Camden at Bloomingdale Stratford Place
The Meadows at River Run
Parkway Commons Aspen Place
THE SUBURBAN CHICAGO METRO PORTFOLIO
COMPRISED OF 1,876 APARTMENT HOMES
Holliday Fenoglio Fowler, L.P. (“HFF”) a Illinois licensed real estate broker. EXECUTIVE SUMMARY The Suburban Chicago Holliday Fenoglio Fowler, L.P. (“HFF”) is pleased to present a rare opportunity to purchase Metro Portfolio an exceptional five-property multi-housing portfolio located in various suburban Chicago submarkets. The communities total 1,876 apartment homes with excellent apartment and
OFFERS DATE / TOURS community amenities. All communities benefit from outstanding infill locations near large employers with excellent access from major roadways. All of the properties also give residents
Offers: A notice will be sent within 2-3 weeks of the easy access to nearby I-88, I-355, I-55 and I-290 allowing quick commutes to downtown offers date, which is expected to be in early June. Chicago as well as other neighborhoods and suburbs throughout greater Chicago area.
Financing: Four of the properties (Camden at Bloomingdale, Stratford Place, Aspen Place OFFER SUMMARY and Meadows at River Run) are available on an YEAR AVERAGE PROPERTY NAME ADDRESS BUILT HOMES HOME SIZE “Assumable Loan” basis. One property (Parkway Camden at Bloomingdale 348 Glenwood Drive, Bloomingdale, IL 1991 360 960 SF Commons) is available on an “All Cash” basis. Please Stratford Place 232 Butterfield Drive, Bloomingdale, IL 1990 342 929 SF contact Matthew Schoenfeldt (contact information on Parkway Commons 565 Gundersen Drive, Carol Stream, IL 1972 384 946 SF the back of this offering) for debt quotes/assistance. Aspen Place 826 Terrace Lake Drive, Aurora, IL 1987 416 1,061 SF Meadows at River Run 350 Whitewater Dr, Bolingbrook, IL 2001 374 945 SF Total/Average 1,876 970 Purchase: The properties are available for purchase as a portfolio or on a one-off basis. DEBT SUMMARY CAMDEN AT STRATFORD ASPEN MEADOWS AT Tours: Tours must be scheduled in advance by BLOOMINGDALE PLACE PLACE RIVER RUN contacting Marty O’Connell or Sean Fogarty (see Loan Servicer Fannie Mae Fannie Mae Freddie Mac Fannie Mae Loan Amount (Total) $49,300,000 $44,700,000 $36,300,000 $43,600,000 contact information on the back of this offering). The Loan Amount (Remaining) $48,783,245 $44,231,461 $36,300,000 $43,600,000 Owner and HFF respectively request that interested Interest Rate 3.57% 3.57% 4.21% 4.60% parties refrain from contacting on-site personnel or Maturity Date Jul-21 Jul-21 Feb-22 Jun-25 residents. Interest Only No No Yes Yes Interest Only Expiration N/A N/A Feb-17 Aug-18
62 executive summary The Suburban Chicago Metro Portfolio
Camden at Bloomingdale Stratford Place
Investment Highlights
• IMMEDIATE FOOTPRINT – the portfolio offers an investor an exceptional and Meadows at River Run both have the opportunity for a full value-add opportunity to purchase a portfolio of high quality assets and obtain an program to be implemented across all of the units. Camden at Bloomingdale immediate footprint in the Chicago market or expand an investor’s and Stratford Place both have begun successful renovation programs giving current portfolio. new ownership the option to continue work on these. Parkway Commons completed extensive renovations in 2009. • ECONOMIES OF SCALE – with all properties within the same or adjacent submarkets from one another, an investor has the opportunity to efficiently • FORTUNE 500 COMPANIES – the Chicago MSA is home to 31 Fortune 500 own and manage several properties within a submarket. Companies as of 2014 rankings, all within a short drive from the portfolio properties. Some of those included in the list are: • CONTINUED VALUE-ADD OPPORTUNITY – four of the five properties • #27 – Archer Daniels MIdland • #78 – United Continental Holdings have the ability to continue or begin renovation programs. Aspen Place • #30 – Boeing • #87 – Sears Holdings Corporation • #37 – Walgreen Co.
