EXCELLENT NEWPORT NEWS LOCATION TREMENDOUS VALUE ADD OPPORTUNITY
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500 UNIT MULTI FAMILY PORTFOLIO KINGSTOWNE | 384 UNITS BOSTON COVE PHASE I PHASE II 34 264 120 UNITS UNITS UNITS 2008 1974 1985 YEAR COMPLETED YEAR COMPLETED YEAR COMPLETED 1,247 1,032 787 AVG UNIT SF AVG UNIT SF AVG UNIT SF 42,409 272,420 94,400 RENTABLE SF RENTABLE SF RENTABLE SF 97% 95% 97% OCCUPANCY OCCUPANCY OCCUPANCY $0.88 $909 $1.11 $875 $1,216 $0.98 AVG MKT RENT/SF AVG MKT RENT AVG MKT RENT/SF AVG MKT RENT AVG MKT RENT AVG MKT RENT/SF NEWPORT NEWS, VA NEWPORT NEWS, VA 828 FORREST DR, NEWPORT NEWS, VA 500 OSCAR LOOP NEWPORT NEWS, VA
VICTORIA PLACE FORREST COURT 36 46 UNITS UNITS 1985 1971 YEAR COMPLETED YEAR COMPLETED 787 796 AVG UNIT SF AVG UNIT SF 28,320 36,600 RENTABLE SF RENTABLE SF 100% 100% OCCUPANCY OCCUPANCY $930 $1.18 $1.10 $873 AVG MKT RENT AVG MKT RENT/SF AVG MKT RENT/SF AVG MKT RENT NEWPORT NEWS, VA NEWPORT NEWS, VA 831 FORREST DR, NEWPORT NEWS, VA 827 FORREST DR, NEWPORT NEWS, VA INVESTMENT HIGHLIGHTS
Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present the City Center Portfolio, a 500-unit, four property portfolio located in Newport News, Virginia. The Properties – Kingstowne (1974 & 1985), Boston Cove (2008), Forrest Court (1971), and Victoria Place (1985) – exhibit strong value-add fundamentals with in-unit renovations which can generate significant rent increases proven out within the broader submarket. A substantial amount of capital has been invested in the common areas that limits downside risk associated with deferred maintenance and will allow a new investor to focus on income generating renovations. The Properties are strategically located around Newport News’ premier mixed-use development, City Center at Oyster Point, and have immediate access to I-64 only minutes away. The City Center Portfolio is a rare opportunity to combine irreplaceable Newport News locations and immediate scale with additional upside in the vastly expanding Hampton Roads market.
KINGSTOWNE DIVERSIFIED PORTFOLIO SIZABLE RENTAL GAP VALUE-ADD UPSIDE Kingstowne, Boston Cove, Forrest Rents at the Properties are Competing properties are renovating Court and Victoria Place are being approximately $400+ less than units and generating premiums offered as a 500-unit, four property renovated units at competing of $200 - $300. Unit finishes are portfolio with the ability to acquire properties, providing investors with a largely original at each Property and one or multiple assets. Management long rental runway while still remaining combining kitchen and bathroom operations can be combined to offer the value option in the region. renovations with potential amenity significant expense savings and creation will generate additional rent additional economies of scale. increases that will help close the large rental gap between the Properties and BOSTON COVE nearby competitors.
CENTRAL NEWPORT PROXIMATE MAJOR EXPANDING HAMPTON NEWS LOCATION EMPLOYMENT ROADS ECONOMY All four properties surround City The City Center Portfolio has dynamic The MSA is experiencing near record Center at Oyster Point, which serves connectivity to Newport News’ largest levels of total employment and the as Newport News’ premier mixed- employers, such as Tech Center lowest unemployment rate since use development. Direct connectivity Research Park, Riverside Regional 2007. Growth is derived from sectors to I-64 and Route-60 also provides Medical Center, Canon, Jefferson Lab, that support Class B properties residents access to major employers Christopher Newport University and like the City Center Portfolio, such and the greater Hampton Roads region. Newport News Shipbuilding all just as the Manufacturing (2,900 jobs), minutes away. Professional/Business (1,600 jobs), and Construction (1,300 jobs) sectors. Growth will be further bolstered by defense spending of $22.1 billion in Hampton Roads this year, a 6.25% increase over 2018. VICTORIA PLACE FORREST COURT JEFFERSON COMMONS & SURROUNDING
MARKETPLACE AT TECH CENTER
RIVERSIDE REGIONAL MEDICAL CENTER JEFFERSON LAB
PATRICK HENRY MALL
NEWPORT NEWS/ WILLIAMSBURG CITY CENTER AT OYSTER POINT INTERNATIONAL AIRPORT JORGE ROSA DEBT, EQUITY & MANAGING DIRECTOR STRUCTURED FINANCE: +1 703 286 3002 [email protected] BRAD GEIGER SENIOR VICE PRESIDENT ANTHONY ‘TJ’ LIBERTO +1 202 266 1173 DIRECTOR [email protected] +1 703 286 3007 ADVISORY GROUP ADVISORY [email protected] PATRICK MYERS CUSHMAN & WAKEFIELD FINANCIAL ANALYST 1800 Tysons Boulevard MATTHEW COLLINS +1 202 495 7023 Suite 200 FINANCIAL ANALYST [email protected] Phone: +1 703 448 1200 +1 703 286 3006 Fax: +1 703 286 3012
MID-ATLANTIC MULTIFAMILY MULTIFAMILY MID-ATLANTIC [email protected] www.cushwake.com
©2019 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REF- ERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE.