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STOLLENWERK | COSGROVE

AIAApartment

Investment

Advisors

200 N TRIGG GALLATIN, TN 37066

EXCLUSIVE OFFERING MEMORANDUM

6 CADILLAC DR. SUITE 100 | BRENTWOOD TN 37027 | 615.997.2900 | www.marcusmillichap.com

14 – UNIT VALUE-ADD OPPORTUNITY

LOCATED IN OPPORTUNITY ZONE

200 N TRIGG

14 UNITS | BUILT 1987 | 200 N TRIGG GALLATIN, TN 37066 | SUMNER COUNTY

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Apartment Investment Advisors ofMarcus & Millichap Real Estate Investment Services of Tennessee, Inc. and should not be made available to any other person or entity without the written consent of AIA. This Marketing Brochure hasbeen prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein isnot a substitute for a thorough due diligence investigation. AIA and Marcus & Millichap have not made any investigation, and make no warranty or representation, with respect to the income orexpenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminatingsubstances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, orany tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable;however, AIA and Marcus & Millichap have not verified, and will not verify, any of the information contained herein, nor has AIA or Marcus & Millichap conducted any investigation regarding thesematters and they make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify allof the information set forth herein. Seller retains all rights and discretion to determine the offer and acceptance process including but not limited to the right to accept or reject any offer in its sole andabsolute discretion. Seller shall only be bound by duly executed and enforceable agreements entered into, if any. ALL MATTERS PRIVILEGED AND CONFIDENTIAL.NON-ENDORSEMENT NOTICEApartment Investment Advisors and Marcus & Millichap are not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of anycorporation logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of AIA or Marcus & Millichap, its affiliates or subsidiaries, or any agent,product, service, or commercial listing of AIA or Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALLPROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR AIA ADVISOR FOR MORE DETAILS.


AIAApartment

Investment

Advisors

Address

City

State

Zip

County

Number of Units

Rentable SF

Ave. Unit Size (RSF)

Year Build

Roof Type

Lot Size

Located in Opportunity Zone

Water Responsibility

Electric Responsibility

200 N Trigg Ave

Gallatin

TN

37066

Sumner

14

15,000

1,071

1987

Metal Roof

1 Acre

YES

Individually Metered

Individually Metered

OFFER SUBMISSIONOffers should be presented in the form of a non-binding Letter of

Intent, spelling out the significant terms and and conditions of the

Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due

diligence and closing time frame, 3) earnest money deposit, 4) a

description of the debt/equity structure, and 5) qualification to close.

The purchase terms shall require all cash to be paid at closing. Offers

should be delivered to the attention of

Pat Cosgrove or David Stollenwerk.DAVID STOLLENWERK

Investment AdvisorOffice: 615.997.2841 Cell: [email protected]

EXCLUSIVELY LISTED BY:Marcus & Millichap has been selected to exclusively market for

sale 200 N Trigg Ave Gallatin, TN.

PAT COSGROVE

Investment AdvisorOffice: 615.997.2853 Cell: [email protected]

LIST PRICE: $999,900

mailto:[email protected]

mailto:[email protected]

200 N TRIGG

S VA – S A L ES CO MP S

200 N TRIGG SALES COMP SUMMARY

Property Year B ui l t Ci ty Uni ts Ave. Uni t Size Clos e Da te Sa le Price Sa le Price/Uni t Sa le Price/SF Note

Townhouse Villas 1985 Madison 14 865 3/27/2017 $1,100,000 78 ,571$ $90.83

Hickory Place Apartments 2001 Madison 16 1000 6/14/2018 $1,100,000 68 ,750$ $68.75

547 N Water 1968 Gallatin 8 N/A 1/15/2016 $500,000 62,500$ N/A

Carriage House Apartments 1973 Hendersonville 16 960 1/5/2016 $905,000 56 ,563$ $58.92

200 N Trigg 1987 Gallatin 14 1071 TBD TBD TBD TBD

Averages 974 $901,250 66 ,596$ $72.83

Property Year B ui l t Ci ty Uni ts Ave. Uni t Size Clos e Da te Sa le Price Sa le Price/Uni t Sa le Price/SF Note


Townhouse Villas 1985 Madison 14 865 3/27/2017 $1,100,000 78 ,571$ $90.83

Hickory Place Apartments 2001 Madison 16 1000 6/14/2018 $1,100,000 68 ,750$ $68.75

