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Villa GreenApartments Investment Package
101 Units
$900,000.00 Equity Raise
Pueblo Colorado
Questions Should Be Directed To:
Danny Newberry, (435) 590-9095 or [email protected]
This executive summary contains privileged and confidential information. Unauthorized use of this information in any manner is strictly prohibited. If you are not the
intended recipient, please notify the sender immediately. This executive summary is for informational purposes and not intended to be a general solicitation or a
securities offering of any kind. Prior to making any decision to contribute capital, all investors must review and execute all private offering documents. Potential
investors and other readers are cautioned that these forward-looking statements are predictions only, based on current information, assumptions and expectations
that are inherently subject to risks and uncertainties that could cause future events or results to differ materially from those set forth or implied by such forward-
looking statements. These forward-looking statements are only made as of the date of this executive summary and neither Villa Green Apartments, LLC, Value
Investment Group, LLC nor Danny Newberry or Chris Newberry,s, undertake any obligation to publicly update such forward-looking statements to reflect
subsequent events or circumstances. The information contained herein is from sources believed to be reliable; however no representation, either expressed or implied,
is made by the Sponsors as to the accuracy of any information on this property and all investors should conduct their own research to determine the accuracy of any
statements made. All investments contain the risk of loss and investors are encouraged to consult with their personal legal and tax advisors. Neither Sponsors, nor
their representatives, officers, employees, affiliates, sub-contractors or vendors provide tax, legal or investment advice. Nothing in this document is intended to be or
should be construed as such advice.
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Index
Section 1: Investment Overview
Profit DistributionSection 2: VIG Company Overview
History Strategy Partnership Organization Board of Directors The Team Acquisition History
Section 3: Property Description
Investment Highlights Exit Strategy and
Schedule
Property Characteristics Interior Condition
Summary
Exterior ConditionSummary
File Audit Results
Photos Aerial View and Location
Section 4: Deal Structure
Loan DetailsSection 5: Market Overview
Nearby Employers Nearby Schools
Colorado StateUniversity
Pueblo DemographicsSection 6: Business Plan
Capital ImprovementSchedule
Projected cost to turn allunits
Use of FundsSection 7: Financial Summary
2012 Income andExpenses
Pro Forma Projections Pro Forma Assumptions Annual Projections 5 year cash flow
projections
Pro forma Equity andCash Flow Analysis
Exit Strategies Value Investment Group
Fees
Monthly RentsSection 8: Rental Market Study
Rent ComparablesLocations
Section 9: Sales Comparables
Sales ComparablesLocations
Last Page: Contact Information
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Section 1: Investment Overview
Villa Green Apartments, LLC, (hereinafter referred to as the "company"), a Colorado Limited
Liability Company, with offices at 1700 Constitution Rd, Pueblo, Colorado is a single-purposeentity that seeks to raise US $900,000 from a limited number of accredited and non
accredited investors who have a pre-existing relationship with the Sponsors, to provide
funding to acquire a 101 unit apartment complex in Pueblo, Colorado, commonly known as
V G A P T
the Property is $2,751,329.00 and will be secured by a first mortgage of approximately
$2,063,495.00. Investors will become Class A members of the Company following a minimum
investment of $25,000.00. The Company will commence operations and acquire the Property
upon raising $800,000.00.
The Company and project will be managed by Value Investment Group, Inc. who will be
M). Affiliates of the Manager
(Danny Newberry, Chris Newberry, Amber Newberry and Garry Whiteley) will retain a
minority interest in the Company via a separate class of membership units (Class B) and will
participate in profit distributions along with the investors. The Manager expects to hold the
property for approximately seven (7) years and estimates the Property will have an estimated
fair market value upon exit of $5,002,815.00. There are no assurances these objectives can be
attained.
Funds received as investment in this offering will be applied and used solely for theacquisition of this property, corresponding expenses, acquisition costs, and property
improvements, if any, as shown on the U F in Section 6 of this Summary.
Investors shall receive quarterly distributions from operations consisting of 80% of all Cash
Flow After Debt as detailed in Section 7 of this Summary. The Manager will receive the
remaining 20% of all cash flow after debt. Upon sale or refinance, Investors shall receive a
preferred return of 100% of the net proceeds until their capital accounts have been zeroed
out (all original investment has been repaid). All remaining profit from the sale shall be split
80% to the Class A Investors and 20% to the Class B Members.
This Package contains available information received from the current owner relating to the
returns, investment strategies and risk factors (ending inspection reports to be sent to all
qualified investors). Although this package contains the initial information received, an
independent appraisal is pending. Though this information has been secured from sources
that appear to be reliable, no representation is made by Villa Green Apartments, LLC, Value
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Investment Group, Inc., or their affiliates either expressed or implied, as to the accuracy of
any information about this property. All information contained herein is further subject to
correction, modification, or withdrawal without further notice. Returns are subject to change
due to loan terms, new discovery, occupancy, additional capital investment, owner decisions,
and various factors involved in property management, and therefore Sponsors do notguarantee these returns, and further do not guarantee that the property will close or the
specific date on which it will close.
Risks: An investment in the Villa Green Apartments, LLC will be a speculative investment and
subject to significant risks that are discussed more completely in the Offering Agreement.
This offering is for serious and sophisticated investors only. The risks include, among others,
the following factors, which are not exhaustive but are merely illustrative:
The membership units of Villa Green Apartments, LLC will not be registered under thefederal Securities Act of 1933 or under any state securities laws, and there will be
restrictions on their transferability.
Villa Green Apartments, LLC will be a new business and will have no operating history. The multi-family housing industry in the area is extremely competitive and cyclical. Villa Green Apartments, LLC will be subject to competition from other apartment
projects in the vicinity as well as elsewhere.
Conflicts of interest may exist between Villa Green Apartments, LLC and the Managerand affiliates thereof.
There can be no assurance that financing will be available for the project. There can be no assurance that projections will be met.
Profit DistributionValue Investment Group, Inc. will send out quarterly statements and distributions with
respects to each individual owner's equity percentage in Villa Green Apartments, LLC.
Distributions will not commence until at least six (6) months after acquisition.
The Class A Investors are responsible for a total equity investment of $900,000.00. The
minimum investment in the LLC is $25,000.00. Each $25,000.00 invested will represent 1/36th
or 2.77% of the Class A Memberships units.
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Section 2: VIG Company Overview
History
Danny Newberry is founder and president of Value Investment Group. Along with Amber Newberry, ChrisNewberry and Garry Whiteley have built Value Investment Group into an integrated and successful firm that has
acquired 13 properties since its inception in 2008.
Strategy
Value Investment Group is committed to creating above-average returns through the acquisition, improvement,
management and growth of a portfolio of commercial real estate investments. Target investments include those
that provide capital appreciation and strong cash flow. Our core strategy is to identify and acquire
underperforming, distressed, or undercapitalized investment properties.
Value Investment Group focuses on the growth and value creation of real estate investments. Target investmentsinclude those that provide capital preservation, forced appreciation and cash distribution. Ultimately, our strategy
is about creating value for our investors, lenders, tenants, vendors and employees. We are easy to work with,
clever, aggressive, creative, capable and unpretentious. In multiple markets with different asset classes across
different market cycles, VIG has consistently been able to identify opportunity, develop a business plan and
execute that business plan to achieve outstanding investment results.
We target underperforming properties and add value through:
Repositioning increasing occupancy, improving tenant mix/ base, stronger leasing terms Redevelopment and renovation physical improvement to the property Filling vacancies improving net cash flow and stabilizing the asset Management process implement management method Financing strategic debt structure
Our oversight includes renovation, execution of a business plan, financing organization, the presence of an on-site
management specialist, team management, re-positioning plan implementation, cash distribution, aggressive
marketing and leasing.
Partnership Organization
Value Investment Group offers our investors an opportunity to diversify a portion of their assets into managed real
estate investments. Each acquisition will be structured as its own individual partnership, (Limited Liability
Company). This structure will enable us to better protect our individual assets. Value Investment Group acts as the
Managing General Partner in each partnership.
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Board of Directors
Value Investment Group's board of directors is comprised of:
Danny Newberry (President & Chief Executive Officer) Amber Newberry (Vice President)
Garry Whiteley (Chief Operating Officer) Chris Newberry (Chief Financial Officer)
Acquisition Team
Danny Newberry
Unit walkthroughs, Bid facilitator,
Market survey Value Investment Group
Amber NewberryUnit walkthroughs, Lease audits,
Market surveyValue Investment Group
Garry Whiteley
Due Diligence Coordinator - File Audits,
Unit walkthroughs, Bid facilitator,
Market survey
Value Investment Group
Chris Newberry Exterior walkthrough, Financial audit Value Investment Group
Bill Wallbaum
Certified Master Inspector - Interior
walkthrough, Exterior walkthrough Wall to Wall Inspections
Inspector's
assistant
Interior walkthrough, Exterior
walkthroughWall to Wall Inspections
Derrick Clark CPA - Financial documentation review Precise Tax & Accounting
Mauricio Rauld Attorney - Legal document preparation Premiere Law Group
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Acquisition History
Address City, State # of Units Date
7201 Melrose Lane Oklahoma City,OK
48 Dec2012
213 W New York
AvenueLas Vegas, NV 10
May
2011
851 Spruce Street Cedar City, UT 6May
2009
6228 Bellota Drive Las Vegas, NV 4Jan
2011
6213 Ilanos Lane Las Vegas NV 4 Sept2010
3446 College View
CourtLas Vegas, NV 4
July
2010
105 S State St LaVerkin, UT 4July
2009
1818 Princeton St Las Vegas, NV 3Oct
2010
285 N 1500 W Cedar City, UT 2Feb
2009
479 W 1500 N Cedar City, UTSingle
Family
Nov
2008
51 N 60 E Street LaVerkin, UTSingle
Family
April
2009
2416 N Street Las Vegas, NVSingle
Family
March
2011
1404 E Webb Ave Las Vegas, NVSingle
Family
July
2011
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Investment Highlights
Villa Green Apartments, LLC offers investors the opportunity to purchase a well maintained
101-unit apartment complex at a desirable location in Pueblo, CO.
C+ class building located in a B area. The apartment complex is currently 90+% occupied. By increasing the property appeal and upgrading units, rents can be increased by an
average of $63 per unit each month and utility pass through can be increased by an
average of $11 per unit each month.
The market supports the implementation of utility pass-through to the residents. The forced appreciation of the asset will allow for a refinance within the first 24-36
months. The manager anticipates a return of the majority, if not all, of the investor
capital.
There is high demand for one bedrooms in the area due to the nearby university,retirees and single parents.
Cash flow can be increased substantially by better property management policyimplementation.
The roofs were replaced in November 2011. Colorado State University is located 1.5 miles from the property with an enrolled
student body over 6,000 students. The enrollment is expected to grow from the $35
million being invested into the university.
Exit Strategy and Schedule
Within 24-36 months the company plans to refinance the asset with long-term fixed financing.
If market conditions do not allow a refinance that is in the best interest of the partners, the
company will capitalize on paying down the current loan and prepare for the disposition or
refinance of the asset in year 5.
Year 1 - Maintain occupancy while turning and upgrading units. Further stabilize the asset while
preparing for long-term financing.
Years 2 & 3 - Continue maintaining a high occupancy and keeping expenses low. VIG will work
to find long-term financing with desirable terms.
Years 5 - If we were unable to find acceptable financing in years 2 or 3 then we anticipate
either a disposition of the asset at this time or a refinance.
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Property Characteristics
Common Area Amenities Stand Alone Office Swimming Pool BBQ/Picnic Areas Community Courtyard Dry Heat Sauna On-Site Laundry Pet Waste Stations Attached Storage Units for Residents Vending Machine
Functional Characteristics
Two and Three Stories Construction Type - Frame
Services Provided
Individual Wall AC Units Individual Heat Community Hot Water Heaters
Site Characteristics
Net Site Size - 2.91 acres
Net Development Density - 34.7 units per acre
Number of Dwelling Buildings - Six
County - Pueblo County
Utilities Metering
Water (Master)
Electricity (Individual)
Gas (Master)
Utilities
Electric - Black Hills Energy - Resident Pays
Water & Sewer - Board of Water Works Pueblo - Property Pays Trash Removal - Waste Connections - Property Pays
Gas - Xcel Energy - Property Pays
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Interior Condition Summary
The basis of this interior and exterior condition summary were derived
during the due diligence period. Members of the acquisition team metwith several contractors, inspectors, structural engineers, plumbers,
electricians, landscapers, paving companies, painters, siding and
roofing companies and carpenters.
Units have been well maintained but are outdated. The majority of the interior
repairs and remodeling will take place over the first year as leases expire and
units turn. One unit is completely down and will need to be fully remodeled.
13 units are in need of paint touch ups, 5 units will need to be completelypainted.
22 units will need minor drywall repairs not exceeding 2" in diameter, 11units have drywall damage between 2" - 6", and 8 units will need drywall
repairs in excess of 6".
80 units have old carpet that will need to be changed when the units turn. 97 units will need new light fixtures. 8 units have crown molding installed. 21 bedroom / living room / kitchen windows have cracked or broken glass
as well as 6 bathroom windows.
62 Bedroom / living room / kitchen blinds will need to be replaced. Virtually all units will need to have door knobs, P traps, door stoppers and
electrical outlets replaced. Most of the units do not have any GFIs. One of
these will be put in each kitchen and one in each bathroom.
All of the shower enclosures will be retiled with 12" x 12" tile, increasingthe visual appeal of the bathrooms.
AC units: 27 are very old and will need to be replaced, 52 are older but stillwork well and 22 are new units.
60 of the units will need new kitchen vinyl and 52 of the units will need newbathroom vinyl.
67 of the units will need to have the kitchen countertops resurfaced andpainted. 14 of the units will need to have the bathroom countertops
resurfaced and painted.
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75 of the units have old cabinets that will need to be resurfaced andpainted.
Appliances: 85 stoves, 81 vent hoods, 41 dishwashers and 2 refrigeratorsare from when the complex was built and will need to be replaced. 6
stoves, 8 vent hoods, 42 dishwashers and 75 refrigerators are older but stillin good working condition.
Many smoke detectors are old and will need to be replaced. 31 faucets are in poor working condition. 15 Garbage disposals do not work and will need to be replaced. Two toilet lids will need to be replaced and two toilet seats are broken. Two kitchen sinks will need to be replaced and two bathroom sinks will
need to be replaced.
