WESTCHESTER TOWER 303 APARTMENT HOMES HIGH-RISE VALUE-ADD OPPORTUNITY IN COLLEGE PARK, MARYLAND
OFFERING SUMMARY OFFERING PRICE: TERMS & FINANCING: Unpriced Free & Clear OFFER DUE DATE: Wed, October 3, 208 PROPERTY SUMMARY ADDRESS: NUMBER OF UNITS: YEAR BUILT: 972 NET RENTABLE AREA (SF): AVG. UNIT SIZE (SF): 6200 Westchester Park Dr College Park, MD 20740 303 Apartment Homes 333,837 SF,02 SF AVG. LEASE RENT: $,549 AVG. LEASE RENT PSF: $.4 OCCUPANCY:.4% (as of 0///208) UNIT TYPE # OF UNITS % OF MIX UNIT SF AVERAGE LEASED RENT AVERAGE $/SF Studio 30 9.9% 530 $,258 $2.37 BR/BA 6 5.3% 620 $,325 $2.4 BR/BA 09 36.0% 927 $,390 $.50 2BR/2BA 56 8.5%,254 $,605 $.28 2BR/2BA 46 5.2%,357 $,675 $.23 3BR/2BA 0.3%,58 $,899 2 $.25 3BR/2BA 45 4.9%,68 $2,003 $.24 TOTAL/AVERAGE 303 00%,02 $,549 $.4 Average Lease Rent provided by rent roll dated 0//208 2,58 SF unit is vacant and rent shown in Market Rent
INVESTMENT HIGHLIGHTS $200-$250 premiums depending on floor plans UPSIDE POTENTIAL Opportunity to renovate units with premiums ranging from $200 to $250 depending on floor plan. Competitive communities have demonstrated demand for high-end luxury finishes including mocha cabinets, tile backsplash and open kitchen layouts with breakfast bar. Property offers significant upside and future growth opportunities through expansion of the current interior upgrade program, receiving $30 premiums for plank flooring and stainless steel appliances, and $230 to $250 including a full kitchen upgrade. DESIRABLE FLOOR PLANS Superior floor plans including all two-and three-bedrooms offering two full-baths and some of the largest apartments in the area with average unit size of,02 SF compared to 99 SF at competing properties. 77,000 employees within 5 mile radius ADDITIONAL DENSITY Repositioning opportunity to recapture previously unutilized space with the potential to provide additional amenity uses, commercial space and ability to add 4 additional apartment units. PRIME LOCATION Westchester Tower is conveniently located only 2- from the University of Maryland (UMD) campus and with close proximity to major employment, lifestyle and entertainment centers residents enjoy all the benefits that this dynamic Washington, DC metro location has to offer. 33 to Baltimore 8.5 to Reagan National Airport 9 to MGM Casino National Harbor A B C 70 5 Frederick 270 Gaithersburg VIRGINIA Tysons Corner Fairfax 370 270 Bethesda 66 Arlington 70 MARYLAND 200 Rockville 4 ICC Silver Spring College Park National Harbor Reisterstown Washington, D.C. Alexandria B D C 4 29 MARYLAND 2 7 Woodlawn Columbia Laurel 50 30 6 FORT MEADE E 83 83 Towson Baltimore F A 97 6 Glen Burnie White Marsh 50 Dundalk Severna Park 30 40 Essex Annapolis CHESAP BA D E F 3 to US Capital 6 to Fort Meade 22 to BWI Airport
650 9 Headquarters 3.5 million sf of retail within 5 mile radius 93 5-MILE 4 COLLEGE PARK 3-MILE W MARYLAND 2 39.5 million sf of office and industrial within 5 mile radius 40 PRINCE GEORGES CO DISTRICT OF COL HYATTSVILLE -MILE 20 GREENBELT PARK MARYLAND 2 $2 BILLION 450 PUBLIC-PRIVATE INVESTMENT 4 93 H DOCTORS COMMUNITY HOSPITAL NEW CARROLLTON GREENBELT 50 MARKET HIGHLIGHTS EXCEPTIONAL REGIONAL ACCESS Ideally located along MD-20 Kenilworth Avenue, Westchester Tower benefits from convenient access to a strong transportation network with proximity to MD-93 connecting to US Route-, Baltimore-Washington Parkway and the I-4/I- Capital Beltway and just minutes from the Greenbelt and College Park Metro Stations on the Green Line. EXPANSIVE RETAIL AND LIFESTYLE AMENITIES The Property boasts convenient access to several high profile state-of-the-art lifestyle centers including The Hotel at UMD, the Whole Food anchored Riverdale Park Station, National Harbor, MGM Casino & Tanger Outlets. INCREASED FUTURE CONNECTIVITY The 6-mile light rail Purple Line is currently under construction and expected to open by 2022. This will connect the Red, Green, and Orange lines at 2 stops between New Carrollton and Bethesda including stops in College Park and Silver Spring. DYNAMIC NEW DEVELOPMENT In 207, College Park debuted the new 50-acre Discovery District, a $2 Billion public-private partnership that stretches along US Route-. The University recently announced a $29 million donation from the A. James & Alice B. Clark Foundation, the largest donation in the university s history. MAJOR EMPLOYERS Access to the region s largest employment centers including > University of Maryland (UMD), The largest employer in Prince George s County with than 39,000 Students and 7,700 Faculty > Fort Meade, The largest employer in the State of Maryland with more than 56,000 employees > NASA s Goddard Space Flight Center, with more than 0,000 workers > USDA Beltsville Agricultural Research Center, with more than,725 workers
DISCOVERY DISTRICT $2 BILLION public-private investment 50-acre site and.5 million in total development THE HOTEL AT UMD $80 MILLION 297-rooms, 4 restaurants & 43,000 SF event space $250 MILLION Whole Foods anchored project
Westchester Tower caters to a mix of graduate and international students as well as university faculty. 2 MILES FROM WESTCHESTER TOWER 3.5M SHUTTLE-UM RIDERS (STOP AT WESTCHESTER PARK DRIVE)
39,083 STUDENTS 7,720 FACULTY
WWW.TRANSWESTERNWESTCHESTER.COM 6700 Rockledge Drive Suite 500-A Bethesda, Maryland 2087 P:30.57.0900 www.transwestern.com FOR MORE INFORMATION PLEASE CONTACT: DEAN SIGMON Executive Vice President, Director Dean.Sigmon@transwestern.com C: 703.85.026 P: 30.896.9089 ROBIN WILLIAMS Executive Vice President, Director Robin.Williams@transwestern.com C: 30.922.873 P: 30.896.9070 JUSTIN SHAY, CCIM Vice President Justin.Shay@transwestern.com C: 40.977.6308 P: 30.896.9082 MICHAEL D AMELIO Associate Michael.DAmelio@transwestern.com P: 30.896.9077