UNICORN LAKEVIEW - LoopNet · 2017-07-12 · Unicorn Lakeview Development Team Unicorn Partners,...

www.kwcommercial.com

KW COMMERCIAL2434 Lillian Miller ParkwayDenton, TX 76205

CARL [email protected] #0533504

PHILLIP [email protected] #0677052

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors shouldconduct your own investigation of the property and transaction.

PROPERTY HIGHLIGHTS

PROPERTY OVERVIEWThis proposed Class A, five-story lakefront property will be a modern urban community with accessto Denton's unique lifestyle for local professionals. The current concept is a mixed use propertyrequiring no SUP. Demand for multi-family continues to grow in Denton, properties in the immediatearea are collecting premium rent rates and operating with high occupancy. The Unicorn Lakeviewproject will be the crown jewel of upscale multi-family developments in the area.

Premium Lake Front Mixed Use ProjectArea Rents Averaging $1.50 - $1.60 PSFFive-story facility with 218 unitsPrivate parking garage10,000 SF retail spaceModern lifestyle amenities within short walking distanceNo SUP required for current conceptNew FM 2499 Extension and I35E Expansion will allow quick and easyaccess to all of D/FW

Unicorn Lake Blvd, Denton, TX 76210

UNICORN LAKEVIEW

LAND FOR SALE

Price: $3,950,000

Lot Size: 3.01 Acres

APN #: 469655

Zoning: NRMU

http://www.kwcommercial.com







PROJECT LAYOUT

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AERIAL OVERVIEW (TO BE REPLACED WITH DRONE PHOTO)

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UNICORN LAKEVIEW

LAND FOR SALE


City of Denton On-system Projects Update: November 2016 4

Current Activity:

PS&E: Final 100% bid set was submitted in May 2014.

Utilities: All utilities are clear in Phase 1. NGG and Charter are the

remaining utilities on Phase 2. NGG relocations are complete.

Charter has approved plans but has not begun relocation. Charter has

begun relocating and estimates completion in mid-November 2016.

Funding: This project is fully funded with Regional Toll Revenue.

Construction: The project let on July 8, 2014. The contract was

awarded to Webber, LLC, in the amount of $34,857,000.00, which

was 3% over the estimate. The contract calls for 505 working days

and 24 months of barricades. Construction began on April 20, 2015.

See attached TxDOT construction report. The project is being

constructed in two phases. Phase I is from FM 2181 north to

Robinson, and Phase II is Robinson to IH-35E. Other: Continuous six-foot sidewalks on both sides of the roadway,

as well as outside rider shared-use lanes, are planned.

FM 2499, Section 5

CSJ: 2681-01-012

Limits (From): FM 2181

(To): IH-35E

Length: 2.97 miles

Construction Cost: $34,857,000

Description: Construct six-lane divided urban roadway

Firm: Halff Associates

Key Contact: Mike Romanowski

FONSI: November 3, 2010

Environmental Re-Eval: April 25, 2014

100% PS&E: January 2012

ROW Complete: February 2014

Utilities Relocated: Phase I completed March 2015; Phase II complete by

December 2016

Project Tracker Let Date: July 8, 2014

Construction Complete: November 2017

FM 2181

IH-35E

Project:

Location

Year of Construction: 2017

Effective Age: 0 Years

Total Number of Rentable Units: 218

Number of Residential Buildings: 1

Net Rentable Area:

Multifamily 176,239 SQ FT

Retail 10,000 SQ FT

Average Size Unit:

Multifamily 808 SQ FT

Usable Land Area: 3.01 Acres

Comparable Market Rent/SF/Month:

Multifamily 1.50 /SQ FT

Electricity & Water Paid By: Tenant

Estimated Total Expenses:

Multifamily & Retail $31,050,743.00

Cost / SQ Ft $166.73

Occupancy (Stabilized): 95%

Approach to Value As Is

Date of Value May 24, 2017

Land Value 3,950,000.00$

Summation Approach 31,050,743.00$

As Stabilized

Estimated Stabilized Income: 3,313,146.00$

Estimated Expenses: 1,308,000.00$

NOI (Stabilized): 2,331,858.00$

Effective Cap Rate 7.51%

Future Sale Cap Rate: 5.75%

Future Sale Price 40,554,052.17$

Equity 9,503,309.17$

Projected 5yr IRR 23.89%

(Proposed)

Market Rent

Unicorn Lakeview

Denton, TX

Summary of Salient Facts

Unicorn Lakeview

(60 Yrs Econ. Life)

Unicorn Lake Blvd, Denton TX 76210







FINANCIAL - EXECUTIVE SUMMARY

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FINANCIAL - ASSUMPTION / REFINANCE / SALE SUMMARY

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FINANCIAL - POTENTIAL INVESTOR RETURNS

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FINANCIAL - OPERATING PRO FORMA

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Unicorn Lakeview Development Team

Unicorn Partners, LLC:

Managing partner, Abraham Philips has vast experience building and managing businesses. He

began his real estate career as a real estate agent for Century 21 in Yonkers, NY. Since coming

to Dallas, he has acquired several properties throughout DFW. Abraham is also employed by a

New York hotel investment group as the lead development consultant. Along with his own

business ventures, Abraham also manages his spouse’s medical Practice in Plano, TX as a

business administrator overseeing marketing, finance, & human resources of the business.

