1150 N 44 th St - PHOENIX, AZ

Transcription

1 1150 N 44 th St - PHOENIX, AZ OFFERING MEMORANDUM DEVELOPMENT OPPORTUNITY Flexible Zoning R-3 C-2 HR Approved Multifamily Plans + 16 ac Parcel

2 44 th St. Opportunity PHOENIX The Property is a 16 + acre site with Approved Plans to construct 456 residential units (29.62 dwelling units per acre). Overall zoning approvals for the property allow for up to 560 residential units, 406,000 sq. ft. of commercial/retail and 452 hotel units, including condominium units within the hotel. The Property benefits from an exceptional location only minutes from primary employment concentrations, upscale shopping, and Sky Harbor International Airport. Buyer may proceed with the Approved Plans or redesign the project to suit their preferred product mix. OFFERING SUMMARY Address 1150 N 44 th St. Phoenix, AZ Submarket Papago East Camelback Central Phoenix Land Area GROSS AC = NET AC = ECONOMICS Phoenix's outstanding job growth ranks it as one of the strongest economies in the nation. Greater Phoenix has a population of 4.5 million and is expected to grow to 6.3 million within the next 10 years. With a Median Age of 32.2, Phoenix is the sixth youngest workforce in the United States. LOCALE Excellent proximity to major employment centers and Sky Harbor International Airport Superior access to major transportation corridors, including Interstate 10 and State Route 202. Major companies include Honeywell, American Express, Verizon, CenturyLink, Intel and Boeing. Approved Units Zoning Site plan for 456 Units 1 B = B = units / ac RBA = 362,208 SF R-3 C-2 HR 560 residential units 406,000 sq. ft. commercial/retail 452 hotel & condominium units Height: Ft. TEMPE Traffic + 38,000 Daily Vehicles 44 th St * + 180,000 Daily Vehicles 202 Loop FWY Parking County Covered = 456 Spaces Open = 363 Spaces Total = 819 Spaces Maricopa Planning East Camelback Village Asking Price $18,500, $27.5/ SF

3 52nd & Washington Light Rail COMING 2019! Surrounded by Phoenix s largest growing employment centers East Camelback s central city, west of Tempe and adjacent to Sky Harbor International Airport - is ground zero for some of the city s most exciting new developments. Spurred by new infrastructure investment, public transit improvements, data center construction and job growth. This submarket is on the cusp of reaching critical mass. MOMENTUM & FUNDAMENTALS

4 202 FWY Current site plan allows for 456 apartment units. See site plan details at phxland.com. Recently, in October of 2018, Olen secured the rights to a third access point located in the center of this development. This will provide direct access to the 202 FWY, further adding to the already astounding convenience of the site. Subject parcel benefits from incredible exposure to both the 44 th street and 202 Loop FWY corridors. Olen has worked with East Camelback Village to attain the rights to three access points, which include an entry/exit along 40 th street, an entry/exit on 44 th street and an exit way located in the center of the parcel nearest to the 202 providing direct access to the FWY on ramp! CONVENIENCE

5 CENTRAL BUSINESS DISTRICT 21,000,000 SF of Office and Industrial + 60,000 jobs Logistics, Healthcare, and Data Centers driving growth SKY HARBOR INTERNATIONAL AIRPORT 10 th Busiest Airport in the nation Annual economic impact = $9.5 billion Over 40,000 daily employees METRO - 44 th St / Washington WASHINGTON WASHINGTON WASHINGTON VAN BUREN VAN BUREN VAN BUREN Boasts more than 350,000 jobs within a ten mile radius. Access to Phoenix s most relevant submarkets in minutes. Immediate proximity to public services and hospitals. Data Center development coupled with infrastructure investment stands to drastically improve connectivity. This site stands to benefit from tremendous long term growth. COMING SOON! DATA CENTER 1 M + SqFt LOCATION

6 3000 +/- jobs DOWNTOWN 5 MILES AWAY 70 K + JOBS /- jobs 300 +/-jobs /- jobs 500 +/- jobs COMING SOON! QTS DATA CENTER NEW JOBS 1 M + SqFt Bldg /- jobs 50 ac SOLD Nov 18 $25.8 million $25/SF Job growth in Phoenix s Central City, East Camelback Village and Tempe submarkets has been booming. Healthcare, financial services, logistics and data centers have been the leading growth sectors. JOB GROWTH

7 LOOP 202: Approximately 1.7 billion dollars has been allocated to improve traffic flow along the 202 Loop FWY. Scope of work includes 22 miles of new road, multiple new interchanges and widening along the I-10 this project stands to drastically reduce congestion and increase convenience for hundreds of thousands of workers. DATA CENTER COMING SOON! TRAFFIC

8 DRIVE TIMES FROM SITE: Airport Tempe Golf Course Downtown Scottsdale 3 Min 8 Min 5 min 10 Min 10 Min Central location provides unparalleled access and convenience. Site benefits from 2000 ft of frontage on the 202 FWY Loop, visible to more than 180,000 daily vehicles. Papago s average age is 32 years old. Site has proximity to significant job growth, infrastructure investment and public transit. This development is well positioned to capitalize on the high demand for new construction! COURTNEY VILLAGE : 02 > $1,107 / UNIT 202 Loop - 180,000 +/- daily vehicles PURCHASED: 8.3 ac $4.525 million 2017 $545,000 / ac SOLD: 6.18 ac $5.056 million 7/2018 $818, ACCESS

