HERITAGE COURT MULTIFAMILY LAND SITE I CONFIDENTIAL OFFERING MEMORANDUM

Stream Realty Partners Multifamily Division, as exclusive agent representing the Seller, is pleased to offer for sale the HERITAGE COURT MULTIFAMILY LAND SITE.

PROPERTY Heritage Court Multifamily Land Site +7.22 Acres - Preliminary Plans for 184 Multifamily Units

ADDRESS 300 Jefferson Terrace Boulevard • New Iberia, LA 70560 LOCATION The Heritage Court Multifamily Land Site is located in New Iberia, which is the county seat of Louisiana’s Iberia Parish. The site sits at the southwest corner of Jefferson Terrace Boulevard and East Peter Street.

SITE The site is approximately 7.22 acres with preliminary plans available for a 184-unit apartment community currently named Heritage Court Apartments. Proposed density is 24.48 units per acre, net rental area of +193,112 square feet, average unit size of 1,050 square feet, and proposed market rent of $1,088 ($1.04 psf). ZONING The site is zoned C-3, General Business District, which includes multifamily use. SALE PRICE $1,400,000 | $193,906 per Acre | $4.45 per Sq. Ft. TERMS Available All Cash

S I T E D E TA I L S

The information provided in this Offering Memorandum has been derived from sources deemed reliable. However, it is subject to errors, omissions, price change and/or withdrawal, and no warranty is made as to the accuracy. Further, no warranties or representation shall be made by Stream Realty Partners or its agents, representatives or affiliates regarding oral statements which have been made in the discussion of the property. This presentation, prepared by Stream Realty, was sent to the recipient under the assumption that s/he is a buying principal. Any potential purchaser is advised that s/he should either have the abstract covering the real estate which is the subject of the contract examined by an attorney of his/her selection, or be furnished a policy of title insurance.

STREAM REALTY PARTNERS I 3

I N V E S T M E N T H I G H L I G H T S

EXCELLENT LOCATIONLocated in the heart of New Iberia at the intersection of East Peter Street and Jefferson Terrace Avenue, Heritage Court is surrounded by the best of New Iberia’s retail, shopping, and dining. The property is less than five miles from the region’s largest employment base, the ever expanding, Port of Iberia. The port has over 100 companies operating on port property with approximately 4,000 daily employees, and a multi million-dollar scheduled expansion with a projected peak employment base of over 9,000 direct and indirect workers.

SITE OVERVIEWThe Heritage Court site is located at 300 Jefferson Terrace Boulevard and totals approximately 7.22 +/- acres of level land with a current zoning by the parish of C-3 (General Business District), which includes multi-family use. The current proposal includes a build of 184 units over eleven (11) buildings.

Proposed apartment design includes:• 184 market rate apartment units comprised of 40 one bedroom/one bath units,

104 two bedroom/two bath units and 40 three-bedroom/two bath units;• Total rentable square footage is 193,112 SF;• 280 parking spaces, with ample campus landscaping and drainage;• 1,440 SF Clubhouse with social room, two leasing offices, community kitchen, and

maintenance office;• Community swimming pool and playground.

Proposed interior unit amenities include:• Granite countertops in kitchens and baths• Frost-free refrigerator with ice maker• Self clean electric range• Microwave oven• Dishwasher• Ceiling fan in living area• Nine-foot ceilings• Fire alarm and sprinklers• Washer/dryer connection in each apartment• Private patio/balcony• Exterior storage rooms

IBERIA PARISH AT A GLANCEIberia Parish is seated within the heart of Louisiana’s Cajun Country and is home to a South Louisiana blend of cultures including, French, Spanish, Native American, and African American heritage. Founded in 1779 by a group of Spaniards from Malaga, the town has experienced the arrival and departure of the steamboat, coming of the railroad and subsequent lumber industry, and the discovery of oil and gas with a flourish of cultural activities including, parades, pageants, and festivals. Today, New Iberia is centered around the Oil and Gas Industry, and award winning main street, and a vibrant arts and cultural scene. New Iberia hosts, The New Iberia Gumbo Cook Off, in its 23rd year drawing visitors from 28 states and also debuted The El Festival Espanol De Nueva Iberia, this past November. The population of the parish is over 74,000 with a labor force of 32,500 employees and an annual payroll of $1.5 billion.

