Covington Manor Multifamily Project Residential Rental Portfolio New Construction 14 Residential Multi-family Units on Individual Tax Lots To Be Complete and Rented Approximately August 2017 Patrick Ginn Owner Principal Broker Ginn Realty Group 360-600-8813 patrick@ginnrealtygroup.com
Table of Contents I. Project Summary & Bulk Listing Details II. III. IV. Map & Location Schools & Community Rental Management V. Financial Information VI. Site Plans VII. Included Floor Plans VIII. Included Features & Finishes IX. Legal Description Ginn Realty Group Covington Manor Multifamily Project Rental Portfolio 2
I. Project Summary & Portfolio Summary The Covington Manor Portfolio consists of 14 Residential Units currently under construction in Vancouver, Washington. Vancouver, Washington features one of the fastest appreciating rental markets in the entire nation. https://www.apartmentlist.com/rentonomics/july-2015-national-rental-price-monitor/ http://www.oregonlive.com/frontporch/index.ssf/2015/09/vancouver_had_nations_fastest-.html http://www.columbian.com/news/2016/jun/30/newcomers-flock-to-clark-county/ Construction is scheduled to begin in January 2017 with all units expected to be rent ready by August 2017. Given the demand for new rental units in this price range, we anticipate that all of the units will pre-lease prior to construction completion. This turnkey, new construction project is a perfect opportunity for those investors looking for new construction and ease of management with a single location. Extra thought and planning was put into these units during design and construction knowing they would be long-term rentals requiring durable and long lasting features. General Property Information Address: Location: Ownership: Management Company: Project Status: 9702 NE 76 th Way Vancouver, WA 98662 Centrally located in Vancouver just East of I-205 and North of SR500 Maple Court Rentals, LLC CCRP, LLC, which is affiliated with the Seller/Builder. Homes under construction, planned to be 100% complete and rented by August 2017 Portfolio Summary (see page 9 for details on individual floorplans) Units Offered for Sale: 14 Date built: 2017 Sales Price: $3,500,000 Annual Net Operating Income: $196,232.40 Projected Capitalization Rate (2017): 5.61% (Based on projected rents & expenses) Lease type: To be 12 month or longer leases at market rate No rent controls. Planned to be 100% Preleased by time of Construction Completion Ginn Realty Group Covington Manor Multifamily Project Rental Portfolio 3
II. Map & Location The Covington Manor Multifamily Project is centrally located in Vancouver, WA just across the Columbia River from Portland, OR. This ideal location benefits from its close proximity to both the Portland International Airport and downtown Portland (14 and 13 miles away, respectively). Closer to home, the tenants enjoy local amenities such as Orchards Park, Padden Parkway Bike Trail, Vancouver Mall, Cinetopia, restaurants, and more. Tenants of Covington Manor can enjoy the absence of both a state income tax (Washington) and a sales tax (Oregon). The Greater Portland/Vancouver metropolitan area is growing as new residents are attracted to a robust local economy and the Pacific Northwest lifestyle (outdoors, food and drink). Ginn Realty Group Covington Manor Multifamily Project Rental Portfolio 4
III. Schools & Community Community Information Neighborhood: Shopping: Parks & Recreation: Orchards Fred Meyer Costco WinCo Target Westfield Shopping Center Orchards Community Park YMCA School Information School District: High School: Middle School: Elementary School: Evergreen School District Heritage High School 7825 NE 130 th Ave Vancouver, WA 98682 Covington Middle School 11200 NE Rosewood Ave Vancouver, WA 98662 Sunset Elementary School 9001 NE 95 th St Vancouver, WA 98662 Secondary Education: Clark County Skills Center 12200 NE 28 th Street Vancouver, WA 98682 Clark College 1933 Fort Vancouver Way Vancouver, WA 98683 Washington State University Vancouver 14204 NE Salmon Creek Avenue Vancouver, WA 98686 Ginn Realty Group Covington Manor Multifamily Project Rental Portfolio 5
IV. Rental Management Typical Fees in Clark County for this type of project Monthly Management Fee: 4% of the payable monthly gross receipts from the premises, payable the following month for the duration of the agreement. Set-up Fee per Unit: $35 Lease renewal fee: $99 Maintenance Billed at: Property Inspection Survey prior to Lease renewal (optional): Security Deposits (To be transferred to new owner) $54.95/hour $74.95/survey Approx. 1 month rent or more per unit based on tenant profile. (Credit, rental history, pets, etc.) Note: Seller/Builder manages its properties internally through a related entity CCRP, LLC. The above fees reflect estimates based on proposal from reputable property management companies in the area. Utility Information Tenant is Responsible for All Utilities One common water meter for Irrigation for Lots paid by landlord. Ginn Realty Group Covington Manor Multifamily Project Rental Portfolio 6
V. Financial Projected Cap Rate: 5.61% upon Construction Completion Projected Cap Rate: 5.61% See attached spreadsheet Ginn Realty Group Covington Manor Multifamily Project Rental Portfolio 7
