Exclusively Presented By: Capital Markets Multi-Housing Group

Transcription

1 A 512-unit luxury apartment home community Located in AUSTIN, texas Exclusively Presented By: Capital Markets Multi-Housing Group

2 Investment Summary Price: Terms: Property: Address: To Be Determined by the Market All Cash or Assumable Loan The Orchard 2811 La Frontera Boulevard Austin, Texas Year Completed: 1997/Rehabbed in 2011 Occupancy: 95% Number of Units: Net Rentable Area: Average Sq. Ft.: Land Area/Density: Buildings: Parking: 512 units 470,992 square feet 920 square feet +/ acres; +/ units/acre 1 Leasing Center/Clubroom/Fitness Center/ Business Center 31 two and three-story residential buildings 100 garages 284 carports 36 handicap spaces (20 surface/16 covered) 632 surface spaces 1,052 total spaces (2.05 spaces per home) THE ORCHARD - INVESTMENT HIGHLIGHTS LUXURY COMMUNITY BUILT IN Originally developed in 1997, The Orchard is a Class A community that has been well-maintained and beautifully positioned to capture the significant growth in rental demand in a neighborhood anchored by the La Frontera master-planned commercial park and the world headquarters of Dell Computer. This 512-unit community offers six distinctive one, two and three bedroom floor plans averaging 920 square feet that attracts residents seeking proximity to the retail and professional offices at their doorstep, combined with the ambiance of a lushly landscaped acre site with towering native trees, stone fountains, and a jogging trail. Rustic exteriors built from native limestone, stucco and Hardiplank define traditional Texas Hill Country ranch style architecture. For the foreseeable future, The Orchard will maintain Class A status thanks to its outstanding location and low density units nestled in former pecan and peach orchards. RECENT CAPITAL IMPROVEMENTS WITH VALUE ADD POTENTIAL. The current owner has completed numerous capital improvements on this wellmaintained property during their ownership. These improvements include a remodeled clubhouse with a new business center, enlarged fitness center, and updated décor. Exterior upgrades at the entrance of the property include new landscaping, an enhanced fountain, and eye-catching, lighted archway signage. Recent upgrades to the pool include newly constructed pergolas, the installation of a fire-pit, and the addition of two built-in gas grills with granite counters. A 500 foot irrigation well was recently upgraded with a new pump system, which lowers watering expenses and allows the property to avoid city watering restrictions. An upgrade package, currently being implemented on all turns, is generating impressive returns at the property. A Whirlpool Estate faux stainless steel appliance package, yet to be installed in approximately 100 units, is generating $40 premiums, while a faux wood plank flooring upgrade throughout approximately 153 first floor units is generating an increase of $35. Second and third floor units are being upgraded with partial faux wood plank in kitchens and baths. The property is currently in the process of installing 31 gated yards, which are projected to generate upcharges of $50 on 1-bed units, and $100 on 2/3-bed units. EXCEPTIONAL FEATURES AND AMENITIES. The Orchard competes with the highest quality Class A communities in the market. Distinctive interior features include natural wood European cabinetry, granite kitchen serving counters, double stainless sinks with goose neck faucets, built-in microwaves, 2-inch faux wood blinds, wood burning fireplaces, entertainment centers, and stand up showers in select units. The picturesque grounds are the signature community amenity, while the pools, spas, playscape, sand volleyball court, picnic areas, and tennis courts provide desirable enhancements to the casual country atmosphere. CROSSROADS LOCATION IN NORTH CENTRAL AUSTIN. Located near the intersection of IH-35, SH-45 and Loop 1 (MoPac Expressway), The Orchard is situated at the confluence of the three major highways that are defining the future growth of the Austin MSA. The community is located along La Frontera Boulevard, the entryway and arterial traversing the La Frontera development. With significant visibility from both the SH-45 frontage roads and FM 1325, another key north/south regional arterial, The Orchard benefits from instant access to these strategic roadways without being impacted by the tremendous volume of traffic they generate. EXCEPTIONAL ACCESS TO LA FRONTERA. The Orchard has a stop light entry into La Frontera, a 328-acre development featuring retail and professional offices as well as a Marriott Hotel. The retail portion of La Frontera is 117-acres and 960,000 square feet. Major retailers include Lowe s, Sam s Club, and Kohl s. 301 Sundance Parkway is a 195,000 square foot building owner occupied by Texas Guaranteed Student Loan with over 600 employees. Emerson Process Management moved approximately 750 jobs with average salaries over $100,000 to the Frontera Vista office complex (270,000 square feet) in the Spring of STRATEGIC CONVENIENCE TO MAJOR EMPLOYMENT AND RETAIL CENTERS. The Boardwalk retail center and Round Rock Crossing retail center are at the intersection of SH-45 and IH-35. The Boardwalk is anchored by Super Wal-Mart, PetsMart, Ross Dress for Less, and Office Max. Round Rock Crossing is anchored by Target, Michael s, Best Buy, and Stein Mart. The Art Institute of Austin, located within walking distance of the property, is a major tenant at The Orchard. The Dell Corporate World Headquarters with approximately 14,000 employees is within two minutes to the east via the SH-45 frontage road. The Farmer s Insurance Regional Headquarters and State Farm Insurance Regional Service Center, totaling over 3,000 employees, are additional employment centers within minutes of the community. The Loop 1 (MoPac Expressway) corridor provides a ten minute commute to the corporate campuses of IBM, Time Warner Cable and National Instruments, as well as the North Austin Medical Center. The Freescale Semiconductor Campus, just ten minutes west of the property on SH-45, is home to some of Austin s fastest growing tech companies including Ebay / Paypal, Polycom, and EA Sports. Austin s Central Business District and the University of Texas are within fifteen minutes to the south via either IH-35 or Loop 1.

