MUL TI-F AMIL Y INVESTMENT OFFERING SUMMAR Y

S U M M A R Y
O F F E R I N G
I N V E S T M E N T
M U L T I - F A M I L Y
Orlando, Florida
165 Units
$24,500,000
Built in 2002
Per Square Foot: $114.02
Per Unit: $148,485
214,840 Square Feet
6% 2008 Projected Cap Rate
NORTHLAKE PARK AT LAKE NONA
APARTMENTS is located in Orlando,
Florida, in the 7,000-acre, master-planned
community of Lake Nona. Northlake
Park is the premier rental community in
Orlando’s southeastern submarket.
Lake Nona’s Science & Technology Park,
future home of the Burnham Institute for
Medical Research and the University of
Central Florida’s Health Sciences Campus,
is projected to have a multi-billion dollar
economic impact on the area and generate
INVESTMENT SUMMARY
thousands of jobs in the next 10 years,
◆
First Time on Market
Institute. Lake Nona is also the preferred
◆
Unique Single- and Multi-Level Townhomes
site for the Orlando Veterans Affairs
◆
Class A Asset in Lake Nona
Hospital and Nemours Orlando Children’s
◆
Direct-Access Garages in Most Units
Hospital and Research Campus.
◆
Available Land for Phase II Apartment and Retail Development
B
according to a study by the Milken
Church Robinson St
St
Street Station Church
South St
Semoran Blvd
15
Conway Rd
Bumby
Ave
Crystal Lake Dr
Orange Ave
Bruton Blvd
17
92
Buck
Lake
wa
ne
Red Lake
y
Lake
Nona
ee
441
527
527A
Gr
Pkwy
Mud
Lake
Int
John Young Pkwy
Orlando Int'l
Airport
da
Turkey Lake Rd
d
o
Lake
Warren B e e l i n e E x p w y
eR
ati
sse
ern
551
coo
al Florida
FLORIDA'S TURNPIKE
opportunity to acquire a uniquely con-
Rd
528
Sea World
r
Judge Rd
506
527A
lD
F o rd
Lake
Fredrica
Lake
George
482
Orange County
Convention Center
na
u rr y
Hoffner Ave
423
Sand Lake Rd
ORLANDO
C
552
Lake
Conway
Wet N' Wild
Centr
Lake Underhill
436
439
Lake
Willis
Northlake Park Apartments is an excellent
527
Lake Underhill Rd
Nar
are available nearby.
Lake
Holden
Oak Ridge Rd
include a resort-style pool, clubhouse and
fitness center. Tennis and basketball courts
e
Universal
Studios
408
Airport Blvd
fireplaces, private balconies, porches and
4
408
Orlando Exec Airport
Anderson St
Clear
Lake
Orange Blossom Tr
Lake
Cane
e la
square feet. Apartment amenities include
vaulted ceilings. Community amenities
Mc L
nd
combined weighted average size of 1,302
od Rd
Rd
Turkey
Lake
Kirkman Rd
435
John Young Pkwy
a
Citrus Bowl
(Tinker Field)
Rd
V in
with attached direct-access garages and a
Old Winter Garden
Dean Rd
y
East-West Expw
and multi-level townhome-style residences
Goldenrod Rd
Northlake Park Apartments features single-
Ce
ntr
al
Flo
ri
Lake Hart
structed Class A asset in the most
desirable submarket in Orlando. The
LOCATION
availability of Phase II apartment and retail
◆
Located Next to the Entrance of Lake Nona
development makes this an especially
◆
The Only Rental Community in Northlake Park and Lake Nona
attractive acquisition for an investor
◆
Close Proximity to Orlando International Airport
experienced with mixed-use development.
