EXECUTIVE SUMMARY UNIVERSITY PARK + AUSTIN, TX CAPITAL MARKETS INVESTMENT PROPERTIES

Transcription

1 EXECUTIVE SUMMARY UNIVERSITY PARK + AUSTIN, TX CAPITAL MARKETS INVESTMENT PROPERTIES

2 2

3 INTRODUCTION CBRE is pleased to present Sabina a luxury core-quality podium construction asset located adjacent to St. David s Hospital and within walking distance of the University of Texas Campus. Additionally, the property is less than two miles from both the Austin Central Business District (CBD) and the Dell Medical School at The University of Texas at Austin. Developed on a highly visible site just west of IH-35, this iconic asset was completed in May 2014 and is currently 95% occupied. Comprised of 298 luxury apartment homes, ample amenities, and 402 structured parking spaces in a convenient two level garage, Sabina combines the desirability of a downtown location with tremendous convenience to both the Dell Medical School and The University of Texas. A LUXURY CORE QUALITY PODIUM CONSTRUCTION ASSET, CURRENTLY 95% OCCUPIED INVESTMENT SUMMARY Price to be determined by the Price/Terms market. Property is available on an all cash basis. Property Sabina Address 3400 Harmon Avenue Austin, Texas Website Year Completed 2014 Occupancy 95% Occupied Number of Floors 4 Story Podium Residential over 2 Story Parking Garage Number of Units 298 units Net Rentable Area 247,986 square feet Average Sq. Ft. 832 square feet Land Area acres Number of Buildings 1 Podium Residential Elevators 3 Elevators Parking 370 Open Covered Spaces 32 Reserved Covered Spaces 402 Total Covered Spaces Affordability Requirement None Retail Square Feet None 3

4 ICONIC CENTRAL AUSTIN LOCATION Sabina is located within University Park, a 13.4 acre mixed use development that was the former home of Concordia University. The property provides an iconic location that allows residents to experience the restaurants, bars and entertainment of central Austin, while maintaining the utmost convenience to the Austin CBD s major employment drivers. The University of Texas, St. David s Hospital, Texas State Capitol, and the future University of Texas Medical School are all located within two miles of property. Sabina has tremendous access to all that Central Austin has to offer and provides optimal convenience to nearby amenities. 4

5 ACCESS TO ALL THAT CENTRAL AUSTIN HAS TO OFFER 5

6 TOP-OF-MARKET FINISHES AND UNIQUE RESIDENTIAL DESIGN Sabina consists of four stories of luxury residential space over a two story podium parking structure. The building includes a fully secure gated garage along with ample covered guest and future resident parking adjacent to the leasing office. This is a significant advantage over many new urban properties that lack non-resident parking. The podium parking structure lends Sabina a hybrid feel between traditional wrap construction and high rise buildings, while providing residents increased parking convenience without the hassle of a multi-level parking garage. Residences are accessed via three elevators and bright, climate-controlled corridors. The property also provides striking CBD, UT Campus, and Hill Country sunset views. Sabina offers 22 unique floor plans ranging from comfortable studios to impressive three bedroom residences, all averaging 832 square feet. All residences include kitchens with slab granite counters and subway tile backsplashes, sleek natural wood cabinetry with under cabinet lighting, Whirlpool stainless steel appliances, and deep undermount sinks with gooseneck brushed nickel faucet sprayers. Nearly all residences feature spacious kitchen islands accented with drop pendant lighting. Luxurious bathrooms feature deep soaking tubs or stand-up showers with ceramic tile surrounds and frameless doors, cultured marble counters with undermount sinks, tile floors, and modern brushed nickel faucets and hardware. All units include rich simulated wood plank flooring in kitchens and living areas. Nearly all bedrooms include luxurious carpet, with the exception of studio floor plans that feature plank flooring throughout. Residences feature 9.5 foot ceilings, spacious closets, patios or balconies, and full size washer/dryer units. 6

7 URBAN LIFESTYLE Sabina offers an impressive amenity package comparable to its top of the market stature along with a Three Star Rating from the Austin Energy Green Building Program. The spacious leasing center includes a business center with five Mac computers and a rentable conference center with digital presentation capabilities that is in constant demand from residents that work from home. The spacious clubroom features soaring two story ceilings and floor to ceiling windows overlooking the pool. This inviting space includes a coffee bar, full catering kitchen, abundant flat panel televisions and billiards. A separate second story theater room features three float panel televisions, comfortable couches, and a private kitchen. An impressive fitness center contains abundant cardio and resistance machines, a separate spinning room, and a full complement of free weights including dumbbells up to 100 pounds. The pool courtyard, which benefits from abundant sunlight, features an infinity edge pool with two shallow water sunning ledges and an outdoor kitchen with stainless steel gas grills. A unique covered outdoor living space connects the two outdoor courtyards at the property, and differentiates Sabina from competing assets. This shaded space includes flat panel televisions, overhead fans, an outdoor kitchen with spacious counters, and abundant seating. A second courtyard features a striking fire-pit along with additional gas grills. 7

