194 Class A Units | Value-Add Opportunity€¦ · ARA, A NEWMARK COMPANY DALLAS OFFICE 14114 Dallas Parkway Suite 520 Dallas, TX 75254 T 972-934-3400 F 972-239-4829 Brandon Lamb,

194 Class A Units | Value-Add Opportunity 3201 Southwest Harbin Avenue | Bentonville, AR 72712

ARA, A NEWMARK COMPANYDALLAS OFFICE14114 Dallas ParkwaySuite 520 Dallas, TX 75254 T 972-934-3400 F 972-239-4829

Brandon Lamb, CCIM T 918-551-7600 [email protected]

David Burnett, CCIM T 405-602-2966 [email protected]

Tim McKay T 405-879-4768 [email protected]

Brian O’Boyle, Sr., CCIM T 214-420-3113 [email protected] Braden Harmon

T 214-415-4938 [email protected]

Hank Glasgow T 214-420-3108 [email protected]

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SOFFER SUMMARY

EXCLUSIVE REPRESENTATION

ARA, A Newmark Company (ARA) has been exclusively retained to represent the Seller in the disposition of Harbin Pointe (Property). All inquiries about the Offering or the Property should be directed to ARA.

PROPERTY VISITATION

Prospective purchasers will have the opportunity to visit the Property via pre-scheduled Property tours. These tours will include access to a representative sampling of units and access to common areas and other similar facilities. In order to accommodate the Property’s ongoing operations, visitation will require advance notice and scheduling through ARA.

OFFER SUBMISSION

Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of Purchaser’s offers including, but not limited to:

(1) asset pricing (2) due diligence and closing time frame(3) Earnest Money deposit(4) a description of the debt / equity structure(5) qualifications to close

The purchase terms shall require that all cash be paid at closing. Offers should be delivered to the attention of one of the brokers listed.

FINANCING

For parties interested in receiving debt quotes, ARA facilitates agency, life company, bank, bridge, and mezzanine financing options for the acquisition of Harbin Pointe.

Summary & Highlights4

Property Overview12

Market Overview30

Appendix44

Summary & Highlights4 5

Strong Market Fundamentals

Numerous Community Amenities

Convenient Location

Proven Value-Add Opportunity

Major Area Employers

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ARA, A Newmark Company has been retained as Exclusive Listing Agent for the sale of Harbin Pointe Apartments in Bentonville, Arkansas. Built in 2007, Harbin Pointe is a 194-unit, two- and three-story garden-style community featuring desirable amenities, strong location, and proven opportunities for additional revenue.

CONVENIENT LOCATIONHarbin Pointe’s advantageous location near Arkansas Route 12 / SW Regional Airport Boulevard provides convenient access to the area’s major arterials including Interstate 49 and State Highways 62 and 71. This robust transportation network affords residents short commute times to area retailers, employers, nightlife, and recreational opportunities. Noteworthy employers nearby include Mercy Health Systems of Northwest Arkansas, Northwest Arkansas Community College, and Bentonville’s principal employer, the Walmart Home Office. Bentonville City Square and the nationally-renowned Crystal Bridges Museum of American Art are also less than 15 minutes away by car. Harbin Pointe residents enjoy close proximity (under 4 miles) to the Northwest Arkansas Razorback Regional Greenway – a 36-mile network of pedestrian / bicycle trails, the Greenway links outdoor enthusiasts to the many popular destinations of Northwest Arkansas including the cities of Fayetteville, Johnson, Springdale. Lowell, and Rogers.

PROVEN VALUE-ADD OPPORTUNITYProactive management has sustained Harbin Pointe’s excellent condition with residents benefitting from a resort-style swimming pool, children’s playground, car wash, clubhouse, and 24 hour fitness center. Market analysis clearly demonstrates competitor rents averaging nearly $100 per unit higher per month, creating a substantial opportunity for increased rents through upgrades to unit fixtures and finishes, and updates to community amenities.

STRONG MARKET FUNDAMENTALSThe subject property’s location in Northwest Arkansas (the Fayetteville–Springdale–Rogers, AR-MO Metropolitan Statistical Area) positions it to take advantage of an ideal renter demographic in one of the nation’s higher growth-rate MSAs. According to ESRI the median age of residents within 1 mile of Harbin Pointe is 29.5 with 64% having attained a Bachelor’s Degree or higher. Harbin Pointe represents a desirable, stabilized asset with strong operating fundamentals and occupancies averaging 97.4% from January 2016 through June 2017.

Price | TBD by Market

Terms | All Cash

Total NRSF | 179,560

Avg Unit SF | 926

Units | 194

Major Area Employers

BENTONVILLE

71BUS

71BUS

71BUS

71BUS

71BUS

49

49

49

94

94

62

6262

NORTHWESTARKANSASREGIONALAIRPORT

264264

264112

112

12

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12279

102

LOST SPRINGS GOLF AND ATHLETIC CLUB

OLIVE STREET

NEW HOPE ROAD

DIXI

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J STR

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PHILLIPSPARK

ORCHARDSPARK

NORTHWESTPARK

LINKS AT LOWELLGOLF AND

COUNTRY CLUB

VETERANSPARK

WARD NAILPARK

McCLURE AVENUE

THE CREEKSGOLF COURSE

SHADOWVALLEY

COUNTRY CLUB

PINNACLECOUNTRY CLUB

GREENS ONBLOSSOM WAY

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# Company # Employees Sector

1 Walmart Stores, Inc. 2,500+ Retail

2 J. B. Hunt Transport Services, Inc. 2,500+ Logistics

3 Bentonville Public Schools 1,000 – 2,499 Education

4 Mercy Health Systems of Northwest Arkansas 1,000 – 2,499 Healthcare

5 Rogers Public Schools 1,000 – 2,499 Education

6 Arvest Bank Group 1,000 – 2,499 Finance

7 Northwest Arkansas Community College 500 – 999 Higher Education

8 Glad Products Company 500 – 999 Manufacturing

9 Ozark Mountain Poultry, Inc. 500 – 999 Poultry Products

10 Tyson Foods, Inc. 500 – 999 Poultry Products

11 Outdoor Cap, Inc. 300 – 499 Apparel

12 Consumer Testing Laboratories, Inc. 300 – 499 Technical Services

13 Bekaert Corporation 300 – 499 Manufacturing

14 Southeast Poultry, Inc. 300 – 499 Poultry Products

15 Kennametal, Inc. 300 – 499 Manufacturing

16 Preformed Line Products Company 300 – 499 Manufacturing

Source: Arkansas Economic Development Commission

Property Overview12 13

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PROPERTY SUMMARY

ADDRESS 3201 Southwest Harbin Avenue Bentonville, AR 72712

NUMBER OF UNITS 194 Units

YEAR COMPLETED 2007

LAND SIZE 16.04 Acres

DENSITY 12.09 Units per Acre

ZONING PUD; Planned Unit Development

MECHANICAL SYSTEM / UTILITIESELECTRIC METERINGHVACHOT WATERWATER / SEWER BILLINGGAS METERTRASH BILLINGPEST FEE

Individual; resident pays directly to providerIndividualIndividualRUBS; resident pays to office in addition to rent based upon unit size and number of occupantsNoneNoneNone

CONSTRUCTIONSTYLEEXTERIORROOF

GardenBrick Veneer, Wood Siding Pitch; Composition Shingle

NO. OF BUILDINGS 31 Total Buildings• 1 One-story Welcome Center / Clubhouse • 8 Two-story Residential Buildings• 6 Three-story Residential Buildings• 16 Detached Garage Buildings

PARKING 334 Total Spaces• 229 Open Spaces• 6 Open Handicap Spaces• 10 Attached Garage Spaces

(included in rent)• 89 Detached Garage Spaces

($50 premium)

BENTONVILLE PUBLIC SCHOOLS

• Willow Brook Elementary School (grades K through 4) 2.2 miles

• Bright Field Middle School (grades 5 and 6) 2.1 miles

• Fulbright Junior High School (grades 7 and 8) 2.7 miles

• Bentonville High School (grades 9 through 12) 4.2 miles

PERSONNEL 3 Total Employees• 1 Property Manager• 1 Lead Maintenance • 1 Maintenance Tech

EMPLOYEE UNITS1 Unit• Unit No. 02-15 – 2 BR / 2 BA @ 960 SF

(employee pays $674 per month)

