SUN HAVEN APARTMENTS · Sun Haven Apartments, a 71-unit multi-family community in Pueblo West,...

McCulloch Boulevard

Offering MemorandumSUN HAVEN APARTMENTS201 South McCulloch Boulevard, Pueblo West, Colorado 81007

TYLER STEVENSDIRECTOR

STEVE SCRIVENERSENIOR ASSOCIATE

DAPHNE LEEBROKER ASSOCIATE

PRESENTED BY SEPTEMBER 2018

2 OFFERING MEMORANDUM / SUN HAVEN APARTMENTS, PUEBLO WEST

PLEASE CONTACT US

Tyler StevensDirectorCapital Markets | Multi-family Investment Sales+1 303 312 [email protected]

Steve ScrivenerSenior AssociateCapital Markets | Multi-family Investment Sales+1 303 312 [email protected]

Daphne LeeBroker AssociateCapital Markets | Multi-family Investment Sales+1 303 312 [email protected]

1401 Lawrence Street, Suite 1100 Denver, Colorado 80202

T +1 303 292 3700 F +1 303 534 8270

© 2018 Cushman & Wakefield. All rights reserved. The material in this presentation has been prepared solely for information purposes, and is strictly confidential. Any disclosure, use, copying or circulation of this presentation (or the information contained within it) is strictly prohibited, unless you have obtained Cushman & Wakefield’s prior written consent. The views expressed in this presentation are the views of the author and do not necessarily reflect the views of Cushman & Wakefield. Neither this presentation nor any part of it shall form the basis of, or be relied upon in connection with any offer, or act as an inducement to enter into any contract or commitment whatsoever. NO REPRESENTATION OR WARRANTY IS GIVEN, EXPRESS OR IMPLIED, AS TO THE ACCURACY OF THE INFORMATION CONTAINED WITHIN THIS PRESENTATION, AND CUSHMAN & WAKEFIELD IS UNDER NO OBLIGATION TO SUBSEQUENTLY CORRECT IT IN THE EVENT OF ERRORS.

3201 S. McCULLOCH BOULEVARD / PUEBLO WEST, COLORADO 81007

TABLE OF CONTENTSCONFIDENTIALITY & DISCLAIMER 4

PROPERTY DESCRIPTION 6

INVESTMENT HIGHLIGHTS 8

FINANCIAL OVERVIEW 10

Rent Roll Summary

Operating Statement

Pricing Detail

Land Pricing

LOCATION OVERVIEW 18

ABOUT THE TEAM 20

OFFERING

MEMORANDUM

The material contained in this Offering Memorandum is confidential and for the purpose of considering the purchase of the Real Estate described herein. It is subject to the terms and provisions of the Confidentiality Agreement signed by the recipient of this material, and is not to be used for any purpose or made available to any other person without the express written consent of Cushman & Wakefield, Inc. (“Broker”).

This Offering Memorandum was prepared by Broker solely for the use of prospective purchasers of the Sun Haven Apartments located at 201 South McCulloch Boulevard, Pueblo West, Colorado 81007 (the “Real Estate”). Neither Broker, the “Seller” nor any of their respective officers, employees or agents, make any representation or warranty, express or implied, as to the completeness or the accuracy of the material contained in the Offering Memorandum or any of its contents, and no legal commitments or obligations shall arise by reason of this package or any of its contents. Seller reserves the right to eliminate any portion or all of the Real Estate from any offer for sale at any time prior to the completion of a binding contract of sale executed by both Seller and a prospective purchaser.

Prospective purchasers of the Real Estate are advised (i) that changes may have occurred in the condition of the Real Estate since the time of this Offering Memorandum or the financial statements therein were prepared and that (ii) all financial projections are provided for general reference purposes only in that they are based on assumptions relating to the general economy, competition, and other factors beyond the control of Broker and the Seller and, therefore, are subject to material variation. Prospective purchasers of the Real Estate are advised and encouraged to conduct their own comprehensive review and analysis of the Real Estate.

