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LA FONTAINE1325 Idalia Court, Aurora, CO 80011
42 UNITS | BUILT 1973
OFFERING MEMORANDUM
PRICE: $5,460,000
PRICE / UNIT: $130,000
PRICE / SF: $217.50
OFFERED BY:MARC LIPPITTExecutive Managing Director
[email protected]
KEVIN HIGGINSManaging Director
[email protected]
PHILIP DANKNERManaging Director
[email protected]
JUSTIN HERMANSenior Associate
[email protected]
A Division of Unique Properties, Inc.
mailto:[email protected]:[email protected]
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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.
A Division of Unique Properties, Inc.
GREYSTONE UNIQUE APARTMENT GROUP 400 South BroadwayDenver, CO
80209 www.uniqueprop.com
INVESTMENT SALES CONTACTS
MARC LIPPITT Executive Managing Director 303.321.5888
[email protected] PHILIP DANKNER Managing Director
303.645.4796 [email protected]
KEVIN HIGGINS Managing Director 303.512.2730
[email protected]
JUSTIN HERMANSenior Broker Associate 720.881.6343
[email protected]
2 LA FONTAINE
http://www.uniqueprop.commailto:[email protected]
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TABLE OF CONTENTS
6 PROPERTY ANALYSIS8 Property Summary8 Location Map
13 LOCATION OVERVIEW14 Community Profile17 Aurora, CO
18 FINANCIAL ANALYSIS20 Assumptions & Notes21 Percentage
Increases21 Future Rents22 Unit Mix 22 Pricing26 5 & 10 Year
Forecast - Years 1 - 4 27 5 & 10 Year Forecast - Years 5 -
10
29 COMPARABLE PROPERTIES30 Comparable Rental Properties Summary
- One-Bedrooms31 Comparable Rental Properties Map - One-Bedrooms32
Comparable Rental Properties Summary - Two-Bedrooms33 Comparable
Rental Properties Map - Two-Bedrooms34 Comparable Sale Properties
Summary35 Comparable Sale Properties Map36 Comparable Sale
Properties
LA FONTAINE 3
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4 LA FONTAINE
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INVESTMENT OVERVIEW
Greystone Unique Apartment Group is pleased to present to
qualified investors, the opportunity to purchase La Fontaine, a
42-unit apartment community. Located at 1325 Idalia Court in
Aurora, Colorado, the property was built in 1973 and consists of 32
one-bedroom units and 10 two-bedroom units. La Fontaine is a
value-add opportunity with rents averaging over $100 below market
and the additional opportunity to recapture utility costs with an
expense reimbursement plan. The property is in close proximity to
the Anschutz Fitzsimons Medical Campus and Buckley Air Force Base.
La Fontaine offers investors an adequate initial yield, with the
opportunity to achieve double-digit cash-on-cash returns.
■ Great Location
■ 49 Parking Spaces - More Than One Per Unit
■ Opportunity To Raise Rents - Over $100 Below Market
■ Create Additional Revenue With Utility Bill-Back System
■ Exterior Walk-Up
■ Located On A Quiet Dead-End Street
■ Offered Free And Clear - Historically Low Interest Rates
LA FONTAINE 5
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PROPERTY ANALYSIS
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PROPERTY SUMMARY
La Fontaine is a 42-unit apartment community located in Aurora
in
Arapahoe County, CO – part of the Denver–Aurora–Lakewood
Metropolitan
Statistical Area (MSA). Built in 1973, the property is comprised
of a single
four-story building of masonry brick construction and is
situated on 0.69
acres. La Fontaine offers spacious one- and two-bedroom units.
There are
laundry facilities on-site and open surface parking space.
Residents are in
close proximity to Colfax Avenue and have easy access to
Interstates 225
and 70.
