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Dc/Md Beltway Portfolio

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Dc/Md Beltway Portfolio DC/MD BELTWAY PORTFOLIO ANDREWS RIDGE 492-UNITS • SUITLAND, MARYLAND REGENCY POINTE 599-UNITS • FORESTVILLE, MARYLAND VALUE-ADD OPPORTUNITY OFFERS DUE - MARCH 17, 2015 THE PROPERTIES MAY BE PURCHASED INDIVIDUALLY OR AS A PORTFOLIO ANDREWS RIDGE | REGENCY POINTE VALUE-ADD OPPORTUNITY Transwesterns’ Mid-Atlantic Multifamily Group is pleased to offer Andrews Ridge and Regency Pointe, two garden-style properties consisting of 1,091 apartments that offer a superior “Value-Add” opportunity in the Washington Metropolitan Area. The Properties have been extremely well- maintained and are well-positioned for the next investor to substantially increase rental revenue by completing the remaining in-unit renovations and fully realizing 100% of the cost savings from recent utility conversions and initiative to pass-through water/sewer expenses. The Properties offer a rare opportunity for an investor to acquire a critical mass of multifamily investments with significant economies of scale. Located in the Joint Base Andrews region of Prince George’s County, the properties enjoy an improved transportation infrastructure and access to major employment centers with close proximity to the I-495/I-95 Capital Beltway, Suitland Parkway, Pennsylvania Avenue (MD-4) as well as nearby Largo, National Harbor and Downtown Washington, DC. The Properties can be purchased individually or as a portfolio and are being offered to qualified investors on an All-Cash basis. THE PROPERTIES ARE POSITIONED TO APPRECIATE THROUGH INCREASED RENTAL REVENUE, RENOVATED UNIT PREMIUMS, UTILITY PASS-THROUGHS, OTHER INCOME GROWTH AND REDUCED UTILITY EXPENSES. YEAR BUILT / TOTAL # OF # OF UNITS # OF UNITS AVERAGE AVERAGE AVERAGE PROPERTY NAME RENOVATED UNITS RENOVATED REMAINING UNIT SF LEASE RENT $ PER SF Andrews Ridge 1965/2011-2014 492 178 314 1,028 $1,324 $1.29 Regency Pointe 1963/2011-2014 599 203 396 968 $1,180 $1.22 TOTAL/AVERAGE 1964 1,091 381 710 995 $1,245 $1.25 INVESTMENT HIGHLIGHTS VALUE-ADD POTENTIAL: Each Property has demonstrated the ability to capture rental premiums of $140 to $200 per unit through a moderate kitchen and bathroom upgrade program. There are approximately 314 units remaining to be renovated at Andrews Ridge and 396 units at Regency Pointe. The continuation of this renovation program will be advantageous to new ownership with immediate return upon investment. UTILITY CONVERSION/PASS THROUGH: Andrews Ridge recently completed (December 2014) a utility conversion whereby the aging central plant was converted from a two-pipe central heating and cooling system to high-efficiency, individually metered electric heat pumps and the pass-through of water/sewer expenses. Regency Pointe completed a similar conversion (November 2013) of its two-pipe central heating and cooling system to high-efficiency, individually metered electric heat pumps and offers a new investor the opportunity to pass-through water/sewer expenses. As a result, the Properties have experienced greatly improved performance and are well-positioned to allow new ownership to benefit from current and future reductions in utility and related expenses. ASSET PRESERVATION: Over $30 million in capital improvements have been completed. Extensive interior and exterior improvements include curb appeal upgrades such as building façade enhancements and building entrance upgrades, common area hallway and stairwell upgrades, new windows and sliders, new landscaping, new signage, new dumpster enclosures, and amenity improvements including a new clubhouse, new fitness, business centers and activity centers, and pool and pool house upgrades. Significant infrastructure upgrades include all new HVAC systems, electrical upgrades, extensive roof replacement, paving and concrete repairs and replacement, and plumbing line enhancements. Approximately 381 units have had interior renovations completed as of February 2015. STRONG APARTMENT FUNDAMENTALS/ECONOMIC DRIVERS: Class B apartment fundamentals continue their strong performance as a result of an increasingly competitive Class A marketplace resulting in a 220 basis point decrease in vacancy in the Washington region to 3.1% in the 12 months ending December 2014. Demographic shifts that favor renting and the continued growth in lower wage job sectors such as leisure/ hospitality, construction, retail, and other service industries continue to drive demand for Class B product. UNIT MIX/FLOOR PLANS: Both Properties offer above average size floors plans and a superior unit mix including three bedroom layouts that offer residents a highly competitive overall rental value, priced below nearby rental communities and other metro Washington, DC locations. ANDREWS RIDGE | REGENCY POINTE ANDREWS RIDGE SUMMARY Address: 5635 Regency Park Court Suitland, MD 20746 Number of Units: 178 Renovated (36%) 314 Unrenovated (64%) 492 Total Apartment Units Year Built/Renovated: 1965/2011-2014 CONSOLIDATED UNIT MIX 1 Net Rentable Area (SF): 505,560 SF UNRENOVATED UNIT TYPE # UNITS % OF MIX LEASE RENT 1 