Remington Park I II Tooele UT

Transcription

EXCLUSIVE OFFERING
UNPRICED
Remington Park Senior Apartments I & II • 72 Units
495 West Utah Avenue • Tooele, UT 84074
REMINGTON PARK SENIOR APARTMENTS I & II
CONFIDENTIALITY AND DISCLAIMER
The information contained in this package is confidential and is intended for review solely by
the person receiving it directly from LIHTC Advisors. It should not be copied, distributed, nor
made available to any person without the written consent from LIHTC Advisors. The information in this package has been obtained from sources we believe reliable. However, LIHTC Advisors has not verified and will not verify, any of the information contained herein and makes no
guarantee, warranty, or representation about it. It is the sole responsibility of any interested
parties to independently confirm the accuracy and completeness of the information provided
herein. All prospective clients must conduct their own due diligence and take appropriate
measures to verify all information.
FOR MORE INFORMATION, PLEASE CONTACT:
LIHTC Advisors
12639 W. Explorer Drive, Suite 200
Boise, ID 83713
John Nicolas
800-840-3021 (phone)
208-891-8901 (direct)
888-506-2771 (fax)
[email protected]
Jeff Irish
800-840-3021 (phone)
208-286-5013 (direct)
888-506-2771 (fax)
[email protected]
www.lihtcadvisors.com
The information in this marketing package has been obtained from sources that we believe are reliable, and is for informational purposes only. We make no
representations or warranties, expressed or implied, as to the accuracy of the information. The value of this transaction depends on tax and other factors
which should be evaluated by your tax, financial, and legal advisors. You and all related parties should conduct a careful, independent investigation on the
property to determine your satisfaction and whether or not it will meet your specific needs and goals.
2
Table of Contents
FINANCIAL ANALYSIS
Income & Expenses- Phase I
Cash Flow Summary- Phase I
Unit Mix- Phase I
Tax Credit Property Income & Rent Limits- Phase I
Income & Expenses- Phase II
Financing- Phase II
Summary of Existing Debt- Phase II
Cash Flow Summary- Phase II
Unit Mix- Phase II
Tax Credit Property Income & Rent Limits- Phase II
Historical AMI and MAX Rent- Phase I & II
PROPERTY OVERVIEW
Area Highlights
Summary
Features
Photos
Floor Plans
Area Maps
COMPARABLE PROPERTIES
Rent Comparables Map
Rental & Occupancy Statistics
Rent Comparable Details
DEMOGRAPHIC ANALYSIS
Demographic Report
Demographic Analysis
3
4
REMINGTON PARK SENIOR APARTMENTS I
Income & Expenses
OPERATIONAL ANALYSIS
YE 2013
UNIT
All Units at Market Rent
$311,641
$6,493
POTENTIAL RENTAL INCOME
$311,641
Cable Income
PER
YE 2014
PER
UNIT
PROFORMA
UNIT
$320,620
$6,680
$320,620
$6,680
$6,493
$320,620
$6,680
$320,620
$6,680
$8,054
$168
$13,215
$275
$13,479
$281
Laundry Income
$2,271
$47
$4,289
$89
$4,375
$91
Misc. Other Income
$9,261
$193
$5,385
$112
$5,493
$114
Total Other Rental Income
$19,586
$408
$22,888
$477
$23,346
$486
GROSS POTENTIAL INCOME
$331,227
$6,901
$343,508
$7,156
$343,966
$7,166
($37,595)
($783)
7.75%
($24,848)
($518) (1)
INCOME
Other Rental Income
Economic Loss
Vacancy Loss
9.73%
($30,319)
($632)
11.73%
Bad Debt
0.07%
($206)
($4)
0.00%
$0
$0
0.25%
($802)
($17)
Concessions
0.00%
$0
$0
0.16%
($500)
($10)
0.00%
$0
$0
9.80%
($30,525)
($636)
11.88%
($38,095)
($794)
8.00%
($25,650)
($534)
$300,702
$6,265
$305,414
$6,363
$318,317
$6,632
Total Economic Loss
EFFECTIVE GROSS INCOME
EXPENSES
FIXED OPERATIONAL EXPENSE
Total Real Estate Property Taxes
5%
$14,725
$307
5%
$16,773
$349
5%
$15,433
Total Property Insurance Expense
2%
$6,530
$136
2%
$7,035
$147
2%
$7,176
$149
Total Property Utility Expense
8%
$23,971
$499
13%
$38,351
$799
12%
$39,118
$815
15%
$45,226
$942
20%
$62,160
$1,295
19%
$61,727
$1,286
Total Maint. Contract Services
5%
$15,678
$327
4%
$13,521
$282
4%
$13,791
$287
Total Repairs & Maintenance
2%
$6,343
$132
4%
$13,280
$277
4%
$13,546
$282
Total Administrative Expenses
5%
$16,004
$333
6%
$16,940
$353
3%
$10,505
$219 (3)
Total Leasing & Marketing
1%
$3,942
$82
1%
$3,351
$70
1%
$3,418
$71
12%
$37,218
$775
12%
$35,328
$736
11%
$36,034
$751
4.18%
$12,576
$262
5.04%
$15,404
$321
5.00%
$15,916
$332
TOTAL VARIABLE OPERATIONAL EXP
31%
$91,761
$1,912
32%
$97,824
$2,038
29%
$93,210
$1,942
TOTAL FIXED & VARIABLE EXPENSES
46%
$136,988
$2,854
52%
$159,983
$3,333
49%
$154,937
$3,228
$14,400
$300
$14,400
$300
$14,400
$300
$151,388
$3,154
$174,383
$3,633
$169,337
$3,528
$149,314
$3,111
$131,030
$2,730
$148,980
$3,104
TOTAL FIXED OPERATIONAL EXP
$322 (2)
VARIABLE OPERATIONAL EXPENSE
Total Payroll and Salary Expenses
Property Management Fee
Reserves & Replacements
TOTAL OPERATING EXPENSES
NET OPERATING INCOME
50%
57%
53%
FINANCIAL ANALYSIS
PER
5
Comments to Income & Expenses
(2) Property Tax: Remington Park Senior Apartments I was appraised at a value of $2,179,753 and
assessed at a value of $1,198,864 (55% of appraised value) in 2014. The mill rate was .012873
for an actual tax value of $15,433.06.
(3) Admin Expense: Removed audit expense in the amount of $6,641.
FINANCIAL ANALYSIS
(1) Total Economic Loss: Estimated to reflect current market conditions and historical operating
performance.
Year-Ending:
Year #:
CASH FLOW SUMMARY
5.00%
$61,727
$149,579
$148,980
PROPERTY NET OPERATING INCOME
$151,219
$172,396
$14,400
$157,996
$95,028
$16,181
$36,759
$3,487
$10,716
$13,818
$14,068
$62,968
$39,904
$7,320
$15,743
$323,615
$0
($27,265)
($26,413)
($852)
$350,880
$23,816
$327,064
$327,064
2017
3
7.75%
0.25%
0.00%
$152,875
$173,976
$14,400
$159,576
$95,978
$16,343
$37,126
$3,522
$10,823
$13,956
$14,209
$63,598
$40,303
$7,393
$15,901
$326,851
$0
($27,538)
($26,677)
($861)
$354,389
$24,054
$330,335
$330,335
2018
4
7.75%
0.25%
0.00%
$154,548
$175,572
$14,400
$161,172
$96,938
$16,506
$37,498
$3,557
$10,931
$14,096
$14,351
$64,234
$40,707
$7,467
$16,060
$330,120
$0
($27,813)
($26,944)
($869)
$357,933
$24,294
$333,638
$333,638
2019
5
7.75%
0.25%
0.00%
$156,237
$177,183
$14,400
$162,783
$97,908
$16,671
$37,873
$3,593
$11,040
$14,237
$14,494
$64,876
$41,114
$7,542
$16,220
$333,421
$0
($28,091)
($27,213)
($878)
$361,512
$24,537
$336,975
$336,975
2020
6
7.75%
0.25%
0.00%
$157,944
$178,811
$14,400
$164,411
$98,887
$16,838
$38,251
$3,629
$11,151
$14,379
$14,639
$65,525
$41,525
$7,617
$16,383
$336,755
$0
($28,372)
($27,486)
($887)
$365,127
$24,783
$340,345
$340,345
2021
7
7.75%
0.25%
0.00%
$159,667
$180,455
$14,400
$166,055
$99,876
$17,006
$38,634
$3,665
$11,262
$14,523
$14,786
$66,180
$41,940
$7,694
$16,546
$340,122
$0
($28,656)
($27,760)
($895)
$368,778
$25,030
$343,748
$343,748
2022
8
7.75%
0.25%
0.00%
$16,879
$7,848
$16,712
$7,771
$17,348
$101,883
$169,393
$14,400
$183,793
$163,166
$17,176
$100,874
$167,716
$14,400
$182,116
$161,408
$3,738
$39,410
$3,701
$11,489
$11,375
$39,020
$15,083
$14,815
$14,934
$14,668
$42,783
$346,959
$343,524
$67,510
$0
($29,232)
$0
($28,942)
$66,842
($28,318)
($913)
($28,038)
($904)
$42,359
$25,533
$376,191
$25,281
$350,657
$350,657
$347,186
$347,186
$372,466
2024
10
7.75%
0.25%
0.00%
2023
9
7.75%
0.25%
0.00%
The information in this marketing package has been obtained from sources that we believe are reliable, and is for informational purposes only. We make no representations or warranties, expressed or implied, as to
the accuracy of the information. The value of this transaction depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and all related parties should conduct a careful,
independent investigation on the property to determine your satisfaction and whether or not it will meet your specific needs and goals.
