104 Units in Downey, Eastern Los Angeles County, California
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MULTI-HOUSING INVESTMENT OPPORTUNITY 104 UNITS IN DOWNEY, EASTERN LOS ANGELES COUNTY, CALIFORNIA Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp a California licensed real estate broker, California License #01385740 (“HFF”). PROPERTY SUMMARY UNIT MIX 2 3 PARC@5 is a fully-renovated, 104-unit Class B apartment community situated in the Los Angeles submarket of Downey. PROPERTY ADDRESS 9140 Brookshire Avenue Downey, CA 90240 1 Bed/1 Bath2b/2b In a submarket where there is no Class A product, PARC@5 surpasses its competition with superior finishes and some 19% - 20 units UNITS 104 1b/1b of the largest floor plans in the area. With its modern and edgy design, PARC@5 features a sleek aesthetic with amenity SQUARE FOOTAGE ±120,762 (±1,161/u) avg. unit size spaces that offer residents a destination to entertain or relax, revitalize and restore. Taking nuances from the exterior 3b/2b YEAR BUILT 1964 architectural elements and applying them into their interiors, PARC@5 is an exclusive and chic retreat for residents to BUILDING STYLE 2-Story Garden enjoy. PARC@5’s modern fitness facility, professional business center, and two outdoor pool areas allow residents to PARKING 163 Spaces (1.6/u) 3 Bed/2 Bath 19% - 20 units enjoy the high-end amenities offered while having the convenience of nearby schools, parks, retail, and transportation ACHIEVED RENT $2,247 ($1.94/SF) networks. Downtown Downey’s recent renaissance has substantially increased the walk score and desirability of the OCCUPANCY 95.2% location, causing the area to experience steady rent growth (5.6%) over the past five years and outperform its greater 2 Bed/2 Bath 62% - 64 units market by 110 basis points annually. PARC@5 is poised to sustain its rent growth as the city of Downey continues to experience high average household income, low vacancy levels, and a flourishing job sector. APARTMENT AMENITIES COMMUNITY AMENITIES + Brand New Appliances + Assigned Parking + Brushed Nickel Finishes + 24/7 Fitness Gym + Central Air and Heat + Controlled Access Community + Custom Hard Surface Counter Tops + Laundry Facilities and Cabinetry + On-Site Maintenance + Private Balconies or Patios + Professional Business Center with Wi-Fi + Storage Spaces + Two Swimming Pools + Upgraded Vinyl Wood Plank Flooring + Residents’ Clubhouse + BBQ Islands 4 5 INVESTMENT HIGHLIGHTS DOWNEY: BUSTLING CITY WITH A SMALL-TOWN VIBE DOWNTOWN DOWNEY RENAISSANCE (1.8 MILES AWAY) Recognized for its central location, leading retail and manufacturing firms, and Downtown Downey is experiencing a renaissance after opening a 10-screen Krikorian Theatre medical facilities, Downey is a community of 107,300 covering 12 square miles. In Complex, adjacent parking structure and the 1.15 acre Gateway Shopping Center. addition to industry, almost 100 acres of land is devoted to area parks, fitness centers, + Downey Theatre and golf courses, creating a high quality of life. + Krikorian Premier Theatre Complex PARC@5 residents benefit from its strategic location in the epicenter of Southern California’s major freeways providing immediate connectivity to top employment + Lock & Key Social Drinkery (Trip Advisor’s #1 of 10 things to do in Downey) centers in Downtown Los Angeles, the South Bay, and Orange County. + Mi Cielo, hip downtown steakhouse with rooftop lounge and live entertainment + Porto’s Bakery THE TOP TWO COMMUTING DESTINATIONS ARE + Over 20 other restaurants with a variety of cuisines LOS ANGELES (10.3 MILES TO DTLA) AND WITHIN DOWNEY’S HUB OF HEALTH JOBS AND LOS 6 ANGELES COUNTY GOVERNMENT POSITIONS. 