Offering Memorandum 2244 S
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OFFERING MEMORANDUM 2244 S. Frontage Rd. West Vail, CO 81657 DISCLAIMER NAI Mountain Commercial (“Broker”) has been retained by Cedar at Streamside Condominium Association, Inc. in Vail, Colorado (“Property”) as the exclusive broker for this opportunity. This Offering Memorandum has been prepared by Broker for use by the principal (“Principal”) to whom Broker has provided this Offering Memorandum. The use of this Offering Memorandum and the information provided herein is subject to the terms, provisions and limitations of the Confidentiality Agreement furnished by Broker and executed by Principal prior to delivery of this Offering Memorandum. Although the information contained herein is based upon sources believed to be reasonably reliable, Owner and Broker, on their own behalf, and on behalf of their respective officers, employees, shareholders, partners, directors, members and affiliates, disclaim responsibility or liability for inaccuracies, representations and warranties (expressed or implied) contained in, or omitted from, the Offering Memorandum or any other written or oral communication or information transmitted or made available to the recipient of this Offering Memorandum. In amplification of and without limiting the foregoing, summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents but rather only outlines of some of the principal provisions contained therein, and no representations or warranties are made as to the completeness and/or accuracy of the projections contained herein. Prospective purchasers of the Property should make their own investigations and conclusions without reliance upon this Offering Memorandum, the information contained herein or any other written or oral communication or information transmitted or made available. Additional information and an opportunity to inspect the Property will be made available upon written request by interested and qualified prospective purchasers. Owner expressly reserves the right, exercisable in Owner’s sole and absolute discretion, to withdraw the Property Erich Schmidt from being marketed for sale at any time and for any reason. Owner and Broker each expressly reserves the Vice President right, exercisable in their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. T: 970-306-0313 Broker is not authorized to make any representations or agreements on behalf of Owner. Owner shall not have [email protected] any legal commitment or obligation to any entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed, delivered and approved by Owner and the other party there to and any conditions to Owner’s Steven Sendor obligations here under have been satisfied or waived. If you have no interest in the Property at this time, return Vice President this Offering Memorandum immediately to: T: 970-306-7112 [email protected] NAI Mountain Commercial 245 Chapel Pl, Suite 201 Avon, CO 81620 970-239-4199 www.naimountain.com Cedar at Streamside | Offering Memorandum 2 Property Information 2244 South Frontage Road West ADDRESS Vail, CO 81657 24 TOTAL CONDOMINIUM UNITS 16 - 1bed/2bath 8 - 1bed/loft/3baths ZONING Planned Unit Development YEAR BUILT 1982 SQUARE FOOTAGE 21,440 PRICE $9,250,000 PRICE / SF $431.44 PRICE / UNIT $385,417 Property Description Cedar at Streamside is a fully furnished 24-unit condominium complex located in Vail, Colorado. The property contains 16 one-bedroom, two bath, and 8 one-bedroom + loft, three bath units of 760 square feet and 1,160 square feet respectively. Fully furnished and provisioned for maximum sleeping capacity, Cedar has been owned and operated as a timeshare resort since 1984. The building is being offered free and clear of all timeshare encumbrances, providing future ownership with several potential operating and exit strategies. Additionally, the property is not subject to the Town of Vail’s 1% transfer tax. Cedar is part of the Streamside Resort which offers a variety of amenities including a heated indoor/outdoor pool, indoor/outdoor spas, fitness center, sauna, steam room, basketball/racquetball court, lounge & game areas, concierge, barbecue grills, abundant parking, and access to Vail Village via a private shuttle offered by the master community and the free Town of Vail bus system, located under a five minute walk from the property. The common areas are maintained by Marriott Vacation Ownership, operator of three of the five buildings within the 152-unit master community. Streamside offers families an affordable resort experience in one of the world’s most exclusive mountain destinations. Cedar at Streamside | Offering Memorandum 3 Investment Highlights RARE OPPORTUNITY TO ACQUIRE A 24-UNIT BUILDING WITH RESORT STYLE AMENITIES IN VAIL PROPERTY OFFERED FREE AND CLEAR OF ALL TIMESHARE ENCUMBRANCES AT BELOW REPLACEMENT COST AND INDIVIDUAL MARKET