Address: 1325 Idalia Ct, Aurora, CO 80011County: ArapahoeAPN:
1975-05-2-03-039Price: $5,460,000Units: 42As-Is NOI:
$272,814Stabilized NOI Year 2: $398,644Stabilized Cap Rate:
7.30%Stabilized Cash-On-Cash: 12.27%Stabilized Total Return:
18.23%Year 3 Leveraged IRR: 41.16%Year 3 Unleveraged IRR:
14.08%Avg. Rent/Unit (Monthly): $928Buildings: One (1)Stories: Four
(4)Y.O.C.: 1973Gross Building SF: 25,104Net Rentable SF: 24,050Land
SF: 30,230 (0.69 Acres)Parking Spaces: 49 Surface Spaces
UTILITIES
Electric: Individual | Resident-PaidGas: Master |
Property-PaidWater / Sewer: Master | Property-Paid
LOCATION MAP
LA FONTAINE
© Mapbox, © OpenStreetMap
© Mapbox, © OpenStreetMap
8 LA FONTAINE
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LA FONTAINE
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Stanley Marketplace
NOMENOME
PARK PARK
DEL MARDEL MAR
PARK PARK
AURORA HILLSAURORA HILLS
GOLF COURSEGOLF COURSE
Aurora Central High School
Rocky Mountain Regional VA Medical Center
Downtown Denver
8 Miles
NNTown Center at Aurora
Aurora City Place
Shops at Fitzsimons
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AMENITIES
■ Air Conditioning / Heating
■ Kitchen
■ Satellite TV Ready
■ High-Speed / Broadband Internet Access
■ Smoke-Free
■ Exterior Walk-Up Units
■ Laundry Facilities
■ 49 Open Surface Parking Spaces
■ Shopping, Dining & Entertainment Nearby
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LA FONTAINE 11
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LOCATION OVERVIEW
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DEMOGRAPHICS
115,751Residents3-Mile Radius
346,010Residents5-Mile Radius
34 Avg Age of Residents3-Mile Radius
$47,960Median Household Income3-Mile Radius
2.8Avg Persons / Household3-Mile Radius
1,637,743Total Labor ForceDenver Metro
$440,000 Median Sale PriceArapahoe County
COMMUNITY PROFILE
La Fontaine is conveniently located at 1325 Idalia Court in
Aurora, CO. Residents enjoy living within walking distance to
Colfax Avenue’s numerous conveniences and entertainment venues.
Arapahoe County offices are a five-minute walk from the property
and the University of Colorado Anschutz Medical Campus is 2.2 miles
west. Buckley Air Force Base is 4.9 miles southeast. Popular
recreational destinations like Star K Ranch, Sand Creek Park, and
the Aurora Sports Park are all quickly accessible from La Fontaine.
The property’s centralized location close to Interstates 225 and 75
facilitates easy access to the major employment and education hubs
throughout the greater Denver metro area. Downtown Denver, the
region’s primary economic, educational, and cultural hub, is
situated approximately 10 miles west.
Livability ranked Aurora No. 63 among the nation’s “Top 100 Best
Places to Live,” in part due to its exceptional
cultural arts and recreational amenities and proximity to
Downtown Denver.
AURORA, CO
14 LA FONTAINE
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A sampling of conveniences within walking distance or in close
proximity to the property include:
DAILY CONVENIENCES SHOPPING AND DINING
Hair and beauty salons; fitness centers; gas stations; auto
repair shops and parts supply stores; insurance services; and
medical clinics are also nearby.
Town Center at Aurora ■ Fully enclosed regional shopping
destination with over
140 stores ■ Anchored by Macy’s; Dillard’s; and JCPenney ■
Express; Foot Locker; Shoe Palace; Zumiez;
Bounce City Aurora Aurora City Place
■ Popular retail plaza situated adjacent to Town Center at
Aurora ■ Over 45 stores and restaurants including Conn’s
HomePlus;
PetSmart; Ross Dress for Less; Barnes & Noble; Super Target
■ Panda Express; Jimmy John’s; Wingstop; Fatburger
16th Street Mall ■ Downtown Denver’s mile-long, outdoor,
pedestrian-friendly
mall and entertainment district ■ Continues as a pedestrian
crossway connects to Commons
Park and LoHi ■ Stores include Ross Dress for Less, T.J.
Maxx,
and specialty shops Eateries
■ El Pelicano ■ Denny’s ■ BJ’s Restaurant &
Brewhouse ■ Ted’s Montana Grill ■ Ya Ting
■ El Muelle Mexican Restaurant
■ Pho 88 ■ Helga’s German Restaurant ■ Subway
LA FONTAINE 15
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HEALTH CARE
AIRPORT
HIGHER EDUCATIONRECREATION / ENTERTAINMENT
The city of Aurora manages more than 100 parks, over 6,000 acres
of open space and natural areas, and six award-winning municipal
golf courses. DeLaney Farm, the site of Aurora’s famous historic
round barn, has 130 acres of open space and trails with access to
the High Line Canal. The Aurora Cultural Arts District along East
Colfax Avenue features the city’s historic landmark – the Aurora
Fox Theatre & Arts Center. Other area attractions include:
■ Aurora History Museum ■ Star K Ranch / Morrison
Nature Center ■ Del Mar Park ■ Cherry Creek State Park ■
Downtown Denver ■ Aurora Symphony
Orchestra
■ Sand Creek Greenway Trail ■ Bluff Lake Nature Center ■ Aurora
And Quincy
Reservoirs ■ City Park / Denver Zoo
Forbes recently named the Denver Metro Area as the 18th-most
educated urban area in the country. Two of the region’s largest and
most-respected universities are the University of Denver and
University of Colorado Denver.