executive summary 73 The Suburban Chicago Metro Portfolio
Parkway Commons
• DUPAGE COUNTY – four of the five properties are located within the 34, US Interstate 55, US Interstate 88, US Interstate 355, State Highway 59 prestigious DuPage County. DuPage County has a AAA bond rating from and State Highway 53. Fitch Ratings, Moody’s and S&P rating services. Less than 1 percent of U.S. counties have received this elite status from all three agencies. • EXCELLENT NEARBY SHOPPING AND AMENITIES – with their western Chicago suburban location, each property offers outstanding access to • UNRIVALED HEALTHCARE OPTIONS – DuPage is served by two of nearby shopping including: Illinois’ most respected hospitals. Central DuPage Hospital (CDH) and • Oakbrook Center - over 160 specialty stores Edwards Hospital. CDH is recognized nationally as a leader in technology • Stratford Square Mall - over 1,000,000 square feet of shopping and patient safety, and fully accredited by national and state healthcare • Yorktown Center - enclosed mall, which comprises 120 acres organizations. CDH was named one of the 100 Top Hospitals in the United • Westfield Fox Valley Mall - with more than 150 specialty shops, kiosks State in 2011 by Thomson Reuters. and services • Promenade Bolingbrook - more than 100 specialty shops, kiosks, and • EASY ACCESS TO TRANSPORTATION – Each property has excellent restaurants access to major highways via 6 major freeways and highways: US Highway
84 executive summary The Suburban Chicago Metro Portfolio • SUPERB APARTMENT AND COMMUNITY AMENITIES – the properties include a vast array of apartment and community amenities including the following: • Swimming pools • Tennis/volleyball courts • Fitness centers • Attached/detached covered • Business centers parking • Landscaped courtyards • Playground areas
• TOP PERFORMING MULTI-HOUSING SUBMARKETS – three of the Aspen Place Apartments properties are located within the DuPage County submarket (Camden at Bloomingdale, Stratford Place, Parkway Commons), one property is located in the Aurora/Naperville submarket (Aspen Place) and one property is located in the Will County submarket (Meadows at River Run) according to Appraisal Research Counselors (ARC) and currently are showing fantastic metrics including: • Strong Effective Rent Growth – Effective rents for 4Q’2014 for the DuPage, Aurora/Naperville and Will County submarkets grew 4.1%, 3.2% and 4.3% over the prior year respectively. • Low Vacancy – Vacancy for all three submarkets is at or below 5.30% for 4Q’14 according to ARC. • Limited Supply – Very limited supply has been added in the past 10 years within these submarkets making it a rare opportunity to own properties in these areas. In 10 out of the last 18 years, DuPage County has added ZERO apartment homes to its supply. Meadows at River Run
executive summary 95 Aspen Place Clubhouse
Meadows at River Run Clubhouse Parkway Commons Clubhouse Lake Villa Zion Fox Lake
Johnsburg
Round Lake Beach Waukegan 12 McHenry Grayslake
Y 45 T
N North Chicago Woodstock UNT Y
O 137 Y CO U Island C
