aidens landing rev...of elevation change from south to north allowing each garage level a separate...

AIDEN’S LANDING

Corey Crain I 425-422-7931 I [email protected] I KW Commercial Realty Bellevue

$2,950,000Fully Permitted - Turn key project ready to develop!!

ATTENTION INVESTORS, DEVELOPERS, AND BUILDERS!!!

100% ApprovedAiden’s Landing will be a local landmark project due to its prominent location on Evergreen Park. It is a 109 unit, beautifully designed apartment develeopment. The project will consist of two buildings. The larger building will be four stories of apartments (95 units) over 2,600 sf of commercial space and the smaller building

-mercial space. There will be 2 levels of underground parking with 115 spaces in the larger building, which will serve both buildings. There is approximatley 20 feet of elevation change from south to north allowing each level a seperate entry.

FUTURE HOME OF

AIDEN’SLANDING

For additional information contact:Corey Crain - Multifamily SpecialistKW Commercial Realty BellevuePhone: [email protected]

Your Go To GuyFor Multifamily Investments

Information contained herein is deemed reliable, but is not guaranteed. KW Commercial Realty Bellevue makes no representations or warranties, expressed or implied, as to the accuracy of the information contained. All figures to be verified by Purchaser to their own satisfaction.

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

The Project: Aiden’s Landing will be a local landmark project due to its prominent location on Evergreen Park. It is a 109 unit, beautifully designed apartment development. The project will consist oftwo buildings. The larger building will be four stories of apartments (95 units) over 2,600 s.f.of commercial space and the smaller building (14 units) will be three stories over ground floorapartments and 1,438 s.f. of commercial space. There will be 2 levels of underground parking with115 spaces in the larger building, which will serve both buildings. There is approximately 20 feetof elevation change from south to north allowing each garage level a separate entry.

The Site: Location, location, location. This site is well known to people who live in Kitsap County and it isvery centrally located. The downtown core is 7 blocks south, the ferry terminal is 12 blocks south,the college is 6 blocks west, and the eastern boundary of the entire area is the Port WashingtonNarrows.

The site is located on the south side of Evergreen Park, overlooking the picturesque PortWashington Narrows. The Park will serve as the building’s front lawn with the waterfront only 50yards away. The site is approximately 37,000sf. There is 341 feet of linear frontage along SheldonBlvd. and Evergreen Park, which is its north boundary. The east boundary is Cogean Avenue. Thewest boundary is MacKenzie Avenue. The south boundary is 12th Street.

Zoning: POMX (Pedestrian Oriented Mixed Use)

Entitlements: The development is fully entitled. It has received Site Plan Approval from the Cityof Bremerton and its Shoreline Substantial Development Permit from the State of Washington,Department of Ecology.

(before Debt Svc)

Unit Breakdown: Main (Large) Building: 14 Studios, 51 1-Bedroom, 30 2-Bedroom = 95Pointe (Small) Building: 3 Studios, 2 1-Bedroom, 9 2-Bedroom = 14 (Total 109)

Building Permit: Permit issuance approx. December 29, 2015

Projected NOI: $1,800,282 (see page 9 for Projected Proforma and page 10 for Breakdown of Expenses).

Total Project Cost: $22,044,160 (see page 8).

Aiden’s Landing




AIDEN’S LANDING

Source: US Census, OCG, The Puget Sound Economic Forecaster

YearTotal

EmploymentNewJobs

TotalPopulation

NewPersons

TotalHouseholds

AverageHH Size

NewHouseholds

MarginalTenure Demand

2014201520162017

84,30886,05987,96889,810

6591,7511,9091,842

260,656263,819266,340268,772

2,6563,1632,5212,432

104,262105,528106,536107,509

2,5002,5002,5002,500

1,0621,2651,008973

50.0%45.0%40.0%40.0%

531569403389

Household Growth ForecastKitsap County 2014-2017

12345678910

Bremerton TowersBremerton Towers Ph IIBremerton Towers Ph IIISpyglass Hill606 ApartmentsAIDEN’S LANDINGHarbor side CommonsPortside21-UnitEastside Mortgage Property

