Printable Cabochon - Moran and Company

Offered Exclusively by
THE CABOCHON
AT LAS COLINAS
Moran & Company
AN EXCEPTIONAL LUXURY MULTIFAMILY COMMUNITY WITH RETAIL
IN THE DYNAMIC URBAN CENTER OF LAS COLINAS IN IRVING, TEXAS.
The Cabochon at Las Colinas is a core mixed-use, mid-density
community with a landmark location in the Urban Center of
the award-winning Las Colinas master-planned development.
The demonstrated rental gap between The Cabochon and
comparable rental communities in the Urban Center represents
a substantial upside opportunity for the sophisticated investor.
SUMMARY
LUXURY MIXED-USE MID-DENSITY IMPROVEMENTS
The 908-unit Cabochon at Las Colinas is a mixed-use, mid-density property
with twelve elevators, three parking garage structures, and 50,519 sq. ft. of
street level retail/commercial space. Phase I of the property was developed by
JPI in 1987
and Phase II
by Columbus
Property Trust
(Post Properties)
in 1996. The 404unit Phase I has
air conditioned
interior corridors
and includes 140
units in two six
story steel and
concrete mid-rise
towers. The 504
unit Phase II has
two buildings
that wrap parking structures with the six other buildings constructed around
courtyards that have attractive water features. All units in both phases
have at least 9' ceilings and 30+ units have 20' ceiling heights. All units
have washer/dryer connections (except 11 efficiencies, at 1% of the mix).
The community incorporates a substantial common area amenity set with an
extensive fitness center in the in-line commercial space, five resort-style
pools, and decorative courtyards.
LOCATION
385 E. Las Colinas Boulevard
Irving, Texas 75039
BUILDINGS
17 Low Rise and 2 Mid Rise
Apartment Buildings
Freestanding Clubhouse/
Leasing Center
NUMBER OF UNITS
908 Units
BUILDING SIZE
Apartment NRSF: 793,198 SF
Average Unit Size: 874 SF
Retail NRSF: 50,519 SF
SITE SIZE
17.62 Acres +/DENSITY
51.53 Units/Acre
PARKING
1,517 Standard Spaces
69 Motorcourt Spaces
17 Piazza Spaces
1,603 Total parking spaces
1.77
Spaces per unit
INTERIOR LUXURIES
COMPLETION DATE
Phase 1: 1987 by JPI
Phase 2: 1996 by Columbus/Post
UNIT MIX
Unit
Mix
Units
Studio
11
1Br/1Ba
535
1Br/1Ba/Den 54
1Br/1Ba/Loft 30
2Br/2Ba
274
3Br/2B/Study
4
Total/Avg
908
Mix
1.2%
58.9%
5.9%
3.3%
30.2%
0.4%
100.0%
Unit
SF
Avg
SF
4,825
439
392,362
733
47,144
873
30,092 1,003
310,423 1,133
8,352 2,088
793,198
874
• Wood/Gas Burning Fireplaces*
• Nine to Ten Foot Ceilings
• Vaulted Ceilings*
• Ceiling Fans
• Private Patios/Balconies*
• Full-Size Washer/Dryer Connections**
• Spacious Kitchens
• Stained Concrete Floors*
• Hardwood Floors*
• Frost Free Refrigerators
with Icemakers
• Microwaves*
• Spacious Walk-In Closets
• Garden Tubs
• Ceramic Tile Bath Surrounds
• Alarm Systems
• Range Oven with Hood
• Unique Floor Plans
COMMUNITY
ADVANTAGES
• Five Sparkling Swimming Pools
• Six European Style Courtyards
• 24-Hour Fitness Center
• Resident Business Center
• Theater Room
• Billiards Room
• Boat Dock and Marina
• Scenic Jogging Path
• Concierge Service
• Lake Side View*
• Structured Parking
• Limited Access Gates
*Select Residences
**In all but 11 units
LANDMARK URBAN CENTER
LOCATION
• The property is in the Las Colinas
Urban Center on Lake Carolyn next
door to the four-diamond OMNI
Mandalay Hotel.
