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The Tacoma Portfolio The Tacoma Portfolio 140-Units Tacoma / Lakewood, Washington $15,000,000 / 5.47% Cap Rate - Actual ALADDIN TOWNHOMES PACIFIC TERRACE I & II SANDMAN IV APARTMENTS OFFERING MEMORANDUM The Tacoma Portfolio Table of Contents 1. Offering Summary 2. The Properties • Overview • Highlights • Floor Plans • Site Aerial • Neighborhood Amenities 3. Financial Information • Scheduled Income • Expenses and Operating Data • Rent Comparables • Sales Comparables Exclusively offered by Tyler Stanek Arielle Dorman Dirk Stegeman 4. Market Overview Associate Vice President Associate Vice President Associate Vice President • Pierce County Overview [email protected] [email protected] [email protected] • Puget Sound Overview 253.722.1414 425.450.1100 253.722.1408 This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor. This Offering Memorandum contains confidential information pertaining to the property known as The Tacoma Portfolio and is provided by Kidder Mathews for the sole purpose of evaluating recipient’s possible interest in acquiring the property. Kiddermathews.com 01 Offering Summary Tacoma Portfolio Offering Memorandum | Kidder Mathews 3 THE INVESTMENT OPPORTUNITY TACOMA POSTED 10.6% RENT INCREASE (4TH HIGHEST IN NATION) FROM MARCH 2016-2017 NOT ENOUGH CONSTRUCTION (APARTMENT OR HOME) TO MEET POPULATION GROWTH TACOMA AREA IS A BEDROOM COMMUNITY FOR ALASKA AIR, AMAZON, BOEING, COSTCO, EXPEDIA, EXPEDITORS, NORDSTROM, PACCAR, REI, STARBUCKS, AND WEYERHAUSER CLOSE IN TACOMA / INTERSTATE 5 LOCATION TACOMA AREA VACANCY AT 2.8% VALUE ADD OPPORTUNITY AND RENT GROWTH THROUGH MODEST INTERIOR IMPROVEMENTS Tacoma Portfolio Offering Memorandum | Kidder Mathews 4 Offering Summary EXECUTIVE SUMMARY The Tacoma Portfolio is a 140 unit value-add portfolio consisting of 3 The property features ample parking for residents, 13 leased garages, eight properties. One of the portfolios greatest attributes is its proximity to jobs. community laundry rooms and low density of 20.91 units per acre. Each The main gate to JBLM, the largest military installation west of the Mississippi unit includes an oven/range, frost-free refrigerator, dishwasher, garbage and the second largest employer in Washington State, is just a few exits disposal and vinyl double pane insulated windows. away from the portfolio and accounts for 57,000 jobs. Two major health systems, Multicare Health System and CHI Franciscan Health are centered in Aladdin Townhomes Tacoma and together employ 14,000 people. The combined Port of Tacoma Aladdin is a 32-unit community located in Tacoma, Washington. Built in and Port of Seattle (Northwest Seaport Alliance) support 48,100 jobs. The 1973, the property sits on 0.67 acres, encompassing a total rentable area Tacoma area is a bedroom community to other large area employers and of 37,120 SF and features four, two-story buildings. In the last 6 months, notable Fortune 500 companies such as Amazon, Boeing, Costco, Microsoft, Aladdin upgrades consist of new vinyl double pane windows and sliding Nordstrom, Paccar, REI, Starbucks, and Weyerhauser. Boeing is the largest doors, new mansard roofs, and exterior paint. Aladdin offers 31 two- employer in the Puget Sound and employs 82,000 people regionally. bedroom townhome units and 1 two-bedroom flat with a property average of 1,160 SF per unit. In addition to jobs, The Tacoma Portfolio is close to down town Tacoma and the Port of Tacoma. The Tacoma Mall is less than 5 miles away and Each unit contains a range/oven, refrigerator, dishwasher, disposal, and anchored by Nordstrom, Macy’s, JC Penney, and Sears with virtually all other stacked washer/dryer, private deck or patio (30 of 32), and double pane significant national retailers located near the Tacoma Mall area. Seattle- vinyl windows. The community is located in close proximity to I-5 with Tacoma International Airport and Seattle CBD are located approximately 27 convenient access to major employers and has a parking ratio of over 2 and 33 miles, north respectively. The Tacoma Portfolio lies next to Interstate stalls per unit of open parking, 56 stalls and 10 carports. 5 which links the Puget Sound market to Oregon and California along with Canada and Mexico and it is critical to the region, state, and national Pacific Terrace I & II economy. It is the busiest roadway in Western Washington. Pacific Terrace I & II is a 30-unit, two property located in Tacoma, Washington. The two properties sit on 0.74 acres with a total rentable area Sandman IV Apartments of 17,820 SF and features four, garden-style/low rise buildings with flat Sandman IV is a 78-unit, garden-style apartment community located in roofs. Pacific Terrace I & II offers and ideal mix of 23 one-bedroom and Lakewood, Washington. Built in 1963, the property consists of nine, two- 7 two-bedroom units and a unit average of 594 SF per unit. Some units story buildings encompassing a total rentable are of 54,334 SF with mansard have territorial views or Commencement Bay views. Unit amenities include roofs. In the last 15 months, Sandman IV upgrades consist of new vinyl range/oven and refrigerators. Community amenities include two laundry double pane windows and sliding doors, updated electrical panels, and new rooms. septic tanks. Sandman IV offers a unit mix of 1 studio, 52 one-bedroom, 24 two-bedroom, and 1 three-bedroom units with a property average of 697 SF unit. Tacoma Portfolio Offering Memorandum | Kidder Mathews 5 The Market PROPERTY INFORMATION The hub of the Pierce County market consists of four cities: Tacoma, Lakewood, University Place and Puyallup/Fife. The Pierce County Price $15,000,000 population is estimated at 831,928 for 2014. According to Puget Sound Current/Pro Forma Cap Rate 5.47% / 7.70% Regional Council, the population of Tacoma grew by 3,800 people or 1.9% in 2016. The King County border is just 10 miles north, the largest county Current/Pro Forma GRM 9.9 / 8.1 in Washington State with a population estimated at 2.08 Million in 2014. Current/Pro Forma Total Operating Income $1,506,258 / $1,854,277 According to rental firm RentCafe, Tacoma posted the fourth highest rent increase in the nation of 10.6% from March 2016 to March 2017, Current/Pro Forma Expenses with Reserves $685,247 / $694,313 the full article can be read at www.thenewstribune.com/news/business/ article146923124.html. Dupre + Scott report that Lakewood’s market 2017 Current/Pro Forma NOI $821,010 / $1,159,964 vacancy was 2.9% with a 5 year average of 4% and a 29% rent growth since 2013. Net Rentable SF 109,248 SF Local Economy Average Unit Size 780 SF The Tacoma Portfolio location allows for easy access to a diversified array Current/Pro Forma Average Monthly Rent $817 / $1,001 of employment centers such as the Port of Tacoma, the Kent Valley’s ever- growing industrial market, Seattle-Tacoma Airport, Downtown Tacoma, Current/Pro Forma Average Rent/SF $1.05 / $1.28 JBLM, the rapidly expanding Fife/Puyallup industrial market, DuPont and the Fredrickson Industrial park. Notable companies and organizations located within these employment centers include the Boeing Company which has facilities in both Fredrickson and the Kent Valley, Weyerhaeuser, REI, the University of Washington - Tacoma, MultiCare Health System, one of the largest healthcare providers in the nation, Franciscan Health System, Amazon, and State Farm Insurance who over the last 2 years have hired an additional 1,400 individuals. Other major employers include public and private school systems, hospitals, and state, county and municipal government organizations. Employment diversity provides a hedge against downturns and future job growth appears positive. A recent study commissioned by the State Department of Transportation concluded that the planned completion of the State Route - 167 freeway from Puyallup to the Port of Tacoma will contribute to an additional 79,000 new jobs. Planning and design work for the freeway are in process and funding is a priority agenda item. Tacoma Portfolio Offering Memorandum | Kidder Mathews 6 02 The Properties SANDMAN IV APARTMENTS Overview Highlights Aerials ALADDIN TOWNHOMES Overview Highlights Floor Plans Aerials PACIFIC TERRACE I & II Overview Highlights Floor Plans Aerials Tacoma Portfolio Offering Memorandum | Kidder Mathews 7 Sandman IV Apartments PROPERTY SUMMARY Address 10102 Sales Rd S, Lakewood, WA PROPERTY OVERVIEW Number of Units 78 Units Sandman IV is a 78-unit residential community located in Lakewood, Washington that underwent capital improvements over the last 12 months: Age 1964 new vinyl double pane windows and sliding doors, updated electrical Number of Buildings Nine, two-story garden-style residential buildings panels, and new septic tanks. Residents enjoy open floor plans averaging 697 SF. Unit types consist of studio, one bedroom/one bath, two bedroom/ Wood frame construction with mostly pitched composition one bath, two bedroom/one half bath, and three bedroom/one half bath. Construction shingle roof covering, and new, vinyl, double-pane, insulated The property is well constructed with enhanced sound proofing, large windows and new sliding glass doors with fresh air vents double-pane insulated windows, mostly pitched roofs with composition shingles, and wood-frame construction. The property has nine, two-story Parcel Number 031906-1100 residential buildings with open parking available along with 13 leased garages. Land Area 3.73 AC / 162,479 SF Density 20.91 units / acre Community Amenities Sandman IV offers its residents community amenities such as high speed 2017 Levy Rate $14.97 per thousand internet and cable access, 13 garages (for rent), and 8 laundry rooms. Utility Providers Power - Lakeview Light and Power Unit Amenities Sewer - Septic System Water - Lakewood Water Service Each of the residences in Sandman IV were designed with superior quality finishes.
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