Post on 14-Oct-2020
transcript
OFFERING MEMORANDUM
88-Unit Aurora
Portfolio
OFFERED BY:
MARC LIPPITT
Principal +1 303 321 5888
mlippitt@uniqueprop.com
JUSTIN HERMAN
Senior Broker Associate +1 720 881 6344
jherman@uniqueprop.com
PHILIP DANKNER
Director | Greystone UAG +1 303 931 0793
pdankner@uniqueprop.com
AurorA Portfolio GREYSTONE | UNIQUE APARTMENT GROUP
2
CONFIDENTIALITY & CONDITIONS
All materials and information received or derived from Greystone Unique Apartment Group its directors, officers, agents, advisors, affiliates and /or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.
Neither Greystone Unique Apartment Group its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. Greystone unique Apartment Group will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.
EACH PArtY SHAll CoNDuCt itS oWN iNDEPENDENt INVESTIGATION AND DUE DILIGENCE.
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party.
All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Greystone Unique Apartment Group makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Greystone Unique Apartment Group does not service as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and /or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property.
Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies.
All properties and services are marketed by Greystone Unique Apartment Group in compliance with all applicable fair housing and equal opportunity laws.
GREYSTONE UNIQUE APARTMENT GROUP
400 South Broadway
Denver, Co 80209
www.uniqueprop.com
INVESTMENT SALES CONTACTS
Marc Lippitt
Principal
+1 303 321 5888
mlippitt@uniqueprop.com
Philip Dankner
Director
+1 303 931 0793
pdankner@uniqueprop.com
Justin Herman
Senior Broker Associate
+1 720 881 6344
jherman@uniqueprop.com
AurorA PortfolioGREYSTONE | UNIQUE APARTMENT GROUP 3
Price: $10,620,000
Down Payment: $2,655,000 (25%)
Loan Amount: $7,965,000
Interest Rate | Amortization: 4.50% | 30 Years
Price / Unit: $120,682
Price / Sq Ft: $212.69
Current Analysis Proforma Analysis
Net Operating Income: $422,609 $604,155
Debt Service: $484,290 $484,290
Net Cash Flow After Debt Service: -$61,681 | -2.32% $119,865 | 4.51%
Principal Reduction: $128,494 $128,494
Total Return: $66,813 | 2.52% $181,959 | 6.85%
Cap Rate: 3.98% 5.69%
GRM: 11.94 10.59
THE OFFERINGGreystone Unique Apartment Group is pleased to present to qualified investors, the opportunity to purchase a 10 Property/88-Unit portfolio located in Aurora, Colorado.
THE OPPORTUNITYThe area has experienced tremendous growth with the additions of UCHealth Anschutz, Stanley Market Place, and the Lowry redevelopment featuring Wings Over the Rockies. There has been no shortage of employment in industries spanning from hospitality (Gaylord of the Rockies) to Aerospace (Denver International Airport) and Healthcare (UCHealth Anschutz). Aurora is quickly becoming an inclusive and sought after place to live in the metro area. This 88-Unit Portfolio presents investors with an amazing opportunity to acquire properties in one of the fastest growing areas with a significant value-add component.