His experience identifying opportunistic real estate ventures, putting together sponsors,

sourcing financing and managing successful real estate ventures is his forte.

RECENT DEVELOPMENT EXPERIENCE:- A - Holiday Inn Express & Suites 93 Rooms - US Hwy 1 South, North Brunswick NJ Project cost of $11.500MM B - V Hotel New Rochelle 80 Room Boutique Hotel - 43 Church Street, New Rochelle NY Project cost of $14.500MM C - Event Center - US HWY 1 South, North Brunswick, NJ Project cost of $5MM **TOTAL PROJECTS UNDER CONSULTING: $31MM

Pacheco Koch Engineering

Pacheco Koch’s versatility and ability to provide tailored design solutions enable us to deliver cost-effective projects within the scheduled time frames for private developers, architects, and design-build contractors. We understand the specific requirements related to multi-family developments, including the speed-to-market, following the owner’s protocols, and the sensitive nature of introducing a new project to an existing neighborhood. Our project history ranges from suburban garden apartments to urban high-rise towers. MULTI-FAMILY HOUSING SERVICES ▪ Site Feasibility / Zoning Analysis ▪ Master Planning ▪ Site Optimization ▪ Site Plan Development ▪ Landscaped Terrace & Roof Deck ▪ Traffic Engineering & Parking Analysis

▪ Grading & Drainage ▪ Roadways / Parking Lots ▪ Utilities / Infrastructure ▪ Erosion Controls & SWPPP ▪ Hydraulics & Hydrology ▪ Bid & Construction Administration

View Pacheco Koch Engineering’s full Bio: Company Bio Market Sector

Unicorn Lakeview Development Team

BGO Architects

BGO Architects has been designing award winning living and working environments for nearly half a century. The firm’s capabilities include low and mid-rise, mixed use, retail, commercial, office, industrial, adaptive/reuse, and various forms of alternative housing including student housing, senior living, military housing, and affordable housing.

Richard is a licensed Architect, Senior Project Manager, and team leader. Since joining BGO, Richard has developed outstanding relationships with both the developers he serves and the municipalities he works in, for more than two decades. Richard also leads in the recruiting and mentoring of new employees as well as developing office standards. View BGO Architects’ full Bio: Company Bio

Crimson Construction

Crimson Building Company was formed in 2011 to be different kind of contractor. The founders of the

Company have a wide range of experience in the construction industry, from Subcontractor to

Developer/Owner. Through the years we noticed that many companies in the industry primarily focus

on maximizing profits. We found that this approach nearly always has had a negative impact on projects.

We set out to be different. We do not believe that success is a by-product of maximizing profits. Instead,

we believe profitability is simply a by-product of excellence.

Company Focus

We mainly focus on four areas of construction:

- Multifamily - Religious Facilities - Medical Offices - Commercial / Retail

- Infrastructure (single family subdivision, RV Parks, and office complex infrastructure) - Construction Management/Owners Representation

View Crimson Construction’s full Bio:

Company Bio

Keller Williams Realty (940) [email protected]

0449245Rebecca Ray [email protected]

Rebecca Ray

(940) 484-9411

(940) 484-94110449245 [email protected]

[email protected] (214) 608-9492Carl Sellers

Seller/Landlord InitialsBuyer/Tenant Initials Date

AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a written representation agreement. Abuyer's agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent,including information disclosed to the agent by the seller or seller’s agent.

AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction.The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. A broker whoacts as an intermediary:

AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer butdoes not represent the buyer and must place the interests of the owner first.

LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services.Please acknowledge receipt of this notice below and retain a copy for your records.

AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner, usually in a written listing to sell orproperty management agreement. An owner's agent must perform the broker’s minimum duties above and must inform the owner of any material information about theproperty or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent.

(1) that the owner will accept a price less than the written asking price;(2) that the buyer/tenant will pay a price greater than the price submitted in a written offer; and(3) any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law.

• Put the interests of the client above all others, including the broker’s own interests;• Inform the client of any material information about the property or transaction received by the broker;• Answer the client’s questions and present any over to or counter-over from the client; and• Treat all parties to a real estate transaction honestly and fairly.

• Must treat all parties to the transaction impartially and fairly;• May, with the parties' written consent, appoint a different license holder associated with the broker to each party (owner and buyer) to communicate with, provide opinionsand advice to, and carry out the instructions of each party to the transaction.• Must not, unless specifically authorized in written to do submitted by the party, disclose:

• The broker’s duties and responsibilities to you, and your obligations under the representation agreement.• Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.

• A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker.• A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.

A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:

A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents):

TYPES OF REAL ESTATE LICENSE HOLDERS:

Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.Information About Brokerage Services

TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH:

Regulated by the Texas Real Estate Commission Information available at www. trec.texas.gov

11-2-2015

IABS 1-0TAR 2501

UNICORN LAKEVIEW - LoopNet · 2017-07-12 · Unicorn Lakeview Development Team Unicorn Partners,...

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