arbor glen vista marketing pkg - company glen/arbor glen vista...crrc-okc 405.360.5966 [email protected]...

Providing professional apartment brokerage and marketing services for over 32 years

Mike Buhl

CRRC-OKC

405.360.5966 [email protected]

Darla Knight

CRRC-Tulsa

918.557.5966

[email protected]

Arbor Glen / Vista Apartments 4 6 3 8 a n d 4 6 1 6 N W 1 9 t h S t re e t

O k l a h o m a C i t y, O k l a h o m a 7 3 1 2 7

158-Units

www.crrc.us

Arkansas Oklahoma Kansas

Offering Highlights 96 and 62 Units in adjacent properties 1968 and 1970 Construction Value-add through upgrades & management Desirable Location near medical, and retail Adjacent to Harlow Park with children’s play

area and walking paths. Immediately north of Hilldale Elementary School Putnam City School District Within minutes of The Outlet Shoppes Buyer can obtain new financing Can be purchased together or separately

2

Arbor Glen / Vista Apartments

Table of Contents

Section 1

Disclaimer Photographs Neighborhood Map Submarket Map Aerial Maps Offering Description & Highlights Unit Mix

Section 2

Purchase Price and Terms

Section 3

Operating Data Highlights Income & Expense Spreadsheet—Glen Income & Expense Spreadsheet– Vista

Section 4

Rent Comps Sale Comps

Section 5

OKC at a Glance & Accolades

Section 6

CRRC Contacts Oklahoma Broker Relationship Act

Pages

4 5-11 12 13

14-16 17-19

20

22

24 24-A 24-B

26-31 32-35

37-39

41 42

4

Arbor Glen / Vista Apartments

This package has been prepared to provide summary information to prospective buyers and to establish an initial and preliminary level of interest in the property described herein. It is not intended to present all material information regarding the subject property, and is not a substitute for a complete and thorough due diligence investigation. Commercial Realty Resources has not made any investigation of the actual property, the tenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property, including but not limited to the actual number of appliances being conveyed or any potential environmental problems that may exist and makes no warranty or representation whatsoev-er concerning these issues. The information contained in this package has been obtained from sources we believe to be reliable; however, Commercial Realty Resources and Seller have not conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Any proformas, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future performance of the property. Commercial Realty Resources and Seller recommend that prospective buyers conduct an in-depth investi-gation of the physical and financial aspects of the property to determine if the property meets their needs and expectations. We also recommend that prospective buyers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent con-sequences of ownership. Commercial Realty Resources and Seller recommend that prospective buyers consult with qualified pro-fessionals regarding the presence of any molds, funguses, or other organisms that may adversely affect the property and the health of individuals. The material contained in this document is not to be copied and/or used for any purpose or made availa-ble without the express written consent of Commercial Realty Resources.

12

Arbor Glen / Vista Apartments Arbor Glen / Vista Apartments Arbor Glen / Vista Apartments Oklahoma City, OK

Submarket Map

Arbor Glen / Vista

13

Neighborhood Map


Arbor Glen / Vista

14

Aerial Photo Boundary


15

Aerial Photo Neighborhood


Arbor Glen

Arbor Vista

16

Aerial Photo Buildings


17

Offering Description Arbor Glen is a 96-unit two-story garden style apartment community and Arbor Vista is a 62-unit community of the same vintage. The properties are adjacent to one another and located in north-west Oklahoma City near major medical, shopping, retail destinations, and popular restaurants. Arbor Glen and Vista are in the Putnam City School District. The properties are convenient to all parts of Oklahoma City via Interstate 40 and has easy access to Downtown, Bricktown, and Tinker AFB.

Offering Highlights: 96 and 62-units in adjacent properties Can be purchased together or separately 1968 and 1970 Construction Value-add through new windows, paint, landscaping, amenities and signage Adjacent to Harlow Park with children’s play area and walking paths Immediately north of Hilldale Elementary School Putnam City School District Within Minutes of World Class Medical Facilities Near the Outlet Shoppes at I-40 and Council Near the Reno Campus of Francis Tuttle Technology Center at 7301 W. Reno Oklahoma City has experiencing some of the highest profile developments in the country with

the $350 million Devon Tower, the $50 million Outlet Shoppes at Oklahoma City, and now the $235.5 million, 600-room Omni convention center hotel planned for downtown Oklahoma City. MAPS 3 projects currently in the works include a $132 million downtown park, a $131 million downtown streetcar system, and a $52 million project to construct senior wellness centers around the metro.