INVESTMENT HIGHLIGHTS
- true Value Add Properties
- Opportunity to implement utility bill back system
- Opportunity to collect laundry revenue
- fantastic location
- Close proximity to Anschutz, Lowry, Stanley Marketplace and Stapleton
- Possible Re-development exit at certain locations
AurorA Portfolio GREYSTONE | UNIQUE APARTMENT GROUP
4
PORTFOLIO PROPERTIES
ADDRESS UNIT
COUNT DESCRIPTION PRICE
1 1923 Dallas St. Aurora, CO 80010 8 2 Story 8 unit, All 1 beds $960,000
2 1933 Dallas St. Aurora, CO 80010 8 2 Story 8 unit, All 1 beds $960,000
3 1732 Paris St. Aurora, CO 80010 8 2 Story 8 unit, All 1 beds $960,000
4 1733 Paris St. Aurora, CO 80010 8 2 Story 8 unit, All 1 beds $960,000
5 1734 Paris St. Aurora, CO 80010 8 2 Story 8 unit, All 1 beds $960,000
6 11916 E 14th Ave. Aurora, CO 80010 8 2 Story 8 unit, All 1 beds $960,000
7 12000 E 14th Ave. Aurora, CO 80010 8 2 Story 8 unit, All 1 beds $960,000
8 1666 Clinton St. Aurora, CO 80010 12 3 Story, 12 units, six 1 beds, six 2 beds $1,500,000
9 1435 Kingston St. Aurora, CO 80010 8 2 Story ext. walkup 8 units, six 1s, one 2, one 3 $960,000
10 1474 Xenia St. Denver, CO 80220 12 2 Story ext. walkup 12 units, All 1 beds $1,440,000
totAl 88 $10,620,000
AurorA PortfolioGREYSTONE | UNIQUE APARTMENT GROUP
5
PORTFOLIO PROPERTIES
AurorA Portfolio GREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
6
PROPERTY SUMMARY 1
Address: 1923 Dallas Street | Aurora, CO 80010
County: Adams
Cross Sreets: Dallas St. & E 19th Ave.
Year Built: 1957
Buildings: one(1)
Stories: two (2)
Building SF: 3,978
Number of Units: 8
Land Area: 6,534 Sf
Proforma Net Operating Income: $53,675
PARKINGParking Type: Permit Surface and Street
Parking Spaces: 5 Permit Spaces
UTILITIESWater / Sewer: Master
Gas: Master
Electric: Master
Heating: Boiler
Cooling: tenant Provided Window units
UNIT MIX - 1923 DALLAS
DESCRIPTION UNIT
COUNT AVERAGE
SIZE TOTAL SF
CURRENT MO. AVG RENT /
UNIT
CURRENT MONTHLY
RENT
CURRENT AVG RENT
/ SF
CURRENT LOWEST
RENT
CURRENT HIGHEST
RENT
PROFORMA MONTHLY AVG RENT
1 Bed, 1 Bathroom 8 491 3,928 $800 $6,400 $1.63 $750 $850 $900
totAl 8 $76,800 All units--> $86,400
AurorA PortfolioGREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
7
AurorA Portfolio GREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
8
PROPERTY SUMMARY 2
Address: 1933 Dallas Street | Aurora, CO 80010
County: Adams
Cross Sreets: Dallas St. & E 19th Ave.
Year Built: 1957
Buildings: one(1)
Stories: two (2)
Building SF: 3,978
Number of Units: 8
Land Area: 6,534 Sf
Proforma Net Operating Income: $51,316
PARKINGParking Type: Permit Surface and Street
Parking Spaces: 5 Permit Spaces
UTILITIESWater / Sewer: Master
Gas: Master
Electric: Master
Heating: Boiler
Cooling: tenant Provided Window unitsUNIT MIX - 1933 DALLAS
DESCRIPTION UNIT
COUNT AVERAGE
SIZE TOTAL SF
CURRENT MO. AVG RENT /
UNIT
CURRENT MONTHLY
RENT
CURRENT AVG RENT
/ SF
CURRENT LOWEST
RENT
CURRENT HIGHEST
RENT
PROFORMA MONTHLY AVG RENT
1 Bed, 1 Bathroom 8 491 3,928 $812.50 $6,500 $1.65 $750 $900 $900
totAl 8 $78,000 All units--> $86,400
AurorA PortfolioGREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
9
AurorA Portfolio GREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
10
PROPERTY SUMMARY 3
Address: 1732 Paris Street | Aurora, CO 80010
County: Adams
Cross Sreets: Paris St. & E 17th Ave.