VI. Overall Site Plan The Covington Manor Plat consists of 66 lots featuring detached single family homes, tri-plexes and four-plexes. The 14 lots currently being offered for sale are the final units to be constructed within the community as all other lots have been previously built and sold. Each unit is deeded onto its own tax lot. There are 4 total buildings in this bulk offering. Building #1: Lots 1-4 Building #2: Lots 5-8 Building #3: Lots 9-11 Building #4: Lots 12-14 Neighborhood Site plan: Please Note: Owner will be responsible for its share of maintenance of the common Stormwater System. Ginn Realty Group Covington Manor Multifamily Project Rental Portfolio 8
VII. Included Floorplans Lots 1, 4, 5, 8, 9, 11, 12, 14 (Exterior Units) Exterior Units Bedrooms: 3 Bathrooms: 2 Full 1 Half Est. Square Feet: 1354 Garage: 2 Car Ginn Realty Group Covington Manor Multifamily Project Rental Portfolio 9
Lots 2, 3, 6, 7, 10, 13 (Interior Units) Interior Units Bedrooms: 3 Bathrooms: 2 Full 1 Half Est. Square Feet: 1529 Garage: 1 Car Ginn Realty Group Covington Manor Multifamily Project Rental Portfolio 10
VIII. Included Features Unit Features & Finishes Design Criteria Great Room Concept Floor Plans with Natural Light Walk-In Closet in the Master Bedroom Fully Wrapped Windows with Enamel Trim Quality Exterior Features Craftsman Front Elevation 7-8 Overhead Garage Steel Door w/garage door Opener 10 Year Warranty Upgraded Du Pont Tyvek Wrap (Brochure Available Upon Request) 30 Year Warranty James Hardi Plank Siding & Trim Boards (Brochure Available Upon Request) 30 Year Warranty IKO Asphalt Shingle Roof Lifetime Warranty Cascade Windows Self Lock w/ Low-E Glass in Almond Color (Brochure Available Upon Request) Concrete Patio (size varies per plan) Galvanized Steel Gutters and Downspouts Fully Fenced Backyards Front Landscape Plumbing Electrical Energy Efficiency 50 Gallon Heat Pump Hot Water Heater Ice Maker Connection in the Kitchen 1 2 Horsepower Garbage Disposal at Kitchen Sink Oil Rubbed Bronze Designer Plumbing Fixtures Central Air Conditioning Copper Electrical Wiring Wiring for TV and Cable in the Great Room and Master Designer Light Package in Oil Rubbed Bronze Abundant Recessed Can Lighting 96% Efficient Electric Furnace Located in Attic Residential Programmable Thermostat w/smart Fan Stainless Steel Frigidaire Appliances Meets All Requirements of Current Model Energy Code Detailed Interior Finishes Ultra-Durable Luxury Vinyl Tile (LVP) Flooring in Entry, Kitchen & Great Room (Brochure Available Upon Request) Vinyl floors in Bathrooms and Utility Room Rounded Drywall Corners Craftsman Enamel Painted Trim Package Two Panel Interior Doors Color Coordinated Slab Granite Countertops in Kitchen FHA/VA Approved Carpet Designer Selected Paint Colors to Accent Finishes Sliding Glass Doors to Patio Ginn Realty Group Covington Manor Multifamily Project Rental Portfolio 11
Unit Features & Finishes (continued) Structural Integrity Kitchen Elegance Bathroom Selections Included Conveniences Individual Site Inspection on each Building Site Foundation Engineered to Specific Soil Conditions Slab on Grade Flatwork in the Garage Crawl Space Finished with Vents and Vapor Barrier 36 High Alder Shaker Cabinets Concealed Cabinet Hinges Polished, Stainless Steel Double Bowl Under-mount Sink Single Handle Stainless Kitchen Faucet w/sprayer Slab Granite Countertops Full Tile Backsplash Pre-Plumbed for Ice Maker Stainless Steel Frigidaire Electric Stainless Steel Stove Stainless Steel Frigidaire Microwave/Hood above Stove Stainless Steel Frigidaire Dishwasher Stainless Steel Frigidaire Refrigerator Rubbed Oil Bronze Faucets Stand up Shower Insert with Seats Double Vanity in Master Bath Slab Granite Countertops Full Width Vanity Mirrors 36 High Vanities in Master Bath Rubbed Oil Bronze Hardware Glass Shower Doors in Master Bathroom Solid Wood Closet Shelving in All Areas (No Wire) Windows with Self-Lock Closing System Integrated Carbon Monoxide and Smoke Detector System Washer, Dryer, Refrigerator Window Coverings 2 Faux Wood Blinds Ginn Realty Group Covington Manor Multifamily Project Rental Portfolio 12
IX. Legal Description Exhibit A APN/Parcel ID: 986026705, 986026706, 986026707, 986026708, 986026709, 986026710, 986026711, 986026712, 986026713, 986026714, 986026715, 986026716,986026717 and 986026718 Lot(s) 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13 and 14, Covington Manor Homes, according to the plat thereof, recorded in Volume 311 of Plats, Page 632, records of Clark County, Washington. [ ] [ ] [ ] [ ] Buyer(s) Initials Date Seller(s) Initials Date Ginn Realty Group Covington Manor Multifamily Project Rental Portfolio 13
Request Additional Information To request additional information about this opportunity as well as other residential investment opportunities within Southwest Washington, please contact Patrick Ginn. Patrick Ginn Owner Principal Broker Ginn Realty Group 360-600-8813 patrick@ginnrealtygroup.com www.ginndevelopment.com Ginn Realty Group Covington Manor Multifamily Project Rental Portfolio 14