BENTWOOD APARTMENTS 93 Units | Value Add Opportunity | Gainesville, FL OFFERING MEMORANDUM 6929 W University Ave, Gainesville, FL 32607 CONFIDENTIALITY AGREEMENT BENTWOOD APARTMENTS This is a confidential Offering Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest into the acquisition of the Subject Property. This Offering Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner or the Property, to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition, and other factors beyond the control of the Owner or Franklin Street Real Estate Services, LLC. Therefore, all projections, assumptions, and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to all interested and qualified prospective purchasers. Neither the Owner or Franklin Street Real Estate Services, LLC. , nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Offering Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Offering Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing COLLABORATION this Offering Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered, and approved by the Owner and any obligations therein have been satisfied or waived. INTEGRITY By receipt of the Offering Memorandum, you agree that this Offering Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Offering Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or the Franklin Street Real Estate Services, LLC. HARD WORK Furthermore, you agree not to use this Offering Memorandum or any of its contents in a manner detrimental to the interest of the Owner or Franklin Street Real Estate Services, LLC. In this Offering Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily ACCOUNTABILITY accurate descriptions of the full agreements referenced. Interested parties are so advised and expected to review all such summaries and other documents of whatever nature independently and not to rely on the contents of this Offering Memorandum in any manner. Disclaimer: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Franklin Street has not verified, and will not verify, any of the information contained herein. All potential buyers must take appropriate measures to verify all of the information set through the due diligence period. BENTWOOD APARTMENTS | GAINESVILLE | FLORIDA REGIONAL MAP BENTWOODBentwood Apartments APARTMENTS TABLE OF CONTENTS EXECUTIVE SUMMARY PRESENTED BY: 4 DARRON KATTAN (LEAD) ZACH AMES PROPERTY DETAILS Managing Director Senior Director 6 813.658.3355 813.288.6676 [email protected] [email protected] 21 FINANCIAL ANALYSIS AVERY JORDAN MARK SAVARESE Senior Associate Investment Associate 813.577.3826 813.577.3837 RENT & SALE COMPARABLES [email protected] [email protected] 25 13 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET 36 AREA OVERVIEW Visit us at: FranklinSt.com EXECUTIVE SUMMARY 4 OFFERING MEMORANDUM Bentwood Apartments | Gainesville, FL BENTWOOD APARTMENTS 93 Units | Gainesville, FL 6929 W University Ave, Gainesville, FL 32607 Sale Price: $6,975,000 Price Per Unit: $75,000 Building Size: 50,328 SF Number of Units: 93 Number of Buildings: 11 Year Built: 1982 INVESTMENT HIGHLIGHTS INVESTMENT SUMMARY • Stable Asset with Low Historic Turnover Bentwood Apartments is a 93-unit multifamily community located in Gainesville, FL - in Ala- • Gainesville Experiencing Rapid Growth & Major Job Increases chua county. The property is comprised of 11 one-story buildings that were built in 1982. Each building features wood frame construction with pitched asphalt roofs. The property features a • Located 4.8 Miles From the University of Florida - Ranked 7th-Best Pub- strong unit mix that includes 20 Studio Apartments (288 SF), 67 1 Bed 1 Bath Units (576 SF) lic University in the US & 8th-Largest Public University in the US with and 6 2 Bed 1 Bath units (864 SF). Over 54,000 Students Enrolled in the Fall 2018 Semester Bentwood Apartments is a quiet & serene community surrounded by nature and nestled be- • Hospital (Within 2 Miles) is Undergoing a $110+ Million Dollar Reno- neath a canopy of lush native Florida trees. Residents enjoy a variety of amenities including vation/Expansion, Creating Over 100 New Jobs in the Next 5 Years & on-site laundry facilities, private entrances, washer/dryer connections in select units, mail Increasing the Need for Nearby Housing and package storage, private patios, storm doors, double-pane widows, laminate wood floor- ing, lighted attic storage and trash collection. Residents are only a short drive to shopping, • UF Health Opening a 139,000 SF Medical Facility at the Oak’s Mall award-winning schools, local museums, state parks and major employment centers, including (Within 2 Miles) in Early 2020 - Expected to Bring Over 70 New Jobs to the University of Florida. the Area Bentwood Apartments offers an investor the opportunity to acquire an upgraded, stable, high • Nearly 20% of Current Residents Are Employed in the Medical/Health- occupancy asset in one of Gainesville’s most prime locations. North Florida Regional Medical care Industry & Would Have the Ability to Absorb Further Rent Increases Center (1.7 miles from property) is currently undergoing a $110+ million dollar expansion. Based On Their Annual Income vs Annual Rent Spend Nearly 20% of current residents are employed in the Medical/Healthcare industry and their annual income vs annual rent spend is between 5%-20% compared to the average norm of • Lack of Workforce Housing in Gainesville Leading to Strong Rent Growth 25%-30%. This could be a positive indicator of the current & future medical residents’ ability • Assumable Financing in Place to absorb further rent increases, resulting in a profitable opportunity for an investor. BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 5 PROPERTY DETAILS 6929 W University Ave, Gainesville, FL 32607 LOCATION INFORMATION PROPERTY DETAILS Address 6929 W University Ave Primary Property Type Multifamily Zip 32607 Zoning R-3 City Gainesville Lot Size 5.0 Acres State Florida APN# 06655-058-000 County Alachua Number of Units 93 Units Submarket Gainesville Building Size (SF) 50,328 SF Property Name Bentwood Apartments Occupancy % 96% Nearest Highway I-75 Year Built 1982 Nearest Airport Gainesville Regional Airport Rentable Area (SF) 49,536 SF Number of Buildings 11 BUILDING INFORMATION PARKING & TRANSPORTATION Number of Floors 1 Number of Parking Spaces 100 Average Unit Size (SF) 533 SF Parking Type Surface Framing Wood Frame Traffic Count Frontage (FT) 90,500 AADT Roof Pitched; Asphalt/Composition Shingle Traffic Count Street I-75 Walls Drywall HVAC PTAC Units AMENITIES Amenities See page 17 for full list of amenities BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 6 BENTWOOD APARTMENTS | GAINESVILLE | FLORIDA LOCATION OVERVIEW LOCAL MAP 6929 W University Ave, Gainesville, FL 32607 IMMEDIATE LOCATION OVERVIEW 19 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET Residents of Bentwood Apartments are just minutes away from popular entertainment, dining, retail, education, recreation and several unique destinations. Across the street from the property is The Oaks Mall (1.7 Mi), a popular shopping destination with over 119 stores. Located just 5 miles away are both Butler Plaza and Celebration Pointe, two of Gainesville’s most massive retail spaces totaling over 3,000,000 SF of dining, class-A office space, entertainment, and retail - featuring national brands like Trader Joes, Whole Foods, Sam’s Club, Publix, Walmart and Lowe’s. Students have convenient access to Santa Fe Community College (3.4 Mi) and the University of Florida (4.8 Mi) with over 54,000 annual students. Entertainment and recreation