The University of Colorado Denver (CU Denver) - This public
research university has two campuses — one at the Anschutz Medical
Campus in Aurora and the other in downtown Denver at the Auraria
Campus. The university is the result of the 2004 consolidation of
the University of Colorado Denver and the University of Colorado
Health Sciences Center. CU Denver has an enrollment of
approximately 19,500 students.
The University of Denver (DU) - Founded in 1864, DU it is the
oldest independent private university in the region. DU offers over
300 academic programs and enrolls approximately 5,600 undergraduate
students and 6,100 graduate students. The university has an
academic staff of approximately 1,275, an administrative staff of
1,850, and an endowment of $711 million.
Denver International Airport (DEN) – DEN facilitates non-stop
service with all major carriers to over 200 destinations
through-out North America, Latin America, Europe, and Asia. DEN is
one of the world’s busiest hubs.
University of Colorado Anschutz Medical Campus (CU Anschutz) –
CU Anschutz is the largest academic health center in the region and
includes two nationally ranked hospitals, UCHealth University of
Colorado Hospital and Children’s Hospital Colorado.
UCHealth University of Colorado Hospital – One of the premier
academic research institutions in the nation, UCHealth provides the
full spectrum of patient care, from family medicine to emergency
and specialized services.
16 LA FONTAINE
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#4 Best Places for Business and Careers - Metro Denver - Forbes,
2020
AURORA, CO
Aurora is located on the eastern slope of the Rocky Mountains
and lies in the 10-county Denver-Aurora-Lakewood Metropolitan
Statistical Area. Aurora is the third-largest city in the state,
with a 2020 estimated population of 384,623 residents. The city
covers 164 square miles in Adams, Arapahoe, and Douglas Counties.
With 65 square miles of developed land and 99 square miles of
undeveloped land, the city has room to grow and to increase its
regional economic significance.
The Denver-Aurora-Lakewood MSA is the 19th-most populous U.S.
metropolitan statistical area, while the broader 12-county
Denver-Aurora, CO Combined Statistical Area has an estimated
population of over 3.5 million people and is the 16th-most populous
U.S. metropolitan area. This bustling metropolis, one of the
fastest-growing in the U.S., is set against the backdrop of the
Colorado Rocky Mountains and is widely recognized for its
exceptional balance of a thriving economy, healthy lifestyle, and
urban and natural amenities.
Aurora is a large contributor to the Denver regional economy as
home to four of the metro area’s top 10 largest employers,
including Buckley Air Force Base, both Aurora’s and Metro Denver’s
largest employer. The Anschutz Medical Campus encompasses the
University of Colorado Anschutz Medical Campus, UCHealth University
of Colorado Hospital, and Children’s Hospital Colorado. Also, the
state-of-the-art Rocky Mountain Regional Veteran’s Administration
Medical Center opened in late 2018. The innovative medical and
research campus is a major economic engine, contributing a
state-wide economic impact of over $5.4 billion annually.
CITY OF AURORA LARGEST EMPLOYERS
EMPLOYER EMPLOYEES
Buckley Air Force Base 12,000
University of ColoradoAnschutz Medical Campus
8,850
University of Colorado Hospital (UCHealth) 7,110
Aurora Public Schools 6,300
Children's Hospital Colorado 5,670
City of Aurora 4,024
Cherry Creek Schools 3,750
Raytheon Company 2,430
Kaiser Permanente 1,940
HealthOne:The Medical Center of Aurora
1,710
Sources: Greystone Research; US Census Bureau; US Bureau of
Labor; Wikipedia; CoStar Analytics; Google Maps; City of Aurora;
Aurora Chamber of Commerce; Visit Aurora; Auroragov.org; Denver
Post; Westword; Denver.org; Metro Denver Economic Development
Corp.; Colorado Association of REALTORS; Livability; Forbes;
University of Colorado Anschutz Medical Campus; University of
Colorado Denver; University of Denver.
AURORA CITY
3rdLargest City in CO
384,623 People
164.0 Square Miles
2,345.3People / Square Mile
DENVER-AURORA-LAKEWOOD MSA
19thLargest MSA in U.S.