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4 APARTMENT RESIDENCE FEATURES Six distinctive one, two, and three bedroom floor plans Kitchens Designer kitchens with natural wood cabinetry and whiteon-white appliances including frost free refrigerators with ice-makers and built-in microwave ovens Upgraded Whirlpool Estate faux stainless steel appliance packages* (403 units) Double stainless sinks with gooseneck faucets Granite kitchen serving bars Living Area Full-size washer/dryer connections Faux Wood Plank Flooring throughout upgraded units* - (153 fully planked 1st floor units) - (260 kitchen and bath planked 2nd floor units) Ceramic tile foyers Separate dining rooms with mirrored walls* Nine foot ceilings with crown molding, and two tone paint schemes Wood burning fireplaces* with mantels and ceramic hearths Entertainment centers* Built-in computer desks* Insulated windows with 2-inch faux wood blinds Plant shelves Six panel interior doors Intrusion alarms pre-wired Large patio/balconies with outside storage closets Disability Access Bedroom / Bathroom Ceiling fans in select bedrooms Spacious walk-in closets and linen closets Dual vanities with cosmetic counters* Stand-up tiled shower enclosures* * In select units COMMUNITY AMENITIES Beautiful Leasing Center and Clubroom renovated in 2011 with soaring exposed beam ceilings and full kitchen Remodeled 24-Hour Fitness Center with cardio equipment and free weights 6 Station Business Center & E-Lounge with Starbucks Coffee Cafe Two resort style pools with heated spa, private cabanas, fire-pit, outdoor kitchen and spacious sunscape. Decks were re-stained and new pool furniture was added in Foot irrigation well with new pump Sport court and lighted tennis court Sand volleyball court Children s Playscape Gift Wrapping Center Picnic areas with gas barbeque grills Private Jogging trail Detached garages with automatic door openers and carports Car Wash Center Clothes Care Center Gracious landscaping with stone work and fountains Gated access UNIT MIX Type Units Size Total SF Market Rent Rent/ SF Monthly Rent Annual Rent ,080 $718 $1.12 $51,695 $620, ,984 $749 $1.03 $71,885 $862, ,280 $823 $0.95 $59,235 $710, ,488 $1,044 $1.07 $75,135 $901, , ,600 $1,093 $1.06 $131,161 $1,573, ,232 98,560 $1,319 $1.07 $105,515 $1,266,182 Ttl./ Avg ,992 $966 $1.05 $494,626 $5,935,518

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6 Class A 512-Unit Apartment Community Built in 1997 Six Distinctive Floor Plans Averaging 920 Square Feet Strategic High Growth Location at the Intersection of IH-35, SH-45 and Loop 1 (MoPac) Adjacent to the La Frontera Retail and Business Park & Emerson s 750 Employee Austin Headquarters One-Half Mile to Dell Computer World Headquarters Proven Interior Value-Add Program Currently Underway Within Ten Minutes of IBM, National Instruments, and North Austin Medical Center Highly Rated Round Rock Independent School District Available with an Attractive Assumable Loan or All Cash The Orchard is being offered for sale on an exclusive basis by CBRE, Inc. All prospective purchasers who would like to receive a complete sales package should execute the Confidentiality/Registration Form which can be downloaded at www. cbremarketplace.com/theorchard or ed or faxed to you by contacting Darcy Hammar at darcy.hammar@cbre.com or calling For more information, please CONTACT: CBRE, Inc. 100 Congress Avenue, Suite 500 Austin, Texas F: charles cirar Vice Chairman Investment Properties charles.cirar@cbre.com P: C: MICHAEL WARDLAW Associate michael.wardlaw@cbre.com P: C: COLIN CANNATA Analyst colin.cannata@cbre.com P: C: Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. 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 other conditions, 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 should conduct your own investigation of the property and transaction. CBRE, INC., Printed in USA