Outlet Shoppes

Francis Tuttle Technology Center


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Property Description: Arbor Glen and Vista are both two-story garden style apartment communities located in northwest Oklahoma City. The properties have a great location just north of I-40 at 19th and Meridian. This is a very popular area of Oklahoma City due to the Putnam City School district and the draw to the Outlet Shoppes and other big box retail along the I-40 corridor.

Number of Units: Arbor Glen: 96-units Arbor Vista: 62-units

Number of Buildings: Arbor Glen: 24 two-story apartment buildings, 1 single-story leasing office building and 1 single-story laundry and maintenance building. Arbor Vista: 10 two-story apartment buildings with separate leasing office, laundry and maintenance area included.

Year Built: Arbor Glen: 1970 (according to courthouse records) Arbor Vista: 1968 (according to courthouse records)

Apartment Features: Arbor Glen: Fully equipped kitchens l Large closets l Each of the 1-beds has a vanity in the bedroom separate from the bathroom. Arbor Vista: Fully equipped kitchens l Large closets

Property Amenities: Laundry Facility in each property

Construction:

Style: Two-Story Garden Style

Exterior: Brick veneer with wood trim and siding.

Roof: Arbor Glen: Pitched roofs with composition shingles, gable accents and composition shingles over mansard. Roofs were replaced in 2013 as a result of hail damage. The South and West sides of the mansard roofs were replaced with new composition shingles in 2013. The North and East sides of the mansard roofs were repaired/replaced as needed in 2013. Arbor Vista: Flat roofs with modified bitumen coating. The roofs were recoated in 2013.


19

Site/Land Area: Arbor Glen: 4.14 acres (according to courthouse records) Arbor Vista: 2.16 acres (according to courthouse records)

Density: Arbor Glen: 23.19 units per acre

Arbor Vista: 28.70 units per acre

Current Occupancy: See Rent Rolls

Real Estate Taxes: Arbor Glen: R147862100 2016 Tax Rate: 120.03 2016 Tax Amount: $35,595 2017 Assessed Value: 296,559 Arbor Vista: R147861500 2016 Tax Rate: 120.03 2016 Tax Amount: $26,091 2017 Assessed Value: 217,377

School Districts Putnam City School District

Mechanical System:

Electrical Metering: Individually Metered

HVAC: Individual HVAC

Hot Water: Individual Hot Water Heaters

Water: Provided by Property


UNIT MIX

DISTRIBUTION RATIO

20

2 Bed / 1 Bath42%

2 Bed / 2 Bath 5%

1 Bed / 1 Bath 53%

Square Footages have been averaged to equal County Records


No. Bdrm/Bth Sq.Ft. Total Sq.Ft. Rent Rent Rent/Sq.Ft. Gross/Mo. Gross/Yr.

48 1 Bed / 1 Bath 776 37,248 525.00 0.68 25,200 302,400

44 2 Bed / 1 Bath 1,000 44,000 625.00 0.63 27,500 330,000

4 2 Bed / 1 Bath Den 1,170 4,680 650.00 0.56 2,600 31,200

- - -

- - -

96 895 85,928 576.04 0.64 55,300 663,600


16 1 Bed / 1 Bath 700 11,200 510.00 0.73 8,160 97,920

20 1 Bed / 1 Bath 750 15,000 527.00 0.70 10,540 126,480

18 2 Bed / 1 Bath 800 14,400 625.00 0.78 11,250 135,000

8 2 Bed / 2 Bath 900 7,200 650.00 0.72 5,200 62,400

- -

62 771 47,800 566.94 0.74 35,150 421,800

County Records show total square footage of 54,282

22

PURCHASE PRICE & TERMS


Purchase Price:

$5,900,000

Terms of Sale:

Cash Buyer to Obtain New Financing

Price Per Apartment Unit:

$37,342

Price Per Net Rentable Sq. Ft.

