CONFIDENTIAL O FFERING MEMORANDUM...CONFIDENTIAL O FFERING MEMORANDUM October 2001 Presented by 6700...

CONFIDENTIAL OFFERING

MEMORANDUM

October 2001

Presented by

6700 Rockledge Drive n Suite 400A n Bethesda, MD 20817 n phone: 301.571.0900 n fax: 301.571.0902

Al CisselSenior Vice President

Multifamily Group301-896-9129

[email protected]

Scott MelnickSenior Vice President

Multifamily Group301-896-9193

[email protected]

Jefferson Park I & IIChicago n Dallas n Houston n Los Angelos n New York n Washington, DC

CONFIDENTIALITY AND CONDITIONS

This Investment Memorandum (“Memorandum”) is furnished to prospective purchasers

solely to facilitate the purchaser’s consideration of Jefferson Park I & II (“Property”). The

Memorandum contains proprietary information and was prepared by TranswesternwCarey

Winston, LLC (“TwCW”) using information compiled from sources we consider to be

reliable. By receipt of this Memorandum, you agree that: (a) the Memorandum and its

contents are of a confidential nature and that you will hold and treat it in strictest

confidence; (b) you will not reproduce, transmit or disseminate the information contained

in the Memorandum through any means, or disclose this Memorandum or any of its

contents to any other entity without the prior written authorization of TwCW nor will you

use this Memorandum or any of its contents in any fashion or manner detrimental to the

interests of TwCW or seller; and (c) upon request you will return the Memorandum

without retaining any copy or extract of any portion thereof.

This Memorandum does not purport to be all-inclusive or to contain all the information

which prospective purchasers may desire. Certain documents and materials are described

herein in summary form. The summaries are not complete descriptions of the documents

and materials. Interested parties are expected to review all such documents and materials

independently. Financial projections are provided for reference purposes only and are

based on assumptions relating to the general economy, competition and other factors

beyond the control of TwCW and are, therefore subject to material variation. Additional

information and an opportunity to inspect the Property will be made available to qualified

prospective purchasers upon request. Each purchase offer is to be based strictly and

entirely upon the purchaser’s independent investigation, analysis, appraisal and evaluation

of facts and circumstances deemed relevant by the purchaser. Neither TwCW nor any of

their respective directors, officers or affiliates have made any representation or warranty,

express or implied as to the accuracy or completeness of this Memorandum or any of its

contents, and no legal commitment or obligation shall arise by reason of this Memoran-

dum or its contents.


This offering is submitted and received with the understanding that all negotiations for the

acquisition of the herein described property will be conducted through TwCW. The sellers

and TwCW expressly reserve the right, at their sole discretion, to reject any or all

expressions of interest or offers to purchase the Property and/or terminate discussions

with any entity at any time with or without notice.

Chicago n Dallas n Houston n Los Angelos n New York n Washington, DC

Jefferson Park I & II

table of contents

SECTION IExecutive Summaryn Investment Summary

SECTION IIThe Property

n Property Summary

SECTION IIILocationn Location Maps

n Site Plann Floor Plans

SECTION IVThe Market

n Washington Area Economyn State of Market

n Merrifield/Tysons Corner Submarket Reportn Area Business Report

n Demographicsn Rental Comparables

SECTION VFinancial Analysis

n Ten Year Operating Projectionn Assumptions to Cash Flow Analysis

n Rent Schedule/Activities Reportn Rent Roll

n Real Estate Taxes



Executive Summary

Investment Summary

section I


EXECUTIVE SUMMARY

Transwestern Multifamily Group is pleased to offer for sale the recently completed

Phase I of Jefferson Park, a 176-unit luxury garden and townhouse style rental

apartment community and the to be completed Phase II, located in the Tysons

Corner/Merrifield submarket of Fairfax County, Virginia. This offering represents

the opportunity to acquire a unique class A multifamily asset in Fairfax County,

Virginia in the submarket that has a stabilized vacancy of 3% and strong barriers

to entry for new product.

Property Address: 8063 Genea Way

Falls Church, VA 22042

Beneficial Owner of Record: Jefferson Park, L.P. a Delaware limited

partnership, and JPI Development, Inc.

