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Transcript of Fort Chaplin Park - JLL Chaplin Park Flyer_676 · PDF file Fort Chaplin Park Apartments...

  • Fort Chaplin Park

    Capital Markets Mid-Atlantic Multifamily

    4212 E Capitol Street NE • Washington, DC

    549-Unit Value-Add Apartment Community

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    E Capitol St SE

    Downtown Washington, DC

    Benning Rd NE

    Fort Chaplin Park

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    SE

    295 / A

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    The Opportunity JLL’s Mid-Atlantic Multifamily Group, as exclusive agent, is pleased to present Fort Chaplin Park Apartments, a 549-unit apartment community located in Washington, DC. The Property is ideally located less across from the Benning Road Metro Station offering residents direct access to multiple employment and recreational opportunities throughout greater Washington. The community consists of townhome and garden-style floor plans with amenities, open space, and parking not found at comparable properties in the area. Last renovated in 2000, Fort Chaplin Park affords investors the opportunity to acquire a well-located, well-maintained asset in a strong sub-market with job growth and access to excellent transportation.

    Fort Chaplin Park’s excellent location in Washington, DC, immediate proximity to the Benning Road Metro Station and I-295, and potential for renovation make it an exceptional investment opportunity.

    Fort Chaplin Park | Washington, DC

    ExteriorEntrance

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    Fort Chaplin Park | Washington, DC

    Living Area Kitchen

    LIHTC AND/OR MARKET RATE RENOVATION POTENTIAL In 2000, Fort Chaplin Park underwent a complete LIHTC rehabilitation program resulting in improved unit interiors, mechanicals and common areas. Due to the Property’s continuous ownership in excess of ten years, investors will have the opportunity to secure a second round of tax credits for acquisition and additional renovation. Furthermore, the Property’s transit-oriented location and the rapid improvement of the surrounding area present the opportunity for a new owner to complete a market rate renovation program that will significantly increase market rents.

    TRANSIT-ORIENTED LOCATION Fort Chaplin Park is ideally located less than a ¼ mile from the Benning Road Metro station (Blue and Silver Line) offering residents direct access to employment in downtown Washington, DC and the surrounding areas. Approximately 3,200 area residents use the Benning Road Station daily.

    UNIQUE AMENITY PACKAGE As the most highly amenitized community in its competitive set, Fort Chaplin Park has a competitive advantage over nearby properties due to its unique units and amenity package. Amenities at the Property include an Olympic size swimming pool, on-site laundry, ample parking, walk-in closets, clubhouse, individually controlled heating and air conditioning, high speed internet and dishwashers in select units.

    DIRECT ACCESS TO MAJOR EMPLOYERS The Property’s central location near the intersection of E Capitol Street NE and the Anacostia Freeway (I-295) affords residents convenient transit to many of the area’s largest employers in less than 15 minutes. These employers include Andrew’s Air Force Base, Suitland Federal Center, Saint Elizabeth’s Campus, National Harbor and Southern Maryland Hospital Center.

    SIGNIFICANT RENTAL SPREAD BETWEEN NEW AFFORDABLE COMMUNITIES While a number of new tax credit communities have recently been developed or are soon to deliver in the direct vicinity of Fort Chaplin Park, rental spreads between older affordable communities and new tax credit product are approximately $300 or 30% per month, which has strongly reduced the competitive impact of new supply.

    EXCELLENT VISIBILITY Fort Chaplin Park benefits tremendously from its location along E Capitol Street NE which provides excellent visibility to the 30,000 vehicles that pass directly by the property every day.

    Fort Chaplin Park Apartments was constructed by the Charles E. Smith Company which owned and operated the Property until 1999 when it was sold to the current owner, E&G Group. E&G successfully completed a comprehensive renovation utilizing Low Income Housing Tax Credits to renovate all unit interiors and common spaces. Investors familiar with the Washington real estate market will recognize the high quality features of Charles E. Smith construction including ample natural light in units, large rooms, open floor plans, private balconies, and large closets. These features make the Property appeal to 21st century renters, and the quality of construction and submarket dynamics make the Property ideal for a renovation program through a re-syndication of tax credits or through conventional debt and equity sources.

    Investment Drivers

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    Fort Chaplin Park | Washington, DC

    Exterior

    NATIONAL HARBOR CASINO MGM Resorts International was recently awarded the development of the $925 million National Harbor Casino, which is expected to create 4,000 permanent employee positions by mid-summer 2016. The casino, located 15 minutes from Fort Chaplin Park, will serve as a major driver for residential demand in the area.

    SAINT ELIZABETH’S CAMPUS REDEVELOPMENT The new headquarters of the U.S. Department of Homeland Security is currently being built 10 minutes south of the Property on the campus of St. Elizabeth’s Hospital in Southeast Washington, D.C. The multi-phase redevelopment of the Saint Elizabeth’s Campus will consolidate approximately 20 DHS divisions bringing vast new employment and revitalization to Anacostia and the surrounding areas.

    SIZE OF PROPERTY OFFERS OPTIONS FOR REDEVELOPMENT The size and layout of Fort Chaplin Park Apartments presents buyers with the opportunity to redevelop the Property in phases or carve out parcels of the property to redevelop as for-sale or market rate product. The townhouse units, in particular, afford investors the opportunity to drive value through an alternative investment strategy.

    POTENTIAL VALUE THROUGH SOLAR PANEL INSTALLATION The District of Columbia is currently offering financial incentives for owners of commercial real estate to install solar panels and promote energy efficiency. The portion of the community with flat roofs presents the opportunity for prospective buyers to take advantage of these financial incentives and reduce utility expenses.

    Investment Drivers

    Management Office

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    Section 42 LIHTC Program Fort Chaplin Park presents investors with the opportunity to acquire a well-maintained apartment community that currently operates under the Low Income Housing Tax Credit program. The initial compliance period expires in January 2016. As is customary in Washington, DC, the Property has an extended compliance period for approximately 380 apartments that expires in January 2031. Until that time, the owner must offer rents on those units to households with incomes at or less than 60% of the Area Median Income (AMI). Should a buyer elect to apply, they may be eligible for acquisition credits to fund a property renovation from the DC Department of Housing and Community Development (DHCD) which will offer its next round of allocations for credits and subordinate financing in the spring of 2015. Qualified purchasers will have the opportunity to submit an application for such financing, as DHCD typically has more than $100 million available annually for financing projects such as Fort Chaplin Park.

    Unit Mix and Rent Matrix

    Unit Type # Units % Unit

    Mix Size (SF)

    Avg. Actual Rent

    Avg. Rent/

    SF Studio 2 1% 450 $850 $1.89 1 BR / 1 BA 176 31% 768 $924 $1.20 2 BR / 1 BA 339 62% 984 $1,017 $1.03 3 BR / 1.5 BA / TH 32 6% 1,075 $1,304 $1.21 Total 549 100% 918 $1,004 $1.09

    Property Summary

    Property Address 4212 E Capitol Street NE Washington, DC 20019

    Year Built 1963

    Year Renovated 2000

    Number of Units 549 Units

    Number of Stories 3

    Net Rentable Area 504,044 SF

    Average Unit Size 918 SF

    Land Area 724,356 SF (16.6 acres)

    Tax Parcel ID 5405 0852 & 5085 0842

    Zoning R-5-A

    Fort Chaplin Park | Washington, DC

    Clubhouse

    Apartment Amenities • Large walk-in closets • Dishwashers • Private balconies • Spacious floorplans • Townhomes available • Individually controlled

    heating and cooling

    Community Amenities • Olympic-size swimming pool • Convenient laundry facilities • Community center and

    clubhouse • Ample parking • Sundecks

  • Although information has been obtained from sources deemed reliable, Owner, Jones Lang LaSalle, and/or their representatives, brokers or agents make no guarantees as to the accuracy of the information contained herein, and offer the Property without express or implied warranties of any kind. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2014. Jones Lang LaSalle. All rights reserved.

    Fort Chaplin Park 4212 E Capitol Street NE • Washington, DC • 549-Unit Value-Add Apartment Community

    Erin Miller Vice President +1 215 988 5506 Erin.Miller@am.jll.com

    Shawn McDonald Executive Vice President +1 301 564 6620 Shawn.McDonald@am.jll.com

    Luca Barber Associate +1 301 564 6627 Luca.Barber@am.jll.com

    Anthony Hebenstreit Vice President +1 301 564 6621 Anthony.Hebenstreit@am.jll.com

    For Financing:

    Robert Garrish Vice President +1 301 564 6628 Robert.Garrish@am.jll