31 bedroom doors are damaged and need to be replaced. 2 front door jamsare damaged and will need to be rebuilt. 9 doors do not close well, andtheir door frames will need some minor work.
About 10% of the toilet's water levels are too high. This causes the water tocontinuously run. The insides of these toilets will need to be rebuilt.
Many of the windows are suspected of having minimal leaks that will needto be addressed.
One toilet is sinking into the floor. This will need to be removed and thefloor under it will need to be rebuilt.
One bathroom countertop is new but doesn't fit the vanity. This will needto be fixed.
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Exterior Condition Summary
The exterior of the apartment complex has been well kept and maintained. The courtyard looks
appealing and residents seem to care about the appearance of the area in front of their
apartment.
All of the stairs and railings will need to be repainted. There is some rotten wood aroundthe stairwells and support beams that will need to be replaced.
The parking lot will need to be cleaned, have potholes filled, and be sealed, coated andrestriped. Some barricade posts will need to be reset.
63 large screens, 13 medium screens and 13 small screens will need to be replaced dueto being damaged or missing.
The office and maintenance shed are painted an unattractive yellow color. This will bepainted a more earth tone color.
Some soffit and painting work is required throughout the complex. 3 porch lights and one courtyard light will need to be replaced. A hood vent is missing on top of the office building and will need to be replaced. The roofs were replaced in November 2011.
The crawl space underneath one of the buildings has many water and drainage leaks. This will
require extensive plumbing repairs. Several certified specialists are putting together estimates
for this issue. The repair will be the responsibility of the seller. The water pipes in these
crawlspaces need to be insulated.
Laundry Room Condition - The interior of the laundry room will need a fresh coat of paint.
Pool Condition - The pool is in great condition and operates well. The pump and boiler were
replaced in May 2013.
Sauna Condition - The sauna room is in great cosmetic and functional condition.
Boiler Room Condition - There is a small gas leak in the boiler room. It will need a welder to
come out and repair it. The pressure tank is not charged and has no air in it. The water tank
needs a safety overflow pipe. There is also some drywall repair to be done in the boiler room.
Office Condition - The office deck will be given a fresh coat of stain. New patio furniture will be
purchased to replace the furniture currently in front of the office. The interior of the office will
need a new coat of paint and new furniture.
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Photos
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Aerial View and Location
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Section 4: Deal Structuring
Acquisition Terms: Value Investment Group has negotiated acquisition terms of a
$2,751,329.00 purchase price and $687,833.00 down payment. A new loan in the amount of
$2,063,496.00 will be taken out on the property.
Negotiations will take place with the seller to receive a check at closing to repair the leaks
under one of the buildings as well as replace a portion of the appliances, screens, windows,
bathroom tile work, flooring, decking, railings, drywall and stairs that are broken or significantly
outdated. There is a broken sprinkler line and non-working water pumps that will be included in
these negotiations.
Purpose of Property LLC: The purpose of Villa Green Apartments, LLC is to acquire and improve
the property known as Villa Green Apartments. The ultimate goal is to maximize cash flow,
return the initial investment and profit to the investors.
Due Diligence: The basis for the business plan as found in Section 7 is derived over the due
diligence period that will be performed by Value Investment Group. This analysis includes:
Walking all 101 units detailing all issues of the interiors Review of all available financial statements Review of all tenant files File audit compared to rent roll to flush out inconsistencies Evaluation of resident stability and market analysis Review of all service contracts as they pertain to the operating statements Thorough market analysis to establish our market rents and vacancy projections Facilitation of outside contractors to review and bid any and all work that may need to
be completed
This comprehensive analysis will allow for successful operation of the property. In addition, we
have assembled a business plan for maximizing investor returns through income growth,
operational and capital cost savings, and expense analysis.
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Loan Details
Good Faith EstimatePurchase Price $2,751,329
Estimated LTV 75%
Down Payment $687,500
Loan Amount $2,063,829
Interest Rate 4.875%
Rate Type 7 Year Fixed
Index 7 Year
Margin 7 Year
Floor 7 YearAmortization 25 Years
Balloon Payment 7 Years
Prepayment Penalty No Penalty
Rate Resets After 7 Years
Monthly Payment $11,907.00
Annual Debt Service $142,889
Origination $20,625
Estimated Closing & 3rd Party Costs $5,410
Pro Forma NOI $304,307
Pro forma Cash Flow $125,418
Equity at Closing $687,500
Year 1 Cash on Equity 13.50%
Debt Coverage Ratio 2.13
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Section 5: Market Overview
Pueblo is located in southeastern Colorado, approximately 110 miles from
Denver. It is the most populous city of Pueblo County with roughly 150,000
people. One of the largest steel-producing cities in the U.S., Pueblo is sometimes
C. The climate is enjoyable year-round with outdoor
activities available for every season. Located between rivers and mountains,
Pueblo also offers visitors and residents scenic beauty in which to indulge.
Residents of Pueblo tend to stick around for many years.
Located at the confluence of the Arkansas River and Fountain Creek, Pueblo
has been an important crossroads for transportation and trading for more than
150 years, making it the economic hub of southeastern Colorado.
The Pueblo Urban Renewal Authority (PURA) was established in 1959
to promote the revitalization of Pueblo. The Executive Director and 11-member
board identifies areas with little or no investment and creates a plan to stimulate
the neighborhood through various redevelopment projects.
To date, Urban Renewal has a total of eight project areas. The Thunder
Village project is the closest to the Villa Green Apartments, located less than a
mile north. Just east of CSU-Pueblo, the Thunder Village Project Area was
established by PURA in 2008 to assist the Thunder Village Metropolitan District in
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PURA D
attract the commercial development essential to the success of the imagined
community. Thunder Village and its neighboring d V B
houses 2,000 residents near the CSU-Pueblo Community. With a second phase of
housing completed in 2011, and record enrollment at CSU-Pueblo, PURA and
Thunder Village Metro District are optimistic that new retail and commercial
P
PURA participates in development projects either by offering direct
incentives to private developers or by investing in public improvements in
designated project areas. Project areas have a 25-year life, and are approved by
the Pueblo City Council. Project programs are diverse and range from streetscape
improvements to art investment, from new development to job creation.
Pueblo, Colorado has a diverse workforce. This diversity makes business a
pleasure in Pueblo, with many facets of business represented throughout. Top
Pueblo employers include: School District 60, Parkview Medical Center, St. Mary
Corwin Medical Center, School District 70, Loaf 'n Jug, Colorado Institute of
Mental Health, Pueblo County, Trane Company, Convergys, Rocky Mountain Steel,
Wal-Mart Stores Inc., Vestas Wind towers of America, Target distribution center,
Mission Foods, Innotrac Corp and an AT&T customer care center.
Pueblo Economic Development Corporation - A private, not-for-profit
organization, the Pueblo Economic Development Corporation (PEDCO) works to
promote the Pueblo area to relocating or expending businesses. In addition,
PEDCO strives to attract, retain and expand jobs in the community. The
organization has recruited several Fortune 500 firms.
