ABINGDON SQUARE - images1.cityfeet.com€¦ · Unit Breakdown Unit Layout Unit Type # Units Avg SF...

ABINGDON SQUAREstabilized multifamily opportunity with optional development parcels in Pinehurst, North Carolina

E X C L U S I V E LY L I S T E D B Y :

P R O PE RT Y V I S I TS : Interested parties are required to schedule property tours directly through the individuals listed above at Colliers International | Raleigh-Durham. Under no circumstances should the property or seller be contacted directly.

O FF E R S U B M I S S I O N : Please submit offers directly to Colliers International | Raleigh- Durham in the form of a non-binding letter-of-intent (“LOI”) including the significant terms and conditions of Purchaser’s offer including, but not limited to (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. The purchase terms shall require all cash to be paid at closing. Offers should be delivered to the attention of Steven Peden at the Colliers International | Raleigh Durham Office.

JOHN MANNING Vice President Multifamily Investment Services + 1 919 582 [email protected]

TREY RIDDLEAssociate Vice President Multifamily Investment Services + 1 910 391 2049 [email protected]

ED FINLEYSenior AnalystMultifamily Investment Services + 1 984 239 [email protected]

TABLE OFCONTENTS

I. Investment OverviewII. Multifamily Product OverviewIII. Undeveloped Land OverviewIV. Market Analysis

INVESTMENT OVERVIEW

EXECUTIVE SUMMARYColliers International | Raleigh-Durham is pleased to present Abingdon Square, a stabilized multifamily community in Pinehurst, NC, within walking distance to Pinehurst No.2 and the Village of Pinehurst. In addition to being extremely well-located, the offering presents an investor with a unique opportunity as a cash-flowing asset as-is, a value-add play, or a continued development opportunity.

The offering includes (1) a developed assemblage with 38 total multifamily dwellings (a mix of garden style apartments, duplexes, and townhomes) The current zoning allows for an additional 30 townhomes or garden style apartments, to be built on the developed assemblage. All utilities are in place.

Additionally, the offering includes (2) an undeveloped assemblage of 8.1 Acres zoned multifamily with two additional duplexes and the potential for 48 additional units. The undeveloped portion can be included in the offering or sold separately.

PINEHURST RESORT

N

8.01 ACRES ZONED MULTIFAMILY FOR POTENTIAL DEVELOPMENT,

INCLUSIVE OF 2 DUPLEXES

ABINGDON MULTIFAMILY

INCLUSIVE OF 10 GARDEN APARTMENTS, 28

TOWNHOMES

TROTTER DRIVE

HOLLY PINES DRIVE

EXISTING MULTIFAMILY

UNDEVELOPED ACREAGE

AERIAL OVERVIEW

N

ABINGDON SQUARECOLLIERS INTERNATIONAL | 7

OPPORTUNITY OVERVIEW

HOLLY PINES DRIVE

N

Garden Apartments (10 Units) Duplex (2 units) Townhome (1 unit) Privately owned (not included in offering)

Address Holly Pines Drive, Pinehurst, NC 28374

Site Size 17.70 acres; approximately 5.0 acres is considered excess land for additional development of 30 units.

Zoning The subject property is zoned RMF, Residential Multifamily, Property type/use is vacant multifamily/townhome development site.

Shape Irregular; multiple parcels

Frontage Each of the parcels fronts on Holly Pines Drive, which is a privately maintained paved asphalt.

Topography Generally level and gently sloping downward from east to west on the eastern portion of the site.

Flood info Per FIRM Map 37108551000J, dated October 17, 2006; the site appears to be adequately drained and is not in a flood hazard area.

Soil Types CbC; Candor sand with 4-12% slopes, well drained. Primarily FuB; Fuquay-Ur-ban land with 0-6% slopes, moderately drained

EasementsEncroachments

Normal street and utility easements only; specifically, easements to CP&L re-corded in Deed Book 1468, Pages 323 & 324 and to Time Warner Cable in Deed Book 1750, Page 8. No adverse easements or encroachments.

Utilities All Public utilities are available with the exception of gas

Site ImprovementsThe townhomes have concrete walkways with brick steps from the parking ar-eas to each respective unit; paved asphalt parking areas; and typical landscaping with irrigation.

Parking Parking appears adequate for the number of units.


OFFERING DETAILS

Tax Value

Tax Entity A: $4,103,200

Tax Entity B: $360,470

Tax Entity C: $458,270

Total: $4,921,940

Tax Rate 0.008- 2018 Tax Rate

Taxing Entities & 2018 Tax Rate

Moore County: 0.00465

Pinehurst: 0.00295

Advanced Life Support: 0.00040

Fire, Ambulance, and Rescue District: 0.00095

Tax Assessment Property Taxes are assessed every four years. Next assessment 2019.

