academy manor

FOR SALE
A CADEMY M ANOR A PARTMENTS
PROPERTY WEBSITE: PROPERTIES.UNIQUEPROP.COM/ACADEMYMANOR
WWW.UNIQUEPROP.COM
CONTACT INFORMATION:
KEVIN HIGGINS
SENIOR VICE PRESIDENT
303.512.2730
[email protected]
ZACH HANSEN
BROKER ASSOCIATE
303.645.4787
[email protected]
TABLE OF CONTENTS
I. EXECUTIVE SUMMARY
The Offering
3
II. PROPERTY OVERVIEW
Academy Manor Overview
Property Highlights
Interior Photos
Location Map
Overview Map
About Academy Manor’s Location
5
III. FINANCIAL ANALYSIS
Current Unit Mix
Current Net Operating Income
Proforma Net Operating Income
Ten Year Forecast
Pricing Analysis
12
IV. SALES & RENT COMPARABLES
Sales Comparables & Plotted Map
Sales Comparables Charts
1 & 2 Bedroom Rent Comparables
Rent Comparable Charts
18
V. COLORADO SPRINGS OVERVIEW
Demographics Overview
City of Colorado Springs
Colorado Springs Economy
Colorado Springs in the News
23
Academy Manor|OFFERING MEMORANDUM
01
SECTION
EXECUTIVE
SUMMARY
THE OFFERING
Unique Apartment Group, as exclusive real estate advisors for
the Seller, is pleased to offer the exceptional opportunity to acquire Academy Manor (“The Property”), a 64 unit multi-family
housing property located in Northern Colorado Springs. The
Property is in a superb neighborhood of Colorado Springs and
is a great value add opportunity.
TERMS:
Sale Price:
Number of Buildings:
Number of Units:
Price Per Unit:
Price Per SF:
$6,500,000
4
64
$101,563
$147.19
Cap Rate:
7.23%
Gross SF:
44,160 SF
Year of Construction:
1968
Academy Manor |OFFERING MEMORANDUM
02
SECTION
PROPERTY
OVERVIEW
ACADEMY MANOR - OVERVIEW
Property Details
Address:
County:
Cross Streets:
1520 - 1534 Jamboree Drive
Colorado Springs, CO 80920
El Paso
Jamboree Drive and Academy Boulevard North
Building Details
Unit Count:
YOC:
Number of BLDG:
Sixty-Four (64)
1968
Four (4)
Stories:
Exterior Construction:
Roof Type:
Rentable Building Area:
Lot Size:
Parking Spaces:
Utilities
AC:
Heating:
Metering (water / sewer):
Metering (electric):
Metering (gas):
Two (2)
Brick
Modified Bitumen Roofs
44,160 Square Feet
5.83 Acres
88 Spaces
Wall Units
Individual Furnace
Master
Individual
Individual
Academy Manor |OFFERING MEMORANDUM
PROPERTY HIGHLIGHTS
Common Area Amenities
•
•
•
•
•
•
Club House
Leasing Office
Inoperative Pool
On Site Laundry Facilities
Playground
Low Density - 4 Buildings & Only 16 Units
Per Building
• Fantastic Views of Pikes Peak & the Rocky
Mountains
• Ample Parking
Individual Unit Amenities
•
•
•
•
•
•
Brick Wall Accents
Walk In Closets
All Electric Kitchens
Balcony or Walk Out Patio For Each Unit
Storage Units
Individual Gas & Electric in Every Unit
Academy Manor |OFFERING MEMORANDUM
ACADEMY MANOR - INTERIOR PHOTOS
Academy Manor |OFFERING MEMORANDUM
LOCATION
Denver
Downtown
Colorado Springs
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Academy Manor |OFFERING MEMORANDUM
OVERVIEW MAP
ABOUT ACADEMY MANOR’S LOCATION
Academy Manor is well situated in Northern Colorado
Springs, the Property is surrounded by plenty of amenities within walking distance. Neighboring the Property
is a Walmart Supercenter and the Chapel Hills Mall.
Also close by is the United States Air Force Academy.
Within a 30 minute drive, tenants have access to all of
Colorado Springs below are drive times. Furthermore,
Academy Manor is in one of the best school districts in
Colorado.