Carriage House Apartments 1973 Hendersonville 16 960 1/5/2016 $905,000 56 ,563$ $58.92

200 N Trigg 1987 Gallatin 14 1071 TBD TBD TBD TBD

Averages 974 $901,250 $66 ,596 $72.83

Sorted by Sale Price per SF Highest to Lowest

SALE COMPS

Sorted by Sale Price per Unit Highest to Lowest

Property Year Built City Units

Ave. Unit

Size

Close

Date Sale Price

Sale

Price/Unit

Sale

Price/SF Note

200 N Trigg 1987 Gallatin 14 1,071 TBD TBD TBD TBD

Subject Property

2 0 0 N T R I G G S A L E S C O M P



Ave. Unit

Size

Close

Date Sale Price

Sale

Price/Unit

Sale

Price/SF Note


SALE COMP



Ave. Unit

Size

Close

Date Sale Price

Sale

Price/Unit

Sale

Price/SF Note

Carriage House Apartments 1973 Hendersonville 16 960 1/5/2016 $905,000 56,563$ $58.92

SALE COMP



Ave. Unit

Size

Close

Date Sale Price

Sale

Price/Unit

Sale

Price/SF Note

Townhouse Villas 1985 Madison 14 865 3/27/2017 $1,100,000 78,571$ $90.83

SALE COMP



Ave. Unit

Size

Close

Date Sale Price

Sale

Price/Unit

Sale

Price/SF Note

Hickory Place Apartments 2001 Madison 16 1,000 6/14/2018 $1,100,000 68,750$ $68.75

SALE COMP

2 0 0 N T R IGG – R ENT CO MP S

Two-Bedroom Rents

Property Year Built Unit Type Washer/Dryer Connections SF Market Rent

Concessions

Adj./Month

Utilit ies

Adj./Month Net Rent Net Rent/SF

Brookhaven Apartments 1979 2 BED 1 BATH YES 1,020 $959 $0 $0 $959 $0.94

Stratford Apartments 1986 2 BED 2 BATH YES 900 $950 $0 $0 $950 $1.06


200 N Trigg Ave 1987 2 BED 1.5 BATH YES 1,071 $795 $0 $0 $795 $0.74

Belle Water Apartments 1965 2 BED 1 BATH NO 730 $775 $0 $0 $775 $1.06

Courtyard Apartments 1960 2 BED 1 BATH YES 800 $625 $0 $0 $625 $0.78

Averages 904 $842 $0 $0 $842 $0.94

RENT COMPS

Sorted by Net Rent Highest to Lowest

T W O B E D R O O M R E N T C O M P S BY N E T R E N T

Two-Bedroom Rents

Property Year Built Unit Type

Washer/Dryer

Connections SF Market Rent

Concessions

Adj./Month

Utilit ies

Adj./Month Net Rent Net Rent/SF

Belle Water Apartments 1965 2 BED 1 BATH NO 730 $775 $0 $0 $775 $1.06



Brookhaven Apartments 1979 2 BED 1 BATH YES 1,020 $959 $0 $0 $959 $0.94

Courtyard Apartments 1960 2 BED 1 BATH YES 800 $625 $0 $0 $625 $0.78

200 N Trigg Ave 1987 2 BED 1.5 BATH YES 1,071 $795 $0 $0 $795 $0.74

Averages 904 $842 $0 $0 $842 $0.94

RENT COMPS

Sorted by SF Net Rent Highest to Lowest

T W O B E D R O O M R E N T C O M P S B Y S F N E T R E N T

2 0 0 N T R I G G R E N T C O M P

200 N Trigg Ave

200 N Trigg Ave, Gallatin, TN 37066 - Sumner County

Total # of Units: 14

Year Built: 1987

Date Surveyed: 11/28/2018

Unit Type # of Units SF Rent Low

Rent

High Rent Avg. Rent/ SF

2 BED 1.5 BATH 14 1,071 $695 $895 $795 $0.74

Total 14 1,071 $795

Ownership

Management

Leasing-Office Phone Number

Occupancy (Physical)

Occupancy (Pre-Leased)

Concessions/Discounts

Pet Fees

Pet Rent

Pricing Method (Fixed or Yieldstar/LRO)

Application Fees / Administrative Fees

Lease Term

Water and Sewer Responsibility

Water and Sewer Billing Method

Trash Removal Responsibility

Trash Billing Method

Valet or Self-Service

Garage

Amenities/Notes

Status of W/D Connections and Appliances

TENANT PAYS ELECTRIC

CONNECTIONS

TENANT

TENANT

N/A

SUBJECT

JORGENSEN FAMILY TRUST


Belle Water Apartments

478 S Water Ave Gallatin, TN


Year Built: 1965



Rent


1 BED 1 BATH 550 $675 $675 $675 $1.23

2 BED 1 BATH 730 $775 $775 $775 $1.06

3 BED 1 BATH 1,089 $1,075 $1,075 $1,075 $0.99

Total 0 #DIV/0! #DIV/0! #DIV/0!

Ownership

Management





Pet Fees

Pet Rent



Lease Term






Garage

Amenities

Status of W/D Connections and Appliances NO

NEWLY RENOVATED. LAUNDRY FACILITY ON-SITE

$40 APP

1


Brookhaven Apartments

625 Green Wave Dr Gallatin, TN 37066


Year Built: 1979



Rent


1 BED 1 BATH 813 $859 $859 $859 $1.06

2 BED 1 BATH 1,020 $959 $959 $959 $0.94

3 BED 2 BATH 1,334 $1,139 $1,139 $1,139 $0.85


Ownership

Management





Pet Fees

Pet Rent



Lease Term






Garage

Amenities/Notes


2

BROOKSIDE

99%

$350-$400

SELF-SERVICE

N/A

CONNECTIONS EXCEPT ONE BEDROOMS

TENANT PAYS ELECTRIC. LAUNDRY CENTER, POOL, FITNESS CENTER

$45 APP

12 MONTH

TENANT

N/A

TENANT


Stratford Apartments

1300 Nashville Pike Gallatin, TN 37066


Year Built: 1986



Rent


1 BED 1 BATH 600 $805 $805 $805 $1.34

2 BED 1 BATH 900 $950 $950 $950 $1.06

2 BED 2 BATH 900 $950 $950 $950 $1.06


Ownership

Management





Pet Fees

Pet Rent



Lease Term






Garage

Amenities/Notes


3

TENANT

N/A

WASHER/DRYER

AMERICAN HERITAGE

100%

$25 APP

12 MONTH

N/A

N/A


$200.00

TENANT

TENANT

N/A


Courtyard Apartments

731-735-739 N Water Gallatin, TN 37066


Year Built: 1960



Rent


1 BED 1 BATH 8 650 $475 $525 $500 $0.77

2 BED 1 BATH 35 800 $625 $625 $625 $0.78

3 BED 2 BATH N/A

Total 43 772 $602 $0.78

Ownership

Management





Pet Fees

Pet Rent



Lease Term






Garage

Amenities


4

PRIVATE OWNERSHIP

PRIVATE OWNERSHIP

100%


CONNECTIONS

LANDLORD

LANDLORD

2 0 0 N T R IGG – F INA NCIA L A NA LYS IS

FINANCIAL ANALYSIS

24

RENT ROLL DETAIL

2 0 0 N T R I G G R E N T R O L L

FINANCIAL ANALYSIS

OPERATING STATEMENT

25

2 0 0 N T R I G G O P E R AT I N G S TAT E M E N T

FINANCIAL ANALYSIS

OPERATING STATEMENT NOTES

26

2 0 0 N T R I G G O P E R AT I N G S TAT E M E N T N O T E S

FINANCIAL ANALYSISPRICING DETAIL

27

2 0 0 N T R I G G P R I C I N G

I N V EST M E N T H I G H L I G H T S

Nashville-Davidson--Murfreesboro--Franklin, TN Metro Area has a population of 1.87M people with a median age of 36.3 and a median household income of $60,030. Between 2015 and 2016 the population of Nashville-Davidson--Murfreesboro--Franklin, TN Metro Area grew from 1.83M to 1.87M, a 1.93%

increase and its median household income grew from $57,985 to $60,030, a 3.53% increase.

