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The Hub Development Site 1421 West 800 South | Orem, UT 84058 Offering Memorandum THE HUB DEVELOPMENT SITE • Fully entitled and immediately construction ready • High-density student housing • 1,044 Beds (282 Units) • Located directly across from UVU -- Utah’s Largest and Fastest Growing University • Adjacent to Orem UTA Frontrunner Station, Bus Station, and the Site of a Brand New Pedestrian Bridge (Due Fall 2019) • 20 minutes from Silicon Slopes in Lehi. Table of Contents > Executive Summary 3 > Property Summary 8 > Market Summary 16 The Hub | Offering Memorandum P. 2 THE HUB DEVELOPMENT SITE Offering Memorandum > Executive Summary EXECUTIVE SUMMARY Property Overview > THE PROPERTY > THE MARKET The Hub is a fully-entitled and construction-ready student housing site that will feature 1,044 student beds • Utah’s Largest and Fastest-Growing adjacent to Utah Valley University (UVU) -- the largest and fastest-growing university in Utah. UVU is located in University: 7.1% UVU Enrollment Growth from Orem, Utah -- the #1 best-performing economy in the nation in 2017 (Milken Institute) -- and is located about Fall 2017 (37,282) to Fall 2018 (39,942). ten minutes from Brigham Young University. Due to its proximity to UVU’s campus and its market-leading modern finishes and amenities, The Hub will immediately be one of the most-desirable properties among • Fall 2018 UVU Enrollment is Outpacing students at UVU, where there is a significant demand for additional student housing. Growth Projections by 6.3%. The 282 units at The Hub will consist of one, three, and four private bedroom floor plans, and will feature all • 2025 UVU Enrollment is projected to private bathrooms -- which will immediately make the property the first-of-its-kind in Utah’s student housing approach 50,000 by 2025.. market. Almost all apartment units at The Hub will be leased by the bed on 12-month leases. • Orem/Provo is the #1 Best-Performing UVU is already the largest university in the State of Utah and, based on a UVU study two years ago, its Economy in the Nation (Milken Institute, 2017) enrollment was projected to grow more than 25% by 2025. As of Fall 2018, however, actual enrollment is • ULI #3 Emerging Market in 2018 outpacing this previous projection by 6.3%. From Fall 2017 to Fall 2018 alone, there has been a 7.1% growth in enrollment. Due to this rapid pace, the university is currently at enrollment levels that, just two years ago, it did • #1 Highest Job/Population Growth in US not project to reach until almost Fall 2020. Because of both the shortage of student housing and the limited land around the university that could be developed into student housing, The Hub is well-positioned to continue • Current Market Occupancy for Purpose-Built to be fully-occupied and to experience ongoing rent growth for many years to come. Student Housing at over 99% The Hub | Offering Memorandum P. 4 EXECUTIVE SUMMARY Executive Overview Property The Hub Name: Property 1421 West 800 South Address: Orem, UT 84058 Price: $15,950,000 Status: Fully Entitled/Permit-Ready Property Student Housing Type: Development Site Beds 1,044 Beds (282 Units) APN: 41-899-0001 7.04 Acres Site Size: (306,756 SF) The Hub | Offering Memorandum P. 5 EXECUTIVE SUMMARY The Strategic Core of UVU Student Housing The Hub Development Site is perfectly positioned at the core of what has now become the largest concentration of student housing available at Utah Valley University--the fastest growing university in Utah. As the beneficiary of a strategic unified effort by UNIVERSITY DOWNS LAND state, local, and university officials, The Hub sits (PROPOSED DEVELOPMENT) directly next to the Orem Intermodal Center and the New Orem Pedestrian Bridge, making it a uniquely New Covered Pedestrian Bridge. PARKWAY LOFTS (2016) Completion Due in Fall 2019. pedestrian-friendly environment for walking, cycling, catching a free shuttle, or riding the train. This site truly is the ideal gateway to access the main UVU East WOLVERINE CROSSING (2003) Campus, the expanding UVU West Campus, and Utah’s fast growing employment center--the Silicon Slopes. While historically there has been a limited supply of dedicated student housing at the university, the rapid growth of the university has led to a major increase in demand for the product. This demand can no longer E be supported by surrounding conventional apartments. The Orem Intermodal Center--and the new development of student-focused projects like Promenade Place and The Hub-- are ensuring indefinitely that this area will continue to have a gravitational pull for students at the largest university in the state. PROMENADE PLACE (2017) The Hub | Offering Memorandum P. 6 EXECUTIVE SUMMARY The Strategic Core of UVU Student Housing UVU Vineyard Expansion Campus UVU