Investment Summary

Price: Phase I - $32,500,000 ($184,659/unit)

Phase II - $10,100,000 ($219,562/unit)

Total - $42,600,000

Proposed Terms: All Cash, Phase I closing - Dec. 2001

Phase II closing - upon completion 2003

Existing Financing: Free & Clear

Year One Net Operating Income: $2,407,795 (after reserves @ $150/unit)

(Phase I - 176 units)

Year One Capitalization Rate: Cash on cash (on operating CF after $150/unit

(Phase I - 176 units) for RR)

Leveraged IRR – 21.47%

Unleveraged IRR – 11.08%

(see detailed projection)


Land Area: Phase I - 5.64 acres (31.2 units per acre)

Phase II - 1.62 acres (28.4 units per acre)

Improved Area: Phase I consists of 175,944 square feet of net

rentable living area plus a 3,148 square foot

clubhouse/office. Phase II consists of 71,806

square feet of net rentable living area.

Community Amentities: Onsite amenities include undergroound,

controlled access garages and remote garages,

controlled access buildings, a beautifully

decorated clubhouse with great room and

fitness center, custom designed swimming pool,

landscaped grounds, outside exercise area,

picnic area with gas grill, tot lot, as well as

nearby shopping, restaurants, schools and

community services.

Date Completed: Phase I - 9/2001

Phase II - 2003



The Property

Property Summary

section II


PROPERTY SUMMARY

Location: Jefferson Park is strategically located of Gallows

Road at the intersection of two of Northern

Virginia’s major transportation arteries – Route

50 and I-495 (the Capital Beltway). The property

is less than one mile from both the Dunn Loring

Metro Station and I-66. Jefferson Park is ten

miles east of Dulles International Airport as well

as 10 miles to downtown Washington, D.C.

Description: Jefferson Park I consists of 160 apartments in

four elevatored buildings, each complete with

structured underground parking. Jefferson Park

I also features 16 back-to-back townhouse units

with direct access garages. Phase II will include

46 additional townhouse units planned to begin

construction in third quarter 2002.

Each of the four apartment buildings contains

40 units and 29 underground parking spaces.

The buildings feature an elevator, finished

corridors and controlled access security.

Apartments vary in size from 587 to 1,388

square feet and the townhomes are 1,447

square feet with 2 car garages. In the interior,

the apartments feature nine-foot ceilings, crown

molding, white on white appliances, garden tubs

and full size washer and dryer appliances.

The 3,148 square foot clubhouse features a

fitness center, great room, leasing and manage-

ment facilities, and a resort-style swimming pool.


Unit Breakdown:

Unit Type No. Share Market Rent SF Rent/SF

1BR 80 36.0% $1,320 776 $1.70

2BR 68 30.6% $1,628 1,109 $1.47

3BR 12 5.4% $2,041 1,275 $1.60

TH – Phase I 16 7.2% $2,123 1,447 $1.47

Subtotal-Phase I 176 79.3% $1,561 999 $1.56

TH – Phase II 46 20.7% N/A 1,561 N/A

Total Units 222 100% 1,116

Beneficial Owner of Record: Jefferson Park, L.P. a Delaware limited

partnership, and JPI Development, Inc.

Property Address: 8063 Genea Way

Falls Church, VA 22042

Land Area: Phase I - 5.64 acres (31.2 units per acre)

Phase II - 1.62 acres (28.4 units per acre)

Density: 39.36 units per acre

Clubhouse/Office Area: 3,148 Sq. Ft.

Parking: Phase I - 297 surface/garage spaces (1.69 per unit)

Year Built: 2001 – Phase I

2003 – Phase II


Construction Improvements

Exterior Walls: Brick veneer and vinyl siding over wood frame

structure.

Roof: Composition shingle roof on structural wood

trusses, 16” to 24” on center with 7/16” decking.

Windows and Doors: Windows are divided lite aluminum. Exterior

doors are 1 ¾” thick, metal clad, insulated

core. Patio doors are French doors.

Apartment Home Features: Full-size washer and dryers, and gas fireplaces

in many apartment homes.

Floor Structure: First floor is concrete and steel joist construc-

tion, upper floors are trusses 16” to 24” on

center with 3/4” gypcrete over 23/32” decking.

Interior Finish: Painted drywall and professionally designed

finishes of carpet and tiles. Finished vinyl

flooring in kitchen and baths, ceramic tile

surrounds at tubs, hard surface tile in entries,

and carpet in the balance of the apartment homes.

Selected units have upgraded appliances, flooring

and finishes.

