TAMPA-ST. PETE DEVELOPMENT CONFERENCE Nicholas Husak Engler Financial Group

TAMPA-ST. PETE DEVELOPMENT CONFERENCE

Nicholas HusakEngler Financial Group

2

Overview

2012 TAMPA ST. PETE DEV CONFERENCE

EFG Introduction

Investment Sales Update

Sourcing JV Development Equity

Raising JV Development Equity

DEVELOPER EQUITY PARTNER

2012 TAMPA ST. PETE DEV CONFERENCE

JV Development Update

2012 TAMPA ST. PETE DEV CONFERENCEInvestment Sales

Update4

Investment Sales ActivityTampa, FL

2012 TAMPA ST. PETE DEV CONFERENCEInvestment Sales

Update5

Seneca at Cypress CreekTampa, FL

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DEAL SPECIFICS

Broker

Sale Date

Year Built

No. of Units

Average Sq. Ft.

In Place Effective

Rent

Rent/Sq. Ft.

Price/Unit

Cap Rate (T3 Inc./T12

Exp.)

EFG

Sept 2012

2010

451

1059

$1,134

$1.07

$138,027

5.35%

Investment SaleSeneca at Cypress Creek

Tampa, FL

2012 TAMPA ST PETE DEV CONFERENCEInvestment Sales

Update

2012 TAMPA ST. PETE DEV CONFERENCEInvestment Sales

Update7

Investment SaleVillas at GatewaySt. Petersburg, FL

8

DEAL SPECIFICS

Broker

Sales Date

Year Built

No. of Units

Average Sq. Ft.

In Place Effective

Rent

Rent/Sq. Ft.

Price/Unit

Cap Rate (T3 Inc./T12

Exp.)

EFG

Nov 2012

2004

300

994

$1078

$1.08

$120,000

5.25%

Investment SaleVillas at GatewaySt. Petersburg, FL

2012 TAMPA ST PETE DEV CONFERENCEInvestment Sales

Update

2012 TAMPA ST. PETE DEV CONFERENCEInvestment Sales

Update9

Investment SaleEstates at Countryside

Clearwater, FL

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DEAL SPECIFICS

Broker

Sales Date

Year Built

No. of Units

Average Sq. Ft.

In Place Effective

Rent

Rent/Sq. Ft.

Price/Unit

Cap Rate (T3 Inc./T12

Exp.)

EFG

Nov 2012

1998

320

1000

$865

$0.86

$92,187

5.40%

Investment SaleEstates at Countryside

Clearwater, FL

2012 TAMPA ST PETE DEV CONFERENCEInvestment Sales

Update

2012 TAMPA ST. PETE DEV CONFERENCE

JV Development Update

11

Pier HouseDeveloped by Related Group of Florida

Tampa, FL

2012 TAMPA ST. PETE DEV CONFERENCE

JV Development Update

12

Bayway ApartmentsDeveloped by MCRTSt. Petersburg, FL

2012 TAMPA ST. PETE DEV CONFERENCE

JV Development Update

13

Broadstone Hyde ParkDeveloped by Alliance Residential

Tampa, FL

2012 TAMPA ST. PETE DEV CONFERENCE

JV Development Update

14

JV DEVELOPMENT EQUITYMarket Terms

Southeast US Q 4 2012

Return on Cost

Debt

Equity

Coinvestment (Dev

Equity)

Returns / Promotes

6.5 - 7.75%

55 - 70%

30 - 45%

5 - 20%

8 – 10% Pref

70 / 30 to a 15-

17%

60 / 40 to a 17-

20%

50 / 50 thereafter

2012 TAMPA ST. PETE DEV CONFERENCE

JV Development Update

15

JV DEVELOPMENT EQUITYMarket Terms

Southeast US Q 4 2012

Put / Call

Completion Guarantee

Post Completion Guarantees

Development Fees

GC Fees

Management Fees

Yes

Yes

Yes

3-5%

5-6%

3%