S U B J E C T P R O P E R T Y L O C AT E D I N N A S H V I L L E M S A

I N V EST M E N T H I G H L I G H T S2 0 0 N T R I G G L O C AT E D I N S U M N E R C O U N T Y, T N

Gallatin, TN was Reader’s Digest nicest place in America in 2017!

I N V EST M E N T H I G H L I G H T S

1

T H R I V I N G Q U A L I T Y O F L I F E

#7 on Forbes’ l ist of Top 25 F a s t e s t - G r o w i n g C i t i e s o f 2 0 1 8

Nashville has jumped significantly from #20 to #7 on the 2017list. "The goal of Forbes’ annual list of America’s fastest-growingcities is to give a holistic picture of places on the upswing. Thatmeans looking not just at job, population or output growthindividually, but considering how these important measures andothers come together. It means looking back to see which cities grewthe most in 2017 and forward to project which cities will make stridesin 2018," says Forbes.

2

O U T S T A N D I N G B U S I N E S S D E V E L O P M E N T

Nashvi l le Named Major Market of the Year for 2017

Southern Business & Development Magazine (SB&D) ranks states andpeer group markets based on the capture of projects announced in theSouth meeting or exceeding 200 jobs and/or $30 million ininvestment. The SB&D 100 (the 24th annual) ranks each state andmarket through points earned based on the capital investment, jobsand the size of each project captured. Nashville earned "Major Marketof the Year" for 2017 for its performance in calendar year 2016 with165 points. The second highest ranking metro received 105 points.

3

S T R O N G P O P U L A T I O N G R O W T H

13.5% POPULATION GROWTHF R O M 2 0 1 0 T O 2 0 1 7

Nashville MSA population has grown from 1,675,972 in 2010 to 1,903,045 in 2017. Davidson County population has grown from 628,131 in 2010 to 691,243 in 2017.

3 1 M I L E S F RO M V I B R A N T N A S H VIL LE

http://www.pageturnpro.com/Progress-Printing/79855-Southern-Business_Spring-2017/default.html#page/64

NASHVILLEOVERVIEW

1

Known as the epicenter of county music, the Nashville metro contains

a population of nearly 2 million within 14 counties: Davidson, Smith,

Macon, Williamson, Cheatham, Sumner, Dickson, Robertson, Cannon,

Rutherford, Hickman, Trousdale, Maury and Wilson. Davidson is the

most populous county with 702,900 people and is home to Nashville,

the capital city, which has 674,400 residents. The metro is located in

the north-central portion of the state of Tennessee in what is known as

the Central Basin. The Cumberland River, which snakes through the

region, adds to the local economic base and enhances Nashville’s

quality of life. The metro has a strong multimodal infrastructure

network linking the metro to markets around the world.

METRO HIGHLIGHTS

MUSIC INDUSTRY CAPITAL

The metro is well known as a central location for the

country music industry, which provides many local

jobs and supports a large hospitality sector.

DIVERSIFYING ECONOMY

Other major industries in the metro include

healthcare, government, automotive manufacturing,

publishing, insurance and finance.

ROBUST POPULATION GROWTH

The population will increase at a faster pace than

the nation over the next five years.

MADISON CREST APARTMENTS

NA S HV IL L E OV ERV IEW

AUSTIN PEAY UNIVERSITYNA S HV IL L E S P O RT S & L E IS UR E

P RO FES S IO NAL S P O RTS T EA MS

AUSTIN PEAY UNIVERSITYHIGHER EDUCAT IO N TA L ENT P O O L

“Vanderbilt, Belmont, and Lipscomb universities offer top ranked MBA programs” Bloomberg Business, 2018

123,000students attend the area’s colleges and universities.

60%of college graduates remain in the region.

Middle Tennessee is a magnet for talent, young graduates and the types of workers new and growing industries seek. Considered a nationalhub for the creative class, the Nashville region’s educated workforce not only provides an abundant talent pool for companies, but alsobolsters the region’s vibrancy, artistic and musical essence, and competitive edge in technology and innovation. While our region supportsmany innovative and aggressive local programs to recruit workers to the region, many of Nashville's most valuable workers come from thearea's own vast educational system, with its 24 accredited four-year, two-year, tech schools and postgraduate institutions. Nearly 123,000students are enrolled in higher education in the Nashville area, the largest concentration in a four-state region. We retain 60 percent of thesegraduates annually in our region. More than 34 percent of residents over age 25 have a bachelor’s degree or higher, and more than 150,000residents have graduate or professional degrees.