Property Traffic Counts
Street Cross Street Cross StreetDistance
Count Year Avg DailyVolume
Miles fromProperty
US HWY 50 Byp N Ogden Ave .03 Miles E 2011 12,861 .48
US HWY 50 Byp Troy Ave .23 Miles NW 2005 8,100 .49
Baculite Mesa Rd State HWY 47 .10 Miles S 2011 346 .91
State HWY 47 Baclulite Mesa Rd .01 Miles NW 2011 9,608 .92
Nielson Ave E 14th St .02 Miles S 2011 314 .97
http://www.hr.pueblocityschools.us/http://www.parkviewmc.com/pmc.nsf/View/Careershttp://livability.com/pueblo/co/health/st-mary-corwin-medical-center-pueblo-cohttp://livability.com/pueblo/co/health/st-mary-corwin-medical-center-pueblo-cohttp://www.district70.org/http://www.kroger.com/aboutourcompany.htmhttp://www.colorado.gov/cs/Satellite/CDHS-BehavioralHealth/CBON/1251580627423http://www.colorado.gov/cs/Satellite/CDHS-BehavioralHealth/CBON/1251580627423http://www.co.pueblo.co.us/hr/neogov/default.htmlhttp://www.trane.com/Corporate/careers/index.asphttp://www.convergys.com/company/careers/http://www.evrazincna.com/Company/CareersatEvraz/tabid/61/Default.asphttp://www.walmart.com/cp/Careers/1044526http://www.walmart.com/cp/Careers/1044526http://www.walmart.com/cp/Careers/1044526http://www.walmart.com/cp/Careers/1044526http://www.walmart.com/cp/Careers/1044526http://www.evrazincna.com/Company/CareersatEvraz/tabid/61/Default.asphttp://www.convergys.com/company/careers/http://www.trane.com/Corporate/careers/index.asphttp://www.co.pueblo.co.us/hr/neogov/default.htmlhttp://www.colorado.gov/cs/Satellite/CDHS-BehavioralHealth/CBON/1251580627423http://www.colorado.gov/cs/Satellite/CDHS-BehavioralHealth/CBON/1251580627423http://www.kroger.com/aboutourcompany.htmhttp://www.district70.org/http://livability.com/pueblo/co/health/st-mary-corwin-medical-center-pueblo-cohttp://livability.com/pueblo/co/health/st-mary-corwin-medical-center-pueblo-cohttp://www.parkviewmc.com/pmc.nsf/View/Careershttp://www.hr.pueblocityschools.us/7/27/2019 Villa Green Investment Package
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Nearby Employers
All Located Within 3 Miles of the Villa Green Apartments
Hotels
Quality Inn and Suites, Valustay Inn and Suites, Sleep Inn, Roadway Inn,
Super 8, Clarion Inn, Howard Johnson, USA Motel, Motel 6, Ramada
Inn, Courtyard by Marriot, Holiday Inn Express, Wingate, La Quinta Inn,
Comfort Inn, Best Western.
Restaurants
Burger King, Dairy Queen, Sonic, Shamrock Brewing Co, Taco Casa,China Moon, McDonalds, Pizza Hut, Paul's Pizza & Sausage, Wendy's,
Angelo's Pizza Parlor, Chicken N' Pasta, Spectator's Sports Bar,
Madhatter Bar and Grill, Bingo Burger, Nacho's Restaurant, Hangar,
Taco Bell, Subway, Rio Bistro, City Diner, Momo Japanese Restaurant,
Taco Stop, Burrito Betty's, Chong Kitchen INC, Blackjack Pizza, Bluesky
Cafe, Basket Taco Shop.
Major Retailers
Walgreens, Family Dollar, Dollar General, Safeway, Loaf N' Jug, Dillards,
Target, Natural Grocer, JC Penny's, Autozone, Radioshack, GMC, Sports
Authority, Vanity, Sally's Beauty Supply, Hot Topic, Sunglass Hut.
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Nearby Schools
Pueblo East High School
Distance: 0.1 Miles
Grades: 9th - 12th
Student Body: 1,100
Franklin Elementary School
Distance: 0.8 Miles
Grades: K - 5th
Student Body: 500
Park View Elementary School
Distance: 1.0 Miles
Grades: K - 5th
Student Body: 450
James H. Risley Middle School
Distance: 1.0 Miles
Grades: 6th - 8th
Student Body: 350
Belmont Elementary School
Distance: 1.2 Miles
Grades: K - 6th
Student Body: 450
Heaton Middle School
Distance: 1.2 Miles
Grades: 6th - 8th
Student Body: 800
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Pueblo Community College
Distance: 5.8 Miles
Degree Type: 2 Year
Student Body: 5,000
Colorado State University
T
campus. With a population of more than 6,000 enrolled students and growing, CSU-Pueblo
students thrive in small classes taught by world-class educators.
Colorado State University-Pueblo is embarking on a three-year, $35 million fundraising
O M increasing
enrollment. University and foundation leaders recently announced the kickoff of the ambitious
O M
six collegiate sports and construct a new soccer/lacrosse stadium.
Dan DeRose, chairman of the CSU-Pueblo foundation board, said the campaign will help the
university continue to grow in three areas scholarships, student center renovation and
athletics. The major component of the campaign is $15 million that will be earmarked for
scholarships. The large infusion of scholarship money will help the university be competitive in
attracting top students and retaining existing students. The second component will be a $5million contribution toward the $35 million remodeling and renovation of the Occhiato
University Center. The university already has secured $30 million for the project through bonds
($26 million) and student fees ($4 million)1.
1Source: The Pueblo Chieftain Newspaper
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Section 6: Business Plan
Starting with all units that are currently vacant, we will be updating the units with
resurfaced countertops, new flooring, new tile in the bathtubs and appliances as
needed. Air conditioning and heating will be assessed and upgraded as needed. As unitsturn we will raise the rental rates to the projected rents. Garry will move on site at
closing to oversee the rehab and property management for a minimum of six months.
Value Investment Group will be receiving a check at closing from the seller to
patch, seal, coat and stripe the parking lot. The office will require some updating and
the soda machine will be replaced. We will also purchase and stock a soap vending
machine for the laundry room. A security gate will be installed at the entrance. The
property is already completely fenced.
We will begin working with the current on site manager. They seem to have theability to successfully manage the property and are doing a good job. If the property
does not operate efficiently we will bring in a property management company to
oversee the on site manager, (this has been accounted for in the financial projections). A
marketing plan will be designed and implemented with the on site manager. Additional
signage and landscaping will be built to increase drive by exposure.
On Site Personnel
Name Position Compensation
Bea Segura On Site Manager
1 Bedroom unit
$2,000 monthly salary &
$500 potential bonus
Maintenance New Hire Maintenance Personnel1 Bedroom unit
$2,000 monthly salary
Garry Whiteley Asset Manager1 Bedroom unit, $300
monthly fee
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Capital Improvement Schedule
Awaiting bids to finalize fund allocation
A portion of capital improvement funding will be negotiated to bepaid by the seller. Negotiations will start at around $300,000
Item Amount
Crawlspace Repairs: Hazardous material clean up, Mold remediation and
containment, Repair/replace waste and water pipes as needed, Add more ventilation
to crawlspaces.
