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Address SWC North 67th Avenue & West Alice AvenuePeoria, AZ 85345
County Maricopa
Total Units 192
Year Built 2020
Number of Buildings 8
Number of Stories 3
Rentable SF 177,792
Average Unit Size 926
Lot Size ±7.48 Acres
Parking Spaces 366
UNIT MIX SUMMARY
TYPE # UNITS SF TOTAL SF
1BD/1BA 48 690 33,120
2BD/2BA SMALL 48 877 42,096
2BD/2BA LARGE 72 1,025 73,800
3BD/2BA 24 1,199 28,776
TOTAL/AVG. 192 926 177,792
Joint Venture Opportunity /
Pre-SaleMORNINGSTAR AT
GOLDEN RIDGE SENIOR HOUSING
67TH AVENUE
OLIVE AVENUE
OLIVE GROVESINGLE FAMILY
GLENDALE COMMUNITY COLLEGE
±25,000 STUDENTS
PEORIA AVENUE
SITE
METROCENTER
PROPERTY SUMMARY
RANCHO VERDE APARTMENTS
N
SPONSOR & PROJECT INFORMATION
Sponsor Information:
• Shea Connelly Development/Construction (www.scd-llc.com/)
• 35 years of Real Estate development experience
• Highly experienced Senior Management team with over 75 years of collective experience
• Developed over $1 billion in Multi-family, Senior Housing and Retail projects throughout
the Southwest
• Unparalleled expertise in Pre-Development, Design and Construction Management
• Recently completed Park Place Apartment Complex in Fountain Hills, Arizona and
MorningStar at Golden Ridge, adjacent to the proposed project
• Licensed Contractor in Arizona, Nevada and California
Project Information:
• Project is fully designed with building permits available in 90 days (Q4/2019)
• Certificate of occupancy projected Q4/2020 with stabilization in Q3/2021
• Construction costs have been “bid” with final buy-out in process
• General contractor, Shea Connelly, to enter into a guaranteed maximum price construction
contract
• Senior Loan Term Sheet has been executed with Buchanan Street Partners for a tentative
loan at $23,380,000
2
AREA OVERVIEW
MORNINGSTAR AT GOLDEN RIDGE
SENIOR HOUSING
67TH AVENUE
OLIVE AVENUE
GLENDALE COMMUNITY COLLEGE
±25,000 STUDENTS
PEORIA AVENUE
SITE
METROCENTER
N
3
RENDERINGS
4
FEATURES
UNIT FEATURESQUARTZ COUNTERTOPSSTAINLESS STEEL APPLIANCESWOOD-STYLE PLANK FLOORING WITH CARPET IN BEDROOMSFULL SIZE WASHER/DRYERWALK-IN CLOSETSCEILING FANS9 FOOT CEILINGSDUAL-PANE WINDOWSPATIO/BALCONY
UNIT FEATURES
COMMUNITYAMENITIES
COMMUNITY AMENITIES
LEASING OFFICE
CLUBHOUSE
STATE OF THE ART FITNESS CENTER
BUSINESS CENTERTOT LOTRAMADASTWO CAR CHARGING STATIONSCONTROLLED-ACCESS
SWIMMING POOL
GAS GRILLING STATIONS
CAPITAL INVESTMENT SUMMARY
Development Cost:
Land: Construction Costs:
Soft Costs: Operating Reserves, FF&E:
Interest Reserve / Contingency: Closing Costs / Fees:
$32,000,000 ($166,667/unit)
$2,606,630 ($13,576/Unit)$22,500,000$2,966,579$960,000$2,015,000$951,791
Senior Loan Amount: $23,680,000
Total Equity: $8,320,000
– Investment Equity: $5,713,370
–Land Equity: $2,606,630
Total Sources: $32,000,000
Lender:
–Construction Loan Details:
Buchanan Mortgage Holdings, LLC
Equity: 10% preferred return; 50/50 profit split
Sales price upon receipt of final Certificate of Occupancy:
$35,500,000
–$184,896 per unit
–$200 per square foot
6
ANNUAL $/PER UNITS
INCOME Base Rental Income
Potential Rent at Market $3,261,735 $16,988
Loss to Lease 1.50% ($49,366) ($257)
Total Base Rental Income $3,212,369 $16,731
Utility Reimbursement $101,104 $527
Other Income $187,675 $977
POTENTIAL GROSS INCOME $3,501,148 $18,235 Vacancy (Total Income) 5.00% ($175,057) ($912)
Collection Loss (Total Income) 0.50% ($17,506) ($91)
EFFECTIVE GROSS INCOME $3,308,585 $17,232OPERATING EXPENSES Property Insurance $40,442 $211
Utilities $186,032 $969
Repairs & Maintenance $121,326 $632
Management Fees $99,258 $517
Payroll $262,873 $1,369
Advertising & Marketing $50,553 $263
General & Administrative $50,553 $263
Replacement Reserves $50,553 $263
Total Operating Expenses $861,590 $4,487 Real Estate Taxes $217,611 $1,133
TOTAL EXPENSES $1,079,201 $5,621
NET OPERATING INCOME* $2,229,384 $11,611
STABILIZED PRO FORMA
VACANCY5%
POTENTIAL RENT AT MARKET Current Market Rents grown at 5%
COLLECTION LOSS0.50%
*June 2021 - May 2022
7
MANAGEMENT FEES3% of EGI
REPLACEMENT RESERVES$250 per unit
EXPENSESProforma expenses outlined to reflect current market conditions (assume 5% growth for taxes and 3% for all other expenses)
SALES COMPARABLES
PROPERTYSALE
DATESALE PRICE PRICE/UNIT PRICE/SF
YEAR BUILT
NUMBER OF UNITS
1 BED 2 BED 3 BED
Summerly at Zanjero7375 N. Zanjero BlvdGlendale, AZ 85305
9/12/2019 $78,500,000 $230,882 $228 2018 340 177 149 18
Avalon2005 N. 103rd Ave
Avondale, AZ 85392
6/28/19 $80,000,000 $200,000 $199 2018 400 72 296 32
Elevation Plaza Del Rio*13310 N. Plaza Del Rio Blvd
Peoria, AZ 85381
4/1/19 $69,900,000 $209,910 $226 2018 333 199 122 12
Green Leaf on Bell1100 E. Bell Rd
Phoenix, AZ 85023
1/23/19 $61,650,000 $201,471 $216 2017 306 144 126 36
Velaire at Aspera7700 W. Aspera BlvdGlendale, AZ 85308
7/19/18 $64,350,000 $225,000 $236 2016 286 126 128 32
*Sold at 48% occupancy
8
SALES COMPARABLES MAP
32N
D S
T
CAV
E C
REEK
RD
7TH
ST
19TH
AV
E
35TH
AV
E
43RD
AV
E
51ST
AV
E
59TH
AV
E
40TH
ST
INDIAN SCHOOL RD
CAMELBACK RD
BETHANY HOME RD
GLENDALE AVE
NORTHERN AVE
AVE
CACTUS RD
THUNDERBIRD RD
GREENWAY RD
BELL RD
UNION HILLS DR
DEER VALLEY RD
PHOENIX-DEERVALLEY MUNICIPAL
AIRPORT
UNION HILLS DR
MAYO BLVD
LIG
HT
RAIL
67TH
AV
E
75TH
AV
E
83R
D A
VE
91ST
AVE
DEER VALLEY RD
PINNACLE PEAK RD
CEN
TRA
L AV
E
99TH
AV
E
GLENDALEMUNICIPALAIRPORT
16TH
ST
24TH
ST
32N
D S
T
40TH
ST
MCDOWELL RD
THOMAS RD
P E O R I A
G L E N D A L E
P H O E N I X
S U N C I T Y
OLIVE
ELEVATION PLAZA DEL RIO13310 N. PLAZA DEL RIO BLVD. PEORIA, AZ
168 UNITS04/01/2019 - $69,900,000
$209,910/UNIT
RANCHO VERDESWC N. 67TH AVE & W. ALICE AVE. PEORIA, AZ