•
Less than 5 Minutes - Chapel Hills Mall
•
5 Minutes - United States Air Force Academy
•
10 Minutes - University of Colorado at Colorado
Springs
•
15 Minutes - Garden of the Gods National Park
•
20 Minutes - Downtown Colorado Springs
•
30 Minutes - Colorado Springs Airport
•
30 Minutes - Peterson Air Force Base
Academy Manor |OFFERING MEMORANDUM
03
SECTION
FINANCIAL
ANALYSIS
CURRENT UNIT MIX ANALYSIS
Description
Type
Unit Count
Current Rent
Average Rent
Average Size
Rent / SF
Monthly Performa
Unit Size
Lowest Rent
Highest Rent
1 Bed, 1 Bath
A
32
$22,420
$701
580
$1.21
$800
18,560
$625
$800
2 Bed, 1 Bath
B
32
$25,595
$800
800
$1.00
$900
25,600
$720
$900
64
$48,015
All Units-->
$54,400
44,160
TOTAL
Annualized Total
x 12
x 12
$576,180
$652,800
Unit Mix Charts
50%
50%
1 Bed, 1 Bath
2 Bed, 1 Bath
Unit Rent
$1.40
$820
$800
$1.20
$780
$1.00
$760
$740
$0.80
$720
$0.60
$700
$0.40
$680
$0.20
$660
$0.00
$640
1 Bed, 1 Bath
2 Bed, 1 Bath
The information used herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it.
Academy Manor |OFFERING MEMORANDUM
CURRENT NET OPERATING INCOME ANALYSIS
Year 1
INCOME:
Scheduled Rent Income
Other Income
Miscellaneous
Scheduled Gross Income
Vacancy Allowance
Effective Gross Income:
EXPENSES:
Taxes, Property:
Real
Insurance:
Property
Management:
Management Fee
Utilities:
Electric
Gas
Trash Collection
Water & Sewer
Other
Repairs & Maintenance:
Doors/Locks/Glass
Exterminating
Lawn & Landscaping
Painting
Plumbing
Supplies: Maintenance
Supplies: Other
Misc Repairs & Maintenance
Tools
Marketing & Promotion:
General & Administrative:
Legal & Accounting
Office Expenses
Administrative
Other:
Payroll
Total Expenses
Net Operating Income
Per Gross
Square Foot
Per Unit
Percent of
SGI
$576,180
$0
$120,157
$0
$696,337
-$28,809
$667,528
$9,003
$0
$1,877
$0
$10,880
-$450
$10,430
$13.05
$0.00
$2.72
$0.00
$15.77
-$0.65
$15.12
100.0%
-4.1%
95.9%
$14,269
$223
$0.32
2.0%
$9,786
$153
$0.22
1.4%
$18,115
$283
$0.41
2.6%
$4,171
$3,997
$5,120
$35,417
$228
$65
$62
$80
$553
$4
$0.09
$0.09
$0.12
$0.80
$0.01
0.6%
0.6%
0.7%
5.1%
0.0%
$1,526
$2,208
$725
$1,534
$2,232
$13,181
$242
$6,471
$119
$24
$35
$11
$24
$35
$206
$4
$101
$2
$0.03
$0.05
$0.02
$0.03
$0.05
$0.30
$0.01
$0.15
$0.00
0.2%
0.3%
0.1%
0.2%
0.3%
1.9%
0.0%
0.9%
0.0%
$1,659
$4,306
$2,065
$26
$67
$32
$0.04
$0.10
$0.05
0.2%
0.6%
0.3%
$69,916
$1,092
$1.58
10.0%
$197,287
$470,241
$3,083
$7,348
$4.47
$10.65
28.3%
67.5%
The information used herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verifi ed it and make no guarantee, warranty, or representation about it.
Academy Manor |OFFERING MEMORANDUM
PROFORMA NET OPERATING INCOME ANALYSIS
CURRENT
INCOME:
Scheduled Rent Income
Other Income
Miscellaneous
Scheduled Gross Income
Vacancy Allowance
Effective Gross Income:
EXPENSES:
Taxes, Property:
Real
Insurance:
Property
Management:
Management Fee
Utilities:
Electric
Gas
Trash Collection
Water & Sewer
Other
Repairs & Maintenance:
Doors/Locks/Glass
Exterminating
Lawn & Landscaping
Painting
Plumbing
Supplies: Maintenance
Supplies: Other
Misc Repairs & Maintenance
Tools
Marketing & Promotion:
General & Administrative:
Legal & Accounting
Office Expenses
Administrative
Other:
Payroll
Total Expenses
Net Operating Income
PER UNIT
PROFORMA
$576,180
$652,800
$120,157
$0
$120,157
$0
$696,337
-$28,809
$667,528
$10,880
-$450
$10,430
$14,269
$14,269
$223
$9,786
$9,786
$18,115
$18,115
$4,171
$3,997
$5,120
$35,417
$228
$1,526
$2,208
$725
$1,534
$2,232
$13,181
$242
$6,471
$119
$1,659
$4,306
$2,065
$69,916
$48,933
$28,238
$0
$772,957
-$32,640
$740,317
$11,567
$39,923*
$0
$0
$153
$9,786
$9,786
$153
$283
$18,115
$18,115
$283
$765
$4,171
$3,997
$5,120
$35,417
$228
$48,933
$765
$28,238
$0
$441
$0
$8,030
$125
$441
$0
$1,526
$2,208
$725
$1,534
$2,232
$13,181
$242
$6,471
$119
$125
$1,659
$4,306
$2,065
$69,916
$1,092
$69,916
$197,287
$470,241
$3,083
$7,348
$8,030
PER UNIT
$69,916
$1,092
$222,941
$517,376
$3,483
$8,084
* Proforma taxes assume $6,500,000 purchase price and current mill levy
The information used herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it.
Academy Manor |OFFERING MEMORANDUM
TEN YEAR FORECAST - ACADEMY MANOR
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Scheduled Rent Income
$576,180
$593,465
$611,269
$629,607
$648,496
$667,951
$687,989
$708,629
$729,888
$751,784
Other Income
Miscellaneous
Scheduled Gross Income
Vacancy Allowance
Effective Gross Income:
Expenses:
Property Taxes
Insurance
Management
Utilities
Repairs & Maintenance
$120,157
$0
$696,337
-$28,809
$667,528
$123,762
$0
$717,227
-$29,673
$687,554
$127,475
$0
$738,744
-$30,563
$708,180
$131,299
$0
$760,906
-$31,480
$729,426
$135,238
$0
$783,733
-$32,425
$751,309
$139,295
$0
$807,245
-$33,398
$773,848
$143,474
$0
$831,463
-$34,399
$797,063
$147,778
$0
$856,407
-$35,431
$820,975
$152,211
$0
$882,099
-$36,494
$845,604
$156,778
$0
$908,562
-$37,589
$870,973
$14,269
$9,786
$18,115
$48,933
$28,238
$14,412
$9,884
$18,296
$49,422
$28,520
$14,556
$9,983
$18,479
$49,917
$28,806
$14,701
$10,083
$18,664
$50,416
$29,094
$14,848
$10,183
$18,851
$50,920
$29,385
$14,997
$10,285
$19,039
$51,429
$29,678
$15,147
$10,388
$19,229
$51,943
$29,975
$15,298
$10,492
$19,422
$52,463
$30,275
$15,451
$10,597
$19,616
$52,987
$30,578
$15,606
$10,703
$19,812
$53,517
$30,883
$8,030
$69,916
$8,110
$70,615
$8,191
$71,321
$8,273
$72,035
$8,356
$72,755
$8,440
$73,482
$8,524
$74,217
$8,609
$74,959
$8,695
$75,709
$8,782
$76,466
$197,287
$199,260
$201,252
$203,265
$205,298
$207,351
$209,424
$211,518
$213,634
$215,770
$470,241
$488,294
$506,928
$526,161
$546,011
$566,497
$587,639
$609,457
$631,971
$655,203
(287,785)
$182,456
7.23%
11.2%
(287,785)
$200,509
7.51%
12.3%
(287,785)
$219,143
7.80%
13.5%
(287,785)
$238,376
8.09%
14.7%