31 E Libertyville EN R K Lake Lake H A
59 L C Bluff M Wauconda 176
176 Crystal Vernon Hills 94 Lake Lake 14 83 21 Forest 41
Cary 22 Lake Lincolnshire 43 Zurich 62 45 Highland Buffalo Grove MC HENRY COUNTY Algonquin LAKE COUNTY Park KANE COUNTY Barrionton COOK COUNTY L Carpentersville 68 Wheeling Northbrook Y Y A 68 12 K CO UN T CO UN T
METRA UNION PACIFIC NORTH
E 90 West K Winnetka METRA MILWAUKEE DISTRICT NORTH 53 E KA N Dundee CO O 43 31 Hoffman 62 METRA NORTH CENTRAL SERVICE 72 94 Estates 294 METRA UNION PACIFIC NORTHWEST Arlington 90 M METRA MILWAUKEE DISTRICT WEST Heights 14 Evanston 58 Morton METRA UNION PACIFIC WESTElgin I 20 290 Grove Schaumburg Des Plaines 21 METRA BNSF RAILWAY Skokie C 90 METRA HERITAGE CORRIDOR 2012 Park Niles H METRA SOUTHWEST SERVICE 20 Elk Grove Ridge 14 Lincolnwood COOK CO UNT Y Village METRA ROCK ISLAND DISTRICT E C OUNT Y I DU PAG 90 METRA ELECTRIC DISTRICT Bartlett O’HARE Roselle INTERNATIONAL G 59 Camden at Bloomingdale19 AIRPORT 41 Bloomingdale Stratford Place 19 A Addison 294 90 355 50 N 94 St Charles 64 Glendale Carol Heights Stream 64 Parkway Commons Elmhurst Melrose Oak Park West 83 Park CHICAGO Chicago Geneva Y 290 CBD 38 Lombard Oakbrook COU NT Y Westchester CO UN T Wheaton Terrace 43 Cicero Batavia AGE 88 P ANE
K 56 The Suburban Chicago U
D 41 31 Oak Brook 294 Brookfield
Warrenville D Metro Portfolio U 34 C
O 171 88 P O
AG E 45 55 90 88 Lisle Downers K • Camden at Bloomingdale C O Grove C 348 Glenwood Drive, Bloomingdale, 94IL, 60108 U O La Grange NT Y Aurora U 53 N • StratfordMID PlaceWAY
59 T Naperville 355 Y 232 ButterfieldINTERNATIONAL Drive, Bloomingdale, IL, 60108 AIRPORT Montgomery Aspen Place • Parkway Commons Woodridge 50 34 Darien 565 Gunderson Drive, Carol Stream, IL, 60188 90 DU PAGE CO UN TY KANE COUNT Y • AspenBur Placebank ILL C OU NT Y TY W 12 KENDA LL C OUN Bolingbrook 55 826 Terrace Lake Drive, Aurora, IL, 60504 • Meadows at River Run Y 45
T Oak Lawn Meadows at River Run 350 Whitewater Drive, Bolingbrook, IL, 60440 N U NT Y O
Oswego U 1 C 294 O
C Lemont LL Palos 57 94 A 30 Romeoville Heights WILL END
K COOK COUNTY Blue WILL COUNTY Island Orland Park
Plainfield IAN A Homer Oak Forest Harvey ILLINOI S Lockport 355 Glen IN D 55 Tinley 80 Park Crest Hill COOK COUNTY WILL COUNTY Homewood
Shorewood Joliet 80 Mokena
New 57 Chicago Lenox Frankfort Heights
80 COOK COUNTY KENDA LL C OUN TY WILL COUNTY GRUNDY C OU NTY OFFERING SUMMARY
Name: Camden at Bloomingdale
Address: 348 Glenwood Drive
Bloomingdale, IL
Number of Buildings: 19 apartment buildings
1 community building
20 total buildings
Number of Homes: 360 Homes Camden at Bloomingdale
Rentable Square Feet: 345,660 SF
Average Home Size: 960 SF CAMDEN AT BLOOMINGDALE UNIT MIX SUMMARY Occupancy: 96% CODE COUNT SQ. FT MANAGER’S PSF TOTAL ANNUAL TOTAL Year Built: 1991 ASK RENT MARKET RENT MARKET RENT 1x1A 80 homes ±643 $1,179 $1.83 $94,307 $1,131,684 Site Area: Approximately 23.0 acres 1x1A1 60 homes ±843 $1,325 $1.57 $79,480 $953,760 Parking: 641 Surface Spaces 2x1B 60 homes ±1,012 $1,461 $1.44 $87,651 $1,051,812 80 Detached Garages 2x2C 120 homes ±1,087 $1,557 $1.43 $186,795 $2,241,540
