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A 150-Unit Multifamily Investment Opportunity Value-Add Property Near the Booming Port of Corpus Christi

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A 150-Unit Multifamily Investment Opportunity Value-Add Property Near the Booming Port of Corpus Christi A 150-Unit Multifamily Investment Opportunity Value-Add Property Near the Booming Port of Corpus Christi Confidential Offering Memorandum 10660 Leopard St, Corpus Christi, TX 78410 Offered All Cash or as a Loan Assumption OFFER PROCESS EXCLUSIVE REPRESENTATION Newmark Knight Frank (Newmark Knight Frank) has been exclusively retained to represent the Seller in the disposition of Yardarm Apartment Homes. All inquiries about the Offering or the Property should be directed to Newmark Knight Frank. OFFERING PROCESS The Property is being offered on an All Cash or Loan Assumption basis to qualified purchasers. Prospective purchasers will have the opportunity to visit the Property through scheduled tours with Newmark Knight Frank. Please do not contact the on-site management directly. OFFER REQUIREMENTS Offers should be presented in the form of a non-binding Letter of Intent, and must include at least: ASSET PRICING • Due Diligence and Closing Time frame • Earnest Money Deposit • Description of Debt/Equity Structure • Qualifications to Close Purchase terms shall require cash to be paid at closing. Offers should be delivered to the attention of Brad Shaffer or Brandon Miller via fax or email. FINANCING For parties interested in receiving debt quotes, please contact our Debt and Structured Finance team, Adam Allen, Tip Strickland, David Schwarz or Purvesh Gosalia. Newmark Knight Frank facilitates agency, life company, bank, bridge, and mezzanine financing options. UNDERWRITING For questions regarding the underwriting presented in this offering memorandum please contact Carter Mizell at 713-713-554-0133 or [email protected]. PROPERTY TOURS To accommodate the Property’s ongoing operations, Newmark Knight Frank requests 24-hour advance notice to schedule a tour. PRESENTED BY INVESTMENT SALES BRAD SHAFFER BRANDON MILLER TAYLOR GASPARD [email protected] [email protected] [email protected] T 713-337-5806 T 713-554-0132 T 713-337-5805 M 713-775-6888 M 956-533-4237 M 979-709-8554 DEBT AND STRUCTURED FINANCE ADAM ALLEN TIP STRICKLAND DAVID SCHWARZ PURVESH GOSALIA [email protected] [email protected] [email protected] [email protected] T 713-425-5433 T 713-337-5810 T 713-337-5811 T 713-300-7954 M 713-824-6066 M 832-724-4288 M 713-412-9055 M 313-570-5221 TABLE OF CONTENTS 04 | EXECUTIVE SUMMARY 06 | INVESTMENT HIGHLIGHTS 24 | PROPERTY INFORMATION 34 | FINANCIAL ANALYSIS 38 | RENT COMPARABLES 42 | APPENDIX Newmark Knight Frank 1700 Post Oak Blvd | 2 BLVD Place, Suite 400 | Houston, TX 77056 T 713-599-1800 | F 713-599-1801 79 3512 ARANSAS PASS 893 Redfish Bay 2985 1074 361 Rincon Bayou PORTLAND 128 RIVER HILLS COUNTRY CLUB HUNT AIRPORT DEL MAR COLLEGE NORTHWEST CENTER Nueces Bay 73 1889 Yardarm Corpus Christi Ship Channel FIVE POINTS $360M expansion project underway 35 SHOPPING CENTER 37 FLINT HILLS PORT ARANSAS CORPUS CHRISTI RESOURCES MEDICAL CENTER NORTHWEST 407 Harbor Bridge 24 1634 New $803M Harbor Bridge VALERO MAIN Under Construction 2292 PLANT (WEST) La Quinta 44 CITGO PETROLEUM CORP Ship Channel ROBSTOWN TURNER INDUSTRIES VALERO BILL Deepened to 45’ in 2014 69E 3386 GREEHEY REFINERY 40 GROUP 544 CAMERON NORTHWEST CORPUS