pines of newpointe pines of newpointe & lynnbrook … unit interiors at both properties have...
TRANSCRIPT
181 UNITS | VIRGINIA BEACH, VALYNNBROOK FOREST
PINES OF NEWPOINTE
Value-Add Opportunity
PINES OF NEWPOINTE & LYNNBROOK FOREST
PINES OF NEWPOINTE & LYNNBROOK FOREST
2 INVESTMENT SUMMARY
Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Pines of Newpointe and Lynnbrook Forest, a 181-unit two property portfolio located in Virginia Beach, Virginia. Built in 1996 and 1985 respectively, the Properties are uniquely comprised of two and three bedroom rental flat style and townhouse units with modern unit layouts within one of the region’s strongest economies. Pines of Newpointe and Lynnbrook Forest are well maintained with significant capital invested including a refresh of original interior finishes. The Properties exhibit strong value-add fundamentals through additional in-unit renovation potential which can garner additional rent increases. Pines of Newpointe and Lynnbrook Forest’s location within Virginia Beach provides residents access to a significant amount of convenience retail and access to some of Hampton Road’s largest employers. Pines of Newpointe and Lynnbrook Forest’s exceptional location and unique construction type make it a rare opportunity to acquire two stable, cash flowing assets with additional upside in one of the strongest municipalities in the expanding Hampton Roads economy.
OFFERING HIGHLIGHTS
1VALUE-ADD OPPORTUNITY Unit interiors at both properties have been refreshed since their original construction, however newly built properties in the immediate area have elevated the finish profile which gives Class B properties room for upgrades. Class A properties currently average rents $300 to $500 in excess of the Properties and matching finish quality to include granite countertops and stainless steel appliances could yield additional rent increases to narrow that delta.
2RARE VIRGINIA BEACH PORTFOLIO Pines of Newpointe and Lynnbrook Forest are being offered as a two property portfolio with the ability to acquire one or both assets. The Properties operate separately however their location proximate to each other could provide an investor additional economies and expense savings.
3PROXIMATE MAJOR EMPLOYERS The Properties are located minutes from major employment nodes in both Virginia Beach and Norfolk in addition to one of the region’s largest hospitals, Sentara Leigh Hospital.
4HIGHLY AMENITIZED RETAIL CORRIDOR The Properties are located along the region’s main thoroughfares, I-264 and I-64, providing residents with easy access to over 8-million square feet of unique and big-box retail within a 2.5-mile radius in addition to numerous lifestyle amenities. The Properties are also within minutes of three major shopping malls, Norfolk Premium Outlets and Virginia Beach Town Center.
5EXPANDING HAMPTON ROADS ECONOMY The MSA is experiencing record levels of total employment and the lowest unemployment rate since 2007. Growth is derived from traditional Class B rental sectors, such as Professional/Business (5,500 jobs), Leisure/Hospitality (4,200 jobs), and Manufacturing (2,700). Growth will be further bolstered by defense spending of nearly $11B in 2019 from the National Defense Authorization Act.
6HIGH LOCAL AREA DEMANDThe submarket is seeing a significant amount of luxury multifamily construction that will benefit Class B properties like Pines of Newpointe and Lynnbrook Forest by creating substantial room to move rents while still remaining at a discount to new product. The Properties are located adjacent to the newest property in the market, Nexus, which is leasing up at an average of 31 units per month, proving strong demand for well-located properties with high end finishes.
PROPERTY SUMMARYAddress 5510 Seawall Court, Virginia Beach, VA
Number of Units 125
Year Completed 1996
Average Unit Size 1,069 SF
Total SF 133,639 SF
PROPERTY SUMMARYAddress 665 Goose Creek Rd, Virginia Beach, VA
Number of Units 56
Year Completed 1985
Average Unit Size 1,107 SF
Total SF 62,000 SF
PINES OF NEWPOINTE
LYNNBROOK FOREST
CUSHMAN & WAKEFIELD
PINES OF NEWPOINTE & LYNNBROOK FOREST
3
PINES OF NEWPOINTECOMMUNITY AMENITIES
• Pet Friendly
• 24-hour Emergency Maintenance
• On Site Parking
UNIT FEATURES
• Balcony or Patio
• Extra Storage
• In-unit Washer/Dryer
• Wireless Alarm System
PINES OF NEWPOINTE & LYNNBROOK FOREST
CUSHMAN & WAKEFIELD1800 TYSONS BOULEVARDSUITE 200PHONE: +1 703 448 1200FAX: +1 703 286 3012www.cushwake.com
MID-ATLANTIC MULTIFAMILY ADVISORY GROUP
LYNNBROOK FORESTCOMMUNITY AMENITIES
• Pet Friendly
• 24-hour Emergency Maintenance
• Personal Driveways for Parking
UNIT FEATURES
• Internet Access
• Security System
• Fenced-In Private Backyards
• In-Unit Washer & Dryer
• Electric Fireplace
JORGE ROSASENIOR DIRECTOR+1 703 286 [email protected]
ANTHONY ‘TJ’ LIBERTODIRECTOR+1 703 286 [email protected]
BRAD GEIGERSENIOR VICE PRESIDENT+1 202 266 [email protected]
JOHN CAMPANELLAEXECUTIVE MANAGING DIRECTOR+1 202 266 [email protected]
MATTHEW COLLINSFINANCIAL ANALYST +1 703 286 [email protected]
Debt, Equity & Structured Finance:
©2018 Cushman & Wakefield. All rights reserved. The material in this presentation has been prepared solely for information purposes, and is strictly confidential. Any disclosure, use, copying or circulation of this presentation (or the information contained within it) is strictly prohibited, unless you have obtained Cushman & Wakefield’s prior written consent. The views expressed in this presentation are the views of the author and do not necessarily reflect the views of Cushman & Wakefield. Neither this presentation nor any part of it shall form the basis of, or be relied upon in connection with any offer, or act as an inducement to enter into any contract or commitment whatsoever. NO REPRESENTATION OR WARRANTY IS GIVEN, EXPRESS OR IMPLIED, AS TO THE ACCURACY OF THE INFORMATION CONTAINED WITHIN THIS PRESENTATION, AND CUSHMAN & WAKEFIELD IS UNDER NO OBLIGATION TO SUBSEQUENTLY CORRECT IT IN THE EVENT OF ERRORS.