SF $/SF Average Unit Size (SF): 1,028 SF 1BR 35 7.1% $1,070 816 $1.31 1BR Den 42 8.5% $1,179 924 $1.28 Average Unrenovated Lease Rent: $1,256 2BR 187 38.0% $1,249 1,026 $1.22 3BR 49 10.0% $1,472 1,248 $1.18 4BR 1 0.2% $1,855 1,569 $1.18 Average Unrenovated Lease Rent/SF: $1.23 TOTAL/AVERAGE 314 63.8% $1,256 1,025 $1.23 Average Renovation Premium: $186 per unit RENOVATED UNIT TYPE # UNITS % OF MIX LEASE RENT 1 SF $/SF 1BR (Renovated) 16 3.3% $1,241 805 $1.54 Occupancy: 94.7% (As of 2/3/2015) 1BR Den (Renovated) 18 3.7% $1,350 929 $1.45 2BR (Renovated) 116 23.6% $1,430 1,027 $1.39 3BR (Renovated) 28 5.7% $1,668 1,248 $1.34 TOTAL/AVERAGE 178 36.2% $1,442 1,032 $1.40 1 The Property offers a variety of different floor plans. The above unit mix represents the weighted average for each unit type based on potential revenue as of 2/3/2015 RECENT IMPROVEMENTS INCLUDE: > New stand-alone clubhouse/leasing center/amenity building > New windows and sliding glass doors > All new HVAC systems > Full electrical heavy-up and new electric panels and meters > New roof systems > Significant common area hallway renovations, entryway upgrades, landscaping, swimming pool upgrades, and exterior façade renovations > Premium interior renovated units including in-unit washer/dryer APARTMENT AMENITIES COMMUNITY AMENITIES > Spacious floorplans > Brand new clubhouse > Classic & renovated apartments > New fitness center > Wall-to-wall carpet > New business center > Gas cooking > Renovated laundry facilities > New windows/sliders > Swimming pool > Patio or balcony > Playground/tot lot > Metro bus accessibility ANDREWS RIDGE | REGENCY POINTE REGENCY POINTE SUMMARY Address: 3253 Walters Lane Forestville, MD 20747 Number of Units: 203 Renovated (34%) 396 Unrenovated (66%) 599 Total Apartment Units Year Built/Renovated: 1963/2011-2014 CONSOLIDATED UNIT MIX 1 UNRENOVATED Net Rentable Area (SF): 579,842 SF UNIT TYPE # UNITS % OF MIX LEASE RENT 1 SF $/SF 1BR 61 10.2% $1,000 764 $1.31 Average Unit Size (SF): 968 SF 2BR 288 48.1% $1,114 977 $1.14 3BR 47 7.8% $1,374 1,197 $1.15 Average Unrenovated Lease Rent: $1,127 TOTAL/AVERAGE 396 66% $1,127 970 $1.16 RENOVATED Average Unrenovated Lease Rent/SF: $1.16 UNIT TYPE # UNITS % OF MIX LEASE RENT 1 SF $/SF 1BR (Renovated) 37 6.2% $1,135 763 $1.49 Average Renovation Premium: $155 per unit 2BR (Renovated) 140 23.4% $1,266 974 $1.30 3BR (Renovated) 26 4.3% $1,579 1,195 $1.32 TOTAL/AVERAGE 203 34% $1,282 964 $1.33 Occupancy: 94.0% (As of 2/3/2015) 1 The Property offers a variety of different floor plans. The above unit mix represents the weighted average for each unit type based on potential revenue as of 2/3/2015 RECENT IMPROVEMENTS INCLUDE: > New community center with Fitness Center, Business Center, and Youth Activity Center > Comprehensive exterior and common area renovations including new exterior facades, new roofs, new patio enclosures, new laundry rooms, new landscaping, new playgrounds, and new common area hallway renovations > Premium interior unit renovations comprised of new kitchen cabinets, appliances, fixtures, bathroom vanity, flooring etc. > Newly renovated leasing center > Epoxy lining of all domestic water pipes > All new HVAC systems > Full electrical heavy-up and new electric panels and meters APARTMENT AMENITIES COMMUNITY AMENITIES > Classic & renovated apartments > Fitness center > Gas cooking > Business center > Dishwasher > Activity center > Wall-to-wall carpet > New laundry facilities > Spacious bedrooms > Swimming pool > Energy efficient windows > Pet friendly > Cable and internet ready > Playground/tot lot > Abundant closet space > Metro bus accessibility ANDREWS RIDGE | REGENCY POINTE VIBRANT APARTMENT MARKET The Washington metro area enjoys strong apartment market fundamentals driven by a well-educated and compensated workforce, robust population growth, strong rent growth and low vacancy and concessions, convenient transportation infrastructure and an abundance of top-tier employers, including significant Federal facilities. The stabilized vacancy rate for all classes of investment grade apartments (Class A & B) in the Washington metro area decreased by 30 basis points over the past year to 4.6%. Meanwhile, Class B vacancy decreased 220 basis points to 3.1% while Class A vacancy rose 90 basis points to 5.6% due to increased deliveries competing for market share. The Class B market, with rising rental rates and vacancy declines, continues to be the beneficiary of an increasingly competitive Class A marketplace. These positive metrics were driven by the absorption of nearly 5,000 Class B units in 2014. Class B garden-style apartments in the Joint Base Andrews region, which includes both Andrews Ridge and Regency Pointe, experienced positive rent growth of 2.0% in the 12 months ending December 2014 and a decrease in vacancy to 2.8%. Construction starts in 2014 decreased by 11% vs. 2013 as construction activity moderated in the second half of the year. The 36-month development pipeline has plateaued, declining slightly from the third quarter to 39,254 units, with 32,131 of those units currently under construction.
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