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Confidential Executive Summary Executive Summary CONFIDENTIAL EXECUTIVE SUMMARY EXECUTIVE SUMMARY HFF is pleased to present Novus Odenton, the 244-unit, best-in-class luxury apartment community in Odenton, Maryland, minutes away from Fort Meade. The Property features an unrivaled combination of trophy amenities, finishes, structured parking and immediate access to Fort Meade, the state of Maryland’s largest economic driver and #1 employer. As headquarters of the NSA, the US Cyber Command and other tech based defense agencies, Fort Meade has become the major hub of defense spending. Nearly 75% of the residents spend at least a portion of their week at the base. The large cohort of maximum security clearance, high wage tech jobs has bolstered area demographics over the past decade. The average household income at Novus Odenton is $208,391. The result is a well educated, wealthy renter pool that was deprived of highly amenitized apartment options until the delivery of Novus Odenton in 2015. The ideal luxury location, less than a mile to the base, proximate to MARC train (30 minutes to DC, 37 minutes to Baltimore) and vehicular access to Annapolis, Baltimore or DC make this an optimal commuting location. Novus Odenton has established a permanent market advantage as the best rental option in the submarket proven by its market leading rents, strong rent growth, unique features, thoughtful amenities, over 20 units per month lease up amid new deliveries, and 70% renewals with no near term oncoming supply. 2 FORT MEADE HIGHLIGHTS: Over 55 K Employees inin OverOver • Employer to over 55,000 in over 11 million square 11 MM SF ofof OfficeOffice feet of office space on more than 5,000 acres. BALTIMORE Fort Meade generates 7.5% of all Maryland Total supported population of economic activity. 138,463 • Fort Meade supports a total working population of 138,463 including the nearby private sector jobs it creates off-base. For comparison, this is over 60% of Additional 1 MM SF NSA HQ 95 the total at-place employment in Arlington, Virginia. Space in Progress • Job growth on base, at the NSA, and in surrounding BWI AIRPORT areas will generate demand for 10,000 new $3.3 Billion of appropriated multifamily units in the Fort Meade vicinity (Sage Policy Group) with no near term future supply. and ongoing construction FORT MEADE • The NSA is currently adding 1 million SF of 32 additional operations and headquarters space. Demand for 10k new units zero new supply • There is $1.8 billion in ongoing construction at 97 E IN Ft. Meade, primarily related to the new Cyber L N 495 N Command facilities. The US increased cyber security PE C spending from $14 to $19 Billion between 2016 AR M and 2017. ANNAPOLIS • $1.5 billion in additional construction has been Washington WASHINGTON, DC Dulles appropriatedIntl. Airport and will begin this year including Clark Construction Group’s recently awarded $616.3 million, multi-story office building for the US Army. MARYLAND Reagan • The area’s growth has become so prominent that Nat'l Governor Larry Hogan announced $93.2 million in Airport construction projects aimed to alleviate congestion along Route 175 due toVIRGINIA Fort Meade traffic. In the next two decades, traffic along Route 175 is expected to double to 66,000 vehicles per day, making walking and biking proximity a premium amenity. MAJOR FORT MEADE EMPLOYERS: Fort Meade Daily Workforce Defense Information Systems Agency Cyber Command National Security Agency 38,970 Employees Living off Base Contractor Military 8,741 | 16% 16,313 | 29% Civilian 30,229 | 55% Defense Courier Service Defense Media Activity Environmental Protection Agency 3 EXECUTIVE SUMMARY Designed for Permanent Advantage in Fort Meade Market The Project combines an urban street edge emphasizing walkability and proximity 5.0 STARS ON APARTMENTS.COM to mass transit with a limited palette of unit configurations that simplifies operating efficiency and overall quality while providing revenue enhancing multiple resident (roommate) occupancy. Novus Odenton was designed to facilitate comfortable multiple resident occupancy in each apartment home thereby enabling individual residents to dollar cost average down their housing cost and increasing revenue 4.9 STARS ON GOOGLE to the Property. Demand driving amenities not found at any competing properties include a 5,000 square foot professional quality health club, yoga and cycle studios, a resident pet grooming spa, bike workshop, private resident only park space, a Mondrian-style outdoor pool with a 25 yard lap lane and a densely 4.9 STARS ON FACEBOOK wooded on site wetlands rookery that combine to provide residents a lifestyle option otherwise unattainable in the Odenton marketplace while also being walkable to transit and the base. The state-of-the-art fitness center is an especially coveted amenity as military members The media room is the perfect place for techies and are required to maintain peak physical fitness for their job. There are ample cardio video gamers to plug in their gaming system and enjoy machines, bimonthly spinning or yoga classes offered free of charge, as well as a large an oversized projector screen. selection of free weights. Also offers upside in income through memberships. 