173 Units • Tacoma, Washington Apartments Executive Summary
HFF EXCLUSIVE MULTI-HOUSING INVESTMENT OFFERING
® 173 UNITS • TACOMA, WASHINGTON APARTMENTS EXECUTIVE SUMMARY
Holliday Fenoglio Fowler, L.P. (“HFF”) is pleased to present the multi-housing investment opportunity of Copperline (“Property”), a 173-unit luxury multi-housing community within the emerging Point Ruston® master-planned community, situated along the bank of Commencement Bay and approximately ten minutes from downtown Tacoma, Washington. The property’s high-quality condominium construction, proximity to urban amenities, and irreplaceable locale, make it a truly rare investment opportunity in one of the nation’s top-performing apartment markets.
2 Property Description
Property Address 5005 Main Street, Tacoma, WA 98407
No. of Apartments 173 units (152,234 SF)
Average Unit Size 880 SF
Year Completed 2012
Construction Wrap-style podium, wood & steel frame
Floors 8 total; 5 levels apartments over 3 levels of parking & retail
Kitchen Parking 213 residential garage stalls 23 open surface stalls 226 total (1.36:1 ratio)
Site Acreage UNIT MIX 1 × 1 2 × 1 2 × 2 3 × 2 Aggregate 2.05 acres (84.4 du/ac) No. units 97 units 10 units 63 units 3 units 173 units Achieved Apartment Rent $1,885 ($2.13 PSF) % total 56% 6% 36% 2% 100% Apartment Occupancy Total rentable SF (±) 74,796 SF 8,840 SF 64,248 SF 4,350 SF 152,234 SF 96.0% Per unit SF (±) 771 SF 884 SF 1,020 SF 1,450 SF 880 SF Retail SF Average achieved rent $1,625 $1,733 $2,153 $3,813 $1,885 20,616 SF (6 suites)
PSF $2.14 $1.96 $2.11 $2.63 $2.13 Achieved Retail Rent Per rent roll dated January 8, 2018 $23.6/SF/YR NNN
Retail Occupancy 100.0%
Per rent rolls: Residential: January 8, 2018 Retail: December 22, 2017 3 CENTERPIECE OF MASTER-PLANNED COMMUNITY
Since 2007, developers have worked with the City of Tacoma to plan the Final build out will include: ® revitalization of a 97-acre segment of waterfront land on Commencement ◆◆ 170,000 SF of retail Bay. As the first residential project completed in the Point Ruston® master- ◆◆ 60,000 SF of commercial office space planned development in 2012, Copperline is situated at the heart of the ◆◆ 50 acres of publicly-accessible parks region’s newest and most luxurious mixed-use community. ◆◆ 200-room luxury hotel The open-air lifestyle center is connected by walkable, pedestrian-friendly ◆◆ Over 3,700 parking stalls internal streets and plazas, which create a true “work, live, play” environment ◆◆ Approximately 3,000 residents at Copperline’s front steps.