VALUE, ALLOWING FUTURE OWNER SEVERAL POTENTIAL OPERATING AND EXIT STRATEGIES CONVENIENTLY LOCATED IN WEST VAIL ON THE FREE TOWN OF VAIL BUS ROUTE OFFERING EASY ACCESS TO VAIL SKI RESORT AND APPROXIMATELY 15 MINUTES TO BEAVER CREEK SKI RESORT ATTRACTIVE MIX OF ONE- AND ONE BEDROOM + LOFT UNITS RESORT STYLE AMENITIES INCLUDING INDOOR/OUTDOOR POOL, MULTIPLE HOT TUBS, FITNESS CENTER, KIDS’ ROOMS, LOUNGE/REC ROOMS, RACQUETBALL/ BASKETBALL COURT, AND PRIVATE SHUTTLE SERVICE TO VAIL VILLAGE. WELL MAINTAINED ASSET WITH VALUE-ADD UPSIDE IN THE INDIVIDUAL UNITS Cedar at Streamside | Offering Memorandum 4 Features & Amenities • Fully furnished • Fitness center • Private balconies • Lounge • High ceilings in loft units • Concierge • Stone counter tops • Barbecue grills • Wood burning fireplaces • Multiple kids’ rooms • Designed for maximum oc- • Abundant parking cupancy • Walking distance to free • Heated indoor/outdoor pool Town of Vail bus stop & spas • Private shuttle to Vail Village • Sauna & steam room • Basketball/racquetball court Cedar at Streamside | Offering Memorandum 5 Features & Amenities Cedar at Streamside | Offering Memorandum 6 Unit Descriptions One Bedroom Units Cedar’s 16 one-bedroom two-bathroom condominium units are single level and approximately 800 square feet. Optimized for maximum occupancy, units are designed to sleep six people with one furnished bedroom containing a queen bed, one queen sleeper sofa, and one full sleeper sofa. Additionally, the unit has its own private balcony, furnished living room, fully equipped kitchen, and dining area. Cedar at Streamside | Offering Memorandum 7 Unit Descriptions One bedroom + Loft Units Furnished to accommodate up to ten people, Cedar’s 8 one-bedroom + loft, three-bathroom units are approximately 1,200 square feet. The private bedroom comes furnished with two twin beds and a full sleeper sofa. Overlooking the living room, the loft contains a king bed and a full sleeper sofa. There is an additional queen sleeper sofa in the living room which flows into a fully equipped kitchen and dining area. The units feature two balconies with outdoor seating and are accessed from the loft and bedroom. Cedar at Streamside | Offering Memorandum 8 Eagle County According to 2010 census data, the total population of Eagle County was 52,197 (2018 approx. of 54,993). The economy of Eagle County is heavily influenced by the tourism industry with the majority of jobs in hospitality, art, entertainment, construction and retail. The median household income for the county was $71,030 with almost half of the residents holding a bachelor’s degree or higher (2018 approx. of $83,803). Town of Vail GoPro Mountain Games in Vail 2019 Vail is home to 5,305 permanent residents, plus 5,000 part-time residents, including second homeowners. Vail Resorts attracts over 5 million tourists each winter to the Colorado resorts, with a large portion of that number specific to Vail. Visitors and residents alike enjoy the 1,100 acres of open space accounting for 50% of Vail’s town-owned land; 350,000 surrounding acres of national forest, crowned by 5,289 skiable acres on one of the largest and best ski mountains in the world; 17 miles of recreation paths; countless special events, the highest botanical gardens in the world and an outdoor amphitheater named for Vail’s most famous resident, President Gerald R. Ford. While it’s true that over 1.6 million skiers and snowboarders travel to Vail every winter to take advantage of the more than 5,289 skiable acres, Vail isn’t just skiing. The town attracts over 650,000 visitors every summer to enjoy the natural beauty of the Rocky Mountains, for rest and relaxation, to take advantage of the town’s shopping, dining, and leisure activities, as well as a host of outdoor activities available. With such a high satisfaction rate among summer Vail visitors (90% say they are “Extremely Satisfied” with their Vail experience), it’s no wonder that over 80% of the 650,000 summer visitors are return visitors to Vail. With world renowned skiing, diverse shops and restaurants, luxurious accommodations, friendly neighborhoods and breath-taking mountain views, Vail is arguably the finest resort destination in the world and a great place to invest. Cedar at Streamside | Offering Memorandum 9 Comparable Sales Unit # Bed/Bath Size (SF) Sale Date Sale Price $/SF #11-19 1/1 576 10/23/19 $370,000 $642 #10-20 1/1 576 10/22/19 $409,000 $710 #2-1 1/2 516 9/26/19 $385,000 $746 #9-4 1/1 576 8/30/19 $390,000 $677 #11-23 1/1 576 5/21/19 $340,000 $590 #14-26 1/2 684 5/21/19 $395,000 $577 Vail Racquet Club #11-5 1/1 576 5/2/19 $399,990 $694 Located on 20 acres in East Vail and on the Town of Vail’s free bus route, the Vail Racquet Club offers chalet style 1, 2, #23 1/1 576 1/31/19 $399,970 $694 and 3-bedroom condos as well as 3-bedroom townhomes #14-9 1/2 576 12/4/18 $390,000 $677 on a campus like facility.