230 homes | lakewood ranch, fl - cloudinary
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230 Homes | Lakewood Ranch, FL
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OFFERING MEMORANDUM
Class ‘A’ Single-family Style Multi-housing Opportunity in Affluent & Rapidly Growing Submarket of the Greater Tampa Bay Region
Ken DelVillarManaging DirectorJLL Capital Markets+1 407 745 [email protected]
INVESTMENT ADVISORS DEBT ADVISORS
Zach NolanSr. DirectorJLL Capital Markets+1 813 387 [email protected]
Jay BallardManaging DirectorJLL Capital Markets+1 407 745 [email protected]
Elliott ThroneSr. Managing DirectorJLL Capital Markets+1 305 421 [email protected]
Drew JenneweinDirectorJLL Capital Markets+1 813 387 [email protected]
Matt MitchellSr. Managing DirectorJLL Capital Markets+1 813 387 [email protected]
Jesse WrightDirectorJLL Capital Markets+1 305 448 [email protected]
Jarrod SmithAssociateJLL Capital Markets+1 813 387 [email protected]
Bailey SmithAnalystJLL Capital Markets+1 813 387 [email protected]
JLL | 3
Executive Summary
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Estia Lakewood Ranch (the “Property” or “Estia”), a unique 230-home ‘horizontal’ multi-housing community located in the Sarasota-Bradenton MSA’s most desirable submarket, Lakewood Ranch. The highly differentiated Property is made up of private, single-unit villas and duplexes providing a unique low-density, single-family style living experience. Completed in March 2021, the Property has experienced unprecedented demand and was 100% leased before construction was even completed. With such extraordinary lease-up velocity, Estia Lakewood Ranch offers investors strong upside potential via rent growth on second generation leases while maintaining a competitive value proposition to conventional product in the immediate submarket.
Estia’s unique single-family characteristics combine with a full suite of amenities and beautifully appointed unit interiors to deliver a living experience that is far superior to traditional garden-style communities. Each home offers 10-foot ceilings, fenced-in backyards, built-in pet doors, and luxury finishes, all in a single-story format. Prominent community amenities include the central Clubhouse furnished with HDTVs, billiards, games, and a state-of-the-art fitness center fully equipped with weights, cardio machines and a yoga studio with fitness-on-demand. Adjacent to the clubhouse residents can take advantage of the heated zero-entry saltwater pool year-round where they can relax in resort-style cabanas or enjoy poolside games and grill.
Lakewood Ranch, recognized for the third year in a row as the best-selling master-planned multi-generational community in the country by John Burns and RCLCO, attracts an excellent demographic base including renters-by-choice, such as working professionals and retirees, evidenced by the community’s average household income of $138,285. The award-winning community offers an unmatched Florida lifestyle with A-rated schools, renowned beaches, top-notch shopping and dining, and endless outdoor activities within close reach. The desirability of Lakewood Ranch is further evidenced by an average home value of $505,483, 44% higher than the MSA average.
4 | Estia Lakewood Ranch
HIGHLIGHTSInvestment
100% Leased Before Construction was
Complete
Significant Rent Growth Upside
Among the Fastest Growing Communities in
the US
Accelerating Multi-Housing Market Fundamentals
Excellent Quality of Life with Convenient
Access to Employment & Demand Drivers
Excellent Demographics with
High HHI’s
Highly Differentiated, Single-family
Inspired Product with Competitive Value
Proposition
Investment Highlights
JLL | 5
UNIT MIX
Code Description Avg Ach. Rent*
Recent Leases
Stabi-lized Mkt
Rent**Count SF % of
Mix
A1 One Bed / One Bath $1,307 $1,400 $1,500 102 ±711 44.3%
B1 Two Bed / Two Bath $1,629 $1,750 $1,800 128 ±1,000 55.7%
TOTAL/AVERAGE: $1,486 $1,575 $1,667 230 ±872 100.0%
SUMMARYProperty
230 / 872 SFHOMES / AVG. SIZE
11255 Estia Dr.Lakewood Ranch, FL 34211
ADDRESS
2020YEAR BUILT
*As of 4/11/2021 Rent Roll**Reflects JLL’s underwritten pro forma rents
UNIT MIX BREAKDOWN
1x1, 44%
2x2, 56%
Unit Mix Breakdown
97% Occupied | 100% LeasedOCCUPANCY
Spaces: 487 Total (417 Surface | 70 Garage)Ratio: 2.12 Spaces/Unit
PARKING
Single-Story Wood-FrameCONSTRUCTION TYPE
Projection for 5/1/21 based on Future Residents of 4/11/2021 Rent Roll
6 | Estia Lakewood Ranch
UNIT MIX
Code Description Avg Ach. Rent*
Recent Leases
Stabi-lized Mkt
Rent**Count SF % of
Mix