510-614 Washington Avenue510-614 Washington Avenue510-614 Washington Avenue654 Highland Ave602 Burwell St.1217 Sheldon BlvdSecond Ave & Burwell Street2nd St and Washington2090 Wheaton Way1231 Campbell Way

BremertonBremertonBremertonBremertonBremertonBremertonBremertonBremertonBremertonBremerton

14014015880711092373602116

AptsAptsAptsAptsAptsAptsAptsAptsAptsFor Sale

ProposedProposedProposedProposedProposedProposedOn-HoldOn-HoldProposedProposed

201720172017Late ‘15Late ‘15Late ’18Post ‘17Post’1720162016

30%30%30%95%95%100%5%5%50%0%

42424776671091218110

NO. PROPERTY SITE LOCATION CITY UNITS TYPE STATUS DATE PROB COUNTNO. OF COMPLETION MODIFIED

PROPOSED APARTMENT SUPPLY IN KITSAP COUNTY

The Market: Since there has been virtually no new apartments constrution to speak of in the City or the County since 1994, there is tremendous pent-up demand for new apartments throughout the area. The recent study by O’Connor Consulting Group concluded that there is a significant multi-family imbalance between supply and demand, based on just structural demand for new housing. Structural demand is defined as new housing needed based on new job formation and net inmigration. When pent-up demand and turnover demand are factored into the total demand equation, the demand number escalates to over 4,500 new units needed through 2015, and only 1,003 units projected to come on line through 2016, in the entire County

There are over 40,000 jobs within a 15 minute drive to Aiden’s Landing. There is a stable work force of over 20,000 in a one mile radius of the site, with an average income of over $64,000/yr. with over 2,000 earning over $100,000/yr. This means that there are many poten-tial renters close by who can afford the most expensive units in the building. This bodes well for timely absorption.

The demand for a superbly designed podium-style building at this highly visible location should be great. Aiden’s Landing is projecting rents at $2.10/s.f/ . This rent structure is close to being the most affordable of any new or in lease-up project in the 4 County area (The Greater Seattle Area). The above referenced market study projects absorption at 16-18/months, which means a 6 month lease-up.




AIDEN’S LANDING

Evergreen Rotary Park

Aiden’s Landing Project Aerial View

Aiden’s LandingMain Building w/ Parking Below

Point Building



THE CITY OF BREMERTON

Bremerton, Washington, is the largest major urban center in Kitsap County, with an estimated 37,259 residents in 2010

The beautifully situated and planned waterfront community features direct ferry service for a 55-minute car ferryCommute to downtown Seattle, and a foot ferry to nearby Port Orchard. A new passenger-only ferry was passed in November 2016, cutting the trip to Seattle down to 30 minutes. Olympic College is within walking distance, a publicTwo-year Community College, with many 4 year degree options and educates more than 13,000 students a year.

Also, an inviting tourist destination, Bremerton features such Attractions as the USS Turner Joy, the Naval Museum, aNewly constructed marina with 300+ slips, parks, shops, galleries, and restaurants. The soon to be completed Bridge toBridge Urban Trail will be one of the most scenic walks in America, which will boost tourism. Aiden’s Landing is in theCenter of this urban trail. The Bremerton Naval Shipyard, the major employer, is adjacent to downtown. Bremerton Is home to a large naval community of both active-duty and retired personnel.

