The903Residences4pgTeaserlow1 -Ppaul Donahue

8/12/2019 The903Residences4pgTeaserlow1 -Ppaul Donahue

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:: E X C L U S I V E I N V E S T M E N T S A L E O P P O RT U N I T Y

F r s : The 903 Residences :: Providence, Rhode Island233 LUXURY CONDOMINIUM UNITS IN A 330-UNIT MID-RISE APARTMENT COMMUNITY


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E X E C U T I V E S U M M A RY

The CB Richard Ellis Capital Markets Team has beenretained to act as the Exclusive Agent for the marketingand sale of the remaining 233 condominium units atThe 903 Residences in Providence, Rhode Island. The 903Residences is a 330-unit, Class A mid-rise apartmentcommunity built in 2003 and consisting of a ve-storyinterconnected series of buildings plus a structuredparking garage with luxury amenities throughout thedevelopment. 97 units have been sold and 233 remainunsold along with the 447 associated parking spaces.Many of the unsold units have been available for rent atthe average current rents, detailed below.

Average Current Rents$1,543 per rented unit.

T E R M S O F S A L E

We are marketing for sale the unencumbered fee interestin the remaining block of 233 units. Individual units arenot for sale. After investors have had a chance to review

and tour the property, we will schedule a call-for-offersdate.

P R O P E RT Y D E S C R I P T I O N

The 903 Residences is located in the heart of downtownProvidence in proximity to Federal Hill and the DowncityDistrict. Units feature all the amenities of new luxuryapartment construction including 9-foot ceilings, loft-stylelayouts (select units), balconies and washers and dryers.Community amenities include garage parking, a clubhouseand great room, a resort-style swimming pool and sundeck,and a state-of-the-art tness center, business center andmedia room. The 903 Residences is situated on the bankof the Woonasquatucket River and offers residentsconvenient access to the Amtrak train station, the CentralBusiness District and the 1.35 million square footProvidence Place Mall.

I N V E S T M E N T H I G H L I G H T S233 luxury apartment units and 447 parking spaces

74% occupied

Luxury apartment construction and amenities

Convenient location near major shopping

and employment centers

Attractive investment opportunity to sell and/or rent

available units

2 3 3 L U X U RY CO N D O M I N I U M U N I T S I N A 3 3 0 - U N I T M I D - R I S E A PA RT M E N T C O M M U N I T Y

The 903 Residences :: Providence, Rhode Island

F I N A N C I A L S U M M A RY

Rental Summary DataThe unsold units have a monthly gross income of $263,830from the rental of 171 of the 233 units.

The property has a property tax treaty through 12/31/2012.

Current Rental StatusThe 233 unsold units are currently 74% occupied with effectiverents averaging $1,543 per month. Tenants are in place onvarious lease terms.


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S I T E I N F O R M AT I O N

Property Address 903 Providence PlaceProvidence, RI

Year Constructed 2003

Number of 330 unitsCondominium Units

Number of Condo 233Units Being Sold inthis Offering

Land Area 4.72 acres

Density 70 units/acre

Total Parking 584 garage spaces9 surface spaces

Spaces to be Sold 447

Parking Ratio 1.9 spaces/unit

ConstructionFoundation Concrete slab

Exterior Walls Brick/stucco veneer on wood frame construction

Floor Structure Ground oor is a point tension reinforced concrete slab on pressure injected footings

Roof Pitched roof with asphalt shingles and at roofs with adhered single-ply rubber membrane

Windows & Doors Windows are vinyl, double hung, insulated, impact resis tant with screens

Plumbing Typical copper and PVC plumbing

Utilities Summary HVAC Individual gas- red, forced-hot-air heating system, with remote condensing units on roofs for

air conditioning

Utilities Metering Each unit individually metered for electricity, gas and water

Interior FinishesKitchens 9' ceilings, raised-panel cabinets, contemporary with bar-top seating

Appliances White appliances: dishwasher, range, washer and dryer, garbage disposal, microwave andfrost-free refrigerator

Living/Bedroom Crown molding, 9' ceilings, replace (select units), walk-in closets, french doors open to Areas expansive patio or juliette balconies (select units)

Bathrooms Raised-panel vanity, oversized oval soaking tub, linen closet, ceramic tile oors and tub surrounds

Miscellaneous All units have mini-blinds on all windows, ceramic tile entry way (select units) and city or river views

2010 CB Richard Ellis


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L O C AT I O N

The Residences at 903 are located just three city blocks from downtown Providence, a bustling city center anchored bythe Providence Place Mall, the Rhode Island Convention Center and the Dunkin Donuts event center. The property isalso proximate to the campuses of the Rhode Island School of Design, Brown University and Johnson & Wales University.The 903 Residences feature unmatched transportation amenities and can be accessed directly from I-95 at the Route 6interchange; RIPTA Bus Route 26 also serves the property directly. Providence, the second-largest city in New England, m ppr m y 175,000 r m rk f rg c mm rc , m c c b

New England.

D E M O G R A P H I C S

1 Mile 3 Miles 5 Miles 7 Miles

2009 Estimated Population 30,627 218,044 408,014 526,978

2009 Estimated Households 11,118 80,293 158,018 204,239

2009 Estimated Average Household Income $40,737 $52,819 $55,808 $60,061

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For more information, please contact:

Paul [email protected]

Travis [email protected]

CB RiCha Rd ellis 33 aRCh stReet, Boston, Mass aChuset ts 02110 617.912.7000, Fax 617.912.7001 www.CBRe-n e.CoM

2010 CB Richard Ellis, Inc. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee,warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only

and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financialand legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

CapitalBuilding

TheFoundry

Providence Place Mall ConventionCenter

RISDBrown

University

H A R R I S A

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The903Residences4pgTeaserlow1 -Ppaul Donahue