291 Units 1994 YOC. 266 Units 1996 YOC

Transcription

1 291 Units 1994 YOC 266 Units 1996 YOC PREMIER VALUE-ADD OPPORTUNITIES AFFLUENT DEMOGRAPHICS WALKABLE TO LIGHT RAIL TECH CENTER SUBMARKET CENTENNIAL, CO BOTH PROPERTIES ARE AVAILABLE INDIVIDUALLY OR AS A PORTFOLIO

2 INVESTMENT SALES CONTACTS: Jordan Robbins Jeff Haag Associate Director INVESTMENT OVERVIEW Holliday Fenoglio Fowler, LP ( HFF ) is pleased to present the exclusive listing of Park and Plaza Apartments, two value-add garden-style communities located within walking distance of light rail in Denver s booming Tech Center submarket. Totaling 557 units, both properties offer a low-density setting amongst metro Denver s premier employment centers, executive housing, and the top-ranked Cherry Creek School District. FINANCING CONTACTS: Eric Tupler Senior etupler@hfflp.com Josh Simon jsimon@hfflp.com Surrounded by some of the highest quality apartment communities in Metro Denver, Park and Plaza offer investors the opportunity to complete apartment home and common area upgrades in order to drive above-market rent growth. With competing properties in the submarket commanding rents more than $220 over current market rents at Park and Plaza, coupled with an affluent renter pool that can easily absorb future rental increases, both properties represent a rare opportunity to acquire Class A assets with value-add upside in one of Metro Denver s premier locations. GREENWOOD PARK AND GREENWOOD PLAZA ARE OFFERED UNPRICED TO THE MARKET BOTH INDIVIDUALLY OR AS A PORTFOLIO. PROPERTY DESCRIPTIONS HFF has been engaged by the owner of the properties to market them for sale. Information concerning the property [properties] described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. Address Park 6565 S. Syracuse Way Centennial, CO Plaza 7610 E. Caley Avenue Centennial, CO Year Built Unit Count Average Unit Size ±1,017 SF ±947 SF Occupancy* 95.19% 96.24% Average ($) $1,470 $1,506 Average ($ / SF) $1.45 $1.59 Total able SF ±296,023 ±251,841 Site Size (Ac.) Density (DU / Ac) *As of the 10/24/2016 Roll

3 INVESTMENT HIGHLIGHTS RARE VALUE-ADD OPPORTUNITY IN DENVER S SE CORRIDOR Moderate upgrades completed, showing proven premiums across two gardenstyle, low-density communities Competing properties command rents more than $220 (+15%) above current market rents at Park and Plaza AMENITY RICH LOCATION Adjacent Center Station and surrounding amenities include Fiddler s Green Amphitheater, Plaza retail and entertainment district, fastcasual eateries, and RTD Light Rail Access Park Meadows Mall is just two miles south with 1.6 million square feet of premier retailers. Surrounding centers also include nearly 5 million square feet of retail space and notable tenants such as Container Store, CostCo, and IKEA. Walking distance to two major grocery stores Safeway and Sprouts OUTSTANDING ACCESS TO MAJOR EMPLOYMENT Located in the heart of SE Denver s major employment concentration Within walking distance of the newly announced 306,000 SF, 12-story building for Charter Communications (Nasdaq: CHTR) Proximate to seven Fortune 500 headquarters and major operations for notable companies such as Charles Schwab, CoBank, Liberty Media, and CH2M Total employment in the area exceeds 200,000 and is responsible for 30% of the state s earnings annually Nearly a third of all employment in the metro area is within a 15-minute drive of the property AFFLUENT DEMOGRAPHICS & TOP-RANKED SCHOOL DISTRICT Average household incomes within a three-mile radius exceed $116,000 with home values averaging $560,000 Both properties are located within the Cherry Creek School District, which is consistently ranked among the top in the state of Colorado. Assigned schools to Park and Plaza are well-regarded and highly desirable: o Heritage Elementary School 10/10 GreatSchools, & A+ Colorado School Grade o West Middle School 9/10 GreatSchools o Cherry Creek High School 9/10 GreatSchools

