EXCLUSIVE Offering Waters Edge Apartments

Transcription

EXCLUSIVE Offering
Waters Edge Apartments
- 404 Units - Two Phase Development
800-900 Broward Rd. / Jacksonville, FL 32218
PROPERTY HIGHLIGHTS
Walchle Lear has been retained as exclusive agent to market
for sale Waters Edge apartment community, which represents
an excellent value-add opportunity.
PRICE
MARKET DRIVEN
- ALL CASH -
Waters Edge enjoys a unique infill location along the Trout
River, within the Jacksonville MSA, just west of I-95 and
minutes from the recently developed River City Marketplace.
The property is surrounded by thousands of jobs at
Jacksonville International Airport, Shands Hospital (2013),
Downtown Jacksonville and the Jaxport Terminals.
This 404 unit community offers residents large units (1,010
average SF), in spacious one, two and three-bedroom
apartments that span over 34 acres with great waterfront
views.
800 Broward Rd.
TREMENDOUS VALUE ADD OPPORTUNITY
The property presents a excellent value add opportunity for
investors to execute an interior/exterior cosmetic
improvement program that will lead to rental growth.
BELOW REPLACEMENT COSTS
This is a great opportunity for investors to purchase a quality
constructed community at a significant discount from
replacement cost.
900 Broward Rd.
1506 Roberts Drive Jacksonville Beach, FL 32250
Ph. 904-241-7600
www.multifamilybrokers.com
800 Broward Rd.
900 Broward Rd.
PROPERTY DESCRIPTION
PHASE I
PHASE II
Address:
800 Broward Rd.
Jacksonville, FL 32218
Address:
900 Broward Rd.
Jacksonville, FL 32218
Built:
1971
Built:
1977
Units:
168
Units:
236
Land Area:
9.43 acres
Land Area:
16.20 acres*
Density:
17.82 units/acre
Density:
14.57 units/acre (developed)
Buildings:
14 Two-story
Buildings:
19 Two-story
Construction:
Concrete block
Construction:
Wood frame with stucco
Roofs:
Pitched with asphalt shingles
Roofs:
Pitched with asphalt shingles
Avg. Unit Size:
1,030 SF
Avg. Unit Size:
996 SF
Rentable Area:
173,008 +/- SF
Rentable Area:
234,976 +/- SF
Utilities:
Tenant pays all
(water/sewer flat fee)
Utilities:
Tenant pays all
(water/sewer flat fee)
*excludes 9.23 +/- acre development site
COMBINED PROPERTY FEATURES
•
•
•
•
•
•
•
Two Pools with Sundeck
Large Patios/ Balconies
9 Spacious Floor Plans
Sand Volleyball Court
Playground
Multi Purpose Sports Court
Dishwashers
•
•
•
•
•
•
•
Fitness Center
3 Laundry Facilities
Ceiling Fans
Walk In Closets
Great Waterfront Views*
Wood Burning Fireplaces (24)
Washer Dryer Connections (54)
* in select units
Ph. 904-241-7600
800 Broward Rd.
900 Broward Rd.
UNITS
SF
MKT
RENT
RENT
PSF
1BR-1BA
56
866
$550
$0.64
2BR-1BA
32
930
$635
$0.68
2BR-2BA
56
1,092
$650
$0.60
3BR-2BA
24
1,400
$775
$0.55
Total/Avg.
168
1,030
$632
$0.61
1BR-1BA
32
602
$520
$0.86
1BR-1BA
72
802
$530
$0.66
2BR-1BA
72
1,104
$635
$0.58
2BR-2BA
36
1,210
$650
$0.54
3BR-2BA
24
1,455
$775
$0.53
Total/Avg.
236
996
$604
$0.61
404
1,010
$615
$0.61
TYPE
PHASE I
PHASE II
OVERALL
Total/Avg.
WATER & SEWER FEES
TYPE
UNITS
MONTHLY
CHARGES
1BR
160
$35
2BR
196
$45
3BR
48
$55
Ph. 904-241-7600
PROFORMA
INCOME
ANNUAL
PER UNIT
PER SF
Gross Potential Income
$2,984,000
$7,386
$7.31
Vacancy
(240,000)
(594)
(0.59)
Bad Debt & Collections
(70,000)
(173)
(0.17)
Concessions
(120,000)
(297)
(0.29)
Other Rental Losses
(15,000)
(37)
(0.04)
$2,539,000
$6,285
Utility Reimbursement
180,000
446
0.44
Other Income
135,000
334
0.33
$2,854,000
$7,064
$7.00
Management Fee
100,000
248
0.25
Real Estate Taxes
194,000
480
0.48
Insurance
195,000
483
0.48
$489,000
$1,210
$1.20
Payroll & Related Items
445,000
1,101
1.09
Administrative
50,000
124
0.12
Advertising & Marketing
50,000
124
0.12
Utilities
280,000
693
0.69
Repairs & Maintenance
275,000
681
0.67
Total Controllable
$1,100,000
$2,723
$2.70
Total Expenses
$1,589,000
$3,933
$3.89
Net Operating Income
$1,265,000
$3,133
$3.10
Effective Rental Income
$6.22
Other Income
Effective Gross Income
Expenses
Non-Controllable Expenses
Total Non-Controllable
Controllable Expenses
Capital Expenditures
Capital / Reserves
Cash Flow
141,000
$1,124,000
349
$2,782
0.35
$2.76
Ph. 904-241-7600
FLOOR PLANS (Phase I – 168 units – 800 Broward Rd.)
1 BR, 1 BA
2 BR, 1 BA
866 SF
930 SF
- 32 units -
- 56 units Patio
Patio
Dining
Room
Living
Room
Living
Room
Bedroom
Kitchen
Dining
Room
Bath
Bedroom
Bedroom
Kitchen
Fireplace: 2 units
Fireplace: 11 units
2 BR, 2 BA
Bath
1,092 SF
3 BR, 2 BA
1,400 SF
- 24 units -
- 56 units -
Patio
Patio
Bedroom
Bedroom
Living
Room
Living
Room
Bath
Bath
Closet
Bath
Kitchen
Fireplace: 6 units
Bedroom
Bedroom
Bedroom
Bath