Year Built: 1960
Buildings: one(1)
Stories: two (2)
Building SF: 4,368
Number of Units: 8
Land Area: 6,969 Sf
Proforma Net Operating Income: $59,128
PARKINGParking Type: Permit Surface and Street
Parking Spaces: 4 Permit Spaces
UTILITIESWater / Sewer: Master
Gas: Master
Electric: Master
Heating: Boiler
Cooling: tenant Provided Window unitsUNIT MIX - 1732 PARIS
DESCRIPTION UNIT
COUNT AVERAGE
SIZE TOTAL SF
CURRENT MO. AVG RENT /
UNIT
CURRENT MONTHLY
RENT
CURRENT AVG RENT
/ SF
CURRENT LOWEST
RENT
CURRENT HIGHEST
RENT
PROFORMA MONTHLY AVG RENT
1 Bedroom, 1 Bathroom 8 535 4,280 $812.50 $6,500 $1.52 $600 $900 $950
totAl 8 $78,000 All units--> $91,200
AurorA PortfolioGREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
11
AurorA Portfolio GREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
12
PROPERTY SUMMARY 4
Address: 1733 Paris Street | Aurora, CO 80010
County: Adams
Cross Sreets: Paris St. & E 17th Ave.
Year Built: 1950
Buildings: one(1)
Stories: two (2)
Building SF: 4,368
Number of Units: 8
Land Area: 6,534 Sf
Proforma Net Operating Income: $57,914
PARKINGParking Type: Permit Surface and Street
Parking Spaces: 7 Permit Spaces
UTILITIESWater / Sewer: Master
Gas: Master
Electric: Master
Heating: Boiler
Cooling: tenant Provided Window units
UNIT MIX - 1733 PARIS
DESCRIPTION UNIT
COUNT AVERAGE
SIZE TOTAL SF
CURRENT MO. AVG RENT /
UNIT
CURRENT MONTHLY
RENT
CURRENT AVG RENT
/ SF
CURRENT LOWEST
RENT
CURRENT HIGHEST
RENT
PROFORMA MONTHLY AVG RENT
1 Bedroom, 1 Bathroom 8 535 4,280 $856.25 $6,850 $1.60 $800 $900 $950
totAl 8 $82,200 All units--> $91,200
AurorA PortfolioGREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
13
AurorA Portfolio GREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
14
PROPERTY SUMMARY 5
Address: 1734 Paris Street | Aurora, CO 80010
County: Adams
Cross Sreets: Paris St. & E 17th Ave.
Year Built: 1960
Buildings: one(1)
Stories: two (2)
Building SF: 4,368
Number of Units: 8
Land Area: 6,969 Sf
Proforma Net Operating Income: $55,192
PARKINGParking Type: Permit Surface and Street
Parking Spaces: 5 Permit Spaces
UTILITIESWater / Sewer: Master
Gas: Master
Electric: Master
Heating: Boiler
Cooling: tenant Provided Window units
UNIT MIX - 1734 PARIS
DESCRIPTION UNIT
COUNT AVERAGE
SIZE TOTAL SF
CURRENT MO. AVG RENT /
UNIT
CURRENT MONTHLY
RENT
CURRENT AVG RENT
/ SF
CURRENT LOWEST
RENT
CURRENT HIGHEST
RENT
PROFORMA MONTHLY AVG RENT
1 Bedroom, 1 Bathroom 8 535 4,280 $850 $6,800 $1.59 $800 $900 $950
totAl 8 $81,600 All units--> $91,200
AurorA PortfolioGREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
15
AurorA Portfolio GREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
16
PROPERTY SUMMARY 6Address: 11916 E 14th Ave. | Aurora, CO 80010
County: Adams
Cross Sreets: Oswego St. & E 14th Ave.
Year Built: 1960
Buildings: one (1)
Stories: two (2)
Building SF: 4,508
Number of Units: 8
Land Area: 6,490 Sf
Proforma Net Operating Income: $60,742
PARKINGParking Type: Permit Surface and Street
Parking Spaces: 8 Permit Spaces
UTILITIESWater / Sewer: Master
Gas: Master
Electric: Master
Heating: Boiler
Cooling: tenant Provided Window unitsUNIT MIX - 11916 E 14TH
DESCRIPTION UNIT
COUNT AVERAGE
SIZE TOTAL SF
CURRENT MO. AVG RENT /
UNIT
CURRENT MONTHLY
RENT
CURRENT AVG RENT
/ SF
CURRENT LOWEST
RENT
CURRENT HIGHEST
RENT
PROFORMA MONTHLY AVG RENT
1 Bedroom, 1 Bathroom 8 545 4,360 $850 $6,800 $1.56 $800 $900 $950
totAl 8 $81,600 All units--> $91,200
AurorA PortfolioGREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
17
AurorA Portfolio GREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
18
PROPERTY SUMMARY 7
Address: 12000 E 14th Ave. | Aurora, CO 80010
County: Adams
Cross Sreets: Oswego St. & E 14th Ave.