• The property is not subject to DCURD
taxation like most of its proximate
competitors providing a long-term
operational advantage.
• Gables Water Street is bringing
300,000 SF of specialty retail and
restaurants to the Urban Center.
• DART Light Rail will link the
Las Colinas Urban Center to both
Downtown Dallas by 2011 and DFW
International Airport by 2013.
• Las Colinas is home to over 2,000
companies including headquarters
or major regional operations for 30
Fortune 500 companies including
Exxon Mobil, Verizon, Citigroup,
Nokia, and Accenture, among others.
• Las Colinas is currently experiencing
$7.5 billion in commercial development
in the wake of an historic series of
land-use amendments passed in 2006.
STRONG RENTAL MARKET
CONDITIONS IN LAS COLINAS
The Cabochon at Las Colinas is directly
comparable to only a few mid-density
luxury multifamily communities within
the Las Colinas Urban Center. The
Cabochon’s monthly rents are $300 to
$600 per month below its comparable set.
The Las Colinas/Valley Ranch (LC/VR)
multifamily submarket posted 95.5%
occupancy overall in first quarter 2007,
up from 94.8% occupancy the previous
year. Communities built in the 1990s
outpace the LC/VR submarket overall
average at 96.6% and 1980s product is
in line with the area average at 95.0%
occupancy.The Las Colinas apartment
rental market’s absorption rate continues
to remain near the top of the DFW
metroplex with the first quarter 2007
absorption rate over 16% of the entire
DFW absorption total. Rents are
structurally higher in LC/VR with total
monthly rents 19.5% above the DFW
average and square foot rents 13.6%
above the DFW average.
DFW Airport
Verizon World
Headquarters
Four Seasons Resort
Las Colinas
Country Club
Williams
Towers
Grand
Treviso
.
r Fwy
Cabochon at Las Colinas
Phase I
te
arpen
John C
Omni • Mandalay
nas
oli
as C
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.
Blvd
Cabochon at Las Colinas
Phase II
400 E. Las Colinas
Blvd.
Waterside
Tower
Lake Carolyn
Gables
Water
S
treet S
ite
INVESTMENT SUMMARY KEY POINTS
• The Cabochon at Las Colinas represents a strategic repositioning
opportunity with a substantial rental gap existent between the
property and emerging new communities in the Urban Center.
The Cabochon at Las Colinas has total monthly rents that are
$300 to $600 per unit on average below the surrounding
comparable communities in the Las Colinas Urban Center.
• The community is not burdened by Dallas County Utility
Reclamation District “DCURD” taxes giving The Cabochon a
significant competitive advantage in its operating cost structure
versus its direct competition in the Urban Center equal to 75 basis
points or more on the property’s assessed value.
• The advent of additional “destination” retail like Gables Water
Street and Las Colinas Live! in the Urban Center and greater
Las Colinas will further cement demand for the 50,519 square feet
of commercial space in The Cabochon.
• Price to be determined by market.
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THE CABOCHON AT LAS COLINAS
ss
360
on St
THE INVITATION
Moran & Company invites you to explore this exciting
mixed use investment opportunity. All prospective
purchasers desiring complete sales materials should
sign the enclosed Confidentiality Agreement and fax it
to the Dallas Office of Moran & Company. Access to
an electronic version of the sales package and/or a
hard copy will be mailed to you upon receipt of the
executed agreement. In order to schedule a property
tour, please call Paul Harris, Thad Wetterau, or
Greg Smith. We look forward to meeting you at
Cabochon at Las Colinas.
Paul Harris
Thad Wetterau
Greg Smith
Thomas F. Moran
Moran & Company
Moran & Company
5440 Harvest Hill Road
One N. Franklin
Suite 146
Suite 700
Dallas, Texas 75230
Chicago, Illinois 60606
Phone 972-387-2500
Phone 312-407-6700
Fax 972-387-2555
Fax 312-407-6717
www.moranandco.com
No warranty or representation, expressed or implied, is made as to the accuracy or completeness of the information contained herein. No legal obligation shall arise by reason of the distribution of this summary statement.