Dining
Room
Kitchen
Dining
Room
Fireplace: 5 units
Washer/Dryer: 17 units
Ph. 904-241-7600
FLOOR PLANS (Phase II – 236 units – 900 Broward Rd.)
1 BR, 1 BA
1 BR, 1 BA
602 SF
802 SF
- 72 units -
Bath
Closet
- 32 units Patio
Dining
Kitchen Room
Dining
Room
Living
Room
Bedroom
Kitchen
Living
Room
Bath
2 BR, 1 BA
1,104 SF
Bedroom
- 72 units Dining
Room
Kitchen
Patio
Living
Room
Bath
Bedroom
2 BR, 2 BA
Bedroom
1,210 SF
3 BR, 2 BA
- 36 units -
Patio
1,455 SF
- 24 units Dining
Room
Patio
Bedroom
Living
Room
Kitchen
Bath Bath
Bedroom
Bedroom
Living
Room
Bath
Bath
Dining
Room
Bedroom
Bedroom
Kitchen
Ph. 904-241-7600
JACKSONVILLE ECONOMIC OVERVIEW
The Jacksonville MSA is one of the 50 largest economies in the US and is well diversified with long-term
growth industries including military, transportation, healthcare and financial services. According to the 2010
Census estimates, the Jacksonville MSA has more than 1.3 million residents and 526,000 households.
Jacksonville has experienced good population growth during the last decade and is expected to see over
92,000 new residents during the next four years, according to an April 2012 forecast by the University of
Central Florida (UCF). Jacksonville continues to be an expanding business city that fosters a pro-business
climate. The area is also one of the nation’s youngest, with an average age of just over 37 years, well
below the average for other major Florida cities.
The local economy supports approximately 637,624 jobs as of July 2012. The area’s strategic location with
two major interstates, multimodal network, well-educated labor pool, low cost of living and low cost of
doing business will ensure continued economic growth over the long term. The foundation has been laid to
make Jaxport the second largest port on the east coast. Also, numerous companies have
expanded/relocated locally during the past two years including: Kaman Aerospace, Global Technologies,
Everbank, Mayo Clinic, PLS Logistics, Medtronic, Keystone Terminal, JP Morgan Chase Bank, Bank of
America, Florida Blue (BCBS), Convergys, Lender Processing Services, Deutsche Bank and FDIC.
More than 15% of Jacksonville area residents are connected with the Navy, either through active or reserve
duty, as a retiree, civilian employee, or member of a military family. Every year, more than 4,000 highlytrained, mission-oriented personnel exit or retire from military service and 80% of those choose to stay in
Jacksonville.
APARTMENT MARKET OVERVIEW
The Jacksonville market is comprised of approximately 71,000 apartment units. The apartment market
bottomed during 4Q 2009 and since has had a speedy recovery. Market occupancy for 2Q 2012 is at
approximately 93%, excluding distressed assets. Jacksonville apartment communities overall command an
average rental rate of $0.82 per square foot, or $773 per month. Meanwhile, 1970’s vintage communities
command $0.72 per SF ($640 per month), on average. Waters Edge averages $0.61/SF or $615 per
month.
Market fundamentals have improved and will continue to do so with expanding future job growth and as
rental demand outpaces the lack of any new significant supply. There were very few units delivered
during the last two years and 2012 supply will still be below typical averages, which is a positive sign for
occupancy levels and rent growth. The Jacksonville multifamily market conditions will tighten further as
job growth continues.
The Northside submarket continues to see increases in overall occupancies. This submarket includes a
total of 4,757 units or 6.7% of the overall apartment market and is located within 5 miles of Downtown
Jacksonville (70,000 jobs) and Jaxport Terminals (65,000 jobs). It is defined as a relatively new market
with a mix of old and new housing stock. The eastern portion of the submarket expanded rapidly during
the previous residential expansion cycle, which has brought major retail and medical development. River
City Marketplace, a very successful 1.1 Million SF retail center, is located just 5 miles to the northeast.
Class B/C community rents are averaging $0.73 per square foot or$614 per month and if well managed,
are typically in the low to high 90's occupancy.
Ph. 904-241-7600
3
6
11
Waters Edge
9
Industrial District
(30M SF / 10,000 jobs)
2
5
1
10
7
4
8
EMPLOYERS
JOBS
1
Downtown
70,000
2
Jaxport Terminals
65,000
3
Jacksonville Intl Airport
23,000
4
NAS Jacksonville
23,000
5
Mayport NAS
15,000
6
River City Marketplace
4,000
7
St. Johns Town Center
5,000
8
Cecil Commerce Center
4,000
9
