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BERKSHIRE ARMS 104 Units | Mobile, AL | LIHTC Asset in Qualified Contract Period OFFERING TERMS Property Is Offered on an All-Cash Basis

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BERKSHIRE ARMS 104 Units | Mobile, AL | LIHTC Asset in Qualified Contract Period OFFERING TERMS Property Is Offered on an All-Cash Basis BERKSHIRE ARMS 104 Units | Mobile, AL | LIHTC Asset in Qualified Contract Period OFFERING TERMS Property is offered on an all-cash basis. TABLE OF CONTENTS DATA ACCESS Investment Summary . 01 Historical Financial and Property information is available at: multifamily.cushwake.com Property Description..............09 OFFERING PROCESS Location Overview...............11 Send offers via email to: Apartment Market . 17 JIMMY ADAMS [email protected] Financial Analysis..........25 Offers should be in the form of a Letter of Intent (LOI) and at minimum include: Price, Earnest Money, Due Diligence Time Period, and Closing Period. QUALIFIED CONTRACT PRICE $3,688,377 CONTACT US GULF STATES TEAM JIMMY ADAMS EXECUTIVE VICE CHAIR +1 205 518 9281 [email protected] CRAIG HEY MANAGING DIRECTOR +1 205 518 9283 [email protected] ANDREW BROWN DIRECTOR +1 205 518 9282 [email protected] PARKER CALDWELL ASSOCIATE +1 205 518 9285 [email protected] 2000 SOUTHBRIDGE PARKWAY SUITE 410, BIRMINGHAM, AL 35209 PHONE: +1 205 518 9280 FAX: +1 205 383 2660 multifamily.cushwake.com BERKSHIRE ARMS INVESTMENT 104 SUMMARY UNITS 1955 YEAR BUILT 1060 AVG UNIT SF 110,240 RENTABLE SF 85.6% 11 OCCUPANCY ACRES $0.68 $716 AVG MKT RENT/SF AVG MKT RENT Mobile, AL 4021 SEABREEZE RD N, 36609 1 INVESTMENT SUMMARY BERKSHIRE ARMS OFFERING HIGHLIGHTS The Cushman & Wakefield Southeast Multifamily Advisory AFFLUENT MIDTOWN LOCATION Group is pleased to present the OM for the 104-unit Berkshire Situated in the heart of Mobile’s rapidly expanding Arms apartment community located in Mobile, AL. This asset Midtown, a retail/employment core, Berkshire Arms sits within a well-performing multifamily submarket, which 1 offers quick access to Downtown and The Port of has demonstrated excellent rent and occupancy trends over the Mobile. past 5 years. Located just one mile south of Airport Blvd and two miles west of the I-65 interchange, residents experience convenient access to all of Mobile’s employment opportunities, retail amenities, and leisure activities. Berkshire Arms offers an PROXIMATE TO MAJOR RETAIL HUB outstanding opportunity to invest in an exiting-LIHTC asset with Berkshire Arms residents are within minutes of over strong capitalization potential. 12.1M SF of quality retail space and entertainment 2 options. BOOMING MOBILE ECONOMY Mobile is emerging as the US Gulf Coast’s dominant corridor for aerospace and shipping trades, two 3 industries currently experiencing excellent growth nationwide. LIMITED NEW COMPETITIVE SUPPLY A significant lack of upcoming construction in Mobile will keep vacancy levels low and spur further rent 4 growth. CUSHMAN & WAKEFIELD 2 BERKSHIRE ARMS 1. AFFLUENT MIDTOWN LOCATION 2. PROXIMATE TO MAJOR RETAIL HUB EXCELLENT HOUSEHOLD INCOME HEAT MAP CONNECTIVITY TO EMPLOYMENT Situated in the heart of Mobile’s rapidly expanding Midtown, MIDTOWN MOBILE a retail/employment core, Berkshire Arms offers quick access to Downtown and The Port of Mobile. Midtown Mobile is one of the more affluent areas in the MSA, boasting some of THE SHOPPES AT BEL AIR - RENOVATIONS the metro’s top household incomes and home prices MOBILE CENTRAL RETAIL HUB on the market. Centralized around a mass of quality Midtown Mobile serves as the area’s most popular retail hub. Along retail and The Country Club with The Shoppes at Bel Air, the area features a mass of big box of Mobile, Midtown attracts a retail centers such as Mobile Festival Centre (640K SF), Springdale quality demographic that will Mall (685K SF), and Pine Brook Shopping Center (186K SF). absorb quality rent space. Economic growth has been profound in the submarket, capturing a high percentage of Mobile’s commercial projects over the last 5 years (36%). The bulk of this activity has been specifically high-end renovation campaigns, with a substantial lack of land available for new development. 3 INVESTMENT SUMMARY BERKSHIRE ARMS 2. PROXIMATE TO MAJOR RETAIL HUB UPSCALE LOCATION WITH 12.1M+ SF OF RETAIL 12.1M+ SF $350K-$3M+ 152K VPD Total Retail Space in Average Home Prices on Combined Traffic thru Berkshire Arms sits within minutes Midtown Market Near Spring Hill Airport Blvd/I-85 of 12.1M+ SF of quality retail space and entertainment options. RETAIL 12 Shoppes at Bel Air (1.345M SF) 9 1 11 Target, Belk, Dillards, Starbucks Springdale Mall (685K SF) 2 Sam’s Club, Michaels, Marshalls, Ulta 3 Walmart Mobile Festival Centre (640K SF) 4 Bed Bath & Beyond, Academy Sports, Home Depot, hhgregg, Ross 8 Pinebrook Center (186K SF) 5 3 Fresh Market, DSW, TJ Maxx, Whole Foods 10 6 Publix 2 McGowin Park (650K SF) 7 Best Buy, Costco, Dick’s Sporting