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Pohlig Box Factory & Superior Warehouse POHLIG BOX FACTORY & SUPERIOR WAREHOUSE INVESTMENT SALE OFFERING MEMORANDUM A 93 UNIT MIXED-USE VALUE-ADD PROPERTY LOCATED IN HISTORIC SHOCKOE BOTTOM RICHMOND, VA POHLIG BOX FACTORY TABLE OF CONTENTS Executive Summary 4 Location Overview 16 Property Overviews 30 Apartment Market Overview 42 Rent Comparable Analysis 46 Financial Analysis 76 2 CONTACTS OFFER SOLICITATION PROCESS CARTER WOOD OFFER SUBMISSION Associate Offers should be presented in the form of a non-binding Letter of Intent, spelling out 804.350.2109 the significant terms and conditions of Purchasers’ offers including, but not limited to [email protected] (1) asset pricing, (2) due diligence and closing time frame, (3) earnest money deposit, (4) a description of the debt/equity structure and (5) qualifications to close. Offers WINK EWING should be delivered to the attention of Carter Wood at [email protected]. Senior Managing Director 703.575.2157 PROPERTY VISITATION [email protected] Prospective purchasers will have the opportunity to visit the Properties via prescheduled property tours. These tours will include access to a representative DREW WHITE sampling of units and access to maintenance and other similar facilities. No visitations Executive Managing Director will be permitted without advance notice and scheduling. 202.664.5890 [email protected] AVAILABLE TOUR DATES To schedule your tour of the Properties, please contact Ed Garnica at 703.918.4678 or MIKE MARSHALL [email protected]. Executive Managing Director 703.918.4669 [email protected] ED GARNICA Financial Analyst 703.918.4678 [email protected] MATTHEW TREUMUN Graphic Designer 703.918.4669 [email protected] 3 POHLIG BOX FACTORY 4 EXECUTIVE SUMMARY 5 POHLIG BOX FACTORY THE OFFERING The NKF Mid-Atlantic Multifamily Capital Markets team is pleased to Pohlig Box Factory and Superior Warehouse are centrally located offer for sale Pohlig Box Factory and Superior Warehouse Apartments within the Richmond metro area, which has experienced a decade (the “Properties”) that are located adjacent to each other. The of significant cultural change and has attracted millennials in recent Properties comprises 93 value-add multifamily units as well as 7,697 years due to Richmond’s diverse and exceptionally strong job market. SF of prime ground level retail space located in Shockoe Bottom, Shockoe Bottom is considered one of Richmond’s most eclectic Richmond’s most vibrant and historic river-front commercial district. and historic neighborhoods. The neighborhood continues to thrive thanks to the influx of new small businesses to the area, including The Properties are located in highly walkable areas of the commercial the Capital One Innovation Center and the many other businesses district, falling directly next door to Farm Fresh, a highly popular that are within immediate proximity to the Properties. The Shockoe grocer that happens to be the only Farm Fresh grocer in the Richmond Bottom neighborhood also offers a lively social scene with several area. The Portfolio presents investors with a compelling opportunity popular bars, brewpubs and dance spots situated along picturesque to acquire two boutique multifamily assets that will allow investors to cobblestone streets. realize operational efficiencies that will pave the way for strong cash flow and long-term value appreciation. The Portfolio is being offered on a free and clear basis, allowing investors to take advantage of the currently historically low interest rate environment. PORTFOLIO SUMMARY Year Built/ Market Property Units Unit SF Renovated In-Place Rent Rent/SF Pohlig Box Factory 65 912 1853/2004 $1,178 $1.29 Superior Warehouse 28 874 1852/2004 $1,241 $1.42 Totals / Averages 93 901 $1,197 $1.33 6 Executive Summary INVESTMENT HIGHLIGHTS STRONG VALUE-ADD POTENTIAL An evaluation of the rental competitive set indicates that investors have the opportunity to further penetrate the $280 to $390 per unit rent differential that exists between similar vintage product in the submarket and the Portfolio Properties. The Portfolio presents the opportunity to increase annual income by a factor of 1 approximately $200,000 at a cost of $372,465, which represents a return on cost of 53.4%. UPSIDE THROUGH REVENUE MANAGEMENT SYSTEM (RMS) Due to the fact current ownership grows rents by less than 1% each year, a new investor would have the opportunity to implement a revenue management system and close the gap between current year-over-year 2 rent growth vs market standard of 3%-4%. This would allow potential investors to gain on average more than 6% net rental income growth while retaining residents and signing new leases. ICONIC SHOCKOE BOTTOM LOCATION The Properties are located in the heart of Richmond’s highly historic and trendy Shockoe Bottom district, providing residents with easy access to the historic neighborhood’s vibrant culture, restaurants and nightlife, and is within walking distance to the James River and the