3,008,640 People
8,344.9 Square Miles
360.5 People / Square Mile
LA FONTAINE 17
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FINANCIAL ANALYSIS
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PROPERTY INFORMATION
Property Address 1325 Idalia Court, Aurora
Property Type Multifamily
Units 42
Rentable Building SF 24,050
Gross Building SF 25,104
ANALYSIS INFORMATION
Analysis Start Jul-20
Analysis End Jun-30
Analysis Period 10 Years
Pricing $5,460,000
As-Is NOI $272,814
OTHER INCOME SOURCE AMOUNT
Application Fees T-12 June 2020 $1,150
Eviction Costs T-12 June 2020 $300
Late Fees T-12 June 2020 $3,190
Other Income T-12 June 2020 $589
TOTAL $5,228
ASSUMPTIONS & NOTES
DEBT ASSUMPTIONS
Loan Amount $3,822,000
Down Payment $1,638,000
LTV 70.00%
Rate 4.00%
DSCR 1.25
Debt Service $218,962
Amortization 30
RESIDUAL PRICING ASSUMPTION YEAR 5 YEAR 10
NOI: $426,117 $493,987
Residual Capitalization Rate: 6.00% 6.00%
Gross Resale Price: $7,101,956 $8,233,113
Resale Cost: 4.00% 4.00%
Cost Of Sale: $284,078 $329,325
UNLEVERAGED PROCEEDS
Capital Proceeds Before Debt: $6,817,878 $7,903,789
Capital Proceeds Before Debt Per Unit: $79,278 $91,905
Capital Proceeds Before Debt Per SF: $271.59 $314.84
LEVERAGED PROCEEDS
Capital Proceeds After Debt: $3,940,292 $5,221,990
Capital Proceeds After Debt Per Unit: $45,817 $60,721
Capital Proceeds After Debt Per SF: $156.96 $208.01
20 LA FONTAINE
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FUTURE RENTSBEGINNING 1 BEDROOM - 525 SF 2 BEDROOM - 725 SF
Jul-20 $925 $1.95 $1,150 $1.64
Jul-21 $953 $2.01 $1,185 $1.69
Jul-22 $981 $2.07 $1,220 $1.74
Jul-23 $1,011 $2.13 $1,257 $1.80
Jul-24 $1,041 $2.19 $1,294 $1.85
Jul-25 $1,072 $2.26 $1,333 $1.90
Jul-26 $1,104 $2.33 $1,373 $1.96
Jul-27 $1,138 $2.40 $1,414 $2.02
Jul-28 $1,172 $2.47 $1,457 $2.08
Jul-29 $1,207 $2.54 $1,500 $2.14
Jul-30 $1,243 $2.62 $1,546 $2.21
PERCENTAGE INCREASESCURRENT YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5
YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10
Potential Rent $1.62 $1.91 $1.97 $2.03 $2.09 $2.15 $2.22 $2.28
$2.35 $2.42 $2.49
Market Rent Increases 15.26% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
3.00% 3.00% 3.00%
Loss To Lease 0.00% 7.70% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
1.00% 1.00% 1.00%
Vacancy 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
5.00% 5.00%
Effective Gross Rent $1.68 $1.85 $1.91 $1.96 $2.02 $2.08 $2.15
$2.21 $2.28 $2.35 $0.00
Other Income Increases 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
3.00% 3.00% 3.00%
Utility Reimbursement Increases 3.00% 3.00% 3.00% 3.00% 3.00%
3.00% 3.00% 3.00% 3.00% 3.00%
Operating Expense Increases 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
3.00% 3.00% 3.00% 3.00%
Management 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00%
7.00%
NOTES
1. Please See The Property Tax Analysis For A Summary Of Future
Estimated Property Taxes.
2. Starting In Year 2, We Assume That The Landlord Will Charge
Back For Utilities. $50 / Month For One-Beds. $75 / Month For
Two-Beds.
3. 7% Management Feeis Assumed.
4. Insurance Quote Received From Erik Russell On 7.21.20.
5. $250 / Unit / Year Is Assumed For Capital Reserves.