Seller has agree
to pay for th
Security Gate $50,00
New Signage & Landscaping $6,00
Vending Machines and Stock $3,80
Patch, seal, coat & stripe parking lot $10,97
Paint staircases & Touch up exterior paint $5,20
Exterior office paint job, wood and stucco repair $1,95
Maintenance shed wood repair and paint job $54
Stain office deck $27
Soffit repairs $1,22
Fascia board repairs $97
Siding board repairs $1,00
Hallway Ceiling repairs $92
Down Unit (currently used as maintenance storage) $5,00
Office & Patio Furniture $2,00Exterior Vent Cover and Lightning $2,00
Repair damaged support beams $25
Concrete repair $1,15
Column repair $50
Reset barricade posts $50
Water pipe insulation $6,00
63 large screens, 13 medium screens and 13 small screens $4,45
Laundry Room Paint $50
Boiler Room - Gas leak $1,00
Boiler Room - Tank repair $1,00
Boiler room - Drywall $30
Boiler room - Safety overflow pipe $10
Sprinkler Line Repair $2,50
Broken pump repairs $1,00
Total $111,62
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Projected cost to turn all unitsDoes not include down unit
Item Cost Quantity Eff & 1 Bed # of Units Quantity 2 Bed # of units Total Quantity Total Cost
Paint $100 3.5 14 4.5 4 67 $6,700
Refrigerator $550 1 2 1 0 2 $1,100
Range $400 1 85 1 0 85 $34,000
Dishwasher $300 1 41 1 0 41 $12,300
Range Hood $50 1 81 1 0 81 $4,050
10,000 BTU Window AC Unit $275 1 27 1 0 27 $7,425
Hallway Light Fixture $10 1 78 1 18 96 $960
Kitchen & Bath Light Fixture $30 2 78 2 18 192 $5,760
Door Knobs & Stoppers $15 2 78 3 18 210 $3,150
Cabinet Knobs $1 18 81 18 20 1818 $1,818
GFCI Outlet $15 2 81 2 20 202 $3,030
Electrical Outlets $1 10 81 14 20 1090 $1,090
Light Switch Covers $7 3 81 4 20 323 $2,261
Smoke Detector $5 1 81 1 20 101 $505
Faucets $50 1 31 1 0 31 $1,550
Thermostat $20 1 81 1 20 101 $2,020
Garbage Disposal $75 1 15 1 0 15 $1,125
Toilet Repair Kit $20 1 15 1 0 15 $300
Toilet Lid $60 1 2 1 0 2 $120
Toilet Seat $50 1 2 1 0 2 $100
P Traps $5 2 81 2 20 202 $1,010
Carpet $700 1 70 1.3 10 83 $58,100
Kitchen Vinyl $350 1 60 1 0 60 $21,000
Bathroom Vinyl $250 1 52 1 0 52 $13,000
Tile shower enclosure $400 1 82 1 19 101 $40,400
Paint $450 1 13 1.5 5 20.5 $9,225
Drywall $100 1 22 1.3 19 46.7 $4,670
Cabinet Work $300 1 75 1 0 75 $22,500
New Doors $100 1 31 1 0 31 $3,100
Door Jam Repair $100 1 2 1 0 2 $200
Door frame repair $100 1 9 1 0 9 $900
Kitchen Countertops $125 1 67 1 0 67 $8,375
Bathroom Countertops $75 1 14 1 0 14 $1,050
Windows (Large) $150 1 21 1 0 21 $3,150
Windows (Small) $80 1 6 1 0 6 $480
Blinds $100 1 62 1 0 62 $6,200
Total $282,724
Per Unit $2,827.24
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Use of Funds
Down payment equity $687,883.00
Replacement reserves $500 per unit $50,500.00
Closing costs (including loan fees) $26,000.00
Legal Fees - Purchase contract, PPM, operating
agreement, subscription agreement, entity
structure, etc
$12,000.00
Utility deposits $3,500.00
Capital improvement money $92,603.71
Acquisition fee2 $27,513.29
Cash requirements at closing owner equity $900,000.00
Cash back from seller at closingSubmitting proposal for
negotiations
2Paid to Manager
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Section 7: Financial Summary
2012 Income and Expenses3
Income
Rental Income $400,748
Other Income $5,600
Total Income $406,348
Expense
Taxes $13,488
Insurance $24,303
Payroll $65,502
Maintenance Material $24,200
Gas $27,319
Electric $35,005
Water & Sewer $35,701
Phone $5,831
Trash $5,028
Advertising $806
Supplies $2,760
Tools/Equipment $189
Professional Fees $1,967
Bank Charges $3,519
Automobile Expenses $15
Total Expenses $245,633
Actual Operating Net
Income$160,715
3Source: Seller's profit and loss statement.
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Pro Forma Projections4
IncomeGross Potential Rental Income $583,200
Utility Income $44,580
Less 7% Vacancy $43,945
Rental income $583,835
Applications and Fees $4,200
Laundry Income $4,800
Total Income $592,835
Expenses
Property Taxes $12,348
Property Insurance $26,666
Gas $25,000
Electric $35,000
Water & Sewer $43,000
Trash $5,200
Phone/Internet $1,440
Repairs/Maintenance $50,400
Accounting and Legal $2,400
Advertising $3,000
Office Supplies $2,400
Lawn Care $7,800
Professional Management Fee $23,353
Management Payroll $30,000
Maintenance Payroll $24,000
Management Units $11,400
Asset Management Fee $3,600
Total Expense $307,007Net Operating Income $285,828
4At stabilization which is anticipated to occur 12 to
18 months following acquisition.
Expense to Income Ratio 5
Loan Payment $14
Replacement Reserve $3
Cash Flow $10
Monthly Cash Flow $
Cash on Cash Return 11
Year 1 Principal Reduction $4
Cash on Cash Return with Principal
Reduction16
Class A Investor ROI 9
Class A Investor ROI with Principal
Reduction13
Class A Investors Cash Flow $8
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Pro Forma Assumptions
Income
Gross Potential Rental Income
Rents: Studios @ $425, 25% of 1 Bedrooms @ $440, 75% of
1 Bedrooms @ $475, 2 Bedrooms @ $550
Utility IncomeUtilities: Studios @ $30, 1 Bedrooms @ $35,
2 Bedrooms @ $45
Less 7% Vacancy 7% Annual Vacancy Rate
Rental income GPRI and Utility Income Minus Vacancy
Applications and Fees$350 each month from Application fees, Late fees & Other
fees
Laundry Income $400 each month in Laundry Income
Expenses
Property Taxes Actual 2013 Tax amountProperty Insurance Quoted insurance premium
Gas Based off of last two years' gas bills
Electric Based off of last two years' electric bills
Water & SewerBased off of last two years' water bills, calculating $2,000
annual saving in fixing leaks across the complex
Trash Current Trash Service Amount
Phone/Internet $120 Month phone and Internet
Repairs/Maintenance $1,000 per week in Maintenance Materials and Contractors
Accounting and Legal $200 Per MonthAdvertising $250 Per Month
Office Supplies $200 Per Month
Lawn Care $150 Per Week
Professional Management Fee 4.0% of Income
Management Payroll $2,000 per month plus $500 monthly bonus
Maintenance Payroll $2,000 Per Month
Management Units 2 - 1 Bedroom Units at $475 Per Month
Asset Management Fee $300 Per Month
Net Operating Income Income Minus ExpensesExpense to Income Ratio Ratio of Income to Expenses
Loan Payment Calculated Loan Payment
Replacement Reserve $3,000 per month replacement reserves
Year 1 Principal Reduction Calculated Principal Reduction of Loan Payment
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Annual ProjectionsIncome 2014 2015
Gross Potential Rental Income $580,380 $642,012
Less Vacancy $55,008 $42,715
Rental income $525,372 $599,297
Applications and Fees $4,200 $4,200
Laundry Income $4,550 $4,850
Total Income $534,122 $608,347
Expenses
Property Taxes $12,348 $12,348
Property Insurance $26,666 $26,666
Gas $27,900 $27,900
Electric $35,000 $35,000
Water & Sewer $41,500 $41,500
Trash $5,200 $5,200
Phone/Internet $1,440 $1,440
Repairs/Maintenance $50,400 $50,400
Accounting and Legal $2,400 $2,400
Advertising $3,000 $3,000
Office Supplies $2,400 $2,400
Lawn Care $7,800 $7,800
Professional Management Fee $1,887 $23,972Management Payroll $30,000 $30,000
Maintenance Payroll $24,000 $24,000
Management Units $11,400 $11,400
Asset Management Fee $3,600 $3,600
Total Expense $286,941 $309,026
Net Operating Income $247,182 $299,321
Expense to Income Ratio 53.72% 50.80%
Loan Payment $142,884 $142,884
Replacement Reserve $36,000 $36,000Cash Flow $68,298 $120,437
Principal Reduction $37,051 $38,608
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5 Year Cash Flow Projections
Year 1 Year 2 Year 3 Year 4 Year
Income $534,122 $608,347 $626,597 $645,395 $664Expense $286,941 $309,026 $327,451 $335,767 $345
NOI $247,182 $299,321 $299,146 $309,629 $319
Loan & Reserve $178,884 $178,884 $178,884 $178,884 $178
Cash Flow $68,298 $120,437 $120,262 $130,745 $140
Loan Balance $2,020,949 $1,976,224 $1,926,012 $1,879,795 $1,823
Principal Reduction $37,051 $38,608 $39,766 $40,959 $42
Cumulative Principal Reduction $37,051 $75,659 $115,425 $156,384 $198
Annual Gain (Cash Flow + Principal
Reduction)$105,349 $159,045 $160,028 $171,704 $182
Cumulative Gain $105,349 $264,394 $424,422 $596,126 $779
Cash on Cash Return 7.59% 13.38% 13.36% 14.53% 15.