8 SIGNATURE VISIBILITY IN HIGHLY DESIRABLE URBAN DISTRICT Sabina provides convenient access to a diverse blend of culinary hotspots, eclectic retail, and cultural attractions. Nearby restaurant and entertainment options range from the neighborhood atmosphere of Hyde Park, to the hip restaurants along Manor Road, the lively Campus area, and the Austin CBD. Grocery stores are minutes from the property; an HEB Grocery is 0.7 miles from Sabina, while the gourmet HEB Central Market is only 1.9 miles away. The desirable Hyde Park and Hancock neighborhoods are an attractive mix of historic bungalows and new construction homes. The average 2015 YTD sale price for single family homes in the neighborhood surrounding Sabina is approximately $600,000 or $365 PSF. LAKE TRAVIS THE TRIANGLE NORTH LAMAR BLVD WEST CAMPUS GUADALUPE ST EAST 38TH ST THE UNIVERSITY OF TEXAS INTRAMURAL FIELDS THE UNIVERSITY OF TEXAS AT AUSTIN LEE ELEMENTARY HANCOCK HANCOCK GOLF COURSE HANCOCK SHOPPING CENTER DEAN KEETON ST RED RIVER ST HARMON AVE EAST 41ST ST UNIVERSITY PARK 206,657 SF Office Building (50,000 SF Available) 8

9 BARTON CREEK MALL AUSTIN CBD EAST 6TH ST TEXAS STATE CAPITOL NORTH LAMAR BLVD THE UNIVERSITY OF TEXAS AT AUSTIN DISCH-FALK BASEBALL FIELD THE UNIVERSITY OF TEXAS AT AUSTIN WEST CAMPUS MANOR RD DEAN KEETON ST UNIVERSITY PARK 206,657 SF Office Building (50,000 SF Available) LEE ELEMENTARY CHERRYWOOD EAST 38TH 1/2 ST HARMON AVE RED RIVER ST HANCOCK THE MEDICAL EAST 38TH ST SCHOOL HANCOCK GOLF COURSE WILL BE LOCATED WITHIN 1.5 MILES OF SABINA MEDICAL SCHOOL WILL DRIVE LONG TERM GROWTH Sabina has a significant medical-centric tenant base due to the location adjacent to St. David s Hospital. The most significant long term economic development for Sabina is the new Dell Medical School at The University of Texas, which will open in Fall 2016, and the planned innovation district surrounding the school. The Medical School will be located within 1.5 miles of Sabina just west of The Erwin Center at 15th Street and Red River. The first phase of the new teaching hospital is under construction at an estimated $400 million. The hospital will serve as the medical school s primary clinical in-patient teaching facility and enhance services to residents of Central Texas. Additionally, a comprehensive plan has been developed for a medical district to be created surrounding the new school and hospital. According to an economic planning report on the Medical School, the total annual economic impact will be about $2 billion in economic activity and 15,400 jobs in the Austin area. Sabina provides a convenient, luxury, non-student driven asset for this tremendous population of future medical students and employees. 9

10 WALKING DISTANCE TO THE UNIVERSITY OF TEXAS The University of Texas has a total enrollment of over 51,000 students, and Sabina is only 0.7 miles to the Campus. The University of Texas Law School, The LBJ School of Public Affairs, and Engineering buildings are each conveniently clustered on the northeast portion of the UT Campus. Additionally, the Red River/UT shuttle bus stops at Red River and 32nd Street providing shuttle access to the heart of the UT Campus. The approximate 36% student renter base at the property is concentrated in graduate level students that traditionally prefer this neighborhood just north of Campus. Undergraduates comprise approximately 10% of the student renter base at the property. 10

11 AUSTIN MSA HOLDS THE SINGLE LOWEST UNEMPLOYMENT RATE OF 3.3% CONVENIENT ACCESS TO THE LARGEST EMPLOYMENT DRIVERS OF AUSTIN S DYNAMIC ECONOMY Residents can easily walk, bike, or take the Capital Metro Transit System to Austin s largest employers. The adjacent University Park office building, totaling 206,657 square feet, is currently 73% occupied with major tenants including Google, Aveda, Evernote and ESPN. Two large spaces totaling nearly 50,000 square feet are currently available in the building. The Austin CBD totals nearly 10 million square feet of multi-tenant office space, and currently has nearly 700,000 square feet under construction. The CBD has the highest occupancy of any Austin submarket, and there is currently an impressive roster of major companies with requirements for office space in this dynamic district. The State Capitol, located two miles south of the property, totals nearly 70,000 employees. The Austin MSA posted job growth of 3.6% in the year ending July 2015, which is an increase of 32,500 jobs. The Austin MSA also holds the single lowest unemployment rate, 3.3%, among the 50 largest U.S. metro areas as of July