MODEL UNITS None

NON- OR REDUCED-REVENUE UNITS None

# OF UNITS BED / BATH % OF

TOTALUNIT SIZE

(SF)TOTAL

UNIT SF

MARKET RENT PER MONTH

MARKET RENT PER SF

10 1 BR / 1 BA, G 5.2% 660 6,600 $749 $1.13

16 1 BR / 1 BA 8.2% 730 11,680 $699 $0.96

168 2 BR / 2 BA 86.6% 960 161,280 $800 $0.83

194 100.0% 926 179,560 $789 $0.85

Totals / AveragesTotal # of Units 194

Net Rentable SF (approximate) 179,560

Scheduled Monthly Rent $153,007

Market Rent per Month $789

Market Rent per SF $0.85

Average Unit Size 926 SF

G = Attached Garage

Current ConcessionsNone

Current Occupancy95.4% Physical | June 2017

W.H.

STORAGE

PATIO/BALCONY

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BEDROOM

BATHCLOSET

CLOSET

1 BR / 1 BA730 SF

LIVING

KITCHEN

ENTRY

1 BR / 1 BA660 SF

DW

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ENTRY

KITCHEN

LIVING BEDROOM

DININGBATH

CLOSET

DOWN

CLOSET

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2BR / 2 BA960 SF ENTRY

STORAGE

BEDROOM

BATHCLOSET

LIVING

KITCHENBATH

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CLOSET

STORAGE

DINING

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1 BEDROOM

2 BEDROOM

660 SF

730 SF

960 SF

5%

87%

13%

87%

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SOUTH WEST HARBIN AVENUE

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SOUTH W

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WELCOME CENTER / CLUBHOUSEPOND WITH FOUNTAINSWIMMING POOL / HOT TUBPERGOLA / SEATING AREAMAIL KIOSKDETACHED GARAGESLIGHTED TENNIS COURTCHILDREN’S PLAYGROUNDGRILL AREASSTORAGE LOCKERSMAINTENANCECAR WASH

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• Welcome Center / Clubhouse >> Manager’s Office >> Leasing Desks >> Lounge Area with Flat Screen Television >> Fireplace >> Resident Lounge / Business Center t Coffee Bar t Hostess Kitchen t Seating Area t Flat Screen Television t Two PCs with Network Printer t Restroom >> Pergola Covered Outdoor Seating Area t Mail Kiosk

• 24 Hour Fitness Center >> Cardio Equipment >> Resistance and Circuit Training >> Flat Screen Television

• Resort-style Swimming Pool >> Poolside Sunning Deck with Chaise Lounges

• Hot Tub

WiFi

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S• Children’s Playground

• Lighted Tennis Court

• Grill Areas (4)

• Car Wash

• Detached Garages ($50 premium)

• Storage Lockers ($30 premium)

• Landscaped Community Pond with Fountain

• 24 Hour Emergency Maintenance

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• Metal Entry Door with Viewer

• Deadbolt on Entry Door

• 9’ Ceilings

• Faux Wood Flooring in Entry

• Carpeted Living, Dining, and Hallways

• Miniblinds

• Chair Rail in Dining Area *

• Fireplace *

• Coat Closet

• Pre-wired for Cable TV

• Balcony or Patio *

• Extra Storage *

* select units

2726

• Pass-through Kitchen

• Faux Wood Flooring in Kitchen and Bathroom(s) *

• Double Stainless Steel Sink with Vegetable Sprayer

• Black Appliance Package *

• Frost-free Refrigerator with Ice Maker *

• Self-cleaning Oven

• Microwave *

• Multi-cycle Dishwasher

• Individual Hot Water Heater

• Full-size Washer / Dryer in Unit

• Carpeted Bedrooms

• Linen Cabinet *

• Spacious Closets

* select units

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ACCOUNT INFORMATION TAX RATE PER $1,000 of AV

