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BROADWAY ROAD Approved | 278 Unit Development 341Dracut, MA

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BROADWAY ROAD Approved | 278 Unit Development 341Dracut, MA 341 BROADWAY ROAD Approved | 278 Unit Development 341Dracut, MA 1 Village Inn Executive Summary Prime Storage Colliers International’s Multi-Family Advisory Group is to major transportation routes, including I-93 and I-495, 341 pleased to offer for saleBroadway Village, a fully permitted and convenient to various employment centers in northern BROADWAY ROAD 278-unit ground-up apartment development opportunity Massachusetts, southern New Hampshire and areas 113 in the town of Dracut, Massachusetts. The comprehensive north and west of Boston. MBTA commuter rail service permit for the project allows for 278 rental units in four to Boston’s North Station is available in Lowell (Lowell (4) elevatored buildings on the expansive 47.5-acre site. Station) just 3.5 miles, less than a 15-minute drive, south of The project is envisioned as four (4) story wood framed the property. construction with surface parking (at a ratio of +/- 2 B Dunkin Donuts RO spaces per unit) and 58 structured/garage spaces. The Located at 341 Broadway Road (Route 113), the site is AD W A thoughtfully designed community is replete with abundant proximate to many local amenities along Route 113 in Dracut Y Barre on Broadway R tenant amenity spaces, including café areas, lounges, pet as well as convenient to commercial areas and amenities in O A Katz & Hounds grooming, outdoor grills, cinema room, fitness center, bike the surrounding communities, as well as tax-free shopping D storage and a large courtyard lawn and swimming pool. in the adjacent southern New Hampshire towns. The University of Massachusetts’ Lowell campus is located just The town of Dracut is a tightknit residential community with 3 miles from the site, representing a substantial potential a well-recognized school system. Located about 27 miles demand driver for the project. With over 18,000 students Frobie’s Cafe north of Boston, the town is bordered by New Hampshire and 1,110 faculty, UMass Lowell is the second-largest public Scola’s to the north, Methuen to the east, Tewksbury and Lowell to institution in Massachusetts and the university, as well as the south, and Tyngsborough to the west, and is considered the greater Lowell region in general, is underserved by high Washington Savings Bank ML Shaw’s Country Kitchen part of the Greater Lowell region. The town is accessible quality modern housing options. Edge 24 Hour Private Fitness Gravity Fitness Club Process & Pricing Blue Angus Cafe 113 Eastern Bank Broadway Village is offered for sale on an “as-is, where-is” basis and without a formal asking price. Upon receipt of a signed confidentiality agreement, qualified investors will be provided with the offering and access to additional due diligence materials via the Real Capital Markets website. Once investors have had an opportunity to review the offering Village House of Pizza materials, Colliers will schedule a “Call for Offers” date with advanced notice. For more information on this offering and to sign the Confidentiality Agreement, please visit 341Broadway.colliers.com. CVS Market Basket Thantawan Thai 3 Investment Highlights 341 B BROADWAY ROAD ROAD WAY ROA ENTITLEMENTS/APPROVALS IN-PLACE D With most permits in-place, the project is poised to move forward immediately enabling the 113 incoming developer to capitalize on today’s attractive rental and capital market fundamentals. STRONG DEMOGRAPHICS The project will benefit from strong underlying demographics --- including an average household income of $107,000 and a median home value of $375,000 in the town of Dracut and more than 560,000 people living within ten miles of the site. Project Summary PROVEN DEMAND Due to extraordinarily high rental rates in the Boston area, surrounding submarkets and Address 341 Broadway Road, Dracut MA similar towns such as Methuen, Billerica, Andover, and Tewksbury have become attractive Site Size 47.5 Acres value alternatives for residents. In outlying towns around Boston, recently built apartment Permit Type 40B Comprehensive Permit communities that offer modern living amenities, convenience and access to transit and Units 278 employers are consistently achieving rents of $2.00-$2.50+/SF. Design Four (4) four (4) story buildings; no age restrictions. Rentable Area 291,050 SF GREAT RENTAL MARKET FUNDAMENTALS Avg Unit Size 1,047 According to CoStar, the Lowell/Dracut submarket has experienced solid rent growth, Parking 570 spaces - 512 surface and 58 below grade sustained high occupancy and very little new supply of apartments in the last decade. (structured) spaces Affordability 20%-25% of the units are to be set aside for households earning 50% or 80% of the area median income Inventory 10,282 units (depending on the Subsidizing Agency). The existing Vacancy Rate 2.8% permit stipulates 20% of units at 50% of the AMI (per DHCD/HUD guidelines). The incoming developer has Rent Growth (since 2015) 18% (all vintages/types) the flexibility to select a different Subsidizing Agency (i.e. MHP, MassHousing or MassDevelopment) and change Delivered (since 2010) 233 units the unit percentage and AMI threshold structure (e.g. 25% at 80% AMI). Under Construction 315 units (including 240 units at Crosspoint Towers) *Per CoStar as of 1/1/20 5 101 PORTSMOUTH Demographics MANCHESTER Population Dracut 1 Mile 3 Mile 5 Mile 10 Mile 93 Estimated Population (2019) 31,910 3,251 67,675 178,964 560,686 28 Projected Population (2024) 32,602 3,317 69,871 184,728 578,370 Historical Annual Growth NEWBURYPORT 2,488 0.9% 498 1.7% 5,668 0.9% 12,292 0.8% 37,985 0.8% (2010 to 2019) Households NEW HAMPSHIRE Estimated Households (2019) 11,817 1,147 25,002 64,511 203,844 Estimated Average Household $107,317 $130,001 $87,507 $91,797 $107,412 NASHUA Income (2019) Estimated Median Household $96,955 $123,523 $75,102 $76,750 $89,245 Income (2019) Estimated Average Household Size 1 2.70 2.83 2.59 2.71 2.70 3 (2019) DRACUT 95 Labor Force Unemployment Rate 1.5% 1.3% 1.9% 2.1% 1.9% LOWELL LINE Home Values 495 Median Home Value $375,808 $426,699 $361,586 $360,348 $387,904 2A 93 Travel Times/Distances 2 95 Travel Times/Distances Miles Minutes MBTA Commuter Rail (Lowell Station) 3.5 miles 15 mins Commute Time to North Station 45 minutes 128 UMass Lowell Campus 3 miles 8 mins Boston/Cambridge 30 miles 50 mins Manchester, NH 30 miles 40 mins 495 CAMBRIDGE Nashua, NH 14 miles 30 mins Waltham, MA 25 miles 45 mins 20 190 Portsmouth, NH 45 miles 50 mins 290 BOSTON 90 9 93 7 95 140 BWV 341 BROADWAY ROAD MULTIFAMILY ADVISORY GROUP Chris Sower Bruce Lusa Executive Vice President Senior Vice President 617.330.8141 617.330.8043 [email protected] [email protected] Colliers Boston Jonathan Bryant John Flaherty 160 Federal St, 11th Floor Assistant Vice President Assistant Vice President Boston, MA 02110 617.330.8081 617.330.8151 colliers.com/boston [email protected] [email protected] This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2019. All rights reserved. View of Commons Area First Dracut Development, 2014.
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