Year Built: 1960
Buildings: one(1)
Stories: two (2)
Building SF: 4,508
Number of Units: 8
Land Area: 7,840 Sf
Proforma Net Operating Income: $59,290
PARKINGParking Type: Permit Surface and Street
Parking Spaces: 7 Permit Spaces
UTILITIESWater / Sewer: Master
Gas: Master
Electric: Master
Heating: Boiler
Cooling: tenant Provided Window unitsUNIT MIX - 12000 E 14TH
DESCRIPTION UNIT
COUNT AVERAGE
SIZE TOTAL SF
CURRENT MO. AVG RENT /
UNIT
CURRENT MONTHLY
RENT
CURRENT AVG RENT
/ SF
CURRENT LOWEST
RENT
CURRENT HIGHEST
RENT
PROFORMA MONTHLY AVG RENT
1 Bedroom, 1 Bathroom 8 545 4,360 $837.50 $6,700 $1.54 $800 $900 $950
totAl 8 $80,400 All units--> $91,200
AurorA PortfolioGREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
19
AurorA Portfolio GREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
20
PROPERTY SUMMARY 8Address: 1666 Clinton Street | Aurora, CO 80010
County: Adams
Cross Sreets: Clinton St. & E 17th Ave.
Year Built: 1960
Buildings: one(1)
Stories: Three (3)
Building SF: 9,204
Number of Units: 12
Land Area: 9,500 Sf
Proforma Net Operating Income: $92,585
PARKINGParking Type: Permit Surface and Street
Parking Spaces: 11 Permit Spaces
UTILITIESWater / Sewer: Master
Gas: Master
Electric: Master
Heating: Boiler
Cooling: tenant Provided Window unitsUNIT MIX - 1666 CLINTON
DESCRIPTION UNIT
COUNT AVERAGE
SIZE TOTAL SF
CURRENT MO. AVG RENT /
UNIT
CURRENT MONTHLY
RENT
CURRENT AVG RENT
/ SF
CURRENT LOWEST
RENT
CURRENT HIGHEST
RENT
PROFORMA MONTHLY AVG RENT
1 Bedroom, 1 Bathroom 6 550 3,300 $858.33 $5,150 $1.56 $750 $900 $950
2 Bedroom , 1 Bathroom 6 750 4,500 $966.67 $5,800 $1.29 $850 $1,000 $1,100
totAl 12 $912.50 $131,400 $1.42 All units--> $147,600
AurorA PortfolioGREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
21
AurorA Portfolio GREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
22
PROPERTY SUMMARY 9
Address: 1435 Kingston Street | Aurora, CO 80010
County: Adams
Cross Sreets: Kingston St. & E 14th Ave.
Year Built: 1958
Buildings: one(1)
Stories: two (2)
Building SF: 5,712
Number of Units: 8
Land Area: 9,931 Sf
Proforma Net Operating Income: $67,556
PARKINGParking Type: Permit Surface and Street
Parking Spaces: 5 Permit Spaces
UTILITIESWater / Sewer: Master
Gas: Master
Electric: Separate
Heating: Boiler
Cooling: tenant Provided Window unitsUNIT MIX
DESCRIPTION UNIT
COUNT AVERAGE
SIZE TOTAL SF
CURRENT MO. AVG RENT /
UNIT
CURRENT MONTHLY
RENT
CURRENT AVG RENT
/ SF
CURRENT LOWEST
RENT
CURRENT HIGHEST
RENT
PROFORMA MONTHLY AVG RENT
1 Bedroom, 1 Bathroom 6 600 3,600 $815 $4,890 $1.36 $650 $950 $950
2 Bedroom , 1 Bathroom 1 700 700 $900 $900 $1.29 $900 $900 $1,150
3 Bedroom, 1 Bathroom 1 1,300 1,300 $1,200 $1,200 $0.92 $1,200 $1,200 $1,250
totAl 8 5,600 $837.75 $83,880 $1.29 All units--> $97,200
AurorA PortfolioGREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
23
AurorA Portfolio GREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
24
PROPERTY SUMMARY 10
Address: 1474 Xenia Street | Aurora, CO 80010
County: Denver
Cross Sreets: Xenia St. & Colfax Ave.