9 CAMELBACK EAST VILLAGE + 56,000 Jobs SCOTTSDALE + 30,000 Jobs DEMOGRAPHICS: 5 MILE RADIUS Population Income Households Avg. Age Home Price Employment 321,000 $46, , years old $252, ,000 +/- ALANZA APTS BUILT 02 1 BED RENT = $1.63 PSF This stellar infill location benefits from it s proximity to Phoenix s most relevant neighborhoods. Tempe stands out as the city s most robust job market and is only an 8 minute drive from the parcel. Coupled with ease of access to Scottsdale, Downtown and East Camelback Village, this site offers major value. NEIGHBORHOOD

10 TEMPE 5 Mile dr. 70 K + STUDENTS INNOVATION ZONE NEW CONSTRUCTION = 50% RENT PREMIUM GATEWAY EMPLOYMENT CORRIDOR > JOBS = 14,000 COMMERCIAL OFFICE = 3.6 Million SF TRILLIUM APTS BUILT 16 STUDIO = $1.93 PSF PALAZZO APTS BUILT 01 STUDIO = $1.20 PSF With regional new construction far behind other submarkets, new apartments stand to perform incredibly well. This development would benefit from being among the newest and most access rich residential apartment buildings in market. With it s freeway exposure, the project would stand to easily attract renters from the vibrant young local workforce and new transients looking for convenient access to major employment. PRO FORMA: 44 th St. Apartments 456 Units RBA = 362,208 1 Bd = 336 Avg = 700 sf 2 Bd = 120 Avg = 1150 sf OLENs Estimated PSF = $1.68 PSF Per Unit TOTAL REVENUE $20.16 $16, $7,389,043 OP X $7.00 $5, $2,535,455 NOI $13.16 $10, $4,853,588 ASKING PRICE TBD MARKET TBD MARKET TBD MARKET DEVELOPMENT

11 EDUCATION ASU - TEMPE, AZ Students 73,000 Population 185,000 Avg. Rent = $1,458 / unit LOGISTICS $430m project Under const. PAPAGO CENTER: + 5 Million SF - Cutting Edge Class A Retail, Apartment & Office Project USPS jobs Phoenix is evolving like any primary market in the US, it s built environment adapts in congruence with changing market demands and population dynamics. Modern economies, especially ones with demographics/topography like AZ have major growth needs: specifically for healthcare, logistics. Most recently institutional capital has been rushing to build data centers in Phoenix - this all plays in the Airport market s favor. Data Centers: Over 1 Billion has been committed and over 390 million has been invested within just a.25 mile radius of the parcel. This include QTS and Iron Mountain projects. DATA CENTERS Healthcare: home to many branches of Hospitals and health providers, there are over 10 K + healthcare jobs within a 1 mile radius. HEALTHCARE Logistics: obviously the airport is synergistic with logistics. With modern needs expanding, companies have been investing in new facilities. 84 ac Sold 17 MARKET SUMMARY

12 OPPORTUNITY ZONES SITE

13 MULTIFAMILY RENT STUDY NEW vs OLD CONSTRUCTION PROPERTY BLT STUDIO 1 BED 2 BED AVG DIST. THE URBAN 3601 E McDowell 1.1 mile 2004 $885 / unit Avg. SF = 535 $932 / unit Avg. SF = 640 $1057 / unit Avg. SF = 759 $1.41 $1.65 / PSF $1.46 / PSF $1.39 / PSF TRILLIUM : 111 N Dupont 1.8 miles 2016 $1,120 / unit Avg. SF = 580 $1,350 / unit Avg. SF = 783 $1,730 / unit Avg. SF = 1,059 $1.68 $1.94 / PSF $1.75 / PSF $1.43 / PSF Modena 815 N 52 nd St 1 mile 2004 $944 / unit $1,170 / unit N/A Avg. SF = 580 Avg. SF = 938 $1.37 $1.61 / PSF $1.25 / PSF THE MUSE: 1616 N Central 5.6 MIles 2017 $1,210 / unit Avg. SF = 540 $1,465/ Unit Avg. SF = 717 $1,893 / unit Avg. SF = 1,025 $1.97 $2.14 / PSF $2.04 / PSF $1.85 / PSF COMPS SUMMARY: This acreage is uniquely positioned for high density construction. Phoenix is in the top three most favorable growth markets in the Central Southwest. This submarket s lack of new supply presents a unique opportunity for a developer take advantage of high demand for newly built apartments.

14 INVESTMENT SALES MARKET NEW vs. OLD CONSTRUCTION PROPERTY BLT. SALE DATE SALE PRICE PRICE / UNIT PRICE / SF MODENA nd St. 768 units Hanover Mill Avenue 101 W 5 th St 341 units Alanza Place 2606 N 44 th St 360 units Green Leaf Art s District 222 E McDowell Rd 280 units Arcadia Cove Apartments 2252 N 44 th St 432 Units Park N 28 th St 152 Units /24/18 $110,000,000 $143,229 $ /7/2018 $95,100,000 $278,885 $ /20/2016 $57,325,000 $159,236 $ /3/2018 $80,000,000 $285,714 $ /21/2017 $71,500,000 $165,509 $ /09/2017 $29,700,000 $195,000 $236 SUMMARY: Momentum in the region s sales market points to the fact that the innovation zones along the 202 Loop FWY are lining up to become the Technology corridors of Phoenix s future. New construction is receiving major rent premiums over older product. NEW OLD VS COMPS

15 APPROVED SITEPLAN

16 Olen has worked extensively with the city to secure the rights for 3 access points for this development. With the recent purchase of the 3rd access point, we ve drastically improved accessibility to the 202 freeway and the site itself SITE ACCESS

17 ELEVATIONS APPROVED SITEPLAN

18 ELEVATIONS APPROVED SITEPLAN

19 STATS

20 For more information please contact us: PHONE: ADDRESS: 7 Corporate Plaza, Newport Beach CA WEBSITE: