park lane village apartments

Transcription

INVESTMENT OFFERING
PARK LANE VILLAGE
APARTMENTS
500 North Broadway
Farmington, Utah
March, 2014
Exclusively Marketed by
Kip Paul
Tom Freeman
801-303-5555
[email protected]
801-303-5449
[email protected]
Executive Director - Investment Sales
Senior Director - Industrial Brokerage
BEGIN
PARK LANE VILLAGE APARTMENTS
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INVESTMENT OFFERING
TABLE OF CONTENTS
(Click Below to Skip to Section)
EXECUTIVE SUMMARY
Overview and Opportunity
Property and Financial Summary
FINANCIAL ANALYSIS
Proforma Operating Statement and Transaction Summary
ARGUS Reports
Existing Debt Summary
PROPERTY DESCRIPTION
Basic Construction Components
Aerial Maps
Site Plan
Floor Plans
COMPETING PROPERTIES
SALE COMPARABLES
MARKET AND AREA INFORMATION
Station Park and Park Lane Commons
Farmington/Davis County Area
The State of Utah
2013 Salt Lake Area Apartment Market Report
ADDITIONAL INFORMATION FOR DOWNLOAD
See Page 42
©2014 Commerce Real Estate Solutions. This statement, with the information it contains, is given with the understanding that all negotiations relating to the purchase, renting, or
leasing of the property described above shall be conducted through this office. No warranty or representation, express or implied, is made as to the accuracy of the information
contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions
imposed by our principals. Some aerial photography by DigitalGlobe or Aerials Express.
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Property
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EXECUTIVE SUMMARY
Proforma Operating Statement and
Transaction Summary
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Sale
Comparables
Market & Area
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INVESTMENT OFFERING
EXECUTIVE SUMMARY OVERVIEW AND OPPORTUNITY
Park Lane Village Apartments, located in Farmington, Utah, is
the only Transit Oriented Apartment Development project in the
State with immediate walkable proximity to open air retail, office,
restaurant and entertainment facilities. These adjacent facilities and
amenities are stunningly beautiful in their design and desirability. The Park
Commons and Station Park areas boast a unique confluence of the
I-15 Freeway, Legacy Parkway (SR67), US Highway 89, FrontRunner
high-speed train stop and major bus line transfer point. This
location is now the premier hub of activity and is becoming known
of as the “Golden Rectangle” in Davis County.
The 324-unit Park Lane Village apartment complex features include;
attractive architectural design, attached garages, fully fire sprinkled,
granite counter tops, specialty lighting, 9’ ceilings, open exterior hallways,
interior two tone paint, spectacular clubhouse with workout facilities,
swimming pool, Jacuzzi, water play land and outdoor fire pit seating areas.
The above typical grade construction and finishes were completed by ICO,
a division of Utah’s largest home builder, Ivory Homes. The project is also
adjacent to the Legacy Trail, a walking, running and bike riding asphalted
trail that runs from Layton to Salt Lake City.
The Park Lane Village Apartments’ immediate success and
desirability will only continue to grow and be enhanced by the
upcoming continued development of Station Park Area which
will include a Hyatt Place Hotel, University of Utah Medical
facility, assisted living facility and other recognized retailers. The
demographic profile surrounding Park Lane is impressive; Average annual
household income of $123,000, 73% white collar professions, 29% of the
population age 25-44.
Park Lane Village is well positioned to be one of the premier
apartment communities in one of the best apartment markets
in the country.
©2013 Commerce Real Estate Solutions. This statement, with the information it contains, is given with the understanding that all negotiations relating to the purchase, renting, or leasing of the property described
above shall be conducted through this office. No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions,
change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. Some aerial photography by DigitalGlobe or Aerials Express.
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Executive
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INVESTMENT OFFERING
EXECUTIVE SUMMARY PROPERTY DESCRIPTION
Name:
Address:
Building Size:
Financial
Analysis
Property
Description
Competing
Properties
Sale
Comparables
Unit Mix:
Site Size:
Density:
Age:
Parking:
Market & Area
Information
Additional
Information for
Download
Sales Price:
Debt:
Equity Requirement:
Cap Rate yr. 1 Stabilization:
Price per Unit:
Price per Rentable sq. ft.:
Cash on Cash Return Yr. 1 Stabilization:
Discount Rate:
Residual Cap Rate:
Unleveraged IRR 5 yr.:
Leveraged IRR 5 yr.:
Park Lane Village Apartments
500 North Broadway
Farmington, Utah
Total Rentable Area:
288,504 sq. ft.
(881 sq. ft./unit avg.)
Apartment Building Area:
396,148 sq. ft.
Garage/Maintenance:
6,314 sq. ft.
Club House:
5,103 sq. ft.
Gross Building Area:
407,565 sq. ft.
1 bed/1 bath (638-811 gr. sq. ft.):
135
2 beds/1 bath (931 gr. sq. ft.):
12
2 beds/2 baths (1,012-1,025 gr. sq. ft.): 153
3 beds/2 baths (1,131-1,143 gr. sq. ft.): 24
Total Units: 324
08-486-0109:
5.06 acres, 220,414 sq. ft.
08-486-0110:
8.10 acres, 352,836 sq. ft.
Total: 13.16 acres, 573,250 sq. ft.
25 units per acre
2012
159 attached garages w/openers
23 detached garage stalls w/openers
135 carport stalls
318 uncovered stalls
635 spaces total
Parking Ratio: 1.96 stalls per unit
$52,478,000
$36,100,000
$16,378,000 (31%)
5.88%
$161,969
$181.90
5.00%
7.75%
6.00%
8.06%
13.94%
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INVESTMENT OFFERING
Table of
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Executive
Summary
Financial
Analysis
Property
Description
FINANCIAL ANALYSIS
Proforma Operating Statement and
Transaction Summary
ARGUS Reports
Competing
Properties
Sale
Comparables
Market & Area
Information
Additional
Information for
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INVESTMENT OFFERING
FINANCIAL ANALYSIS PROFORMA OPERATING STATEMENT AND TRANSACTION SUMMARY
In Place
2/2014
Alliance 2014
Budget
Income
2013 Actual
Rent
$ 3,810,380
$ 3,849,528 ($1.11 avg)
Loss to Lease
$
$
28,430
0
<$
Stabilized
$ 3,827,160
$ 3,951,862 ($1.14 avg)
(3% increase over current market rent)
54,112>
$
43,104
$
0
(actual rent exceeds market rent)
Non Revenue Units
<$
24,435>
<$
<$
26,340>
<$
30,560>
<$
Concessions
<$
341,063>
<$
236,556> 5.75%
<$
210,326>
<$
266,600>
<$
19,759> 0.50% Proforma Market
Vacancy loss
<$
711,933>
<$
192,476> 5.00%
<$
215,178>
<$
272,284>
<$
<$
13,760>
<$
Other month Rent
Bad Debt
Other Income
$
<$
$
3,082
23,769>
795,130
$
<$
22,680>
$ 3,936,991 ($1.14 avg)
Trailing 3
Annualized
0
38,495> 1.00%
$ 1,025,087 ($3,018/unit)
(See Budget)
$
<$
0
34,440>
$ 1,025,087
(See Budget)
$
$
918,692
22,680> (as per rent roll)
0
$ 1,025,087
(See Budget)
Misc.