Expansion Land New Covered Pedestrian Bridge. E Completion Due in Fall 2019. The Hub | Offering Memorandum P. 7 THE HUB DEVELOPMENT SITE Offering Memorandum > Property Summary PROPERTY OVERVIEW The Hub The Hub is a fully-entitled and permit-ready luxurious and modern student housing project that is positioned to set a new standard for Utah’s student housing market. The development will be the most modern and thoughtfully amenitized student-focused project in the market and will deliver just in time to take full advantage of its uniquely strategic location next to the forthcoming pedestrian bridge connecting UVU with the Orem Intermodal Hub.. UNIT MIX AND BASE RENTS UNIT TYPES # of Beds # of Units BASE RENT PER BED ANNUAL RENT Building A - 3 Bed x 3 Bath 27 9 $625 $202,500 Building A - 4 Bed x 4 Bath 600 150 $625 $4,500,000 Building B - 1 Bed x 1 Bath 25 25 $1,050 $315,000 Building B - 4 Bed x 4 Bath 392 98 $625 $2,940,000 Total/Average 1044 282 $635.18 $7,957,500 Projected rents based on 3rd party market studies and current market rent surveys The Hub | Offering Memorandum P. 9 PROPERTY OVERVIEW Building Elevations The Hub | Offering Memorandum P. 10 PROPERTY OVERVIEW Site Plans BUILDING B Unit / Bedroom Counts Level 2 18 4 Bedroom Units 72 Beds 0 3 Bedroom Units 0 Beds 5 1 Bedroom Units 5 Beds 23 Total 77 Beds Levels 3 - 6 (per floor) 20 4 Bedroom Units 80 Beds 0 3 Bedroom Units 0 Beds 5 1 Bedroom Units 5 Beds 25 Total 85 Beds Total: Level 2 77 Beds Level 3 85 Beds Level 4 85 Beds Level 5 85 Beds Level 6 85 Beds Total: 417 Beds BUILDING B Unit Count Totals: 4 Bedroom Units = 98 1 Bedroom Units = 25 BUILDING A Unit / Bedroom Counts Level 26 4 Bedroom Units 104 Beds 1 3 Bedroom Units 3 Beds 27 Total 107 Beds Levels 3 - 6 (per floor) 31 4 Bedroom Units 124 Beds 2 3 Bedroom Units 6 Beds 33 Total 130 Beds Total: Level 2 107 Beds Level 3 130 Beds Level 4 130 Beds Level 5 130 Beds Level 6 130 Beds Total: 627 Beds BUILDING A Unit Count Totals: 4 Bedroom Units = 150 3 Bedroom Units = 9 The Hub | Offering Memorandum P. 11 method studio PROPERTY OVERVIEW Floor Plans > 1 BED X 1 BATH (25 BEDS/25 UNITS) > 3 BED X 3 BATH (27 BEDS/9 UNITS) The Hub | Offering Memorandum P. 12 PROPERTY OVERVIEW Floor Plans > 4 BED X 4 BATH (992 BEDS/248 UNITS) The Hub | Offering Memorandum P. 13 PROPERTY OVERVIEW The Hub: Amenities The Hub will be among the most modern available student housing in the area. It will have excellent amenities and 100% private bedrooms and private bathrooms, which is unmatched by any other student housing projects in the market > IN-UNIT AMENITIES > COMMON AREA AMENITIES • Private Bathroom for 100% of Bedrooms • Pool • Natural Light • Clubhouse • Nine-Foot Ceilings • Hot Tub • Washer/Dryer in Each Unit • Gym • Balcony for Most Units • Lounge Rooms • Game Rooms • LVT and Carpet Flooring • Start-Up & Co-Work Spaces • Microwave & 36-Inch Refrigerator • Theater • Electric Range Oven • Study & Conference Rooms • Music Rooms • Recording Studio • Pajama Lounges • Art Rooms • Zen Rooms • Bike Storage • Yoga Studios • BBQ Area The Hub | Offering Memorandum P. 14 PROPERTY OVERVIEW The Hub: Amenities The Hub will be among the most modern available student housing in the area. It will have excellent amenities and 100% private bedrooms and private bathrooms, which is unmatched by any other student housing projects in the market The Hub | Offering Memorandum P. 15 THE HUB DEVELOPMENT SITE Offering Memorandum > Market Summary MARKET SUMMARY Area Overview > THE MARKET: > PROVO-OREM METRO AREA The real estate market continues to be extremely robust Provo-Orem Metro Area has a population of 613,430 people with a median age of 24.7 and a median household for the Provo-Orem MSA, which been touted as the income of $64,315. second-best market to invest in housing in 2018 by Forbes Magazine. The young, highly educated, family- The largest universities in Provo-Orem Metro Area are Brigham Young University-Provo, with 7,918 graduates, Utah oriented demographic that dominates the region bodes Valley University, with 5,082 graduates, and Mountainland Applied Technology College, with 2,182 graduates. well for continued multi-family absorption and rent The median property value in Provo-Orem Metro Area is $277,000,w and the homeownership rate is 67.2%. Most growth. More broadly, Provo-Orem was ranked as the people in Provo-Orem Metro Area commute by driving alone, and the average commute time is 19.7 minutes. best performing economy in 2017 by the Milken Institute, due in large part to strong job growth (extraordinary low unemployment of 2.95%) and the competitive cost of doing business compared to coastal primary markets, without having to sacrifice accessibility to lifestyle and well-being that is afforded in close proximity to the Rocky Mountains.
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