$170,832
$169,337
$14,400
$156,432
$94,087
$16,021
$36,395
$3,452
$10,610
$13,681
$13,929
$62,344
$39,509
$7,248
$15,587
$320,411
$0
($26,995)
($26,152)
($844)
$14,400
$154,937
$300/Unit
TOTAL FIXED & VARIABLE EXPENSE
Replacement & Reserve Deposits
$93,210
$15,916
$36,034
$3,418
$10,505
$13,791
$13,546
$39,118
$7,176
$15,433
$318,317
OPERATIONAL EXPENSES
0.00%
8.00%
Concessions
Total Operational Loss
$0
($25,650)
($24,848)
($802)
7.75%
0.25%
Economic Operational Loss
Vacancy Loss
Bad Debt
$347,406
$23,580
$23,346
$343,966
$323,826
$323,826
2016
2
7.75%
0.25%
0.00%
$320,620
$320,620
1
2015
Vac %:
Bad Debt:
Concess:
FINANCIAL ANALYSIS
INCOME
Proforma
1.00%
1.00%
Utilize YE, YTD or PROFORMA OPERATIONS
Assumed Annual Income Growth Rate %
Assumed Annual Expense Growth Rate %
PROPERTY CASH FLOW ANALYSIS
Cash Flow Summary
6
7
Unit Mix
NUMBER OF UNIT SIZE
UNITS
(RSF)
ASKING
RENT
RENT PER
RSF
MAX
RENT
CURRENT
UA
MAX NET
RENT
1 BD 1 BTH- 50%
6
633
$500
$0.79
$665
$60
$605
1 BD 1 BTH- 55%
26
633
$550
$0.87
$732
$60
$672
1 BD 1 BTH- 60%
6
633
$565
$0.89
$798
$60
$738
1 BD 1 BTH UNIT TOTAL
38
24,054
$20,690
633
$544
706
1 BD 1 BTH UNIT AVERAGE
2 BD 1 BTH- 55%
4
$27,810
$25,530
$0.86
$732
$672
$600
$0.85
$878
$80
$0.91
$958
$80
2 BD 1 BTH- 60%
6
706
$640
10
7,060
$6,240
706
$624
31,114
$26,930
648
$561
TOTAL POTENTIAL
48
AVERAGE
$0.88
$0.87
$798
$878
$9,260
$8,460
$926
$846
$37,070
$33,990
$772
$708
AVERAGE ASKING RENTS VS. MAX NET RENTS
2BD 1BTH60%
6 UNITS
2BD 1BTH55%
4 UNITS
1BD 1BTH50%
6 UNITS
$900
$846
$800
$672
$700
$600
1BD 1BTH- 60%
6 UNITS
$624
$544
$500
1BD 1BTH55%
26 UNITS
$400
$300
$200
$100
$0
1X1
2X1
Asking Rent
Net Max Rent
FINANCIAL ANALYSIS
UNIT TYPE (SET-ASIDE)
Remington Park Senior Apartments is a Section 42 LIHTC property which means that federal tax credits
were given to help finance the property. There is an existing regulatory agreement in place which requires
units to be rented to income qualifying residents earning no more than 50%, 55%, and 60% of Area Medium
Income (AMI) limits, which are provided by Utah Housing Corporation (UHC).
Tooele County Effective Year: 2014
Four Person Area Median Income: $71,000
INCOME LIMITS
1 Person
2 Person
3 Person
4 Person
5 Person
6 Person
50%
55%
60%
$24,850
$28,400
$31,950
$35,500
$38,350
$41,200
$27,335
$31,240
$35,145
$39,050
$42,185
$45,320
$29,820
$34,080
$38,340
$42,600
$46,020
$49,440
Tax Credit Maximum Allowable Rents
Set Aside
50%
55%
60%
Unit Type
1BD
1BD
2BD
1BD
2BD
# of Units
6
26
4
6
6
Maximum
$665
$732
$878
$798
$958
UA
$60
$60
$80
$60
$80
Net Rent
$605
$672
$798
$738
$878
FINANCIAL ANALYSIS
Tax Credit Property Income and Rent Limits
8
9
REMINGTON PARK SENIOR APARTMENTS II
Income & Expenses
OPERATIONAL ANALYSIS
PER
YE 2014
PER
YE 2013
UNIT
UNIT
PROFORMA
UNIT
$57,179
$2,382
$54,444
$2,268
$55,533
$2,314
Rental Assistance
$84,749
$3,531
$87,504
$3,646
$89,254
$3,719
$141,928
$5,914
$141,948
$5,914
$144,787
$6,033
$7,590
$316
$8,010
$334
$8,170
$340
$947
$39
$2,019
$84
$2,059
$86
Misc. Other Income
$2,557
$107
$2,241
$93
$2,286
$95
$11,094
$462
$12,270
$511
$12,516
$521
$153,022
$6,376
$154,218
$6,426
$157,302
$6,554
INCOME
Other Rental Income
Cable Income
Laundry Income
Economic Loss
Vacancy Loss
5.04%
($7,160)
($298)
1.24%
($1,761)
($73)
4.00%
($5,791)
($241)
Bad Debt
0.00%
$0
$0
0.00%
$0
$0
0.00%
$0
$0
Concessions
0.00%
$0
$0
0.00%
$0
$0
0.00%
$0
$0
5.04%
($7,160)
($298)
1.24%
($1,761)
($73)
4.00%
($5,791)
($241)
$145,862
$6,078
$152,457
$6,352
$151,511
$6,313
Total Economic Loss
EXPENSES
4%
$6,100
$254
3%
$5,144
$214
3%
$5,144
$214
2%
$3,149
$131