The Offering Memorandum is a solicitation of interest only and is not an offer to sell the Real Estate. The Seller and Broker expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Real Estate, and expressly reserve the right, at their sole discretion, to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Real Estate unless and until a written agreement satisfactory to the Seller has been fully executed, delivered, and approved by the Seller and any conditions to the Seller thereunder have been satisfied or waived. This Offering Memorandum is confidential. By accepting the Offering Memorandum, you agree (i) that you hold and treat the Offering Memorandum and its contents in the strictest confidence and in compliance with the Confidentiality Agreement, (ii) that you will not photocopy or duplicate any part of the Offering Memorandum, (iii) that you will not disclose the Offering Memorandum or any of its contents to any other entity without the prior written authorization of Broker, and (iv) that you will not use the Offering Memorandum in any fashion or manner detrimental to the interest of the Seller or Broker.

The terms and conditions stated in this section will relate to all of the sections of the package as if stated independently therein. If, after reviewing this package, you have no further interest in purchasing the Property at this time, kindly return this brochure to Broker at your earliest possible convenience.

© MATT INDEN/MILES


CONFIDENTIALITY &

DISCLAIMER


Pueblo Riverwa lk


SUN HAVEN APARTMENTS

PROPERTY

OVERVIEW

Cushman & Wakefield, as exclusive advisors to the Seller, is pleased to present Sun Haven Apartments, a 71-unit multi-family community in Pueblo West, Colorado. Situated on 15.61 acres of land, the property was constructed in 1970, fully renovated in 2008 (with some more recent upgrades) and sits at the end of the Desert Hawk at Pueblo West Golf Course; the only apartment property in Pueblo County that offers this luxury.

The 62 studios and 9 1-bedroom units present cost-effective options for millen-nials, seniors, and others seeking affordable and efficient lifestyles, while offering breathtaking mountain views and just steps away from Cattail Crossing Park, Civic Center Park, and the beautiful 18-hole golf course - Desert Hawk at Pueblo West.

Sun Haven Apartments offers a new investor a stable, well cash-flowing asset that also presents a tremendous redevelopment opportunity through devel-oping the adjacent land and refurbishing and renting out the existing 9,716 square foot commercial space attached to the apartment units. Potential uses for the commercial space include a restaurant/bar, conference room, or some other type of community space that could benefit tenants and attract golfers and locals alike.

• Current Cap Rate: 6.72%; Proforma Cap Rate: 10.31%

• Value-add opportunity: tremendous upside by increasing rents to market-level, implementing RUBS utility reimbursement, refurbishing the vacant commercial space, and developing the adjacent land

• Represents 48% market-share of market-rate apartments in Pueblo West

• Adjacent to Cattail Crossing Pond and Civic Center Park

• Situated at the 18th hole of the Desert Hawk at Pueblo West Golf Course

• Flexible Pueblo B-4 zoning

• Close proximity to Lake Pueblo State Park/Pueblo Reservoir

The asset is master metered for gas, electric, and water. Currently, ownership is not billing tenants back for utilities, allowing a new owner another method to increase cash flow by implementing a utility reimbursement (RUBS) system. Even a very nominal utility reimbursement of $25/unit/month increases the NOI more than $20,000/year.

The adjacent land offers flexible zoning (Pueblo B-4 Zoning) that allows for retail and personal service (office) uses by-right. Uses allowable through a Special Use Permit after a review by the Planning Commission are: residential/multi-family, hotel or motel, a bed and breakfast, brewery, and more.

48% MARKET

SHARE OF

MARKET-RATE

APARTMENTS

IN PUEBLO WEST

According to CoStar Group, Sun Haven Apartments represents a rare opportunity to own 71 of a total 149 market-rate apartment units in very desirable Pueblo West, Colorado. This means that Sun Haven Apartments represents a 48% market share of market-rate apartments in Pueblo West, which is the most desirable area in Pueblo to rent or own due to its clean suburban feel, low crime rate, lower sales tax rate, and proximity to Lake Pueblo State Park.

Furthermore, this is the only multifamily property that sits on a golf course in both Pueblo and Pueblo West, a unique and highly desirable amenity that helps command premium rents.

By controlling a 48% market share of market-rate apartments in Pueblo West, coupled with the high cost of purchasing, future Ownership can capitalize on tremendous market fundamentals for years to come and have the ability to dictate the market rents as demand continues to outstrip supply.



PROPERTY DETAILS Total Asking Price $4,410,869

Apartments Asking Price $3,900,000

Apartments Current: 6.72% Cap Rate Proforma: 10.31%

Land Asking Price $510,869

Property Address 201 S. McCulloch Boulevard, Pueblo West, Colorado 81007

County Pueblo County

Units Seventy-one (71) 62 Studios 9 One Bedrooms

Size 44,608 Square Feet

Site Area 15.61 Acres

INVESTMENT

HIGHLIGHTS


SUN HAVENAPARTMENTS

Cattail Crossing Pond

Neighboring Retail

Pueblo State Park/Reservoir

Desert Hawk Golf Course

McCulloch Boulevard


FINANCIAL

OVERVIEW

Rent Roll Summary for Existing Multi-FamilyRent Roll Summary

As of October,2018

# of Avg Sq Average Average Monthly Average Average MonthlyUnit Type Units Feet Rent Rent / SF Income Rent Rent / SF IncomeStudios(Ground Level w/ Patio) 29 446 $622 $1.39 $18,038 $695 $1.56 $20,155Studios (2nd Floor - No Patio) 33 446 $590 $1.32 $19,470 $670 $1.50 $22,1101 Bed/1 Bath (Ground Level w/ Patio) 6 700 $858 $1.23 $5,148 $900 $1.29 $5,4001 Bed/1 Bath (2nd Floor - No Patio) 3 700 $876 $1.25 $2,628 $900 $1.29 $2,700Vacant Commercial Space 1 9,716 $0 $0.00 $0 $3,887 $0.40 $3,887Totals/Weighted Averages 72 607 $629 $1.04 $45,284 $754 $1.24 $54,252

Gross Annualized Rents $543,408 $651,024

Scheduled Potential

NOTICE:This is a draft and not intended for client distribution.

Rent Roll Summary

$1.10 SF

$1.15 SF

$1.20 SF

$1.25 SF

$1.30 SF

$1.35 SF

$1.40 SF

$1.45 SF

0100200300400500600700800900

1000

Studios Studios 1 Bedroom/1 Bath 1 Bedroom/1 Bath

Rent per S

F/MonthR

ent p

er M

onth

Unit Type

Unit Rent

Studios40%

Studios46%

1 Bedroom/1 Bath8%

1 Bedroom/1 Bath4%Commercial Space

2%

Unit Distribution


Rent Roll Summary

$0.00 SF$0.20 SF$0.40 SF$0.60 SF$0.80 SF$1.00 SF$1.20 SF$1.40 SF$1.60 SF

0100200300400500600700800

Studios Studios 1 Bedroom/1 Bath 1 Bedroom/1 Bath

Rent per S

F/MonthR

ent p

er M

onth

Unit Type

Unit Rent

Studios43%

Studios44%

1 Bedroom/1 Bath6%

1 Bedroom/1 Bath6%Commercial Space

1%

Unit Distribution


Studios, 46%

1 Bed/1 Bath, 8%

1 Bed/1 Bath, 4%

Commercial Space, 2%

Studios, 40%


Operating Statement for Existing Multi-Family & Attached Commercial Space

Operating Statement

Income Trailing 12-Month Current Proforma Notes Per Unit Per SF

Gross Potential Rent 659,664 651,024 670,555 [1] 9,313 15.36Loss / Gain to Lease (143,789) 21.8% (107,616) 16.5% 0 0 0.00

Gross Scheduled Rent 515,875 543,408 670,555 9,313 15.36Physical Vacancy (15,284) 3.0% (10,868) 2.0% (33,528) 5.0% [2] (466) (0.77)

Total Vacancy ($15,284) 3.0% ($10,868) 2.0% ($33,528) 5.0% ($466) ($1)Effective Rental Income 500,591 532,540 637,027 8,848 14.59

Other Income0 0 20,253 [3] 281 0.46

3,860 3,312 3,500 [4] 49 0.08Total Other Income $3,860 $3,312 $23,753 $330 $0.54Effective Gross Income $504,451 $535,852 $660,780 $9,177 $15.13

Expenses Trailing 12-Month Current Proforma Notes Per Unit Per SFReal Estate Taxes 11,801 11,801 12,391 [5] 172 0.28Insurance 17,750 17,750 17,750 247 0.41

44,109 44,637 44,637 620 1.0219,033 23,922 23,922 332 0.5530,206 30,206 30,206 420 0.69

7,093 7,093 7,093 99 0.1657,271 57,271 53,250 [6] 740 1.22

6,551 6,551 6,551 91 0.1513,462 13,462 8,350 [7] 116 0.19

2,054 2,054 2,054 29 0.056,165 6,165 6,165 [8] 86 0.14

Management Fee 50,305 53,049 9.9% 46,255 7.0% [9] 642 1.06Total Expenses $265,800 $273,961 $258,624 $3,592 $5.92Expenses as % of EGI 52.7% 51.1% 39.1%Net Operating Income $238,651 $261,891 $402,156 $5,586 $9.21Notes and assumptions to the above analysis are on the following page.

All Other IncomeUtility Bill-Back

Utilities - Gas & Electric Utilities - Water & SewerUtilities - Cable, Internet, PhoneTrash RemovalRepairs & MaintenanceLandscaping & Snow RemovalLeasing Fees General & AdministrativePest Control


Notes

[1] Proforma assumes 3% year-over-year rent growth and leasing the commercial space at $0.40/SF NNN for the 9,716 SF of space. [2] Vacancy has historically been 2-3% annualized. Currently there is only 1 vacancy, as of 9/31/18.

[3] Proforma assumes a nominal utility bill-back (RUBS) of $25/unit/month at 95% occupancy annualized. Currently all utilities are included in rent, including cable and internet.

[4] "Other Income" is laundry income. Currently there are no application or administrative fees charged to prospective tenants, which could provide more income. [5] Current Property Tax is actual 2017 taxes for entire property, including land. Proforma is 2017 actual tax, grown by 5%.[6] T-12 and Current "Repairs & Maintenance" line item removes one-time Capital Expenditure items done to renovate interior and exterior. [7] Current leasing fees are well-above market. Proforma assumes 35% turnover at $150 fee per new lease. 65% renewal at $100 fee per renewal, plus 7% mgmt. fee. [8] Owner currently provides cable and internet to tenants for free. Proforma income includes a nominal reimbursement to cover part of this. [9] Management fee is significantly higher than market-rate due to management company not managing any other assets in Pueblo. Proforma is market-rate of 7%. [10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27]

Notes to Operating Statement


12

Pricing Detail for Existing Mulit-Family and Attached Commerical Space

OFFERING MEMORANDUM / SUN HAVEN APARTMENTS, PUEBLO WEST

Pricing Detail

Operating Data

Price $3,900,000Down Payment $975,000 25%Number of Units 72 Current ProformaPrice Per Unit $54,167 Gross Scheduled Rent $543,408 $670,555Price Per SqFt $89.31 Less: Vacancy/Deductions 2.0% $10,868 5.0% $33,528Rentable SqFt 43,668 Total Effective Rental Income $532,540 $637,027Lot Size 15.61 Acres Other Income $3,312 $23,753Approx. Year Built 1970 Effective Gross Income $535,852 $660,780

Less: Expenses 51.1% $273,961 39.1% $258,624Net Operating Income $261,891 $402,156

Returns Current Proforma Reno Cash Flow $261,891 $402,156CAP Rate 6.72% 10.31% 0.00% Debt Service $185,220 $185,220GRM 7.18 5.82 0.00 Net Cash Flow After Debt Service 7.86% $76,671 22.25% $216,937Cash-on-Cash 7.86% 22.25% -19.00% Principal Reduction $44,334 $46,533Debt Coverage Ratio 1.41 2.17 0.00 Total Return 12.41% $121,005 27.02% $263,469

Financing 1st Loan Current ProformaLoan Amount $2,925,000 Real Estate Taxes $11,801 $12,391Loan Type New Insurance $17,750 $17,750Interest Rate 4.85% Utilities - Gas & Electric $44,637 $44,637Amortization 30 Years Utilities - Water & Sewer $23,922 $23,922Year Due 2028 Utilities - Cable, Internet, Phone $30,206 $30,206

Loan information is subject to change. Contact your Marcus & Millichap Capital Corporation representative. Trash Removal $7,093 $7,093Repairs & Maintenance $57,271 $53,250

# Of Units Unit Type SqFt/Unit Scheduled Rents Market Rents Landscaping & Snow Removal $6,551 $6,55129 446 $622 $695 Leasing Fees $13,462 $8,35033 446 $590 $670 General & Administrative $2,054 $2,0546 700 $858 $900 Pest Control $6,165 $6,1653 700 $876 $900 Management Fee $53,049 $46,2551 9,716 $3,887 Total Expenses $273,961 $258,624

Expenses/Unit $3,805 $3,592IRR Year IRR Unlevered IRR Levered Expenses/SF $6.27 $5.925 0.00% 0.00%7 0.00% 0.00%10 3.92% 0.00%

Expenses

Income

Summary

Studios1 Bedroom/1 Bath

Studios

1 Bedroom/1 BathCommercial Space


Land Pricing

Block 4 & 5$385,417($1.60/SF)

Block 3$125,452$3.00/SF)

201 S. McCULLOCH BOULEVARD / PUEBLO WEST, COLORADO 81007 13


Homes For Sale Within 1.5 Miles of Sun Haven Apartments

40 Villa Del Sol CourtPueblo West, Colorado 81007

Layout 5 Bedrooms / 4 Baths

Size 4,340 SF

Price $524,900 ($121/SF)

514 W. Pin High CourtPueblo West, Colorado 81007


Size 3,246 SF

Price $335,000 ($103/SF)

245 W. Hahns Peak AvenuePueblo West, Colorado 81007


Size 2,201 SF

Price $327,000 ($149/SF)

208 S. Caddoa DrivePueblo West, Colorado 81007


Size 2,730 SF

Price $265,000 ($97/SF)

435 W. Pin High DrivePueblo West, Colorado 81007


Size 1,680 SF

Price $249,000 ($149/SF)

299 S. Falcon DrivePueblo West, Colorado 81007


Size 1,763 SF

Price $250,000 ($142/SF)

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Desert Hawk AtPueblo West

N

SUBJECTPROPERTY

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FINANCIAL

OVERVIEW

Sale Comparables

Address

Close of Escrow

Days on Market

Sales Price

Zoning

Price/SF

Lot Size (Acres)

Price/Acre

Entitled/Permit Ready

Notes

Pueblo West Marketplace Pad

1017 N. Market Place Pueblo West, CO 81007

8/11/2017

485

$254,900

B-4

$3.85

1.52

$167,697

Yes/Yes

• Parcel is a graded pad that is part of Pueblo West Marketplace, anchored by

Safeway and Dollar Tree.

