H ERO N VILLAGE...Area Overview — Meridian Meridian is Idaho 2nd largest city and has been one of...

SALE SUMMARY

HERON VILLAGE51 E Blue Heron Lane — Meridian, ID 83642

108 Unit Boise Valley Apartment Complex in America’s Fastest Growing State

C o l l i e r s I n t e r n a t i o n a l I d a h o | 7 5 5 W e s t F r o n t S t r e e t , S u i t e 3 0 0 B o i s e , I d a h o 8 3 7 0 2 | w w w . c o l l i e r s b o i s e . c o m | 2 0 8 3 4 5 9 0 0 0

CLAY ANDERSON, MBA, CPA208 489 [email protected]

C o l l i e r s I n t e r n a t i o n a l I d a h o | 7 5 5 We s t F ro n t S t re e t , S u i t e 3 0 0 Bo i s e , I d a h o 8 3 7 0 2 | w w w . co l l i e r s b o i s e . co m | 2 0 8 3 4 5 9 0 0 0

HERON VILLAGEInvestment Summary

Heron Village provides the opportunity to own 108 units in Meridian, Idaho. Owner will benefit from rising rental pressure in the Ada County market where this property resides, the Boise Area was named as the #1 Fastest Growing City in America by Forbes.com in February of 2018. The Property will be delivered free-and-clear of existing debt.

At Heron Village, residents get a dynamic mix of small town meets big city. Downtown Boise is a short 15-minute drive away and only 2 miles east is the Eagle Road corridor and The Village at Meridian, one of the valley’s premier shopping and entertainment districts where you can find hundreds of national, regional and local retailers. Settler’s Park lies 1/2 mile to the north and offers 60 acres of open recreation space, multiple sport-courts and fields, an acre-sized children’s play structure, picnic shelters and a fishing pond.

Pricing: Contact Agent

NOI (pro-forma): $1,159,560

Size: 107,000 SF

Units: 108


HERON VILLAGEProperty Overview

ProfileProperty Name: Heron Village

Address: 51 Blue Heron Lane

Building Size: 107,000 SF

Land Size: 5.5 Acres

Zoning: R-40

Parking: 1.92 space per unit

Year Built: 2015

Highlights

» Great central location in Boise MSA

» Ample parking for residents; 54 garages, 141 carport spacesand 12 surface parking spots

» Each unit has its own washer and dryer

» Community clubhouse has a gathering room, fitness center,playground, and basketball court

» Property delivered free of existing debt

» 54 enclosed garages plus covered parking

» 2.5 miles to The Village ($300 million lifestyle center)

» 10 miles to Downtown Boise

» Larger units, 74% of total units are 1,000 SF or larger

» Rent-roll has seen gross-rents increase 5% over past 6 weeks

https://www.crexi.com/properties/119257


HERON VILLAGESite Plan


HERON VILLAGEFloor Plans

3 BEDROOM

2 BEDROOM

1 BEDROOM

Unit Type

Size(SF)

# Units

1 bed/1 bath 750 24

2 bed/1 bath 990 4

2 bed/2 bath 1,000 68

3 bed/2 bath 1,225 12

Total Units 108

Garages 54


HERON VILLAGEGallery


HERON VILLAGELocation


HERON VILLAGEDemographics

51 E Blue Heron Lane | Meridian, ID 1 Mile 3 Miles 5 Miles

POPULATION

2018 Estimated Population 16,430 94,336 174,269

2023 Projected Population 18,296 105,060 193,919

2010 Census Population 14,419 76,186 141,124

2000 Census Population 10,398 42,850 91,732

Historical Annual Growth 2000-2018 3.2% 6.7% 5.0%

HOUSEHOLD

2018 Estimated Households 6,025 31,890 60,487

2023 Projected Households 6,598 34,917 66,189

2010 Census Households 5,269 25,751 49,006

Historical Annual Growth 2000-2018 3.6% 6.7% 5.2%

INCOME

2018 Est. Average Household Income $74,748 $90,199 $90,881

2018 Est. Median Household Income $53,587 $71,332 $72,453

MISC.