3%
$4,437
$185
3%
$4,525
$189
12%
$17,550
$731
11%
$16,971
$707
11%
$17,311
$721
18%
$26,799
$1,117
17%
$26,552
$1,106
18%
$26,981
$1,124
4%
$6,462
$269
3%
$4,473
$186
3%
$4,562
$190
3%
$5,012
$209
5%
$7,119
$297
5%
$7,262
$303
8%
$11,970
$499
8%
$11,505
$479
8%
$11,735
$489
1%
$2,044
$85
1%
$1,607
$67
1%
$1,640
$68
20%
$28,883
$1,203
23%
$35,255
$1,469
24%
$35,960
$1,498
9.08%
$13,248
$552
8.47%
$12,915
$538
6.00%
$9,091
$379
46%
$67,619
$2,817
48%
$72,875
$3,036
46%
$70,250
$2,927
TOTAL FIXED & VARIABLE EXPENSES
65%
$94,418
$3,934
65%
$99,427
$4,143
64%
$97,230
$4,051
$0
$0
$0
$0
$94,418
$3,934
$99,427
$4,143
$51,444
$2,144
$53,030
$2,210
Reserves & Replacements
NET OPERATING INCOME
65%
65%
$0
64%
$0 (1)
$97,230
$4,051
$54,281
$2,262
FINANCIAL ANALYSIS
PER
10
Comments to Income & Expenses
FINANCIAL ANALYSIS
(1) Reserves & Replacements: In accordance with the loan agreement with RD, a reserve for replacements is to be funded annually until the account reaches a balance of $120,000. At December 31, 2013 and 2012, the reserve for replacements was funded to the required level.
11
Financing
Original Balance
$951,319
Current Balance (as of 1/1/15)
$889,547
Interest Rate
6.25%
Maturity Date
November 1, 2050
Annual Debt Service
$24,216
Proforma Debt Service Coverage
2.24
Lender
USDA
Ability to Prepay
No
*Note: Interest Subsidy Agreement with RD lowered interest rate to approximately 1% over the term of the loan.
AGGREGATE MATURITIES OF LONG-TERM DEBT
USDA-RD
State of Utah
Total
2015
$6,825
$878
$7,703
2016
$7,264
$887
$8,151
2017
$7,731
$896
$8,627
2018
$8,228
$905
$9,133
Thereafter
$859,499
$36,171
$895,670
Total
$889,547
$39,737
$929,284
FINANCIAL ANALYSIS
EXISTING DEBT DETAIL- USDA RD
12
Summary of Existing Debt
ORIGINAL
LOAN AMOUNT
1. The project is financed by a 50-year mortgage payable to RD in the
ESTIMATED LOAN
AMOUNT AS OF
1/1/2015
$951,319
$889,547
$50,000
$39,737
FINANCIAL ANALYSIS
original amount of $951,319 with a stated interest rate of 6.25 percent. The Company has entered into an interest subsidy agreement
with RD which effectively reduces the interest rate to approximately
1.00 percent over the term of the loan. The mortgage is payable in
monthly installments of $2,018, net of the interest subsidy, through
maturity on November 1, 2050. For the years ended December
31, 2013 and 2012, the interest subsidy payments of $47,514 and
$35,552, respectively, were treated as reductions of interest expense.
The apartment project is pledged as collateral for the mortgage.
The mortgage loan is nonrecourse debt secured by a deed of trust on the
related real estate.
In accordance with the loan agreement with RD, a reserve for replacements is to be funded annually until the account reaches a balance of
$120,000. At December 31, 2013 and 2012, the reserve replacements was
funded to the required level. 2. The Company entered into an additional mortgage with the State of Utah
in the original amount of $50,000 with an interest rate of 1.0 percent. The
mortgage is payable in monthly installments of $106 through July 1, 2052.
The mortgage is secured by a subordinated deed of trust on the relate
real estate. As of December 31, 2013 and 2012, the principal balance of
the mortgage was $40,606 and $41,466, respectively, and accrued interest was $34 and $35, respectively.
Total Outstanding Debt
$929,284
Note: Annual distributions to the members are limited by RD regulations
to 8 percent of the borrower’s initial capital investment of $50,000, or
$4,000. Undistributed amounts may accumulate for payment the following year.
Year-Ending:
Year #:
CASH FLOW SUMMARY
$54,513
$54,281
PROPERTY NET OPERATING INCOME
$55,058
$99,164
$0
$99,164
$71,642
$9,253
$36,683
$1,673
$11,971
$7,408
$4,654
$27,523
$17,659
$4,616
$5,248
$154,223
$0
($6,241)
($5,851)
($390)
$160,464
$12,767
$147,697
2017
3
3.75%
0.25%
0.00%
$55,609
$100,156
$0
$100,156
$72,358
$9,346
$37,050
$1,689
$12,091
$7,482
$4,700
$27,798
$17,835
$4,663
$5,300
$155,765
$0
($6,304)
($5,910)
($394)
$162,069
$12,895
$149,174
2018
4
3.75%
0.25%
0.00%
$56,165
$101,158
$0
$101,158
$73,082
$9,439
$37,420
$1,706
$12,212
$7,557
$4,747
$28,076
$18,014
$4,709
$5,353
$157,323
$0
($6,367)
($5,969)
($398)
$163,689
$13,024
$150,666
2019
5
3.75%
0.25%
0.00%
$56,727
$102,169
$0
$102,169
$73,812
$9,534
$37,794
$1,723
$12,334
$7,632
$4,795
$28,357
$18,194
$4,756
$5,407
$158,896
$0
($6,430)
($6,028)
($402)
$165,326
$13,154
$152,172
2020
6
3.75%
0.25%
0.00%
$57,294
$103,191
$0
$103,191
$74,551
$9,629
$38,172
$1,740
$12,457
$7,708
$4,843
$28,640
$18,376
$4,804
$5,461
$160,485
$0
($6,495)
($6,089)
($406)
$166,980
$13,285
$153,694
2021
7
3.75%
0.25%
0.00%
$57,867
$104,223
$0
$104,223
$75,296
$9,725
$38,554
$1,758
$12,582
$7,785
$4,891
$28,927
$18,559
$4,852
$5,515
$162,090
$0
($6,560)
($6,150)
($410)
$168,649
$13,418
$155,231
2022
8
3.75%
0.25%
0.00%
$76,809
$0
$106,318
$59,030
$0
$105,265
$58,445
$9,921
$9,823
$106,318
$39,329
$38,940
$76,049
$1,793
$1,775
$105,265
$7,942
$12,835
$4,940
$7,863
$4,990
$29,216
$12,708
$18,933
$29,508
$18,745
$5,626
$165,348
$163,711
$4,949
$0
($6,691)
$0
($6,625)
$5,571
($6,273)
($418)
($6,211)
($414)
$4,900
$13,688
$172,039
$13,553
$158,351
$156,783
$170,336
2024
10
3.75%
0.25%
0.00%
2023
9
3.75%
0.25%
0.00%
FINANCIAL ANALYSIS
The information in this marketing package has been obtained from sources that we believe are reliable, and is for informational purposes only. We make no representations or warranties, expressed or implied, as to
the accuracy of the information. The value of this transaction depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and all related parties should conduct a careful,
independent investigation on the property to determine your satisfaction and whether or not it will meet your specific needs and goals.
$98,183
$97,230
$0
$98,183
$70,932
$9,162
$36,320
$1,656
$11,853
$0
$97,230
Replacement & Reserve Deposits
$70,250
TOTAL FIXED & VARIABLE EXPENSE
$9,091
$35,960
$1,640
$7,334
$7,262
$11,735
$4,608
$4,562
$27,250
$26,981
$17,484
$17,311
$4,571
$5,196
$152,696
$0
($6,179)
($5,793)
($386)
$4,525
$5,144
$151,511
$0
($5,791)
($5,430)
($362)
$158,875
$12,641
$146,235
2016
2
3.75%
0.25%
0.00%
OPERATIONAL EXPENSES
6.00%
0.00%
4.00%
Concessions
Total Operational Loss
3.75%
0.25%
Economic Operational Loss
Vacancy Loss
Bad Debt
$12,516
$157,302
$144,787
1
2015
Vac %:
Bad Debt:
Concess:
INCOME
Proforma
1.00%
1.00%
Utilize YE, YTD or PROFORMA OPERATIONS
Assumed Annual Income Growth Rate %
Assumed Annual Expense Growth Rate %
PROPERTY CASH FLOW ANALYSIS
Cash Flow Summary
13
14
Unit Mix
NUMBER OF UNIT SIZE
UNITS
(RSF)
RD CONTRACT
RENT
RENT PER
RSF
CURRENT
UA
GROSS
RENT
$0.81
$0
$515
1 BD 1 BTH- 33%
24
633
$515
24
15,192
$12,360
633
$515
15,192
$12,360
633
$515
TOTAL POTENTIAL
AVERAGE
24
$12,360
$0.81
$515
$12,360
$0.81
$515
Comments: All 24 units are covered by a Rental Assistance contract.
1BD 1BTH33%
24 UNITS
FINANCIAL ANALYSIS
UNIT TYPE (SET-ASIDE)
Remington Park Associates II, LC, was organized as a limited liability company under the laws of the State
of Utah on November 17, 1999, to develop, construct, own, maintain, and operate a 24 unit rental housing
project for persons of low and moderate income pursuant to Section 515. There is an existing regulatory
agreement in place which requires 24 units to be rented to income qualifying residents earning no more
than 33% of Area Medium Income (AMI) limits, which are provided by Utah Housing Corporation (UHC).
Tooele County Effective Year: 2014
Four Person Area Median Income: $71,000
INCOME LIMITS
33%
1 Person
2 Person
3 Person
4 Person
5 Person
6 Person
$16,401
$18,744
$21,087
$23,430
$25,311
$27,192
Tax Credit Maximum Allowable Rents
Set Aside
33%
Unit Type
1BD
Maximum
$439
UA
Net Rent
$0
$439
FINANCIAL ANALYSIS
Tax Credit Property Income and Rent Limits
15
16
Historical AMI and MAX Rent
FINANCIAL ANALYSIS
$72,000
AMI Growth Rate
$71,000
Year
AMI
% Change
2009
$64,700
0.00%
2010
$65,600
1.39%
$68,000
2011
$68,000
3.66%
$67,000
2012
$68,900
1.32%
$66,000
2013
$69,700
1.16%
$65,000
2014
$71,000
1.87%
$64,000
3 Yr Avg
1.45%
$62,000
5 Yr Avg
1.88%
$61,000
$70,000
$69,000
$63,000
2009
Max Allowable LIHTC Rent
Growth- 2BD/ 60%
$980
Year
RENT
% Change
$960
2009
$873
0.00%
2010
$886
1.49%
2011
$918
3.61%
2012
$931
1.42%
$900
2013
$942
1.18%
$880
2014
$958
1.70%
3 Yr Avg
1.43%
5 Yr Avg
1.88%
2010
2011
2012
2013
2014
2010
2011
2012
2013
2014
$940
$920
$860
$840
$820
2009
* Data provided by Novoco.com
Remington Park Senior Apartments I & II are a 72-unit affordable
housing community for seniors located in Tooele, UT. The property
was built in and placed into service in 2000. The property is conveniently located close to area amenities.
Highlights
Existing Section 42 and RD
Apartment Community for Seniors
Remington Park I Eligible for New
Debt
Built and Placed into Service in 2000
Phase II- all 24 units are covered by a
Rental Assistance contract
Remington Park I was placed into service in 2000 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is
an existing regulatory agreement in place which requires 48 units to
be rented to income qualifying residents, age 55 and over, earning
no more than 50%, 55%, and 60% of Area Medium Income (AMI)
limits, which are provided by Utah Housing Corporation (UHC). The
initial tax credit compliance period expires on December 31, 2015.
The property is eligible for new debt. There are extended use restrictions in place for 84 years. Please see the Tax Credit Property
Income and Rent Limits page in the Financial Analysis section for
further details.
Remington Park Associates II, LC, was organized as a limited liability company under the laws of the State of Utah on November 17,
1999, to develop, construct, own, maintain, and operate a 24 unit
rental housing project for persons, age 62 and over, with low and
moderate income pursuant to Section 515. The RD Loan must be assumed. There is an existing regulatory agreement in place which requires 24 units to be rented to income qualifying residents earning
no more than 33% of Area Medium Income (AMI) limits, which are
provided by Utah Housing Corporation (UHC). A qualified purchaser
can be a non-profit or for-profit entity that agrees to maintain the
affordable housing units and to fulfill all requirements of an existing
regulatory agreement.
Remington Park I & II is comprised of one and two bedroom apartment homes. Residents benefit from amenities such as on-site
laundry facilities, a library, a patio courtyard area, community
center, arts and crafts room, on-site Wellness Center, and on-site
beauty salon. Apartment homes feature stunning mountain views,
central air, and additional storage.
PROPERTY OVERVIEW
Property Description
17
18
Area Highlights
Tooele is home to a regional campus of Utah State University and the Tooele Applied Technology College, a campus
of the Utah College of Applied Technology within city boundaries.
Miller Motorsports Park is a state-of-the-art road racing facility for automobiles, motorcycles and karts
located 35 minutes from downtown Salt Lake City in the Tooele Valley northwest of Tooele City. It is considered the finest facility of its type in North America. Opened in 2006, it hosts many significant racing
series, including the American Le Mans Series, Grand-Am Rolex Sports Car Series, NASCAR Grand National
West Series, AMA Superbike and Supersport Championship, and beginning in 2008, the FIM Superbike
World Championship, one of the top three racing series in the world. It also hosts the National Auto Sport
Association National Championship Races.
A major private employer in the area is Kennecott Utah Copper which operates the Kennecott Bingham
Copper Mine, the world’s largest open-pit excavation mine on the other side of the Oquirrh Mountains
from Tooele’s location. 240 and 320-ton capacity trucks deliver copper ore to the in-pit crusher, where the
material is reduced to the size of soccer balls before being loaded onto a five-mile conveyor that carries
the ore to the Copperton Concentrator.
Tooele offers an abundance of outdoor recreation, including, bird watching, boating, camping, fishing,
and hunting.
