Berkshire Court, Kensington Square, and Devonshire Village Shreveport, La
Total Page:16
File Type:pdf, Size:1020Kb
BERKSHIRE COURT, KENSINGTON SQUARE, AND DEVONSHIRE VILLAGE SHREVEPORT, LA OFFERING MEMORANDUM CAPITAL MARKETS | INVESTMENT PROPERTIES TABLE OF CONTENTS 3 EXECUTIVE SUMMARY 15 FINANCIAL ANALYSIS 25 RENT COMPARABLES 35 SALE COMPARABLES EXECUTIVE SUMMARY EXECUTIVE summary BERKSHIRE COURT, KENSINGTON SQUARE, INVESTMENT HIGHLIGHTS AND DEVONSHIRE VILLAGE RENTAL UPSIDE Current asking rents are $150-250 below maximum allowable rents, 2120/2130/2140 NORTH HEARNE AVENUE with opportunity to increase rents immediately SHREVEPORT, LA 71107 ATTRACTIVE PRICE PER UNIT Well below replacement cost and sales comparables Units: 150 Year built: 2002/2003/2002 LIHTC RESTRICTIONS Price: $4,150,000 Only 13 years left on LIHTC restrictions on the majority of units Price per unit: $27,667 RESYNDICATION Section 42 LIHTC Excellent resyndication opportunity with 10-year chain of title intact and located in a Qualified Census Tract (QCT) Financing: New NEW FINANCING Year 0 cap rate: 7.11% Buyer may place new financing on the asset 10-year leveraged IRR: 18.15% 10-year average cash-on-cash: 14.41% PROPERTY HIGHLIGHTS UNIT FEATURES Rentable square feet: 113,400 One-, two-, three-, and four-bedroom units feature a self-cleaning Price per square foot: $36.60 oven, refrigerator, and air conditioning COMMUNITY FEATURES Initial TCCP ends: 2016/2018/2016 Community amenities include a leasing office, clubhouse, on-site Final year of LIHTC restrictions: 2031/2033/2031 laundry facility, barbeque and picnic area, and playground Qualified Contract Eligible CLICK HERE TO ACCESS DUE DILIGENCE BERKSHIRE Court, KENSINGTON SQUARE, AND DEVONSHIRE VILLAGE | 4 EXECUTIVE summary BERKSHIRE COURT PROPERTY DETAIL YEAR BUILT 2002 RENTAL WASHERS/DRYERS No NUMBER OF BUILDINGS 13 WATER Paid by owner NUMBER OF UNITS 58 ELECTRIC Swepco NUMBER OF STORIES 1 TELEPHONE AT&T PARCEL NUMBER 181423-000-0135-00 FOUNDATION Slab on grade ZONING Residential FRAMING Wood LOT SIZE 5 acres EXTERIOR Vinyl siding DENSITY 11.6 units/acre PARKING SURFACE Concrete PARKING SPACES 123 ROOF Pitched PARKING RATIO 2.12 spaces/unit AGE OF ROOF 16 years LANDSCAPING Trees, shrubs, grass HVAC Individual heat pumps TOPOGRAPHY Flat WIRING Copper IN-UNIT WASHER/DRYER No FIRE PROTECTION Smoke detectors WASHER/DRYER Yes PLUMBING PVC CONNECTIONS BERKSHIRE COURT AFFORDABLE RESRTICTIONS Berkshire Court currently operates under the Section 42 Low Income Housing Tax Credit (LIHTC) program, and has the following restrictions. Buyer must agree to maintain the affordable restrictions through the extended use period, including operating the property in compliance with state and federal regulatory agreements. INITIAL TCCP ENDS: 2016 CADDO PARISH, LA (SHREVEPORT-BOSSIER CITY, LA MSA) FINAL YEAR OF RESTRICTIONS: 2031 2018 4-PERSON AMI: $62,700 • LIHTC LURA: Restricts 100% of units at 60% AMI, and 25% of units are income-only restricted at 20% 2018 INCOME LIMITS 20% 60% AMI AMI 1 person $8,780 $26,340 2 people $10,040 $30,120 3 people $11,300 $33,900 4 people $12,540 $37,620 5 people $13,560 $40,680 6 people $14,560 $43,680 BERKSHIRE Court, KENSINGTON SQUARE, AND DEVONSHIRE