANCIAL ANALYSIS 26

27 MARKET COMPARABLES 27

28 SALES COMPARABLES MAP 3778 MEADE ST (SUBJECT) Line 28 at LoHi Highlands 32 Griffis North Union Highland Place LoHi Gold SALES COMPARABLES 28

29 MEADE PROPERTY STREET NAME FLATS SALES COMPARABLES SALES COMPS AVG SALES COMPARABLES Average Price Per Square Foot Average Price Per Unit $ $400,000 $ Avg. $ $360,000 Avg. $355,567 $ $320,000 $ $280,000 $ $240,000 $ $200,000 $ $160,000 $ $120,000 $ $80,000 $60.00 $40,000 $ Meade St Line 28 at LoHi Highlands 32 Griffis North Union Highland Place LoHi Gold $ Meade St Line 28 at LoHi Highlands 32 Griffis North Union Highland Place LoHi Gold 29

30 MEADE PROPERTY STREET NAME FLATS SALES MARKETING COMPARABLES TEAM SALES COMPARABLES MEADE STREET FLATS 3674 W 38th Ave, Denver, CO, LINE 28 AT LOHI 1560 Boulder St, Denver, CO, HIGHLANDS Lowell Blvd, Denver, CO, rentpropertyname1 rentpropertyname1 rentpropertyname1 Units Unit Type Price/Unit: $ Bdr 1 Bath Total No. of Units: Bdr 1 Bath Year Built: Bdr 2 Bath Underwriting Criteria Income $771,686 Expenses $203,510 NOI $568,175 Vacancy ($33,329) rentpropertyaddress1 Units Unit Type Close Of Escrow: 8/18/ Studio 1 Bath Sales Price: $46,694, Bdr 1 Bath Price/Unit: $359, Bdr 1 Bath Price/SF: $ Bdr 2 Bath CAP Rate: 4.17% Total No. of Units: 130 Year Built: 2013 rentpropertyaddress1 Units Unit Type Close Of Escrow: 12/19/ Studio 1 Bath Sales Price: $58,730, Bdr 1 Bath Price/Unit: $396, Bdr 2 Bath Price/SF: $ CAP Rate: 4.10% Total No. of Units: 148 Year Built: 2017 rentpropertyaddress1 NOTES Unit Amenities: Stainless Steel Appliances, Quartz Countertops, Custom Kitchen Cabinets, Contemporary Plumbing Fixtures Site Amenities: Fitness Center, Central Mail/ Distribution Location, Rooftop Entertainment Terrace, Parking Parking: 33 Covered Spots;.73 Per Unit NOTES Unit Amenities: Dishwasher, Fan, Patio/ Balcony, Washer & Dryer Site Amenities: Pool, Fitness Center, Clubhouse, Controlled Access Parking: 191 Covered Spaces; 1.47 Per Unit NOTES Unit Amenities: Designer Kitchens, Quartz Counters, Euro-style Cabinets, Stainless Steel Appliances, Hardwood Floors, Washer & Dryer, Storage Site Amenities: Resident Lounge, Fitness Center, Rooftop Terrace, Parking, Storage Parking: 154 Covered Spaces; 1.04 Per Unit 30

31 MEADE PROPERTY STREET NAME FLATS SALES MARKETING COMPARABLES TEAM SALES COMPARABLES GRIFFIS NORTH UNION 2975 Huron St, Denver, CO, HIGHLAND PLACE 3380 W 38th Ave, Denver, CO, LOHI GOLD 2424 W Caithness Pl, Denver, CO, rentpropertyname1 rentpropertyname1 Units Unit Type Close Of Escrow: 12/15/ Studio 1 Bath Sales Price: $100,500, Bdr 1 Bath Price/Unit: $339, Bdr 2 Bath Price/SF: $ Bdr 2 Bath CAP Rate: 5.15% Total No. of Units: 296 Year Built: 2016 Units Unit Type Close Of Escrow: 1/12/ Studio 1 Bath Sales Price: $24,500, Bdr 1 Bath Price/Unit: $360, Bdr 2 Bath Price/SF: $ Total No. of Units: 68 Year Built: 2015 Units Unit Type Close Of Escrow: 6/24/ Studio 1 Bath Sales Price: $40,250, Bdr 1 Bath Price/Unit: $322, Bdr 2 Bath Price/SF: $ CAP Rate: 4.45% Total No. of Units: 125 Year Built: 2012 rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1 NOTES Unit Amenities: Flank Hardwood Flooring, Stainless Steel Appliances, Graphite Countertops, Washer & Dryer, Walk-in closets, Private Terraces and Balconies. Site Amenities:Fitness Center, Private Screening Room, Clubhouse, Billiards Lounge, Pool, 24-hour Maintenance Parking: 350 Covered Spaces; 1.18 Per Unit NOTES Unit Amenities: Hardwood Floors, Ceiling Fan, Private Balcony, Washer & Dryer Site Amenities: Controlled Access, Fitness Center, Storage, BBQ Parking: 85 Covered Spaces; 1.25 Per Unit NOTES Unit Amenities: Quartz Countertops, Stainless Steel Appliances, Faux Wood Plank Flooring, Washer & Dryer Site Amenities: Fitness Center, Bicycle Repair Station, Outdoor Terrace Parking: 97 Covered Spaces, 57 Open Spaces; 1.2 Per Unit 31

32 8 RENT COMPARABLES MAP 3778 MEADE ST (SUBJECT) Highland Place Alexan West Highland The Colewood Tennyson Place Line 28 at LoHi Highlands Eliot Street Apartments

33 MEADE PROPERTY STREET NAME FLATS AVERAGE RENT - MULTIFAMILY RENT COMPARABLES 1 Bedroom 2 Bedroom $2,000 $1,800 Avg. $1,762 $4,000 $3,600 $1,600 $3,200 Avg. $2,753 $1,400 $2,800 $1,200 $2,400 $1,000 $2,000 $800 $1,600 $600 $1,200 $400 $800 $200 $400 $ Meade St Highland Place Alexan West Highland The Colewood Tennyson Place Line 28 at LoHi Highlands Eliot Street Apartments $ Meade St Highland Place Alexan West Highland The Colewood Tennyson Place Line 28 at LoHi Highlands Eliot Street Apartments 33

34 MEADE PROPERTY STREET NAME FLATS RENT COMPARABLES AVERAGE PSF - MULTIFAMILY $3.10 $3.00 $2.90 $2.80 $2.70 $2.60 $2.50 $2.40 $2.87 $2.85 $2.76 $2.91 $3.05 $3.04 $2.59 $2.87 $2.87 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $2.80 $2.89 $2.39 $2.56 $3.09 $2.89 $3.00 $2.80 $2.30 $- 34

35 MEADE PROPERTY STREET NAME FLATS RENT MARKETING COMPARABLES TEAM MEADE rentpropertyname1 STREET FLATS 3674 W 38th Ave, Denver, CO, rentpropertyaddress1 HIGHLAND PLACE 3380 W 38th Ave, Denver, CO, ALEXAN WEST HIGHLAND 3550 W 38th Ave, Denver, CO, rentpropertyname1 rentpropertyname1 rentpropertyname1 Unit Type Units SF Rent Rent/SF 1 Bdr 1 Bath $1,297 $ Bdr 1 Bath $1,960 $ Bdr 2 Bath $2,296 $2.80 Total/Avg $1,403 $2.87 Unit Type Units SF Rent Rent/SF Studio 1 Bath $1,420 $ Bdr 1 Bath $1,740 $ Bdr 2 Bath $2,240 $2.39 Total/Avg $1,711 $2.72 Unit Type Units SF Rent Rent/SF Studio 1 Bath $1,670 $ Bdr 1 Bath $1,900 $ Bdr 2 Bath 57 1,060 $2,710 $2.56 Total/Avg $1,970 $2.82 YEAR BUILT: 2019 NOTES Unit Amenities: Stainless Steel Appliances, Quartz Countertops, Custom Kitchen Cabinets, Contemporary Plumbing Fixtures rentpropertyaddress1 Site Amenities: Fitness Center, Central Mail/ Distribution Location, Rooftop Entertainment Terrace, Parking Parking: 33 Covered Spaces;.73 Per Unit Tenant Paid Utilities: Gas, Electric, Water, Trash INCOME: Rents increase $100 with parking Unit Mix: 1 BR/ 1 BA, 2 BR/ 1 BA, 2 BR/ 2 BA YEAR BUILT: 2015 NOTES Unit Amenities: Hardwood Floors, Ceiling Fan, Private Balcony, Washer & Dryer rentpropertyaddress1 Site Amenities: Controlled Access, Fitness Center, Storage, BBQ Tenant Paid Utilities: Electric, Gas, Water, Trash Parking: 85 Covered Spaces; 1.25 Per Unit INCOME: Rents increase $100 with covered, underground garage parking (50 of which include 6'x2'x2' hydraulic storage units). YEAR BUILT: 2017 NOTES Unit Amenities: Stainless Steel Appliances, Private Balcony/ Patio, Quartz Countertops, Tiled Back-splashes, rentpropertyaddress1 USB Ports in Kitchen and Bedrooms Site Amenities: Clubhouse, Controlled Access, BBQ, Bike Repair, Pool, Pet Park, Fitness Room Tenant Paid Utilities: Gas, Electric, Water, Trash Parking: 342 Covered Spaces; 1.06 Per Unit INCOME: Rents increase $100 with covered, community garage parking (492 total spaces, with 45 reserved for retail and 50 shared). 35

36 MEADE PROPERTY STREET NAME FLATS RENT MARKETING COMPARABLES TEAM THE COLEWOOD 3860 Tennyson St, Denver, CO, TENNYSON PLACE 4400 W 39th Ave, Denver, CO, LINE 28 AT LOHI 1560 Boulder St, Denver, CO, rentpropertyname1 rentpropertyname1 rentpropertyname1 Unit Type Units SF Rent Rent/SF Studio 1 Bath $1,882 $ Bdr 1 Bath $1,786 $ Bdr 2 Bath 3 1,075 $3,323 $3.09 Total/Avg $1,894 $3.04 Unit Type Units SF Rent Rent/SF Studio 1 Bath $1,435 $ Bdr 1 Bath $1,780 $3.04 Total/Avg $1,554 $3.09 Unit Type Units SF Rent Rent/SF Studio 1 Bath $1,524 $ Bdr 1 Bath $1,725 $ Bdr 2 Bath $2,850 $2.89 Total/Avg $1,933 $2.81 YEAR BUILT: 2018 NOTES Unit Amenities: Exposed Brick and Wood, Quartz Countertops, Kitchen Island, Stainless Steel Appliances, Private Decks and Balconies rentpropertyaddress1 Site Amenities: Controlled Access, Fireplace & Outdoor Terrace, View Lounge Tenant Paid Utilities: Gas, Water, Electric, Trash INCOME: Rents increase $100 with covered, community garage parking Delivered 1/2018 YEAR BUILT: 2017 NOTES Unit Amenities: Balcony, A/C, Washer & Dryer, Stainless Steel Appliances, Stone Counters rentpropertyaddress1 Site Amenities: Clubhouse, Storage, BBQ Common Area, Fitness Center, Pet Spa, On-site Maintenance, Deck, Business Center Tenant Paid Utilities: Gas, Water, Electric, Trash Parking: 73 Covered Spaces;.9 Per Unit INCOME: Rents increase $100 with covered, community garage parking (2 levels underground) and $75 with storage locker. One Model G is guest suite, renting for $120 nightly YEAR BUILT: 2013 NOTES Unit Amenities: Dishwasher, Fan, Patio/ Balcony, Washer & Dryer rentpropertyaddress1 Site Amenities: Pool, Fitness Center, Clubhouse, Controlled Access Tenant Paid Utilities: Gas, Electric, Water, Trash Parking: 191 Covered Spaces; 1.47 Per Unit INCOME: Rents increase $150 with additional covered, underground garage parking. 56 bike storage and 40 storage spaces are available for rent 36

37 MEADE PROPERTY STREET NAME FLATS RENT MARKETING COMPARABLES TEAM HIGHLANDS Lowell Blvd, Denver, CO, ELIOT STREET APARTMENTS 2525 Eliot St, Denver, CO, rentpropertyname1 rentpropertyname1 rentpropertyname1 Unit Type Units SF Rent Rent/SF Studio 1 Bath $1,633 $ Bdr 1 Bath $1,979 $ Bdr 2 Bath 27 1,014 $3,045 $3.00 Total/Avg $2,075 $2.99 Unit Type Units SF Rent Rent/SF 1 Bdr 1 Bath $1,425 $ Bdr 1 Bath $2,250 $ Bdr 2 Bath $2,700 $2.78 Total/Avg $1,888 $2.91 YEAR BUILT: 2017 NOTES Unit Amenities: Designer Kitchens, Quartz Counters, Euro-style Cabinets, Stainless Steel Appliances, rentpropertyaddress1 Hardwood Floors, Washer & Dryer, Storage Site Amenities: Resident Lounge, Fitness Center, Rooftop Terrace, Parking, Storage Tenant Paid Utilities: Gas, Electric, Water, Trash Parking: 154 Covered Spaces; 1.04 Per Unit INCOME: Rents increase $50 for storage locker and $75 (single) or $180 (tandem) for covered, community garage parking. YEAR BUILT: 2017 NOTES Unit Amenities: Stainless Steel Appliances, Granite Countertops, Hardwood Floors rentpropertyaddress1 Site Amenities: Controlled Access, Fitness Center, Storage, Clubhouse, Rooftop Lounge, BBQ, Tenant Paid Utilities: Water, Sewer, Trash, Gas, Electric Parking: 76 Covered Spaces;.7 Per Unit INCOME: Rents increase $85 for single and $125 with tandem spaces (2- level garage, 1 below and 1 above-ground--8 reflected spaces are tandem). rentpropertyaddress1 37

38 NATIONAL AND DENVER METRO MARKET OVERVIEW 38

39 DENVER OVERVIEW MARKET OVERVIEW The Denver-Aurora-Lakewood metro consists of 10 counties: Broomfield, Arapahoe, Denver, Adams, Douglas, Jefferson, Clear Creek, Elbert, Gilpin and Park counties. Denver, which is both a county and a city, is the largest of each, with approximately 700,000 residents. The metro is at the center of Colorado s Front Range, nestled at the convergence of the Great Plains and the majestic Rocky Mountains. The eastern and northern reaches of the metro are expected to receive the majority of future development, as land in these areas is relatively flat and more affordable. Denver s elevation of 5,280 feet above sea level provides it with the nickname Mile-High City. METRO HIGHLIGHTS MAJOR TRANSPORTATION CENTER Denver serves as the vital transportation gateway to the West, with a well-developed infrastructure. The region is accessed by three interstates and two freight rail lines. EMPHASIS ON SKILLED JOBS Denver s highly educated labor force attracts tech employers. Roughly 40 percent of residents age 25 and older hold at least a bachelor s degree. GROWING ALTERNATIVE ENERGY SECTOR The National Renewable Energy Laboratory located in Golden helps lure energy-related businesses to the region. 39

