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Corpus Christi CORPUS CHRISTI A Recently Completed, Luxury Student Housing Community Comprised of 255 Units and 836 Beds Across Two Phases EXECUTIVE SUMMARY HFF has been exclusively retained to offer qualified investors the opportunity to purchase fee simple interest in Aspen Heights Corpus Christi (The “Property”), a recently completed, luxury student housing community comprised of 255 units and 836 beds across two phases. Located in one of the most popular destinations along the Texas Gulf Coast, the Property offers prominent visibility along Padre Island Drive (Hwy 358) with immediate access to Downtown, Padre Island and other key business centers and destinations throughout the Corpus Christi area. Positioned less than a mile from the distinguished Texas A&M Corpus Christi campus (TAMUCC), the Property serves the university’s growing student population with continued year-over-year enrollment growth and plans to increase the population to 15,000+ students by 2020. Currently 93% occupied, Aspen Heights Corpus Christi offers tenants a resort-style amenity package along with a diverse mix of two, three, four and five bedroom cottage-style units featuring high-end furnishings and finishes. With limited on-campus beds available and nearing full occupancy, Aspen Heights Corpus Christi presents investors the unique opportunity to acquire brand new purpose-built, off-campus product in high demand in a rapidly growing university environment. PROPERTY INFORMATION Phase I Phase II Address 1938 Ennis Joslin Road, Corpus Christi, TX Year Built 2014 2015 Units 153 102 Beds 500 336 Occupancy 93% 93% Surface Parking Spots 625 423 CURRENT IN-PLACE DEBT INFORMATION PHASE 1 - Assumable Loan Loan Date 12/18/2014 Term 10 Years Rate 4.75%, fixed I/O Period 5 Years Original Loan Amount $30,380,000 Lender RAIT PHASE 2 - Free and Clear New debt available. Please contact HFF for live debt quotes. PREMIER STUDENT HOUSING COMMUNITY Completed in 2014 and 2015, Aspen Heights Corpus Christi present investors a rare opportunity to acquire a new, purpose-built student housing community in a growing market. Developed by Aspen Heights, the “cottage style” community features best-in-market finishes and an amenity package superior to its competitive set. BEST-IN-CLASS AMENITIES • 24-Hour Fitness Center • California-Style Pool • Dog Park • Movie Theater • Study Lounge & Computer Lab • Basketball & Volleyball Courts • Tanning Beds • Limited-Access Gate TOP-TIER FINISHES AND FURNISHINGS • Fully Furnished, Cottage-Style Units • Open Floor Plans & Modern Furnishings • Flat screen TVs • 9’ Ceilings • Full-size Washer & Dryer • Patios/Balconies • Walk-in closets ENROLLMENT: 12,000+ 84% 16% UNDERGRADS GRADUATE LIMITED ON-CAMPUS BEDS 19% OF ENROLLMENT PROJECTED ENROLLMENT: 15,000+ STUDENTS BY 2020 (6.25% ANNUAL GROWTH) TEXAS A&M CORPUS CHRISTI - THRIVING FUNDAMENTALS A member of the distinguished Texas A&M System and recognized as the only college in America on its own island, TAMUCC has transformed into a highly regarded institution offering bachelors, masters, and doctoral degrees through five colleges. With 12,000+ students currently enrolled, the university is seeing continued growth with enrollment expected to increase to 15,000+ students, or 6.25% annually, by 2020. EXCELLENT SPONSORSHIP PORT ARANSAS Aspen Heights is recognized as one of the premier student housing developers in the nation with more than 30 different projects either developed or under construction. With 18,000+ beds developed and managed across the country, 30 Aspen Heights is known for its high-grade construction practices, best-in- class community amenities and top-quality interior finishes. CORPUS CHRISTI INTERNATIONAL AIRPORT OSO BAY Located just south of Padre Island Drive (Hwy 358) on Ennis Joslin Road, Aspen Heights is conveniently located less than a mile from campus. The Property is situated on TAMUCC bus route 63, “The Wave” providing students MUSTANG quick access to campus seven days a week. ISLAND The Property is within three miles of Corpus Christi’s two largest retail centers, Moore Plaza and La Palmera shopping center where students can find all of their daily needs and necessities. Aspen Heights’ immediate waterfront access to Oso Bay and superior off campus location on Ennis Joslin Road and Route 63 makes it the premier student living option in Corpus Christi. LA PALMERA CORPUS CHRISTI BAY SHOPPING CENTER TEXAS STATE CHRISTUS AQUARIUM DOWNTOWN SPOHN DEL MAR CORPUS CHRISTI COLLEGE HOSPITAL OSO BEACH GOLF COURSE MOORE PLAZA SHOPPING CENTER S . P AD RE IS LA ND D RI VE OSO BAY PADRE/MUSTANG ISLAND (10 MINUTES) DOUG OPALKA RYAN MCBRIDE BRIAN KELLY MIKE HIGGINS SPENCER ROY JOSEPH PERIS SCOTT CLIFTON ROBERT WOOTEN Senior Managing Director Associate Director Managing Director Associate Director Analyst Analyst Senior Analyst Director - Debt 512.532.1922 512.532.1932 312.980.3605 312.528.3657 512.532.1977 312.528.3650 312.300.7286 512.532.1932 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change..
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