6. June 2020 T-12 Used For Repairs & Maintenance.
7. June 2020 T-12 Used For Utilities.
8. June 2020 T-12 Used For Other Income.
LA FONTAINE 21
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UNIT MIX
TYPE UNIT
COUNT
CURRENT MONTHLY
RENT RENT /
UNITAVERAGE
SIZE RENT /
SF MONTHLY
PRO FORMATOTAL UNIT
SIZELOWEST
RENTHIGHEST
RENT
1 Bedroom 32 $28,865 $902 525 $1.72 $925 16,800 $850 $950
2 Bedroom 10 $10,100 $1,010 725 $1.39 $1,150 7,250 $950
$1,100
TOTALS / AVGS 42 $38,965 $928 573 $1.62 $979 24,050
PRICING
OFFERING PRICING
Price: $5,460,000
Down Payment: $1,638,000 (30%)
Loan Amount: $3,822,000
Interest Rate / Amortization: 3.31% / 30 years
Current NOI / Pro Forma NOI: $272,814 / $410,244
CURRENT / PRO FORMA ANALYSIS
Debt Service: $218,962
Net Cash Flow After Debt Service:$53,853 / $191,282
3.29% / 11.68%
Principal Reduction: $67,307 / $72,903
Total Return:$121,159 / $258,589
7.40% / 15.79%
Cap Rate: 5.00% / 7.51%
GRM: 11.68 / 9.42
Price / Unit: $130,000
Price / SF: $217.50
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INCOME SOURCE
INCOME SOURCE CURRENT $ / UNIT $ / PSF % OF SGI
Potential Market Rent $467,580 $11,133 $19.44
Loss to Lease $0 $0 $0.00
Scheduled Gross Income June 2020 Rent Roll $467,580 $11,133
$19.44 100.00%
Vacancy 5% of Potential Rent ($23,379) ($557) ($0.97) 5.00%
Scheduled Multifamily Rent $444,201 $10,576 $18.47
Other Revenue See Assumptions Summary $5,228 $124 $0.22
1.12%
EFFECTIVE GROSS INCOME $449,430 $10,701 $18.69
EXPENSES
Property Taxes County Assessor $26,435 $629 $1.10 5.95%
Insurance Farmer's Quote $19,268 $459 $0.80 4.34%
Management 7% of Potential Rent $31,290 $745 $1.30 7.04%
Repairs & Maintenance T-12 June 2020 $38,352 $913 $1.59
8.63%
Utilities T-12 June 2020 $61,271 $1,459 $2.55 13.79%
TOTAL EXPENSES $176,615 $4,205 $7.34 39.76%
NET OPERATING INCOME $272,814 $6,496 $11.34 54.12%
LA FONTAINE 23
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TAX ANALYSIS
TAX YEAR ACTUAL VALUE ASSESSED VALUE MILL LEVY TAX AMOUNT
MONTHLY
2020 Taxes Paid in 2021 $3,570,000 $255,255 103.562 $26,435
$2,202.89
2021 Taxes Paid in 2022 $4,368,000 $312,312 106.669 $33,314
$2,776.16
2022 Taxes Paid in 2023 $4,368,000 $312,312 109.869 $34,313
$2,859.45
2023 Taxes Paid in 2024 $5,460,000 $390,390 113.165 $44,178
$3,681.54
In Colorado, the property taxes are reassessed every
off-numbered year and are paid in arrears the following year. For
this property, there is an assessment rate of 7.15% which is
multiplied by the Actual Value to determine the Assessed Value. The
Assessed Value is multiplied by the Mill Levy (currently 117.794)
to determine the annual property tax bill. The sale of the property
does not automatically trigger a new assessment for property taxes
in Colorado. This projection does not reflect a reassessment until
2021 taxes paid in 2022. We assumed an actual value in 2021 of
$4,368,000, which is 80% of our list price. In 2023, we grew the
Actual Value to $5,460,000, which is 100% of our list price. We
increase the Mill Levy by 3% annually.
24 LA FONTAINE
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LA FONTAINE 25
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5 & 10 YEAR FORECAST - YEARS 1 - 4
$ / UNIT CURRENT YEAR 1 YEAR 2 YEAR 3 YEAR 4INCOMEPotential
Market Rent $11,133 $467,580 $551,754 $568,307 $585,356 $602,916
Loss To Lease $0 $0 ($42,471) ($5,683) ($5,854) ($6,029)Potential
Rent $11,133 $467,580 $509,283 $562,624 $579,502 $596,887 Vacancy
($1.06) ($23,379) ($25,464) ($28,131) ($28,975) ($29,844)Scheduled
Multifamily Rent $10,576 $444,201 $483,819 $534,492 $550,527
$567,043 Other Revenue $124 $5,228 $5,307 $59,043 $60,435 $62,248
TOTAL EFFECTIVE GROSS REVENUE $10,701 $449,430 $489,126 $593,536
$610,962 $629,291
EXPENSES Property Taxes $629 $26,435 $26,435 $33,314 $34,313
$44,510 Insurance $459 $19,268 $19,557 $20,144 $20,748 $21,370
Management $745 $31,290 $33,867 $37,263 $38,381 $39,532 Repairs
& Maintenance $913 $38,352 $38,927 $40,095 $41,298 $42,536
Utilities $1,459 $61,271 $62,190 $64,056 $65,978 $67,957 TOTAL
OPERATING EXPENSES $4,205 $176,615 $180,976 $194,871 $200,717
$215,906
NET OPERATING INCOME $6,496 $272,814 $308,149 $398,664 $410,244
$413,384 Capital Reserves $10,500 $10,500 $10,500 $10,500 Cash Flow
Before Debt Service $6,496 $272,814 $297,649 $388,164 $399,744
$402,884 Debt Service $218,962 $218,962 $218,962 $218,962 $218,962
Cash Flow After Debt Service $6,496 $53,853 $78,688 $169,203
$180,782 $183,923 Principal Reduction $67,307 $67,307 $70,049
$72,903 $75,873 Cap Rate 5.00% 5.64% 7.30% 7.51% 7.57%Cash On Cash
3.29% 4.80% 10.33% 11.04% 11.23%Total Return 7.40% 8.91% 14.61%
15.49% 15.86%Leveraged IRR -23.42% 34.63% 28.56% 24.21%Unleveraged
IRR -4.25% 14.08% 12.51% 11.21%
26 LA FONTAINE
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5 & 10 YEAR FORECAST - YEARS 5 - 10
YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10INCOMEPotential Market
Rent $621,004 $639,634 $658,823 $678,588 $698,945 $719,914 Loss To
Lease ($6,210) ($6,396) ($6,588) ($6,786) ($6,989)
($7,199)Potential Rent $614,794 $633,238 $652,235 $671,802 $691,956
$712,715 Vacancy ($30,740) ($31,662) ($32,612) ($33,590) ($34,598)
($35,636)Scheduled Multifamily Rent $584,054 $601,576 $619,623
$638,212 $657,358 $677,079 Other Revenue $64,115 $66,038 $68,020
$70,060 $72,162 $74,327 TOTAL EFFECTIVE GROSS REVENUE $648,169
$667,614 $687,643 $708,272 $729,520 $751,406
EXPENSES Property Taxes $45,514 $46,879 $48,286 $49,734 $51,226
$52,763 Insurance $22,012 $22,672 $23,352 $24,053 $24,774 $25,517
Management $40,718 $41,940 $43,198 $44,494 $45,829 $47,203 Repairs
& Maintenance $43,813 $45,127 $46,481 $47,875 $49,311 $50,791
Utilities $69,996 $72,096 $74,259 $76,486 $78,781 $81,144 TOTAL
OPERATING EXPENSES $222,052 $228,713 $235,575 $242,642 $249,921
$257,419
NET OPERATING INCOME $426,117 $438,901 $452,068 $465,630
$479,599 $493,987 Capital Reserves $10,500 $10,500 $10,500 $10,500
$10,500 $10,500 Cash Flow Before Debt Service $415,617 $428,401
$441,568 $455,130 $469,099 $483,487 Debt Service $218,962 $218,962
$218,962 $218,962 $218,962 $218,962 Cash Flow After Debt Service
$196,656 $209,439 $222,606 $236,168 $250,137 $264,525 Principal
Reduction $78,964 $82,181 $85,530 $89,014 $92,641 $96,415 Cap Rate
7.80% 8.04% 8.28% 8.53% 8.78% 9.05%Cash On Cash 12.01% 12.79%
13.59% 14.42% 15.27% 16.15%Total Return 16.83% 17.80% 18.81% 19.85%
20.93% 22.04%Leveraged IRR 22.65% 21.50% 20.62% 19.92% 19.34%