40 MARKET OVERVIEW ECONOMY Key drivers of the region s economy include aerospace, bioscience, energy, financial services, healthcare, aviation, information technology and telecommunications. Denver s economy is expanding, with the annual change in gross metropolitan product (GMP) expected to reach 3.3 percent this year. Many of Denver s largest employers are in population-serving businesses such as retail and healthcare, and their expansion will track a rise in population and income growth. There are 10 Fortune 500 companies located in the metro, including Arrow Electronics, DISH Network and Liberty Interactive. MAJOR AREA EMPLOYERS HealthONE Corp. CenturyLink Centura Health Kaiser Permanente Lockheed Martin Corp. DISH Network Wells Fargo Bank University of Colorado System United Airlines Inc. SCL Health System * Forecast SHARE OF 2016 TOTAL EMPLOYMENT 5% MANUFACTURING 18% PROFESSIONAL AND BUSINESS SERVICES 14% 11% 7% GOVERNMENT LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES 18% TRADE, TRANSPORTATION AND UTILITIES 7% CONSTRUCTION + 13% EDUCATION AND HEALTH SERVICES 3% INFORMATION 4% OTHER SERVICES 40

41 MARKET OVERVIEW DEMOGRAPHICS Rapid employment growth fuels in-migration. The metro is expected to gain more than 165,000 new residents during the next five years. Through 2021, the median household income is expected to rise 14 percent and well above the national median. Elevated incomes have allowed nearly 63 percent of households to own their homes, slightly below the national rate, maintaining rental demand Population by Age 6% 0-4 YEARS 20% 5-19 YEARS 6% YEARS 30% YEARS 26% YEARS 12% 65+ YEARS 2016 POPULATION: 2.8M Growth *: 5.9% 2016 HOUSEHOLDS: 1.1M Growth *: 6.5% 2016 MEDIAN AGE: 36.2 U.S. Median: MEDIAN HOUSEHOLD INCOME: $67,200 U.S. Median: $54,500 QUALITY OF LIFE The Denver metro area offers residents urban and rural surroundings, in addition to exciting nightlife and outdoor fun. Four professional sports teams play in venues within a short walk or drive of downtown Denver. The local arts community is vibrant and the city s large park system provides relaxing opportunities to enjoy the outdoors. The lure of the Rocky Mountains keeps residents active. Rocky Mountain National Park is less than two hours from the metro and offers numerous campsites and hiking trails. Avid skiers and snowboarders are close to world-class ski resorts, such as Vail, Beaver Creek and Copper Mountain. The Denver metro will continue to grow as the area s high quality of life attracts new residents. ARTS & ENTERTAINMENT * Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody s Analytics; U.S. Census Bureau 41

42 MARKET OVERVIEW DENVER METRO AREA Amid Soaring Home Prices and High In-Migration, Demand Keeps Investors Digging for Opportunities Inflow of young renters drives demand. In 2018, tech firms will provide a slew of employment opportunities to incoming residents, contributing to a tremendous boost in the 20- to 34-year-old population cohort. With single-family home prices rising far above the national median in past years, residents find apartment leasing an attractive alternative to the costly, long-term commitment of a mortgage. Strong rental demand has resulted in an influx of new supply in recent years and heightened construction activity in 2018, particularly in the downtown area and in the adjacent Five Points and Highland neighborhoods. Denver has experienced healthy absorption over the last several years and will continue that trend in the next four quarters as more than 12,000 rentals are slated for delivery. Amid robust demand, vacancy rates will remain near the 6 percent mark in the coming year. Older units present buyers with extensive options. As Denver s allure intensifies, the market s average rent will climb above the $1,500 mark in 2018, at a pace considerably faster than the national rate. While residents seek the modern amenities found in new projects, many search for recently upgraded properties that come at a lower price, including a number of complexes in the western suburbs of Lakewood and Littleton. Here, an abundance of Class B and C buildings exist, many of them newly renovated from mid-20th century construction. Private investors will continue to target these properties this year as initial returns have been historically favorable in the 6 percent span. Class B units in the northern sections of the metro, such as Westminster and Broomfield, have attracted institutional investors. These complexes offer value-add opportunities, supporting potentially high revenue growth and first-year yields in the 5 percent range. * Estimate; ** Forecast; Through 3Q; Trailing 12-month average Sources: CoStar Group, Inc.; MPF Research; Real Capital Analytics 42

43 MARKET OVERVIEW DENVER METRO AREA 2018 Market Forecast NMI Rank 14, down 1 place Supply outstrips demand, edging Denver down one position in the NMI. Employment up 1.4% Employers will add 20,000 new hires to payroll in 2018, up from approximately 17,000 in the previous 12 months. Construction 12,300 units Completions will remain elevated in 2018 as more than 12,000 rentals are added to inventory, the third most since the turn of the millennium. Last year, 12,500 units were completed. Vacancy up 50 bps The continued building boom will push the vacancy rate to 6.3 percent this year despite the absorption of roughly 10,000 units. Rent up 6.8% Following a 7.2 percent hike last year, rent growth will ease in 2018 due to heightened deliveries. The average effective rent will rise to $1,550. Investment A competitive bidding environment will evolve as limited listings retain a tight buyer and seller gap, resulting in a healthy investment climate. * Estimate ** Forecast Sources: Marcus & Millichap Research Services; CoStar Group, Inc.; Real Capital Analytics 43

44 MARKET OVERVIEW 2018 NATIONAL MULTIFAMILY INDEX U.S. Multifamily Index Coastal Markets Top National Multifamily Index; Several Unique Markets Climb Ranks Trading places. Seattle-Tacoma leads this year s Index after moving up one notch, driven by robust employment in the tech sector and soaring home prices that keep rental demand ahead of elevated deliveries. The metro outperforms last year s leader, Los Angeles (#2), which slid one spot. Midwest metro Minneapolis-St. Paul (#3) rose one notch as its diverse economy generates steady job growth and robust rental demand, maintaining one of the lowest vacancy rates among larger U.S. markets. San Diego (#4) jumped five spots as deliveries slump while household formation proliferates, resulting in sizable rent growth. Portland (#5) inches up a slot to round out the top five markets. East Coast markets fill the next two positions: Boston (#6) moves down three slots as rent growth slows while vacancy ticks up, and New York City (#7) rises three places as stout renter demand holds vacancy tight. Index reshuffles with big moves. Sacramento (#8) posted the largest increase in the Index, vaulting 12 positions to lead a string of California markets that fill the next five slots. Robust rent growth and low vacancy pushed the market up in the ranking. Other double-digit movers were Orlando (#17) and Detroit (#28), which each leaped 10 places. Employment gains and in-migration are generating the need for apartments in Orlando, maintaining ample rent advancement. In Detroit, steady employment and a slow construction pipeline keep demand above supply, allowing rents to flourish. The most significant declines were registered in Austin, Nashville and Baltimore. Austin (#31) tumbled nine spaces as elevated deliveries overwhelm demand slowing rent growth. Nashville (#35) and Baltimore (#45) each moved down six steps as demand has yet to absorb multiple years of elevated inventory gains. Although Kansas City (#46) retains the bottom slot, there is greater change in the lower half of the NMI as more Midwest markets rise. 44

45 MARKET OVERVIEW U.S. ECONOMY Growth Cycle Invigorated by Confidence; Tax Laws Could Transform Housing Tight labor market restrains hiring as confidence surges. The steady economic tailwind benefiting apartment performance is poised to carry through 2018 as a range of positive factors align to support growth. Consumer confidence recently reached its highest point since 2000 while small-business sentiment attained a 31-year record level, both reinforcing indications that consumption and hiring will be strong. The total number of job openings has hovered in the low-6 million range through much of 2017, illustrating that companies have considerable staffing needs, but with unemployment entrenched near 4 percent, companies will continue to face challenges in filling available positions. These tight labor conditions should place additional upward pressure on wages, potentially boosting inflationary pressure in the coming year. The strong employment market, rising wages and elevated confidence levels could unlock accelerated household formation, particularly by young adults. Last year, the number of young adults living with their parents ticked lower for the first time since the recession, signaling that these late bloomers may finally be considering a more independent lifestyle. Housing preferences may change under new tax laws. The new tax laws could play a significant role in shaping both the economy and housing demand in Reduced taxes will be a windfall for corporations, potentially sparking invigorated investment into infrastructure. The rise in CEO confidence over the last year already boosted companies investment by more than 6 percent, accelerating economic growth. However, the tax incentive-based stimulus will likely offer only a modest bump to GDP in 2018 because corporate investment comprises just 12 percent of economic output. One factor that could weigh on economic expansion under the new tax laws is the housing sector, which added just 3 percent to the economy last year, about two-thirds of normal levels. The increased standard deduction and restrictions on housing-related deductions will reduce some of the economic incentive to purchase a home, further sapping the strength of the housing sector. Nonetheless, the increased standard deduction could benefit apartment investors, encouraging renters to stay in apartments longer and reducing the loss of tenants to homeownership. * Forecast ** Through 3Q 45

46 MARKET OVERVIEW U.S. ECONOMY 2018 National Economic Outlook Labor force shortage weighs on job creation. The economy has added jobs every month for more than seven years, the longest continuous period of job creation on record. The trend will continue in 2018, but the pace of job additions will moderate, falling below 2 million for the year as the low unemployment rate restricts the pool of prospective employees. Wage growth poised to accelerate. Average wage growth has been creeping higher in the post-recession era, with compensation gains in construction, professional services and the hospitality sectors outpacing the broader trend. The tight labor market will continue to pressure wage growth, potentially sparking inflation in the process. Tax laws could invigorate apartment demand. Since 2011 household formations have outpaced total housing construction, a key ingredient in the tightening of apartment vacancies. The new tax laws could cause homebuilders to reduce construction while shifting a portion of the housing demand from homeownership to rentals, and a rental housing shortage could ensue. If this behavior change occurs in conjunction with additional young adults moving out of their own, apartment demand could dramatically outpace completions. * Forecast ** Through 3Q 46