TAX DETAILS

TROTTER DRIVE

HOLLY PINES DRIVE

1 2

3 5

4

6

78

9

11

10

Tax Entity B: 7 Tax Entity C: 8-11Tax Entity A: 1-6

EXISTING MULTIFAMILY

UNDEVELOPED ACREAGE


UNIT MIX

UNIT TYPE FLOORPLAN UNIT COUNT UNIT SF RENT/

UNIT RENT/SF MONTHLY ANNUAL

A-1 - 2BR / 2BA Townhome 8 1,158 $871 $0.75 $6,970 $83,640

A-2 - 4BR / 3.5BA Townhome 7 1,684 $1,132 $0.67 $7,925 $95,100

A-3 - 3BR / 2BA / 1 CAR Townhome 2 1,380 $1,125 $0.82 $2,250 $27,000

A-4 - 2BR / 2BA / 1 CAR Townhome 1 1,240 $895 $0.72 $895 $10,740



A-7 - 2BR / 2BA Apartment 8 1,073 $865 $0.81 $6,920 $83,040

A-8 - 1BR / 1BA Apartment 2 802 $745 $0.93 $1,490 $17,880

B-1 - 2BR / 1.5BA / 1 CAR Townhome 1 1,210 $850 $0.70 $850 $10,200

B-2 - 3BR / 2BA / 1 CAR Townhome 1 1,430 $1,030 $0.72 $1,030 $12,360

B-3 - 2BR / 1.5BA Townhome 1 1,060 $860 $0.81 $860 $10,320

B-4 - 2BR / 1.5BA Townhome 1 1,220 $850 $0.70 $850 $10,200

C-1 - 2BR / 1BA Duplex 3 900 $625 $0.69 $1,875 $22,500

C-2 - 2BR / 1BA Duplex 1 900 $650 $0.72 $650 $7,800

TOTA L / W E I G H T E D AVG . 4 2 1 , 2 2 4 $ 9 3 8 $ 0 .7 7 $ 3 9 , 3 8 5 $ 4 7 2 , 6 2 0


PROFORMA


Total Per Unit % of GPR Total Per Unit % of GPR Total Per Unit % of GPRGross Potential Rent $466,510 $11,107 100.0% $466,504 $11,107 100.0% $470,760 $11,209 100.0%Projected Market Rent Increase $0 $0 0.0% $0 $0 0.0% $30,640 $730 6.5%Gain / Loss to Lease ($948) ($23) -0.2% ($200) ($5) 0.0% -$7,061 -$168 -1.5%

Adjusted Gross Potential Rent $465,562 $11,085 99.8% $466,304 $11,102 100.0% $494,339 $11,770 105.0%

Collection Loss ($9,170) ($218) -2.0% ($23,487) ($559) -5.0% -$8,474 -$202 -1.8%Concessions $0 $0 0.0% $0 $0 0.0% $0 $0 0.0%Vacancy Loss ($10,353) ($247) -2.2% ($1,040) ($25) -0.2% -$23,538 -$560 -5.0%

Combined Economic Vacancy -$19,523 -$465 -4.2% -$24,527 -$584 -5.3% -$32,012 -$762 -6.8%

Net Rental Income $446,039 $10,620 95.6% $441,777 $10,518 94.7% $462,327 $11,008 98.2%

Pet Fees $2,510 $60 0.5% $1,760 $42 0.4% $2,520 $60 0.5%Late Fees $1,664 $40 0.4% $1,651 $39 0.4% $1,680 $40 0.4%Storage Rental $456 $11 0.1% $608 $14 0.1% $630 $15 0.1%

Total Other Income $4,630 $110 1.0% $4,019 $96 0.9% $4,830 $115 1.0%

Effective Gross Income $450,669 $10,730 96.6% $445,796 $10,614 95.6% $467,157 $11,123 99.2%

Operating Expenses Electric - Common Area $2,804 $67 0.6% $2,804 $67 0.6% $2,804 $67 0.6%Water/Sewer $3,141 $75 0.7% $3,141 $75 0.7% $3,141 $75 0.7%Trash Removal $0 $0 0.0% $0 $0 0.0% $0 $0 0.0%

Subtotal Utilities $5,944 $142 1.3% $5,944 $142 1.3% $5,944 $142 1.3%

Landscaping $7,345 $175 1.6% $7,345 $175 1.6% $5,850 $139 1.2%Turnover Maintenance $10,233 $244 2.2% $10,233 $244 2.2% $8,500 $202 1.8%Repairs & Maintenance $41,587 $990 8.9% $41,587 $990 8.9% $34,000 $810 7.2%

Subtotal Repairs & Maintenance $59,165 $1,409 12.7% $59,165 $1,409 12.7% $48,350 $1,151 10.3%

General Administrative $1,199 $29 0.3% $1,199 $29 0.3% $1,215 $29 0.3%Advertising $0 $0 0.0% $0 $0 0.0% $1,050 $25 0.2%Real Estate Taxes $38,022 $905 8.2% $38,022 $905 8.2% $41,824 $996 8.9%Property Insurance $13,375 $318 2.9% $13,375 $318 2.9% $13,500 $321 2.9%

Subtotal Other Expenses $52,596 $1,252 11.3% $52,596 $1,252 11.3% $57,589 $1,371 12.2%

Total Operating Expenses $117,705 $2,802 25.2% $117,705 $2,802 25.2% $111,884 $2,664 23.8%

