a 30-unit, value-add apartment building in the … · 2019. 8. 21. · the first tenants will open...

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A 3 0 - U N I T, V A L U E - A D D A P A R T M E N T B U I L D I N GI N T H E C O N G R E S S P A R K N E I G H B O R H O O D

ROBERT BRATLEY 541-729-9667

[email protected]

T A B L E O F C O N T E N T S

© 2019 CBRE, INC. ALL RIGHTS RESERVED.

1EXECUTIVE SUMMARY

2PROPERTY DESCRIPTION

3MARKET OVERVIEW

1EXECUTIVE SUMMARY

E X E C U T I V E S U M M A R Y

The OfferingCBRE is pleased to offer for sale 1225 Colorado Boulevard, a 30-unit apartment building located in the Congress Park neighborhood of Denver, Colorado.

N E W LY R E M O D E L E DK i t c h e n & B a t h U p g r a d e s

Property Overview

Property Address 1225 Colorado Blvd. Denver, CO 80206

Year Built 1945

Total Building Area 20,210 Square Feet

Number of Apartments 30

Average Unit Size 674

Price $6,350,000

Price Per Unit $211,667

Avg. Market Rent $1,337

Avg. Market Rent Per Square Foot $1.99

1 2 2 5 C O LO R A D O B O U L E VA R D

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Investment Highlights

The Property

• Five of the 30 units at 1225 Colorado Boulevard are fully renovated and include hardwood floors, new cabinets and granite countertops, tile backsplashes, stainless steel appliances including dishwashers, disposals, ceiling fans, updated tiling in the kitchens and bathrooms, and more. In addition, all above-grade units have original hardwood floors, arched doorways and coved ceilings.

• The property has a considerable value-add component. 25 units can be renovated to achieve substantially higher rents and additional parking spaces or carports could be added where the pool was, or repour the pool for a rare amenity in the neighborhood. In addition, there is a large office that could be easily converted to a 31st unit.

• 1225 Colorado Boulevard has had recent capital improvements including two newer boilers and new windows.

• 1225 Colorado Boulevard has a laundry room on-site and large backyard. The property also has an impressive 30 off-street parking spaces for additional income that is currently not being charged.

E x e c u t i v e S u m m a r y

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The Location

• The property is one block from Continuum and CIM’s new 9+CO mixed-use development. This 26-acre redevelopment is the largest infill redevelopment in Denver and will contain 2 parks with 4 acres of open space, 200,000 square feet of creative office space, 300,000 square feet of retail space and 1,200 residential units.

• The property is in the highly desirable Congress Park neighborhood. With an 88 Walkscore all the coffee shops, restaurants, bars, and boutique shops along both Colfax Avenue and Colorado Boulevard are minutes away.

Apartment Fundamentals

• In the second quarter 2019 the average vacancy rate in the Denver – Central submarket for apartment buildings with nine to 50 units remained low at 4.3%, below the metro Denver average of 5.0%. This high demand increased the average rents by 3.5% over the past year to $1,490 per month.

• The average rent for a one-bedroom, one-bath unit in the submarket in the second quarter 2019 was $1,341 per month and a two-bedroom, one-bath is $1,794. These rents are substantially higher than both the in-place and projected rents for 1225 Colorado Boulevard, indicating that with the right renovations and added amenities there is a tremendous upside in the income and cap rate.

Source: AAMD Q2 2019 Vacancy & Rent Survey



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Employment & Demographics

• 1225 Colorado Boulevard is within blocks of National Jewish Health, the VA Hospital and Rose Medical Center. Combined these three hospitals account for nearly 3,500 healthcare jobs. Downtown Denver is less than ten minutes from the property and 133,500 jobs.

• The property is in one of the most affluent areas of Denver. More than 70.6% of the population within a mile has a bachelor’s degree or higher and the average household income is $121,203. An impressive 41.4% of households earn more than $100,000 per year.

• Home prices surrounding 1225 Colorado Boulevard are among the highest in Denver as well. The average value of a home within one mile is $649,993.