$44.12

Cap Rate: (based on Proforma)

7.5%

Lender: NA

Original Amount/Date:

NA

Current Balance/Date:

NA

Interest Rate:

NA

Interest Only Period:

NA

Payment:

NA

Amortization:

NA

Maturity Date:

NA

Buyer’s Cost of Assumption: NA

Existing Financing

24

Operating Data Highlights


Pro forma Income

Income is based on 2016 actual, trending forward at 4.9%. We included loss-to-lease at 2.5% and a 7% vacancy loss. Other Income is based on $316 per unit per year.

Expenses Real Estate taxes are increased to Purchase Price Utilities are based on 2016 actual Management fee is based on 5% Payroll is based on $900 per unit per year Replacement Reserves are included at $250 per unit per year Total Expenses are calculated at $3,746 per unit per year

Net Operating Income Stabilized NOI is underwritten at $442,261

Annual Property Operating Data

Property: Arbor Glen Apartments Price: 3,600,000$ Run Date: 21-Jul-17Street: 4638 NW 19th Street Price Per Unit: 37,500$ Cap Rate: 7.52%City, State: Oklahoma City Price Per SF: 41.90$ Cap Rate w/ No Loss-to-Lease: 7.93%Number of Units: 96 Mortgage Balance: 2,880,000$ Cash-On-Cash Return: 12.83%

Equity Requirement: 720,000$ 20% Cash-On-Cash w/ Interest Only: 18.98%


48 1 Bed / 1 Bath 776 37,248 525.00 0.68 25,200 302,400

44 2 Bed / 1 Bath 1,000 44,000 625.00 0.63 27,500 330,000

4 2 Bed / 1 Bath Den 1,170 4,680 650.00 0.56 2,600 31,200

- - -

Square Footagesare from Rent Roll - - -

96 895 85,928 576.04 0.64 55,300 663,600

2016

2017 Jan-May

Annualized ProformaINCOME Per Unit

Market Rent - 663,600 Loss-to-Lease - 2.5% 16,590 Gross Potential Rent - - - 647,010 6,740 (Employee) - 0.0% - (Vacancy) - - - 7.0% 45,291 472 Effective Rental Income - 576,188 529,281 601,719 6,268 Other Income - 44,979 28,865 30,000 313 Utility Reimbursement - - - - Gross Operating Income - 621,167 558,146 631,719 6,580 Current Bal. Aug-17 2,880,000$

EXPENSES Original Bal. Aug-17 2,880,000$ R E Taxes - 17,040 13,632 47,000 490

Insurance - 45,119 36,096 33,600 350 Maturity 10 Gas - - - - - Amortization 30 Electricity - 16,916 19,814 16,916 176 Interest Rate 4.650% Trash - 5,790 6,180 5,790 60 Constant 6.188% Water / Sewer - 34,380 36,384 34,380 358 Debt Service 178,204$ Total Utilities - - - - - Debt Coverage Ratio 1.52 Pest Control - 3,605 4,094 3,840 40 Interest Only: 133,920$ Legal / Prefessional - - - - - Repairs & Maintenance - 22,438 44,577 33,600 350 Make Ready - 31,563 8,110 19,200 200 Wages & Payrol Taxes - 70,990 46,569 86,400 900 Management Fee - 24,385 17,551 5% 28,427 296 Advertising - 1,807 1,809 13,000 135 Administration - 15,885 18,490 15,000 156

Replacement Reserves - - - 24,000 250 Total Operating Expenses - 289,918 253,306 361,153

Per Unit - 3,020 2,639 3,762

Net Operating Income - 331,249 304,840 270,566 Capital Expenditures - - - -

Debt Service - - 178,204 Cash Flow - 331,249 304,840 92,362

Real Estate Tax Information: 2017 Assessed Value: 296,559 Rate/$1000: 120.03 Value:Tax Amount: 35,596$ Tax Dist: 0 Per Unit: 28,083$