PORT OF IBERIAApproximately 5 miles south of Heritage Court is the regions main employment hub, the Port of New Iberia. The port is a Tenant Port, which accommodates over 100 companies who are servicing oil and gas exploration in the Gulf of Mexico. The total payroll of the port is over $220 million with approximately 4,000 daily employees and 15% of the payroll resides in Iberia Parish. Another 1,000 jobs with wages and salaries totaling $80 million are sourced from support companies within the region. Three companies located in the Port of Iberia are undergoing major expansion projects: Bayou Companies is constructing a $22 million insulation application facility for deep water projects, Chart Energy & Chemicals is spending more than $8 million for several projects including an 11,500-square-feet addition to its fabrication shop, and Omega Natchiq is expanding a fabrication facility with an investment of $4.87 million. The Port itself is undergoing a $92 million expansion that will add an additional 108 acres of waterfront usage. The expansion is estimated to provide the region with a capital investment of $1.25 billion and a total of 9,333 new direct and indirect jobs.

VERY STRONG DEMANDNew Iberia has not seen construction of new multi family since the completion of The Reserve at Squirrel Run in 2008 and currently there are no new properties slated for development. There are four properties that compose the comparable set used to evaluate Heritage Court, for a total of 788 units. The comparable properties average in rent $1,044 per month or $1.05 per square foot. New Iberia is currently experiencing a shortage of units reflected in the high occupancy of 97.9%, signaling a need for new units. By adding 184 units to New Iberia’s market the developer would control approximately 23% of the comparable units.


L O C AT I O N M A P

3212

677

31

675

36

87

182

90

674

83

85

NEW IBERIA

Multifamily Land SiteHERITAGE COURT

DIRECTIONS FROM LAFAYETTE, LA

From the Lafayette Regional Airport, exit airport and turn left onto Blue Blvd.,

then turn left onto Surrey Street. Turn left onto US-90E/SW Evangeline Thruway

and proceed 6.2 miles. Turn left onto LA-182 S/E Main Street and proceed 13.4

miles. Turn right onto Jefferson Terrace Blvd. The property is at the corner of

Jefferson Terrace Blvd. and East Peter Street.

HERITAGE COURTMultifamily Land Site


C O N S O L I D AT E D U N I T M I X F L O O R P L A N S

UNIT TYPE UNITS AVERAGE SF TOTAL SF % OF UNITS PROPOSED RENT

PER MONTH PROPOSED RENT

PER SF

1 BEDROOM40 775 31,000 21.7% $925 $1.19

2 BEDROOM104 1,073 111,592 56.5% $1,060 $0.99

3 BEDROOM40 1,263 50,520 21.7% $1,325 $1.05

TOTAL / AVERAGES 184 1,050 193,112 100% $1,088 $1.04

Owner and Broker make no representation as to the actual square footage of any units. Prospective purchasers are encouraged to independently confirm the measurement of all units.


P R O P O S E D S I T E D E TA I L


P R O P O S E D R E P R E S E N TAT I V E F L O O R P L A N S

1 Bedroom/1 Bathroom775 Sq. Ft.

2 Bedroom/2 Bathroom1,073 Sq. Ft.

3 Bedroom/2 Bathroom1,263 Sq. Ft.


R E N T C O M PA R A B L E S S U M M A RY

P R O P E R T Y A D D R E S S Y E A R B U I LT # O F U N I T S T O TA L N R A AV G . S F M A R K E T R E N TP E R M O N T H

M A R K E T R E N T P E R S F O C C .