Net Operating Income $332,964 $7,928 71.4% $328,091 $7,812 70.3% $355,273 $8,459 75.5%

Purchase Price $5,800,000 $5,800,000 $5,800,000Indicated Cap Rate 5.74% 5.66% 6.13%

Income/Expense Summary T-12 Income / T-12 Expenses T-3 Income / T-12 Expenses Colliers Proforma

UNDERWRITING NOTES


1 Gross Potential Rent: Based recent rent roll as of 1/31/2019;

Unit BreakdownUnit Layout Unit Type # Units Avg SF Rent/Unit Rent/SF Monthly AnnualA-1 - 2BR / 2BA Townhome 8 1,158 871$ 0.75$ 6,970$ 83,640$ A-2 - 4BR / 3.5BA Townhome 7 1,684 1,132$ 0.67$ 7,925$ 95,100$ A-3 - 3BR / 2BA / 1 CAR Townhome 2 1,380 1,125$ 0.82$ 2,250$ 27,000$ A-4 - 2BR / 2BA / 1 CAR Townhome 1 1,240 895$ 0.72$ 895$ 10,740$ A-5 - 3BR / 2BA / 1 CAR Townhome 4 1,313 1,175$ 0.90$ 4,700$ 56,400$ A-6 - 2BR / 2BA / 1 CAR Townhome 2 1,200 1,060$ 0.88$ 2,120$ 25,440$ A-7 - 2BR / 2BA Apartment 8 1,073 865$ 0.81$ 6,920$ 83,040$ A-8 - 1BR / 1BA Apartment 2 802 745$ 0.93$ 1,490$ 17,880$ B-1 - 2BR / 1.5BA / 1 CAR Townhome 1 1,210 850$ 0.70$ 850$ 10,200$ B-2 - 3BR / 2BA / 1 CAR Townhome 1 1,430 1,030$ 0.72$ 1,030$ 12,360$ B-3 - 2BR / 1.5BA Townhome 1 1,060 860$ 0.81$ 860$ 10,320$ B-4 - 2BR / 1.5BA Townhome 1 1,220 850$ 0.70$ 850$ 10,200$ C-1 - 2BR / 1BA Duplex 3 900 625$ 0.69$ 1,875$ 22,500$ C-2 - 2BR / 1BA Duplex 1 900 650$ 0.72$ 650$ 7,800$ Total/Weighted Average 42 1,224 938$ 0.77$ 39,385$ 472,620$

2 Projected Market Rent Increase: Based on analysis of comparable rents in the market where 24 of 42 units where found to be below market;3 Gain / Loss to Lease: Based on rent roll as of 1/31/2019; forecast at 3.5% of GPR;4 Collection Loss: Based on rent roll as of 1/31/2019; forecast at 1.8% of GPR;5 Vacancy Loss: Based on rent roll as of 1/31/2019; forecast at 5% of GPR;6 Pet Fees: Based on trailing 12 month financials as of 1/31/2019; forecast in pro forma at $60 / unit;7 Late Fees: Based on trailing 12 month financials as of 1/31/2019; forecast in pro forma at $40 / unit;8 Storage Rental: Based on trailing 12 month financials as of 1/31/2019; forecast in pro forma at $15 / unit;9 Electric - Common Area: Based on trailing 12 month financials as of 1/31/2019; forecast in pro forma at $67 / unit;

10 Water/Sewer: Based on trailing 12 month financials as of 1/31/2019; forecast in pro forma at $75 / unit;11 Landscaping: Based on trailing 12 month financials as of 1/31/2019; forecast in pro forma at $139 / unit;12 Turnover Maintenance: Based on trailing 12 month financials as of 1/31/2019; forecast in pro forma at $202 / unit;13 Repairs & Maintenance: Based on trailing 12 month financials as of 1/31/2019; forecast in pro forma at $810 / unit;14 Payroll & Burden: Based on trailing 12 month financials as of 1/31/2019; forecast in pro forma at $429 / unit;

Position # of Each Salary TotalProperty Mgr / Leasing Agt 0 -$ -$ Maintenance Tech 1 15,000$ 15,000$ Subtotal 1 15,000$ 15,000$ Payroll Expenses 3,000$

Total: 18,000$

15 General Administrative: Based on trailing 12 month financials as of 1/31/2019; forecast in pro forma at $29 / unit;16 Advertising: Based on trailing 12 month financials as of 1/31/2019; forecast in pro forma at $25 / unit;17 Real Estate Taxes: Based on 2018 Moore County tax cards; forecast at 10% higher than 2018 due to reassessment scheduled for 2019;

Tax Entity A Tax Entity B Tax Entity C Total2018 Assessed Value 4,103,200$ 360,470$ 458,270$ 4,921,940$ Village of Pinehurst 0.00295 0.00295 -Moore County 0.00465 0.00465 0.00465 Advanced Life Support 0.00040 0.00040 0.00040 Fire, Ambulance, Rescue District - - 0.00095

Tax Bill 32,826$ 2,884$ 2,749.63$ 38,459$

18 Property Insurance: Based on trailing 12 month financials as of 1/31/2019; forecast in pro forma at $321 / unit;

MULTIFAMILY PRODUCT OVERVIEW

MULTIFAMILY PRODUCT OVERVIEWNestled in the woods just minutes from Pinehurst Resort, Abingdon Square is a cozy community in a quiet neighborhood, convenient to shopping in Pinehurst, Southern Pines, and Aberdeen. Residents enjoy a variety of amenities in townhomes, duplexes, or the garden apartments alike, including washer/dryer hookups, additional storage available, patio/balcony, and a grilling/picnic area.

TOWNHOMES

2 DUPLEXES ON UNDEVELOPED

PORTION OF OFFERING

TOWNHOMES

TOWNHOMES

GARDEN APARTMENTS

PINEHURST RESORT

DUPLEX

TOWNHOME

N

TOWNHOMES

PROPERTY PHOTOS

TROTTER DRIVE

HOLLY PINES DRIVE

5.93

3.16

3.39

3.21

.80

2.26

MULTIFAMILY PRODUCT OVERVIEW

PROPERTY DETAILS

Address 10-524 Holly Pines Drive10-22 Holly Pines Lane

County Moore

Acreage 17.7

Zoning R-MF

Parcels

00055651, 20160361, 20110071, 20030083, 20030100, 20030098, 20030097, 20030099, 20030086, 20030087, 20030088, 20030089, 20030090, 20030091, 20030092, 20030093, 20030094, 20030095, 20030096, 20040381, 20030085, 20030084, 20110065, 20110066,

20110067, 20110068, 20110069, 20110070, 20110072

Units (Proposed) 38 (30)

Year Built 2001/2004/2005

Breakdown of Units 28 townhomes, 10 apartments, (additional 4 units in 2 duplexes on undeveloped portion)

This offering includes 38 multifamily dwellings, consisting of 10 garden style apartments and 28 townhomes The current zoning allows for another 30 townhomes (or garden style apartments) to be developed on the property. All utilities are already in place.


C O N ST RU C T I O N D E TA I L

StyleTownhomes, Garden Style Apartments & Duplex

Buildings14

FoundationConcrete Slab

Exterior WallsBrick/Veneer/Vinyl Siding

RoofAsphalt Roof Shingle

U T I L I T I ES

Electrical Paid by Tenant

Natural Gas Paid by Tenant

Water/Sewer Paid by Tenant

I M P R OV E M E N TS

Ceilings

Main Floor - 9' textured sheetrock

Upper Floor - 8' textured sheetrock

LightingCeiling Mounted Fixtures

WallsSheetrock With Painted Finish

FlooringCeramic Tile & Carpeting

Patios1 Patio & 1 Porch Per Unit

M EC H A N I C A L

HVACHeat Pump System

Ventilation Systems N/A

Hot Water N/A

PROPERTY OVERVIEW


MARKET ANALYSIS

UNDEVELOPED LAND OVERVIEW

UNDEVELOPED LAND

TROTTER DRIVE

PINEHURST RESORT

N

There is an extremely limited amount of vacant multifamily land available for development in Pinehurst, making this land option a prime opportunity. The current zoning allows for up to 48 units on the parcels. The undeveloped land consists of four parcels totalling 8.01 acres. There are currently two duplexes on the western property, which account for approximately 0.50-acres, generating $2,525 per month in rental income.

UNDEVELOPED LAND OVERVIEW

DuplexDuplex

TROTTER DRIVE

HOLLY PINES DRIVE


2.55

1.97

1.93

1.36

UNDEVELOPED LAND DETAILS

Address TBD Trotter Drive

County Moore

Acreage 8.01

Zoning R-MF

Parcels 00052965, 00052966, 00052967, 00052968

Proposed Units 48

2018 Property Taxes: $2,749.63 ($0.600/$100 assessed value)

MARKET ANALYSIS

PINEHURSTCOUNTRY CLUB

AREA OVERVIEW

ABINGDONSQUARE


PINEHURSTRESORT

COUNTRY CLUBOF NORTH CAROLINA

THE SANDHILLSLocated on the eastern seaboard, halfway between New York and Miami, the Sandhills sits just south of the fastest growing metropolitan areas in the United States- The Triangle. The Sandhills region offers residents the option of rural living with urban access. Residents can live in multi-acre lakefront or farm properties that are just an hour from world-class research universities, an international airport, and vibrant business parks filled with some of the world’s top innovative companies. In addition, it is halfway between the Blue Ridge Mountains to the west and the Outer Banks to the east. Locally, residents are able to enjoy a number of local lakes for recreational use and golf at various world-class courses that are in close reach.

Moore County and the Sandhills region consist of micro-politian communities with 11 incorporated communities with a population of 97,597. The unique communities offer award-winning restaurants, high end shopping, and top rated sports and recreation communities in the state. Throughout the year the county hosts several events including golf tournaments, art shows, food and wine festivals, equestrian events and holiday concerts. The distinctive micro-politian area is known for its cosmopolitan lifestyle and high standard of living that attracts residents to the area.