4 VALUE-ADD OPPORTUNITY Both Park & Plaza present the opportunity for an investor to acquire two high-quality, infill assets with a proven value-add program. Moderate interior unit upgrades have been completed at both properties, however given the high demographic tenant base, the opportunity to complete further renovations is apparent. Moderate interior upgrades completed to 269 Units include: Additional upgrades for a new owner to complete include: Moderate interior upgrades completed to 92 Units include: Additional upgrades for a new owner to complete include: Updated cabinetry Stainless steel appliances Upgraded lighting Upgraded flooring Complete full renovations on remaining 22 units New hard surface countertops in all units Install tile backsplash in all units Upgrade bathrooms consistent with kitchen upgrades Moderate fitness center upgrades Install dog park on south side of property Updated cabinetry Stainless steel appliances Upgraded lighting Upgraded flooring Renovate clubhouse / leasing center Complete full renovations on remaining 174 units New hard surface countertops in all units Install tile backsplash in all units Upgrade bathrooms consistent with kitchen upgrades Fitness center renovation $1,950 $1,850 $1,750 $1,650 $1,550 $1,450 $1,350 $1,250 Park Park vs Competitors 360 Milehouse Den Helios Parc at Alara Bridgwater Carriage Place $1,950 $1,850 $1,750 $1,650 $1,550 $1,450 $1,350 $1,250 Plaza Plaza vs Competitors 360 Milehouse Den Helios Parc at Alara Bridgwater Carriage Place WITH CURRENT MARKET RENTS AT GREENWOOD PARK CURRENTLY SITTING MORE THAN $250 BELOW COMPETITION IN THE SUBMARKET, THE ABILITY TO RAISE RENTS AND DRIVE INCOME GROWTH IS APPARENT WITH CURRENT MARKET RENTS AT GREENWOOD PLAZA CURRENTLY SITTING APPROXIMATELY $220 BELOW COMPETITION IN THE SUBMARKET, THE ABILITY TO RAISE RENTS AND DRIVE INCOME GROWTH IS APPARENT

5 N Family Sports Golf Course 470 Inverness Business Center Meridian Business Center: DISH VISA LIBERTY MEDIA STARZ CH2M HILL Light Rail Line 25 SKYRIDGE MEDICAL CENTER CHARLES SCHWAB 25 Downtown Denver - 30 Mins Charter CoBank Red Robin Int l Corp Office & Xanterra Arapahoe at Center Station NEWMONT MINING AMG National Trust Bank E Caley Ave ViaWest & Insight Global Light Rail Line NEW OFFICE SPACE PLANNED 1,390,036 SF Fiddler s Green Amphitheatre Revgen Partners Centennial Airport Arapahoe place United Healthcare & IQNavigator Kaiser Permanente 5-MINUTE WALK TO LIGHT RAIL 25 DirecTV Retail Plaza UNITED LAUNCH ALLIANCE E Arapahoe Ave Park Meadows Shopping Mall Heritage Place Shopping Center WALNUT HILLS AVERAGE SINGLE-FAMILY HOME LIST PRICE $407,400 S Quebec St 470 HOMESTEAD AVERAGE SINGLE-FAMILY HOME LIST PRICE $639,500 Heritage Elementary School Truven Health Analytics S Quebec St LIGHT RAIL ACCESS Park & Plaza are within a 5 minute walk from Arapahoe at Center Station. This station is serviced by the E, F and the new R line, offering access to employment and entertainment options throughout the Southeast Business Corridor as well as the abundant cultural, recreational and professional opportunities offered in Downtown Denver. Located immediately west of Interstate 25 and just south of I-225, Park & Plaza are convenient to two of Denver s major highways, providing access throughout all of metro Denver.

6 COMMUNITY AMENITIES APARTMENT AMENITIES COMMUNITY AMENITIES APARTMENT AMENITIES BUSINESS CENTER FITNESS CENTER GAS GRILLS HEATED SWIMMING POOL HOT TUB MEDIA ROOM W/ FLAT SCREEN TV PACKAGE SERVICE VALET TRASH SERVICE 9 CEILINGS CEILING FANS BUILT-IN BOOKSHELVES CROWN MOLDING GARDEN TUB GAS FIREPLACE WASHER/DRYER OPEN FLOOR PLANS STAINLESS STEEL APPLIANCES* VAULTED CEILINGS VINYL PLANK FLOORING* WALK-IN CLOSETS ATTACHED GARAGES* FITNESS CENTER HEATED SWIMMING POOL HOT TUB MEDIA ROOM W/ FLAT SCREEN TV OUTDOOR GRILLING AREA PACKAGE SERVICE WIFI IN CLUBHOUSE & POOL 9 CEILINGS CEILING FANS CROWN MOLDING GARDEN TUB GAS FIREPLACE WASHER/DRYER STAINLESS STEEL APPLIANCES* VAULTED CEILINGS* VINYL PLANK FLOORING* WALK-IN CLOSETS *select units *select units Unit Type Count Unit SF UNIT MIX Effective Total Monthly 1 Bedroom 118 ±822 $1,302 $1.58 $1,269 $1.54 $153,636 2 Bedroom 173 ±1,151 $1,586 $1.38 $1,598 $1.39 $274,378 Total/Avg. 291 ±1,017 $1,470 $1.44 $1,465 $1.44 $427,770 Unit Type Count Unit SF UNIT MIX Effective Total Monthly 1 Bedroom 158 ±776 $1,362 $1.75 $1,285 $1.65 $215,196 2 Bedroom 86 ±1,162 $1,553 $1.34 $1,593 $1.37 $133,558 3 Bedroom 22 ±1,330 $2,351 $1.77 $1,960 $1.47 $51,722 Total/Avg. 266 ±947 $1,506 $1.59 $1,440 $1.52 $400,596

7 PRESENTED BY: FINANCING TEAM: Jordan Robbins Jeff Haag Associate Director Eric Tupler Senior Josh Simon