VELAIRE AT ASPERA7700 W. ASPERA BLVD. GLENDALE, AZ
286 UNITS07/19/2018 - $64,350,000
$225,000/UNITGREEN LEAF ON BELL
1100 E. BELL RD. PHOENIX, AZ
306 UNITS01/23/2019 - $61,650,000
$201,471/UNIT
AVALON2005 N. 103RD AVE. AVONDALE, AZ
400 UNITS06/28/2019 - $80,000,000
$200,000/UNIT
9
SUMMERLY AT ZANJERO7375 N. ZANJERO BLVD. GLENDALE, AZ 85305
344 UNITS09/12/2019 - $78,500,000
$230,882/UNIT
RENT COMPARABLES
1 BEDROOM 2 BEDROOM 3 BEDROOM
PROPERTY YEAR BUILT
UNITS SF RENTRENT/
SFUNITS SF RENT
RENT/SF
UNITS SF RENTRENT/
SF
Elevation Plaza Del Rio13310 N Plaza Del Rio Blvd.Peoria, AZ 85381
2018 186 961 $1,426 $1.48 121 1,152 $1,552 $1.35 26 1,268 $2,072 $1.63
Pillar at Westgate6610 N 93rd Ave.Glendale, AZ 85305
2007 123 773 $1,106 $1.43 128 1,221 $1,318 $1.08 -- -- -- --
The Metro at Zanjero9450 W Cabela Ave.Glendale, AZ 85305
2007 130 768 $1,098 $1.43 102 1,173 $1,367 $1.17 15 1,340 $1,670 $1.25
Summerly at Zanjero7375 N Zanjero Blvd.Glendale, AZ 85305
2019 177 705 $1,152 $1.63 149 1,062 $1,468 $1.38 18 1,350 $1,855 $1.37
The Place at Santana Village7606 W Peoria Ave.Peoria, AZ 85345
2015 56 782 $995 $1.27 152 1,027 $1,162 $1.13 16 1,165 $1,430 $1.23
The Bungalows on Olive8201 W Olive Ave.Peoria, AZ 85345
2018 52 634 $1,150 $1.81 61 990 $1,475 $1.49 40 1,314 $1,725 $1.31
Visions - Serenity13720 N 88th Ave.Peoria, AZ 85381
2009 60 708 $1,014 $1.43 156 917 $1,124 $1.23 30 1,062 $1,495 $1.41
AVERAGE 787 $1,183 $1.50 1,074 $1,331 $1.24 1,244 $1,718 $1.38
Rancho VerdeSWC N 67th Ave. & W Alice Ave.Peoria, AZ 85345
689 $1,100 $1.60 980 $1,345 $1.37 1,198 $1,550 $1.29
10
RENT COMPARABLES MAP
THUNDERBIRD RD
CACTUS RD
PEORIA AVE
OLIVE AVE
NORTHERN AVE
GLENDALE AVE
BETHANY HOME RD
CAMELBACK RD
GREENWAY RD
BELL RD
35TH
AV
E
43R
D A
VE
51ST
AV
E
59TH
AV
E
67TH
AV
E
75TH
AV
E
83R
D A
VE
91ST
AV
E
99TH
AV
E
27TH
AV
E
P E O R I A
G L E N D A L E
P H O E N I X
ELEVATION PLAZA DEL RIO13310 N PLAZA DEL RIO BLVD. PEORIA, AZ
THE PLACE AT SANTANA VILLAGE7606 W PEORIA AVE. PEORIA, AZ
VISIONS - SERENITY13720 N 88TH AVE. PEORIA, AZ
SUMMERLY AT ZANJERO7375 N ZANJERO BLVD. GLENDALE, AZ
THE METRO AT ZANJERO9450 W CABELA AVE. GLENDALE, AZ
PILLAR AT WESTGATE6610 N 93RD AVE. GLENDALE, AZ
THE BUNGALOWS ON OLIVE8201 W OLIVE AVE. PEORIA, AZ
RANCHO VERDESWC N 67TH AVE & W ALICE AVE. PEORIA, AZ
11
2555 E. CAMELBACK RD SUITE 400PHOENIX, AZ 85016www.cushmanwakefield.com
SOUTHWEST MULTIFAMILY ADVISORY GROUP
JIM CREWSEXECUTIVE MANAGING DIRECTOR+1 602 229 [email protected]
JEEMS LOCHRIDGEMANAGING DIRECTOR+1 602 229 [email protected]
67TH AVENUE
WESTGATE ENTERTAINMENT
DISTRICT
CAMELBACK RANCHSPRING TRAINING OF
SUPERCENTER
STONE HAVEN ±1,300 HOMES
SITE
MORNINGSTAR AT GOLDEN RIDGE
SENIOR HOUSING
GLENDALE AVENUE
NORTHERN AVENUE
GRAND AVENUE
75TH AVENUE
OLIVE GROVEGARRETT WALKER HOMES
SINGLE FAMILY
N