12 12

13 UNIT MIX Code Type Units Size Total SF Market Rent Rent/ SF Monthly Rent Annual Rent A1-Studio Studio ,216 $1,333 $2.53 $10,660 $127,920 A2-Studio Studio $1,365 $2.49 $1,365 $16,380 A ,625 $1,438 $2.50 $21,570 $258,840 A4-Studio Studio ,537 $1,446 $2.42 $30,365 $364,380 A ,870 $1,466 $2.27 $8,795 $105,540 A ,912 $1,495 $2.19 $23,920 $287,040 A ,836 $1,475 $2.16 $42,775 $513,300 A ,740 $1,526 $2.23 $6,105 $73,260 A ,100 $1,535 $2.01 $38,375 $460,500 A ,232 $1,615 $2.04 $114,650 $1,375,800 B ,528 $1,766 $1.95 $28,260 $339,120 A ,692 $1,753 $1.90 $7,010 $84,120 B ,020 8,160 $1,891 $1.85 $15,130 $181,560 C ,052 4,208 $2,070 $1.97 $8,280 $99,360 C ,088 13,056 $2,124 $1.95 $25,490 $305,880 C ,097 6,074 $2,177 $1.98 $91,440 $1,097,280 C ,130 4,520 $2,251 $1.99 $9,005 $108,060 C ,157 1,157 $2,280 $1.97 $2,280 $27,360 C ,195 4,780 $2,251 $1.88 $9,005 $108,060 C ,246 3,738 $2,270 $1.82 $6,810 $81,720 C ,342 2,684 $2,458 $1.83 $4,915 $58,980 D ,386 2,772 $2,670 $1.93 $5,340 $64,080 Ttl./Avg ,986 $1,717 $2.06 $511,545 $6,138,540 13

14 FEATURES KITCHENS + + Energy Star Whirlpool Stainless Steel Appliances + + Side-by-Side Refrigerators with Thru-Door Ice Dispenser* + + Sleek Dark Wood Custom Cabinetry + + Under-Cabinet Lighting + + Brushed Nickel Hardware + + Granite Slab Counters with Subway Tile Backsplash + + Undermount Deep Double Stainless Steel Sink + + Oversized Gooseneck Sprayer Faucet + + Kitchen Island with Pendant Lighting* + + Pantries + + Simulated Wood Plank Flooring + + Two Kitchen Color Schemes *available in select homes 14

15 BATHS + + Cultured Marble Counters + + Undermount Sinks + + Double Vanities* + + Dark Wood Custom Cabinetry + + Brushed Nickel Pulls + + Brushed Nickel Faucets + + Framed Mirrors + + Stand-Up Showers and Bath Tubs* + + Ceramic Tile Flooring *available in select homes 15

16 FEATURES LIVING AREAS + + Airy 9.5 Ceilings + + Custom Energy Efficient Lighting and Ceiling Fans + + Oversized, Energy-Efficient Windows + + Full Sized Washer and Dryer in Every Unit + + Simulated Wood Flooring + + Carpet in Bedrooms* + + Spacious Custom Closets with Wood Shelving* + + Patio or Balcony + + Ground Floor Units with Direct Access Patios* 16 *available in select homes

17 AMENITIES + + Gorgeously Landscaped Resort- Style Pool + + Unique Covered Outdoor Area + + Outdoor Living and Dining Area with Custom Wet Bar and Demonstration Kitchen + + Spacious Courtyard with Grilling Stations and Firepit + + State-Of-The-Art Fitness Center + + Yoga and Spin Room + + Resident Lounge with Soaring Two Story Ceilings, Kitchen and Billiards + + Theatre Room with Two 42 LED TVs, One 60 LED TV, Surround Sound and Blu-Ray + + Fully-Equipped Business Center + + Conference Room with Digital Presentation Capabilities + + Multi-Level Parking Garage with Controlled Access + + Abundant Guest Parking + + Convenient Elevator Access + + Enclosed Bicycle Parking with Controlled Access and Repair Room + + MW Valet Dry Cleaning + + Car2Go Parking Available + + Pet Park Access + + Stunning Downtown and Hill Country Views 17

18 GREEN INITIATIVES + + Three-Star Austin Energy Green Building Rating + + ENERGY STAR Appliances + + Programmable Smart Technology Thermostats + + Landscaping with Grow-Green Plants + + Smart Technology Irrigation System + + Innovative Water Quality Rain Gardens + + Sprout Healthy Living Organic Vending Machines + + TEAL Hot Water Boiler System THREE-STAR AUSTIN ENERGY GREEN BUILDING RATING 18

19 19

20 UNIVERSITY PARK + AUSTIN, TX CBRE 100 Congress Avenue Suite 500 Austin, TX FOR TOURS CONTACT Charles Cirar Vice Chairman charles.cirar@cbre.com T: C: Michael Wardlaw michael.wardlaw@cbre. com T: C: Colin Cannata colin.cannata@cbre.com T: C: Darcy Hammar darcy.hammar@cbre.com T: F: CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. PMC