PROPERTY OVERVIEW
Tooele is a city in and the county seat of Tooele County,
Utah and has a population of 32,115. Located 35 miles
southwest of Salt Lake City, the city is known for Tooele
Army Depot and for privately owned waste-disposal facilities in the valley west of Tooele Valley. Tooele appeared
on Newsmax magazine’s 2009 list of the “Top 25 Most
Uniquely American Cities and Towns,” a piece written by
current CBS News travel editor Peter Greenberg.
19
Property Summary
NAME & LOCATION
Property Name
Remington Park Senior Apartments I & II
Property Address
495 West Utah Avenue
Tooele, UT 84074
REMINGTON PARK I- SECTION 42 LIHTC
2000 (Elected to wait a year before receiving credits)
End of Initial Compliance Period
12/31/2015
End of Extended Use
84 Years
REMINGTON PARK II- RD CONTRACT
Placed in Service
2000
End of Initial Compliance Period
12/31/2015
End of Extended Use
84 Years
SITE INFORMATION
Assessor’s Parcel Number
12-112-0-0002 & 12-112-0-0001
Number of Units
72
Number of Buildings
7
Number of Stories
1&2
Rentable Square Feet
45,394
Year Built
2000
Lot Size
4.5 Acres
Type of Ownership
Fee Simple
Density
16 Units / Acre
Landscaping
Mature Trees, Shrubs & Grass
Topography
Relatively Flat
UTILITIES
Water
City of Tooele
Electric
City of Tooele
Gas
Questar Gas
CONSTRUCTION
Foundation
Concrete Pad
Framing
2x6 Construction
Exterior
Vinyl Siding
Parking Surface
Asphalt
Roof
Composite Shingle
HVAC
Central Heat and Air
PROPERTY OVERVIEW
Placed in Service
20
Property Features
COMMUNITY AMENITIES
Community Room
On-Site Laundry Facilities
Community Courtyard
Arts & Crafts Room
UNIT AMENITIES
Full Equipped Kitchen
Extra Storage
PROPERTY OVERVIEW
On-Site Library
21
Property Photos
PROPERTY OVERVIEW
22
Property Photos
PROPERTY OVERVIEW
23
Property Photos
PROPERTY OVERVIEW
24
Property Photos
PROPERTY OVERVIEW
25
Property Photos
PROPERTY OVERVIEW
26
Floor Plans
1BD 1BTH- 590 SF - 676 SF
PROPERTY OVERVIEW
2BD 1BTH- 706 SF
27
Aerial Neighborhood Map
PROPERTY OVERVIEW
28
Regional Map
BRIGHAM CITY
OGDEN
SALT LAKE CITY
TOOELE
PROPERTY OVERVIEW
LOGAN
29
Local Map
Albertsons
Northlake
Elementary School
REMINGTON
PARK SENIOR
APARTMENTS I & II
Tooele High School
Restaurants
Walgreens Store
Vine Street
Market
Tooele Applied
Technology College
PROPERTY OVERVIEW
Harris Sterling
Elementary School
30
Rent Comparables Map
5
3
1
RENT COMPARABLES
4
2
Remington Park Senior Apts. I & II
3 Tooele Gateway Apts.
1 Lakeview Apts.
4 Landmark Apts.
2 Somerset Gardens Apts.
5 The Cove at Overlake Apts.
31
Occupancy & Average Rent per SF
OCCUPANCY
97% Average
Remington Park Senior
Apts. I & II
100%
95%
1 Lakeview Apts.
90%
2 Somerset Gardens Apts
85%
3 Tooele Gateway Apts.
80%
75%
4 Landmark Apts.
70%
1
2
4
5
3
4
5
5 The Cove at Overlake Apts.
RENT COMPARABLES
3
RENT PER SF
$0.78 Average
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
1
2
32
495 West Utah Avenue
Tooele, UT 84074
# OF
UNITS
RENT
SF
RENT
PER SF
1BD 1BTH- 33%
24
$515
595
$0.87
1BD 1BTH- 50%
6
$500
633
$0.79
1BD 1BTH- 55%
26
$550
633
$0.87
1BD 1BTH- 60%
6
$565
633
$0.89
2BD 1BTH- 55%
4
$600
706
$0.85
2BD 1BTH- 60%
6
$640
706
$0.91
72
$546
630
$0.87
# OF
UNITS
RENT
SF
RENT
PER SF
1BD 1BTH
24
$536
690
$0.78
2BD 1BTH
36
$635
780
$0.81
3BD 2BTH
16
$724
1,090
$0.66
TOTALS/AVG.
76
$622
817
$0.76
UNIT TYPE
# OF UNITS:
Occupancy:
Year Built:
72
99%
2000
TOTALS/AVG.
LAKEVIEW APARTMENTS
1
742 North 100 East
Tooele, UT 84074
UNIT TYPE
76
96%
1997
1.5 miles
Comments: LIHTC Property with 40% and 60% rents.