N COMMENCEMENT BAY
TACOMA COMPLETEThe Shops at Point RUSTON UNDER CONSTRUCTIONRuston® IN DEVELOPMENT
WAT E R WA L K FUTURE PHASE
WAT E R WA L K
WAT E R WA L K P L AYG R O U N D 15a 5 4 GRAND PLAZA 1c 14 1a 2a 15c 17 3b CONDOMINIUMS 11 4
6 2b WAT ER WA LK 8 1 18 15b 12 9 18b 7 18a 15 10 19 2 17 16 13 3 14b APARTMENTS 16 5 PROFESSIONAL BUILDING 11b 9 8 6 20 7a 7b
DECK PARKING 3 LEVELS 9 R U S TO N WAY DECK PARKING 4 LEVELS 1,356 COMBINED PARKING STALLS
11a
R U S TO N WAY
10b 12 10a
1 6 11 16
10c
2 B A I N 7 12 17
3 8 13 18 R
4 9 14 19
4 5 10 15 20 Living room
RESORT-STYLE LIVING WITH CONDOMINIUM-QUALITY CONSTRUCTION
Copperline was designed and constructed with residents in mind. The Select community features: property’s spacious and thoughtful floorplans feature condominium-quality ◆◆ 9-foot ceilings finishes, loaded with in-home amenities. Furthermore, Copperline’s parallel ◆◆ Stainless steel appliance packages orientation to Commencement Bay within 100-yards of the shore provides ◆◆ In-unit air conditioning most of the property’s north and east-facing homes with impressive ◆◆ Large private patios (averaging 160 SF) unobstructed water views. ◆◆ Expansive bay windows
In addition to the nearby public amenities, residents receive an exclusive ◆◆ Kitchen islands with bar membership rate of $15 per month (50% discount) to the NW Fitness 24/7 ◆◆ Double-wall construction with 1-inch airspace suite on the ground floor, with over 5,000 square feet of state-of-the-art ◆◆ Electronic key FOB access equipment. ◆◆ Ample parking (1.36:1 ratio)
5 SEATTLE CBD KENT VALLEY MINUTES , EMPLOYEES M SF INDUSTRIAL , EMPLOYEES MT. RAINIER , EMPLOYEES
PORT OF TACOMA , EMPLOYEES , EMPLOYEES , EMPLOYEES TACOMA , STUDENTS & FACULTY 509
, STUDENTS PUGET CREEK NATURAL AREA COMMENCEMENT BAY
APARTMENTS
MEDIAN POINT RUSTON Y CONDOMINIUM SALE PRICE A W , N O T S U IL R TRA AN TRI DES AY PE ON W RUST
ACRE MASTER PLANNED COMMUNITY
RUST PARK
. M ANNUAL VISITORS N
6 SEATTLE CBD KENT VALLEY MINUTES , EMPLOYEES M SF INDUSTRIAL , EMPLOYEES SURROUNDED BY ENDLESS LIFESTYLE AMENITIES MT. RAINIER , EMPLOYEES Point Ruston® is flanked on both sides by Tacoma’s most visited tourist attractions and conveniently located minutes away from Tacoma’s Central Business District. In addition to the retail included ® PORT OF TACOMA , EMPLOYEES , EMPLOYEES , EMPLOYEES TACOMA within the property, the immediate village alone will support nearly 50 stores upon completion, , STUDENTS & FACULTY including an array of dining, shopping, wellness, and entertainment options. 509 Notable Retailers: , STUDENTS ◆◆ Century Theatres PUGET CREEK ◆◆ The Public Market at Point Ruston® NATURAL AREA COMMENCEMENT BAY ◆◆ Farrelli’s Pizza ◆◆ Fish Brewing Pub & Eatery ◆◆ Ice Cream Social ◆◆ Mio Sushi APARTMENTS ◆◆ Stack 571 ◆◆ South Sound Running MEDIAN POINT RUSTON Y ◆◆ WildFin CONDOMINIUM SALE PRICE A W , N O T S Point Defiance Park 0.6 MILES • 760-ACRES • 3.2 MILLION VISITORS PER YEAR U IL R TRA Point Defiance Park is the largest urban park in Pierce County, and one of the region’s most visited tourist attractions. AN TRI DES The park includes miles of running and hiking trails, scenic beaches, rose garden, along with a popular zoo and aquarium. AY PE ON W RUST Ruston Waterwalk 50 YARDS • 1.5 MILLION VISITORS PER YEAR Directly north of the property is the mile-long scenic pedestrian trail system along Commencement Bay. The trail ACRE MASTER PLANNED COMMUNITY boasts amazing views of the bay and Mt. Rainier, and connects to the Point Defiance Marina and Ferry Dock, which
RUST PARK provide residents with immediate access to water activities. . M ANNUAL VISITORS
7 Investment Advisory
Ira Virden Senior Managing Director (503) 417-5587 [email protected]
Chris Ross Director (425) 533-1954 [email protected]
For underwriting questions, please contact:
Anthony Palladino Associate (206) 576-0038 [email protected]
Frank Solorzano Real Estate Analyst (503) 265-5093 [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 1301 5th Avenue criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be Suite 3008 based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation Seattle, WA 98101 and rely on those results. The information contained herein is subject to change. iv