2010 Median Home Value * $203,195 $234,306 $234,563

2010 Median Rent $837 $917 $887

2018 Est. Median Age 34.5 35.1 36.4

2010 Average Commute Time 21.3 21.3 20.4

2018 Est. Labor Population Age 16+ 12,307 70,148 132,394

2018 Est. Total Household Expenditure $347 M $2.10 B $4.00 B

*The Wall Street Journal recently reported in April 2018 that the median price of a single-family home in Boise’s Ada County is around $300,000


HERON VILLAGE

Comparable Apartments Beds Unit Size Rent Range

High Point on Overland 1 732-888 SF $995-975

1495 S Tec Lane, Meridian 2 986-1,168 SF $1,050-1,295

Built 2015 | 190 units 3 1,301-1,311 SF $1,375-1,425

Red Tail Apartments 1 890 SF $1,005

121 W Victory Rd 2 1,120 SF $1,120

Built 2015 | 220 units 3 1,310 SF $1,310

The Regency @ River Valley 1 869-943 SF $1,020-1,015

3400 E River Valley St, Meridian 2 1,061-1,154 SF $1,020-1,330

Built 2013 | 240 units 3 1,325 SF $1,380-1,475

The Franklin @ Ten Mile 1 561-741 SF $1,015-1,025

3800 Perugia St, Meridian 2 882-1,059 SF $1,185-1,405

Built 2016 | 132 units

Gramercy Villas 1 800 SF $920

2549 E Blue Tick St, Meridian 2 1,000 SF $1,060

Built 2012 | 66 units

Comparables


HERON VILLAGEArea Overview — Meridian

Meridian is Idaho 2nd largest city and has been one of Top 5 fastest growing cities in Idaho for 15 consecutive years. Meridian’s undeniable quality of life, affordability and urban proximity make it one of the most desirable places to live in the West.


HERON VILLAGEJobs Overview

SOUTHWEST IDAHO JOB GROWTH PROJECTIONS 2014-2024

Job Title

# Jobs Added

Growth 2014-24

1 Software Developers and Computer Systems, Other 1,875 37%

2 Lawyers 708 27%

3 Management Analysts 757 34%

4 Accountants and Auditors 1,163 28%

5 Civil Engineers 470 28%

6 Personal Financial Advisors 322 39%

7 Business Operations Specialists 683 27%

8 Physical Therapists 309 30%

9 Health Specialties Teachers, Postsecondary 282 30%

10 Market Research Analysts and Marketing Specialists 540 38%

11 Registered Nurses 2,424 20%

12 Nurse Practitioners 184 32%

13 Industrial Machinery Mechanics 498 32%

14 Veterinarians 178 31%

15 Physician Assistants 169 29%

16 First-Line Supervisors; ConstructionTrades and Extraction Workers 713 24%

17 Public Relations Specialists 221 38%

18 Network and Computer SystemsAdministrators 363 24%

19 Conservation Scientists 184 55%

20 Operations Research Analysts 175 44%

IDAHO “HOT JOBS” GROWTH 2014-2024Idaho “Hot Jobs” are those jobs that are the most abundant, fastest-growing and highest-paying

3.2% Unemployment

2017

4.5% Annual Job

Growth All Trades

-7.5%Cost of Living Below National

Avgerage

40% of Workforce has a College

Degree

DATA SOURCE:


HERON VILLAGEArea Overview

Quality of LifeReferred to as the “Treasure Valley”, the region is home to about 675,000 people. The workforce of roughly 330,000, live within a 45-minute draw area. Known for its extraordinary quality of life and affordable cost of living (currently one of the lowest in the western states, according to the ACCRA Cost of Living Index), the Valley is consistently ranked by Forbes, The Wall Street Journal, Livability and Inc. Magazine as one of the best places in the U.S. to live and work.

Commuting in the ValleyThe major interstate serving the Treasure Valley is I-84, running through the metro area’s major cities (Boise, Meridian, Nampa and Caldwell). Branching off to the northeast is I-184, which runs into downtown Boise. Daily commutes are easy, with several U.S. and state highways providing direct routes and minimal traffic. The average commute time is only 18 minutes. Public transportation is handled by ValleyRide, Treasure Valley Transit and ACHD Commuteride.

RecreationThe Boise River runs through downtown and is accessible through a greenbelt system with over 25 miles of bike paths and 850 acres of parks. Up in Foothills you’ll find more than 135 miles of nationally acclaimed hiking and mountain biking trails that extend from the city up to Bogus Basin Ski Area. Only 17 miles from the city center Bogus Basin offers winter skiing and summer adventure. With world-class golf courses, hiking, fishing and mountain biking, the recreation opportunities are virtually unlimited within a 30-minute drive.

DiversityThe City of Boise has been recognized for its work welcoming over 800 new citizens (refugees) each year from over 20 foreign countries. Annual diversity events and resources include PRIDE activities, The Basque Cultural Center, Hispanic Cultural Center and the Black History Museum. More than 90 different languages are spoken in the Boise School District and the Mexican Consulate also has an office in Boise.

What about logistics? There are 50 motor freight companies traveling 5 interstates, 20 U.S. highways and 30 state highways that serve the Boise Valley. More than 1,600 miles of rail line through Union Pacific and Burlington Northern Santa Fe provide connection points to Canada, Mexico and the U.S. They are aided by the state’s regional line and 6 short line railroads. Annually, the rail system transports over 11 million tons of freight.

Boise


HERON VILLAGEArea Overview

IDAHO TAX OVERVIEWSales and Use Tax in Idaho is 6%. This would apply to items purchased or consumed in Idaho. Exemptions are available for equipment and raw materials used directly in manufacturing, processing, or fabrication; clean rooms used in semiconductor and semiconductor equipment manufacturing; and any equipment or material used in research and development activities.

We do not tax services including telecommunication services, and utilities such as water, gas, electricity, or natural gas. In our region we do not have any local option sales tax.

Property Tax personal (machinery/equipment) and real (land/buildings) – based on market value.

2017 Rates: Ada County Average Range: 1.1% - 1.8%Bannock County Average Range: 0.8 - 1.2%Canyon County Average Range: 1.5% - 2.5%Elmore County Average rate: 1.8%

Idaho does not have an inventory tax.

Corporate Income Tax – Computed at 7.4% of the Idaho taxable income of a corporation. Corporations that are taxable in Idaho and another state or country or are part of a unitary group of corporations, use a 3 factor formula to ascertain how much of the business is conducted in Idaho. The apportionment formula is made up of a property factor, a payroll factor, and a sales factor. These three factors, with the sales factor being double weighted for all taxpayers except for electrical and telephone companies, are totaled and divided by 4 to compute the Idaho apportionment factor. The Idaho apportionment factor is then applied to the business income of the corporation to compute income assigned to Idaho. Non-business income allocable to Idaho is added to the income apportioned to Idaho to arrive at Idaho taxable income.

SALES &USE TAX6%

CORPORATEINCOME TAX7% MINIMUM

WAGE$7.25/hr

STATE UNEMPLOYMENT INSURANCE RATE1.91%

UNION MEMBERSHIP(NAT’L AVG: 11.9%)7.1%

PERSONAL INCOME TAX RATE RANGE Rate range on a bracketed system based on income levels

1.6%-7.8%#2 BEST STATE Property tax rate (2013 Tax Foundation Study)

PROPERTY EXEMPTIONFirst $100,000 of personal property is exempt from taxation

right to workIDAHO IS A

STATE

HERON VILLAGE51 E Blue Heron Lane — Meridian, Idaho 83642

Col l iers Internat ional Idaho | 755 West Front Street , Sui te 300 Boise , Idaho 83702 | www.col l iersboise.com | 208 345 9000

CLAY ANDERSON, MBA, CPA208 489 6177

[email protected]

H ERO N VILLAGE...Area Overview — Meridian Meridian is Idaho 2nd largest city and has been one of...

Documents

Transcript of H ERO N VILLAGE...Area Overview — Meridian Meridian is Idaho 2nd largest city and has been one of...