SOMERSET GARDENS APARTMENTS
2
143 North 400 West
Tooele, UT 84074
# OF
UNITS
RENT
SF
RENT
PER SF
1BD 1BTH
28
$515
690
$0.75
TOTALS/AVG.
28
$515
690
$0.75
UNIT TYPE
Comments: Senior LIHTC Property.
# OF UNITS:
Occupancy:
Year Built:
Distance to Subject:
28
96%
1991
0.10 miles
RENT COMPARABLES
# OF UNITS:
Occupancy:
Year Built:
33
TOOELE GATEWAY APARTMENTS
3
232 Fenwick Lane
Tooele, UT 84074
# OF
UNITS
RENT
SF
RENT
PER SF
2BD 1BTH
74
$664
910
$0.73
3BD 2BTH
56
$775
1,150
$0.67
130
$712
1,013
$0.70
# OF
UNITS
RENT
SF
RENT
PER SF
1BD 1BTH
13
$600
980
$0.61
2BD 1BTH
26
$695
1,100
$0.63
3BD 2BTH
13
$850
1,100
$0.77
TOTALS/AVG.
52
$710
1,070
$0.66
UNIT TYPE
TOTALS/AVG.
Comments: LIHTC Property.
# OF UNITS:
Occupancy:
Year Built:
130
97%
2001
2.5 miles
LANDMARK APARTMENTS
4
350 West 400 North
Tooele, UT 84074
UNIT TYPE
52
100%
2004
0.5 miles
Comments: LIHTC Property.
THE COVE AT OVERLAKE APARTMENTS
5
1837 North Berra Boulevard
Tooele, UT 84074
# OF
UNITS
RENT
SF
RENT
PER SF
1BD 1BTH
24
$815
684
$1.19
2BD 2BTH
84
$970
946
$1.03
3BD 2BTH
24
$1,079
1,221
$0.88
132
$962
948
$1.01
UNIT TYPE
# OF UNITS:
Occupancy:
Year Built:
132
96%
2013
3.4 miles
TOTALS/AVG.
RENT COMPARABLES
# OF UNITS:
Occupancy:
Year Built:
34
Demographic Report
POPULATION*
1 Mile
3 Miles
5 Miles
8,545
28,651
35,825
Population Change 2010-2013
346
946
1,235
Population Change 2000-2013
1,753
6,947
11,188
2013 Total Population
4,217
14,379
17,995
4,328
14,272
17,830
1 Mile
3 Miles
5 Miles
2,923
9,037
10,951
Household Change 2010-2013
32
60
99
Household Change 2000-2013
505
1,758
2,821
1 Mile
3 Miles
5 Miles
2013 Household Income: Median
$48,043
$55,955
$59,443
2013 Household Income: Average
$53,934
$61,437
$64,775
2013 Per Capita Income
$18,452
$19,512
$19,936
2013 Household income: Less than $10,000
261
566
598
2013 Household income: $10,000 to $14,999
178
351
383
219
358
382
148
371
425
146
453
480
206
512
599
116
410
443
84
398
412
170
523
658
281
968
1,160
322
1,363
1,698
444
1,345
1,796
234
934
1,294
81
307
345
20
101
144
2013 Household income: $200,000 or more
13
77
134
HOUSEHOLDS*
2013 Total Households
INCOME*
* Data provided by LoopNet.com
2013 Male Population
2013 Female Population
35
Demographic Analysis
HOUSING *
The median price of homes currently listed in Tooele is $174,900. The median rent price in Tooele is $1,000, which is
lower than the Salt Lake City Metro median of $1,195. The national median home value is $170,100 and the median
home value in Utah is $217,100. Utah home values have gone up 4.8% over the past year.
EMPLOYMENT *
The median household income for the Tooele area was $58,372 in 2012. Tooele median household income is $1,300
higher than the median Utah household income. The largest employment industries in Tooele are manufacturing, retail, and health care.
HOUSEHOLD INCOME LEVELS *
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
$10,000$20,000
$20,000$30,000
$30,000$40,000
$40,000$50,000
$50,000$60,000
$60,000$75,000
$75,000$100,000
$100,000$125,000
$125,000$150,000
$150,000$200,000
Over $200,000
611
717
792
1,000
1,170
1,203
1,468
1,552
872
202
214
66
OWNER & RENTER OCCUPIED HOUSING*
RENTAL OCCUPANCY RATES*
VACANT
6%
RENTER
20%
OWNER
80%
OCCUPIED
94%
* Data provided by City-Data.com
Series1
Under
$10,000
Contact Information
FOR MORE INFORMATION, PLEASE CONTACT:
LIHTC Advisors
12639 W. Explorer Dr, Suite 200
Boise, ID 83713
John Nicolas
800-840-3021 (office)
208-891-8901 (direct)
888-506-2771 (fax)
[email protected]
Jeff Irish
800-840-3021 (office)
208-286-5013 (direct)
888-506-2771 (fax)
[email protected]
www.lihtcadvisors.com

Remington Park I II Tooele UT

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