$25,470
$20,000
$18,360
$37,528
$20,000
Total Recoverable
$ 3,561,292
$ 4,404,408
$ 4,440,042
$ 4,243,280
$ 4,756,918
Expenses
Sale
Comparables
Market & Area
Information
Additional
Information for
Download
Controllable
$ 1,127,328
Non Controllable
$382,507
$ 1,143,886
$
Total Controllable and
Non Controllable
$ 1,509,835
($4,660/unit)
$ 1,591,764
$ 1,591,771
447,885
$ 1,591,764
$ 1,251,484
$ 1,591,764
Reserves
$118,707
$118,707
$118,707
$118,707
$81,000($250/unit)
Total Expenses
$ 1,628,542
$ 1,710,471 ($5,279/unit)
$ 1,710,478 ($5,279/unit)
$ 1,370,191 ($4,229/unit)
$ 1,672,764 ($5,162/unit)
Net Operating Income
$ 1,932,750
$ 3,084,154
$ 2,693,937
$ 2,729,564
$ 2,873,089
Debt Service (Including MIP)
$ 2,265,222
$ 2,265,222
$ 2,265,222
$ 2,265,222
Cash Flow
$
$
$
$
428,715
464,342
607,867
818,932
Transaction Summary
Net Operating Income - Stabilized
$ 3,084,154
Debt Service
$2,265,222
Cash Flow
$
Percent Cash on Cash Return
Equity
$ 16,378,000 31%
Existing Debt
$ 36,100,000
Sales Price
$52,478,000
Cap Rate
Per Unit
$
161,969
Price per rentable square foot
$
181.90
818,932
5.0%
5.88%
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INVESTMENT OFFERING
FINANCIAL ANALYSIS ARGUS REPORTS
GENERAL ASSUMPTIONS
Analysis Start Date:
Analysis End Date:
Anticipated Occupancy as of Start Date
Number of Units:
Rentable Square Feet (RSF)
6/1/2014
5/30/2019
100.0%
324
288,504
Growth/Inflation Rate
Market Rent:
Expenses:
Property Taxes:
Other Income
3.0%
3.0%
3.0%
3.0%
Allowances
Vacancy
Credit Loss/Bed Debt
Cost of Sale in Disposition Year
4.0%
1.0%
2.0%
PROJECTED RETURNS
Sale Price:
Per Unit:
Per RSF:
Implied Cap Rate: Yr. 1
Unleveraged IRR
Discount Rate
Residual Capitalization Rate
$52,478,000
$161,969
$181.90
5.88%
6.06%
6.24%
7.84%
7.75%
6.00%
SPECULATIVE RENEWALS
Renewal Probability
Market Lease Term (Months):
Market Rent/Mo:
1 x 1 648 SF
1 x 1 683 SF
1 x 1 810 SF
2 x 1 931 SF
2 x 2 1,034 SF
3 x 2 1,142 SF
Average
Lease Assumptions
Vacancy Period (Months)
LEVERAGED ASSUMPTIONS - EXISTING DEBT
Beginning Principal Balance
Amortization Period
Due Date:
Payment (P&I)
MIP (Annual)
Rate:
Leveraged IRR
70.0%
12
$819
845
936
1,035
1,113
1,372
1,016
$1.26 psf
1.24 psf
1.16 psf
1.11 psf
1.08 psf
1.20 psf
1.14 psf
1
$36,062,633
40 years
3/1/2053
$2,100,891
$164,332
4.98%
13.20%
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INVESTMENT OFFERING
SCHEDULE OF PROSPECTIVE CASH FLOW IN INFLATED DOLLARS FOR THE FISCAL YEAR BEGINNING 6/1/2014
Year 1
Year 2
Year 3
Year 4
For the Years Ending
May-2015
May-2016
May-2017
May-2018
___________
___________
___________
___________
Operating Ratios
Total Number of Units
324
324
324
324
Average Occupancy
100.00%
100.00%
100.00%
100.00%
Avg Monthly Rent per Occ Area
1.14
1.18
1.21
1.25
Avg Monthly Rent per Occ Unit
1,016.31
1,046.80
1,078.20
1,110.54
Expense Ratio to Operating Inc
34.99%
34.99%
34.99%
34.99%
Expenses per Unit Area
5.76
5.93
6.11
6.29
Expenses per Unit
5,126.55
5,280.35
5,438.76
5,601.92
Potential Gross Revenue
Potential Market Rent
Potential Rental Revenue
Competing
Properties
Sale
Comparables
Market & Area
Information
Additional
Information for
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Scheduled Base Rental Revenue
RUBS
Misc Income
Total Potential Gross Revenue
General Vacancy
Collection Loss
Effective Gross Revenue
Operating Expenses
Real Estate Taxes
Property Insurance
Utilities
Repairs and Maintenance
Management Fees
Payroll
Advertising and Marketing
General and Administrative
Replacement Reserves
Total Operating Expenses
Net Operating Income
Debt Service
Interest Payments
Principal Payments
Total Debt Service
Leasing & Capital Costs
MIP
Total Leasing & Capital Costs
Cash Flow After Debt Service
But Before Taxes
Year 5
May-2019
___________
Year 6
May-2020
___________
324
100.00%
1.28
1,143.86
34.99%
6.48
5,769.98
324
100.00%
1.32
1,178.18
34.99%
6.67
5,943.07
$3,951,396
___________
3,951,396
___________
3,951,396
1,025,087
20,000
___________
4,996,483
(199,859)
(49,965)
___________
4,746,659
___________
$4,069,938
___________
4,069,939
___________
4,069,939
1,055,840
20,600
___________
5,146,379
(205,855)
(51,464)
___________
4,889,060
___________
$4,192,036
___________
4,192,035
___________
4,192,035
1,087,515
21,218
___________
5,300,768
(212,031)
(53,008)
___________
5,035,729
___________
$4,317,797
___________
4,317,797
___________
4,317,797
1,120,140
21,855
___________
5,459,792
(218,392)
(54,598)
___________
5,186,802
___________
$4,447,331
___________
4,447,331
___________
4,447,331
1,153,744
22,510
___________
5,623,585
(224,943)
(56,236)
___________
5,342,406
___________
$4,580,751
___________
4,580,749
___________
4,580,749
1,188,357
23,185
___________
5,792,291
(231,692)
(57,923)
___________
5,502,676
___________
219,276
74,447
552,170
158,197
142,400
342,365
46,261
44,886
81,000
___________
1,661,002
___________
3,085,657
___________
225,854
76,680
568,735
162,943
146,672
352,636
47,649
46,233
83,430
___________
1,710,832
___________
3,178,228
___________
232,630
78,981
585,797
167,831
151,072
363,215
49,078
47,620
85,933
___________
1,762,157
___________
3,273,572
___________
239,609
81,350
603,371
172,866
155,604
374,111
50,551
49,048
88,511
___________
1,815,021
___________
3,371,781
___________
246,797
83,791
621,472
178,052
160,272
385,335
52,067
50,520
91,166
___________
1,869,472
___________
3,472,934
___________
254,201
86,304
640,116
183,394
165,080
396,895
53,629
52,035
93,901
___________
1,925,555
___________
3,577,121
___________
1,788,861
312,030
___________
2,100,891
___________
1,772,962
327,928
___________
2,100,890
___________
1,756,253
344,637
___________
2,100,890
___________
1,738,693
362,197
___________
2,100,890
___________
1,720,238
380,652
___________
2,100,890
___________
___________
164,332
___________
164,332
___________
$820,434
===========
164,332
___________
164,332
___________
$913,006
===========
164,332
___________
164,332
___________
$1,008,350
===========
164,332
___________
164,332
___________
$1,106,559
===========
164,332
___________
164,332
___________
$1,207,712
===========
___________
___________
___________
$3,577,121
===========
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INVESTMENT OFFERING
SCHEDULE OF SOURCES & USES OF CAPITAL EQUITY IS BASED ON PROPERTY VALUE, LEVERAGE AND OPERATING REQUIREMENTS
Year 1
Year 2
Year 3
Year 4
Year 5
For the Years Ending
May-2015
May-2016
May-2017
May-2018
May-2019
___________
___________
___________
___________
___________
Sources Of Capital
Net Operating Gains
$3,085,657
$3,178,228
$3,273,572
$3,371,781
$3,472,934
Debt Funding Proceeds
36,062,633
Initial Equity Contribution
16,415,367
Net Proceeds from Sale
58,426,309
___________
___________
___________
___________
___________
Total Sources Of Capital
$55,563,657
$3,178,228
$3,273,572
$3,371,781
$61,899,243
=========== =========== =========== =========== ===========
Uses Of Capital
Property Purchase Price
Total Debt Service
Capital Costs & Reserves
Retirement & Penalties
$52,478,000
2,100,891
164,332
2,100,890
164,332
2,100,890
164,332
2,100,890
164,332
___________
54,743,223
___________
820,434
___________
$55,563,657
===========
___________
2,265,222
___________
913,006
___________
$3,178,228
===========
___________
2,265,222
___________
1,008,350
___________
$3,273,572
===========
___________
2,265,222
___________
1,106,559
___________
$3,371,781
===========
2,100,890
164,332
34,335,188
___________
36,600,410
___________
25,298,833
___________
$61,899,243
===========
Unleveraged Cash On Cash Return
Cash to Purchase Price
NOI to Book Value
Cash to Purchase Price & Costs
5.57%
5.86%
5.57%
5.74%
6.02%
5.74%
5.92%
6.18%
5.92%
6.11%
6.35%
6.11%
6.30%
6.52%
6.30%
Leveraged Cash On Cash Return
Cash to Initial Equity
5.00%
5.56%
6.14%
6.74%
7.36%
Defined Uses Of Capital
Cash Flow Distributions
Total Uses Of Capital
Unleveraged Annual IRR
Leveraged Annual IRR
7.84%
13.20%
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INVESTMENT OFFERING
PROSPECTIVE PRESENT VALUE CASH FLOW BEFORE DEBT SERVICE PLUS PROPERTY RESALE DISCOUNTED ANNUALLY (ENDPOINT ON CASH FLOW & RESALE) OVER A 5-YEAR PERIOD
For the
P.V. of
P.V. of
P.V. of
P.V. of
P.V. of
Analysis
Year
Annual
Cash Flow
Cash Flow
Cash Flow
Cash Flow
Cash Flow
Period
Ending
Cash Flow
@ 7.25%
@ 7.50%
@ 7.75%
@ 8.00%
@ 8.25%
________ ________
___________
___________
___________
___________
___________
___________
Year
Year
Year
Year
Year
1
2
3
4
5
May-2015
May-2016
May-2017
May-2018
May-2019
Total Cash Flow
Property Resale @ 6% Cap Rate
Total Property Present Value
Rounded to Thousands
Per Unit
$2,921,325
3,013,896
3,109,240
3,207,449
3,308,602
___________
15,560,512
58,426,309
$2,723,846
2,620,195
2,520,359
2,424,212
2,331,621
___________
12,620,233
41,173,894
___________
$53,794,127
===========
$2,717,512
2,608,022
2,502,816
2,401,739
2,304,636
___________
12,534,725
40,697,350
___________
$53,232,075
===========
$2,711,206
2,595,935
2,485,435
2,379,527
2,278,023
___________
12,450,126
40,227,409
___________
$52,677,535
===========
$2,704,931
2,583,930
2,468,215
2,357,570
2,251,779
___________
12,366,425
39,763,964
___________
$52,130,389
===========
$2,698,684
2,572,008
2,451,154
2,335,867
2,225,897
___________
12,283,610
39,306,912
___________
$51,590,522
===========
$53,794,000
===========
$53,232,000
===========
$52,678,000
===========
$52,130,000
===========
$51,591,000
===========
166,031
164,297
162,585
160,896
159,230
23.46%
76.54%
===========
100.00%
23.55%
76.45%
===========
100.00%
23.63%
76.37%
===========
100.00%
23.72%
76.28%
===========
100.00%
23.81%
76.19%
===========
100.00%
Percentage Value Distribution
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Prospective Income
Prospective Property Resale
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INVESTMENT OFFERING
FINANCIAL ANALYSIS EXISTING DEBT SUMMARY
Lender:
Wells Fargo
Original Loan Amount:
$36,407,600
Origination Date:
4/1/13
Interest Rate:
4.98% not including MIP
Amortization:
40/40
Annual P/I:
$2,100,890.64 ($2,265,222.96 with MIP)
Current Balance:
$36,163,244
Due Date:
March 1, 2053
Non- Recourse:
Yes
Assumable:
Yes- 1% Plus lender legal Fees
Impounds:
Market & Area
Information
Additional
Information for
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Prepayment:
Real Estate Taxes:
Insurance:
Reserve Escrow:
MIP Escrow:
Total:
Monthly
$17,013.67
$2,797.75
$9,892.33
$13,694.36
$43,398.11
12/1/13 – 11/30/14:
12/1/14 – 11/30/15:
12/1/15 – 11/30/16:
12/1/16 – 11/30/17:
12/1/17 – 11/30/18:
12/1/18 – 11/30/19:
12/1/19 – 11/30/20:
12/1/20 – 11/30/21:
12/1/21 – 11/30/22:
12/1/22 forward:
10.00%
10.00%
10.00%
10.00%
5.00%
4.00%
3.00%
2.00%
1.00%
None
Balance as of 1/30/2014
$70,338.42
$70,775.25
$182,220.98
$323,334.65
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INVESTMENT OFFERING
Table of
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Executive
Summary
Financial
Analysis
Property
Description
Competing
Properties
PROPERTY DESCRIPTION
Basic Construction Components
Aerial Maps
Site Plan
Sale
Comparables
Market & Area
Information
Additional
Information for
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13
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Table of
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Executive
Summary
Financial
Analysis
Property
Description
Competing
Properties
Sale
Comparables
INVESTMENT OFFERING
PROPERTY DESCRIPTION BASIC CONSTRUCTION COMPONENTS
Footing & Foundation:
Reinforced poured concrete
Exterior Walls:
2 X 6” wood framing; synthetic stucco;
hardboard siding
Interior Walls:
Textured and painted gypsum board
attached to wood studs
Roof:
Nearly flat with 30 yr. TPO membrane
Windows:
Mini blinds with vertical blinds on
sliding glass doors
Electrical:
Upgraded incandescent fixtures with
fluorescent lighting in kitchens;
Individual breaker boxes/meters
Plumbing/Restrooms:
1 to 2 per unit
HVAC:
Individually ducted gas-fired, forced air furnaces
with integrated central air; Central metering
Market & Area
Information
Additional
Information for
Download
14
CANYON
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EXIT
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Prana Yoga
Pro Image Sports
Accounting Training
And Testing Center
Republic of Couture
Apple
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R
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AT&T
Sage Law Partners - BRAH
Opening Soon
Banana Republic
RD
Sally Beauty Supply
Beckett & Robb
Star Nails
Bohme
Brighton Collectables Teavana
The GYM
Charming Charlie
Chase Bank FARM R DThe Joint Chiropractic
The Sanctuary Aveda
Chico’s
LONGHORN DR
The Sports Authority
Cinemark
Thinique
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CLARK LN
Tilly’s
Crazy 8
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Diamond Wireless
Tricked Out
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MESTEAD
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Edible Arrangements Ulta Beauty
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Dickey’s Barbecue Pit
GoLite
Harmons
Gordmans
Johnny Rockets
Gymboree
Madbrook Donut
H&M
Company
RANCH RD
Harmons
Orange Leaf
HomeGoods
Panda Express
IT’SUGAR
ParkStone Wood
CITATION DR
J.Crew
Kitchen
Jardine Law Offices
Roxberry
Jared The Galleria Of
Settebello Pizzeria
Jewelry
Napoletana
LOFT
Starbucks Drive Thru
Marshalls
Starbucks In The Village
Mattress Firm
Subway
Maurices
Sugar Daisy Bakery
Monarch Dental
Sushi Monster
Nordstrom Rack
300 S
The Habit Burger Grill
Old Navy
Toby Keith’s I Love This
Perfumania
ATRIUM CT
Bar & Grill
Petco
Twigs Bistro and
Pluralsight
Martini Bar
400 N
Photo courtesy of Lagoon
T
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EXIT
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13
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Market & Area
Information
VIE
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17 25 W
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JOY
25 E
11 50 W
1225 W
1100 W
200 S
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SMOOT DR
2 00 W
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11 75 W
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70
475 S
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12 50 W
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175 S
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30 0 W
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Park Lane Village is the only
Transit Oriented Apartment
Development project in
1015 NState with immediate,
the
walkable proximity to open
1000 N
air retail, office, restaurant
and entertainment facilities.
AD
17 5 E
L
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65
22 5 E
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The Park Commons
and
Station
Park areas boast a unique
18
25
W
confluence of the I-15 Freeway,
Legacy Parkway
RIF LEMAN D R (SR67), US
Highway 89, FrontRunner high625 N
CHAPMAN LN
LOVEstop
LA
speed train
and major bus line
N
transfer point. This location is now
D
the premier hub of activity and is D FORT R
becoming known of as the “Golden SPRING
M
Denver
& Rio Grande
EA
Rectangle” in Davis County.
D
Western
Rail Trail
DOVE WAY
P TO N’ S PO
ER
25 W
CO
M
Vicinity
Vicinity
1300 N
SHE PARD CT
STILLWAT E R
S H EP
nd
MO
800 N
G WAY
WA T ER SID E D R
RO
855 N
475 N
Additional
Information for
Download
OV
GL
D
LN
TRAP
ra
PL
RD
TE
Sale
Comparables
RUGE
R
WE LLIN
W
DR
SA ND
P RE ST
oG
Ri
UN
XH
DAKOTA DR
K
FOX
PAR
N
1060 N
&
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IC
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QUAIL
0N
93
ITT
MCK
SHARPSHOOTER DR
G
1185 N
FAIR WAY CIR
er
nv
De
875 N
BIN
9,645 ADT
View from Grand Avenue to the East
Future Office Building
950 N
EW
MOON C IR
U
Y
SHEPARD LN
1130 N
PHEASANT PL
D
INVESTMENT OFFERING
Close-Up
CREEK LN
OAKRIDGE
COUNTRY CLUB
LLO W W IN D DR
WI
WINCHESTER LN
Competing
Properties
SHE
T
YL
89
D
CIR
ELION CIR
Shepards
Crossing
Proposed
Interchange
R
41 0
AD
WA
E TIME DR
30 N
T AGE RD
2300 S
Property
Description
OLD
50
IR
GR EE
1290 N
ON
G
CT
D
31,2
FA
E
FR
7,440 ADT
2200 S
ND
DA
Click Tabs to Switch between Maps:
TE
13
ON THE
R ID G
Fox
Glove
Click Here to Download a
Full Size Version of this Aerial Map
Financial
Analysis
W
M IN
M DR
O
YH
D
DR
K
IDG E DR
17
00
N
0
14 1
W
LL
KR
RK
Y
LA
R
70
R
FA
OC
PA
KA
16
GR
AN
D
W
E
P
I NEHUR ST
1440 N
RWO
HO
T LN
RS
G
JUNE DR
AM
P
1500 N
LN
RD
NA
DR
N
TO
VIE
D
DR
ST A Y
R
P
N
RI
R
OK
Y
KA
INGT O
NS
PINEHU
PROPERTY DESCRIPTION AERIAL MAPS
G ROV E CIR
BLOO M ING
CIR
KE
TO
26
X3
RO
T
NS E POINTE CIR
SU
EK CIR
POINTE DR
CT
MP
N
N
AM
R
SOUTHA M
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1800 S
RI N
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RL
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NO
ST A
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LN
TON
HA MP
N
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MO
SS
L
1900 S
Executive
Summary
LK
O
NT
ER
P
M
WA
1700 S
LN
M
SO
RA
5
N
CH
EE
VE
WS DR
EA
AR
I-1
OW
ST
DR
1650 S
62 5 E
P
K
KE
ER
EE
1625 S
MP I-15 N B
RA
R AM
DR
BA
BA
CR
Kaysville
T
A
BR
EA
S
Home
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ES T
A
RE
KA
Y
1,105 ADT
T AR
BURTON LN
580 S
L
CT
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Table of
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INVESTMENT OFFERING
PROPERTY DESCRIPTION SITE PLAN
Executive
Summary
Financial
Analysis
Property
Description
ac
Competing
Properties
Sale
Comparables
g
Le
il
ra
T
y
Building B
Building C
Market & Area
Information
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Building A
Building D
Building E
Club House
kw
nP
Broadway
y.
io
at
t
S
16
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Summary
INVESTMENT OFFERING
PROPERTY DESCRIPTION FLOOR PLANS
ATLANTIC
ASTOR
1 Bed/1 Bath
1 Bed/1 Bath
Financial
Analysis
Property
Description
Competing
Properties
Sale
Comparables
Market & Area
Information
Additional
Information for
Download
683 sq. ft.
Level 1: Patio of 126 sq. ft.
Level 2 & 3: Deck of 72 sq. ft.
810 sq. ft.
17
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INVESTMENT OFFERING
MADISON
LEXINGTON
1 Bed/1 Bath
2 Bed/1 Bath
Financial
Analysis
Property
Description
Competing
Properties
Sale
Comparables
Market & Area
Information
Additional
Information for
Download
648 sq. ft.
931 sq. ft.
18
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INVESTMENT OFFERING
BROADWAY
FULTON
2 Bed/2 Bath
3 Bed/2 Bath
Financial
Analysis
Property
Description
Competing
Properties
Sale
Comparables
Market & Area
Information
Additional
Information for
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1,022 sq. ft.
1,142 sq. ft.
19
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INVESTMENT OFFERING
COMPETING PROPERTIES
Seasons of Layton
Executive
Summary
Financial
Analysis
Click the properties on the chart below to show a photo and highlight its marker on the map
Kay’s Crossing
Property
Description
Orchard Farms
Competing
Properties
Sale
Comparables
Farmington Crossing
Park Lane Village
Apartments
Market & Area
Information
Additional
Information for
Download
Legacy Crossing
Name/Address
Unit Type
Park Lane Village - 324 Units
500 North Broadway
Farmington, Utah
$785-$945 $1.17-$1.21
1 x 1135 638-811
$995-$1,025 $1.03-$1.07
931
2 x 1 12
$1.04
2x21
53 1,012-1,025 $1,075-$1,115
3 x 2 24 1,131-1,143 $1,325-$1,365 $1.03-$1.16
Farmington Crossing - 93 Units
985 Willow Garden Paseo
Farmington, Utah
$900
721
1 x 1 4
2 x 2 42 1,184-1,802 $950-$1,385
3 x 2 47 1,307-1,525 $1,450-$1,550
$1.25
$0.77-$0.80
$1.07-$1.11
Orchard Farms - 80 Units
2 x 2 56 1,105-1,250 $1,129-$1,409
893 S. Lily Drive, Fruit Heights, Utah 3 x 2 24 1,420-1,420 $1,389-$1,539
$1.02-$1.13
$0.98-$1.08
Legacy Crossing - 206 Units
1162 W. 200 N., Centerville, Utah
$803-$926
$930-$1,065
$1.17-$1.20
$0.96-$1.10
$799-$839
$879-$919
$934-$1,319
$1.09-$1.15
$0.97-$1.01
$0.91-$0.97
1 x 1 116
2 x 2 90
Unit SF
687-769
965-965
730-730
Village on Main Street - 192 Units
1 x 1 52
910-910
1525 N. Main Street, Bountiful, Utah 2 x 1 8
2 x 2 132 1,030-1,360
Eaglewood Lofts - 214 Units
325 South Orchard Drive
North Salt Lake, Utah
1 x 1
2 x 1
2 x 2
3 x 2
Rent
$865-$1,015
665-762
84
$1,000-$1,050
819-853
22
$1,105-$1,115
966-978
90
18 1,115-1,115 $1,325-$1,325
Rent PSF
$1.30-$1.33
$1.22-$1.23
$1.14
$1.19
The Hills at Renaissance - 107 Units 1 x 1 33
2 x 2 46
476 South 1875 West
3 x 3 28
Bountiful, Utah
797
1,153
1,346
$910
$1,100-$1,275
$1,275
$1.14
$0.95-$1.11
$0.95
Hampton Place - 210 Units
950 North Cutler Drive
North Salt Lake, Utah
1 x 1 66
2 x 2 120
3 x 2 24
824
1,075
1,257
$860
$1,050-$1,075
$1,275
$1.04
$0.98-$1.00
$0.95
Seasons of Layton - 164 Units
2111 N. Hillfield Road, Layton, Utah
1 x 1 60
2 x 2 73
3 x 2 31
747
1,027
1,185
$819
$1,019
$1,219
$1.10
$0.99
$1.03
Kay’s Crossing - 156 Units
60 South Main Street, Layton, Utah
1 x 1
2 x 2
705
1,050
$810
$975
$1.14
$0.92
Village on Main Street
Hampton Place Apartments
The Hills at Renaissance
Eaglewood Lofts
20
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Table of
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Executive
Summary
Financial
Analysis
Property
Description
Competing
Properties
INVESTMENT OFFERING
SALE COMPARABLES MULTI-FAMILY INVESTMENT SALE COMPARABLES
Property Name/Photo
Size (SF)
# of
Units
Year
Built
Sale
Price
215 N. Main St.
Salt Lake City, Utah
139,135
135
1972
$19,250,000
$138.35 $142,593
845 W. River Hollow Rd.
142,896
200
1985
$17,500,000
$122.47
239 E. South Temple
-
310
1916
$30,000,000
6885 S. Redwood Rd.
West Jordan, Utah
250,644
440
1986
3852 South 1845 West
West Valley City, Utah
258,325
300
556 East 300 South
78,330
4000 S. Redwood Rd.
220 E. 3300 S.
Address
PSF
Price
Cap
Transaction
Per Unit Rate (%)
Date
Buyer
Seller
-
12/20/2013
-
PCCP JSP Park Capitol LLC
$87,500
6.99
12/16/2013
-
Bascom Group
-
$96,774
-
12/04/2013
-
-
$39,500,000
$157.59
$89,773
6.45
10/01/2013
Jackson Square
Properties, LLC
PCCP JSP South Willow,
LLC
1985
$30,600,000
$118.46 $102,000
6.40
10/11/2013
Acacia Capital Corp.
Salt Lake 10-B, LLC
73
2012
$12,800,000
$163.41 $175,341
5.95
9/25/2013
Timberlane Partners
PEG Development
-
437
1985
$33,400,000
-
$76,430
6.71
8/13/2013
Big 4000 Redwood UT,
LLC
4000 South Redwood
Road, LLC
-
100
-
$13,325,000
-
$133,250
5.46
08/08/2013
Brick Stone Partners, LLC
Brick Stone Apartments
on 33rd, LLC
Park Capitol Apartments
Riverbend Apartments
Covey Apartments
Sale
Comparables
South Willow Apartments
Market & Area
Information
Additional
Information for
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Shadowbrook Apartments
Broadway Place
Emerald Court
Brick Stone on 33rd
21
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Table of
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Executive
Summary
Financial
Analysis
INVESTMENT OFFERING
SALE COMPARABLES MULTI-FAMILY INVESTMENT SALE COMPARABLES (continued)
Property Name/Photo
Address
3810 S. Redwood Rd.
Size (SF)
427,175
# of
Units
486
Year
Built
1985
Sale
Price
$49,000,000
Price
Cap
Transaction
PSF
Per Unit Rate (%)
Date
Buyer
$114.71 $100,823
6.20
07/31/2013 Jackson Square
Properties, LLC
Seller
PCCP JSP Somerset, LLC
6447 W. Wilshire Park Ave.
West Jordan, Utah
289,954
278
2010
$36,500,000
$125.88 $131,295
6.00
07/13/2013
-
-
4612 S. 2930 W.
256,600
304
1983
$26,750,000
$104.25
$87,993
6.62
07/01/2013
Aragon 2013/Overlook
Point, LLC
JSP Overlook Owner, LLC
$13,400,000
$93,056
6.39
06/18/2013
Su Casa Investments
Weste Hidden Cove
Apartments LLC
Somerset Village
Property
Description
Wilshire Place
Competing
Properties
Overlook Point
Sale
Comparables
Market & Area
Information
Additional
Information for
Download
2075 N Main St
Layton, Utah
144
Hidden Cove Apartments
2260 S. Foothill Dr.
415,254
450
1975
$61,750,000
$148.70 $137,222
6.20
05/01/2013
-
Jackson Square
Properties, LLC
40 S. 900 E.
86,126
114
1962
$12,012,000
$139.47 $105,368
5.28
04/26/2013
900 East BE, LLC
Sun Towers LC
1550 E. Fort Union Blvd.
Cottonwood Hts., Utah
382,588
492
1985
$52,000,000
$135.92 $105,691
5.18
4/13/2013
Santa Fe Salt Lake, LLC
FSC Santa Fe Apartments
LLC
Foothill Place
Sunset Towers
Santa Fe Apartments
22
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Executive
Summary
Financial
Analysis
INVESTMENT OFFERING
Property Name/Photo
Address
739 S. 300 W.
Size (SF)
80,845
# of
Units
60
Year
Built
2008
Sale
Price
$10,500,000
Price
Cap
Transaction
PSF
Per Unit Rate (%)
Date
Buyer
$129.88 $175,000
6.14
02/05/2013 HZ Axis Apartments, LLC
1551 W. Riverdale Rd.
Riverdale, Utah
181,134
225
1986
$15,500,000
$85.57
$68,889
6.40
12/24/2012
De Village Cherry Creek,
LLC 12 9310
Cherry Creek Associates,
LLC
1656 N. 400 W.
Layton, Utah
152,314
186
1985
$14,250,000
$93.56
$76,613
6.00
12/24/2012
MWH Village Creek Fox
Creek, LLC
Fox Creek Associates, LLC
470 S 1300 E
160,017
129
1950
$13,900,000
$86.87
$107,752
5.96
12/21/2012
Western Ucomm
Management, LLC
1300 East BRE LLC
1492 Spring Ln.
424,358
366
1960
$43,500,000
$102.51 $118,852
7.37
12/03/2012
-
-
4341 S. Riverboat Rd.
Taylorsville, Utah
468,296
492
1997
$54,525,000
$116.43 $110,823
6.20
11/15/2012
-
-
765 E. 400 S.
80,854
128
1985
$13,150,000
$162.64 $102,734
5.81
05/10/2012
Hamilton Zans
-
Seller
ROC UT 739, LLC
Axis at 739 Apartments
Property
Description
Cherry Creek Apartments
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The Landing
Sandpiper Apartments
Fairstone at Riverview
Seven65 Lofts
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INVESTMENT OFFERING
Property Name/Photo
Address
3994 S. Howick St.
Millcreek, Utah
Size (SF)
202,140
# of
Units
246
Year
Built
Sale
Price
$28,150,000
Price
Cap
Transaction
PSF
Per Unit Rate (%)
Date
Buyer
$139.26 $114,431
5.60
03/23/2012 -
9425 S Riverside Dr
Sandy, Utah
381,780
448
1999
$46,300,000
$121.27 $103,348
6.29
12/01/2011
Confidential
SSR Western Multifamily,
LLC
2102 E Royal Farm Dr
Cottonwood Hts., Utah
311,124
366
1985
$34,900,000
$112.17
$95,355
5.70
11/18/2011
REVX-RF2011 LLC
880 East Canyon/
2102 Royal Far
880 E Canyon Ridge Way
Midvale, Utah
293,380
328
1985
$28,700,000
$97.83
$87,500
5.80
11/18/2011
REVX-RR2011 LLC
880 East Canyon/
2102 Royal Far
845 E 9000 S
Sandy, Utah
205,638
222
1995
$26,300,000
$127.89 $118,468
5.70
11/11/2011
SLC 9000 South 2010 LLC
Western Multifamily LLC
1155 E 2100 S
194,296
232
1996
$32,500,000
$167.27 $140,086
5.70
11/11/2011
SLC 2100 South 2010 LLC
Western Multifamily LLC
4150 S 300 E
Murray, Utah
165,592
204
1996
$17,575,758
$106.14
5.80
09/01/2011
-
-
Seller
-
Meadowbrook Station
Property
Description
Legends at River Oaks
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Royal Ridge
Alpine Meadows
Irving Schoolhouse
$86,156
Preston Hollow
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INVESTMENT OFFERING
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MARKET & AREA
INFORMATION
Station Park and Park Lane
Commons
Farmington/Davis County Area
The State of Utah
2013 Salt Lake Area Apartment
Market Report
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INVESTMENT OFFERING
MARKET & AREA INFORMATION STATION PARK AND PARK LANE COMMONS
Station Park, a 1M-
square-foot open-
air center recently
completed by CenterCal Properties, LLC, is one of the
most impressive projects of its kind in Utah and the United
States. The $250 million-plus upscale retail, dining, office and
entertainment center features a park with a children’s play
area, an outdoor winter skating rink, benches for relaxing and
a world-class animated show fountain. Additional plans for
Station Park include a six-story hotel, an enviable list of exclusive national
retailers and local boutiques and commercial properties.
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PARK LANE VILLAGE
APARTMENTS
The development includes a Harmon’s grocery store, Cinemark
movie theater, and retailers such as Apple, The Sports Authority,
Gymboree, H&M and more. Some of the dining choices
available include Settebello Pizza Napoletana, ParkStone Wood
Kitchen, Twigs Bistro and Martini Bar, to list a few.
To the immediate north of Station Park is Park Lane Commons,
being built by The Haws Companies. The Park Lane Village
Apartments are Phase I of the Park Lane Commons, which is
a mixed-use Residential, and Professional Office development.
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INVESTMENT OFFERING
MARKET & AREA INFORMATION FARMINGTON CITY/DAVIS COUNTY
FARMINGTON CITY
Farmington, the seat of Davis County, is located about 16 miles north of Salt Lake City. It occupies a
narrow strip of land tucked snugly against the base of the Wasatch Mountains, halfway between Salt
Lake City and Ogden, with the Great Salt Lake lapping at its western shores. The community, with a
population of around 18,000, has very good access to transportation options including I-15, Legacy
Parkway and UTA FrontRunner service. Farmington City was also ranked by Money Magazine in 2013
as the 14th Best Place to Live in their list of America’s Best Small Towns.
The five canyons above Farmington have streams that flow through the City, eventually emptying
into the Great Salt Lake. Farmington Canyon offers opportunities for hiking, jogging, bicycling,
snowmobiling, picnicking, horseback riding, fishing and camping. There are also horse racing and
rodeo facilities at the Davis County Fairgrounds in West Farmington.
Farmington is well known as the site of the State’s largest family amusement park. Lagoon, originally known as Lake Park Resort, was once on the shores
of the Great Salt lake. Later in the 1890’s, it was moved to its present site and renamed Lagoon. Farmington is also the home to the new Station Park
retail lifestyle center.
DAVIS COUNTY
An ever increasing number of visitors, residents and businesses are discovering the distinct advantages that Davis County
can offer. Located just north of Salt Lake City, Davis County offers a superb, central location second-to-none, providing
unparalleled access to the Salt Lake International Airport, Hill Air Force Base, Antelope Island and the Great Salt Lake and
other cultural, retail, commercial, entertainment and recreational opportunities within Davis County’s 15 cities.
Davis County is the smallest (630 square miles) of Utah’s 29 counties and has the third largest population. The beautiful Wasatch Mountains create the
eastern border and the world-famous Great Salt Lake is the western border.
Interstate 15, US Highways 84 and 89, and Legacy Parkway offer ease of travel in Davis County to access businesses and ski resorts. Transportation is a
definite plus for locating in Davis County.
Davis County can boast a quality of life unequaled within the state. Due to it’s size, it is only a matter of minutes before one can find themself enjoying
hiking, casting a lure into a beautiful stream, camping, hunting, or swinging a golf club.
Within an hour’s drive you can be schussing through “The Greatest Snow on Earth” at any of nine world-class ski resorts. Additionally, Antelope Island
State Park, home of abundant wildlife, including a large, free-roaming herd of American Bison and the best beaches found on the Great Salt Lake, can
be found within the borders of Davis County.
27
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INVESTMENT OFFERING
MARKET & AREA INFORMATION THE STATE OF UTAH
THE UTAH ECONOMY
Utah continues to build a foundation for stronger economic growth. In almost every major category
our state is performing well. We’re innovative, forward-thinking and we have business-friendly
policies that boost our economy. Our economic rebound is forecast to
Utah:
continue
its pace through 2014. Job creation and job sustainability are
#1 Economic Outlook
critical for the continued expansion of Utah’s economy. In fiscal year 2012ALEC-Laffer,
13, our state added over 11,000 new jobs and has experienced positive job
Rich States, Poor States
growth figures for months at a time–the number of statewide jobs has
nearly recovered pre-recession levels. The U.S. Chamber of Commerce recently ranked Utah fourth
overall for innovation and entrepreneurship. We’ve also been named the “Best State for Business
and Careers,” and an “Economic Zion.” The fruits of visionary planning and prudent investment are
making an impact. In addition to the excellent business climate, Utah is also gaining a reputation as
a volunteer state and was ranked first in the nation for volunteerism.
Doing Business in Utah
• 1st for Best State for Business, 2010-12
Forbes Magazine
• Best Pro-Business State, 2012
Pollina Report
• 1st for Competitive Environment 2008-12
Rich States, Poor States–ALEC-Laffer
• In the Top 3 States for Business Climate,
2011-13
Business Facilities
• No. 1 Best Business Climate, 2011
Business Facilities
• 4th Overall for Innovation and
Entrepreneurship, 2013
U.S. Chamber of Commerce
• 1st for Technology Concentration and
Dynamism, 2008-2012
Milken Institute
• 5th Most Competitive State, 2012
Beacon Hill Institute
• 2nd Best State for Business, 2012
CNBC
• Salt Lake City among 15 best cities to do
business globally
Fortune
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INVESTMENT OFFERING
Technology
Transportation
Tourism
• Utah is currently home to 6,800
technology companies
• 70 Miles of Rail in Seven Years:
- 4 new TRAX lines, including service to the
Airport, which began April 2013
- Draper TRAX line opened August 2013
- Sugar House Streetcar opens Dec. 2013
- FrontRunner Salt Lake to Provo and Ogden
• Annual traveler spending in Utah is in
excess of $6 billion
• These companies employ 140,000 people
and pay salaries almost 85 percent higher
than the statewide average
• USTAR (Utah Science Technology and
Research initiative) is currently fueling more
than 100 new technologies at 10 higher
education institutions. The University of
Utah is consistently ranked in the top two in
the nation for start-up companies
• 18 USTAR research teams are making
international breakthroughs in energy,
nanotechnology, digital imaging, biomedical
devices, neuroscience and more
• $4.2 billion in highways in four years
- I-15 Utah County
- Mountain View Corridor
- Southern Parkway (St. George)
• Salt Lake City International Airport
- Direct flights to Paris
- 20,000,000 passengers in 2012
- 26th busiest airport in North America
- Serves as a hub for Delta Airlines
• An estimated 19.4 million tourism visits
each year
• Approximately 124,000 people in Utah are
employed in travel and tourism related
industries
• In 2012, 11.6 million visits were made to
Utah’s five national parks and national
recreation areas
• 5.1 million visitors enjoyed Utah’s 43
state parks in 2012
• Utah’s 14 ski resorts attracted 4.03 million
skier days during the 2012-13 season—the
6th busiest ski season in state history
• For every $1 invested in advertising, the
average 2012 ROI in tax dollars to the state
was $3.21
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1 of 2 States to Receive Grade A for Most
Tech-Savvy States, 2010-12
Center for Digital Government
SLC - 2nd Best City for
Public Transportation - 2011
USNews.com
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INVESTMENT OFFERING
Additional National Recognition
Utah and Minnesota: Most Liveable States of the Future
NBC News/Reuters, September 2012
(Reuters) Utah and Minnesota came out on top in a national poll to pinpoint
the most livable states in the future, based on the habits and decisions made
by citizens and community leaders today. The survey results were based on
responses from 530,000 Americans in all 50 states that were studied to spot
1st for Economic Outlook, 2008-13
ALEC-Laffer, Rich States Poor States
trends indicating future improvement, said Dan Witters, spokesman for the
Gallup poll. Utah ran away with the results for the poll’s 13 metrics. The
home f the Great Salt Lake came in either first or second for such topics
as smoking rates, clean and safe water, positive work relationships, daily
learning and public perceptions that the state was ”getting better,” not
“getting worse.”
1 of 2 States to Receive Grade A for Most
Tech-Savvy States, 2010-12
Center for Digital Government
Salt Lake City Ranked 5th Best City for Next
Decade, 2010
Kiplinger
State of the Year, 2011
Business Facilities
5th Most Peaceful State, 2012
Institute for Economics and Peace;
24/7 Wall St.
3rd Top Geothermal Power Generation
Leaders, 2010
Business Facilities
1st for Energy Cost Index, 2011
Small Business & Entrepreneurship Council
2nd Most Livable State, 2010-11
CQ Press
1st for Economic Dynamism, 2010
Kauffman Foundation
Three Utah Cities in the Top 50, 2013
CNN Money
Salt Lake City is #15 of Top 25 Arts
Destination-Midsize Cities, 2012
AmericanStyle
2nd for The Next Boom States, 2012
U.S. Chamber of Commerce
Utah Ski Resorts Rated as the Best in the
Nation - Eight of Utah’s 14 ski resorts rank in
the Top 30 Resorts, 2013
Ski Magazine
Best State for Future Livability, 2012
Gallup Healthways Well-Being Index
2nd for Job Growth, 2012
U.S. Bureau of Labor Statistics
2nd for Happiest Cities for Job-Seeking
College Grads, 2012
Forbes & CareerBliss.com
Salt Lake City is 2nd Best City for Public
Transportation, 2011
USNews.com
One of Only 9 States to Maintain AAA Bond
Rating
1st for Volunteerism, 2010-11
The Corporation for National and
Community Service
Four Utah Cities in the Top Places to Live in
the U.S., 2011
Relocate America
Lowest Percentage of Adult and Youth
Smokers in the Nation, 2011
Centers for Disease Control and Prevention
Salt Lake City 4th Best City for Technology
Jobs, 2012
Forbes
10th Best State in Job Growth, 2012
ASU Report
3rd Top Export State, 2013
Enterprising States
4th State in Entrepreneurship and
Innovation, 2013
Enterprising States
Most Fiscally-Fit State, 2010
Forbes
Salt Lake City - Best Commuter City, 2010
Forbes
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INVESTMENT OFFERING
MARKET & AREA INFORMATION 2013 SALT LAKE COUNTY APARTMENT MARKET REPORT
EXECUTIVE SUMMARY
On behalf of all of our Investment Group Agents and Brokers, it is our privilege to present our annual Apartment Market Report for 2013. The study was
conducted and authored by James Wood, who is the Director of the Bureau of Economic and Business Research at the University of Utah. Mr. Wood’s
objectivity, methodology and depth of experience combine to produce the most accurate apartment statistics in the Salt Lake County market. In
addition, apartment construction data was provided by Jeff Neese, MAI, Western States Multifamily.
The Apartment Market in Salt Lake County can best be described as hearty and stout with a strong future ahead.
The highlights of this year’s study include:
• 3.9% vacancy rate valley-wide.
• Rent growth of 4.4% over prior year.
Competing
Properties
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Comparables
• Number of rental units increased by 1.4%, now totaling 117,500 units.
• 32% of apartment communities offered specials or concessions, usually discounting first month’s rent or reduction in deposit.
• Level of new construction does not pose a threat to the market.
• Transaction volume is robust and only constrained by lack of product.
The forecast for the upcoming year includes:
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• Market conditions for apartment owners will continue to be favorable.
• Vacancy rates will remain under 5%.
• There is currently little threat to overbuilding. There were 5,300 units constructed over the past three years.
Planned projects for 2014 will not destabilize the market.
• Rental rates will increase 3-4%.
• Demand continues to increase from institutional investors.
Thank you to our clients and partners for making Salt Lake County such a wonderful market in which to invest in commercial real estate.
Sincerely,
Kip Paul
Executive Director, Investment Sales
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INVESTMENT OFFERING
SUMMARY OF CURRENT MARKET CONDITIONS
The vacancy rate for apartments in Salt Lake County is currently 3.9 percent. One year ago the rate
was 3.8 percent.
Rental rates have increased by 4.4 percent over the past year. The combined average rental rate for all
types of units is $850. The average rental rate for a two bedroom, two bath unit is $969.
Apartment projects of 250 units or more have an average per square foot rent of $1.01 and a vacancy
rate of 4.3 percent.
Eastside apartment communities have slightly higher rental rates than westside communities.
Currently, the average rent per square foot for an eastside property is $0.99 compared to $0.95 for a
westside property.
For those projects built since 2000, overall square foot rents are $1.00, while the monthly rental rate
is $981. The average rental rate for a two bedroom, two bath unit in an apartment community built
since 2000 is $1,023.
In 2012, nearly 1,700 new apartment units received building permits. These new units increased the
rental inventory in the county by only 1.4 percent. Currently new apartment construction does not
pose a threat to the rental market.
SALT LAKE COUNTY: DEMOGRAPHICS AND EMPLOYMENT TRENDS
The population of Salt Lake County’s was 1,063,842 in 2012, Table 1. The county’s population
has been increasing since 2000 at an average annual growth rate of about 1.4 percent. In 2012,
population growth was slightly higher at 1.7 percent due to an increase in net in-migration. During
the past decade, net out-migration has reduced the population growth rate of the county. But in
2012, relatively strong net in-migration resumed with a 5,700 increase in population, due to net inmigration. This was the second highest year of net in-migration since 2000.
Employment in Salt Lake County rebounded in 2012, with an increase of 20,812 jobs - the largest
employment gain in five years, Table 2. After two years of job declines in 2009 and 2010, the county’s
labor market appears to have recovered from the worst employment contraction since the Great
Depression. The county’s unemployment rate has dropped to 5.5 percent in 2012, after peaking at
7.8 percent in 2010.
Table 1
DEMOGRAPHIC TRENDS FOR SALT LAKE COUNTY
Net
Year
Population
Change
Migration
2000
902,843
17,627
4,451
2001
913,716
10,873
-2,361
2002
920,198
6,481
-6,391
2003
928,532
8,334
-5,046
2004
943,247
14,716
1,519
2005
967,017
23,770
10,065
2006
985,362
18,344
4,763
2007
995,648
10,286
-3,717
2008
1,007,205
11,558
-2,673
2009
1,018,737
11,531
-2,257
2010
1,033,299
14,562
1,624
2011
1,045,829
12,530
214
2012
1,063,842
18,013
5,697
Source: Governor’s Office of Planning and Budget.
Table 2
EMPLOYMENT TRENDS IN SALT LAKE COUNTY
Nonfarm
Jobs
Change
2000
545,153
13,824
3.20%
2001
544,727
-426
4.40%
2002
533,715
-11,012
5.90%
2003
527,956
-5,759
5.80%
Year
Unemployment
Rate
2004
535,274
7,318
5.10%
2005
554,983
19,709
4.10%
2006
579,780
24,797
2.90%
2007
601,224
21,444
2.50%
2008
602,927
1,703
3.30%
2009
573,449
-29,478
7.40%
2010
571,259
-2,190
7.80%
2011
583,122
11,863
6.50%
2012
603,934
20,812
5.50%
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INVESTMENT OFFERING
RENTAL INVENTORY IN SALT LAKE COUNTY
Table 3
RENTER OCCUPIED DWELLING UNITS BY CITY 2010
City
2000
2010
Change
The Census Bureau reported in 2010 there were 112,203 renter-occupied units in Salt Lake County
Table 3. One-third of all renter-occupied units were located in Salt Lake City. The number of rental
units increased in Salt Lake City by 3,571 units in the 2000-2010 period. West Jordan ranked second in
the increase in rental inventory, with an increase of 3,406 units during the decade. Since 2010, about
5,300 new apartments units have been added to the county’s rental inventory, bringing the total
inventory in 2013 to 117,500,
Salt Lake City
34,869
38,440
Unincorporated
17,421
17,462
41*
West Valley
8,835
11,164
2,329
West Jordan
3,419
6,825
3,406
Murray
4,225
6,057
1,832
Taylorsville
5,328
5,982
654
Sandy
4,029
5,737
1,708
The overall apartment vacancy rate in Salt Lake County at mid-year 2013 was 3.9 percent, just slightly
higher than the 3.8 percent in 2012, Table 4. The market remains very “tight” despite the development
of new units. Vacancy rates for studio, one and two bedroom one bath units declined over the past
year while vacancy rates for two bedroom two bath and three bedroom units increased slightly.
Midvale
5,241
5,628
387
South Salt Lake
4,972
5,267
295
922
2,547
1,625
1,020
2,448
1,428
South Jordan
773
2,196
1,423
All types of apartment units experienced increases in average rental rates. The combined average
monthly rental rate for all types of units is $850, an increase of 4.4 percent from the average rate of
$814 in 2012, Table 5 (next page). Rental rates, on a square foot basis, increased from $0.94 in 2012 to
$0.97 in 2013, a 3.2 percent increase. A summary of rental market characteristics, including average
rent, size of unit, rent per square foot and vacancy rate is given in Table 6 (next page).
Riverton
382
1,430
1,048
Herriman
27
652
625
Bluffdale
81
368
287
91,544
112,203
20,659
VACANCY AND RENTAL RATES
Holladay
Draper
Salt Lake County
3,571
*Small change in rental units in the unincorporated county is due in part to
incorporation of new cities that reduced county’s inventory of rental units.
Source: U.S. Census Bureau.
Table 4
DIRECT RENTAL VS. VACANCY RATES
APARTMENT VACANCY RATES
10%
8%
6%
4%
2%
0%
2002
Studio
2003
2004
One Bedroom
2005
2006
2007
Two Bedroom, One Bath
2008
2009
Two Bedroom, Two Bath
2010
2011
2012
Three Bedroom, Two Bath
2013
Overall
Year
Studio
1 Br
2 Br, 1 Ba
2 Br, 2 Bs
3 Br, 2 Ba
Overall
2002
5.70%
5.60%
4.30%
6.00%
4.50%
5.40%
2003
7.40%
8.50%
8.00%
5.70%
3.90%
7.60%
2004
6.30%
6.70%
7.60%
7.70%
7.40%
7.20%
2005
6.60%
5.30%
7.70%
5.50%
7.00%
6.10%
2006
6.00%
3.20%
4.60%
3.20%
3.40%
4.00%
2007
4.20%
2.90%
3.10%
3.40%
3.80%
3.20%
2008
5.70%
4.30%
4.10%
5.20%
4.80%
4.60%
2009
4.90%
6.60%
7.70%
8.00%
6.60%
7.20%
2010
6.60%
5.20%
6.50%
5.50%
6.30%
5.70%
2011
7.20%
5.10%
6.20%
4.40%
3.60%
5.20%
2012
3.40%
3.80%
4.00%
3.60%
3.70%
3.80%
2013
2.00%
3.20%
3.70%
5.10%
4.10%
3.90%
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CHANGE IN AVERAGE RENTAL RATES BY TYPE OF UNIT
OVERALL RATES AND SIZE BY TYPE OF UNIT
1,500
$1,200
$1,100
1,200
$1,000
Financial
Analysis
$900
900
$800
600
$700
$600
Property
Description
300
$500
$400
Competing
Properties
0
2006
2007
2008
2009
2010
2011
2012
2013
Studio
One Bedroom
Two Bedroom, One Bath
Two Bedroom, Two Bath
Three Bedroom, Two Bath
Overall
Studio
Rents
One
Bedroom
Two
Bedroom
One Bath
Two
Bedroom
Two Bath
Three
Bedroom
Two Bath
Overall
Square Footage
Table 5
Sale
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CHANGE IN AVERAGE RENTAL RATES BY TYPE OF UNIT
Type of Unit
2006
2007
2008
2009
2010
2011
2012
2013
% Change
2012-13
Studio
$ 440
$ 496
$ 558
$ 504
$ 480
$ 515
$ 538
$ 586
8.90%
One Bedroom
$ 570
$ 644
$ 703
$ 654
$ 629
$ 659
$ 709
$ 745
5.10%
Two Bedroom One Bath
$ 626
$ 695
$ 760
$ 723
$ 706
$ 725
$ 759
$ 792
4.30%
Two Bedroom Two Bath
$ 758
$ 842
$ 915
$ 834
$ 816
$ 862
$ 943
$ 969
2.80%
Three Bedroom Two Bath
$ 865
$ 950
$1,066
$1,000
$ 956
$1,025
$1,051
$1,075
2.30%
Overall
$ 652
$ 728
$ 793
$ 740
$ 720
$ 754
$ 814
$ 850
4.40%
Table 6
OVERALL RENTAL AND VACANCY RATES IN 2013 BY TYPE OF APARTMENT UNIT
Type of Unit
Rents
Sq. Ft.
Rent / Sq. Ft.