18.86%Unleveraged IRR 10.88% 10.65% 10.49% 10.37% 10.28% 10.20%
LA FONTAINE 27
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COMPARABLE PROPERTIES
-
COMPARABLE RENTAL PROPERTIES SUMMARY - ONE-BEDROOMSPROPERTY
ADDRESS
YEAR BUILT
# OF ONE- BED UNITS
TOTAL ONE-BED SF
ONE-BED SF
ONE-BED RENT
ONE-BED RENT / SF
LA FONTAINE 1325 Idalia Ct 1973 32 16,800 525 $902 $1.72 Aurora,
Co 80011
1. HERITAGE HOUSE 15500 13th Ave 1972 25 15,500 620 $1,039
$1.68Aurora, CO 80011
2. LAREDO HOUSE16300 E 17th Pl 1974 21 12,390 590 $995
$1.69Aurora, CO 80011
3. SUNRISE 15571-15573 E 13th Ave 1972 11 6,545 595 $911
$1.53Aurora, CO 80011
4. SHADOW TREE1800 Billings 1972 41 20,992 512 $895 $1.75Aurora,
CO 80011
5. IDALIA1320-1340 Idalia Ct 1973 24 550 550 $955 $1.74Aurora,
CO 80011
TOTAL / AVG 1973 24 11,195 563 $955 $1.70
30 LA FONTAINE
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COMPARABLE RENTAL PROPERTIES MAP - ONE-BEDROOMS
© Mapbox, © OpenStreetMap
1
3
2
4
La FontaineSunrise
5
Heritage House Idalia
Shadow Tree
Laredo House
LA FONTAINE 31
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COMPARABLE RENTAL PROPERTIES SUMMARY - TWO-BEDROOMSPROPERTY
ADDRESS
YEAR BUILT
# OF TWO- BED UNITS
TOTAL TWO-BED SF
TWO-BED SF
TWO-BED RENT
TWO-BED RENT / SF
LA FONTAINE1325 Idalia Ct 1973 10 7,250 725 $1,010 $1.39 Aurora,
CO 80011
1. LAREDO HOUSE16300 E 17th Pl 1974 51 37,230 730 $1,225
$1.68Aurora, CO 80011
2. FITZSIMMONS JUNCTION14155-14195 Montview Blvd 1974 78 67,080
860 $1,350 $1.57Aurora, CO 80011
3. SUNRISE 15571-15573 E 13th Ave 1972 48 710 710 $1,100
$1.55Aurora, CO 80011
4. GARDENS ON PARIS 1678 Paris St 1964 47 884 884 $1,179
$1.33Aurora, CO 80011
TOTAL / AVG 1971 56 26,476 803 $1,232 $1.53
32 LA FONTAINE
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COMPARABLE RENTAL PROPERTIES MAP - TWO-BEDROOMS
© Mapbox, © OpenStreetMap
1
3
2
4
La FontaineGardens on Paris
Fitzsimmons Junction
Sunrise
Laredo House
LA FONTAINE 33
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COMPARABLE SALE PROPERTIES SUMMARY
PROPERTY ADDRESS YEAR BUILT # OF UNITS TOTAL SF CLOSED DATE SALE
PRICESALE PRICE /
UNITSALE PRICE
/ SF CAP RATE
LA FONTAINE 1325 Idalia Ct 1973 42 25,104 On Market $5,460,000
$130,000 $217.50 5.0%Aurora, CO 80011
1. SUNRISE 15571-15573 E 13th Ave 1972 48 41,556 On Market
$6,000,000 $125,000 $144.38 6.7%Aurora, CO 80011
2. PINON 15800-15830 E 13th Ave 1979 24 25,056 8/29/2019
$3,927,500 $163,646 $156.75 6.0%Aurora, CO 80011
3. HERITAGE HOUSE15500 13th Ave 1972 28 26,136 11/15/2018
$3,500,000 $125,000 $133.91 5.9%Aurora, CO 80011
4. 1389 QUARI1389 Quari St 1970 17 13,047 10/7/2019 $2,210,000
$130,000 $169.39 5.0%Aurora, CO 80011
5. GENEVA PLAZA 1661-1670 Geneva St 1968 16 15,660 12/31/2018
$2,470,000 $154,375 $157.73 5.2%Aurora, CO 80010
6. STANLEY FLATS2216-2224 Dayton St 1955 10 6,110 11/13/2019
$1,562,000 $156,200 $255.65 6.0%Aurora, CO 80010
7. THE LEBARON 11948 E 17th Ave 1971 18 12,970 7/9/2019
$2,175,000 $120,833 $167.69 6.0%Aurora, CO 80010
8. 1350 MACON 1350 Macon St 1972 12 8,424 8/26/2019 $1,490,000
$124,167 $176.88 N/AAurora, CO 80010
TOTAL / AVG 1970 22 18,620 $2,916,813 $134,882 $156.65 5.9%
34 LA FONTAINE
-
COMPARABLE SALE PROPERTIES MAP
13 2
4
5
Heritage House
La Fontaine
6
7
8
© Mapbox, © OpenStreetMap
Pinon
1389 Quari1350 Macon
Geneva Plaza
Stanley Flats
The Lebaron Sunrise
LA FONTAINE 35
-
COMPARABLE SALE PROPERTIES
LA FONTAINE
1325 Idalia Ct
Aurora, Co 80011