ROI with Principal Reduction 11.71% 17.67% 17.78% 19.08% 20.
Investor ROI 6.07% 10.71% 10.69% 11.62% 12.
Investor ROI with Principal Reduction 9.36% 14.14% 14.22% 15.26% 16.
Class A Investor Cash Flow $54,638 $96,350 $96,210 $104,596 $112
Manager Cash Flow $13,660 $24,087 $24,052 $26,149 $28
Cumulative Cash Flow $68,298 $188,735 $308,997 $439,741 $580
Cap Rate Desired 7.50% 7.50% 7.50% 7.50% 7.50%
Value After Forced Appreciation $3,295,755 $3,990,946 $3,988,614 $4,128,381 $4,262
Purchase Price $2,751,329 $2,751,329 $2,751,329 $2,751,329 $2,751
Equity Build Up From Forced
Appreciation$1,274,806 $2,014,722 $2,062,602 $2,248,586 $2,439
Total Gain Before Taxes and Cost of
Sales$1,343,103 $2,135,159 $2,182,864 $2,379,331 $2,579
*The county assessor may redo the tax evaluation for taxes to be paid in 2015. We have
calculated for the current tax bill up to this time and taxes calculated after this are based off of
the purchase price of the asset.
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Pro Forma Equity and Cash Flow Analysis(Anticipated at 12 to 18 months following acquisition)
Most Likely
Scenario Scenario 2 Scenario 3
Purchase Price $2,751,329 $2,751,329 $2,751,329
Down Payment $687,883 $687,883 $687,883
Closing Costs $26,000 $26,000 $26,000
Legal Fees $12,000 $12,000 $12,000
Capital Improvements $92,604 $92,604 $92,604
Reserve Account $50,500 $50,500 $50,500
Utility Deposits $3,500 $3,500 $3,500
Acquisition Fee $27,513.29 $27,513.29 $27,513.29
Total Investment $900,000 $900,000 $900,000Total Income (% Occ) $592,835 93% $611,669 96% $561,446 8
Total Expenses $307,007 52% $244,668 40% $336,868 6
Net Operating Income $285,828 $367,001 $224,579
Property Value (Cap Rate) $3,811,040 7.50% $5,242,875 7.00% $2,807,232 8
Equity $2,063,446 $2,063,446 $2,063,446
Existing Loan Amount $1,747,594 $3,179,429 $743,786
Annual Debt Service $142,884 $142,884 $142,884
Debt Service Ratio 2.00 2.57 1.57
Reserve Account $36,000 $36,000 $36,000
Annual Cash Flow $106,944 $188,117 $45,695Cash on Cash Return 11.88% 20.90% 5.08%
Year 1 Principal Reduction $43,301 $43,301 $43,301
ROI + Principal Reduction 16.69% 25.71% 9.89%
Class A Investor ROI 9.51% 16.72% 4.06%
Class A Investor ROI + Principal Reduction 13.36% 20.57% 7.91%
Pro Forma Property Value
NOI $285,828
Cap Rate Value Per Unit
7.25% $3,942,455 $39,034.21
7.50% $3,811,040 $37,733.07
7.75% $3,688,103 $36,515.87
8.00% $3,572,850 $35,374.75
8.25% $3,464,582 $34,302.79
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Exit Strategies
Year 3 Refinance Projections
Net Operating Income Cap Rate
$299,146.04 7.25% 7.75% 8.25%
Value $4,126,152 $3,859,949 $3,626,013
Loan Balance $1,926,012 $1,926,012 $1,926,012
Investor Capital Return $900,000 $900,000 $900,000
New Loan 75% LTV $3,094,614 $2,894,962 $2,719,509
Refi Proceeds $268,602 $68,950 $0
Class A Investor 80% $214,882 $55,160 $0
Manager 20% $53,720 $13,790 $0
Year 5 Sales Projections
Net Operating Income Cap Rate
$319,684.87 7.25% 7.75% 8.25%
Value $4,409,446 $4,124,966 $3,874,968
Loan Balance $1,823,302 $1,823,302 $1,823,302Investor Capital Return $900,000 $900,000 $900,000
Sales Proceeds $1,686,144 $1,401,664 $1,151,666
Class A Investor 80% $1,348,916 $1,121,331 $921,333
Manager $337,229 $280,333 $230,333
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Value Investment Group Fees
Management Fee: 20% Equity
Manager will receive 20% of all cash flow after debt.Acquisition Fee - 1% of the purchase price.
Value Investment Group will do the following:
Pay for and perform property inspection. Includes travel expenses, certified master inspector costs, and allother due diligence fees.
Manage creation of entity structure, PPM, Operating Agreement, Subscription Agreement, etc. Negotiate a purchase and sale contract. Risk $25,000 of earnest money deposit. Deposit will be returned to VIG at closing. Apply for new debt financing. Use the financial strength of the company and its principals to qualify for financing. Coordinate the due diligence process. Organize and oversee the close of escrow. Manage all investor equity.Asset Management Fee - $300 per month.
The asset management fee will include:
All monthly management and oversight of the professional management company Management of the project to match the business plan Development and implementation of marketing strategies Review of all monthly financial statements and expense details Preparation of annual budgets Supporting on site management Sending out quarterly statements, managing investor communications and remitting returns to investors.Refinance and Return of Investor Capital Fee - 1% fee
The refinance fee is strictly performance based and paid out upon the closing of the new loan after all investorcapital accounts have been brought to zero. When market conditions permit, VIG will obtain a new loan for the
ultimate goal of returning investor capital and returns. The process requires going to the capital market for the
best rate and terms and working with the underwriters, increasing dealings with the management agent and on-
site property manager to maximize the net operating income of the property so we will achieve the maximum loan
to value and debt coverage ratios, negotiating fees with these brokerages, multiple meetings with lender's third
party consultants for appraisals, surveys, third party inspections, and environmental reports; providing
documentation necessary to obtain credit approval; and negotiating the tax, insurance, and replacement reserves.
Disposition Fee - 1% fee
The disposition fee is strictly performance based and paid out upon the ultimate sale of the property after all
investor capital accounts have been brought to zero. When market conditions permit, VIG will value the property
for the partnership, negotiating a listing agreement with a local multifamily brokerage firm and coordinating all
tours and questions for prospective buyers. Upon receipt of an acceptable offer, VIG will negotiate the purchase
and sale contract, manage the due diligence period, and work with the title company and property management
company during the escrow period. Ongoing correspondences will be generated including a final return of all
capital to all partners.
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Monthly Rents
Current Average Rents (Includes Utility Billing)
Bed / Bath Mix Square Feet Monthly Rent Rent / Sq Ft
Studio 300 $445 $1.48
1 / 1 500 $441 $0.88
2 / 1 650 $475 $0.73
Current New Leases
Bed / Bath Mix Square Feet Monthly Rent Rent / Sq Ft Utility Billing
Studio 300 $407 $1.36 $18 / Month
1 / 1 500 $418 $0.84 $27 / Month
2 / 1 650 $468 $0.72 $32 / Month
Proposed Rents
Bed / Bath Mix Square FeetPer Unit
Monthly Rent Rent / Sq Ft Utility Billing
Studio 300 $425 $1.42 $30 / Month
1 / 1 500 $440 $0.88 $35 / Month
1 / 1 Upgraded 500 $475 $0.95 $35 / Month
2 / 1 650 $550 $0.85 $45 / Month
Application Fee: $30
Deposits: $300
Concessions: $100 off first month's rent
Utility Billing: Tenants pay their own electric.Current Amenities: Grill Areas, Pool, Laundry Facility, Sauna, Pet Waste Stations, Free Storage
Unit in front of each apartment, Vending Machine
Proposed Amenities: Security Gate
Pet Policy: Cats: $300 Deposit, $10 Monthly pet rent per cat. Dogs: $500 Deposit, $15 monthly
pet rent per dog.
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Section 8: Rental Market Study
# Address Year Built Unit Types Square Feet MonthlyRent
Rent / Sq Ft
12006 Mohawk
Road1976
1 BR / 1 BA
2 BR / 1 BA
597 SF
792 SF
$499
$575
$0.84
$0.73
285 Scotland
Road1966
1 BR / 1 BA
2 BR / 1 BA
460 SF
850 SF
$505
$605
$1.10
$0.71
31005 Ruppel
Street1974
1 BR / 1 BA
2 BR / 1 BA
661 SF
806 SF
$485
$585
$0.73
$0.73
42001 Jerry
Murphy Road1972
1 BR / 1 BA
2 BR / 1 BA
573 SF
790 SF
$425
$574
$0.74
$0.73
52020 Jerry
Murphy Road 19721 BR / 1 BA
2 BR / 1 BA
600 SF
810 SF
$450
$595
$0.75
$0.73
666 Douglas
Lane1972
1 BR / 1 BA
2 BR / 1 BA
630 SF
870 SF
$585
$685
$0.93
$0.79
72207 E 12th
Street1970s
1 BR / 1 BA
2 BR / 1 BA
638 SF
800 SF
$500
$605
$0.78
$0.76
82700 Troy
Avenue1999
1 BR / 1 BA
2 BR / 2 BA
794 SF
1,017 SF
$750
$880
$0.94
$0.87
92025 Jerry
Murphy Road1974
1 BR / 1 BA
2 BR / 1 BA
541 SF
870 SF
$488
$642
$0.90
$0.74
10
1420 E 21st
Street 1970s
1 BR / 1 BA
2 BR / 1 BA
597 SF
792 SF
$499
$575
$0.84
$0.73
11 Wolf Village 2004Student
BedroomsN/A $600 N/A
Averages - Does not Include UtilitiesStudent Housing Not Included
Unit Type Average Rent / Unit Average Rent / SF
1 Bedroom $517 $0.862 Bedroom $576 $0.75
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1 - Fountain Garden Apartments - 2006 Mohawk Road
Utility Billing: Tenants pay their own electric. Water & gas is billed to tenants through a RUBS
system. Property pays for trash & sewer.
Amenities: Laundry Facility, Playground, Basketball Court, BBQ Areas
Unit Features: Spacious units, forced gas, heat and central air, dishwashers, partially updated
units.
Pet Policy: No Pets
Year Built: 1976
Number of Units: 75
Occupancy: 93%
2 - Royal Plaza Condominiums - 85 Scotland Road
Utility Billing: 1 Bedrooms: tenant pays for electric.2 Bedrooms: tenant pays for gas and
electric.Amenities: Pool, Laundry Facility, Gated Access
Unit Features: Dishwashers, Balcony, Ceiling fans, Some units are upgraded
Pet Policy: Cats only, $300 deposit, Half non-refundable, $20 monthly pet rent, Maximum of
two cats
Year Built: 1966
Number of Units: 100
Occupancy: 98%
Unit Type Square Feet Rent Rent / Sq Ft Deposit
1 BR / 1 BA 597 $499 $0.84 $200
2 BR / 1 BA 792 $575 $0.73 $200
Unit Type Square Feet Rent Rent / Sq Ft Deposit
1 BR / 1 BA 460 $505 $1.10 $400
1 BR / 1 BA 460 $575 $1.25 $400
2 BR / 1 BA 850 $605 $0.71 $500
2 BR / 1 BA 850 $620 $0.73 $500
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3 - Belmont Manor Apartment - 1005 Ruppel St
Utility Billing: Electric, water, gas, sewer & trash is billed to tenants through a RUBS system.
Amenities: Completely fenced,Laundry Facility, Pool, Gym & Sauna.
Unit Features: Central air, Dishwashers, Garbage Disposals, Ceiling fans
Pet Policy: No Pets
Year Built: 1974
Number of Units: 167
Occupancy: 100%, VIG was unable to enter a unit due to none being available.
4 - Avalon Park Apartments - 2001 Jerry Murphy Road
Utility Billing: Tenants pay their own electric. Water, gas & trash are billed to tenants through a
RUBS system. Property pays for sewer.
Amenities: Laundry Facility & Seasonal Pool
Unit Features: Dishwashers, Units and Property are outdated and kept in poor condition.
Pet Policy: Cats only, no deposit or rents
Year Built: 1972
Number of Units: Management would not disclose
Occupancy: Management would not disclose
Unit Type Square Feet Rent Rent / Sq Ft Deposit
1 BR / 1 BA 661 $485 $0.73 $400
2 BR / 1 BA 806 $585 $0.73 $400
Unit Type Square Feet Rent Rent / Sq Ft Deposit
1 BR / 1 BA 597 $499 $0.84 $200
2 BR / 1 BA 792 $574 $0.72 $250
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5 - Belmont Square Apartments - 2020 Jerry Murphy Road
Utility Billing: Tenant pays for own electric. Water, sewer and trash bills are passed through to
tenants on a RUBS system.