AUSTIN PEAY UNIVERSITYVA NDER BILT UNIV ERS IT Y

BEL MO NT UNIV ERS IT Y

AUSTIN PEAY UNIVERSITYL IBS CO MB UNIV ERS ITY

ECONOMY▪ The entertainment and country music capital houses a number of venues such as Ryman

Auditorium, Grand Ole Opry, Country Music Television and Music Row.

▪ The nation’s lowest tax burdens and incentives for businesses attract companies to the

region and are assisting in diversifying the economy.

▪ Fortune 500 companies headquartered in the region: HCA Holdings, Dollar General,

Community Health Systems, LifePoint Health, Delek US Holdings and Tractor Supply Co.

SHARE OF 2017 TOTAL EMPLOYMENT

MAJOR AREA EMPLOYERS

Vanderbilt University and Medical Center

The Kroger Co.

Community Health Systems

Saint Thomas Health

Nissan North America

HCA Healthcare

Ryman Hospitality Properties

Electrolux Home Products

Cracker Barrel Old Country Store, Inc.

Randstad * Forecast

2

MANUFACTURING

8%GOVERNMENT

HEALTH SERVICES

EDUCATION AND

+OTHER SERVICES

4%

LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES

19%

AND UTILITIES

TRADE, TRANSPORTATION CONSTRUCTION

PROFESSIONAL AND

BUSINESS SERVICES

2%INFORMATION

17%

4%

12% 12% 6%

15%

MADISON CREST APARTMENTSECO NO MY

DEMOGRAPHICS

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

▪ The metro is expected to add nearly 133,200 people over the next five years,

resulting in the formation of approximately 60,900 households.

▪ A median home price slightly below that of the nation has allowed 65 percent of

households to own their home, compared with 64 percent for the U.S.

▪ Roughly 31 percent of residents age 25 and older hold bachelor’s degrees; of those

residents, 11 percent also have obtained a graduate or professional degree.

While music may be in Nashville’s blood, Music City has a lot more to offer, including

performing arts, history, cuisine, professional sports, education institutions, natural beauty

and Southern charm. Music is alive not only at the Grand Ole Opry, but also at the Ryman

Auditorium, Fontanel Mansion, Schermerhorn Symphony Center and the Tennessee

Performing Arts Center. For country music fans, there is the Country Music Hall of Fame

and Museum. Performing arts include the Nashville Ballet, Nashville Symphony, Nashville

Opera Association, Tennessee Repertory Theatre, Nashville Children’s Theatre and the

ACT 1 (Artists’ Cooperative Theatre). Museums in the metro include the Tennessee State

Museum, the Vanderbilt University Fine Arts Gallery and Frist Center for the Visual Arts.

QUALITY OF LIFE

3

2017 Population by Age

0-4 YEARS

6%5-19 YEARS

20%20-24 YEARS

7%25-44 YEARS

29%45-64 YEARS

26%65+ YEARS

12%

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s

Analytics; U.S. Census Bureau


36.4

2017MEDIAN AGE:

U.S. Median:

37.8

$57,600

2017 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

$56,300

1.9M

2017POPULATION:

Growth2017-2022*:

7.1%

730K

2017HOUSEHOLDS:

8.3%

Growth2017-2022*:

DEMO GR A P HICS


* 2007-2017 Average annualized appreciations in price per unit

Sources: Marcus & Millichap Research Services; CoStar Group, Inc.; Real Capital Analytics

2018 PRICING & VALUATION TRENDS

Yield Range Offers Compelling Options for Investors; Most Metros Demonstrate Strong Appreciation Rates

2 0 1 8 P R IC ING & VA LUAT ION T R ENDS


AIAApartment

Investment

Advisors

200 N TRIGG GALLATIN, TN 37066

EXCLUSIVE OFFERING MEMORANDUM

6 CADILLAC DR. SUITE 100 | BRENTWOOD TN 37027 | 615.997.2900 | www.marcusmillichap.com

14 – UNIT VALUE-ADD OPPORTUNITY

LOCATED IN OPPORTUNITY ZONE

aia apartment investment advisors - loopnet€¦ · aia apartment investment advisors 200 n trigg...

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