2,695,990.91$ Account: R147862100

Proposed New Financing

24-A

Annual Property Operating Data

Property: Arbor Vista Apartments Price: 2,300,000$ Run Date: 21-Jul-17Street: 4616 NW 19th Street Price Per Unit: 37,097$ Cap Rate: 7.46%City, State: Oklahoma City Price Per SF: 48.12$ Cap Rate w/ No Loss-to-Lease: 7.87%Number of Units: 62 Mortgage Balance: 1,840,000$ Cash-On-Cash Return: 12.57%

Equity Requirement: 460,000$ 20% Cash-On-Cash w/ Interest Only: 18.72%


16 1 Bed / 1 Bath 700 11,200 510.00 0.73 8,160 97,920

20 1 Bed / 1 Bath 750 15,000 527.00 0.70 10,540 126,480

18 2 Bed / 1 Bath 800 14,400 625.00 0.78 11,250 135,000

8 2 Bed / 2 Bath 900 7,200 650.00 0.72 5,200 62,400

- -

62 771 47,800 566.94 0.74 35,150 421,800

2016

2017 Jan-May

Annualized ProformaINCOME Per Unit

Market Rent - - 421,800 Loss-to-Lease - - 2.5% 10,545 Gross Potential Rent - - - 411,255 6,633 (Employee) - - 0.0% - (Vacancy) - - - 7.0% 28,788 464 Effective Rental Income - 341,275 338,364 382,467 6,169 Other Income - 23,304 16,159 20,000 323 Utility Reimbursement - - - - Gross Operating Income - 364,579 354,523 402,467 6,491 Current Bal. Aug-17 1,840,000$

EXPENSES Original Bal. Aug-17 1,840,000$ R E Taxes - 16,700 - 30,000 484

Insurance - 21,600 - 21,700 350 Maturity 10 Gas - 802 657 802 13 Amortization 30 Electricity Vacant - - - - - Interest Rate 4.650% Electricity - 7,034 11,596 7,034 113 Constant 6.188% Trash - 2,602 3,523 2,602 42 Debt Service 113,853$ Water / Sewer - 22,961 24,367 22,961 370 Debt Coverage Ratio - Total Utilities - - - - - Interest Only: 85,560$ Pest Control - 1,760 643 2,480 40 Legal / Prefessional - - - - - Repairs & Maintenance - 18,937 11,289 21,700 350 Make Ready - 15,296 15,463 12,400 200 Wages & Payrol Taxes - 31,073 31,220 55,800 900 Management Fee - 14,542 14,265 5% 20,123 325 Advertising - 1,141 1,099 8,370 135 Administration - 10,248 9,791 9,300 150

Replacement Reserves - - - 15,500 250 Total Operating Expenses - 164,696 123,913 230,772

Per Unit - 2,656 1,999 3,722

Net Operating Income - 199,883 230,610 171,695 Capital Expenditures - - - -

Debt Service - - - 113,853 Cash Flow - 199,883 230,610 57,842

Real Estate Tax Information: 2017 Assessed Value: 217,377 Rate/$1000: 120.03 Value:Tax Amount: 26,092$ Tax Dist: 0 Per Unit: 31,873$

1,976,154.55$ Account: R147861500

County Records show total square footage of 54,282

24-B

26


RENT COMPS In order to estimate conventional market rents for Arbor Glen / Vista, four apartment communities were selected as most competitive. Each property has been chosen due to its similarity with regard to quality, location, age, or amenities. While each property may not be directly comparable in all aspects, collectively they represent the conventional rents for Arbor Glen / Vista. Rental Rates are based on market rates only and do not include any concessions or specials.

Verde Vista Apartments 4746 NW 23rd Street, Oklahoma City 73127

111-units / 1972 Construction / Renovation in 2000

Mira Vista Apartments 4750 NW 23rd Street, Oklahoma City 73127

130-units / 1969 Construction

Summer Oaks Apartments 5770 NW 16th Street, Oklahoma City 73127


The Garden Apartments 1601 N. MacArthur, Oklahoma City 73127


27


Rent Comps at a Glance

Verde Vista Apartments 4746 NW 23rd Street, Oklahoma City 73127

Floor Plans & Pricing

Beds Bath Sq. Ft. Rent Rent Per Sq. Ft.

