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pu en station confidential offering memorandum BRYSE TOOTHAKER ALEX MCDERMOTT AUSTIN GREEN Senior Advisor Senior Advisor Senior Advisor direct: 704.727.2926 direct 704.533.4865 direct 704.962.7454 office: 800.746.3175 ext. 703 office 800.746.3175 ext. 700 office 800.746.3175 ext. 701 [email protected] [email protected] [email protected] BRIAN FORD RON CORRAO A.J. KLENK Managing Partner Senior Advisor Managing Partner direct 704.962.9462 direct 980.349.6994 direct: 704.231.4882 office 800.746.3175 ext. 702 office 800.746.3175 ext. 712 office: 800.746.3175 ext. 704 [email protected] [email protected] [email protected] CONTENTS Investment Rationale 5 executive summary investment highlights Location Overview 13 raleigh overview thriving economy multi-family fundamentals nearby amenities Property Description 23 property details physical attributes parcel view location map Apartment Market 33 comparable sales rental competitors Financial Analysis 43 fresh debt analysis short term rental analysis INVESTMENT RATIONALE executive summary investment highlights executive summary Capstone Apartment Partners is pleased to offer the truly unique opportunity to acquire Pullen PROPERTY OVERVIEW Station: a 100-unit studio apartment community ideally located between North Carolina State Address 211 Ashe Ave. University and the skyscrapers of downtown Raleigh. Pullen Station offers a timeless infill location City/State Raleigh, NC that has benefitted tremendously from the in-place value-add program, which has provided Acreage 1.72 an excellent foundation for new ownership to complete and take the property to the next level. Property Type Garden Apartments Number of Units 100 As the demand for lower-cost housing options continues to increase, Pullen Station will be YOC/Renovation 1984/2018 perfectly positioned and differentiated in the urban core submarket. With the majority of the Occupancy 92.0% heavy lifting complete and a proven interior value-add program nearly complete, new owners Rentable Square Feet 22,500 can immediately focus on driving NOI growth organically on renewals, while renovating the Average Unit Size (SF) 225 remaining units upon turnovers. Average Effective Rent/Unit $779 Average Effective Rent/SF $3.46 Sales Terms Free and Clear EXISITING VALUE PROPOSITIONS Offering Price TBD by Market A Timeless Infill Location Adjacent to Downtown Raleigh & NC State University Unique Floorplans and an Attractive Differentiated Product In-Place Physical and Operational Value-Add Initiative to Build On Future Development Covered Land Opportunity Hotel Conversion/Short Term Rental Opportunity 6 | INVESTMENT RATioNALE differentiated product UNIQUE FLOORPLANS AND AN ATTRACTIVE SUBMARKET AVG STUDIO MARKET RENTS COMPARISON $1,400 $470 DIFFERENTIATED PRODUCT BELOW $1,200 $386 Pullen Station represents both an exciting and rare opportunity to cater to residents $1,000 BELOW $1,249 $1,163 seeking a cost-efficient living option($386/month below average studio $800 $779 $600 rents and $470/month below the rental competitors in the downtown $400 Raleigh submarket) while also having convenient access to downtown $200 Raleigh. Furthermore, residents at Pullen Station need not sacrifice quality, as $0 the community’s renovated units are top of the line with modern fits and finishes. Pullen Station Weighted Studio Comps Within 2 Rental Competitor Avg Avg Mile Radius PULLEN STATION | 7 value-add opportunities IN-PLACE PHYSICAL AND OPERATIONAL VALUE-ADD INITIATIVE TO BUILD ON Pullen Station has been exceptionally maintained as current ownership has invested significantly in targeted CapEx as well as focused interior unit upgrades. With much of the heavy lifting complete, new ownership can focus on completing the existing value-add program for the remaining 14 units. IN-PROGRESS UNIT RENOVATIONS Upgraded Appliances Faux Hardwood Vinyl Flooring New Countertops with Solid Wood Cabinetry Modern Hardware & Lighting Package New Vanities in Bathroom New Water Closets, Kitchen Faucets, and Bath Faucets 8 | INVESTMENT RATioNALE value-add opportunities ADDITIONAL RENT GROWTH HEADROOM UTILITY REIMBURSEMENT UPSIDE $100,000 $90,596 UTILITY Current management is achieving on average $170 rent premium $90,000 REIMBURSEMENT $80,000 $69,651 across the 85 renovated units. In addition to the in-progress interior value- $70,000 $60,000 add program, further headroom exists to grow effective rents to market levels. $69,651 $50,000 INCREASE TO EGI The Link Apartments Glenwood South and The Dillon, comparable new $40,000 Effective Gross Income Income Gross Effective $30,000 construction properties in the downtown Raleigh submarket with similar studio- $20,000 sized floorplans, are achieving rents of $1,227 and $1,290 per studio unit, $10,000 $20,945 $20,945 $- respectively; thereby, providing just two more examples of additional headroom December 2018 T6 Utility Reimbursement 100% Water/Sewer/Trash Utility Reimbursement in PF Y2 to push rents further at Pullen Station. *Note: PF Y2 Utility Reimbursement factors 5% for vacancy and a 2% expense increase. SUBMARKET RALEIGH STUDIO RENT COMPS CHARGING BACK FOR WATER, SEWER, $1,400 $665 BELOW AND TRASH $1,200 $602 BELOW $1,290 $1,000 $170 $1,227 The property offers additional significant upside for new ownership due BELOW $800 to the recent implementation of a water, sewer, and trash reimbursement $600 $795 program, which current ownership has implemented without issue. Current $400 $625 ownership has sub-metered all units and began billing back residents in April $200 $0 of 2018 adding water, sewer, and trash charges to all renewals and new Pullen Station Studio Unrenovated Pullen Station Studio Renovated leases. Full implementation will provide an additional boost of $69,651 to Link Apts. Glenwood South Studio The Dillon Studio a new owner’s EGI. PULLEN STATION | 9 covered land play The 1.72-acre underlying real estate possesses undeniable value as a future development site for conventional multi-family, student housing, or office. Liberal zoning requirements do not place a cap on the maximum number of units allowed for development on properties zoned residential mixed-use. Pullen Station offers a true infill location within proximity to North Carolina State University., downtown Raleigh and the greater urban market making Pullen Station an extraordinary covered land play opportunity for years to come. Read Raleigh's full Unified Development Ordinance here: https://www.raleighnc.gov/content/extra/Books/PlanDev/UnifiedDevelopmentOrdinance/20/. MJM HOTEL (DELIV. 2020) 2812 HILLSBOROUGH (PROPOSED) SMOKEY HOLLOW (PROPOSED) THEORY RALEIGH (CONST. 2018) METROPOLITAN (DELIV. Q1 2019) THE DILLON PULLEN (CONST. 2018) STATION 10 ARROS (CONST. 2018) FNB TOWER-RALEIGH (DELIV. OCT 2019) hotel conversion/short-term rentals CAPITALIZE ON THE WHITE HOT SHORT-TERM RENTAL MARKET Due to strong tourist and business fundamentals (16.45 million visitors in 2017), the hotel business is booming in Wake County with an average daily rate of $102.90. 2017 was a record year for the number of hotel rooms leased with hotel occupancy at 69.1%: out-pacing the state average of 63.4%. Also, Airbnb and other short- term rental platforms are a popular choice for tourists visiting Raleigh. New ownership will have the opportunity to reposition the asset into a free-standing boutique hotel or a building that exclusively features high-end, short-term rentals as advertised on Airbnb, VRBO, or other short-term rental outlets. Given the recent influx in tourism and massive economic growth in the Raleigh market, Pullen Station is positioned as an ideal asset to capitalize on the booming tourism industry and the influx of new businesses travel to Raleigh. 69.1% 5.3% HOTEL VISITOR GROWTH OCCUPANCY SINCE 2016 $102.90 16.45M AVERAGE DAILY WAKE COUNTY HOTEL RATE VISITORS IN 2017 PULLEN STATION | 11 LOCATION OVERVIEW raleigh overview thriving economy multi-family fundamentals nearby amenities raleigh overview Raleigh is the capital of North Carolina, and the state’s second largest city. Located in the central Piedmont region of the state, it is conveniently located just over two hours’ drive from Charlotte, the Atlantic coast, and two national forests; thereby, offering residents access to a wide array of entertainment, employment, and cultural opportunities. Pullen Station is ideally located close to the central business district between four major interstates, RDU International Airport, and five prominent Raleigh Universities, giving residents convenient access to all the Triangle MSA has to offer. DOWNTOWN EDUCATION DOWNTOWN NIGHTLIFE Pullen Station is located in the epicenter of 5 of the most prominent universities Raleigh is known for being a thriving government metropolis; however, the city is in Raleigh totaling 40,000 students: also known for is its thriving nightlife. When it comes to nightlife in Raleigh there are four main districts to choose from and each of them has its own signature North Carolina State University (34,015 enrolled) personality. All four districts are within walking distance of Pullen Station Meredith College (1,981 enrolled) (less than 2 miles). Shaw University (1,604 enrolled) Glenwood South District: Located less than 1 mile from Pullen Station is the heart of the Glenwood South District. Over the past five William Peace University (1,077 enrolled) years, this district has transformed from a sleepy row of warehouses into a Saint Augustine’s University (919 enrolled) thriving restaurant and retail environment
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