4 Maryland’s Best Apartment Market PROPERTY PERFORMANCE HIGHLIGHTS: Highest rents in submarket Year-over-year 3.7% increases on renewals 70% renewal retention rate Strong in place yield only getting stronger with unrivaled renewals and upside with no new supply THE CORE ASSET IN THE ASSET HIGHLIGHTS FORT MEADE SUBMARKET: Urban street frontage experience meets Novus Odenton has the highest effective rents in the submarket, as serene rural wetlands and rookery depicted in the graph below: Market leading amenity package creates Current Market Rents permanent and competitive advantage $2,100 Source: Axiometrics $1,962 $2,000 Top of the market finish package $1,900 $1,806 $1,749 $1,800 $1,720 $1,709 Highest rents, rent growth and $1,700 renewals in the market $1,600 Monthly Rent $1,500 Prestige through unmatched customer $1,400 satisfaction and social media $1,300 Adjacent to largest and fastest $1,200 growing demand driver in Maryland Walking distance to mass transit and base Households averaging $208,391 in annual income NO FORECAST SUPPLY: UNPARALLELED IN THE DC METRO With no new supply, this location is unique as compared to core markets in the DC Metro in the sense that rents are most likely to grow. Additionally, comparable markets with similarly strong demand drivers typically have all in costs in excess of $500 per square foot. OLD TOWN ODENTON BALLPARK NOMA/H STREET TYSONS RB CORRIDOR ALEXANDRIA BETHESDA In Lease Up 0 2,657 1,908 1,286 1,019 505 839 Under Constrution 0 4,100 2,994 2,561 1,603 1,549 539 Total Pipeline 0 6,757 4,902 3,847 2,622 2,054 1,378 Source: Axiometrics WHERE DO YOU THINK RENTS WILL GROW? 5 EXECUTIVE SUMMARY ESTABLISHED RENTER FUNDAMENTALS OFFICE SPACE • Luxury renters by choice: 905,417 » Average household income at the Property is $208,391 25, SF » Average individual income at the Property is $120,324 5,701 • Population within 5 miles of Novus Odenton earn an average annual income 46 S 5, F of $116,638, nearly double the national average according to Claritas • Expansive office market separate from Fort Meade: » Office space within 5-miles of Novus Odenton: 5,465,701 SF » Office space within 10-miles of Novus Odenton: 25,905,417 SF • Claritas projects approximately 9,000 additional residents will be moving 5 -M ius into the area within 5 miles of Novus Odenton, a 6.5% increase over today. ile Rad • Households nearly doubled between 2000 and 2010 within one mile of Novus Odenton (93.53% increase from 1,482, to 2,869 according to 10 us -Mile Radi Claritas) OUTSTANDING MARKET FUNDAMENTALS • All supply is leased and is not offering concessions due to new competition » 2,743 units delivered and absorbed since 2011 in the submarket in addition to Novus Odenton Property Yr Built Units Rush Hr Drive Time Residences at Arundel Preserve 2011 242 22 Minutes The 615 at Odenton Gateway 2012 252 20 Minutes Village at Odenton Station 2012 235 8 Minutes Novus Odenton Beacon at Waugh Chapel 2013 298 35 Minutes The Villas at Dorsey Ridge 2013 238 25 Minutes Palisades at Arundel Preserve 2013 330 22 Minutes 8 Minutes Serenity Place at Dorsey Ridge 2013 323 25 Minutes Flats 170 at Academy Yard 2014 369 15 Minutes from Ft. Meade Novus Odenton 2015 244 8 Minutes West 32 2016 212 8 Minutes during Rush Hour Total/Average 2,743 19 Minutes • No near term supply planned. • Anne Arundel County threatening to suspend residential development. • Burgeoning amenity base only enhances Odenton as destination for renters. New local neighborhood tenants include: » Ruth’s Chris » The Hideaway » Giant Grocery » Baltimore Coffee & Tea Company • Other nearby retail: » ARUNDEL MILLS MALL: One of the largest retail centers in the Mid-Atlantic region is located just six miles northwest from Novus Odenton Station. Comprising over 1.3 million square feet, and anchored by regional magnet retailers Costco, Best Buy, Bass Pro Shops, Saks Fifth Avenue and Neiman Marcus, this power center draws customers from all over the greater Baltimore / Washington metro area. » WAUGH CHAPEL CENTERS: Less than five miles southeast from Novus Odenton Station, along Crain Highway (MD Route 3), power centers Waugh Chapel Town Center and The Village at Waugh Chapel offer over 1 million square feet of brand name retail, including Wegman’s Grocery Store, Target, Regal Theaters, Dick’s Sporting Goods, Petco, Safeway, Home Goods, Rite Aid and L.A. Fitness. » MARYLAND LIVE! CASINO: Drawing crowds averaging over 20,000 per day, this landmark entertainment center is located just six miles north from Novus Odenton Station and features nearly 5,000 slot machines, table games, a 500-seat concert hall, five nationally-acclaimed restaurants, and over 3 million square feet of total retail.
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