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
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• 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.
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• 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.
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A
B
C
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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.