CHRISTI DEL MAR COLLEGE 361 WEST CAMPUS 44 BAKER HUGHES Corpus Christi Bay 286 THE OUTLETS AT US CUSTOMS AND DEL MAR COLLEGE CORPUS CHRISTI BAY BORDER PROTECTION LOZANO EAST CAMPUS CORPUS CHRISTI GOLF CENTER INTERNATIONAL AIRPORT 763 1694 CENTRAL CITY 358 DEL MAR CED PORT ROYAL BAY AREA OCEAN RESORT & CONFERENCE 892 OSO BEACH MUNICIPAL retail: GOLF COURSE CENTER THE SHOPS TEXAS A&M employers: AT LA PALMERA CORPUS CHRISTI SUNRISE MALL MUSTANG ISLAND MOORE PLAZA Oso Bay 357 medical: CABANISS FIELD NAVAL AIR STATION 665 43 CORPUS CHRISTI 17 13 358 CORPUS CHRISTI CHRISTUS SPOHN 57 MEDICAL CENTER HOSPITAL 286 CORPUS CHRISTI DEL MAR COLLEGE 24 2444 (NEW CAMPUS) FLOUR BLUFF SOUTH SIDE 892 WALDRON EXECUTIVE SUMMARY FIELD NOLF 79 3512 ARANSAS PASS 893 Redfish Bay 2985 1074 361 HIGHLIGHTS PROPERTY SUMMARY Rincon Bayou PORTLAND 128 RIVER HILLS 10660 Leopard Street COUNTRY CLUB HUNT EXCELLENT VALUE-ADD OPPORTUNITY ADDRESS AIRPORT Corpus Christi, TX 78410 » 74 unit interiors have been upgraded with modern NUMBER OF UNITS 150 DEL MAR COLLEGE finishes NORTHWEST CENTER Nueces Bay YEAR COMPLETED 1984 73 » Over half of units still have classic interiors 1889 Yardarm Corpus Christi Ship Channel NET RENTABLE SF 125,304 SF 35 FIVE POINTS $360M expansion project underway » Additional opportunities to increase income SHOPPING CENTER 37 FLINT HILLS PORT ARANSAS AVERAGE UNIT SIZE 835 SF CORPUS CHRISTI RESOURCES include installing washer & dryer appliances, 407 MARKET RENT PER MEDICAL CENTER NORTHWEST Harbor Bridge renovating the clubhouse, and charging back for $805 24 New $803M Harbor Bridge 1634 UNIT VALERO MAIN Under Construction 2292 cable PLANT (WEST) La Quinta 44 CITGO PETROLEUM CORP Ship Channel MARKET RENT PER SF $0.96 ROBSTOWN TURNER INDUSTRIES VALERO BILL Deepened to 45’ in 2014 69E 3386 GREEHEY REFINERY 40 GROUP OCCUPANCY 93% 544 FAVORABLE MULTIFAMILY FUNDAMENTALS CAMERON NORTHWEST CORPUS CHRISTI DEL MAR COLLEGE 361 NUMBER OF 13 two-story residential buildings; 1 WEST CAMPUS » Corpus Christi experienced strong rent growth 44 BUILDINGS leasing office throughout 2018 and this trend is expected to BAKER HUGHES Corpus Christi Bay ACREAGE & DENSITY 5.81 Acres | 25.83 Units/Acre 286 THE OUTLETS AT US CUSTOMS AND DEL MAR COLLEGE continue CORPUS CHRISTI BAY BORDER PROTECTION PARKING 239 total spaces LOZANO EAST CAMPUS » Average occupancy for the market currently sits CORPUS CHRISTI GOLF CENTER Tuloso-Midway Primary School INTERNATIONAL AIRPORT above 93% TULOSO-MIDWAY 763 Tuloso-Midway Intermediate School 1694 PORT ROYAL INDEPENDENT CENTRAL CITY 358 DEL MAR CED » There are only two conventional multifamily Tuloso-Midway Middle School BAY AREA OCEAN RESORT SCHOOL DISTRICT & CONFERENCE 892 OSO BEACH MUNICIPAL properties (204 units) under construction in the Tuloso-Midway High School retail: CENTER GOLF COURSE market, and the nearest is over 16 miles away THE SHOPS TEXAS A&M employers: AT LA PALMERA CORPUS CHRISTI SUNRISE MALL MUSTANG ISLAND MOORE PLAZA Oso Bay PROXIMITY TO EMPLOYMENT 357 medical: CABANISS FIELD NAVAL AIR STATION LOAN DETAILS 665 » Yardarm is just off of Interstate-37, one of the 43 CORPUS CHRISTI 17 13 358 CORPUS CHRISTI city’s main thoroughfares ORIGINAL AMOUNT $7,085,000 CHRISTUS SPOHN 57 MEDICAL CENTER HOSPITAL » Several of the area’s top employers are within a 1ST PAYMENT DATE 9/1/2017 CORPUS CHRISTI 286 15-minute drive, including Flint Hills, Valero, CITGO, MATURITY DATE 8/1/2027 DEL MAR COLLEGE Bay Ltd., Turner