*HERITAGE COURT (PROPOSED)300 Jefferson TerraceNew Iberia, LA

TBD 184 193,112 1,050 $1,088 $1.04 NA

1IBERIA SOUTH1302 Adrian StreetNew Iberia, LA

1986 128 94,272 737 $555 $0.75 95.0%

2JEFFERSON TERRACE TOWNHOMES808 Jefferson Terrace New Iberia, LA

1980s 100 90,125 901 $640 $0.71 98.0%

3RESERVE AT SQUIRREL RUN2118 West Old Spanish TrailNew Iberia, LA

2008 192 206,616 1,076 $1,033 $0.96 100%

4MAGNOLIA PLACE1001 East Dale StreetNew Iberia, LA

1983 148 134,100 906 $722 $0.80 100%


R E N T C O M PA R A B L E S M A P


3

1

24

HERITAGE COURTMultifamily Land Site

1. IBERIA SOUTH

3. RESERVE AT SQUIRREL RUN

2. JEFFERSON TERRACE TOWNHOMES

4. MAGNOLIA PLACE

ATLANTA I AUSTIN I CHARLOTTE I DALLAS / FT. WORTH I DENVER I HOUSTON I SOUTHERN CALIFORNIA I SAN ANTONIO I WASHINGTON, DC W W W . S T R E A M R E A L T Y . C O M

ATLANTA

1180 West Peachtree Street

Atlanta, Georgia 30309

T 404.962.8600 I F 404.962.8604

AUSTIN

515 Congress Avenue, Suite 1300

Austin, Texas 78701

T 512.481.3000 I F 512.481.3001

CHARLOTTE

525 N. Tryon Street, Suite 1600

Charlotte, North Carolina 28202

T 980.819.4272 I F 980.819.4289

DALLAS / FT.WORTH

2001 Ross Avenue, Suite 2800

Dallas, Texas 75201

T 214.267.0400 I F 214.267.0404

DENVER

1801 Broadway, Suite 1320

Denver, Colorado 80202

T 303.957.5300 I F 303.957.5360

HOUSTON

515 Post Oak, Suite 100

Houston, Texas 77027

T 713.300.0300 I F 713.300.0301

SOUTHERN CALIFORNIA

16842 Von Karman Avenue, Suite 275

Irvine, California 92606

T 949.203.3030 I F 949.203.3034

SAN ANTONIO

1100 NW Loop 410, Suite 750

San Antonio, Texas 78213

T 210.930.3700 I F 210.930.5100

WASHINGTON, DC

1701 Pennsylvania Avenue NW, Suite 300

Washington, DC 20006

T 202.595.1400 I F 202.595.1749

OFFER SUBMISSION PROCEDURE

Offers should be submitted in the form of a non-binding Letter of Intent detailing terms

of the purchase including 1) asset pricing, 2) inspection, due diligence and closing time

frame, 3) earnest money deposit(s), and 4) qualifications to close. The purchase terms for

the Heritage Court Multifamily Land Site shall require All Cash to be paid at closing. Offers

should be delivered to the attention of Boyce Rigby, [email protected], or fax

to 866.233.5751.

BOYCE RIGBY, Associate

7914 Wrenwood Boulevard, Suite C

Baton Rouge, Louisiana 70809

[email protected]

T 225.372.7672

M 225.610.7415

CHAD RIGBY, Associate

7914 Wrenwood Boulevard, Suite C

Baton Rouge, Louisiana 70809

[email protected]

T 225.372.7673

M 225.802.9916

MATT HEININGER, Senior Vice President


Austin, Texas 78701

[email protected]

T 512.481.3083

M 512.968.1950

JEFF PATTERSON, Senior Vice President


Austin, Texas 78701

[email protected]

T 512.481.3081

M 512.925.7700Sponsoring Broker in LA, MS

STREAM REALTY OFFICES

HERITAGE COURT MULTIFAMILY LAND SITE

Documents

Transcript of HERITAGE COURT MULTIFAMILY LAND SITE