MOORE COUNTY

The Sandhills is adjacent to Fort Braff, Pope Air Force Base and Camp Mackall, providing a diverse civilian workforce of ac-tive and retired military personnel that call the area home. The top private industry sectors in the region are Healthcare, Hos-pitality and Retail Trade. In addition to the assorted workforce, The Sandhills area is also top rated in its education system. Moore County has the highest rate of high school (89.2% compared to the state average of 85.8%) and college graduates (32.6% compared to the state average of 28.4%) in the state.

Rank Company Name Industry Employment Range

1 First Health Of The Carolinas Inc Education & Health Services 1000+

2 Moore County Schools Education & Health Services 1000+

3 Pinehurst Llc Leisure & Hospitality 1000+

4 County Of Moore Public Administration 500-999

5 Sandhills Community College Education & Health Services 500-999

6 St Joseph Of The Pines Hospital Inc Education & Health Services 500-999

7 Pinehurst Medical Clinic Inc Education & Health Services 250-499

8 Wal-Mart Associates Inc Trade, Transportation, & Utilities 250-499

9 Harris Teeter Trade, Transportation, & Utilities 250-499

10 Food Lion Trade, Transportation, & Utilities 250-499

CIVILIAN WORKFORCE

PINEHURST, NORTH CAROLINA


TOURISM ACTIVITIES

Dining 87%Shopping 67%Outdoor Activities (not golf) 40%Spa 30%Museums, Art, History 29%Zoos, Plantations 24%Festivals 20%Theater 20%

> Pinehurst Country Club > Pinewild Country Club > National Golf Club > Pine Needles Golf Club > Mid Pines Golf Club > Mid South Club > Beacon Ridge Golf and CC > Hyland Hills Country Club > Mid Pines Golf Club > Mid South Club > Talamore Golf Club

> The Pit Golf Links > Country Club of NC, CCNC > Southern Pines Golf Club > The Club at Longleaf > Tobacco Road > Whispering Woods Golf Course > Country Club of Whispering Pines > Legacy Golf Links > Seven Lakes Country Club > Woodlake Country Club > Deercroft Golf and Country Club

GOLF COURSES WITHIN 15 MILE RADIUS OF SITE

http://www.moorebusi-ness.org/workforce/



ACCOLADES

Golfweek > Best Classic Golf Courses (2016) – #14 Pinehurst No. 2 > Best Courses You Can Play State-By-State (2016) - In North Carolina, the Pinehurst, Southern Pines, Aberdeen Area took eight of the fifteen spots.

Pinehurst No. 2 ranks #1, followed by #2 Mid Pines, #3 Dormie Club, #4 Pine Needles, #6 Pinehurst No.8 , #7 Tobacco Road, #9 Pinehurst No.4 and #14 Southern Pines Golf Club

> Best Residential Courses (2016) – #44 Forest Creek (North), #73 Forest Creek (South) > Best Resort Courses (2016) – #3 Pinehurst No. 2, #22 Mid Pines, #27 Pine Needles, #50 Pinehurst No. 8, #53 Tobacco Road, #85 Pinehurst No. 4 > Best Modern Courses (2014) – #84 Dormie Club

Golf.comTop 100 Courses You Can Play (2016/2017) – #3 Pinehurst No. 2, #53 Pine Needles, #57 Dormie Club, #61 Mid Pines, #88 Tobacco Road Destination Marketing Association of NC -Destination Marketing Achievement Awards > Collateral Piece (2016) - Gold for Destination Weddings > Print Ad Campaign (2016) - Gold for Holidays in the Hollies > Public Relations (2016) - Platinum for IAGTO Familiarization Tours > Website (2016)-Platinum for new dynamic www.homeofgolf.com

Convention South > Reader’s Choice Award (2015)- Convention & Visitors Bureau. Voted by meeting planners who have done business with the CVB in the past year. This is

the sixth time the CVB has been recognized with this award. > The South’s Surprising Recreational Havens For Groups (2014) Pinehurst, NC. ConventionSouth’s editorial team researched cities throughout the South

and selected the short list of 12 cities based on several factors, including their unique and diverse recreational offerings, attractions, meeting venues and accommodations for groups.


1, 3 & 5 MILE RADIUS

Radius 1-Mile 3-Miles 5-Miles

POP U L AT I O N : 2 0 1 72017 Total Population 1,930 15,230 24,636

2017-2022 Annual Rate 1.46% 1.28% 1.17%

2017 Total Daytime Population 1,929 19,250 29,824

Workers 733 9,717 14,273

Residents 1,196 9,533 15,551

Household Summary

2017 Households 870 6,974 11,373

2017 Average Household Size 2.20 2.16 2.14

2017-2022 Annual Rate 1.62% 1.39% 1.29%

2017 Families 642 4,848 7,696

2017 Average Family Size 2.55 2.58 2.60

2017-2022 Annual Rate 1.51% 1.29% 1.19%

Housing Unit Summary

2017 Housing Units 980 8,656 13,920

Owner Occupied Housing Units 73.7% 64.9% 63.6%

Renter Occupied Housing Units 15.1% 15.7% 18.1%

Vacant Housing Units 11.2% 19.4% 18.3%

Source: www.STDB.com & Census Bureau

1 Mi le 3 Mi les 5 Mi les

Per Capita Income

2017 $44,224 $42,812 $42,858

Median Age

2017 59.8 56.5 56.6

2017 Population 25+ by Educational Attainment

Associate Degree 13.5% 11.1% 10.1%

Bachelor’s Degree 28.4% 29.7% 28.3%

Graduate/Professional Degree 18.3% 21.6% 22.1%

2017 Employed Population 16+ by Industry

Construction 7.5% 5.5% 5.8%

Manufacturing 5.0% 7.1% 6.3%

Transportation/Utilities 2.3% 2.7% 2.6%

Information 1.9% 1.5% 1.2%

Sales 9.3% 13.0% 12.2%

Administrative Support 13.4% 9.2% 9.3%

Services 29.8% 21.3% 20.9%

DEMOGRAPHICS


LEASE COMPARABLES

1

3


*For comparison, rent for an independent townhome has been included.

PROPERTY YEAR BUILT # OF UNITS AVG. SF MARKET RENT MARKET RENT

PSF OCC. DIST. TOABINGDON SQ.

Abingdon Square 2001/2004/2005 42 1224 938 0.77 97.8% 0

1 Sweet Rebecca's Apts 2006 16 1000 850 0.85 100% 3.7

2 Park at Clearwater 2001 280 1064 860 0.81 99% 6.5

3 Tyler's Ridge 2013 216 938 1099 1.17 94% 7.3

4 The Legends at Morganton Park 2015 288 1110 1239 1.12 96% 4.1

5 Blue's Crossing 2002 268 940 819 0.87 99% 6.4

6 Greens at Arboretum 2018 72 967 1317 1.36 0.68 2.6

7 Cypress Creek 2011 1* 1450 1400 0.97 N/A 6.2

ABINGDONSQUARE

MARKET RANKINGS


RENT PER UNIT

RENT PER SF

One Bedrooms Two Bedrooms Three / Four BedroomsProperty Layout SF Rent / Unit Rent / SF Property Layout SF Rent / Unit Rent / SF Property Layout SF Rent / Unit Rent / SF

Greens at Arboretum 1BR / 1BA 750 1,188$ 1.58$ Greens at Arboretum 2BR / 2BA 1,423 2,200$ 1.55$ Greens at Arboretum 3BR / 2BA 1,281 1,600$ 1.25$ The Legends at Morganton Park 1BR / 1BA 834 1,052$ 1.26$ The Legends at Morganton Park 2BR / 2BA 1,204 1,302$ 1.08$ Indy Townhome 3BR / 2.5BA 1,450 1,400$ 0.97$ Tyler's Ridge 1BR / 1BA 760 975$ 1.28$ Greens at Arboretum 2BR / 2BA 1,035 1,300$ 1.26$ The Legends at Morganton Park 3BR / 2BA 1,325 1,380$ 1.04$ Blue's Crossing 1BR / 1BA 800 750$ 0.94$ The Legends at Morganton Park 2BR / 2BA 1,167 1,276$ 1.09$ Tyler's Ridge 3BR / 2BA 1,265 1,368$ 1.08$ Park at Clearwater 1BR / 1BA 780 749$ 0.96$ The Legends at Morganton Park 2BR / 2BA 1,115 1,263$ 1.13$ The Legends at Morganton Park 3BR / 2BA 1,320 1,365$ 1.03$ Abingdon Square 1BR / 1BA 802 745$ 0.93$ Tyler's Ridge 2BR / 2BA 1,003 1,143$ 1.14$ Abingdon Square 3BR / 2BA 1,313 1,175$ 0.90$

Abingdon Square 2BR / 2BA 1,200 1,060$ 0.88$ Abingdon Square 4BR / 3.5BA 1,684 1,132$ 0.67$ Abingdon Square 2BR / 2BA 1,240 895$ 0.72$ Abingdon Square 3BR / 2BA 1,380 1,125$ 0.82$ Abingdon Square 2BR / 2BA 1,158 871$ 0.75$ Abingdon Square 3BR / 2BA 1,430 1,030$ 0.72$ Blue's Crossing 2BR / 2BA 1,040 870$ 0.84$ Park at Clearwater 3BR / 3BA 1,375 969$ 0.70$ Abingdon Square 2BR / 2BA 1,073 865$ 0.81$ Park at Clearwater 3BR / 2.5BA 1,375 949$ 0.69$ Blue's Crossing 2BR / 2BA 1,025 865$ 0.84$ Abingdon Square 2BR / 1.5BA 1,060 860$ 0.81$ Blue's Crossing 2BR / 2BA 1,030 860$ 0.83$ Blue's Crossing 2BR / 2BA 1,000 855$ 0.86$ Abingdon Square 2BR / 1.5BA 1,210 850$ 0.70$ Abingdon Square 2BR / 1.5BA 1,220 850$ 0.70$ Sweet Rebecca's 2BR / 2BA 1,000 850$ 0.85$ Park at Clearwater 2BR / 2BA 980 849$ 0.87$

