Exclusive Multi-Family Offering
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Exclusive Multi-Family Offering Wedington Circle Proposed Mixed-Use Development 296 Student Housing Units + 16,576 Sq. Ft. of Retail/Office $1,900,000 "As Is" • $3,800,000 With Infrastructure In Place Joel Sanders, CCIM DAVID BILFELD Multi-Family Specialist Senior Vice President 479.845.1507 312.612.5935 [email protected] [email protected] Bob Craig Student Housing Advisor 312.612.5937 [email protected] COLLIERS INTERNATIONAL James Berner Ramsay Ball Associate Principal 312.612.5936 479.636.9000 [email protected] [email protected] Multi-Family Advisory Group 200 S. Wacker Drive, Suite 700 - Chicago, Illinois 60606 802 S.E. Plaza Avenue, Suite 104 - Bentonville, AR 72712 Colliers International Multi-Family Advisory Group Development Overview AREA Overview The Wedington Circle Development Wedington Circle is located in the is a 6.13 +/- acre mixed use prime City of Fayetteville-Washington student housing site located County, with a population of within walking distance to the more than 68,000 which grew heart of the University of Arkansas nearly 16 percent between the campus. It is currently entitled for 2000 and 2006 and was ranked the development of 296 student Wedington Drive 8th in the Best Places for Business housing units for a total of 426 and Careers by Forbes Magazine bedrooms and 16,576 square feet of in 2007. office/retail space. The building units will feature parking below, private roadways with The Fayetteville-Springdale-Rogers, AR-MO Metropolitan Statistical parking, and infrastructure service connections. This site is one of the best Area has a population of 437,367 people and a 50-mile radius shows a multiple acre student housing location ever offered in the University of population of 835,232 with growth rates of 39.7% and 30.7% respectively Arkansas student housing market and it is one of the only sites to include over the last five years. Northwest Arkansas’s employment base is anchored banks, a grocery store, restaurants, bars, a convenience store, retail shops, by four major employers: the corporate headquarters of Wal~Mart, Tyson and the campus, all within walking distance. and JB Hunt and the University of Arkansas. Northwest Arkansas Attractions Clinton House Museum: This is a one bedroom, 1,800 square feet, this house in Fayetteville, Arkansas, and is like many other homes surrounding it. However, this home has a significant special place in history. Not only did the former U.S. President Bill Clinton and U.S. Senator, Hilary Clinton call this their first home, but they were married right in the living room. Bill Clinton took Hillary Rodham's hand in marriage, seventeen years before he would be elected President of the United States. Crystal Bridges Museum of American Art - Founded by Alice Walton, Crystal Bridges is envisioned as a premier national art institution dedicated to American art and artists. Under construction in Bentonville, Ark., the museum complex will encompass approximately 100,000 square feet of gallery, library, meeting, and office space, a 250-seat indoor auditorium, areas for outdoor concerts and public events, gallery rooms suitable for large receptions, as well as sculpture gardens and walking trails. It is scheduled to open in 2010. Arkansas Razorbacks - The ability of Razorback sports to attract fans to home games is phenomenal for college sports. During a home football game, Razorback Stadium fills up with Nearly 75,000 fans, which makes it equivalent to being the second largest city in Arkansas on a home game day. Fayetteville, AR Overview Fayetteville, Arkansas, is the home of the University of Arkansas, the state’s flagship university. This SEC campus has an enrollment of nearly 19,000 undergraduate and graduate students. Founded in 1871, the University of Arkansas is a public, land-grant university and offers more than 200 areas of undergraduate study and renowned research initiatives. The Sam M. Walton College of Business is the UA’s flagship college. Funded by and named after the founder of Wal-Mart, it has its own special tuition and its own Career Development Center. The Walton College of Business is among the top 25 undergraduate business schools and ranked in the top 50 graduate business schools in the nation. 293 Offices • 61 Countries • 6 Continents Colliers International Multi-Family Advisory Group Nationally Recognized As One Of The Best Places To Live The Wedington Circle Mixed-Use Development $3,800,000 - 296 Units/426 Beds • FORBES MAGAZINE: #8 in the nation among the Best Places for Business and Careers in 2007 Description • INC. MAGAZINE: #4 in 2007 for Best Gross Potential Rent $3,309,096 Cities for Doing Business (mid-size Number of Units 296 city category) and #13 for Best Cities Less Vacancy 5% $165,455 for Doing Business (overall) Plus: Other Income $104,300 Plus: Parking Revenue $105,000 • SPERLING’S: #74 out of 379 best Effective Gross Income $3,352,941 green places to live in the America. Wedington Drive and #1 in the state of Arkansas Annualized Operating Data • WORLDWIDE ERC: #15 among 2007 Expenses Best Cities for Relocating Families (in Real Estate Taxes $138,600 its category) • 296 Units/426 Beds Insurance $68,053 • RELOCATING AMERICA: Ranked in the Repair & Maintenance $86,432 • Parking Below and Private Roadways Top 100 places to live in 2006 Payroll $126,576 • Walking distance to University of Arkansas Other Expenses $394,438 • Close to Entertainment and Shopping Outlets • KIPLINGER’S MAGAZINE: Rated Top Ten “Best College Towns” (May 2007) Total Expenses $203,291 Net Operating Income $2,538,842 Wedington Drive University of Arkansas Highlights The university houses approximately 4,000 students on its Fayetteville campus in 13 residence facilities: Buchanan-Droke Hall, Futrall Hall, Gibson Hall, Gladson-Ripley Hall, Gregson Hall, Holcombe Hall, Humphreys Hall, Maple Hill Hall, Northwest Quad, Pomfret Honors Quarters, Reid Hall and Yocum Hall. The new Duncan Avenue Apartments will open in Fall 2008 housing an additional 200 students. While there is a requirement for freshmen students, there is no requirement for other students to live in university- owned residence facilities. Student Statistics 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Spring/ Fall Enrollment Undergraduate 12,300 12,358 12,550 12,859 12,929 13,125 13,817 14,281 14,350 13,123 Graduate 2,395 2,491 2,491 2,561 2,696 2,867 2,981 3,095 3,146 3,027 Law 365 377 355 375 410 457 471 445 430 408 Total Enrollment 15,060 15,226 15,396 15,795 16,035 16,449 17,269 17,821 17,926 18,648 293 Offices • 61 Countries • 6 Continents Exclusive Multi-Family Offering Wedington Circle Proposed Mixed-Use Development 296 Student Housing Units + 16,576 Sq. Ft. Of Retail/Office 293 Offices Worldwide Akron, OH New Jersey, NJ (4) Allentown, PA New York, NY Atlanta, GA Oakland, CA Austin, TX Orlando, FL Bakersfield, CA Palo Alto, CA Baltimore, MD (3) Philadelphia, PA Beachwood, OH Phoenix, AZ Bellevue, WA Pittsburgh, PA Boca Raton, FL Pleasanton, CA Boise, ID Plymouth Meeting, Boston, MA PA Carlsbad, CA Portland, OR Charleston, SC Raleigh, NC Charlotte, NC Reno, NV Chicago, IL (2) Roseville, CA Cincinnati, OH Sacramento, CA Clearwater, FL San Diego, CA (2) Cleveland, OH San Francisco, CA Columbia, SC San Jose, CA (2) Dallas/Ft. Worth, San Mateo, CA TX Scottsdale, AZ Dayton, OH Seattle, WA Denver, CO St. Charles, MO Detroit, MI St. George, UT Fairfield, CA St. Louis, MO Fort Myers, FL St. Paul, MN Fresno, CA Stamford, CT Ft. Lauderdale, FL Stockton, CA Gilroy, CA Sun Valley, ID Greenville, SC Tacoma, WA ° Grocery Store and Bank Adjacent to Site Hartford, CT Tampa, FL Honolulu, HI Walnut Creek, CA ° Walking Distance to University of Arkansas, Fayetteville Houston, TX Washington, DC Indianapolis, IN Wilmington, DE ° Available Parking for Tenants and Guests. Jacksonville, FL Kansas City, MO ° Walking Distance to Retail, Restaurants and Entertainment. Las Vegas, NV ° Developable Land For 296 units/426 Bedrooms Little Rock, AR (2) Los Angeles, CA (13) Louisville, KY Memphis, TN Miami, FL (2) Milwaukee, WI Minneapolis, MN Nashville, TN New Haven, CT For More Information: Joel Sanders, CCIM: Multi-Family Specialist 479-845-1507 David Bilfeld: Senior Vice President 312-612-5935 Bob Craig: Student Housing Advisor 312-612-5937 COLLIERS Ramsay Ball: Principal 479-636-9000 INTERNATIONAL James Berner: Associate 312-612-5936 Colliers International, Illinois Colliers International, Arkansas 200 S. Wacker Drive, Suite 700 802 S. E. Plaza Avenue, Suite 104 Chicago, IL 60606 Bentonville, AR 72712 Multi-Family Advisory Group.