721 Total Parking Spaces 3x2D 40 homes ±1,312 $1,841 $1.40 $73,630 $883,560 Total/ 360 homes ±960 $1,450 $1.51 $521,863 $6,262,356 Parking Ratio: 2.00 spaces per home Average Property Type: Residential Garden Apartment
Number of Stories: 2 and 3
COMMUNITY AMENITIES APARTMENT AMENITIES
• Clubhouse • Patio/Balcony
• Business Center • Hardwood Floors
• Fitness Center • Washer/Dryers
• Sport Courts • Dishwasher
128 executive summary Stratford Place
OFFERING SUMMARY
Name: Stratford Place
Address: 232 Butterfield Drive
Bloomingdale, IL
Number of Buildings: 15 apartment buildings
1 community buildings
16 total buildings
Stratford Place Number of Homes: 342 Homes
Rentable Square Feet: 317,550 SF
Average Home Size: 929 SF STRATFORD PLACEUNIT MIX SUMMARY Occupancy: 96% CODE COUNT SQ. FT MANAGER’S PSF TOTAL ANNUAL TOTAL ASK RENT MARKET RENT MARKET RENT Year Built: 1991 1x1A 66 homes ±717 $1,234 $1.72 $81,452 $977,424 Site Area: Approximately 27.2 acres 2x1B 48 homes ±911 $1,397 $1.53 $67,062 $804,744 Parking: 536 Surface Spaces 2x2C 144 homes ±968 $1,425 $1.47 $205,233 $2,462,796 2x2D 84 homes ±1,037 $1,503 $1.45 $126,210 $1,514,520 162 Detached Garages Total/ 342 homes ±929 $1,403 $1.51 $479,957 $5,759,484 696 Total Parking Spaces Average Parking Ratio: 2.04 spaces per home
Property Type: Residential Garden Apartment
COMMUNITY AMENITIES APARTMENT AMENITIES Number of Stories: 3
• Clubhouse • Patio/Balcony
• Business Center • Hardwood Floors
• Fitness Center • Washer/Dryers
• Sport Courts • Dishwasher
executive summary 139 OFFERING SUMMARY
Name: Parkway Commons
Address: 565 Gunderson Drive
Carol Stream, IL
Number of Buildings: 8 apartment buildings
1 clubhouse
9 total buildings Parkway Commons Number of Homes: 384 Homes
Rentable Square Feet: 363,400 SF
Average Home Size: 946 SF PARKWAY COMMONS UNIT MIX SUMMARY Occupancy: 97% CODE COUNT SQ. FT MANAGER’S PSF TOTAL ANNUAL TOTAL ASK RENT MARKET RENT MARKET RENT Year Built: 1971 (3-story buildings) 1x1 88 homes ±730 $1,030 $1.41 $90,620 $1,087,440 1972 (5-story buildings) 2x1 88 homes ±965 $1,246 $1.29 $109,668 $1,316,016
Site Area: Approximately 21.98 acres 2x1.5 208 homes ±1,030 $1,260 $1.22 $262,128 $3,145,536 Total/ 384 homes ±946 $1,204 $1.27 $462,416 $5,548,992 Parking: 844 Surface Spaces Average 844 Total Parking Spaces
Parking Ratio: 2.20 spaces per home
Property Type: Residential Garden Apartment COMMUNITY AMENITIES APARTMENT AMENITIES
Number of Stories: 5 and 3 story buildings • Clubhouse • Patio/Balcony
• Business Center • Breakfast Bar
• Laundry Facility • Fireplace
• Swimming Pool • Walk-In Closets
1410 executive summary OFFERING SUMMARY
Name: Aspen Place
Address: 826 Terrace Lake Drive
Aurora, IL, 60504
Number of Buildings:
21 buildings with 248 garden apartment homes
29 buildings with 168 townhomes Aspen Place Apartments 12 garage buildings
1 clubhouse