Vacancy
Studio
$ 586
419
$1.40
2.00%
One Bedroom
$ 746
680
$1.10
3.20%
$ 792
914
$0.87
3.70%
$ 969
1,016
$0.95
5.10%
$1,075
1,245
$0.86
4.10%
Overall
$ 850
875
$0.97
3.90%
34
Home
Table of
Contents
Executive
Summary
Financial
Analysis
INVESTMENT OFFERING
VACANCY AND RENTAL RATES BY SIZE OF APARTMENT COMMUNITY
Vacancy and rental rates vary depending on the size of the apartment community. In 2013, the overall average rental rate for apartment communities of
100 to 250 units was $866, which was slightly higher than the overall rent rate of $855 for communities with more than 250 units, Table 7. However, on a
per square foot basis, the large properties had the highest rents at $1.01 a square foot. Vacancy rates are lowest for the small-size properties. The vacancy
rate for properties with less than 100 units is 3.1 percent, compared to 3.6 percent for mid-size and 4.3 percent for large properties.
Table 7
Property
Description
Competing
Properties
Sale
Comparables
Market & Area
Information
VACANCY AND RENTAL RATES BY SIZE OF APARTMENT COMMUNITY
Less than 100 Units
Type of Unit
Monthly
Rent / SF
100 to 250 Units
Monthly
Rent / SF
More than 250 Units
Monthly
Rent / SF
Studio
$520
$1.16
$525
$1.31
$590
$1.41
One Bedroom
$674
$0.96
$777
$1.09
$740
$1.11
$738
$0.81
$785
$0.83
$842
$0.95
$879
$0.86
$1,022
$1.01
$954
$0.94
$957
$0.75
$1,060
$0.83
$1,157
$0.95
Overall Vacancy Rate
3.1%
3.6%
4.3%
Overall Rental Rate
$787
$866
$855
Overall Rent / SF
$0.82
$0.96
$1.01
OVERALL RATES AND SIZE BY TYPE OF UNIT
$1,200
Additional
Information for
Download
$1,000
$800
$600
$400
$200
$0
Studio
<100 units
One
Bedroom
Two
Bedroom
One Bath
100-200 units
Two
Bedroom
Two Bath
Three
Bedroom
Two Bath
Overall
>250 units
2736 South Adams Street
35
Home
Table of
Contents
Executive
Summary
Financial
Analysis
INVESTMENT OFFERING
VACANCY AND RENTAL RATES BY LOCATION
Vacancy and rental rates were determined for two broad locations: west of I-15 and east of I-15. In past years westside apartment communities have
had slightly higher vacancy rates. However in 2013 westside apartment communities had lower vacancy rates; 3.5 percent compared to 4.4 percent for
eastside communities. Monthly rental rates are nearly identical on the east and westside at $849 and $851 respectively but on a square foot basis rents
are slightly higher on the eastside. Average eastside rent per square foot for all types of units is $0.99 compared to $0.95 for the westside, Table 8.
Table 8
Property
Description
Competing
Properties
VACANCY AND RENTAL RATES BY LOCATION OF APARTMENT COMMUNITY
East of I-15
Type of Unit
Monthly
Rent / SF
Studio
$625
$1.19
$572
$1.50
One Bedroom
$749
$1.11
$743
$1.09
$823
$0.86
$793
$0.87
$998
$1.00
$947
$0.92
$1,109
$0.89
$1,062
$0.85
Sale
Comparables
Market & Area
Information
West of I-15
Monthly
Rent / SF
4.4%
3.5%
Overall Rental Rate
$849
$851
Overall Rent / SF
$0.99
$0.95
RENTAL RATES BY LOCATION OF COMMUNITY
$1,200
Additional
Information for
Download
$1,000
$800
$600
$400
$200
$0
Studio
East of I-15
One
Bedroom
Two
Bedroom
One Bath
Two
Bedroom
Two Bath
Three
Bedroom
Two Bath
Overall
West of I-15
Cottonwood Heights Apartments
36
Home
Table of
Contents
Executive
Summary
Financial
Analysis
Property
Description
Competing
Properties
Sale
Comparables
Market & Area
Information
INVESTMENT OFFERING
RENTAL AND VACANCY RATES BY AGE OF APARTMENT COMMUNITY
The apartment communities surveyed were divided into three age categories: (1) built before 1980, (2) built between 1980 to 1999 and (3) built from
2000 to the present. The survey results show that overall rental rates for apartment communities built since 2000 are 21 percent higher than for
apartment communities built between 1980 and 1999 and 31 percent higher than for those built prior to 1980. Table 9 shows detailed rental rate data
by age of building. The data shows an interesting trend. Apartment communities built since 2000 generally have larger units, consequently their rents
per square foot are not as high as expected. In fact the rent per square foot for newer apartment communities is identical to communities built between
1980 and 1999.
Table 9
VACANCY AND RENTAL RATES BY AGE OF APARTMENT COMMUNITY
Pre - 1980
Type of Unit
Monthly
Rent / SF
1980 to 1999
Monthly
Rent / SF
2000 to Present
Monthly
Rent / SF
Studio
$523
$1.25
$590
$1.41
na
na
One Bedroom
$670
$0.94
$712
$1.11
$872
$1.16
$727
$0.78
$812
$0.92
$846
$0.88
$865
$0.85
$953
$0.96
$1,023
$0.98
$899
$0.75
$1,084
$0.86
$1,110
$0.90
4%
4.20%
3.30%
Overall Rental Rate
$750
$812
$981
Overall Rent / SF
$0.84
$1.00
$1.00
VACANCY AND RENTAL RATES BY AGE OF APARTMENT COMMUNITY
Additional
Information for
Download
$1,200
$1,000
$800
$600
$400
$200
$0
Studio
Pre-1980
One
Bedroom
1980 to 1999
Two
Bedroom
One Bath
Two
Bedroom
Two Bath
Three
Bedroom
Two Bath
Overall
2000 to Present
Crandall Apartments
37
Home
Table of
Contents
Executive
Summary
Financial
Analysis
Property
Description
Competing
Properties
Sale
Comparables
Market & Area
Information
INVESTMENT OFFERING
CONCESSIONS OFFERED BY APARTMENT COMMUNITIES
Table 10
PERMITS ISSUED FOR NEW APARTMENTS
Year
Units
Year
Each apartment community was surveyed regarding move-in specials or concessions offered to
new renters. Concessions are comprised generally of reductions in one or more of the following:
rental deposit, rental rate and application fee. In 2012 only 32 percent of apartment projects were
offering move-in specials compared to 60 percent in 2011. Of the 25 apartment communities offering
move-in specials 15 offered discounted rent, usually the first month’s rent and the remainder offered
reduction in rental deposits.
Units
1980
1,402
1997
727
1981
1,197
1998
1,473
1982
861
1999
1,185
1983
2,667
2000
1,024
1984
7,691
2001
1,098
1985
3,374
2002
733
1986
2,529
2003
1,084
In 2013 the Salt Lake County apartment market has an inventory of about 117,500 rental units. In 2012
permits were issued for 1,688 new units, an increase in the inventory of 1.5 percent Table 10. This is a
modest increase in the inventory given the growing demand for apartments. In 2013, through June,
permits have been issued for only 265 new apartment units.
1987
109
2004
1,388
1988
98
2005
1,302
1989
61
2006
338
1990
218
2007
916
1991
117
2008
1,521
RENTAL MARKET OUTLOOK
1992
115
2009
2,442
Apartment market conditions for property owners will continue to be very favorable over the next
year. Vacancy rates will remain below 5 percent; a slight uptick will likely occur with the completion and
lease-up of several new apartment communities. Nevertheless there is little threat to overbuilding.
The market has easily absorbed 5,300 units built in the last three years and the planned projects in
2014 will not destabilize the market. Rental rates will increase modestly, moving up three to four
percent over the next year.
1993
1,524
2010
541
1994
1,231
2011
1,581
1995
2,318
2012
1,688
1996
2,673
2013
265 YTD
NEW APARTMENT CONSTRUCTION IN SALT LAKE COUNTY
Source: Bureau of Economic and Business Research, University of Utah and
Construction Monitor.
Additional
Information for
Download
Highland East Apartments
Pauline Downs Apartments
38
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Table of
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Executive
Summary
Financial
Analysis
Property
Description
INVESTMENT OFFERING
METHODOLOGY
The data in this report provide’s rental and vacancy information on mid-size to large apartment communities in Salt Lake County. This segment of the
Salt Lake County rental market is comprised of approximately 370 apartment communities ranging from 25 units to 588 units. A random sample of 79
apartment communities was drawn from the universe of 370 communities. Each of these 79 apartment communities was surveyed for vacancy and
rental information. The survey was conducted in July 2013. The 79 apartment communities surveyed include 16,029 units, comprised of 349 studio units,
6,251 one bedroom units, 3,380 two bedroom one bath units, 4,493 two bedroom two bath units and 1,552 three bedroom, two bath units. The oldest
community was built in 1909, the newest built in 2010, the smallest had 25 units and the largest 588 units. The apartment communities surveyed are
spread throughout the residential areas of Salt Lake County. The northern most property surveyed was at 1200 North, the southern most property was
at 14900 South.
Competing
Properties
Sale
Comparables
Market & Area
Information
Additional
Information for
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Twin Trees Apartments
The Gardens Apartments
39
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Table of
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Analysis
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Description
Competing
Properties
Sale
Comparables
Market & Area
Information
Additional
Information for
Download
INVESTMENT OFFERING
MARKET RATE PROJECTS BUILT IN SALT LAKE COUNTY SINCE 2000
Project Name
Built
Units
Address
Allegro
2002
258 13300 South Pony Express
Liberty Hills
2004
246 65 East Highland Drive
Parc at Day Dairy
2012
228 12100 South 400 East
Farm Gate
2010
496 5675 West 11800 South
San Moritz
2009
390 966 West Powder Hill Road
Meadows at Riverwalk
2009
256 6840 South 70 West
Tuscany Villas
2011
75 7500 South 1000 West
Frontgate
2009
128 4716 South Commerce Dr.
Fireclay Villages
2010
363 120 West Fireclay Avenue
Lionsgate at Fireclay
2011
400 120 West Fireclay Avenue
Legacy Spring
2003
204 12600 South 4800 West
Monarch Meadows
2004
248 4800 West 13400 South
North Gate Apartments
2001
330 500 West South Temple
City Front Apartments
2003
155 641 West North Temple
Emigration Court
2004
238 335 South 500 East
Seasons
2011
City Creek Landing
2011
111 50 South Main Street
Eastside Apartments
2011
Brickyard Apartments
2012
231 1245 East Brickyard Road
Wasatch Advantage
2012
Liberty Gateway
2012
160 50 South 500 West
644 City Station
2012
The Lotus
2012
84 338 East South Temple
Sugar House Apts.