(287,785)
$258,226
8.40%
15.9%
(287,785)
$278,712
8.72%
17.2%
(287,785)
$299,854
9.04%
18.5%
(287,785)
$321,672
9.38%
19.8%
(287,785)
$344,186
9.72%
21.2%
(287,785)
$367,418
10.08%
22.6%
General & Administrative
Payroll
Total Expenses
Net Operating Income:
Debt Service:
Cash Flow
Cap Rate
Cash on Cash Return
Academy Manor |OFFERING MEMORANDUM
PRICING ANALYSIS
OFFERING PRICE
Price
$6,500,000
Down Payment
$1,625,000 (25%)
Loan Amount
$4,875,000
Interest Rate / Amortization
4.00% / 30 years
Current NOI / Pro Forma NOI
$470,241 / $517,376
CURRENT/PRO FORMA ANALYSIS
Debt Service
(279,288)
Net Cash Flow After Debt Service
Principal Reduction
Total Return
Cap Rate
GRM
$182,456 / $229,591
11.75% / 14.65%
$85,851
$264,642 / $311,777
17.03% / 19.93%
7.23% / 7.96%
11.28 / 9.96
Price/Unit
$101,563
Price/Sq Ft
$147.19
Academy Manor |OFFERING MEMORANDUM
04
SECTION
SALES & RENT
COMPARABLES
SALES COMPARABLES
PROPERTY NAME
UNITS
GROSS SF
YOC
SALE DATE
SALE PRICE
PRICE / UNIT
PRICE / SF
CAP RATE
UNIT MIX
1
Union Heights
4770 Nightingale Drive
Colorado Springs, CO 80918
220
180,761
1984
7/30/2015
$22,000,000
$100,000
$121.71
5.94%
93 - 1 Bed/1 Bath
127 - 2 Bed/1 Bath
2
Shannon Hills
2110 East La Salle Street
Colorado Springs, CO 80909
70
63,492
1966
1/26/2016
$5,800,000
$82,857
$91.35
6.48%
34 - 1 Bed/1 Bath
36 - 2 Bed/1 Bath
3
Villages at Woodmen
1629 East Woodmen Road
Colorado Springs, CO 80920
152
143,403
1967
8/20/2015
$16,765,000
$91,612
$116.91
6.90%
74 - 1 Bed/1 Bath
109 - 2 Bed/1 Bath
4
Village at Lionstone
255 Lionstone Drive
Colorado Springs, CO 80916
288
242,390
1984
1/4/2016
$28,100,000
$97,569
$115.93
6.30%
120 - 1 Bed/1 Bath
168 - 2 Bed/1 Bath
$93,010
$111.47
6.41%
Non-Weighted Averages
3
2
2
4
S A L E S CO M P S M A P
1
Academy Manor | SALES COMPS
SALES COMPARABLES
Price per Unit
$120,000
$101,563
$100,000
$100,000
$91,612
$97,569
Average
$93,010
$82,857
$80,000
$60,000
$40,000
$20,000
$Academy Manor
Union Heights
Shannon Hill
Villages at
Woodmen
Village at
Lionstone
Price per Gross Square Foot
$160
$147
$140
$122
$120
$117
$100
$116
Average
$111
$91
$80
$60
$40
$20
$Academy Manor
Union Heights
Shannon Hill
Villages at
Woodmen
Village at
Lionstone
Capitalization Rates
8.00%
7.23%
7.00%
6.48%
6.90%
6.30%
5.94%
6.00%
5.00%
Average
6.41%
4.00%
3.00%
2.00%
1.00%
0.00%
Academy Manor
Union Heights
Shannon Hill
Villages at
Woodmen
Village at
Lionstone
Academy Manor |OFFERING MEMORANDUM
RENT COMPARABLES
ONE BEDROOM UNITS
PROPERTY NAME
Academy Manor
1520-1534 Jamboree Drive
Colorado Springs, CO 80909
1
Villages at Woodmen
1629 East Woodmen Road
Colorado Springs, CO 80920
2
Peaks at Woodmen
6750 Alpine Curran
Colorado Springs, CO 80918
3
Commons at Briargate
2845 Freewood Point Pt
Colorado Springs, CO 80920
4
Sagebrook
2555 Raywood View
Colorado Springs, CO 80920
5
Grand River Canyon
7755 Kaleb Grove Road
Colorado Springs, CO 80920
6
The Parc at Briargate
8175 Summerset Drive
Colorado Springs, CO 80920
7
Center Pointe
145 W Rockrimmon Boulevard
Colorado Springs, CO 80919
Averages
TWO BEDROOM UNITS
UNITS
LOW RENT
HIGH RENT
AVG/SF
AVG RENT/
SF
LOW RENT
HIGH RENT
AVG/SF
AVG RENT/
SF
64
$625
$800
580
$1.21