ASPEN PLACE UNIT MIX SUMMARY 63 total buildings CODE COUNT SQ. FT MANAGER’S PSF TOTAL ANNUAL TOTAL ASK RENT MARKET RENT MARKET RENT Number of Homes: 416 rental homess 1x1 84 homes ±740 $1,026 $1.39 $86,200 $1,034,400 Rentable Square Feet: 345,660 SF 2x2A 80 homes ±980 $1,240 $1.26 $99,165 $1,189,980 Average Home Size: 960 SF 2x2B 84 homes ±1,180 $1,290 $1.09 $108,401 $1,300,812 Occupancy: 96% 2x2C 168 homes ±1,200 $1,399 $1.17 $234,963 $2,819,556 Total/ Year Built: 1991 416 homes ±1,061 $1,271 $1.20 $528,729 $6,344,748 Average Site Area: Approximately 23.0 acres
Parking: 96 Single Detached Garages
COMMUNITY AMENITIES APARTMENT AMENITIES 168 Single Attached Garages
• Clubhouse • Air Conditioning 4,896 Surface Parking
• Business Center • Fireplace 760 Total Parking Spaces
• Fitness Center • Washer/Dryers Parking Ratio: 1.82 spaces per home
• Pool • Walk in Closets Property Type: Residential Garden Apartment
Number of Stories: 2
executive summary 1511 OFFERING SUMMARY
Name: Meadows at River Run
Address: 350 Whitewater Drive
Bolingbrook, IL
Number of Buildings: 17 apartment buildings
1 clubhouse Meadows at River Run
18 total buildings
Number of Homes: 374 Homes MEADOWS AT RIVER RUN UNIT MIX SUMMARY Rentable Square Feet: 353,430 SF CODE COUNT SQ. FT MANAGER’S PSF TOTAL ANNUAL TOTAL Average Home Size: 945 SF ASK RENT MARKET RENT MARKET RENT
Occupancy: 95% 1x1A 50 homes ±670 $1,144 $1.71 $57,200 $686,400 1x1B 50 homes ±744 $1,195 $1.61 $59,750 $717,000 Year Built: 2001 1x1C 8 homes ±807 $1,441 $1.79 $11,528 $138,336 Site Area: Approximately 25.14 acres 1x1D 86 homes ±884 $1,261 $1.43 $108,446 $1,301,352 Parking: 551 Surface Spaces 2x2A 86 homes ±1,045 $1,497 $1.43 $128,742 $1,544,904 2x2B 78 homes ±1,157 $1,568 $1.36 $122,304 $1,467,648 102 Attached Garages 3x2A 16 homes ±1,262 $1,983 $1.57 $31,728 $380,736 96 Tandem Spaces Total/ 374 homes ±945 $1,390 $1.47 $519,698 $6,236,376 Average 749 Total Parking Spaces
Parking Ratio: 2.00 spaces per home
Property Type: Residential Garden Apartment
Number of Stories: 3 and 4 story COMMUNITY AMENITIES APARTMENT AMENITIES
• Clubhouse • Patio/Balcony
• Business Center • Breakfast Bar
• Laundry Facility • Fireplace
• Swimming Pool • Walk-In Closets
16812 executive summary The Suburban Chicago Metro Portfolio
INVESTMENT CONTACTS MARTY F. O’CONNELL Managing Director [email protected] 312.528.3653
SEAN P. FOGARTY Camden at Bloomingdale Managing Director [email protected] 312.528.3675
WICK B. KIRBY Associate Director [email protected] 312.980.3611
MATT J. MANEY Analyst [email protected] 312-980-3616
FINANCING CONTACT MATTHEW R. SCHOENFELDT Managing Director [email protected] 312.528.3686
HFF CHICAGO Meadows at River Run Stratford Place 181 West Madison Street Suite 3900 ©2015 HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial Chicago, IL 60602 real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital 312.528.3650 markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF. hfflp.com HFF has been engaged by the owner of the property [properties] to market it [them] for sale. Information concerning the property [properties] described herein has been obtained from sources other than HFF and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.
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