◆
Biomedical Facilities Under Construction in Submarket
PROPERTY AMENITIES
◆
Resort-Style Swimming Pool With Poolside Bar and Deck
◆
State-of-the Art Fitness Center
◆
Clubroom With Social Area and Wet Bar
◆
◆
Business Center With High-Speed Internet Service
FLOOR PLANS
W
D
WH
Pantry
Closet
Kitchen
Dining Room
Bath
Walking and Biking Trails
DW
Living Room
Bedroom
Foyer
Porch
Alternate Porch
One-Bedroom/One-Bath*
780 Square Feet
Alternate Balcony
Balcony
UNIT AMENITIES
◆
Direct-Access Garages With Private Entries
◆
Vaulted Ceilings
◆
Private Balconies With Beautiful Views
◆
Spacious Walk-In Closets
◆
Fireplaces in Select Units
Closet
Living Room
Bedroom
Bath
Dining Room
Bath
Closet
DW
WH
D
W
Kitchen
Bedroom
Bath
Foyer
Garage
Two-Bedroom/2.5-Bath*
1,480 Square Feet - Three Levels
* Represents a sampling of available floor plans
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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 2008 act id p
EXECUTIVE SUMMARY
UNIT MIX
Pricing Summary
Proposed Loan Information
Price: $24,500,000
Price per Unit: $148,485
Price per Square Foot: $114.02
Projected 2008 Cap Rate: 6%
Proposed Loan Amount: $18,375,000
Interest Rate: 5.25%
Amortization: 30 Years
Term: 10-Year Term, Two Years Interest Only
Loan Origination Fee: 1%
Units
Unit Type
Square Feet
Total
Square Feet
Rent/Unit
Total Rent
Rent per
Square Foot
29
1BD/1BA
780
22,620
$905
$26,245
$1.16
26
1BD/1BA
1,120
29,120
$1,075
$27,950
$0.96
26
2BD/2BA
1,415
36,790
$1,249
$32,474
$0.88
58
2BD/2.5BA
1,480
85,840
$1,299
$75,342
$0.88
22
3BD/2BA
1,545
33,990
$1,349
$29,678
$0.87
4
3BD/2BA
1,605
6,420
$1,349
$5,396
$0.84
Total
Wtd. Avg.
Total
Wtd. Avg.
Total
Wtd. Avg.
165
1,302
214,780
$1,194.45
$197,085
$0.92
BE
EXECUTIVE SUMMARY
EL
IN
E
INCOME
All Units at Market Rent
Loss-to-Lease (-)
GROSS POTENTIAL RENT
Total Other Income
$2,365,020
14,988
$2,376,360
142,568
NO
GROSS POTENTIAL INCOME
Vacancy/Collection Allowance
Concessions
TOTAL INCOME
$130,477
68,792
$2,319,659
A
HL
RT
KE
P
KW
AR
NA
AY
G
RC
O
O
SS
RE
EN
EE
PHASE II LAND
W
RO
AY
AD
9322
Water Lily Pond
LN
930
0
925
8
930
8
926
6
Clu
bho
use
925
927
924
2
6
923
4
0
FE
N
RR
E
0
TE
921
920
SE
2
RO
AC
$6,030
$4.63
16
EA
F
93
ER
L
2
(3.00%)
$233,341
70,257
59,676
234,559
146,388
66,726
82,968
14,534
69,590
16,830
$994,869
2
92
2007 ACTUAL NET OPERATING INCOME
CO
PP
9284
EXPENSES
Real Estate
Insurance
Utilities
On-Site Salaries
Maintenance & Repairs
Administration
Advertising
Contract Services
Off-Site Management
Homeowner Dues
TOTAL EXPENSES
Expenses per Unit
Expenses per Sq. Ft.
921
8
$1,324,790
Exclusively listed by: Darron Kattan
Vice President Investments
Director, National Multi Housing Group
Tampa Office
Tel: (813) 387-4735
Fax: (813) 387-4874
[email protected]
Robert Goldfinger
Vice President Investments
Director, National Multi Housing Group
Tampa Office
Tel: (813) 387-4700, Ext. 4720
Fax: (813) 387-4874
[email protected]
Toufic Simaan
Associate
Orlando Office
Tel: (407) 557-3845
Fax: (407) 557-3810
[email protected]
This information has been secured from sources we believe to be reliable, but we make no representations or warranties,
expressed 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 2008 act id p