VILLAGE | 5 EXECUTIVE summary KENSINGTON SQUARE PROPERTY DETAIL YEAR BUILT 2003 RENTAL WASHERS/DRYERS No NUMBER OF BUILDINGS 12 WATER Paid by owner NUMBER OF UNITS 40 ELECTRIC Swepco NUMBER OF STORIES 1 TELEPHONE AT&T PARCEL NUMBER 181423-000-0137-00 FOUNDATION Slab on grade ZONING Residential FRAMING Wood LOT SIZE 4.08 acres EXTERIOR Vinyl siding DENSITY 9.80 units/acre PARKING SURFACE Concrete PARKING SPACES 97 ROOF Pitched PARKING RATIO 2.43 spaces/unit AGE OF ROOF 14 years LANDSCAPING Trees, shrubs, grass HVAC Individual heat pumps TOPOGRAPHY Flat WIRING Copper IN-UNIT WASHER/DRYER No FIRE PROTECTION Smoke detectors WASHER/DRYER Yes PLUMBING PVC CONNECTIONS KENSINGTON SQUARE AFFORDABLE RESRTICTIONS Kensington Square currently operates under the Section 42 Low Income Housing Tax Credit (LIHTC) program, and has the following restrictions. Buyer must agree to maintain the affordable restrictions through the extended use period, including operating the property in compliance with state and federal regulatory agreements. INITIAL TCCP ENDS: 2018 CADDO PARISH, LA (SHREVEPORT-BOSSIER CITY, LA MSA) FINAL YEAR OF RESTRICTIONS: 2033 2018 4-PERSON AMI: $62,700 • LIHTC LURA: Restricts 100% of units at 60% AMI 2018 INCOME LIMITS 60% AMI 1 person $26,340 2 people $30,120 3 people $33,900 4 people $37,620 5 people $40,680 6 people $43,680 BERKSHIRE Court, KENSINGTON SQUARE, AND DEVONSHIRE VILLAGE | 6 EXECUTIVE summary DEVONSHIRE VILLAGE PROPERTY DETAILS YEAR BUILT 2002 RENTAL WASHERS/DRYERS No NUMBER OF BUILDINGS 13 WATER Paid by owner NUMBER OF UNITS 52 ELECTRIC Swepco NUMBER OF STORIES 1 TELEPHONE AT&T PARCEL NUMBER 181423-000-0134-00 FOUNDATION Slab on grade ZONING Residential FRAMING Wood LOT SIZE 5 acres EXTERIOR Vinyl siding DENSITY 10.4 units/acre PARKING SURFACE Concrete PARKING SPACES 105 ROOF Pitched PARKING RATIO 2.02 spaces/unit AGE OF ROOF 16 years LANDSCAPING Trees, shrubs, grass HVAC Individual heat pumps TOPOGRAPHY Flat WIRING Copper IN-UNIT WASHER/DRYER No FIRE PROTECTION Smoke detectors WASHER/DRYER In select units PLUMBING PVC CONNECTIONS DEVONSHIRE VILLAGE AFFORDABLE RESRTICTIONS Devonshire Village currently operates under the Section 42 Low Income Housing Tax Credit (LIHTC) program, and has the following restrictions. Buyer must agree to maintain the affordable restrictions through the extended use period, including operating the property in compliance with state and federal regulatory agreements. INITIAL TCCP ENDS: 2016 CADDO PARISH, LA (SHREVEPORT-BOSSIER CITY, LA MSA) FINAL YEAR OF RESTRICTIONS: 2031 2018 4-PERSON AMI: $62,700 • LIHTC LURA: Restricts 100% of units at 60% AMI, and 25% of units are income-only restricted at 20% 2018 INCOME LIMITS 20% 60% AMI AMI 1 person $8,780 $26,340 • 25% of units (13 units) are for specials needs 2 people $10,040 $30,120 households 3 people $11,300 $33,900 4 people $12,540 $37,620 5 people $13,560 $40,680 6 people $14,560 $43,680 BERKSHIRE Court, KENSINGTON SQUARE, AND DEVONSHIRE VILLAGE | 7 EXECUTIVE summary UNIT AMENITIES Self-cleaning oven | Refrigerator | Air conditioning BERKSHIRE Court, KENSINGTON SQUARE, AND DEVONSHIRE VILLAGE | 8 EXECUTIVE summary COMMUNITY AMENITIES Leasing office | Clubhouse | On-site laundry facility | Barbecue and picnic area | Playground BERKSHIRE Court, KENSINGTON SQUARE, AND DEVONSHIRE VILLAGE | 9 EXECUTIVE summary LOCAL MAP WALMART SUPERCENTER SHREVEPORT DOWNTOWN AIRPORT BERKSHIRE COURT TINSLEY ATHLETIC COMPLEX DEVONSHIRE VILLAGE KENSINGTON SQUARE PIERRE BOSSIER MALL SHREVEPORT BARKSDALE AIR FORCE BASE SHREVEPORT MUNICIPAL AUDITORIUM OVERTON BROOKS VA MEDICAL CENTER SAVE-A-LOT MEADOWS MUSEUM OF ART SHREVE CITY SHOPPING REGIONAL MAP EAST TEXAS REGIONAL AIRPORT KENSINGTON, DEVONSHIRE, BERKSHIRE KISATCHIE NATIONAL FOREST TEXAS A&M UNIVERSITY LOUISIANA STATE UNIVERSITY BATON ROUGE BERKSHIRE Court, KENSINGTON SQUARE, AND DEVONSHIRE VILLAGE | 10 EXECUTIVE summary AERIAL MAP BERKSHIRE COURT DEVONSHIRE VILLAGE KENSINGTON SQUARE BERKSHIRE Court, KENSINGTON SQUARE, AND DEVONSHIRE VILLAGE | 11 EXECUTIVE summary SHREVEPORT, LA LOCATION OVERVIEW GROCERY STORES Shreveport is located in the northwest region of Louisiana extending » along the western side of the Red River and part of Caddo Parish. COUNTY MARKET (1.1 MILES) » BROOKSHIRE’S OF SHREVEPORT (2.3 MILES) The city is also situated in the 200-mile wide area known as “Ark-La- » SAVE-A-LOT (3.8 MILES) Tex,” where the borders of Arkansas, Louisiana, and Texas meet. Pine » QUICK PACK GROCERY (5.3 MILES) forests, cotton fields, wetlands, and waterways sweep the outskirts of the city, offering beautiful hiking paths and a diverse range of NEIGHBORHOOD AMENITIES scenery for wildlife viewing. The proximity of the properties to Red » SHREVE MEMORIAL LIBRARY (2.8 MILES) River and Cross Lake provides ample opportunity for fishing, including » SHREVEPORT FARMERS’ MARKET (2.8 MILES) competitions such as the Fishing League Worldwide College Fishing » YMCA (2.8 MILES) Tournament and the Bass Pro Shops Central Open. » US POST OFFICE (4.0 MILES) » ANYTIME FITNESS (6.3 MILES) Unique opportunities for shopping are a hallmark of the area. The 850,000-square-foot Louisiana Boardwalk is the largest collection of RETAIL AND RESTAURANTS shopping, dining, and entertainment spaces in the state and is also one of the most popular tourist attractions. Shreveport also benefits » PODNUH’S BAR-B-Q (1.3 MILES) » WAFFLE HOUSE (5.7 MILES) from a range of multimodal transportation. Both Shreveport Downtown » FUMBLEBREWSKI SPORTS GRILL & BAR (2.3 MILES) Airport and Shreveport Regional Airport are centrally located, with » LOUISIANA BOARDWALK (3.3 MILES) quick access via interstates 20, 49, and 220. BASS PRO SHOPS, BANANA REPUBLIC, BUFFALO WILD WINGS, REGAL CINEMAS, GAP, COLD STONE CREAMERY, CHEESECAKE BISTRO » WALMART (6.6 MILES) » TARGET (6.8 MILES) NEIGHBORHOOD HIGHLIGHTS TRANSPORTATION • Several grocery centers are located within three miles of the properties, including Brookshire’s of Shreveport, Save-A-Lot, and » US ROUTE 71 (0.5 MILE) » INTERSTATE 220 (1.7 MILES) County Market » SHREVEPORT DOWNTOWN AIRPORT (2.4 MILES) • Conveniently located less than two miles to Interstate 220 and » SPORTRAN TERMINAL (3.7 MILES) US Route 71 » SHREVEPORT REGIONAL AIRPORT (7.5 MILES) • Within eight miles of a variety of household and retail shopping, including The Louisiana Boardwalk, Walmart, and Target • Only 2.2 miles to Shreveport Downtown Airport and 7.6 miles to Shreveport