1 1 765 $510 $0.67

2 1 975 $625 $0.64

28



Mira Vista Apartments 4750 NW 23rd Street, Oklahoma City 73127



1 1 765 $510 $0.67

2 1 975 $625 $0.64

29



Summer Oaks Apartments 5770 NW 16th Street, Oklahoma City 73127



1 1 836 $525 $0.63

2 2 1081 $625 $0.58

2 1.5 1154 TH $725 $0.63

3 2.5 1445 TH $850 $0.59

30



The Garden Apartments 1601 N. MacArthur, Oklahoma City 73127



Studio 1 500 $425 $0.85

1 1 650 $575 $0.88

Rent Comp Map

31


Sold Comparison

32


Property Address: 2530 N. Rockwell, Oklahoma City Size and Age: 103-units, Built in 1970 Price: $3,865,000 Price Per Unit: $37,524 Price Per SF: $39.02 Closing Date: Jan 2017 Total Square Footage: 99,051 Reported Cap Rate: 7.49 Jasper Gardens

Property Address: 9200 N. MacArthur, Oklahoma City Size and Age: 160-units, Built in 1972 Price: $6,030,000 Price Per Unit: $37,687 Price Per SF: $39.00 Closing Date: Feb 2017 Total Square Footage: 154,615 Village on the Lake

Property Address: 5800 NW 29th Street, Oklahoma City Size and Age: 54-units, Built in 1972 Price: $2,700,000 Price Per Unit: $50,000 Price Per SF: $48.30 Closing Date: 03 / 2017 Total Square Footage: 55,900 Trinity Ridge

The Garden

Property Address: The Garden, Oklahoma City Size and Age: 120-units, Built in 1972 Price: $3,950,000 Price Per Unit: $32,916 Price Per SF: $48.95 Closing Date: Mar 2017 Total Square Footage: 80,694

Sold Comparison

33


Property Address: 6100 MacArthur Park Ln, Oklahoma City Size and Age: 34-units, Built in 1984 Price: $1,300,000 Price Per Unit: $38,235 Price Per SF: $40.37 Closing Date: Jun 2017 Total Square Footage: 32,202 MacArthur Park

Property Address: 4809 N. Blackwelder, Oklahoma City Size and Age: 96-units, Built in 1974 Price: $3,800,000 Price Per Unit: $39,583 Price Per SF: $35.80 Closing Date: Jun 2016 Total Square Footage: 106,145 Belle Isle Terrace

Highland Oaks

Property Address: 5107 N. Hammond, Oklahoma City Size and Age: 84-units, Built in 1972 Price: $3,600,000 Price Per Unit: $42,857 Price Per SF: $45.62 Closing Date: Aug 2015 Total Square Footage: 78,912

Property Address: 1701 NW 46th, Oklahoma City Size and Age: 136-units, Built in 1964 Price: $5,000,000 Price Per Unit: $36,764 Price Per SF: $52.78 Closing Date: Feb 2016 Total Square Footage: 94,732 Jamies Landing

Sold Comparison Summary

$37,524

$37,687

$50,000

$32,916

$38,235

$39,586

$36,764

$42,857

$37,342

$‐

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

Price per Unit

34

Property

Price/Unit

Overall Price

No. Unit

Year Built

Price Per Square Foot

Jasper Gardens $37,524 $3,865,000 103 1970 $39.02

Village on the Lake $37,687 $6,030,000 160 1972 $39.00

MacArthur Park $38,235 $1,300,000 34 1984 $40.37

Jamie’s Landing $36,764 $5,000,000 136 1964 $52.78

Highland Oaks $42,857 $3,600,000 84 1972 $45.62

Average $38,431 $30,245,000 787 $43.07

Arbor Glen / Vista $37,342 $5,900,000 158 1968 1970

$44.12

The Garden $32,916 $3,950,000 120 1972 $48.95

Trinity Ridge $50,000 $2,700,000 54 1972 $48.30

Belle Isle Terrace $39,583 $3,800,000 96 1974 $35.80

Average


Sold Comparison Map

35


37


Click below to view Oklahoma City at a Glance

http://www.okcchamber.com/

http://issuu.com/okcchamber/docs/datasheet_2015-may?e=1518993/31729052

Click below to view Oklahoma City Chamber

Click below to view Oklahoma City Welcome Guide https://issuu.com/okcchamber/docs/2016_welcome_guide?e=1518993/35183085

38


Oklahoma City Accolades

39


Oklahoma City Accolades –continued

41

Mike Buhl CRRC Oklahoma City 611 24th Avenue SW, Suite 100 Norman, OK 73069 405-360-5966 [email protected]

Darla Knight CRRC Tulsa 4137 S. Harvard, Suite E Tulsa, OK 74135 918-557-5966 [email protected]


OKLAHOMA REAL ESTATE COMMISSION

What You Need to Know About Broker Services

A real estate broker may work with one or both parties to a real estate transaction. The Oklahoma BrokerRelationships Law (Title 59, Oklahoma Statutes, §858-351 – 858-363) allows a real estate firm to provide brokerageservices to both parties to the transaction. This could occur when a firm has contracted with a seller to sell their propertyand a prospective buyer contacts that same firm to see the property. If the prospective buyer wants to make an offer onthe property, the firm must now provide a written notice to both the buyer and seller that the firm is now providingbrokerage services to both parties to the transaction.

Oklahoma real estate brokers have mandatory duties and responsibilities to all parties in a real estatetransaction. These duties and responsibilities shall be described and disclosed in writing prior to signing a contract tosell, purchase, lease, option or exchange real estate. These duties and responsibilities are to:

Treat all parties with honesty and exercise reasonable skill and care.

Receive all written offers and counteroffers, reduce offers or counteroffers to a written form upon request ofany party to a transaction and present timely all written offers and counteroffers (unless specifically waived inwriting by a party).

Timely account for all money and property received by the broker.

Disclose information pertaining to the property as required by the Residential Property Condition DisclosureAct.

Comply with all requirements of The Oklahoma Real Estate License Code and all applicable statutes andrules.

Keep confidential information received from a party or prospective party confidential unless written consent isgranted by the party, the disclosure is required by law, or the information is public or becomes public as theresults of actions from a source other than the broker. Confidential information includes:

o That a party is willing to pay more or accept less than what is being offeredo That a party or prospective party is willing to agree to financing terms different from those offeredo The motivating factors of the party or prospective party purchasing, selling, leasing, optioning or

exchanging the propertyo Any information specifically designated as confidential by the party unless such information is public.

A broker has additional duties and responsibilities only to a party for whom the broker is providing brokerageservices. These duties and responsibilities shall also be described and disclosed in writing prior to signing a contract tosell, purchase, lease, option and exchange real estate. These duties are to:

Inform the party in writing when an offers is made that the party will be expected to pay certain costs,brokerage services costs and approximate amount of the costs.

Keep the party informed regarding the transaction.

If a broker intends to provide fewer brokerage services than those required to complete a transaction, the brokershall provide written disclosure to the party for whom the broker is providing services. The disclosure shall includea description of those steps in the transaction that the broker will not provide and state that the broker assisting the otherparty in the transaction is not required to provide assistance with these steps in any manner.

Disclosure of these duties and responsibilities is required in writing. The duties and responsibilities disclosed by thebroker shall be confirmed in writing by each party in a separate provision, incorporated in or attached to the contract topurchase, option or exchange real estate.

Services provided to a tenant do not automatically create a broker relationship. When a broker provides brokerageservices to a landlord under a property management agreement, the services provided to the tenant by the broker shallnot be construed as creating a broker relationship between the broker and the tenant unless otherwise agreed to inwriting; however, the broker owes to the tenant the duties of honesty and exercising reasonable skill and care.

This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission.

OREC BROKER SERVICES INFORMATION (11-2013)

For more information, visit www.orec.ok.gov

arbor glen vista marketing pkg - company glen/arbor glen vista...crrc-okc 405.360.5966 [email protected]...

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