Industries, and Kane Beef 24 2444 (NEW CAMPUS) FLOUR BLUFF INTEREST RATE 4.67% SOUTH SIDE » The nearby Port of Corpus Christi is currently AMORTIZATION PERIOD (MONTHS) 360 892 undergoing several major expansion projects, WALDRON INTEREST ONLY PERIODS 24 FIELD NOLF totaling over $1.163 billion INVESTMENT HIGHLIGHTS EXCELLENT VALUE-ADD POTENTIAL Classic Unit Upgraded Unit Interior Value-Add Potential » Current owner has implemented a value-add program across 74 units which includes vinyl plank flooring, updated light fixtures, cabinet fronts and hardware, resurfaced countertops, tile backsplash, black appliances, and updated paint » A future owner has the opportunity to carry out upgrades on the remaining 76 units and potentially capture rent premiums of $75 to $100 » Effective rents at the Property are $84 below rents at comparable properties, supporting the ability to increase rents through upgrading interiors » All units are equipped with washer/dryer connections - a future owner has the opportunity to implement full washer/dryer units throughout all units in order raise rents Additional Opportunities to Increase Income » There are currently 20 rent-restricted (LURA details on next page) leases assigned to upgraded units; therefore, these units are not achieving their maximum rent potential • There are plenty of classic units available in the buildings restricted by the LURA - a future owner has the opportunity to transfer all rent-restricted leases into classic units and maximize rents in the upgraded units » Clubhouse is currently used as storage - possibility to convert this space into an internet café/fitness center/business center » Cable is currently included in the rent - a future owner has the opportunity to charge back for cable • Comparable properties in the area charge back for cable at approximately $20 per unit per month 8 NEWMARK KNIGHT FRANK AFFORDABLE HOUSING PROGRAM REQUIREMENTS Yardarm has a Resolution Trust Corporation (RTC) LURA that applies affordability restrictions to 8 of the residential buildings (shown in the site plan below). It requires 32 units to be reserved for “lower-income families” with incomes that do not exceed 80% of the AMI (adjusted by size of household). Further, at least 18 of the 32 units must be reserved for “very low-income families” with incomes that do not exceed 50% of the AMI (adjusted by size of household). The maximum rents for these units is established by the RTC (or their agent) and current thresholds are shown in the tables below. Income LimitsIncome Limits Size of HouseholdSize of Household 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 50% 50% $22,550 $22,550$25,800 $25,800$29,000 $29,000$32,200 $32,200$34,800 $34,800$37,400 $37,400$39,950 $39,950$42,550 $42,550 80% 80% $36,050 $36,050$41,200 $41,200$46,350 $46,350$51,500 $51,500$55,650 $55,650$59,750 $59,750$63,900 $63,900$68,000 $68,000 Rent LimitsRent Limits Number ofNumber Bedrooms of Bedrooms 0 0 1 1 2 2 3 3 4 4 5 5 50% 50% $544 $544$625 $625$703 $703$831 $831$960 $960$1,013 $1,013 80% 80% $713 $713$818 $818$921 $921$1,091 $1,091$1,259 $1,259$1,330 $1,330 Storage LURA Peachtree St LURA LURA LURA LURA LURA Dumpster LURA LURA Office Pool Hot Tub BBQ Grills Pool Dumpster Leopard St YARDARM APARTMENT HOMES 9 FAVORABLE MULTIFAMILY FUNDAMENTALS181 ODEM 1069 » There are currently only 2 conventional properties under construction in the Corpus Christi market.
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