Imeson Industrial Park
3,000
10
Memorial Hospital
2,000
11
Shands Hospital (2013)
1,000
TOTALS
Clark Road Improvements
(Mid 2013)
Clark Rd.
Imeson
Industrial Park
(3,000 Jobs)
Hecksher Drive
Waters
Edge
Jacksonville
Zoo
215,000
Ph. 904-241-7600
For questions or additional information please contact
any of the individuals below.
SEPTEMBER TOUR DATES:
Tuesday 11th, Wednesday 12th & Thursday 13th
Walchle Lear Multifamily Advisors
1506 Roberts Drive
P: (904) 241-7600
Jacksonville Beach, FL 32250
F: (904) 241-7604
Stephen D. Lear, x. 202
[email protected]
OFFER DUE DATE:
Tuesday October 2nd
OFFER SUBMISSIONS:
All offers must include specific terms as to timing
of Due Diligence, Financing and Closing, as well
as Earnest Money Deposits and Closing Costs.
Bart A. Walchle x. 201
[email protected]
Erik M. Bjornson, x. 208
[email protected]
Disclaimer- The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and
make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any
projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property.
The value of this transaction to you depends on tax and other factors, which should be evaluated by your tax, financial and legal advisors. You and
your advisors should conduct a careful and independent investigation of the property to determine to your satisfaction the suitability of the property for
your needs.
Ph. 904-241-7600
CONFIDENTIALITY AGREEMENT
Date _______________
Re:
Waters Edge Apartments – 404 Units
Jacksonville, Florida
You have indicated an interest in purchasing the above-referenced property, commonly known as the “Property” from its
owner.
The Owner is willing to discuss a possible sale of the Property with you and will furnish to you certain documentation
and information requested by you from time to time in connection with the Property, which the Owner deems
appropriate to furnish to you (“Documentation”). However, the Documentation shall be furnished to you with the
express understanding that the following shall apply:
(1) Any Documentation delivered to you shall be used by you and your employees and agents for internal
purposes only in order to permit you to analyze the prospective purchase of the Property. (2) No copies
will be made of any Documentation without the express written consent of the Owner. (3) None of the
Documentation or information contained therein, or knowledge derived therefrom shall be disclosed to any
third party unless such disclosure is consented to, in advance and in writing, by the Owner and such party
agrees to be bound by the terms of this letter. (4) If you do not purchase the Property, then all
Documentation furnished to you shall be returned to the Owner and no copies thereof shall be retained by
you. (5) The conditions of this letter are not intended to and shall not cover any information which is
generally known within the real estate industry or which is public knowledge. (6) Walchle Lear
Multifamily Advisors is acting as Seller’s agent in this transaction. (7) You are acting as a Principal in this
transaction. (8) Neither Broker nor any prospective purchaser shall issue any press release or brochure or
make any public statement, announcement or disclosure of the purchase or asking price for the Property or
the status of negotiations conducted in connection therewith without Owner’s prior written approval. Prior
to entering into negotiations with any prospective purchaser, Broker agrees to obtain each prospective
purchaser’s agreement to these confidentiality provisions. (9) You or your staff will not contact the
Property without written permission from Walchle Lear Multifamily Advisors.
If the foregoing is agreeable to you, please execute a copy of this letter where provided below and return to Walchle Lear
Multifamily Advisors for transmission to owner.
AGREED AND ACCEPTED BY:
Company:
Contact:
Signature:
Phone:
Email: _____________________________________
Please sign and return to:
Walchle Lear Multifamily Advisors
Stephen D. Lear
1506 Roberts Drive
Jacksonville Beach, FL 32250
(904) 241-7600 ext. 202
(904) 241-7604 FAX
Disclaimer- The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is
your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of
the property. The value of this transaction to you depends on tax and other factors, which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful and
independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

EXCLUSIVE Offering Waters Edge Apartments

Transcription

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