Virginia State Capitol. The Portfolio 3 Properties are considered a walker’s paradise, with an average walk score of 90, which means almost all daily activities can be done by foot. WORLD CLASS EMPLOYMENT Richmond’s diverse and strong job market is in the midst of a significant expansion cycle, and features seven highly recognizable Fortune 500 companies located throughout the metro region. Some of the more notable Richmond-based Fortune 500 companies include Altria, Dominion Virginia Power, CarMax, Owens & 4 Minor, WestRock, and MeadWestvaco to name a few. SOUGHT-AFTER SECONDARY MARKET The Properties present the opportunity for an investor to gain a substantial foothold in the highly-sought after Richmond MSA, which has a market-wide occupancy of 95.6% exceeding national averages while affording the opportunity to achieve outsized yields relative to comparable markets in the southeast such as 5 Charlotte, Raleigh/Durham and Nashville. RICHMOND METRO MARKET REMAINS FAVORABLE The Richmond Metro multifamily market continues to be one of the top performing secondary submarkets on the east coast, with an annual effective rent growth of 3.6% and a 96% occupancy rate so far in 2019, according to Axiometrics. Much of this is accredited to the flood of young professionals who value the “live, 6 work, play” dynamic that Richmond offers. RICHMOND’S COOL VIBE Today, the City of Richmond exudes a very cool vibe that combines being urban in a big city with a small city feel. This blend of culture is what has pulled new tenants to the area and allows the City of Richmond to thrive. While there’s a pronounced Southern culture, the city is cultivating its own mellow buzz, a kind of 7 counterculture that makes it one of the East Coast’s most intriguing places to live in. Executive Summary 7 POHLIG BOX FACTORY STRONG VALUE-ADD POTENTIAL When comparing the rent delta between the comp set and the Properties, average market rents are approximately $280 to $390 more per month than the Properties. The Properties presents the opportunity to enhance value through upgrades of unit interiors to increase annual income by a factor of approximately $200,000 at a cost of $372,465 (or alternatively $4,000 per unit). These large premiums indicate that there is significant room to increase rental revenue with focused upgrades that can potentially include the following: + Pohlig Box Factory Potential Upgrades (Light Value-Add) – Installation of new designer lighting, new hardware, under cabinet LED lighting, backsplashes, and updating of flooring in kitchens and bathrooms. + Superior Warehouse Potential Upgrades (Moderate Value-Add) – Installation of new hardwood style floors and/or polished concrete floors, stainless steel appliances, granite countertops, designer kitchen cabinets, under cabinet LED lighting, backsplashss, and new hardware. Further, the courtyard amenity space at Superior can be easily expanded to feature gas grills, fire pits and a cabana area. RENT DIFFERENTIALS 1 Bedroom Unit Rent Differential Comp Set (Avg. Reno Vintage 2007) − 1 Bedroom Units 929 $1,407 Pohlig Box Factory − 1 Bedroom Units 727 $1,016 $391 Superior Warehouse − 1 Bedroom Units 803 $1,130 $277 2 Bedroom Unit Rent Differential Comp Set (Avg. Reno Vintage 2007) − 2 Bedroom Units 1,204 $1,745 Pohlig Box Factory − 2 Bedroom Units 1,181 $1,449 $296 Superior Warehouse − 2 Bedroom Units 1,001 $1,441 $304 Top-of-the-submarket comp set includes Lucky Street Lofts, The Lofts at Canal Walk, and American Cigar POHLIG BOX FACTORY - LIGHT VALUE ADD UPSIDE Type # Units Rent Premium Cost Return on Cost Studio Units 3 $25 $2,500 12.0% 1 Bedroom Units 41 $150 $2,500 72.0% 2 Bedroom Units 20 $200 $2,500 96.0% 3 Bedroom Units 1 $250 $2,500 120.0% Subtotal/Avg. 65 $161 $2,500 77.4% SUPERIOR WAREHOUSE - STRONG VALUE ADD UPSIDE 1 Bedroom Units 18 $200 $7,500 32.0% 2 Bedroom Units 10 $250 $7,500 40.0% Subtotal/Avg. 28 $218 $7,500 34.9% Total/Avg. 93 $178 $4,005 53.4% 8 Executive Summary STRONG VALUE-ADD PROPOSITION SUPERIOR WAREHOUSE - DATED KITCHENS POHLIG BOX FACTORY - MODERN KITCHENS Executive Summary 9 POHLIG BOX FACTORY SUPERIOR WAREHOUSE POHLIG BOX FACTORY 10 Executive Summary SUPERIOR WAREHOUSE POHLIG BOX FACTORY Executive Summary 11 POHLIG BOX FACTORY ICONIC SHOCKOE BOTTOM LOCATION The Properties feature prime locations in the heart of Richmond’s highly historic and trendy Shockoe Bottom district. The Properties provides residents with easy access to the historic neighborhood’s vibrant culture, restaurants and nightlife, and is within walking distance to the James River and the Virginia State Capitol. Excellent accessibility is made via the Northeast Regional line via Main Street Station, while the Downtown Expressway, I-95 and Main Street make driving to the properties a breeze. Main Street Station has been completely renovated and remains to be one of the submarket’s focal points, in addition to the transformation of the 17th Street Market into an open-air pedestrian plaza.
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