Source: Fast Demos


E x e c u t i v e S u m m a r y

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PROPERTY DETAILSADDRESS 1225 Colorado Blvd. Denver, CO 80206

UNITS 30

TOTAL SQUARE FEET 20,210 Square Feet

ZONING G-MU-5

LOT SIZE 23,788 Square Feet

CONSTRUCTION DETAILSConstruction Type Interior Hallway

Foundation Concrete

Siding Brick

Roofing Flat

UTILITIESElectricity Individually metered

Gas Master metered

Water, Sewer & Trash Master metered

PARKINGOff-Street Parking Spaces 30

Parking Ratio 1.00

LEASING DETAILSApplication Fee $50

Pet Rent $25

Pet Fee $300

Off-Street Parking $55


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DENVER

BROOMFIELDTHORNTON

BRIGHTON

LOUISVILLE

SUPERIOR

NORTHGLENN

WESTMINSTER

ARVADA

COMMERCE CITY

DENVER INTERNATIONAL AIRPORT

WHEAT RIDGE

GOLDEN

LAKEWOOD

EVERGREEN

ENGLEWOOD

GREENWOOD VILLAGE

LITTLETON

HIGHLANDS RANCH

PARKER

25INTERSTATE

70INTERSTATE

70INTERSTATE

70INTERSTATE

70INTERSTATE

25INTERSTATE

25INTERSTATE

36

6

285

287

6

36

85

470

470

470

470

• Near multiple RTD bus stops• Steps from the 9+CO redevelopment area• Within blocks of National Jewish Health, the VA Hospital

and Rose Medical Center• Walking distance to Trader Joe’s, Sprouts Farmers

Market, bars, restaurants and entertainment along Colfax Avenue and Colorado Boulevard

• Proximity to City Park, Congress Park and Cherry Creek• Less than ten minutes to downtown Denver

Community AmenitiesE x e c u t i v e S u m m a r y

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DENVER COUNTRY CLUB

CHEESMAN PARK

DOWNTOWN DENVER133,500 JOBS

CITY PARK

CONGRESS PARK

NATIONAL JEWISH HEALTH

ROSE MEDICAL CENTER

VA HOSPITAL

LINDSLEY PARK

CARLA MADISON REC CENTER

COLFAX AVE.

PETER’S CHINESE

12TH AVENUE MARKET

COLORADO BLVD

9+CO DEVELOPMENT


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COLFAX AVE.

COLORADO BLVD

2MARKET OVERVIEW

M A R K E T O V E R V I E W

National Jewish HealthFounded in 1899, National Jewish Health is the #1 respiratory care hospital in the country according to U.S. News & World Report. With 46 beds and 389 healthcare employees, National Jewish Health is one of the best hospitals in metro Denver. Centrally located in Denver, this facility serves more than 132,000 individuals a year. National Jewish Health focuses on respiratory, cardiac and immune diseases, but is also an acedemic hospital.


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Rose Medical CenterRose Medical Center is an acute hospital with 422 beds and 1,680 healthcare employees. This hospital has a reputation as Denver’s “Baby Hospital” but has also become a leader in comprehensive women’s care, orthopedics and joint replacement, heart and vascular care, weight-loss treatment, cancer care, surgical services, internal medicine and emergency care.

M a r k e t O v e r v i e w

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9+CO RedevelopmentThe property is one block from Continuum’s new 9+CO mixed-use development. This 26-acre, 12-city block redevelopment will contain 2 parks with 4 acres of open space, 200,000 square feet of creative office space, 300,000 square feet of retail space and 1,200 residential units. 9+CO will include some of Denver’s best dining and entertainment including Postino Wine Café, Culinary Dropout, Blanco Tacos + Tequila, Pizzeria Locale, Hopdoddy Burger Bar, Frank & Roze, Clean Juice, Chuy’s, Gelato Boy, Zoe’s Kitchen, AMC Theaters and many more. The first tenants will open this summer and the AMC movie theater will open in summer 2020.


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Congress ParkLocated two miles southeast of downtown Denver, Congress Park is a 10-acre park that has eight tennis courts, multiple athletic fields, a playground, picnic pavilion and public outdoor swimming pool. The neighborhood surrounding the park is abundant with early 1900s bungalows and fabulous restaurants, including 12 @ Madison (recently named to 5280 Magazine’s 25 Best Restaurants), TAG Burger Bar, Blue Pan Pizza, Sienna Wine Bar, The French Press, Sweet Cooie’s Ice Cream, Under The Umbrella Café & Bakery, Shells & Sauce, Chef Zorba’s, Peter’s Chinese and more.

Colfax AvenueOver the past several years, Colfax Avenue has emerged as one of central Denver’s strongest retail corridors. Dozens of new restaurants, coffee shops, bars and retailers have moved to East Colfax as the area continues to redevelop and improve. However, many historic establishments remain a staple for local residents. Many of Denver’s best and newest are within walking distance of 1225 Colorado Boulevard including Sprouts Farmers Market, Lost Lake Lounge, Cerebral Brewing, Bastien’s, Machete Tequila + Tacos, Tommy’s Thai, Bluebird Theater, Goosetown Tavern, Mezcal, Denver Biscuit Company, Fat Sully’s and more.


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Denver City Park, Golf Course, Zoo & Museum of Nature & ScienceAt 330 acres, City Park is Denver’s largest regional park. The park includes a running path, tennis courts, two lakes and a boathouse, and baseball fields. City Park is also home to Jazz in the Park on Sundays during the summer and attracts more than 80,000 people per year. The 18-hole City Park Golf Course is currently under construction and a full redesign. The course is expected to reopen by the end of 2019 with a brand-new clubhouse.

Located less than a mile from 1225 Colorado Boulevard, the Denver Zoo is home to more than 4,000 animals and over 600 species. The 80-acre zoo holds several large events and averages 1.6 million visitors annually. Adjacent to the east is the Museum of Nature & Science, a 716,000-square foot facility that includes an IMAX theater and planetarium and employs more than 350 workers.


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Carla Madison Rec Center & Dog ParkThis state-of-the-art, $44 million building opened in January 2018. The 67,000-square foot facility has 28 amenities including two pools, a climbing wall, spin studio, weight and cardio rooms, gymnasium, rooftop event space and a dog park. Memberships start at just $30 per month.

Cherry CreekCherry Creek is widely regarded as Denver’s most prestigious neighborhood. With more than 600 businesses, Cherry Creek has dozens of boutique and designer shops, art galleries, lavish salons, dining destinations, rooftop bars and high-scale hotels. Cherry Creek is also home to the Cherry Creek Shopping Center, home to more than 160 stores. Some of the city’s best restaurants are here including North Italia, True Food Kitchen, Cherry Cricket, Quality Italian, 801 Chophouse, Aviano Coffee, Cherry Creek Grill, Del Frisco’s Grille, Piatti, Matsuhisa and many more. In addition the Cherry Creek Trail connects residents to downtown Denver and Cherry Creek State Park & Reservoir via a 22-mile bike path.


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Downtown DenverLocated less than five minutes northwest of 1010 Emerson Street, downtown Denver is thriving. Employment has reached 133,500 which is an all-time high and a 2.5% increase year-over-year. There are currently $2.8 billion in developments going into downtown Denver which includes 2.5 million square feet of office space, 1,000 hotel rooms and 5,000 residential units.


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3FINANCIALS

Executive Summary

PROPERTY OVERVIEW YEAR ONE OPERATING SUMMARYNUMBER OF UNITS 30 Per Unit Total

YEAR BUILT 1945 EFFECTIVE GROSS INCOME $17,330 $519,899

PRICE $6,350,000 LESS: OPERATING EXPENSES 4,787 143,598

PRICE PER UNIT $211,667 LESS: CAPITAL RESERVES 250 7,500

PRICE PER SQUARE FOOT $314.20 NET OPERATING INCOME $12,293 $368,801

NET RENTABLE SQUARE FEET 20,210 LESS: DEBT SERVICE 6,668 200,025

AVERAGE SQUARE FEET PER UNIT 674 NET CASH FLOW (AFTER DEBT SERVICE) $5,626 $168,776

AVERAGE PROFORMA RENT PER UNIT $1,337

AVERAGE PROFORMA RENT PER SF $1.99

FINANCIAL RETURNS FINANCING ASSUMPTIONSPROFORMA CAP RATE 5.81% Initial Equity $1,587,500

PROFORMA CASH-ON-CASH RETURN 10.32% Proposed New Loan Amount $4,762,500

LEVERAGED IRR Loan-to-Value 75%

5 YEAR HOLD 16.86% Interest Rate 4.20%

10 YEAR HOLD 15.79% Loan Term 5 Yrs.

VALUE-ADD IRR Amortization 24 Months I/O & 30 Yrs. Thereafter

5 YEAR HOLD 16.79% Annual Payment (Amortized) $279,473

10 YEAR HOLD 15.11% Loan Constant (Amortized) 5.87%

Debt Service Coverage Ratio (Year One Proforma) 1.32

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.


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Historical Analysis YEAR ONE PROFORMA

INCOME AssumptionsGross Scheduled Rent 3.0% $495,883 Less: Gain/Loss-to-Lease (1.0%) (4,959)Gross Potential Income $490,924

Less: Vacancy (5.0%) ($24,794)TOTAL RENTAL INCOME 94.0% $466,130

Plus: Other Income $424 $12,729 Plus: Utility Income 741 22,230 Plus: Parking Income 627 18,810

EFFECTIVE GROSS INCOME $519,899

EXPENSES ¹ per unit Proforma Exp.Repairs & Maintenance $500 $15,000 Contract Services 200 6,000 Turnover Costs 200 6,000 Payroll 200 6,000 Administrative 200 6,000 Marketing 50 1,500 Utilities 1,050 31,500 TOTAL VARIABLE EXPENSES $2,400 $72,000 Taxes 1,120 33,603 Insurance 400 12,000 Management Fee 5.0% 25,995 Capital Reserves 250 7,500 TOTAL EXPENSES $5,037 $151,098

NET OPERATING INCOME $368,801

EXPENSE-TO-INCOME RATIO 29%


F i n a n c i a l s

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Unit Mix, Proforma & Actual Rents

UNITDESCRIPTION

NUMBER OF UNITS % TYPE

UNITSQUARE

FEET

MONTHLYPROFORMA

RENTS

PROFORMARENT/SF

MONTHLY PROFORMA

RENTTOTAL

ANNUAL PROFORMA

RENTTOTAL

MONTHLY ACTUAL

RENT TOTAL

ACTUAL RENT /SF TOTAL SF

ONE BEDROOM

1 BED / 1 BATH 14 46.7% 615 $1,225 $1.99 $17,150 $205,800 $1,031 $1.68 8,610

TWO BEDROOM

2 BED / 1 BATH 11 36.7% 725 $1,395 $1.92 $15,345 $184,140 $1,192 $1.64 7,975

2 BED / 1 BATH / RENOVATED 5 16.7% 725 1,525 2.10 7,625 91,500 1,329 1.83 3,625

TOTAL/AVERAGE 30 100.0% 674 $1,337 $1.99 $40,120 $481,440 $1,140 $1.69 20,210

BY BEDROOM TYPE BY SQUARE FEET

TWO BEDROOM

53%

ONE BEDROOM

47%

615

47%

725

53%



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Service, Other Income & Payroll

Tax Analysis

SERVICE AND OTHER INCOME YEAR ONE PROFORMAAPPLICATION FEES 30u x 40% relets x 175% x $50 $35 $1,050 OTHER INCOME 167 5,000 LAUNDRY & VENDING INCOME 76 2,269 NON-REFUNDABLE PET FEE 30u x 40% relets x 35% pets x $300 42 1,260 MONTHLY PET RENT 30u x 35% pets x $25 x 12 mo. 105 3,150

TOTAL SERVICE AND OTHER INCOME $424 $12,729

UTILITY INCOMEUTILITY INCOME 30u x $65 x 12 mo x 95% occ. $741 $22,230 TOTAL UTILITY INCOME $741 $22,230

PARKING INCOMEGARAGE INCOME 30 Spaces at $55/mo. at 95% occ. $627 $18,810 TOTAL PARKING INCOME $627 $18,810

DENVER COUNTY

PARCEL MILL LEVY FULL CASH VALUE ASSESSMENTRATIO ASSESSED VALUE TAX2018 Taxes Payable 2019*0503609015000 0.077365 $6,375,200 7.20% $459,014 $35,512

$6,375,200 $459,014 $35,512Valuation Per Unit: $212,507 Taxes Per Unit: $1,184

2019 Taxes Payable 2020 & 2020 Taxes Payable 2021**0503609015000 0.077365 $6,032,500 7.20% $434,340 $33,603

$6,032,500 $434,340 $33,603Valuation Per Unit: $201,083 Taxes Per Unit: $1,120

*2018 Taxes Payable 2019 are based on the Assessor’s Appraised Value of $212,507 per unit. **2019 Taxes Payable 2020 & 2020 Taxes Payable 2021 are based on a sales price of $211,667 per unit discounted to 95% and the assumption that the Mill Levy and Assessment Ratio will remain the same as in 2019.