Year Built: 1962
Buildings: one(1)
Stories: two (2)
Building SF: 4,940
Number of Units: 12
Land Area: 6,250 Sf
Proforma Net Operating Income: $84,672
PARKINGParking Type: Permit Surface and Street
Parking Spaces: 8 Permit Spaces
UTILITIESWater / Sewer: Master
Gas: Master
Electric: Separate
Heating: Boiler
Cooling: tenant Provided Window unitsUNIT MIX
DESCRIPTION UNIT
COUNT AVERAGE
SIZE TOTAL SF
CURRENT MO. AVG RENT /
UNIT
CURRENT MONTHLY
RENT
CURRENT AVG RENT
/ SF
CURRENT LOWEST
RENT
CURRENT HIGHEST
RENT
PROFORMA MONTHLY AVG RENT
1 Bed, 1 Bathroom 12 411 4,932 $802.08 $9,625 $1.95 $650 $850 $900
totAl 12 $115,500 All units--> $129,600
AurorA PortfolioGREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
25
AurorA Portfolio GREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
26
REGIONAL NEIGHBORHOOD
AurorA PortfolioGREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
27
NEIGHBORHOOD MAP
Peoria St
E Co
lfax
Ave
UCHEALTH UNIVERSITY OF COLORADO HOSPITAL
DOWNTOWN DENVER
STAPLETON
Nome Park
General’s Park
Spencer Garrett Park
A8
A3A4
A1
B3
B4
B2B1
C2
C3C4
C1A2
A5A6A7
A | FOOD & DRINK1. Little Caesar’s
2. Taco Bell
3. McDonald’s
4. Popeye’s
5. Guadalajara Authentic Mexican
6. Sonic Drive-In
7. Panda Express
8. Church’s Chicken
B | RETAIL1. Walmart
2. Walgreens
3. Lowe’s
4. Family Dollar
C | SERVICE1. 7-11
2. O’Reilley Auto Parts
1. 7-11
AurorA Portfolio GREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
28
CURRENT PER UNIT PROFORMA PER UNIT
INCOME: Scheduled Rent Income 889,152 1,003,200 Other Income - 73,200 Scheduled Gross Income 889,152 10,104 1,076,400 Vacancy Allowance (44,458) (505) (50,160) Effective Gross Income: 844,694 9,599 1,026,240 11,662 EXPENSES: Taxes, Property: real 70,395 70,395 800 70,395 70,395 800 Insurance: Property 37,817 37,817 430 37,817 37,817 430 Management: Off-Site 37,136 37,136 422 37,136 37,136 422 Utilities: Gas & Electric 54,325 54,325
Trash Collection 47,927 47,927 Water & Sewer 56,592 171,352 1,947 56,592 171,352 1,947 Repairs & Maintenance: Carpet/Floor Cleaning 3,590 3,590 Electrical 260 260 HVAC 1,055 1,055
Plumbing 588 588
Supplies: Maintenance 500 500
Annual Maintenance 7,515 7,515
Other Repairs and maintenance 91,877 105,385 1,198 91,877 105,385 1,198
Total Expenses 422,085 4,796 422,085 4,796
Net Operating Income 422,609 4,802 604,155 6,865
FINANCIAL ANALYSIS
*2019 Estimated Taxes based on most current valuation and mill levy**Insurance based off of most current policy covering more than subject property
AurorA PortfolioGREYSTONE | UNIQUE APARTMENT GROUP
ProPErtY oVErViEW
29
AURORA PORTFOLIO CONFIDENTIAL OFFERING MEMORANDUM
Philip DanknerDirector+1 303 931 0793pdankner@uniqueprop.com
Marc LippittPrinicpal+1 303 321 5888mlippitt@uniqueprop.com
Justin HermanSenior Broker Associate+1 720 881 6344jherman@uniqueprop.com