EDEN at CRESTVIEW 70-BED ASSISTED LIVING & MEMORY CARE 575 Redstone Avenue West, Crestview, FL 32536
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EDEN AT CRESTVIEW 70-BED ASSISTED LIVING & MEMORY CARE 575 Redstone Avenue West, Crestview, FL 32536 Listing Agent: Ken Carriero, CCIM Senior Vice President +1 800 858 5904 [email protected] Damien Carriero Director +1 727 292 5304 [email protected] OFFERING MEMORANDUM CONFIDENTIALITY AND DISCLAIMER This document has been prepared by Colliers International Florida LLC for advertising and general information only. Colliers International Florida LLC makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International Florida LLC excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising therefrom. This publication is the copyrighted property of Colliers International Colliers International Florida LLC and/or its licensor(s). ©2020. All rights reserved. Disclaimer and Notice to Buyer: The information herein is provided “ONLY AS AN INTRODUCTION TO THE PROPERTY”. All parties interested in purchasing should base their final decision on the results of their own independent inspection of the property. All parties should satisfy themselves as to the condition of the property with respect to the legal, environmental or physical conditions of the property and title thereto. All financial data provided is given for information purposes and is not guaranteed. All parties should perform their own market feasibility study to determine the soundness of the financial data provided and the physical condition of the property. The owner, agent and all parties acting on behalf of the owner or Agent hereby make no representations as to the accuracy or completeness of the information included in this property profile. Unless provided to the buyer under separate cover, no environmental study has been done for this property. This information is believed to be accurate, we are not responsible for misstatements of facts, errors or omissions, prior sale, changes of price or withdrawal from the market without notice. Confidentiality: The following information is furnished solely for the purpose of a review by a prospective purchaser of the property and is not to be used for any other purpose or made available to any other person without the prior written consent of Colliers International. This property profile and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this profile may be copied or otherwise reproduced or disclosed without the prior written authorization of Colliers International Florida LLC COLLIERS INTERNATIONAL | OFFERING MEMORANDUM P. 2 OFFERING PROCEDURES PROSPECTIVE INVESTORS WISHING TO MAKE AN OFFER ARE REQUESTED TO SUBMIT: > Letter of Intent > Resume and/or business letter indicating recent or current assets owned > Transaction references > Banking references > Source of equity for acquisition TERMS Eden at Crestview is being offered debt-free. PROPERTY TOURS Prospective investors are encouraged to visit the subject property prior to submitting an offer. PleaseDO NOT contact the on-site management or staff without prior approval. All property showing are by appointment only. Please contact your Colliers International agent for more details. SALE CONDITIONS Interested prospective investors should be aware that the owner of the property is selling the property in an as is, where is condition with all faults, if any, and without representations or warranties of any kind or nature, expressed or implied, written or oral. OFFER DUE DATE The owner of Eden at Crestview has requested that all offers be submitted. COMMUNICATIONS All communications, inquiries and requests, including property tours, should be addressed to the list agents. Senior Housing and Affordable Housing Advisors Ken Carriero, CCIM Damien Carriero Senior Vice President Director 800 858 5904 727 292 5304 [email protected] [email protected] COLLIERS INTERNATIONAL | OFFERING MEMORANDUM P. 3 TABLE OF CONTENTS 01 THE OFFERING 02 PROPERTY INFORMATION 03 MARKET OVERVIEW 04 FINANCIALS 01 THE OFFERING > EXECUTIVE SUMMARY > INVESTMENT HIGHLIGHTS THE OFFERING | EXECUTIVE SUMMARY THE OFFERING Colliers International Florida is please to present the offering of Eden at Crestview, 60-unit/70-bed assisted living and memory care facility. The building is approximately 45,000 square feet and is situated on 3.95± acres. Eden at Crestview is a brand new facility built in 2019. Included in this offering, is an adjacent 4.86± acre site that gives the opportunity for future expansion. All residents are private pay. THE LOCATION Eden At Crestview is a large assisted living community located in the Florida Panhandle at 575 Restone Avenue West, Crestview Florida in Okaloosa County. THE FACILITY AND SERVICES Eden offers three options to choose from for staying: standard assisted living, respite and short-term care. Amenities with standard assisted living residency include routine personal care, medication management, routine health monitoring, nutritional support, utilities and basic cable television, and exercise programs. Different levels of care plans include certain amenities. PRICE: UNLISTED COLLIERS INTERNATIONAL | OFFERING MEMORANDUM P. 6 THE OFFERING | INVESTMENT HIGHLIGHTS VALUE-ADD OPPORTUNITY THROUGH EXPANSION ON ADDITIONAL 60 Units RARE SENIOR 4.86± ACRES HOUSING OPPORTUNITY IN CRESTVIEW, FL Potential Currently 5% Occupancy. Potential to Increase to ABILITY TO OBTAIN New Debt AT Market Occupancy of 52% MARKET LOW INTEREST RATES COLLIERS INTERNATIONAL | OFFERING MEMORANDUM P. 7 02 PROPERTY INFORMATION > PROPERTY OVERVIEW > AERIAL VIEW > PROPERTY LOCATION > UNIT MIX > PROPERTY INTERIOR FINISHES > PROPERTY EXTERIOR FINISHES PROPERTY INFORMATION | PROPERTY OVERVIEW PRICE SITE AMENITIES Price Unlisted Outdoor Space Restaurant Style Dining Media Activity Room Game Room LINCOLN TOWER Billiard Lounge Barber/beauty salon Property Eden Place at Crestview Library Large Screen TV Lounge Property Address 575 Redstone Avenue West, Crestview, FL 32536 Chapel Resident Kitchen County Okaloosa Common Area Wifi Media Parcel # (APN) 29-3N-23-0000-0025-0150 Onsite Laundry Facility Scheduled Transportation Meals & Housekeeping Services Provided and Included in Existing Rent SITE DESCRIPTION UNIT AMENITIES Number of Units 60 Cable Ready Patios - Select Units Number of Beds 70 Number of Buildings 1 Carpet and Window Energy Efficient Air Conditioner and Treatments Heating Systems Number of Stories 2 Emergency Response Year Built 2019 Kitchenettes Services GBA 45,000 Lot Size 3.95± Acres Additional Acreage 4.86± Acres UTILITIES Electricity Type of Ownership LLC Included in Rent Water Included in Rent Parking Ample Gas Included in Rent Landscape Trees, shrubs Single metering Included in Rent Topography Flat COLLIERS INTERNATIONAL | OFFERING MEMORANDUM P. 9 PROPERTY INFORMATION | AERIAL VIEW Additional 4.86± AC COLLIERS INTERNATIONAL | OFFERING MEMORANDUM P. 10 PROPERTY INFORMATION | UNIT MIX EDEN AT CRESTVIEW Floor plan # Size SF Subtotal % of Units Type C - 1 Bed/1 Bath 1 370 370 2% Type 1A - 1 Bed/1 Bath 19 307 5833 26% Type 1B - 1 Bed/1 Bath 4 412 1648 7% Type 2A - 1 Bed/1 Bath 19 382 7258 32% Type 2B - 1 Bed/1 Bath 4 410 1640 7% Type 2C - 1 Bed/1 Bath 4 511 2044 9% Type 2E - 1 Bed/1 Bath 1 503 503 2% Type 2F - 1 Bed/1 Bath 2 513 1026 4% Type 2G - 1 Bed/1 Bath 1 497 497 2% Type 2D - 1 Bed/1 Bath 5 404 2020 9% Totals 60 4,309 22,839 100% COLLIERS INTERNATIONAL | OFFERING MEMORANDUM P. 11 PROPERTY INFORMATION | FLOOR PLAN 6' - 4 1/2" 6 3/4" 4' - 10 7/8" 11' - 9 7/8" 4' - 4 3/4" 5' - 5 1/2" 12' - 1 7/8" 5' - 8 7/8" 4' - 5 1/8" 5' - 0 7/8" 4 3/4" 4' - 10 1/4" 4' - 10 1/4" 4 3/4" 5' - 5 5/8" 4' - 5 1/8" 5' - 8 7/8" 13' - 9 1/8" 1A.1 1A.2 100 101 5' - 0 7/8" 102 103 6' - 0" 104 105 106 107 113 114 115 117 9' - 0 3/8" 6 3/4" 4' - 10 7/8" 118 119 13' - 2 7/8" 120 121 127 128 1C 130 131 ENLARGED CORNER UNIT MEMORY 370370 SQ.FT SF 1 CARE - UNIT TYPE 1C 1 UNIT TYPE 1-A MEMORY CARE 307307 SQ.FT. SF 3 SCALE: 1/4" = 1'-0" 4 SCALE: 1/4" = 1'-0" COLLIERS INTERNATIONAL | OFFERING MEMORANDUM P. 12 PROPERTY INFORMATION | FLOOR PLAN 3' - 3 7/8" 4 3/4" 12' - 0 5/8" 4' - 0" 3' - 8 3/8" 4 3/4" 4' - 3" 4 3/4" 4' - 0 3/4" 4' - 1 1/8" 4 3/4" 3' - 8 3/4" 4' - 7 5/8" 2' - 6 7/8" 6 3/4" 10' - 0 1/8" 4 3/4" 5' - 3 1/8" 8' - 9" 4 3/4" 12' - 8" 6' - 8" 12' - 8 3/8" 7' - 10 3/4" 2A.1 2A.2 5' - 6 1/4" 5' - 2 3/4" 9' - 4 1/2" 4 3/4" 8' - 1 7/8" 202 203 204 205 206 207 208 209 7' - 0 1/2" 4 3/4" 6' - 3 3/4" 5' - 8 7/8" 210 217 216 219 1B.1 1B.2 218 221 108 109 220 223 110 111 222 225 224 UNIT TYPE 1-B MEMORY CARE 382 SF 412412 SQ.FT. SF 1 UNIT TYPE 2-A ASSISTED LIVING 382 SQ.FT. 1 ACCESSIBLE 6 SCALE: 1/4" = 1'-0" 5 SCALE: 1/4" = 1'-0" COLLIERS INTERNATIONAL | OFFERING MEMORANDUM P. 13 PROPERTY INFORMATION | FLOOR PLAN 3' - 9" 11' - 9 3/4" 11' - 0 1/2" 3' - 6 3/8" 1' - 3 1/2" 14' - 0 7/8" 4 3/4" 5' - 7 1/2" 4 3/4" 9' - 10" 2' - 6 7/8" 6' - 0 3/8" 4 3/4" 2' - 9 5/8" 2' - 9 5/8" 4 3/4" 5 1/8" 11' - 3" 6' - 2 1/2" 10' - 5 3/4" 11' - 11 7/8" 6' - 2 1/8" 9' - 6" 11' - 6 7/8" 4 3/4" 10' - 1" 8' - 10 1/2" 4 3/4" 9' - 0 7/8" 4 3/4" 12' - 8 1/4" 2E 2CI 2C2 240 226 227 241 242 UNIT TYPE 2-E ACCESSIBLE ASSISTED 503503 SQ.FT.