$720
$900
800
$1.00
183
$735
$820
568
$1.37
$860
$965
911
$1.00
230
$969
$1,219
712
$1.38
$1,249
$1,338
1152
$1.12
194
$1,129
$1,161
701
$1.63
$1,326
$1,326
888
$1.49
314
$926
$1,023
707
$1.38
$1,140
$1,575
1011
$1.34
440
$1,055
$1,072
728
$1.46
$1,192
$1,282
925
$1.34
196
$975
$985
742
$1.32
$1,125
$1,265
1029
$1.16
129
$750
$750
689
$1.09
$915
$915
946
$0.97
$1.38
$1.20
Academy Manor | OFFERING MEMORANDUM
RENT COMPARABLE CHARTS
4
1
2
3
5
6
7
1 Bedroom
Average Rent/SF
2 Bedroom
Average Rent/SF
$1.80
$1.60
$1.60
$1.40
$1.40
$1.20
$1.20
$1.00
$1.00
$0.80
$0.80
$0.60
$0.60
$0.40
$0.40
$0.20
$0.20
$-
$Academy Villages at Peaks at Commons Sagebrook
Manor Woodmen Woodmen at Briargate
Grand The Parc At
Briargate
River
Canyon
Center
Pointe
Academy Villages at Peaks at Commons Sagebrook
Manor Woodmen Woodmen at Briargate
Grand The Parc At
Briargate
River
Canyon
Center
Pointe
Academy Manor |OFFERING MEMORANDUM
05
SECTION
COLORADO SPRINGS
OVERVIEW
DEMOGRAPHICS OVERVIEW
Total Population
Median Age
Total Households
# of Persons Per HH
Average HH Income
1.0 Miles
3.0 Miles
5.0 Miles
6,730
61,003
163,458
34.8
36.0
36.2
2,504
22,400
60,824
2.7
2.7
2.7
$77,447
$86,388
$85,001
GARDEN OF THE GODS
Academy Manor |OFFERING MEMORANDUM
COLORADO SPRINGS
Colorado Springs, located 60 miles south of the capital Denver,
is the county seat of El Paso County. Situated near the base of
the Southern Rocky Mountains, the city is home to the United
States Air Force Academy and the United States Olympic Training
Center. With a population just over 445,830, Colorado Springs is
the second most populous city in the state of Colorado and the
forty-second most populous city in the United States. Colorado
Springs’ economy is driven primarily by the military, the hightech industry and tourism.
Colorado Springs’ boasts some of the best known nationally
ranked attractions. The city is home to the Broadmoor Resort,
which was recently ranked the top golf course in the United
States by Golf Magazine. Garden of the Gods, a national natural landmark, offers a variety of annual events and is the most
visited attraction of the city. The park was rated #1 in the United States by TripAdvisor. Other highlights include Pike’s Peak,
Cheyenne Mountain State Park and Zoo, plenty of museums and
trails/outdoor activities such as horseback riding, hotair balloon
rides, biking, rocking climbing and more. Downtown Colorado
Springs has a small town feel with big-city amenties. The area
offers a variety of shopping, dining, museums, parks, festivals,
and events, it is a designated Creative District in the state of
Colorado.
Academy Manor |OFFERING MEMORANDUM
COLORADO SPRINGS ECONOMY
Every major indicator in Colorado Springs is positive at this time. Unemployment is at an all time low and the city added 7,500
jobs in 2015. Construction is booming, retail is strong and the housing market has drastically improved, steadily increasing
over the last 2 years. Commercial construction is also at an all time high. Colorado Springs is home to 30 Fortune 500 companies. This thriving economy should continue to perform exceptionally well over the next several years.
Top Colorardo Springs Employers
The Military
Colorado Springs is home to five military bases: Fort Carson, The Air Force
Academy, Peterson Air Force Base, NORAD and Schriever Air Force Base which
opened the Joint Interagency Combined Space Operations Center late last year
which could see significant growth. The defense industry plays a major role in
the Colorado Springs economy.
University of Colorado at Colorado Springs
The University of Colorado at Colorado Springs is home to roughly 11,000 undergraduate students, 1,700 graduate students and 1,547 employees. The campus is just over 520 acres and offers 39 bachelor’s degrees, 20 masters and five
doctoral degrees. UCCS generates $450+ million in annual economic impact to
El Paso County.
Academy Manor |OFFERING MEMORANDUM
COLORADO SPRINGS IN THE NEWS
Move over, Denver. Colorado Springs is now the country’s hottest market for apartment rent increases, according to the latest rent survey from
Apartment List.
Apartment List reports an 11.4 percent jump in rent for Colorado Springs apartments listed on its website last month versus March 2015. That
is the fastest rate of increase out of 100 markets tracked.
But in dollar amounts, Colorado Springs still has more affordable options than the Denver metro area.
Aurora ranked 13th with a 5.8 percent increase in rents, while Denver ranked 50th with a 2.5 percent annual increase. Denver, which was a top
market for rent increases in early 2015, is now running below the U.S. average.
Thousands of new apartments have hit the market in Denver. That has forced landlords to offer concessions to win tenants and has restrained
rent increases.
The median one-bedroom rent listed in Colorado Springs was $790, while in Aurora it was $1,080 and $1,350 in Denver. Two-bedrooms were
running $1,010 in Colorado Springs, $1,380 in Aurora and $1,770 in Denver.
Nationwide, the average annual rent increase was 2.7 percent. One-bedrooms had a median rent of $1,150,while two-bedrooms were at $1,300
a month, according to Apartment List.
Academy Manor |OFFERING MEMORANDUM
COLORADO SPRINGS IN THE NEWS
Looking for a low-cost apartment? Good luck.
Finding an apartment in the Colorado Springs area remains a challenge, and those that are vacant will continue to cost a pretty penny, a new
report shows.
Rents averaged nearly $879 a month from January through March, the second-highest figure on record and an increase of almost $57 a month
- or nearly 7 percent - from the same period last year, according to the report by the Colorado Division of Housing and the Apartment Association of Southern Colorado. Apartment rents now have increased for 21 straight quarters on a year-over-year basis.
The area’s apartment vacancy rate, meanwhile, was 6.2 percent in the first quarter. That’s almost a full percentage point higher than the 5.3 percent rate at the end of last year, but a decline from 6.7 percent during the first quarter of 2014, the report showed.
The local apartment vacancy rate generally has hovered in the 5 percent to 7 percent range for the last five years after having risen to double-digit levels during much of the recession and a decade ago, when thousands of Fort Carson troops were deployed overseas.
But several factors have combined to increase demand and, in turn, drive up rents.
Generally, millennials who don’t want to be tied down to homes and mortgages are driving much of the demand, experts have said.
Empty nesters who have downsized or who want maintenance-free living also have contributed to lower vacancy rates.
And even though several apartment projects have been built in recent years in the Colorado Springs area, they haven’t been enough to meet the
demand. In 2014, just 716 units were added to the supply of apartments in the Springs, while only 568 were added in 2013.
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Don’t expect trends in the multi-family market to change anytime soon, said Laura Nelson, executive director of the Apartment Association of
Southern Colorado. Rents, she said, likely will continue to increase as demand remains steady.
“They’re definitely not going to drop,” Nelson said.
While the Springs’ apartment market is hot, Denver’s is scalding, she said. Some renters who feel they’re being priced out of Denver might be
turning to the Springs as a place to live. In March, Denver-area rents averaged $1,265 a month, according to report this week by a Dallas company that tracks apartment trends.
“Renters who can’t afford to rent in Denver, we might be getting some of the overflow,” Nelson said.
There may be more apartments coming, however. Apartment developers and investors are turning to the Springs because the cost to build and
buy in Denver is so expensive, she said.
Developers have added 442 units to the supply of Springs-area apartments so far in 2015 - already more than half of last year’s total.
“I think the demand (for apartments) is going to continue to be there, if not increase, which is why they’re building,” Nelson said
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