47 MARKET OVERVIEW U.S. APARTMENT OVERVIEW Demand Outlook Sturdy as Pace Of Construction Begins to Retreat Investors wary of apartment construction. The wave of apartment completions entering the market in recent years has permeated the investor psyche, raising concerns of overdevelopment and escalating vacancy rates, but numerous demand drivers have held this risk in check. Steady job creation, positive demographics, above-trend household formation and elevated single-family home prices have converged to counterbalance the addition of 1.37 million apartments over the last five years, at least on a macro level. Though a small number of markets have faced oversupply risk, the affected areas tend to be concentrated pockets, with upper-echelon units facing the greatest competition. For traditional workforce housing, Class B and C apartments, the risks stemming from overdevelopment have been nominal, and in most metros, even the Class A tranche has demonstrated sturdy performance. In the coming year, rising development costs, tighter construction financing and mounting caution levels will curb the pace of additions from the 380,000 units delivered in 2017 to approximately 335,000 apartments. However, the list of markets facing risk from new completions will stretch beyond the dozen metros that builders have concentrated on thus far. This will heighten competition, requiring investors to maintain an increasingly tactical perspective integrating vigilant market scrutiny and strong property management. Competitive nuances increasingly granular. Although the pace of apartment completions will moderate in 2018, additions will still likely outpace absorption. This imbalance will most substantively affect areas where development has been focused, such as the urban core where vacancy rates have risen above suburban rates for the first time on record. Nationally, Class A vacancy rates have advanced to 6.3 percent in 2017 and will continue their climb to the 6.8 percent range over the next year. Vacancy rates for Class B and C assets will rise less significantly in 2018, pushing to 5.0 percent and 4.7 percent, respectively. Although vacancy levels are rising, three-fourths of the major metros have rates below their 15-year average. Still, the magnitude of new completions coming to market and the high asking rents these new units command will spark increased competition for tenants, generating a more liberal use of concessions in 2018 as landlords attempt to entice move-up tenants. * Forecast 47

48 MARKET OVERVIEW U.S. APARTMENT OVERVIEW 2018 National Apartment Outlook Rent growth tapers as concession use edges higher. Average rent growth will taper to 3.1 percent in 2018 as concessions become more prevalent, particularly in Class A properties. Rent gains in the Class C space, which were particularly strong last year, will face greater challenges as affordability restrains demand. Although job growth has been steady for seven years, wage growth has been relatively weak, particularly for low-skilled labor. Congress may nudge apartment demand. The new tax laws could reinforce apartment living as the larger standard deduction reduces the economic incentive of homeownership. Previous tax rules encouraged homeownership with itemized deductions for property taxes and mortgage interest that often surpassed the standard deduction. These advantages have largely been eliminated, particularly for first-time buyers. Are millennials finally moving out on their own? The 80 million-strong millennial age cohort, now pushing into their late 20s, may finally be showing independence. Since the recession, the percentage of young adults living with their parents increased dramatically, but last year that trend reversed. Should the share of young adults living with family recede toward the long-term average, an additional 3 million young adults would need housing. ** Estimate 48

49 MARKET OVERVIEW U.S. CAPITAL MARKETS Fed Normalization Portends Rising Interest Rates; Capital Availability for Apartments Elevated Fed cautiously pursues tighter policies. Investors have largely adapted to the modestly higher interest rate environment, and most anticipate additional increases in 2018 as the Federal Reserve normalizes both its policies and its balance sheet. The Fed is widely expected to continue raising its overnight rate through 2018 as it tries to restrain potential inflation risk and create some dry powder to combat future recessions. The Fed will, however, be cautious about pushing short-term rates into the long-term rates, which would create an inverted yield curve. The spread between the two-year Treasury rate and the 10-year Treasury rate has tightened significantly, and if the Fed is too aggressive in its policies, the short-term interest rates could climb above long-term rates. This inversion is a commonly watched leading indicator of an impending recession. The new chairman of the Fed, Jerome Powell, will likely make few changes to the trajectory of Fed policies, and he is widely expected to continue the reduction of the Fed balance sheet. Powell may consider accelerating the balance sheet reduction to ensure long-term rates move higher. That said, Powell is widely perceived to be a dovish leader who will advance rates cautiously. Readily available debt backed by sound underwriting. Debt availability for apartment assets remains abundant, with a wide range of lenders catering to the sector. Apartment construction financing has experienced some tightening, a generally favorable trend for most investors. Fannie Mae and Freddie Mac will continue to serve a significant portion of the multifamily financing, with local and regional banks targeting smaller transactions and insurance companies handling larger deals with low-leverage needs. In general, lenders have been loosening credit standards on commercial real estate lending, but underwriting standards remain conservative with loan-to-value ratios for apartments in the relatively conservative 66 percent range. An important consideration going forward, however, will be investors appetite for acquisitions as the yield spread between interest rates and cap rates tightens. * Through December 12 ** Through December 6 49