7 (Santa Ana Freeway) North/South 0.3 MILES 5 Los Angeles to Anaheim DOWNEY AT A GLANCE away (Century Freeway) THE REVITALIZATION OF DOWNTOWN DOWNEY, THE ±4 MILES 105 East/West Norwalk to LAX away RECENT GRAND OPENING OF THE PROMENADE, AND THE (Long Beach Freeway) NUMBER OF STREET IMPROVEMENTS MADE TO OUR MAJOR North/South Alhambra 705 to Long Beach 2,500 19% $97,787 $554,900 THOROUGHFARES, ALL CONTRIBUTE TO DOWNEY’S ECONOMIC RETAIL, SERVICE, AND INCREASE IN AVERAGE MEDIAN HOME (San Gabriel Freeway) MANUFACTURING RETAIL SALES HOUSEHOLD INCOME VALUE VIBRANCY AND SHOW OUR COMMITMENT TO OUR LOCAL North/South Seal Beach BUSINESSES OVER THE WITHIN 1-MILE FROM BUSINESS COMMUNITY.” MAYOR ALEX SAAB. 605 to Irwindale PAST 5 YEARS PARC@5 PIH HEALTH HOSPITAL DOWNEY GATEWAY RANCHO LOS AMIGOS KAISER PERMANENTE PROMENADE AT DOWNEY SHOPPING CENTER 1,150 Employees MEDICAL CENTER INVESTMENT HIGHLIGHTS DOWNEY MEDICAL CENTER LAKEWOOD (2% of Downey employment) 1,410 employees RIO SAN Approximately 4,500 Employees GABRIEL PARK 225K SF (2.6% of Downey employment) (8.2% of Downey Employment) 234K SF 680K SF RIO SAN GABRIEL RARE WALKABLE NEIGHBORHOOD BOTTLING ELEMENTARY LAKEWOOD 800 Employees IN A CAR-DEPENDENT CITY HEALTHCARE Greatschools.org (1.5% of Downey) DOWNTOWN CENTER DOWNEY 314 Employees STONEWOOD CENTER DOWNEY CIVIC CENTER WARREN HIGH SCHOOL 72 59 DOWNEY HIGH SCHOOL Greatschools.org FLORENCE AVE DOTY MIDDLE SCHOOL DOWNEY Greatschools.org THE COMMONS AT CROSSROADS Greatschools.org GALLATIN ROAD NEIGHBORHOOD DOWNEY’S AVERAGE 2 MILES WALK SCORE WALK SCORE GALLATIN ELEMENTARY SCHOOL VERY WALKABLE Greatschools.org 8 9 NEIGHBORHOOD AMENITIES THRIVING CITY RETAIL GALLATIN SCHOOL HOUSE RD Two adjacent shopping centers, Commons at Gallatin Road and Downey Crossroads Stonewood Center (1.8 miles away) are 0.3 miles away, offering groceries, restaurants, and a fitness center just 932,000 square feet blocks away. Macys, Kohl’s, Forever 21, Olive Garden, BJ’s Restaurant & Brewhouse, DENNIS THE MENACE PARK Buffalo Wild Wings LAKEWOOD BLVD Downey Landing Retail Center (2.7 miles away) + Ralphs + Toppings Pizza Downey 375,000 square feet BROOKSHIRE AVE Best Buy, Petsmart, Staples, Pier 1 Imports, Old Navy, Elephant Bar, Rubio’s, + Planet Fitness + Yolis Mexican Kitchen Chili’s, Starbucks + Coffee Bean & Tea Leaf + Poke2 Grill + Chris & Pitts + Baby Bros Pizza Promenade at Downey (3.0 miles away) DOWNTOWN LOS ANGELES 5 + Golden Corral + Drinx Opened August 2016 ANAHEIM 10.7 MILES NORTH $468 million aerospace-themed construction + Maui Sushi & Teriyaki + Movita Juice Bar 15.6 MILES SOUTH 656,000 square feet + Green Olive + Flame Broiler. Burlington Coat Factory, TJ Maxx Home Goods, Walmart, Cinemark Downey, + Poached Neighborhood Kitchen 24 Hour Fitness INVESTMENT HIGHLIGHTS PROXIMATE TO DOWNEY’S THREE LARGEST HEALTH