YEAR BUILT: 1973NO. OF UNITS: 42TOTAL SF: 25,104CLOSED DATE: On
MarketSALE PRICE: $5,460,000SALE PRICE / UNIT: $130,000SALE PRICE /
SF: $217.50CAP RATE: 5.0%
SUNRISE
15571-15573 E 13th Ave
Aurora, Co 80011
YEAR BUILT: 1972NO. OF UNITS: 48TOTAL SF: 41,556CLOSED DATE: On
MarketSALE PRICE: $6,000,000SALE PRICE / UNIT: $125,000SALE PRICE /
SF: $144.38CAP RATE: 6.7%
PINON
15800-15830 E 13th Ave
Aurora, CO 80011
YEAR BUILT: 1979NO. OF UNITS: 24TOTAL SF: 25,056CLOSED DATE:
8/29/2019SALE PRICE: $3,927,500SALE PRICE / UNIT: $163,646SALE
PRICE / SF: $156.75CAP RATE: 5.9%
1 2
36 LA FONTAINE
-
HERITAGE HOUSE
15500 13th Ave
Aurora, CO 80011
YEAR BUILT: 1972NO. OF UNITS: 28TOTAL SF: 26,136CLOSED DATE:
11/15/2018SALE PRICE: $3,500,000SALE PRICE / UNIT: $125,000SALE
PRICE / SF: $133.91CAP RATE: 5.9%
1389 QUARI
1389 Quari St
Aurora, CO 80011
YEAR BUILT: 1970NO. OF UNITS: 17TOTAL SF: 13,047CLOSED DATE:
10/7/2019SALE PRICE: $2,210,000SALE PRICE / UNIT: $130,000SALE
PRICE / SF: $169.39CAP RATE: 5.0%
GENEVA PLAZA
1661-1670 Geneva St
Aurora, CO 80010
YEAR BUILT: 1968NO. OF UNITS: 16TOTAL SF: 15,660CLOSED DATE:
12/31/2018SALE PRICE: $2,470,000SALE PRICE / UNIT: $154,375SALE
PRICE / SF: $157.73CAP RATE: 5.2%
3 4 5
LA FONTAINE 37
-
STANLEY FLATS
2216-2224 Dayton St
Aurora, CO 80010
YEAR BUILT: 1955NO. OF UNITS: 10TOTAL SF: 6,110CLOSED DATE:
11/13/2019SALE PRICE: $1,562,000SALE PRICE / UNIT: $156,200SALE
PRICE / SF: $255.65CAP RATE: 6.0%
THE LEBARON
11948 E 17th Ave
Aurora, CO 80010
YEAR BUILT: 1971NO. OF UNITS: 18TOTAL SF: 12,970CLOSED DATE:
7/9/2019SALE PRICE: $2,175,000SALE PRICE / UNIT: $120,833SALE PRICE
/ SF: $167.69CAP RATE: 6.0%
1350 MACON
1350 Macon St
Aurora, CO 80010
YEAR BUILT: 1972NO. OF UNITS: 12TOTAL SF: 8,424CLOSED DATE:
8/26/2019SALE PRICE: $1,490,000SALE PRICE / UNIT: $124,167SALE
PRICE / SF: $176.88CAP RATE: N/A
7 86
38 LA FONTAINE
-
LA FONTAINE 39
-
Copyright ©2020 Greystone & Co. II LLC. All rights Reserved.
Although the information contained herein has been obtained from
sources deemed reliable, Greystone Unique Apartment Group, Inc.
makes no express or implied guaranty, warranty, or representation
that the information is complete or accurate. Further, any
projections, opinions, assumptions, or estimates used or offered
herein are for the purpose of example only and do not and cannot be
deemed to represent the present or future performance of the
subject property. Accordingly, Greystone Unique Apartment
Group, Inc. recommends that you conduct your own investigation of
the property in order to reach your own conclusions or opinions as
to value of the property. Physical condition of the property,
including without limitation the potential presence of mold,
asbestos, lead based paint, and hazardous materials may affect the
property, its value, and may, if present, pose health risks. The
property should be independently examined by experts selected by
you. Any recipient of these materials from Greystone Unique
Apartment Group, Inc. should not and may not rely on these
materials for any purpose beyond general introductory information
concerning the property.
A Division of Unique Properties, Inc.
LA FONTAINE1325 Idalia Court, Aurora, CO 80011
42 UNITS | BUILT 1973
OFFERED BY:MARC LIPPITTExecutive Managing Director
[email protected]
KEVIN HIGGINSManaging Director
[email protected]
PHILIP DANKNERManaging Director
[email protected]
JUSTIN HERMANSenior Associate
[email protected]
mailto:[email protected]