F i n a n c i a l s

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Sales Comparables

# PROPERTY NAME PROPERTY ADDRESS UNITS YEAR BUILT SF AVG. UNIT

SIZE# OF 2BRS % OF 2BRS PARKING

SPACESPARKING

RATIO SALE PRICE $/UNIT SALE DATE

S 1225 COLORADO BLVD. 1225 Colorado Blvd. 30 1945 20,210 674 16 53% 30 1.00 $6,350,000 $211,667 ---

1 PARK AVENUE FLATS 1222 E. 10th Ave. 13 1929 11,894 915 0 0% 12 0.92 $3,705,000 $285,000 May-17

2 LIV ON STEELE 1412 Steele St. 50 1969 42,708 854 24 48% 36 0.72 $13,250,000 $265,000 Dec-18

3 1363 GAYLORD ST. 1363 Gaylord St. 12 1926 10,819 902 10 83% 5 0.42 $3,100,000 $258,333 Sep-17

4 FILBERT COURT APARTMENTS 1525-1535 Filbert Ct. 14 1947 13,255 947 9 64% 5 0.36 $3,400,000 $242,857 May-18

5 3775 GROVE ST. 3775 Grove St. 13 1951 9,372 721 0 0% 16 1.23 $3,145,000 $241,923 Feb-19


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1

3

5

2

4

1225 COLORADO BLVD.

1 PARK AVENUE FLATS

2 LIV ON STEELE

3 1363 GAYLORD ST

4 FILBERT COURT APARTMENTS

5 3775 GROVE ST

SALES COMPARABLES

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Rent Comparables 1BR/1BA

PROPERTY NAME ADDRESS CITY SF MARKET RENT MARKET RENT/SF EFFECTIVE RENT EFFECTIVE RENT/SF UNIT TYPE

1225 COLORADO BLVD. 1225 Colorado Blvd. Denver 615 $1,225 $1.99 $1,225 $1.99 1BR/1BA

1300 APARTMENTS 1300 Monroe St. Denver 435 $1,330 $3.06 $1,330 $3.06 1BR/1BA

BLACK SWAN 1380 Steele St. Denver 550 $1,575 $2.86 $1,575 $2.86 1BR/1BA

805 DAHLIA 805 Dahlia St. Denver 455 $1,225 $2.69 $1,225 $2.69 1BR/1BA

1444 SAINT PAUL ST. 1444 Saint Paul St. Denver 545 $1,362 $2.50 $1,362 $2.50 1BR/1BA

METROPOLIS 1011 Colorado Blvd. Denver 548 $1,368 $2.50 $1,368 $2.50 1BR/1BA

777 ASH 777 Ash St. Denver 618 $1,440 $2.33 $1,440 $2.33 1BR/1BA

825 DEXTER 825 Dexter St. Denver 584 $1,335 $2.29 $1,335 $2.29 1BR/1BA

AVERAGE 534 $1,376 $2.58 $1,376 $2.58


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4

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5

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73

1225 COLORADO BLVD.

1 1300 MONROE ST

2 1380 STEELE ST

3 805 DAHLIA ST

4 1444 SAINT PAUL ST.

5 1011 COLORADO BLVD

6 777 ASH ST

7 825 DEXTER ST.

1BR/1BA RENT COMPARABLES

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Rent Comparables 2BR/1BA

PROPERTY NAME ADDRESS CITY SF MARKET RENT MARKET RENT/SF EFFECTIVE RENT EFFECTIVE RENT/SF UNIT TYPE



BLACK SWAN 1380 Steele St. Denver 700 $2,195 $3.14 $2,195 $3.14 2BR/1BA

METROPOLIS 1011 Colorado Blvd. Denver 646 $1,538 $2.38 $1,538 $2.38 2BR/1BA

1300 APARTMENTS 1300 Monroe St. Denver 785 $1,816 $2.31 $1,816 $2.31 2BR/1BA

1311 COOK 1311 Cook St. Denver 900 $2,064 $2.29 $2,064 $2.29 2BR/1BA

1330 JOSEPHINE ST. 1330 Josephine St. Denver 770 $1,752 $2.28 $1,752 $2.28 2BR/1BA

ONYX 1281 Columbine St. Denver 710 $1,600 $2.25 $1,600 $2.25 2BR/1BA


LIV ON STEELE 1412 Steele St. Denver 900 $1,865 $2.07 $1,865 $2.07 2BR/2BA


AVERAGE 779 $1,785 $2.29 $1,785 $2.29


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5

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2

97

8

6

1225 COLORADO BLVD

1 1380 STEELE ST

2 1011 COLORADO BLVD

3 1300 MONRIE ST

4 1311 COOK ST

5 1330 JOSEPHINE ST

6 1281 COLUMBINE ST

7 825 DEXTER ST

8 1412 STEELE ST

9 833 DEXTER ST

2BR/2BA RENT COMPARABLES

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AFFILIATED BUSINESS DISCLOSURE

CBRE, INC. OPERATES WITHIN A GLOBAL FAMILY OF COMPANIES WITH MANY SUBSIDIARIES AND RELATED ENTITIES (EACH AN “AFFILIATE”) ENGAGING IN A BROAD RANGE OF COMMERCIAL REAL ESTATE BUSINESSES INCLUDING, BUT NOT LIMITED TO, BROKERAGE SERVICES, PROPERTY AND FACILITIES MANAGEMENT, VALUATION, INVESTMENT FUND MANAGEMENT AND DEVELOPMENT. AT TIMES DIFFERENT AFFILIATES, INCLUDING CBRE GLOBAL INVESTORS, INC. OR TRAMMELL CROW COMPANY, MAY HAVE OR REPRESENT CLIENTS WHO HAVE COMPETING INTERESTS IN THE SAME TRANSACTION. FOR EXAMPLE, AFFILIATES OR THEIR CLIENTS MAY HAVE OR EXPRESS AN INTEREST IN THE PROPERTY DESCRIBED IN THIS MEMORANDUM (THE “PROPERTY”), AND MAY BE THE SUCCESSFUL BIDDER FOR THE PROPERTY. YOUR RECEIPT OF THIS MEMORANDUM CONSTITUTES YOUR ACKNOWLEDGMENT OF THAT POSSIBILITY AND YOUR AGREEMENT THAT NEITHER CBRE, INC. NOR ANY AFFILIATE HAS AN OBLIGATION TO DISCLOSE TO YOU SUCH AFFILIATES’ INTEREST OR INVOLVEMENT IN THE SALE OR PURCHASE OF THE PROPERTY. IN ALL INSTANCES, HOWEVER, CBRE, INC. AND ITS AFFILIATES WILL ACT IN THE BEST INTEREST OF THEIR RESPECTIVE CLIENT(S), AT ARMS’ LENGTH, NOT IN CONCERT, OR IN A MANNER DETRIMENTAL TO ANY THIRD PARTY. CBRE, INC. AND ITS AFFILIATES WILL CONDUCT THEIR RESPECTIVE BUSINESSES IN A MANNER CONSISTENT WITH THE LAW AND ALL FIDUCIARY DUTIES OWED TO THEIR RESPECTIVE CLIENT(S).

CONFIDENTIALITY AGREEMENT

YOUR RECEIPT OF THIS MEMORANDUM CONSTITUTES YOUR ACKNOWLEDGMENT THAT (I) IT IS A CONFIDENTIAL MEMORANDUM SOLELY FOR YOUR LIMITED USE AND BENEFIT IN DETERMINING WHETHER YOU DESIRE TO EXPRESS FURTHER INTEREST IN THE ACQUISITION OF THE PROPERTY, (II) YOU WILL HOLD IT IN THE STRICTEST CONFIDENCE, (III) YOU WILL NOT DISCLOSE IT OR ITS CONTENTS TO ANY THIRD PARTY WITHOUT THE PRIOR WRITTEN AUTHORIZATION OF THE OWNER OF THE PROPERTY (“OWNER”) OR CBRE, INC., AND (IV) YOU WILL NOT USE ANY PART OF THIS MEMORANDUM IN ANY MANNER DETRIMENTAL TO THE OWNER OR CBRE, INC.

IF AFTER REVIEWING THIS MEMORANDUM, YOU HAVE NO FURTHER INTEREST IN PURCHASING THE PROPERTY, KINDLY RETURN IT TO CBRE, INC.

DISCLAIMER

THIS MEMORANDUM CONTAINS SELECT INFORMATION PERTAINING TO THE PROPERTY AND THE OWNER, AND DOES NOT PURPORT TO BE ALL-INCLUSIVE OR CONTAIN ALL OR PART OF THE INFORMATION WHICH PROSPECTIVE INVESTORS MAY REQUIRE TO EVALUATE A PURCHASE OF THE PROPERTY. THE INFORMATION CONTAINED IN THIS MEMORANDUM HAS BEEN OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE, BUT HAS NOT BEEN VERIFIED FOR ACCURACY, COMPLETENESS, OR FITNESS FOR ANY PARTICULAR PURPOSE. ALL INFORMATION IS PRESENTED “AS IS” WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND. SUCH INFORMATION INCLUDES ESTIMATES BASED ON FORWARD-LOOKING ASSUMPTIONS RELATING TO THE GENERAL ECONOMY, MARKET CONDITIONS, COMPETITION AND OTHER FACTORS WHICH ARE SUBJECT TO UNCERTAINTY AND MAY NOT REPRESENT THE CURRENT OR FUTURE PERFORMANCE OF THE PROPERTY. ALL REFERENCES TO ACREAGES, SQUARE FOOTAGES, AND OTHER MEASUREMENTS ARE APPROXIMATIONS. THIS MEMORANDUM DESCRIBES CERTAIN DOCUMENTS, INCLUDING LEASES AND OTHER MATERIALS, IN SUMMARY FORM. THESE SUMMARIES MAY NOT BE COMPLETE NOR ACCURATE DESCRIPTIONS OF THE FULL AGREEMENTS REFERENCED. ADDITIONAL INFORMATION AND AN OPPORTUNITY TO INSPECT THE PROPERTY MAY BE MADE AVAILABLE TO QUALIFIED PROSPECTIVE PURCHASERS. YOU ARE ADVISED TO INDEPENDENTLY VERIFY THE ACCURACY AND COMPLETENESS OF ALL SUMMARIES AND INFORMATION CONTAINED HEREIN, TO CONSULT WITH INDEPENDENT LEGAL AND FINANCIAL ADVISORS, AND CAREFULLY INVESTIGATE THE ECONOMICS OF THIS TRANSACTION AND PROPERTY’S SUITABILITY FOR YOUR NEEDS. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

THE OWNER EXPRESSLY RESERVES THE RIGHT, AT ITS SOLE DISCRETION, TO REJECT ANY OR ALL EXPRESSIONS OF INTEREST OR OFFERS TO PURCHASE THE PROPERTY, AND/OR TO TERMINATE DISCUSSIONS AT ANY TIME WITH OR WITHOUT NOTICE TO YOU. ALL OFFERS, COUNTEROFFERS, AND NEGOTIATIONS SHALL BE NON-BINDING AND NEITHER CBRE, INC. NOR THE OWNER SHALL HAVE ANY LEGAL COMMITMENT OR OBLIGATION EXCEPT AS SET FORTH IN A FULLY EXECUTED, DEFINITIVE PURCHASE AND SALE AGREEMENT DELIVERED BY THE OWNER. PMSTUDIO_AUGUST2019

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FOR MORE INFORMATION PLEASE CONTACT:

ROBERT BRATLEY

541-729-9667

[email protected]

© 2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners, and the use of such logos does not imply any affiliation with or endorsement of CBRE. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited. PMStudio_August2019

a 30-unit, value-add apartment building in the … · 2019. 8. 21. · the first tenants will open...

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