SECTOR EMPLOYERS CONSTRAINED MARKET While a city with diversified employment opportunities, 40.6% of the cities jobs are in the Health and Education The Downey market consistently outperforms its greater submarket due to its dense population sector. Other top sectors are Retail (9.3%), Leisure (8.9%), and Professional (7.3%) DOWNEY HAS and steady job growth. On average, over the past five years, rent growth in the submarket AVERAGED has outperformed its greater market by 110 bps. Strong demand for workforce housing in this OCCUPANCY RATE submarket continues to compress vacancy and drive rent growth, particularly with home 95.9% prices increasing by 135% over the last 16 years. In addition, housing construction has ANNUALY OVER THE PAST 5 YARS essentially been muted, particularly for multi housing, with no new multi-family permits issued Kaiser Permanente Downey Medical Center (4 miles) since 2006. There are no new developments coming to the submarket further insulating + 4,500 employees PARC@5 from any future competition. + Current expansion involves a 6-story, 400-bed hospital wing with a projected increase DOWNEY HAS MULTI-FAMILY PERMITS ISSUED PER 1,000 RESIDENTS: 2000-2016 of 2,770 jobs at Kaiser and with urban infill. AVERAGED IN ANNUALIZED 2.0 PIH Health Hospital (previously Downey Regional Health Center) (2 miles) 5.6% RENT 1.8 10 11 FOR THE PAST GROWTH 1.6 + 1,100 employees 5 YEARS 1.4 1.2 + 5,000 SF expansion of the Emergency Department will accommodate 50,000 patient 1.0 visitors per year with completion scheduled for fall 2018 0.8 0.6 Rancho Los Amigos National Rehabilitation Center (4.4 miles) AVERAGE 0.4 HOUSEHOLD INCOME Permits per 1,000 population 0.2 + 1,410 employees (1 MILE RADIUS) 0.0 IS PROJECTED TO INCREASE BY + Currently undergoing a $418 million renovation and campus beautification project to 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 construct a new Wellness & Aquatic Therapy Center, new outpatient facilities, and a 10% Downey Los Angeles County OVER THE new inpatient expansion to improve seismic safety with completion scheduled for 2020. NEXT 5 YEARS Source: Construction Industry Research Board- 2000 - 2016 THERE ARE MORE THAN 7,000 HEALTH SECTOR JOBS WITH 5 MILES OF PARC@5. FOR INQUIRIES, CONTACT: FOR ANALYTICAL SUPPORT CONTACT: FOR DEBT, CONTACT: SEAN P. DEASY RYAN T. FITZPATRICK CHELSEA JERVIS LEE REDMOND IV Co-Head of National Senior Director Associate Director Multi-Housing Investment Sales 949.798.4122 949.798.4127 949.798.4111 949.798.4120 [email protected] [email protected] [email protected] [email protected] CA Lic. 1314070 CA Lic. 01964154 CA Lic. 01900420 CA Lic. 00914616 ATLANTA • AUSTIN • BOSTON • CAROLINAS • CHICAGO • DALLAS • DENVER • HOUSTON • INDIANAPOLIS • LOS ANGELES • MIAMI • NEW JERSEY • NEW YORK CITY ORANGE COUNTY • ORLANDO • PHILADELPHIA • PHOENIX • PITTSBURGH • PORTLAND • SAN DIEGO • SAN FRANCISCO • TAMPA • WASHINGTON D.C. • LONDON HFF has been engaged by the owner of the property [properties] to market it [them] for sale. Information concerning the property [properties] 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 com- pleteness 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 criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein.