Summerlyn Place - Transwestern.com
Transcription
Summerlyn Place - Transwestern.com
Summerlyn Place - Burlington, North Carolina 140-Unit Multi-Family Investment Opportunity Exclusively Presented by: s u m m e r ly n p l a c e investment highlights Standard Kitchen Transwestern is pleased to exclusively present the opportunity to acquire Summerlyn Place, a 140-unit, garden-style multi-family development located in Burlington, North Carolina, the key city connecting the Piedmont Triad (Greensboro/Winston-Salem/High Point) and the Research Triangle (Raleigh/Durham/Chapel Hill). This institutional-quality asset offers the following benefits to the successful investor: QUALITY • Excellent Unit Mix: 34% 1BR/1BA, 60% 2BR/2BA, 6% 3BR/2BA • Spacious Unit Sizes: 1,120 SF average • Market Leading Unit Features: The large unit sizes are complemented by attractive features, including sunrooms, full size washer/dryer connections, fully-equipped kitchens, ceiling fans, six-panel doors, chair rails, crown molding, nine-foot ceilings, vaulted ceilings and fireplaces in select units. • Exhaustive Community Amenities: Summerlyn Place offers a comprehensive array of amenities, including a swimming pool, fitness center, tennis court, detached garages, security gates, recreation room, dog park, car care center, and laundry facility. LOCATION • Excellent Access: 0.4 miles to I-40/Huffman Mill Road Interchange and 0.6 miles to South Church Street Upgraded Kitchen • Proximity to Area Employers and Amenities: Alamance Crossing, Alamance Regional Medical Center, Super Walmart A B • Strategic Location: Burlington continues to thrive due to its proximity to both the Research Triangle and the Piedmont Triad. VALUE • All Cash Transaction • Strong Increasing Cash Flow: Throughout 2013, Summerlyn Place was consistently operating in the mid 90%’s, while increasing total apartment revenue 7.7% over 2012 figures. • Realizable Upside Potential: Summerlyn Place is very well positioned to generate additional revenue by continuing to upgrade unit interiors and capturing the rent differential that currently exists in the market - premium of $100-$150 achieved at Summerlyn Place in 2013. Twenty-six units have been upgraded. D C E • No Down Units nor Significant Deferred Maintenance Items • REO Opportunity: Summerlyn Place can be acquired at a price that is below the current cost of new development. F A B C D E F New Lighting New Paint New Hardware New Countertops Stainless-Steel Appliances New Flooring Address 750 Boone Station Drive, Burlington, North Carolina 27215 Phase I Units 140 Year Built 1998 Occupancy 94% as of February 2014 Unit Mix Unit Plan 1 BR / 1 BA - “Madison 2 BR / 2 BA - “Allerton” 3 BR / 2 BA - “Waterford” Size (SF) • 164,594 total SF • 1,120 SF average unit size Site and Density • 12.14 acres • 11.53 units per acre Construction Twelve two- and three-story garden-style apartment buildings with horizontal vinyl lap siding and stacked stone accents; roofs are pitched with asphalt composition shingles Parking • 284 spaces, including 12 garages Parking Ratio • 2.03 spaces per unit • 1.18 spaces per bedroom Unit Features • Fully-equipped kitchens • Large sunrooms • Full-size washer/dryer connections • 9-foot ceilings in second and third floor No. Units 48 84 8 units • Vaulted ceilings in all top floor units • Ceiling fans in living rooms and sunrooms Community Features • Swimming pool • Fitness center • Clubhouse • Gated community • Detached garage parking available • Car care center with vacuum Utilities Use Heat Cooling Cooking Hot Water Cold Water Fireplace 2012 Demographics (five-mile radius) Source: ESRI and the US Census Bureau Population Average Household Income Median Home Value White-Collar Employment (percent of total workforce) Utility Electric Electric Electric Electric N/A Propane Size (SF) 907 1,207 1,479 % of Total 34% 60% 6% • Quality details including six-panel doors, crown molding and chair rails • Fireplaces in second and third floor units • Walk-in closets • Mature, lush landscaping • Laundry facility • Tennis court • Playground • Picnic/grilling areas • Dog park Paid By Resident Resident Resident Resident Resident Resident 72,910 $55,655 $134,396 61.2% s u m m e r ly n p l a c e Offering overview s u m m e r ly n p l a c e DesirablE “Carolina Corridor” Location Summerlyn Place Burlington is locally referred to as the centerpiece of the “Carolina Corridor” due to the city’s location approximately one mile from the concurrently running I-85 and I-40, the primary artery connecting the “Piedmont Triad” (Greensboro, Winston-Salem and High Point) to the “Research Triangle” (Raleigh, Durham and Chapel Hill). The immediate area surrounding Summerlyn Place offers premier retail, dining and entertainment destinations. Alamance Crossing, a 690,020-square-foot open-air shopping, dining, and entertainment center built in 2009 is located less than 0.4 miles from the property. Alamance’s major retailers include Dillard’s, Belk, Kohl’s, JCPenney, Barnes & Noble, BJ’s Membership Club, Dick’s Sporting Goods, and a Carousel 16 screen theater. Several major developments are underway near Summerlyn Place. Among them, the $60 million expansion of Alamance Regional Medical Center, which will nearly double the size of the existing 238-bed facility; Burlington Technologies operations expansion totaling 110 new jobs; and Burlington Airport’s runway expansion. The presence of multiple universities and colleges within a 40-mile radius of Burlington further bolsters the area’s economy. These include Duke University, University of North Carolina, North Carolina State University, Art Institute of Raleigh, Greensboro College, North Carolina Agricultural & Technical State University, Bennett College, Elon University, and Alamance Community College. e boone station driv Garden road Wal-Mart Supercenter Alamance Crossing For more information about summerlyn place, please contact: Mike McGaughy, CCIM | Managing Director 404.842.6510 | [email protected] Jon Kleinberg | Managing Director 404.842.6506 | [email protected] 3340 Peachtree Road, NE, Suite 1000 Atlanta, GA 30326 t: 404.842.6600 | f: 404.842.6601 www.transwestern.net/atlanta 85 40 road mill huffman We obtained the information in this offering package from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.