NORTHRIDGE APARTMENTS OFFERING MEMORANDUM 6522 54th Ave N, Saint Petersburg, FL 33709
PRESENTED BY | Kevin Kelleher • 813.839.7300 x0318 • [email protected] NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA
CONFIDENTIALITY AGREEMENT
EXCLUSIVELY LISTED BY:
Darron Kattan Managing Director This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest [email protected] into the acquisition of the Subject Property. 813.839.7300 x315 This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner or the Property, to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate Kevin Kelleher a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on Senior Director assumptions relating to the general economy, market conditions, competition, and other factors beyond the control of the Owner or Franklin [email protected] Street Real Estate Services, LLC. Therefore, all projections, assumptions, and other information provided and made herein are subject to 813.839.7300 x318 material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to all interested and qualified prospective purchasers. Neither the Owner or Franklin Street Real Estate Services, LLC. , nor any of their respective directors, officers, affiliates or representatives are making any representation or Zach Ames warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or Senior Director obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your own investigations [email protected] and inspections of the Property in evaluating a possible purchase of the real property. 813.839.7300 x373 The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner Avery Jordan shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and Senior Associate until written agreement(s) for the purchase of the Property have been fully executed, delivered, and approved by the Owner and any obligations [email protected] therein have been satisfied or waived. 813.839.7300 x293 By receipt of the Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written Mark Savarese authorization of the Owner or the Franklin Street Real Estate Services, LLC. Furthermore, you agree not to use this Memorandum or any of its Associate contents in a manner detrimental to the interest of the Owner or Franklin Street Real Estate Services, LLC. [email protected] 813.839.7300 x279 In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are so advised and expected to review all such summaries and other documents of whatever nature independently and not to rely on the contents of this Memorandum in any manner. Ethan Ariav Associate ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR FRANKLIN STREET REAL ESTATE SERVICES, LLC AGENT FOR MORE [email protected] DETAILS. 813.839.7300 x353
2 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA
TABLE OF CONTENTS
IN THIS OFFERING MEMORANDUM PROPERTY INFORMATION RENT COMPARABLES Interior Photos 4 Rent Comps Map 34 Interior Photos Cont. Rent Comps Executive Summary Rent Comps Summary Property Details Rent Comps Chart Property Description Amenity Photos FRANKLIN STREET About Us 43 LOCATION OVERVIEW Client Services Regional Map 11 Back Page Local Map Parcel Map Surrounding Retailer Map St. Petersburg Overview Demographics Map & Report
FINANCIAL ANALYSIS Unit Mix 20 Income & Expenses Pricing & Financial Analysis Preliminary Financing Quote Existing Debt Analysis
SALE COMPARABLES Sale Comps Map 26 Sale Comps Sale Comps Summary Sale Comps Chart
PROPERTYPROPERTY INFORMATION INFORMALOCATION OVERTIONVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPRENTARABLES COMPFRANKLINARABLES STREET 3 Interior Photos 4 Rent Comps Map 34 Interior Photos Cont. Rent Comps Executive Summary Rent Comps Summary Property Details Rent Comps Chart Property Description Amenity Photos FRANKLIN STREET About Us 43 LOCATION OVERVIEW Client Services Regional Map 11 Back Page Local Map Parcel Map Surrounding Retailer Map St. Petersburg Overview Demographics Map & Report
FINANCIAL ANALYSIS Unit Mix 20 Income & Expenses Pricing & Financial Analysis Preliminary Financing Quote Existing Debt Analysis
SALE COMPARABLES Sale Comps Map 26 Sale Comps Sale Comps Summary Sale Comps Chart
PROPERTY INFORMATION RENT COMPARABLES Interior Photos 4 Rent Comps Map 34 Interior Photos Cont. Rent Comps Executive Summary Rent Comps Summary Property Details Rent Comps Chart Property Description Amenity Photos FRANKLIN STREET About Us 43 LOCATION OVERVIEW Client Services Regional Map 11 Back Page Local Map Parcel Map Surrounding Retailer Map St. Petersburg Overview Demographics Map & Report
FINANCIAL ANALYSIS Unit Mix 20 Income & Expenses Pricing & Financial Analysis Preliminary Financing Quote Existing Debt Analysis
SALE COMPARABLES Sale Comps Map 26 Sale Comps Sale Comps Summary Sale Comps Chart
PROPERTY INFORMATION RENT COMPARABLES Interior Photos 4 Rent Comps Map 34 Interior Photos Cont. Rent Comps Executive Summary Rent Comps Summary Property Details Rent Comps Chart Property Description Amenity Photos FRANKLIN STREET About Us 43 LOCATION OVERVIEW Client Services Regional Map 11 Back Page Local Map Parcel Map Surrounding Retailer Map St. Petersburg Overview Demographics Map & Report
FINANCIAL ANALYSIS Unit Mix 20 Income & Expenses Pricing & Financial Analysis Preliminary Financing Quote Existing Debt Analysis
SALE COMPARABLES Sale Comps Map 26 Sale Comps Sale Comps Summary Sale Comps Chart
PROPERTY INFORMATION RENT COMPARABLES Interior Photos 4 Rent Comps Map 34 Interior Photos Cont. Rent Comps Executive Summary Rent Comps Summary Property Details Rent Comps Chart Property Description Amenity Photos FRANKLIN STREET About Us 43 LOCATION OVERVIEW Client Services Regional Map 11 Back Page Local Map Parcel Map Surrounding Retailer Map St. Petersburg Overview Demographics Map & Report
FINANCIAL ANALYSIS Unit Mix 20 Income & Expenses Pricing & Financial Analysis Preliminary Financing Quote Existing Debt Analysis
SALE COMPARABLES Sale Comps Map 26 Sale Comps Sale Comps Summary Sale Comps Chart
PROPERTY INFORMATION RENT COMPARABLES Interior Photos 4 Rent Comps Map 34 Interior Photos Cont. Rent Comps Executive Summary Rent Comps Summary Property Details Rent Comps Chart Property Description Amenity Photos FRANKLIN STREET About Us 43 LOCATION OVERVIEW Client Services Regional Map 11 Back Page Local Map Parcel Map Surrounding Retailer Map St. Petersburg Overview Demographics Map & Report
FINANCIAL ANALYSIS Unit Mix 20 Income & Expenses Pricing & Financial Analysis Preliminary Financing Quote Existing Debt Analysis
SALE COMPARABLES Sale Comps Map 26 Sale Comps Sale Comps Summary Sale Comps Chart PROPERTY INFORMATION NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA
INTERIOR PHOTOS
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INTERIOR PHOTOS CONT.
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EXECUTIVE SUMMARY
OFFERING SUMMARY PROPERTY HIGHLIGHTS • Proven Value Add Potential With Continued Light Interior and Exterior Renovations Subject to Market Pricing • 65% of the Units Have Been Renovated Achieving $75-$100 Additional in Rent Premiums Number Of Units: 203 • Located in Pinellas County, the Most Dense County in Florida and in the Highly Desirable City of St. Petersburg, FL • Favorable Unit Mix Consisting of 67% Two-Bedroom and Three-Bedroom Units Lot Size: 7.29 Acres • Centralized Location Providing Easy Access to Many Economic Drivers Including Downtown St. Petersburg and the World Famous Beaches Year Built: 1970 & 1983 • Recent Capital Improvement Includes Roofs, Resurfaced Parking Lot and Interior Upgrades Building Size (SF): 212,638 DEMOGRAPHICS
Zoning: RM 1 MILE 3 MILES 5 MILES
Total Households 5,785 46,351 113,492 Market: Tampa/St. Petersburg Total Population 14,019 109,250 261,428 Submarket: Kenneth City Average HH Income $45,489 $52,276 $54,512
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PROPERTY DETAILS
SALE PRICE SUBJECT TO OFFER PROPERTY DETAILS
Property Type Multifamily LOCATION INFORMATION Property Subtype Low-Rise/Garden Building Name Northridge Apartments Zoning RM Street Address 6522 54th Ave N Lot Size 7.29 Acres City, State, Zip Saint Petersburg, FL 33709 APN# 05-31-16-70002-200-0800; 05-31-16-70002-200-0701 County/Township Pinellas Submarket Kenneth City Market Tampa/St. Petersburg Submarket Kenneth City
Cross Streets 66th St E; 68th St N/W PARKING & TRANSPORTATION Side Of Street South Parking Type Recently Resurfaced Nearest Airport Saint Petersburg-Clearwater International Airport
UTILITIES & AMENITIES BUILDING INFORMATION Central HVAC Heat & Cooling Package Total Building Size 212,638 SF Flood Zone Property is in Flood Zone X (Flood Insurance Not Required) Total Number Of Units 203 Electrical Copper Wiring Both Phases Occupancy % 96.0% Plumbing Supply Copper Both Phases Year Built Phase 1 1970 Plumbing Waste Phase 1 Cast Iron Number Of Units Phase 1 144 Plumbing Waste Phase 2 PVC Framing Phase 1 Fluted Block and Frame Stucco Roof Phase 1 Flat & Pitched Gable or Hip Year Built Phase 2 1983 Number Of Units Phase 2 59 Framing Phase 2 Concrete Block/Stucco Roof Phase 2 Pitched Gable or Hip Composite Shingle
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PROPERTY DESCRIPTION
PROPERTY OVERVIEW Northridge Apartments is a multifamily value-add investment opportunity located in St. Petersburg, FL. Spread across 7.29 acres and consisting of two seperate parcels, Northridge Apartments was built in 1970 and 1983 with a combination of concrete block and wood frame. The two parcels consist of 144 and 59 units respectively and features a favorable unit mix consisting of 67 one-bedroom, 128 two-bedroom, and 8 three-bedroom floor plans which totals 203 units.
Investors have the opportunity to acquire a well-maintained property with value-add opportunity through continued amenity upgrades and selective interior opportunities. The new owner will have the ability to extract additional rent premiums on the 71 (35%) non-renovated units through the continuation of light interior renovations. We believe the property is well positioned for immediate NOI growth via small capital expenditures and significant capital appreciation in the long term as St. Petersburg continues to be one of the most desired cities to live, work and play in the country.
LOCATION OVERVIEW Northridge Apartments is conveniently located within short distance of dining, retail, and office space. Tenants have the luxury of being surrounded by popular national retailers such as; CVS, Planet Fitness, Publix, Carrabba’s Italian Grill, Starbucks, Bonefish Grill, algreens,W Chick-Fil-A, and many more. Northridge Apartments is located within close proximity to major roadways such as, Interstate 275, US 19, and the Gandy Bridge which connects the property to world famous St Pete beaches (6.1 miles), Downtown St. Petersburg (8.5 miles), Westshore Business District (18 miles), and Downtown Tampa (22 miles).
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AMENITY PHOTOS
Playground Property Features 2 Swimming Pools
Amazon Package Hub Property Features 3 On-Site Laundry Facilities
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REGIONAL MAP
Northridge Apartments
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LOCAL MAP
Northridge Apartments
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PARCEL MAP
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SURROUNDING RETAILER MAP
DIXIE HOLLINS HIGH SCHOOL ST PETE BEACH
66TH ST N: 40,000 AADT
54TH AVE N: 17,000 AADT
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ST. PETERSBURG OVERVIEW ST PETERSBURG | TOP PRIVATE EMPLOYERS
ST PETERSBURG - WHERE WORK MEETS PLAY COMPANY INDUSTRY EMPLOYEES St. Petersburg is at the heart of a booming metropolitan area consisting of Pinellas, Hillsborough and Pasco countie Raymond James Financial Securities Brokerage 3,500 – often referred to as the St. Petersburg-Tampa-Clearwater MSA. The St. Petersburg region has approximately 2. Home Shopping Network (HSN) Television Broadcasting 2,800 million residents making it the 12th largest market in the United States and the 3rd largest market in the Southeast BrightHouse Networks Telecommunications 2,000 The area’s expected population growth rate over the next ten years is 15.3 percent, making it a prime location fo Fidelity Information Services Data Processing 1,800 businesses seeking an easily accessible customer base and labor force. Jabil Circuit, Inc. Electronic Component Manufacturing 1,600 Ceridian Benefits Services Employee Benefits 1,000 St. Petersburg is one of the easiest and cost effective regions in the U.S. to conduct business, according to a recen Progress Energy Florida, Inc. Public Utilities 1,000 study by KPMG. It is home to a diverse and resilient industry base, which flourishes in the city’s sunny busines Transamerica Life Insurance Insurance Brokerage 900 climate. St. Petersburg has become one of the brightest spots in the Southeast, not only as a headquarters fo Franklin Templeton Investments Financial Services 900 new businesses, but as a home for a growing, talented workforce. The city also has a superb transportation, tele PSCU Financial Services Financial Services 850 communication, and utility infrastructure all designed to support business growth and workforce commutes. All o Mortgage Investors Real Estate 700 these factors - in addition to favorable tax codes and an opportune real estate market - continue to make the city Times Publishing Newspaper Publishers 620 favorable economic environment for doing business. Catalent Pharma Solutions Pharmaceutical Services 500 America II Corp Advertising Services 500 Catalina Marketing Corporation Marketing Consulting 500 Allstate Insurance Company Insurance 500 Medquist Transcriptions Document Preparation Services 500
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ST. PETERSBURG OVERVIEW
EDUCATION The Pinellas County School System is the 7th largest district in Florida and 22nd largest in the nation. More than 148,000 students are en- rolled at 140 public schools, 72 private schools and 5 vocational/technical schools. Universities include St Petersburg College, Eckerd College, University of South Florida St Petersburg, Pinellas Technical Education Center, and Stetson University College of Law.
USF St Petersburg – This is the St Petersburg campus of the University of South Florida, situated on Bayboro Harbor on the shores of Tampa Bay in close proximity to world class cultural offerings. Over 600 students attend classes at this campus.
St Petersburg College has ten locations throughout PInellas County offering over 100 academic programs to its 57,000+ currently enrolled students through traditional classroom and online degree and certificate programs.
Eckerd College, situated along a spectacular one-mile long stretch of waterfront in South Pinellas County, offers undergraduate and graduate degrees in 40 majors to its 2,300+ students. UNIVERSITY OF SOUTH FLORIDA - ST PETERSBURG
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ST. PETERSBURG OVERVIEW
The city’s superb transportation, telecommunication and utility infrastructure allows business to be conduct- ed efficiently and quickly. In fact, nearly half of all U.S. freight destinations are within a day’s drive of St. Petersburg. Additionally, the city is within minutes of three international airports, two deepwater ports (that together handle almost half of all seaborne commerce in the state), rail lines, an extensive network of easily accessible roadways and has its own Free Trade Zone.
AIRPORTS • Tampa International Airport (TIA) is consistently ranked No. 1 or No. 2 by frequent travelers around the world for its easy-in, easy-out design. The number one commodity shipped by air out of Florida is industrial/commercial machinery and computers, followed by smaller electrical/electronic machinery and supplies. The third most popular export group includes optical instruments and lenses, medical and dental equipment, and photographic equipment. ST PETERSBURG/CLEARWATER INTERNATIONAL AIRPORT • St Petersburg - Clearwater International Airport (PIE) serviced over 2,055,269 passengers using its commercial airlines in 2017.
• Albert Whitted Airport is on the waterfront in downtown St. Petersburg. It caters to corporate aircraft, helicopters, and private pilots.
DEEP WATER PORTS • The Port of Tampa is the largest port in the Southeast and the 10th largest in the nation by total tonnage handled. The port accom- modates bulk cargo, general cargo (including containers), ship repair and building, and maritime recreation (including international cruise facilities).
• The Port of Manatee is the closest of the three Tampa Bay deepwater ports to the Gulf of Mexico. It is one of the state’s busiest, ranking fifth among Florida’s 14 seaports in total annual cargo tonnage. PORT MANATEE • The Port of St. Petersburg possesses unique attributes that dictate a special approach to maximize port utilization and revenue-gen- eration capabilities. The Port of St. Petersburg is a “non-operating” or landlord port. The city manages and provides the facilities for private entities to carry out shipping activities. A major tenant is the U.S. Coast Guard.
HIGHWAYS The major highway in St. Petersburg is I-275 which connects the area with Manatee and Sarasota to the South and Tampa to the northeast. It extends to I-75 to the north and I-4 to Orlando and Florida’s East Coast. I-275 provides quick, easy access to Tampa International Airport and St. Petersburg/ Clearwater International Airports from the downtown and the City’s business parks. Plans to connect St. Petersburg to several other major Florida cities using mass transit rail are being developed. It’s also important to note that Interstate 175, 275 and 375 (feeders into downtown) were built with the future in mind and have an abundance of capacity to serve future developments, as do many arterials in St. Petersburg. Transportation improvements over the next five years of more than $1.1 billion are projected for St. Petersburg and its region.
Source: The City of St Petersburg PORT OF TAMPA
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DEMOGRAPHICS MAP & REPORT
POPULATION 1 MILE 3 MILES 5 MILES Total population 14,019 109,250 261,428 Median age 46.3 43.7 44.5 Median age (Male) 44.4 42.4 43.2 Median age (Female) 47.7 44.9 45.7
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES Total households 5,785 46,351 113,492 # of persons per HH 2.4 2.4 2.3 Average HH income $45,489 $52,276 $54,512 Average house value $151,972 $172,992 $198,720
* Demographic data derived from 2010 US Census
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UNIT MIX
Units Unit Type Sq Feet Current Rent Rent/Sq Foot Pro Forma Rent PF Rent/Sq Foot Pro Forma Rent Increase 1 1Bdr 1Bath 468 $712 $1.52 $725 $1.55 1.83% 26 1Bdr 1Bath 630 $850 $1.35 $875 $1.39 2.94% 32 1Bdr 1Bath 735 $835 $1.14 $930 $1.27 11.38% 8 1Bdr 1Bath 840 $915 $1.09 $950 $1.13 3.83% 12 2Bdr 1Bath 750 $950 $1.27 $975 $1.30 2.63% 25 2Bdr 1Bath 890 $1,000 $1.12 $1,025 $1.15 2.50% 5 2Bdr 1Bath 1155 $1,100 $0.95 $1,100 $0.95 0.00% 22 2Bdr 1.5Bath 915 $1,050 $1.15 $1,100 $1.20 4.76% 58 2Bdr 2Bath 840 $1,050 $1.25 $1,075 $1.28 2.38% 6 2Bdr 2Bath 1225 $1,150 $0.94 $1,175 $0.96 2.17% 8 3Bdr 2Bath 1034 $1,370 $1.32 $1,400 $1.35 2.19% Total: 203 Weighted Averages: 830 $988 $1.19 $1,027 $1.24 3.91%
3Bdr 2Bath, Current Monthly 3.94% Pro Forma Monthly Gross Potential Rent Gross Potential Rent $200,612 $208,460 2Bdr 2Bath, 1Bdr 1Bath, 31.53% 33.00% Current Annual Pro Forma Annual Gross Potential Rent Gross Potential Rent
$2,407,344 2Bdr 1Bath, $2,501,520 20.69% 2Bdr 1.5Bath, 10.84%
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INCOME & EXPENSES
T3 Income (Jan '19 - Mar '19) & T12 Expenses (Apr '18 - Mar Pro Forma '19) % Per Unit Total % Per Unit Total Income Gross Potential Rent (GPR) $11,859 $2,407,344 $12,323 $2,501,520 Admin Fees 0.40% $47 $9,636 0.39% $47 $9,636 App Fees 0.24% $29 $5,800 0.23% $29 $5,800 Renters Liability Insurance Income 1.00% $118 $24,052 1.22% $150 $30,450 Late Fees 1.79% $213 $43,200 1.73% $213 $43,200 Move Out Fees 3.17% $376 $76,255 3.05% $376 $76,255 Utility Income (1) 7.27% $863 $175,118 7.80% $961 $195,024 Pet Fee 0.25% $29 $5,958 0.24% $29 $5,958 Other Income (2) 0.76% $90 $18,357 0.73% $90 $18,357 Laundry Income 0.45% $54 $10,922 0.44% $54 $10,922 Total Other Income 15.34% $1,819 $369,298 15.81% $1,949 $395,602 Gross Potential Income (GPI) $13,678 $2,776,642 $14,272 $2,897,122 Economic Loss Vacancy (-) (3) 3.66% $434 $88,020 5.00% $616 $125,076 Loss to Lease/Concessions (-) 5.50% $652 $132,340 1.50% $185 $37,523 Bad Debt (-) 3.60% $428 $86,783 1.00% $123 $25,015 Total Economic Loss -12.76% -$1,513 -$307,143 -7.50% -$924 -$187,614 Effective Gross Income (EGI) $12,165 $2,469,499 $13,347 $2,709,508 Expenses Taxes 10.61% $1,291 $262,132 9.67% $1,291 $262,132 Insurance 3.09% $376 $76,398 2.82% $376 $76,398 Utilities 10.53% $1,281 $260,032 9.60% $1,281 $260,032 Repairs & Maintenance 4.83% $588 $119,363 4.41% $588 $119,363 Contract Services 1.61% $196 $39,853 1.47% $196 $39,853 Management 2.86% $348 $70,556 3.00% $400 $81,285 Salaries & Wages 9.67% $1,176 $238,722 8.81% $1,176 $238,722 General & Administrative 1.60% $195 $39,552 1.46% $195 $39,552 Marketing & Leasing 0.97% $118 $23,963 0.88% $118 $23,963 Reserves & Replacements* 2.06% $250 $50,750 1.87% $250 $50,750 Total Expenses 47.84% $5,819 $1,181,321 44.00% $5,872 $1,192,050 Net Operating Income (NOI) $6,346 $1,288,178 $7,475 $1,517,458 (1) Pro Forma Utility Income Based on 75% of Utility Expense Reimbursed 2018 Taxable Value $10,107,578 (2) Other Income Includes NSF Fees, Pest Treatment, Month-to-Month Fees, Transfer Fees, Cable Income, and Vending Machine Income 2018 Millage Rate 25.1631 (3) Vacancy Taken from Rent Roll Dated 04/16/2019 Non Ad-Valorem Taxes $7,794 *Inserted at Broker's Discretion
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PRICING & FINANCIAL ANALYSIS
Asking Price To Be Determined by the Market
Property Details Year Built 1970 & 1983 Number of Units 203 Total Rentable Area 212,638 Square Feet
T3 Income (Jan '19 - Mar '19) & T12 Expenses Pro Forma (Apr '18 - Mar '19)
Net Operating Income $1,288,178 $1,517,458
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PRELIMINARY FINANCING QUOTE Finacing Quotes Provided by:
Northridge Apartments Assumable Debt Financing 4/1/2019
Existing Assumable Loan Proposed Supplemental Financing
Loan Balance $13,275,000.00 To Be Determined
Northridge Apartments currently has a Remaining Term 8.3 Years Coterminous Fannie Mae loan that was originated by Wells Fargo. The sellers of this asset strongly prefer potential buyers assume the existing Amortization 30 Years 30 Years debt. Wells Fargo would be wiling to write a supplemental loan to give a qualified buyer Interest-Only Periods Remaining 3.3 Years None additional leverage. For more information or to discuss the assumption process, please contact a Franklin Street Capital Advisor Interest Rate 3.99% UST 10y Treasury + 280 bps listed below.
Minimum DSCR 1.30x 1.30x Casey Siggins - Director
Prepayment Yield Maintenance Yield Maintenance 813.397.1638
Recourse Non-Recourse, Standard Carve Outs Non-Recourse, Standard Carve Outs Ben Miller - Director
Loan Assumption Fee 1.00% 1.00% Origination Fee 813.559.2005
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EXISTING DEBT ANALYSIS
Northridge Apartments Assumable Debt 4/1/2019 Financing
Existing Debt Analysis
Loan Origination Interest Only Annual 1st Amortization Amortizing Annual Loan Type Lender Servicer Loan Proceeds Interest Rate Remainging IO Remaining Term Maturity Date Debt Service Payment Debt Service
Senior Loan Fannie Mae Wells Fargo 4/2/2015 $10,575,000 3.73% 3.3 Years $394,448 5/1/2022 $586,146 8.3 Years 5/1/2017
Supplemental Fannie Mae Wells Fargo 9/7/2017 $2,700,000 5.03% 3.3 Years $135,810 5/1/2022 $174,525 8.3 Years 5/1/2027
Blended Terms Fannie Mae Wells Fargo Various $13,275,000 3.99% 3.3 Years $530,258 5/1/2022 $760,671 8.3 Years 5/1/2027
Yield Maintenance Calculation Summary of Blended Terms
Paid as of: 6/30/2019 9/30/2019 12/31/2019 Total Proceeds Remaining IO Blended Rate 1st Amortization Remaining Term Maturity
Senior Loan $875,046 $851,075 $828,041 $13,275,000 3.3 Years 3.99% 5/1/2022 8.3 Years 5/1/2027
Supplemental $483,849 $470,760 $457,961 Northridge Apartments currently has a Fannie Mae loan that was originated by Wells Fargo. The sellers of this asset strongly prefer potential buyers assume the existing debt. Wells Fargo would be wiling to write a supplemental loan to give a qualified buyer additional leverage. For more information or to discuss the assumption process, please Total $1,396,431 $1,358,895 $1,286,001 contact a Franklin Street Capital Advisor listed below.
Penalty as of % of 10.24% 9.96% 9.69% Casey Siggins - Director Ben Miller - Director Loan 813.397.1638 813.559.2005
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SALE COMPS MAP
1 HARLOW AT GATEWAY 411 77th Ave N St. Petersburg, FL 33702
2 OASIS AT BAYSIDE APARTMENTS 7049 Ulmerton Rd Largo, FL 33771
3 49TH STREET APARTMENTS 8400 49th St N Pinellas Park, FL 33781
4 IMPERIAL VILLAGE 9790 Hamlin Blvd Seminole, FL 33776
5 FOREST CREEK APARTMENT HOMES 13500 Rodgers Ave Largo, FL 33771
6 SOMERSET APARTMENT HOMES 12800 Vonn Rd Largo, FL 33774
7 GENESIS 530 Fairwood Ave Clearwater, FL 33759
8 CLEARWATER OAKS 1121 Druid Rd Clearwater, FL 33756
27 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA
SALE COMPS
SUBJECT PROPERTY 6522 54th Ave N | Saint Petersburg, FL 33709 Sale Price: - Year Built: 1970 Building SF: 212,638 SF Price PSF: - No. Units: 203 Occupancy: 96.0%
1 HARLOW AT GATEWAY 411 77th Ave N | St. Petersburg, FL 33702
Sale Price: $41,400,000 Lot Size: 14.36 AC Year Built: 1972 1 Building SF: 444,770 SF Price PSF: $93.08 No. Units: 432 Price / Unit: $95,833 Sale Date: 08/09/2018
2 OASIS AT BAYSIDE APARTMENTS 7049 Ulmerton Rd | Largo, FL 33771
Sale Price: $32,500,000 Lot Size: 10.69 AC Year Built: 1973 2 Building SF: 280,129 SF Price PSF: $116.02 No. Units: 304 Price / Unit: $106,907 Sale Date: 10/19/2018
28 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA
SALE COMPS
3 49TH STREET APARTMENTS 8400 49th St N | Pinellas Park, FL 33781
Sale Price: $31,000,000 Lot Size: 17.93 AC Year Built: 1984 3 Building SF: 267,649 SF Price PSF: $115.82 No. Units: 285 Price / Unit: $108,771 Sale Date: 02/08/2019
4 IMPERIAL VILLAGE 9790 Hamlin Blvd | Seminole, FL 33776
Sale Price: $19,300,000 Lot Size: 7.03 AC Year Built: 1971 4 Building SF: 133,440 SF Price PSF: $144.63 No. Units: 144 Price / Unit: $134,027 Sale Date: 09/21/2018
5 FOREST CREEK APARTMENT HOMES 13500 Rodgers Ave | Largo, FL 33771
Sale Price: $10,000,000 Lot Size: 7.5 AC Year Built: 1984 5 Building SF: 91,380 SF Price PSF: $109.43 No. Units: 104 Price / Unit: $96,153 Sale Date: 07/18/2018
29 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA
SALE COMPS
6 SOMERSET APARTMENT HOMES 12800 Vonn Rd | Largo, FL 33774
Sale Price: $36,200,000 Lot Size: 10.26 AC Year Built: 1973 6 Building SF: 294,101 SF Price PSF: $123.09 No. Units: 384 Price / Unit: $94,270 Sale Date: 06/29/2018
7 GENESIS 530 Fairwood Ave | Clearwater, FL 33759
Sale Price: $35,000,000 Lot Size: 22.1 AC Year Built: 1972 7 Building SF: 406,520 SF Price PSF: $86.10 No. Units: 372 Price / Unit: $94,086 Sale Date: 10/23/2018
8 CLEARWATER OAKS 1121 Druid Rd | Clearwater, FL 33756
Sale Price: $16,575,000 Lot Size: 11.43 AC Year Built: 1949 8 Building SF: 157,115 SF Price PSF: $105.50 No. Units: 200 Price / Unit: $82,875 Sale Date: 02/15/2019
30 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA
SALE COMPS SUMMARY
LOCATION PRICE BLDG SF PRICE/SF PRICE/UNIT # OF UNITS
Northridge Apartments 6522 54th Ave N Subject To Offer 212,638 SF - - 203 Saint Petersburg, FL 33709
LOCATION PRICE BLDG SF PRICE/SF PRICE/UNIT # OF UNITS SALE DATE
Harlow at Gateway 1 411 77th Ave N $41,400,000 444,770 SF $93.08 $95,833 432 08/09/2018 St. Petersburg, FL 33702
Oasis at Bayside Apartments 2 7049 Ulmerton Rd $32,500,000 280,129 SF $116.02 $106,907 304 10/19/2018 Largo, FL 33771
49th Street Apartments 3 8400 49th St N $31,000,000 267,649 SF $115.82 $108,771 285 02/08/2019 Pinellas Park, FL 33781
Imperial Village 4 9790 Hamlin Blvd $19,300,000 133,440 SF $144.63 $134,027 144 09/21/2018 Seminole, FL 33776
Forest Creek Apartment Homes 13500 Rodgers Ave $10,000,000 91,380 SF $109.43 $96,153 104 07/18/2018 5 Largo, FL 33771
31 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA
SALE COMPS SUMMARY
LOCATION PRICE BLDG SF PRICE/SF PRICE/UNIT # OF UNITS
Somerset Apartment Homes 6 12800 Vonn Rd $36,200,000 294,101 SF $123.09 $94,270 384 06/29/2018 Largo, FL 33774
Genesis 7 530 Fairwood Ave $35,000,000 406,520 SF $86.10 $94,086 372 10/23/2018 Clearwater, FL 33759
Clearwater Oaks 8 1121 Druid Rd $16,575,000 157,115 SF $105.50 $82,875 200 02/15/2019 Clearwater, FL 33756
PRICE BLDG SF PRICE/SF PRICE/UNIT # OF UNITS SALE DATE Totals/Averages $27,800,000 259,388 SF $111.71 $101,615.83 278.13
32 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA
SALE COMPS CHART
33 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET RENT COMPARABLES NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA
RENT COMPS MAP
SUBJECT PROPERTY 6522 54th Ave N | Saint Petersburg, FL 33709
1 BRANDYWINE 1699 68th st N St Petersburg, FL 33710
2 BRIAR HILL 5946 54th Ave N St Petersburg, FL 33709
3 THE MADEIRA 7533 38th Ave N St. Petersburg, FL 33710
4 MADEIRA GROVE 5870 56th Ave N Kenneth City, FL 33709
5 ARIUM BAYOU POINT 8500 Belcher Rd Pinellas Park, FL 33781
6 MIDSHIP 5255 62nd St N Kenneth City, FL 33709
7 SERENITY CREEK 4201 49th St N St Petersburg, FL 33709
35 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA
RENT COMPS MAP
SUBJECT PROPERTY 6522 54th Ave N | Saint Petersburg, FL 33709
8 GOLDELM NAUTICA APARTMENTS 5701 6th Ave N St Petersburg, FL 33710
36 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA
RENT COMPS
1 2 SUBJECT PROPERTY BRANDYWINE BRIAR HILL 6522 54th Ave N | Saint Petersburg, FL 33709 1699 68th st N | St Petersburg, FL 33710 5946 54th Ave N | St Petersburg, FL 33709
Bldg Size: 212,638 SF Year Built: 1970 Space Size: 353,794 SF Bldg Size: 353,934 SF Space Size: 70,290 SF Bldg Size: 70,308 SF Lot Size: 7.29 AC No. Units: 203 Year Built: 1972 Lot Size: 19.76 AC Year Built: 1972 Lot Size: 3.58 AC Avg. Rent/SF: $1.19 Avg. Size: 830 SF No. Units: 477 Avg. Rent/SF: $1.31 No. Units: 84 Avg. Rent/SF: $1.04 Avg. Rent: $988 Occupancy: 96.0% Avg. Size: 741 SF Avg. Rent: $973 Avg. Size: 836 SF Avg. Rent: $870 Occupancy: 97% Occupancy: 95%
UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF
1 Bdr 1 Bath 1 0.5 468 $712 $1.52 Studio 61 12.8 425 $786 $1.85 1 Bdr 1 Bath 30 35.7 700 $765 $1.09 1 Bdr 1 Bath 26 12.8 630 $850 $1.35 1 Bdr 1 Bath 261 54.7 640 $915 $1.43 2 Bdr 1 Bath 31 36.9 900 $961 $1.07 1 Bdr 1 Bath 32 15.8 735 $835 $1.14 2 Bdr 1 Bath 84 17.6 936 $1,065 $1.14 2 Bdr 1 Bath 23 27.4 930 $885 $0.95 Liquid error: no implicit conversion from nil to integer 1 Bdr 1 Bath 8 3.9 840 $915 $1.09 2 Bdr 2 Bath 56 11.7 1,150 $1,215 $1.06 TOTAL/AVG 84 100% 836 $870 $1.04 2 Bdr 1 Bath 12 5.9 750 $950 $1.27 3 Bdr 2 Bath 15 3.1 1,187 $1,325 $1.12
Liquid error: no implicit conversion from nil to integer Laundry: On-Site Facility 2 Bdr 1 Bath 25 12.3 890 $1,000 $1.12 TOTAL/AVG 477 100% 741 $973 $1.31 Utilities: Paid by Tenant 2 Bdr 1 Bath 5 2.5 1,155 $1,100 $0.95 Amenities: Pool Laundry: On-Site Facility 2 Bdr 1.5 Bath 22 10.8 915 $1,050 $1.15 Utilities: Paid by Tenant 2 Bdr 2 Bath 58 28.6 840 $1,050 $1.25 Amenities: Pool, Dog Park, Business Center 2 Bdr 2 Bath 6 3.0 1,225 $1,150 $0.94 3Bdr 2Bath 8 3.9 1,034 $1,370 $1.32 Liquid error: no implicit conversion from nil to integer TOTAL/AVG 203 100% 830 $988 $1.19
37 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA
RENT COMPS
3 4 5 THE MADEIRA MADEIRA GROVE ARIUM BAYOU POINT 7533 38th Ave N | St. Petersburg, FL 33710 5870 56th Ave N | Kenneth City, FL 33709 8500 Belcher Rd | Pinellas Park, FL 33781
Space Size: 110,400 SF Bldg Size: 119,580 SF Space Size: 152,350 SF Bldg Size: 154,050 SF Space Size: 174,900 SF Bldg Size: 203,692 SF Year Built: 1971 Lot Size: 4.19 AC Year Built: 1970 Lot Size: 2.3 AC Year Built: 1988 Lot Size: 16.74 AC No. Units: 138 Avg. Rent/SF: $1.27 No. Units: 189 Avg. Rent/SF: $1.25 No. Units: 212 Avg. Rent/SF: $1.46 Avg. Size: 862 SF Avg. Rent: $1,093 Avg. Size: 810 SF Avg. Rent: $1,014 Avg. Size: 825 SF Avg. Rent: $1,202 Occupancy: 94% Occupancy: 99% Occupancy: 95%
UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF
1 Bdr 1 Bath 33 25.8 600 $918 $1.53 Studio 2 1.1 400 $630 $1.58 1 Bdr 1 Bath 62 29.2 650 $990 $1.52 2 Bdr 1 Bath 25 19.5 780 $1,111 $1.42 Studio 1 0.5 500 $750 $1.50 1 Bdr 1 Bath 62 29.2 700 $1,070 $1.53 2 Bdr 1 Bath 13 10.2 900 $1,051 $1.17 1 Bdr 1 Bath 31 16.5 650 $900 $1.38 2 Bdr 2 Bath 72 34 1,000 $1,405 $1.41 2 Bdr 1.5 Bath 33 25.8 1,000 $1,138 $1.14 2 Bdr 1 Bath 94 50 850 $1,050 $1.24 3 Bdr 2 Bath 16 7.5 1,200 $1,633 $1.36 Liquid error: no implicit conversion from nil to integer 3 Bdr 2 Bath 24 18.8 1,100 $1,280 $1.16 2 Bdr 1.5 Bath 60 31.9 850 $1,035 $1.22 TOTAL/AVG 212 100% 825 $1,202 $1.46 Liquid error: no implicit conversion from nil to integer Liquid error: no implicit conversion from nil to integer
TOTAL/AVG 128 100% 862 $1,093 $1.27 TOTAL/AVG 188 100% 810 $1,014 $1.25 Laundry: Washer/Dryer in Units Utilities: Paid by Tenant Laundry: On-Site Facility Laundry: On-Site Facilities Amenities: Patio/Balcony, Gated Entrance, Dog Park Utilities: Paid by Tenant Utilities: Water/Sewer/Trash Included in Rent Amenities: Storage Space, Outdoor Grill, Sundeck Amenities: Fitness Center, Playground, Pool
38 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA
RENT COMPS
6 7 8 MIDSHIP SERENITY CREEK GOLDELM NAUTICA APARTMENTS 5255 62nd St N | Kenneth City, FL 33709 4201 49th St N | St Petersburg, FL 33709 5701 6th Ave N | St Petersburg, FL 33710
Space Size: 60,830 SF Bldg Size: 70,396 SF Space Size: 67,300 SF Bldg Size: 67,320 SF Space Size: 143,007 SF Bldg Size: 150,544 SF Year Built: 1969 Lot Size: 2.64 AC Year Built: 1983 Lot Size: 3.16 AC Year Built: 1969 Lot Size: 5.9 AC No. Units: 61 Avg. Rent/SF: $0.88 No. Units: 90 Avg. Rent/SF: $1.45 No. Units: 193 Avg. Rent/SF: $1.39 Avg. Size: 997 SF Avg. Rent: $877 Avg. Size: 747 SF Avg. Rent: $1,083 Avg. Size: 740 SF Avg. Rent: $1,029 Occupancy: 90% Occupancy: 98% Occupancy: 99%
UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF
1 Bdr 1 Bath 20 32.8 780 $775 $0.99 1 Bdr 1 Bath 40 44.4 600 $930 $1.55 Studio 15 7.8 450 $830 $1.84 2 Bdr 1.5 Bath 16 26.2 980 $845 $0.86 2 Bdr 1 Bath 34 37.8 850 $1,191 $1.40 1 Bdr 1 Bath 55 28.5 575 $933 $1.62 2 Bdr 2 Bath 17 27.9 1,150 $925 $0.80 2 Bdr 2 Bath 16 17.8 900 $1,240 $1.38 1 Bdr 1 Bath 55 28.5 750 $950 $1.27 Liquid error: no implicit conversion from nil to integer 3 Bdr 2 Bath 8 13.1 1,250 $1,095 $0.88 TOTAL/AVG 90 100% 747 $1,083 $1.45 2 Bdr 1.5 Bath 22 11.4 856 $1,152 $1.35 Liquid error: no implicit conversion from nil to integer 2 Bdr 1.5 Bath 22 11.4 900 $1,213 $1.35 TOTAL/AVG 61 100% 997 $877 $0.88 Laundry: Machines in Select Units; On-Site Facility Utilities: Paid by Tenant 2 Bdr 2 Bath 19 9.8 1,000 $1,257 $1.26 Laundry: On-Site Facility Amenities: Pool, Clubhouse, Grilling Area Utilities: Paid by Tenant 2 Bdr 2 Bath 5 2.6 1,150 $1,345 $1.17 Amenities: Pool, Clubhouse, Pet Friendly Liquid error: no implicit conversion from nil to integer TOTAL/AVG 193 100% 740 $1,029 $1.39
Laundry: On-Site Facility Utilities: Water/Sewer/Trash Included in Rent Amenities: Pool, Fitness Center, BBQ Area
39 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA
RENT COMPS SUMMARY
LOCATION RENT/SF RENT/UNIT BLDG SF # OF UNITS OCCUPANCY %
Northridge Apartments 6522 54th Ave N $1.19 $988.24 212,638 SF 203 96.0% Saint Petersburg, FL 33709
LOCATION RENT/SF RENT/UNIT BLDG SF # OF UNITS OCCUPANCY %
Brandywine 1 1699 68th st N $1.31 $973 353,934 SF 477 97% St Petersburg, FL 33710
Briar Hill 2 5946 54th Ave N $1.04 $870 70,308 SF 84 95% St Petersburg, FL 33709
The Madeira 3 7533 38th Ave N $1.27 $1,093 119,580 SF 138 94% St. Petersburg, FL 33710
Madeira Grove 4 5870 56th Ave N $1.25 $1,014 154,050 SF 189 99% Kenneth City, FL 33709
ARIUM Bayou Point 8500 Belcher Rd $1.46 $1,202 203,692 SF 212 95% 5 Pinellas Park, FL 33781
40 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA
RENT COMPS SUMMARY
LOCATION RENT/SF RENT/UNIT BLDG SF # OF UNITS OCCUPANCY %
Midship 6 5255 62nd St N $0.88 $877 70,396 SF 61 90% Kenneth City, FL 33709
Serenity Creek 7 4201 49th St N $1.45 $1,083 67,320 SF 90 98% St Petersburg, FL 33709
Goldelm Nautica Apartments 8 5701 6th Ave N $1.39 $1,029 150,544 SF 193 99% St Petersburg, FL 33710
RENT/SF RENT/UNIT BLDG SF # OF UNITS OCCUPANCY % Totals/Averages $1.26 $1,018.05 148,728 SF 180.5 95.88%
41 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA
RENT COMPS CHART
42 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET FRANKLIN STREET NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA
ABOUT US