Amenities: Elevators, Swimming Pool, Basketball Court, Laundry facility, BBQ Areas, Free WiFi
Unit Features: Dishwashers, Garbage Disposals, Large Closets
Pet Policy: $200 Deposit for each cat and $10 monthly pet rent, $300 Deposit for each dog and
$15 monthly pet rent.
Year Built: 1972
Number of Units: 138
Occupancy: 92%
6 - Woodhaven Apartments - 66 Douglas Ln
Utility Billing: Tenant pays electric and $45 on a one bedroom and $55 on a two bedroom.
Amenities: Clubhouse, Fitness Center, BBQ Areas, Laundry Facility, Playground, Pool
Unit Features: Dishwashers, Balconies, a few are updated
Pet Policy: Cats only, no deposit, $15 monthly rent.
Year Built: 1972
Number of Units: 80
Occupancy: 94%
Unit Type Square Feet Rent Rent / Sq Ft Deposit
1 BR / 1 BA 600 $515 $0.86 $300
2 BR / 1 BA 700 $595 $0.73 $300
2 BR / 2 BA 810 $650 $0.80 $300
Unit Type Square Feet Rent Rent / Sq Ft Deposit
1 BR / 1 BASmall
625 $575 $0.92 $250
1 BR / 1 BA
Large636 $600 $0.94 $250
2 BR / 1 BA
Small852 $675 $0.79 $350
2 BR / 1 BA
Large888 $700 $0.79 $350
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7 - Mesa Gardens Apartments - 2207 East 12th Street
Utility Billing: Flat utility Fee $50, $70
Amenities: Laundry Facility, Playground, Basketball Court, BBQ Areas
Unit Features: Central air and heat, dishwashers, partially updated units.
Pet Policy: $250 Non-Refundable deposit, $25 per pet monthly rent.
Year Built: Early1970s
Number of Units: 140
Occupancy: 95%
8 - The Preserve at Belmont - 2700 Troy Avenue
Utility Billing: Tenants pay their own electric & gas. Water and trash are passed through to
tenant at about $15 per month. Property pays for sewer.
Amenities: Laundry Facility
Unit Features: Spacious units, upstairs units have vaulted ceilings, fireplaces & a storage unit.Tenants are required to have renters insurance.
Pet Policy: $300 Deposit, $20 Monthly rent per pet
Year Built: 1999
Number of Units: 96
Occupancy: 100%
Unit Type Square Feet Rent Rent / Sq Ft Deposit
1 BR / 1 BA 638 $500 $0.78 $100
2 BR / 1 BA 800 $605 $0.76 $200
Unit Type Square Feet Rent Rent / Sq Ft Deposit
1 BR / 1 BA
Downstairs748 $735 $0.98 $250
1 BR / 1 BA
Upstairs839 $765 $0.91 $250
2 BR / 2 BA
Downstairs990 $865 $0.87 $250
2 BR / 2 BA
Upstairs1,044 $895 $0.86 $250
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9 - Skyview Condominiums - 2025 Jerry Murphy Rd
Utility Billing: Tenants pay their own electric. Water, gas, sewer & trash are billed to tenants
through a RUBS system.
Amenities: Basketball Courts, Clubhouse, Laundry Facility, BBQ/Picnic Areas
Unit Features: Standard units have minimal upgrades, Deluxe units are partially upgraded,
Luxury units are fully upgraded. Dishwashers, Ceiling fans.
Pet Policy: $150 Non-refundable pet deposit, $25 monthly rent per pet
Year Built: 1974
Number of Units: 228
Occupancy: 100%, VIG was unable to enter a unit due to none being available.
10 - Top of the Valley Apartments - 1420 E 21st Street
Utility Billing: Tenant pays for gas and electricAmenities: None
Unit Features: Balcony, Fireplace, Washer/Dryer hook-ups, Garbage disposal
Pet Policy: No Pets
Year Built: 1970s
Number of Units: 36
Occupancy: 94%
Unit Type Square Feet Rent Rent / Sq Ft Deposit
1 BR / 1 BA
Standard
597 $425 $0.71 $200
1 BR / 1 BA
Deluxe597 $475 $0.80 $300
1 BR / 1 BA
Luxury597 $565 $0.95 $300
2 BR / 1 BA
Standard792 $575 $0.72 $200
2 BR / 1 BA
Deluxe792 $625 $0.79 $300
2 BR / 1 BA
Luxury792 $725 $0.92 $300
Unit Type Square Feet Rent Rent / Sq Ft Deposit
1 BR / 1 BA 597 $395 $0.66 $200
2 BR / 1 BA 792 $595 $0.73 $200
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11 - Wolf Village Student Housing - CSU Campus
Utility Billing: All utilities Included in rent
Amenities: Walking distance to CSU, Tanning beds, Meeting rooms, Volleyball Court, Night
Security
Unit Features: Units are furnished, Individual Bathroom, Washer and Dryer in Unit, Dishwasher,
Garbage Disposal, Cable and High Speed Internet.
Pet Policy: No Pets
Year Built: 2004Number of Units: N/A
Occupancy: N/A
Unit TypePer
DwellingRent Deposit
BedroomRental
4 $492 $350
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Rent Comparables Locations
2
4
9
1
3
56
8
7
10
11
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Section 9: Sales Comparables
Sold
# Date Address#
UnitsAge Price
Price /
Unit
Price /
Sq FtRemarks
1 7/3/134400 Rawhide
Rd15 2002 $950,000 $63,333 $54.39
Townhome style,
Pitched roofs, Good
condition
2 3/31/131691 Moore
Ave12 1972 $290,000 $24,166 $27.77
Refurbished after
sale
3 11/7/121936
Vinewood Ln12 1972 $465,769 $38,814 $67.39
Flat roofs, Good
condition
4 11/23/112018
Vinewood Ln12 1972 $300,000 $25,000 $43.40
Flat roofs, Good
condition
*There have been no apartments 20 units or larger that have sold in the last two
years in Pueblo, CO.
Currently Under Contract
# Address#
UnitsAge Listing Price
Listing
Price /
Unit
Listing
Price /
Sq Ft
Remarks
51101 W Abriendo
Avenue
23 1966 $950,000 $41,304 $42.72Renovated in 2011,
Good amenities
6900 W Abriendo
Avenue80 1961 $3,040,000 $38,000 $49.23
50% of units renovated,
Good amenities
73131 Spaulding
Avenue260 2005 $28,500,000 $109,615 $127.35
Class A Apartment
Complex
Listed For Sale
# Address#
UnitsAge Listing Price
Listing
Price /
Unit
Listing
Price /
Sq Ft
Remarks
8 1930 Vinewood 12 1972 $575,000 $47,916 $55.46Refurbished, 100%
occupied
9 1911 E Evans 6 1958 $259,000 $43,116 $63.23Units in good shape,
100% occupied
10 901 E 7th Street 5 1923 $99,900 $19,980 $29.99Very old, 100%
occupied
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Sales Comparables Locations
1
2
3 4
5
6
7
8
9
10
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Contact Information
Danny Newberry
Phone: (435) 590-9095
Fax: (702) 933-1461
Email: [email protected]
Web Site: www.valueinvestmentgroup.com