• Same zoning as the Subject Property (Pueblo B-4).

1

The Landings at Eagleridge Land

4727 N. Elizabeth Street Pueblo, CO 81008

5/18/2018

558

$550,000

B-3

$2.04

6.18

$88,997

Yes

• Zoned B-3 (Highway & Arterial Business District).

• Adjacent to newer retail, office & multi-family developments.

• 6.18 acres located northwest of the Eagleridge interchange at I-25 near the

northern edge of the Pueblo growth pattern.

2

Palmer Avenue Land

3321 Palmer Avenue Pueblo, CO 81004

4/27/2017

$400,000

I-2

$1.24

7.41

$53,981

• Zoned for industrial uses.

• Transaction done off-market.

• Located near the intersection of I-25/W Pueblo Blvd.

3

Laser Drive Land

66 N. Laser Drive Pueblo, CO 81007

4/11/2017

$125,000

I-2

$2.87

1.0

$125,000

• Industrial zoned land in Pueblo West.

• Sold off-market.

4


LOCATION

OVERVIEW

PUEBLO HIGHLIGHTS• Historic Arkansas Riverwalk of Pueblo (HARP) runs through the heart of

Downtown Pueblo - A restored historic district that offers many eateries, shopping, boat rides and festivals which has helped rejuvenate the city and its cultural spirit

• Desert Hawk at Pueblo West – A full 18-hole course offering spectacular mountain views, well-kept fairways and greens, and an appealing setup for golfers of all skill levels that sits adjacent to the Sun Haven Apartments

• Pueblo Reservoir & Lake Pueblo State Park - One of the state’s premier outdoor destinations for boating, swimming, sailing, fishing, camping and biking/hiking trails.

• Pueblo West Equestrian Ranch – Premier boarding facility for horses. Riding horses is very popular in the area, both on trails and at various ranches and fields around the area.

• Colorado State University- Pueblo - Nearly 5,000 students enrolled, pursuing 38 different degrees, boasting 22 men’s & women’s sports team. (CSU-Pueblo won the 2014 Division II College Football Championship

Major Industries in Pueblo County

Demographics

• Steel – the Evraz Group Steel Mill employs about 900 people (Evraz Group)

• Alternative Energy – Vestas Wind Systems, one of the leading wind turbine producers in the world, employs about 500 people in its manufacturing plant in Pueblo County

• Manufacturing – Trane, a global HVAC provider also employs more than 1,000 people

• Healthcare – Pueblo has several large hospitals, notably Parkview Medical Center (+/-2,300) and St. Mary-Corwin Medical Center (+/-1,000) which employ over 4,000 people

• Customer Service/Call Center – AT&T, Convergys, RMS, and others employ over 1,100 people

2018 2023

Population 31,385 32,810

Households 11,281 11,764

Median HH Income $65,342 73,319

Avg. HH Income $78,995 $88,648

Source: Esri


PUEBLO RESERVOIRDESERT HAWK AT PUEBLO WEST

HISTORIC ARKANSAS RIVERWALK OF PUEBLO


ABOUT THE

TEAM

Tyler StevensDirectorCapital Markets | Multi-Family Investment Sales+1 303 312 4209+1 818 207 [email protected]

Steve ScrivenerSenior AssociateCapital Markets | Multi-Family Investment Sales+1 303 312 4210+1 770 713 [email protected]

Daphne LeeBroker AssociateCapital Markets | Multi-Family Investment Sales+1 303 312 4207+1 770 713 [email protected]

1401 Lawrence Street, Suite 1100 / Denver, Colorado 80202 / phone +1 303 292 3700 / fax +1 303 534 8270 / cushmanwakefield.com

SUN HAVEN APARTMENTS · Sun Haven Apartments, a 71-unit multi-family community in Pueblo West,...

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Transcript of SUN HAVEN APARTMENTS · Sun Haven Apartments, a 71-unit multi-family community in Pueblo West,...