One Bedrooms Two Bedrooms Three / Four BedroomsProperty Layout SF Rent / Unit Rent / SF Property Layout SF Rent / Unit Rent / SF Property Layout SF Rent / Unit Rent / SF

Greens at Arboretum 1BR / 1BA 750 1,188$ 1.58$ Greens at Arboretum 2BR / 2BA 1,423 2,200$ 1.55$ Greens at Arboretum 3BR / 2BA 1,281 1,600$ 1.25$

Tyler's Ridge 1BR / 1BA 760 975$ 1.28$ Greens at Arboretum 2BR / 2BA 1,035 1,300$ 1.26$ Tyler's Ridge 3BR / 2BA 1,265 1,368$ 1.08$

The Legends at Morganton Park 1BR / 1BA 834 1,052$ 1.26$ Tyler's Ridge 2BR / 2BA 1,003 1,143$ 1.14$ The Legends at Morganton Park 3BR / 2BA 1,325 1,380$ 1.04$

Park at Clearwater 1BR / 1BA 780 749$ 0.96$ The Legends at Morganton Park 2BR / 2BA 1,115 1,263$ 1.13$ The Legends at Morganton Park 3BR / 2BA 1,320 1,365$ 1.03$

Blue's Crossing 1BR / 1BA 800 750$ 0.94$ The Legends at Morganton Park 2BR / 2BA 1,167 1,276$ 1.09$ Indy Townhome 3BR / 2.5BA 1,450 1,400$ 0.97$

Abingdon Square 1BR / 1BA 802 745$ 0.93$ The Legends at Morganton Park 2BR / 2BA 1,204 1,302$ 1.08$ Abingdon Square 3BR / 2BA 1,313 1,175$ 0.90$ Abingdon Square 2BR / 2BA 1,200 1,060$ 0.88$ Abingdon Square 3BR / 2BA 1,380 1,125$ 0.82$ Park at Clearwater 2BR / 2BA 980 849$ 0.87$ Abingdon Square 3BR / 2BA 1,430 1,030$ 0.72$ Blue's Crossing 2BR / 2BA 1,000 855$ 0.86$ Park at Clearwater 3BR / 3BA 1,375 969$ 0.70$

Sweet Rebecca's 2BR / 2BA 1,000 850$ 0.85$ Park at Clearwater 3BR / 2.5BA 1,375 949$ 0.69$

Blue's Crossing 2BR / 2BA 1,025 865$ 0.84$ Abingdon Square 4BR / 3.5BA 1,684 1,132$ 0.67$ Blue's Crossing 2BR / 2BA 1,040 870$ 0.84$

Blue's Crossing 2BR / 2BA 1,030 860$ 0.83$

Abingdon Square 2BR / 1.5BA 1,060 860$ 0.81$ Abingdon Square 2BR / 2BA 1,073 865$ 0.81$ Abingdon Square 2BR / 2BA 1,158 871$ 0.75$ Abingdon Square 2BR / 2BA 1,240 895$ 0.72$ Abingdon Square 2BR / 1.5BA 1,210 850$ 0.70$ Abingdon Square 2BR / 1.5BA 1,220 850$ 0.70$