2012
70 2057 South 1200 East
Meadowbrook Station
2009
237 4010 Howick Street
Bud Bailey
2012
136 4003 South West Temple
Liberty Bend
2009
93 9400 South 1300 East
Rose Gate
2011
159 655 East Rose Cottage Lane
Legends at River Oaks
2000
448 9425 South Riverside Drive
Pinnacle Southtowne
2009
276 420 Cadbury Lane
San Marino
2010
330 700 West 10000 South
Crossing at Daybreak
2011
315 4950 West Frogs Leap Drive
San Tropez
2009
250 3740 West 11800 South
District Heights
2012
260 11100 River Heights
Brick Stone Apartments
2011
100 220 East 3300 South
Liberty Landing
2009
216 7000 South Campus View Dr
Boulder Canyon
2009
280 7800 South 5600 West
Serengeti Springs
2010
296 7800 South 6500 West
Wilshire Apartments
2010
278 6400 West New Bingham
Cascade Springs
2000
192 2812 West 8580 South
Willow Cove VI
2000
128 9300 South Redwood Rd.
Woodgate
2002
288 3850 West 7000 South
E-Gate
2010
304 2264 West Ruddy Road
Village at River’s Edge
2004
244 1225 West 3300 South
Fairbourne Station
2012
225 2900 Lehman Avenue
Total
8,688
Source: Bureau of Economic and Business Research, University of Utah
City
Draper
Draper
Draper
Herriman
Midvale
Midvale
Midvale
Murray
Murray
Murray
Riverton
Riverton
Salt Lake City
Salt Lake City
Salt Lake City
Salt Lake City
Salt Lake City
Salt Lake City
Salt Lake City
Salt Lake City
Salt Lake City
Salt Lake City
Salt Lake City
Salt Lake City
Salt Lake County
Salt Lake County
Sandy
Sandy
Sandy
South Jordan
South Jordan
South Jordan
South Jordan
South Jordan
South Salt Lake
West Jordan
West Jordan
West Jordan
West Jordan
West Jordan
West Jordan
West Jordan
West Valley
West Valley
West Valley
PROJECTS COMPLETED 2011 - JULY 2013 IN SALT LAKE COUNTY
Location
Units
Name
Comments
168 North 600 West
70 Rendon Terrace
LIHTC seniors public
Salt Lake City
housing
644 West North Temple
132 644 City Station
Class A market rent
Salt Lake City
230 W. North Temple
130 NA
Class A market rent
Salt Lake City
338 E. South Temple
86 Lotus
Class A market rent
Salt Lake City
30 South Main Street
105 City Creek Landing
Class A market rent
Salt Lake City
309 East 100 South
125 Providence Place
Tax credit bond
Salt Lake City
project
556 East Broadway
73 Broadway Place
Market rent seniors
Salt Lake City
project
350 South 600 East
173 NA
Eastside Class A
Salt Lake City
urban mid-rise
1812 S. West Temple
95 Taylor Springs
LIHTC seniors
Salt Lake City
project
21st & View
31 21st & View
Class A market rent
Salt Lake City
2057 South 1200 East
70 Sugar House Apartments Class A market rent
Salt Lake City
112 Brick Stone on Main
Class B market rent
South Salt Lake
3960 South West Temple
62 Bud Bailey, Phase 1
LIHTC affordable
Millcreek
120 West Fireclay
400 Lionsgate at Fireclay
Class B market rent
Murray
137 Birkhill
LIHTC urban mid-rise
Murray
7442 S. Bingham Jct Bl
76 Tuscany Villas
LIHTC
Midvale
7500 So. Bingham Bl.
214 Florentine Villas
Class B Tax Credit.
Midvale
1004 W. Tuscany View
252 Talavera at the Junction Class B+ market rent
Midvale
72 West Village
Seniors Class B
West Jordan
market rent
655 E. Rose Cottage Ln
159 Rose Gate
Market rent seniors
Sandy
project
150 E. Sego Lily Drive
55 Hills at Sandy Station,
Class A market rent
Sandy
Phase 1
11239 S. River Heights Dr 170 Promenade at the
Class A townhouse
South Jordan
District
project
Total
2,799
City
Draper
Draper
Draper
Herriman
Salt Lake
County
Salt Lake
County
Sandy
Sandy
Sandy
South Jordan
South Jordan
South Jordan
South Jordan
South Jordan
South Salt
Lake
West Jordan
West Jordan
West Jordan
West Jordan
West Jordan
West Jordan
West Jordan
Source: Jeff Neese, MAI, Western States Multifamily
40
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Table of
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Analysis
Property
Description
Competing
Properties
Sale
Comparables
Market & Area
Information
Additional
Information for
Download
INVESTMENT OFFERING
PROJECTS PRESENTLY UNDER CONSTRUCTION
Location
Units
Name
10 South 500 West
160 Liberty Gateway
Salt Lake City
134 South 400 East
122 NA
Salt Lake City
237 - 255 South State St.
180 NA
Salt Lake City
550 East 500 South
61 Newhouse
Salt Lake City
1706 South 900 East
20 Lotus BlueKoi
Salt Lake City
2130 South 1100 East 211 Sugar House Loop
Salt Lake City
2124 South McClelland
171 Liberty Village
Street - Salt Lake City
278 Sage Gate at Haynes
West Valley City
Landing
2900 West Lehman Ave.
225 Residence at Fairbourne
West Valley City
150 West Fireclay
268 Brickgate
Murray
900 East 9000 South
412 Cobblegate
Sandy
186 SilverCrest
Taylorsville
1120 S. River Heights Dr.
258 District Heights Village
So. Jordan
228 Day Dairy
Draper
14075 S. Bangerter Hwy
277 Draper Gate
Draper
15000 S. Heritage Crest
168 La Porte Group
Way - Bluffdale
Total
3,325
Comments
Class A market rent
City
Draper
Class A market rent
Draper
LIHTC bond project
urban high-rise
Class A market rent
Sandy
Class A townhouse
project
Class A market rent
South Jordan
South Jordan
South Jordan
Class A mixedSouth Jordan
income
Class B+ market rent South Jordan
Class A market rent
transit oriented
LIHTC project
South Salt
Lake
West Jordan
Class B market rent
West Jordan
Class B market rent - West Jordan
seniors
Class A market rent West Jordan
Class A market rent
West Jordan
Class A market rent - West Jordan
seniors
LIHTC Class B+
West Jordan
POTENTIAL STARTS 2013 - 2014
Location
Units
50 North 600 West
115
Salt Lake City
650 W. South Temple
91
Salt Lake City
245 South 200 East
132
Salt Lake City
NEC 700 South 300 West
150
Salt Lake City
Name
North Sixth
Comments
LIHTC
City
Draper
Phase 2 of Bridges at
Citifront
Brunswick Place
Class A market rent
Draper
Class A market rent
Draper
NA
Class A market rent
Herriman
Table Continued at right
POTENTIAL STARTS 2013 - 2014
Location
Units
290
West Valley City
208
Salt Lake City
4003 So. West Temple
74
Millcreek
4916 South Center Street
50
Murray
Vine Street & Commerce
350
Dr. - Murray
6880 South 700 West
180
Midvale
59 E. Gilbride Avenue
65
Murray
900 W. Tuscany View
250
Midvale
192
West Jordan
8350 South State Street
226
- Sandy
252
West Jordan
617 East 9000 South
100
Sandy
234 E. Sego Lily Drive
146
Sandy
115 East Sego Lily Drive
270
Sandy
200 East 10200 South
275
Sandy
10668 South Jordan
145
Gateway - South Jordan
1890 W. South Jordan
186
South Jordan
10817 S. Redwood Dr.
60
South Jordan
650 East 12200 South
42
Draper
12800 S. Galena Park Blvd. 300
Draper
13400 So. Herriman Twn
134
Ctr - Herriman
100 East Highland Drive
300
Draper
248
Bluffdale
Total
4,831
Name
Pinnacle Highbury
Comments
Class A market rent
Element 31 at Brickyard
Apartments
Bud Bailey, Phase 2
Class A market rent
LIHTC affordable
City
Salt Lake
County
Salt Lake
County
Sandy
Center Court Apartments
Murray Crossing
Class A market rent
Sandy
Class A market rent
Canyon Crossing at
Riverwalk
Birkhill, Phase 2
LIHTC 4% bond
project
LIHTC
Salt Lake
County
Sandy
San Malo
Class B market rent
The View at 5600
Class B+ market rent South Jordan
Altara
Class A- market rent Sandy
Bangerter Station
Class A market rent
South Jordan
Victoria Woods Sandy
LIHTC seniors
South Jordan
Hills at Sandy Station,
Phase 2
East Village
Class A market rent
South Jordan
Class A market rent
South Jordan
Dry Creek
Class A market rent
South Jordan
South Ridge
Class A townhouse
project
Market rate seniors
South Salt
Lake
West Jordan
LIHTC seniors
West Jordan
Victoria Woods Draper
LIHTC seniors
West Jordan
NA
Class A market rent
West Jordan
Solameer at Herriman
Towne Center
Draper, Phase 1
Class A townhouse
project
Class A market rent
West Jordan
Independence
Class B+ market rent West Jordan
Legacy Cottages at
South Jordan
The Gardens
Sandy
Sandy
West Jordan
41
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INVESTMENT OFFERING
Table of
Contents
Executive
Summary
Financial
Analysis
Property
Description
Competing
Properties
Sale
Comparables
ADDITIONAL INFORMATION
FOR DOWNLOAD
(Click Links Below to Download)
Detailed Multi-Family Investment
Sale Comparables
Loan Documents
Financial Documents
Rent Roll
T-12 Operating Statement
2014 Budget
Concession Matrix
Market Rent Schedule
Rental Survey
Environmental Report
Market & Area
Information
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Information for
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Survey
County Tax Data
ARGUS Model Data & Reports
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42

park lane village apartments

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