120-unit multifamilydevelopment · 2019. 5. 18. · investmentoverview. nextgen residentialis...
TRANSCRIPT
120-Unit MultifamilyDevelopment
Investment OfferingMemorandum
Exclusively presented by: Listing Broker:
GaryBoyadjian15233 Ventura Blvd Ste 500Sherman Oaks CA 91403626.228.8177
$995,000Palmdale, California
InvestmentOverview
NextGen Residential is pleased to present this proposed 120-unit Apartment Building. Propertyis located in Opportunity Zone (Part of Investing in Opportunity Act) Situated on two lots ofapproximately 87,084 square feet lot zoned R4-50 with 148 feet of frontage on 11th & 12thStreet East, the property is with 0.80 miles of the High-Speed Rail. The current plans are for afive-story structure consisting of five levels of apartments over above-grade garage & one levelof subterranean garage. All units have private patios or balconies. The property consists oftwenty 1-bedroom, eighty 2-bedroom, and twenty 3-bedroom units. The project is proposed for120 total units at market rent. The property features a gym, spa, onsite management office and2 community rooms. Property is located close to City Hall and major streets. Current owner hasSurvey, Soils Report & Lot Merger.
Highlights:
→ 120 units→ Private patiosand
balconies→ On-site amenities→ Proximity tomajor
streets→ High-speed rail
access
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Property Location
Proposed Development
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Property Map – Los Angeles Metro
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City of Palmdale, CA
$77,202. Palmdale residents enjoy afamily
and
comfortable orientation,
abundanthometown feel with a strongexcellent education systemrecreational opportunities in a safe environment.Planning is underway to tie California’s High SpeedRail system with Palmdale Transportation Center toprovide fast and easy travel to downtown LA, the BayArea and beyond. Nicknamed “the aerospace capital of
the United States,” the airline industryhas been the major employment driverfor Palmdale, as it houses majoroperations for Boeing, Lockheed Martin,and Northrop Grumman. However,other manufacturing companies haverecently relocated to Palmdale seekingmore affordable land, proximity toPalmdale Airport, and special taxbreaks.
Economy
Lifestyle
With a population count of over 181,749 residents,the City of Palmdale is an upper-middle classcommunity with an average household income of
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City of Palmdale, CA
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City of Palmdale, CA
LARGE DEVELOPMENTPROJECTS
A topsecret desert assembly plant starts ramping up to buildNorthrop’s B-21bomberA once-empty parking lot at Northrop Grumman Corp.’s top secret aircraft plant in Palmdale is now jammed with cars that pour in during the predawn hours.
More than a thousand new employees are working for the time being in rows of temporary trailers, a dozen tan tents and a huge assembly hangar at the desert site near the edge of urban Los Angeles County. It is here that Northrop is building the Air Force’s new B-21 bomber, a stealthy batwinged jet that is being designed to slip behind any adversary’s air defense system and deliver devastating airstrikes for decades to come. The Pentagon plans to buy 100 of the bombers by the mid-2030s for at least $80 billion, though the exact amount is classified.
Northrop won the bomber contract in 2015, but the pace of activity is increasing sharply under an Air Force budget that has reached $2 billion for this fiscal year. Construction crews are getting ready to add 1 million square feet to the plant, a 50 percent increase over what is already a huge facility.
The project marks a sharp turnaround in the fortunes of the Southern California aerospace industry, which has been atrophying since the end of the Cold War. It was widely assumed that the region would never again be home to large aircraft manufacturing, and now it has one of the biggest projects ever. The program is breathing new life into an industry that once defined the Southern California economy.
Read more: rapidcityjournal.com
Thenextgreat bridge in CaliforniaWhat’s the fastest way to change California?
Unless you have the power to set off a major earthquake, your best bet would be to connect Palmdale and Victorville. These two working-class desert cities aren’t often associated with economic or political power. But building world-class infrastructure to bridge the 50 miles between them might be the most powerful current idea in California.
Strong Palmdale-Victorville connections could transform Southern California’s traffic and economy,boost the West’s energy markets and reconfigure the path of American trade with Asia and the restof North America. It might even save the California high-speed rail project.
Why would such a connection be so valuable? To bridge Palmdale and Victorville is to connect the Antelope and Victor valleys, two fast-growing exurban regions that each include a piece of a major highway corridor. Palmdale’s home region, the Antelope Valley in Los Angeles County, now has more than 500,000 people; its highways make it part of the Interstate 5 corridor, from Tijuana to British Columbia. Fifty miles east, the Victor Valley, where Victorville is the anchor town, has some 400,000 people and sits right on Interstate 15, which moves Southern Californians to Las Vegas every weekend while transporting goods from San Diego to Alberta, Canada.
Current connections between Interstates 5 and 15 are primitive. Truckers either have to navigate the awful traffic of the L.A. basin or find a way across the high desert. The latter requires driving surface streets or the traffic-clogged Highway 138, known unofficially as Blood Alley since it’s one of America’s most dangerous roads.
Read more: zocalopublicsquare.org
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Antelope Valley SubmarketSource: CoStar Report, May 2018
10%12 Mo. Asking Rent Growth -
Leading LA Submarkets
3.9%Vacancy Rate -Near Historic
Lows
0Units Under
Construction -Lack of
Competitive Product
$195MQ1 2018
Multfamily Sales Volume -
Record High
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Site Plan |Overview
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Site Plan |Survey
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Site Plan | 1stFloor &Parking
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Site Plan | P2 &P3 Level Parking
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Site Plan | 2nd&3rdFloors
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Site Plan | 4th, 5th&6thFloors
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Site Plan | Partial 1stGround Floor
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Site Plan | North &South Elevations
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Site Plan | East &West Elevations
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Site Plan | Northeast &Northwest Views
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Site Plan | Southeast &Southwest Views
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Exclusively presented by:
GaryBoyadjianBroker
15233 Ventura Blvd Suite 500 Sherman Oaks CA 91403626.228.8177
PALMDALE RESIDENTIAL DEVELOPMENT OPPORTUNITIES