Insulation and Noise Abatement: Caulking and weather-stripping, R-13 batt

insulation in exterior walls, R-30 in ceiling area

and for noise abatement, R-11 batt insulation

on one side of double party walls.

HVAC: Gas aquatherm heating and high efficiency

air-conditioning in each unit.


Elevators: 1 Hydraulic Otis elevator in each of the 4

buildings.

Kitchen Equipment: White-on-white electric appliances, frost-free

refrigerator/freezer with icemaker, garbage

disposal and dishwasher.

Furnishing: Miniblinds over all windows. Contemporary

cabinets with designer laminate counters in the

kitchens and bathrooms.

Plumbing: Single or double stainless steel sink in kitchen

and fiberglass garden tubs.

Electrical: Conforms to national codes and includes all

interior and exterior fixtures, cable television,

bath exhaust fans, telephone system.

Site Improvements: Large resort style swimming pool, open recre-

ation area, lavish professional landscaping,

children’s playground and clubhouse.

Parking: Phase I parking is broken out as follows:

Type 4 Story Buildings Townhomes (16 units) Total (176I)

(160 units)

Surface 126 3 129

Underground 116 - 116

Detached 14 - 14

Unit Garages - 32 32

Easement - 6 6

Total 256 (1.6/unit) 41 (2.56/unit) 297 (1.69/unit)


PROPERTY FEATURES AND AMENITIES

Living Area Features:

� Choice of distinctive townhomes, efficiency, 1- and 2-bedroom floor plans with optional

lofts and dens.

� Professional color schemes with coordinated designer paints, carpets, ceramic entry tile,

vinyl floors in kitchens and baths, and ceramic tile tub surrounds.

� Expansive glass areas for maximum light in living, dining and bedrooms.

� Nine foot ceilings.

� Full-size washers and dryers in all apartment homes.

� Crown molding in the living and dining rooms

� Gas fireplaces in select units.

� Generous storage areas, walk-in closets and pantries.

� Outside storage areas.

� Prewired for cable television and telephone. Upgraded RG-cop-5e wiring.

� Contemporary cabinets in kitchens.

� Large garden tubs in bathrooms.

� Private balcony or patio.

� Mini-blinds on all windows.

� White-on-white electric appliances include frost-free refrigerators with icemakers.

� Full-view peephole, deadbolt lock at each steel entry door and electric smoke detectors.

� Effective soundproofing features, including gypcrete flooring.


Clubhouse Amenities:

� Exercise room with cardio-vascular equipment and tv’s.

� Formal great room overlooking pool area.

� Fully furnished model apartment home.

� Full leasing office and support areas.

� Bath facilities for pool.

Exterior Amenities:

� Resort-style swimming pool.

� Grill and picnic areas.

� Open recreation areas.

� Well-lit, heavily landscaped grounds.

� Children’s playground.

� Jogging trail with exercise stations.

Energy Efficient Features:

� Gas Aquathern heating and high efficiency electric air conditioning.

� Energy seal around all doors, windows and baseboards.

� Extensive insulation in exterior walls and in ceilings.

Full-Time Professional Management

� Professional management providing around-the-clock services with expert building and

landscape maintenance.

� 24 hour emergency telephone services.

� Controlled access garages.



section III

Location

Location MapsSite Plan

Floor Plans



Location Map


LOCATION MAP



Site Plan


SITE PLAN



Floor Plans


FLOOR PLANS












The Market

Washington Area EconomyState of Market

Merrifield/Tysons Corner Submarket ReportArea Business Report

DemographicsRental Comparables

section IV



Washington Area Economy



State of Market



Merrifield/Tysons Corner Submarket Report



Area Business Report



Demographics



Rental Comparables


RENTAL COMPARABLES MAP



Financial Analysis

Ten Year Operating ProjectionAssumptions to Cash Flow Analysis

Rent Schedule/Activities ReportRent Roll

Real Estate Taxes

section V



Ten Year Operating Projection



Assumptions to Cash Flow Analysis



Rent Schedule/Activities Report



Rent Roll



Real Estate Taxes


JEFFERSON PARK REAL ESTATE TAXES

Enclosed information is for 176 units of Phase I. Assesments are not full value due to the

property being under construction. Proforma expenses assume 2002 Real Estate taxes are

$352,000 ($2,000 per unit).

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CONFIDENTIAL O FFERING MEMORANDUM...CONFIDENTIAL O FFERING MEMORANDUM October 2001 Presented by 6700...

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