Utilities Included Water, Sewer, Trash

Admin/App/Pet Fee NA/30/200

Survey Date 2/19/2019

Year Built 2006

Occupancy 100%

Property Management Keystone Management

1. SWEET REBECCA'S 150 Sweet Ashley Drive | West End, NC

UNIT TYPE UNITS SF TOTAL SF MKT RENT/UNIT

MKT RENT/PSF

MONTHLY MKT TOTAL

2 BR / 2 BA 16 1,000 16,000 $850 $0.85 $13,600TOTAL/AVG: 16 1,000 16,000 $850 $0.85 $13,600

Abingdon Square 42 1,224 51,408 $938 $0.77 $39,385

LEASE COMPARABLES

Utilities Included None

Admin/App/Pet Fee 150/50/350


Year Built 2000

Occupancy 98.9%

Property Management Self-managed


MKT RENT/PSF

MONTHLY MKT TOTAL

1BR / 1BA 80 780 62,400 $749 $0.96 $59,920 2BR / 2BA 100 980 98,000 $849 $0.87 $84,900

3BR / 2.5BA 52 1,375 71,500 $949 $0.69 $49,348 3BR / 3BA 48 1,375 66,000 $969 $0.70 $46,512

TOTAL/AVG. 280 1,064 297,900 $860 $0.81 $240,680

Abingdon Square 42 1,224 51,408 $938 $0.77 $39,385

2. PARK AT CLEARWATER 800 Churchill Downs Drive | Aberdeen, NC


LEASE COMPARABLES


Admin/App/Pet Fee 150/50/250-350


Year Built 2013/2018/2019

Occupancy 96.0%

Property Management Drucker & Falk

UNIT TYPE UNITS SF TOTAL SF MKT RENT/UNIT MKT RENT/PSF

MONTHLY MKT TOTAL

1BR / 1BA 84 760 63,840 $975 $1.28 $81,900

2BR / 2BA 108 1,003 108,324 $1,143 $1.14 $123,390

3BR / 2BA 24 1,265 30,360 $1,368 $1.08 $32,820

TOTAL/AVG. 216 938 202,524 $1,102 $1.18 $238,110

Abingdon Square 42 1,224 51,408 $938 $0.77 $39,385

3. TYLER'S RIDGE 500 Moonseed Lane | Southern Pines, NC

4. THE LEGENDS AT MORGANTON PARK 500 Legends Drive | Southern Pines, NC


MKT RENT/PSF

MONTHLY MKT TOTAL

1BR / 1BA 72 834 60,048 $1,052 $1.26 $75,744 2BR / 2BA 32 1,115 35,680 $1,263 $1.13 $40,416 2BR / 2BA 71 1,167 82,857 $1,276 $1.09 $90,596 2BR / 2BA 71 1,204 85,484 $1,302 $1.08 $92,442 3BR / 2BA 18 1,320 23,760 $1,365 $1.03 $24,570 3BR / 2BA 24 1,325 31,800 $1,380 $1.04 $33,120

TOTAL/AVG. 288 1,110 319,629 $1,239 $1.12 $356,888

Abingdon Square 42 1,224 51,408 $938 $0.77 $39,385

Utilities Included Trash/Cable

Admin/App/Pet Fee 200/50/400-600


Year Built 2015

Occupancy 96.0%

Property Management Hawthorne



UNIT TYPE UNITS SF TOTAL SF

MKT RENT/UNIT

MKT RENT/ PSF

MONTHLY MKT TOTAL

1BR / 1BA 101 800 80,800 $750 $0.94 $75,750 2BR / 2BA 1 1,000 1,000 $855 $0.86 $855 2BR / 2BA 1 1,020 1,020 $870 $0.84 $870 2BR / 2BA 164 1,025 168,100 $865 $0.84 $141,860 2BR / 2BA 1 1,030 1,030 $860 $0.83 $860

TOTAL/AVG. 268 940 251,950 $822 $0.87 $220,195

Abingdon Square 42 1,224 51,408 $938 $0.77 $39,385




Year Built 2002

Occupancy 99%

Property Management Phillips

5. BLUE'S CROSSING 700 Rays Mill Road | Aberdeen, NC

LEASE COMPARABLES


MKT RENT/UNIT

MKT RENT/ PSF

MONTHLY MKT TOTAL

1BR / 1BA 31 750 23,250 $1,188 $1.58 $36,813 2BR / 2BA 26 1,035 26,910 $1,300 $1.26 $33,8002BR / 2BA 2 1,423 2,846 $2,200 $1.55 $4,400 3BR / 2BA 13 1,281 16,653 $1,600 $1.25 $20,800

TOTAL/AVG. 72 967 69,659 $1,331 $1.38 $95,813

Abingdon Square 42 1,224 51,408 $938 $0.77 $39,385

Utilities Included Water



Year Built 2018

Occupancy 79.2%

Property Management Kuester

6. GREEN'S ARBORETUM

OV

ER

VIE

W

LEASE COMPARABLES



MKT RENT/UNIT

MKT RENT/ PSF

MONTHLY MKT TOTAL

3 BR | 2.5 BA 1 1,450 1,450 $1,400 $0.97 $1,400

TOTAL/AVG. 1 1,450 1,450 $1,400 $0.97 $1,400

Abingdon Square 42 1,224 51,408 $938 $0.77 $39,385

Utilities Included N/A

Admin/App/Pet Fee N/A


Year Built 2011

Occupancy N/A

Property Management Zillow

7. INDY TOWNHOME 113 Cypress Circle | Southern Pines, NC

SALE DATE PROPERTY NAME P R O PE RT Y T Y PE YEAR BUILT UNITS SALE PRICE PER UNITApril-18 109 Bay West Court Garden Style Apartments 1988 12 $840,000 $70,000

March-18 Sweet Rebecca's Apartments Garden Style Apartments 2006 16 $1,400,000 $87,000

December-17 Park at Clearwater Apartments Garden Style Apartments 2001 280 $28,000,000 $100,000

December-16 150 Shibui Gardens Garden Style Apartments 1981 42 $3,750,000 $89,286

June-15 Knollwood at the Pines Garden Style Apartments 1960 / 2010 65 $3,000,000 $46,154

June-15 Woodgreen Apartments Townhouse 2002 20 $1,316,500 $65,825

TOTAL/WEIGHTED AVG 1 9 9 1 5 2 0 $ 4 0 , 2 1 7 , 3 4 0 $ 7 7 , 3 4 1

1

2

3

4

SALES COMPARABLES

1 5

6

5

2


6

3

4

ABINGDONSQUARE

JOHN MANNING Vice President Multifamily Investment Services + 1 919 582 [email protected]

ED FINLEYSenior AnalystMultifamily Investment Services + 1 984 239 [email protected]

TREY RIDDLEAssociate Vice President Multifamily Investment Services + 1 910 391 2049 [email protected]

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