The central business district is the historic core of the City of Bremerton. It has served as a site of the most concentratedArea of jobs in Kitsap County for decades. In the early 2000’s, the City of Bremerton initiated an aggressive, award-winningDowntown Revitalization Plan, now called the Harborside Districtt, with the participation of internationally-renownedUrbanest Peter Calthorpe, ex-Congressman Norm Dicks, Kitsap County, Kitsap County Consolidated Housing Authority,Kitsap Transit, the Port of Bremerton, and other community partners.The newly created developments are centered around the Harborside District, and include a regional waterfrontConference center, with hotels, parking, restaurants, retail and living space, expanded marina facilities, a series of waterfrontntCondominiums on Washington Avenue and the doubling in size of Evergreen Park. An integral addition in the District willBe the Harborside Commons (pictured below), featuring a public plaza, a supermarket and retail with market rate housingAbove it. With two dozen public and private projects and an expected total investment of $800 million, Bremerton is poised



THE CITY OF BREMERTON

Retsil (WA Veterans Home) 265 The Point Casino/Flying Eagle (PGST) 228 Burger King (Sound City; 6 Kitsap locations) 225 AMSEC 213 Kitsap Sun Newspaper 210 Kitsap Bank 200 Avalara 199 Crista Ministries 197 Kitsap Regional Library 176 Group Health Co-op 173 Sage/Redington Inc./Far Bank 170 Raytheon Company 167 John L. Scott Real Estate 164 Westbay Auto Parts 164 Olympic Educational Services District 114 160 Kitsap Community Resources 147 Gateway (Fellowship/Schools/Childcare) 136 Olive Garden Italian Restaurant 130 Watson Furniture Group 120 Lowe's (3 locations) 117 Kitsap Physical Therapy 117 Forest Ridge; Bremerton Health & Rehab 116 BAE 115 Kitsap Tenant Support Services 115 Vigor Industrial & Marine Services 107 Trulife 105 Liberty Shores, Harbor House 105 City of Bainbridge Island 101 South Kitsap Fire & Rescue 101 Bremerton Housing Authority 100 Bank of America 100

K I T S A P C O U N T Y 2 0 1 3 E M P L O Y M E N T

Naval Base Kitsap (NBK) (Civilian) 16,392 Naval Base Kitsap (NBK) (Military) 14,953 Harrison Medical Center 2,442 Defense Contractors (12 largest combined) 1,899 Washington State 1,746 Central Kitsap School District 1,469 Olympic College 1,206 South Kitsap School District 1,176 Kitsap County 1,124 North Kitsap School District 844 Suquamish Tribe 752 Port Madison Enterprises 752 Bremerton School District 663 Martha & Mary Health Services 599 Safeway 549 Fred Meyer 500 Bainbridge Island School District 486 The Doctors Clinic 476 IBM (operated by Manpower) 473 YMCA (2 locations) 446 McDonald's (Laurier Enterprises) 430 Kitsap Mental Health Services 401 Stafford Healthcare 380 Town and Country Markets (T&C; Central Market) 379 Haselwood Auto Group 364 City of Bremerton 351 Kitsap Transit 348 SAFE Boats International 300 Kitsap Credit Union 297 United States Postal Service 290 Port Gamble S'Klallam Tribe 287

Company 2013Total

Company 2013Total



THE REGION

The Seattle Metropolitan Statistical Area (MSA) generally refers to the Seattle-Tacoma-Bellevue-Bremerton-Everett locale.These combined areas have the largest concentration of population north of San Francisco and west of Chicago. Metro

Seattle’s Strategic location and thriving economy have made

Average of 36” rainfall per year.

Strict land use planning, topographical constraints on supply, and Employment growth that consistently ranks above theNational average. Favorable “renter” demographics, Positive job numbers and population projections position the GreaterSeattle Area as a strategic market for multifamily investment gains.Kitsap County, on the Kitsap Peninsula, is surrounded by water on 3 sides with 236 miles of shoreline, the most of any countyIn America. Kitsap County is also known as the West Sound, and has a population of 267,000. Within this metro area is theCity of Bremerton, which is the largest city in Kitsap County.

aidens landing rev...of elevation change from south to north allowing each garage level a separate...

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