Goods 6 5 EMPLOYMENT Springhill Medical Center 4 8 1,200 Total Jobs AltaPointe 1 9 1,350 Total Jobs RECREATION 10 Country Club of Mobile 11 Spring Hill College & Golf Course University of South Alabama 12 16,055 Total Enrollees 7 CUSHMAN & WAKEFIELD 4 BERKSHIRE ARMS 3. BOOMING MOBILE ECONOMY COASTAL HUB FOR SHIPPING & AEROSPACE Mobile is emerging as the US Gulf Coast’s dominant corridor for aerospace and shipping trades, two industries currently experiencing excellent growth nationwide. The city boasts the coast’s major workforces, such as Austal, University of South Alabama, Airbus, and BAE Systems. The recent Panama Canal expansion is anticipated to bring a wealth of continued business to the Port of Mobile. The largest city between New Orleans and Tampa, Mobile is primed for continued population and economic growth in tandem with these industries. AMAZON AIRBUS PLANT PANAMA CANAL SORTING WALMART EXPANSION CENTER $600M plant 2.6M SF development opens, $5B project brought 362K SF, $30M distribution boasting 210,000 SF of considerable new sorting center center will industrial space business to Mobile created 1,000+ jobs create 750+ jobs 2015 2016 2017 2018 2019 CONTINENTAL MOBILE AEROPLEX MOTORS EXPANSION 275K SF, $75M SHOPPES AT BEL AIR Aeroplex receives manufacturing facility KIMBERLY CLARK $56M of capital $15M capital investment will create 450 jobs investment, 300 jobs to revamp shopping mall $75M plant project coming LENZING $293M project, 163 Jobs AUSTAL $500M contract for next 4 years 5 INVESTMENT SUMMARY BERKSHIRE ARMS MAJOR DEVELOPMENTS HITTING THE MARKET SHOPPES AT BEL AIR 1,685,000 SF Retail Local economic momentum is paving the way for major development projects that are BERKSHIRE enhancing the financial landscape of Mobile. ARMS On January 16, 2019, Airbus broke ground MOBILE AEROPLEX AIRBUS on its new A220 Final Assembly Line. Once 2,000 Jobs fully operational, the assembly line will more CONTINENTAL MOTORS than double its current output (4 per month) $127M PROJECT $30M PROJECT $25M, 450 Jobs 750+ JOBS 1K+ JOBS which will position Mobile as the fourth largest producer of commercial aircraft in the world. MOBILE'S MAJOR DEVELOPMENTS Airbus & Bombardier | $600M | 2020 • Bombardier Inc., in partnership with Airbus, Amazon | 362,000 SF | 1,000+ jobs | 2017 added passenger jets to its portfolio at its Mobile plant in 2018. • Amazon opened a $30 Million sorting facility • The new $500 million facility is expected to be in Mobile. completed by 2020 and create 600 new jobs. • Located a few miles south of Tillman’s Corner along I-10 the plant is 362,000 SF. • The facility has created over 1,000 jobs. Continental Motors | 450 jobs | 2020 • Continental Motors Group is developing a $75 Million manufacturing facility in Mobile. • Located in the Mobile Aeroplex, the 250,000 square foot facility will create approximately 450 jobs. Walmart | 2,600,000 SF | 750+ jobs | 2018 • A $135 Million, 2.6 million SF Walmart distribution center was built in Mobile. Shoppes at Bel Air | $15M | 2016 • Will directly create 750+ jobs. • The Shoppes at Bel Air was unveiled in October 2016, located in the heart of Midtown • The Walmart development is a major catalyst Mobile. for the Mobile market, as total container traffic in the Port of Mobile is estimated to continue • The project, initially Bel Air Mall, was revamped its strong growth patterns. by ownership and now represents one of the most attractive retail hubs in the entire city. CUSHMAN & WAKEFIELD 6 BERKSHIRE ARMS 4. LIMITED COMPETITIVE NEW SUPPLY LACK OF CONSTRUCTION BOOSTING RENTS A significant lack of upcoming construction in Mobile will keep vacancy levels low and spur further rent growth. Only three properties have been delivered to the Mobile market since 2016 (Highland at Spring Hill, Meridian at The Port, and Old Shell Lofts) comprising of only 602 units. Currently there are zero projects in the works for Mobile County. Mobile currently ranks #10 in the entire country with the highest Demand/ Supply Ratio (cities with the highest job growth compared to the number of new multifamily units permitted). Supply will remain constrained for 2019 and 2020 as there are no conventional multifamily developments underway in the Mobile market. A lack of substantial development will help to spur rent growth and keep vacancy levels low. DELIVERY SINCE 2014 APARTMENT DELIVERIES SINCE 1997 700 600 BERKSHIRE ARMS 500 400 <1,000 Units 300 Delivered since 2014 200 0 Projects in 100 the works for Mobile County 0 2014 2015 2016 2017 2018 2019 2020 2021 DELIVERED 7 INVESTMENT SUMMARY BERKSHIRE ARMS SUPPLY CONSTRAINED SUBMARKET WITH RENT GROWTH The supply constraints in Mobile have led to a burgeoning West Mobile submarket. With recent multifamily developments targeting downtown and the CBD, the West Mobile submarket has experienced superb rent growth. The West Mobile multifamily submarket has experienced considerable growth
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