50 MARKET OVERVIEW U.S. CAPITAL MARKETS 2018 Capital Markets Outlook Yield spread tightens amid rising interest rates. Average apartment cap rates have remained relatively stable in the low-5 percent range for the last 18 months, with a yield spread above the 10-year Treasury of about 280 basis points. Many investors believe cap rates will rise in tandem with interest rates, but this has not been the case historically. Given the strong performance of the apartment sector, it s more likely the yield spread will compress, reducing the positive leverage investors have enjoyed in the post-recession era. Inflation restrained but could emerge. Inflation has been nominal throughout the current growth cycle, but pressure could mount as the tight labor market spurs rising wages. Elevated wages and accelerating household wealth could boost consumption, creating additional economic growth and inflation. The Fed has become increasingly proactive in its efforts to head off inflationary pressure, but the stimulative effects of tax cuts could overpower the Fed s efforts. Policies likely to strengthen dollar and could pose new risks. One wild card that could create an economic disruption is the strengthening dollar. The economic stimulus created by tax cuts together with tightening Fed monetary policy place upward pressure on the value of the dollar relative to foreign currencies. This could restrain foreign investment in U.S. commercial real estate, but it could also weaken exports and make it more difficult for other countries to pay their dollar-denominated debt, which in turn weakens global economic growth. * Through December 12 Estimate 50

51 MARKET OVERVIEW U.S. INVESTMENT OUTLOOK Apartment Investors Recalibrate Strategies; Broaden Criteria to Capture Upside Opportunities Appreciation flattens as buyers recalibrate expectations. The maturing apartment investment climate has continued its migration from aggressive growth to a more stable but still positive trend. Investors have reaped strong returns in the post-recession era through significant gains in fundamentals and pricing, but the growth trajectory has flattened as the market has normalized. The pace of apartment rental income growth has moved back toward its mid-3 percent long-term average and investor caution has flattened cap rates, moderating appreciation. With much of the gains created by the post-recession recovery absorbed and most of the valueadd opportunity already extracted, it has been increasingly difficult for investors to find opportunities with substantive upside potential. At the same time, apartment construction has finally brought macro-level housing supply and demand back toward equilibrium, restraining upside potential in markets with sizable deliveries. These challenges have been compounded by a widened bid/ask gap, with many would-be apartment sellers retaining a highly optimistic perception of their asset s value. It will take time for investor expectations to realign, but buyers and sellers are discovering a flattening appreciation trajectory. Still, a range of opportunities remain. Investors broaden criteria as they search for yield upside. Investors are recalibrating strategies, broadening their search and sharpening their efforts to find investment options with upside potential. They have expanded criteria to include a variety of Class B and Class C assets, outer-ring suburban locations, and properties in secondary or tertiary markets. The yield premium offered by these types of assets has drawn an increasing amount of multifamily capital. In the last year, nearly half of the dollar volume invested in apartment properties over $1 million went to secondary and tertiary markets, up from 42 percent of the capital in This influx of activity has caused cap rates in tertiary markets to fall from the high-8 percent range in 2010 to their current average near 6 percent. During the same period, national cap rates of Class B/C apartment properties have fallen by 200 basis points to the mid-5 percent range. Considering the low cost of capital, these yields have remained attractive to investors with longer-term hold plans. * Through 3Q ** Trailing 12 months through 3Q 51

52 MARKET OVERVIEW U.S. INVESTMENT OUTLOOK 2018 Investment Outlook New tax laws could shift investor behavior. Additional clarity on taxes should alleviate some of the uncertainty that held back investor activity over the last year while helping to mitigate the expectation gap between buyers and sellers. Reduced tax rates on pass-through entities could spark some repositioning efforts, bringing additional assets to market and supporting market liquidity. Tighter monetary policy could narrow yield spreads. Prospects of a rising interest rate environment could weigh on buyer activity as the yield spread tightens. Cap rates have held relatively stable over the last two years, and the sturdy outlook for apartment fundamentals is unlikely to change substantively in the coming year. As a result, investors pursuit of yield will likely push activity toward assets and markets that have traditionally offered higher cap rates. Transaction activity retreats from peak levels. Apartment sales continued to migrate toward more normal levels last year as investors search for upside and value-add opportunities delivered fewer candidates. Markets with a limited construction pipeline but with respectable employment and household formation growth will see accelerated activity, while markets facing an influx of development could see moderating investor interest. * Through 3Q ** Trailing 12 months through 3Q 52

53 MARKET OVERVIEW REVENUE TRENDS Five-Year Apartment Income Growth by Metro Percent Change * FIVE-YEAR TREND: Outperforming Through Development Cycle * U.S. creates 11.8 million jobs over five years Developers add 1.5 million new apartments Absorption totals 1.4 million apartments U.S. vacancy rate to match 2013 at 5.0 percent U.S. average rent rises 23.2 percent * Forecast 53

54 MARKET OVERVIEW 2018 NATIONAL INVENTORY TREND Top 10 Markets by Inventory Change Largest Growth Five-Year Inventory Change Five-Year Rent Growth Austin 23.6% 22% Charlotte 22.9% 30% Nashville 21.7% 31% Salt Lake City 20.9% 31% Raleigh 19.5% 27% San Antonio 18.7% 20% Denver 17.9% 41% Seattle-Tacoma 15.9% 41% Orlando 15.3% 35% Dallas/Fort Worth 15.3% 30% U.S. 9.8% 23% Smallest Growth Five-Year Inventory Change Five-Year Rent Growth Cincinnati 6.6% 24% Chicago 6.2% 21% Oakland 5.8% 40% Riverside-San Bernardino 5.6% 36% St. Louis 5.5% 14% Los Angeles 5.4% 31% New York City 4.6% 15% Cleveland 4.6% 15% Sacramento 3.8% 48% Detroit 2.9% 25% Sources: Marcus & Millichap Research Services; MPF Research 54