OUR MISSION STATEMENT Franklin Street and our family of full-service companies are committed to CAPITAL INVESTMENT INSURANCE providing supreme advisory services through the collaboration of each member ADVISORS SALES SERVICES of our team of Real Estate professionals. We deliver precise and accurate information to our clients by embracing technology and the development and recruitment of top-level employees. Nationwide, we are helping clients make the most successful decisions in real estate, capital, management and insurance from our southeast based offices. TAILORED LANDLORD TO O R TENANT REPRESENTATION CLIENT NEEDS REPRESENTATION ACHIEVING RESULTS THROUGH COLLABORATION Founded in 2006 during one of the toughest real estate climates, Franklin Street has evolved to become one of the fastest-growing full-service commercial real estate firms in the southeast. Our family of real estate companies – which include Capital Advisors, PROPERTY PROJECT Investment Sales, Insurance Services, Landlord and Tenant Representation, MANAGEMENT MANAGEMENT Property Management and Project Management – is focused on delivering value-added solutions to the evolving demands of our clients.
44 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA
CLIENT SERVICES
CAPITAL ADVISORS INVESTMENT SALES INSURANCE SERVICES
Our team of experts specializes in From the process of buying to selling Franklin Street Insurance Services ACHIEVING helping clients secure capital for their property, our investment sales team offers commercial property and commercial real estate investments— offers customized solutions based on casualty insurance programs tailored RESULTS THROUGH via debt and equity placement. We each client’s unique needs—ensuring to fit the needs of our clients and COLLABORATION work closely with our clients to develop, optimal results that increase property protect their businesses in the case of optimize and implement a plan that value and deliver maximum benefits to an unfortunate event or situation. enables them to achieve more, retain the client. more and profit more.
LANDLORD REPRESENTATION TENANT REPRESENTATION PROPERTY MANAGEMENT PROJECT MANAGEMENT
Leasing a commercial real estate Experienced in working with both Business sites require ongoing Our project management team is ready property requires expertise, research tenants and landlords nationwide, we maintenance. We offer integrated to manage every aspect of a commercial and planning. Our team creates and understand the industry and will work property and facilities management real estate project, whether it requires implements a unique strategy to find alongside our clients during every step for both investors and occupiers of an exterior facelift, interior remodel or prospective tenants that provide the of the deal process, ensuring that they mixed-use, office, industrial, retail and a tenant build-out. We have expertise best, long-term use of the asset. secure the ideal space and best lease multifamily product types—maximizing to deliver results, while ensuring that terms for their business needs. property value and ensuring a safe and projects are completed on time and reliable environment for its users. within budget.
45 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTH FLORIDA / CENTRAL / WEST
Darron Kattan Robert Goldfinger Kevin Kelleher Zachary Ames Managing Director Managing Director Senior Director Senior Director 813.658.3355 813.658.3353 813.658.3358 813.288.6676 [email protected] [email protected] [email protected] [email protected] COLLABORATION
Jim Reed Avery Jordan Mark Savarese Ethan Ariav INTEGRITY Director Senior Associate Associate Associate HARD WORK 904.899.0310 813.577.3826 813.577.3837 813.577.3824 [email protected] [email protected] [email protected] [email protected] ACCOUNTABILITY
New Listings Posted Daily at SOUTH FLORIDA FRANKLINST.COM Greg Matus Hernando Perez Joe Rubin Dan Dratch Senior Vice President, Investment Sales Director Director Senior Associate 954.671.1821 786.245.0499 954.660.9815 954.312.1677 #TogetherOneTeam [email protected] [email protected] [email protected] [email protected]
Oscar Banegas Brett Witten AJ Stanford Senior Associate Senior Associate Associate CAPITAL INVESTMENT INSURANCE 305.776.7210 954.660.9800 954.660.9813 ADVISORS SALES SERVICES [email protected] [email protected] [email protected]
GEORGIA TAILORED LANDLORD TO OUR TENANT REPRESENTATION CLIENT NEEDS REPRESENTATION Jake Reid Chad Defoor Royce Baptist Roger Schoerner Senior Director Senior Director Senior Associate Senior Associate 404.832.1255 404.649.6279 404.478.2379 404.649.6269 [email protected] [email protected] [email protected] [email protected] PROPERTY PROJECT FACILITIES MANAGEMENT MANAGEMENT MANAGEMENT Michael Usdan Alex Croy Associate Associate WE COLLABORATE. FIND OUT MORE 404.991.3443 404.649.6270 BY VISITING FRANKLINST.COM [email protected] [email protected]