A1 One Bed / One Bath $1,307 $1,400 $1,500 102 ±711 44.3%
B1 Two Bed / Two Bath $1,629 $1,750 $1,800 128 ±1,000 55.7%
TOTAL/AVERAGE: $1,486 $1,575 $1,667 230 ±872 100.0%
JLL | 7
Community Amenities• Clubhouse with Lounge, HDTVs, Billiards, and Games
• Heated Saltwater Pool with Sun Deck
• State-of-the-Art Fully Equipped Fitness Center
• Yoga Room with Fitness-on-Demand
• Off-Leash Dog Park & Pet Wash
• Poolside Game Area & BBQ Grills
• Gated Access
• Car Spa
• Direct access to Bob Gardner Community Park and Trail
8 | Estia Lakewood Ranch
Home Features• Single-Story Private or Semi-Attached Residences
• Private, Screened-in Back Patio with Built-in Pet Door
• Keyless Entry with Front Porch
• Fenced-in Backyard
• Hardwood-Style Plank Flooring
• Espresso Shaker Cabinets & Quartz Countertops
• Stainless Steel Appliances
• Built-in Kitchen Islands
• 10-Foot Ceilings
• 2-Inch Blinds
• Programmable Thermostat & USB Outlets
• Stand-up Showers and/or Garden Tub*
• Walk-in Closets*
• Lake Views**Select Homes JLL | 9
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Lakewood Ranch BlvdLakewood Ranch Blvd
Gulf of Mexico Longboat Key830 Students
1600 StudentsDowntown Sarasota 2,000 Students
300+ Faculty
Mall at University Town Center
APPLE
The West District at University Town Center
Lakewood Ranch Medical Center 600 Employees
Shoppes at University Town Center
Main Street at Lakewood Ranch
Lakewood Walk Shopping Center
Lakewood RanchHigh School
A-Rated
The Green at Lakewood Ranch
SR 70
CORE at Lakewood Ranch 305 Acres with 37-Acre Mixed-Use
Town Center and World-ClassResearch Facilities
Lakewood Ranch Park & Sports Complex
LECOM Medical School2,300 Students & Faculty
Mercedes Medical HQ
Gullett Elementary SchoolA-Rated
Mona Jain Middle SchoolA-Rated
Mallory Park at Lakewood Ranch Home Sales up to $879K
Lakewood Walk Shopping Center
Arbor GrandeHome Sales up to $805K
Bob Gardner Community Park SR 64
10 | Estia Lakewood Ranch
������������
Lakewood Ranch BlvdLakewood Ranch Blvd
Gulf of Mexico Longboat Key830 Students
1600 StudentsDowntown Sarasota 2,000 Students
300+ Faculty
Mall at University Town Center
APPLE
The West District at University Town Center
Lakewood Ranch Medical Center 600 Employees
Shoppes at University Town Center
Main Street at Lakewood Ranch
Lakewood Walk Shopping Center
Lakewood RanchHigh School
A-Rated
The Green at Lakewood Ranch
SR 70
CORE at Lakewood Ranch 305 Acres with 37-Acre Mixed-Use
Town Center and World-ClassResearch Facilities
Lakewood Ranch Park & Sports Complex
LECOM Medical School2,300 Students & Faculty
Mercedes Medical HQ
Gullett Elementary SchoolA-Rated
Mona Jain Middle SchoolA-Rated
Mallory Park at Lakewood Ranch Home Sales up to $879K
Lakewood Walk Shopping Center
Arbor GrandeHome Sales up to $805K
Bob Gardner Community Park SR 64
JLL | 11
12 | Estia Lakewood Ranch
Conditions of Offering - Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than JLL, and neither owner nor JLL, nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser. JLL and owner disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2021. Jones Lang LaSalle IP, Inc. All rights reserved.
Tours - All tours must be scheduled in advance by contacting Matt Mitchell. In lieu of an in-person tour, JLL will conduct live video tours via FaceTime/Zoom if investors are unable to travel. In addition, a video of the Property and Matterport Virtual Tour links are below.
JLL | 13
401 E. Jackson St., Suite 1100 | Tampa, FL 33602
www.us.jll.com/capitalmarkets
Jones Lang LaSalle Americas, Inc. (“JLL”), a licensed real estate broker
Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than JLL, and neither Owner nor JLL, nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser. JLL and owner disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2020. Jones Lang LaSalle IP, Inc. All rights reserved.
Elliott ThroneSr. Managing DirectorJLL Capital Markets+1 305 421 [email protected]
Drew JenneweinDirectorJLL Capital Markets+1 813 387 [email protected]
INVESTMENT ADVISORS DEBT ADVISORS
JLL Capital Markets
Zach NolanSr. DirectorJLL Capital Markets+1 813 387 [email protected]
Bailey SmithAnalystJLL Capital Markets+1 813 387 [email protected]
Ken DelVillarManaging DirectorJLL Capital Markets+1 407 745 [email protected]
Matt MitchellSr. Managing DirectorJLL Capital Markets+1 813 387 [email protected]
Jarrod SmithAssociateJLL Capital Markets+1 813 387 [email protected]
Jay BallardManaging DirectorJLL Capital Markets+1 407 745 [email protected]
Jesse WrightDirectorJLL Capital Markets+1 305 448 [email protected]