55 MEADE PROPERTY STREET NAME FLATS Created on January 2018 POPULATION 1 Miles 3 Miles 5 Miles 2022 Projection Total Population 25, , , Estimate Total Population 25, , , Census Total Population 22, , , Census Total Population 24, , ,693 Daytime Population 2017 Estimate 22, , ,182 HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2022 Projection Total Households 13,076 74, , Estimate Total Households 12,708 70, ,859 Average (Mean) Household Size Census Total Households 11,175 59, , Census Total Households 10,730 54, ,352 Growth % 5.31% 3.76% HOUSING UNITS 1 Miles 3 Miles 5 Miles Occupied Units 2022 Projection 13,076 74, , Estimate 12,921 73, ,179 Owner Occupied 7,291 32,138 85,833 Renter Occupied 5,417 38, ,026 Vacant 213 2,625 5,320 Persons In Units 2017 Estimate Total Occupied Units 12,708 70, ,859 1 Person Units 43.14% 41.95% 42.33% 2 Person Units 34.09% 31.28% 30.19% 3 Person Units 11.77% 11.70% 11.43% 4 Person Units 7.18% 7.84% 7.98% 5 Person Units 2.29% 3.81% 4.18% 6+ Person Units 1.53% 3.41% 3.89% MARKETING DEMOGRAPHICS TEAM HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2017 Estimate $200,000 or More 5.44% 5.05% 4.02% $150,000 - $199, % 4.88% 4.27% $100,000 - $149, % 12.98% 12.20% $75,000 - $99, % 11.21% 11.40% $50,000 - $74, % 17.35% 17.90% $35,000 - $49, % 12.34% 13.70% $25,000 - $34, % 10.03% 10.21% $15,000 - $24, % 10.58% 11.15% Under $15, % 15.59% 15.16% Average Household Income $84,615 $77,056 $71,852 Median Household Income $61,938 $51,875 $49,731 Per Capita Income $42,570 $34,899 $32,256 POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population By Age 2017 Estimate Total Population 25, , ,424 Under % 21.15% 21.28% 20 to 34 Years 26.33% 30.01% 30.29% 35 to 39 Years 11.57% 8.89% 8.33% 40 to 49 Years 15.11% 13.01% 12.61% 50 to 64 Years 17.04% 15.92% 16.11% Age % 11.01% 11.38% Median Age Population 25+ by Education Level 2017 Estimate Population Age , , ,657 Elementary (0-8) 3.47% 6.67% 6.41% Some High School (9-11) 4.28% 8.67% 9.70% High School Graduate (12) 16.44% 21.75% 22.00% Some College (13-15) 16.91% 17.66% 18.87% Associate Degree Only 4.42% 5.07% 5.52% Bachelors Degree Only 33.20% 24.58% 23.35% Graduate Degree 20.54% 13.71% 12.47% Population by Gender 2017 Estimate Total Population 25, , ,424 Male Population 47.84% 50.86% 50.88% Female Population 52.16% 49.14% 49.12% Source: 2017 Experian 55

56 8 DEMOGRAPHICS 56

57 MEADE PROPERTY STREET NAME FLATS MARKETING DEMOGRAPHICS TEAM Population In 2017, the population in your selected geography is 25,377. The population has changed by 3.63% since It is estimated that the population in your area will be 25, five years from now, which represents a change of 0.84% from the current year. The current population is 47.84% male and 52.16% female. The median age of the population in your area is 37.83, compare this to the US average which is The population density in your area is 8, people per square mile. Race and Ethnicity The current year racial makeup of your selected area is as follows: 83.47% White, 1.35% Black, 0.06% Native American and 2.02% Asian/Pacific Islander. Compare these to US averages which are: 70.42% White, 12.85% Black, 0.19% Native American and 5.53% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 24.76% of the current year population in your selected area. Compare this to the US average of 17.88%. Households There are currently 12,708 households in your selected geography. The number of households has changed by 18.43% since It is estimated that the number of households in your area will be 13,076 five years from now, which represents a change of 2.90% from the current year. The average household size in your area is 1.97 persons. Housing The median housing value in your area was $352,216 in 2017, compare this to the US average of $193,953. In 2000, there were 6,459 owner occupied housing units in your area and there were 4,271 renter occupied housing units in your area. The median rent at the time was $528. Income In 2017, the median household income for your selected geography is $61,938, compare this to the US average which is currently $56,286. The median household income for your area has changed by 62.06% since It is estimated that the median household income in your area will be $68,633 five years from now, which represents a change of 10.81% from the current year. Employment In 2017, there are 6,808 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 65.27% of employees are employed in white-collar occupations in this geography, and 34.91% are employed in blue-collar occupations. In 2017, unemployment in this area is 3.51%. In 2000, the average time traveled to work was minutes. The current year per capita income in your area is $42,570, compare this to the US average, which is $30,982. The current year average household income in your area is $84,615, compare this to the US average which is $81,217. Source: 2017 Experian 57