Parcel No. 01-12831-000 01-12831-000

Appraised Assessed

Land Value $1,263,250 $262,650

Improvements $13,505,800 $2,701,160

Total Value $14,769,050 $2,963,810

2016 Taxable Value $2,062,590

2016 Taxes

Bentonville C6 $127,261 61.7

2016 Tax Bill $127,261

FEES & DEPOSITS AMOUNT

Application Fee $40 per individual applicant, $55 per married couple

Security Deposit $150 (1 BR), $200 (2 BR), $100 non-refundable

Administration Fee $100 per unit (non-refundable)

Transfer Fee None

Pet Deposit (non-refundable)

$300 per pet 50 pounds or less, $400 per pet over 50 pounds (2 pet maximum, 75 pound maximum)

Pet Fee None

Additional Pet Rent $10 per pet per month, breed restrictions apply

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PROFORMA PER SF PER UNIT

REVENUES

GROSS SCHEDULED RENT (1) $1,926,616 $10.73 $9,931

Loss to Lease (2.54%) ($48,936) ($0.27) ($252)

GROSS POTENTIAL INCOME $1,877,680 $10.46 $9,679

Vacancy Loss (5%) ($96,331) ($0.54) ($497)

TOTAL RENTAL INCOME $1,781,349 $9.92 $9,182

RUBS Income (2) $121,351 $0.68 $626

Other Income (3) $92,191 $0.51 $475

TOTAL OTHER INCOME $213,542 $1.19 $1,101

EFFECTIVE GROSS INCOME $1,994,891 $11.11 $10,283

EXPENSES

Repairs and Maintenance ($135,800) ($0.76) ($700)

Trash ($11,640) ($0.06) ($60)

Payroll ($174,600) ($0.97) ($900)

Administrative ($29,100) ($0.16) ($150)

Marketing ($19,400) ($0.11) ($100)

Utilities (4) ($196,151) ($1.09) ($1,011)

TOTAL VARIABLE EXPENSES ($566,691) ($3.16) ($2,921)

Real Estate Tax (5) ($127,262) ($0.71) ($656)

Insurance ($53,350) ($0.30) ($275)

Management Fee ($59,847) ($0.33) ($308)

TOTAL OPERATING EXPENSES ($807,150) ($4.50) ($4,161)

Capital Reserves ($58,200) ($0.32) ($300)

TOTAL EXPENSES ($865,350) ($4.82) ($4,461)

NET OPERATING INCOME $1,129,541 $6.29 $5,822

(1) GSR grown 5% from the Unit Mix(2) RUBS Income grown 3% from April 2017 T-12 Actual(3) Other Income grown 18.75% from April 2017 T-12 Actual to

match T-3 Income(4) Adjusted Utilities grown 3% from April 2017 T-12 Actual(5) Real Estate Tax = 2016 Assessed Value x 2016 Tax Rate

Actual numbers are based upon financial information provided by the client. Buyers are advised to consult their tax counsel with regard to tax matters.

Market Overview30 31

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* Occupancy excludes properties in lease-up

Effective Rents calculated as Market Rent minus ConcessionsSource: Axiometrics

PROPERTYYEAR BUILT

# OF UNITS

AVERAGE UNIT SIZE

(SF)

AVERAGE MARKET RENT

PER MO.

AVERAGE MARKET RENT

PSF

AVERAGE EFFECTIVE

RENT PER MO.

AVERAGE EFFECTIVE RENT PSF

CURRENT OCCUPANCY

1 Ranch at Pinnacle Point5900 West Stoney Brook Road 2007 392 924 $923 $1.00 $923 $1.00 91.0%

Comments = 20% of property has been upgraded resulting in a $150 per month premium. Upgrades consist of granite, vinyl plank flooring on first floor units, and 2” faux wood blinds. There is a $35 per month charge for covered parking and $75 per month premium for detached garages.

2 The Glen at Polo Park6601 Southwest Mallet Road 2006 356 902 $809 $0.90 $809 $0.90 95.0%

Comments = 15% of property has been upgraded resulting in a $200 per month premium. Upgrades consist of 2” faux wood blinds, nickel fixtures and SS appliances. There is a $70 charge per month for detached garages and select units have attached garages.

3 The Pointe Bentonville *3800 Southwest RichSmith Road 2017 178 1,208 $1,306 $1.08 $1,306 $1.08 45.0%

Comments = Final certificate of occupancy was issued on March 10th – currently 80% occupied as of 6/2/2017. Average unit size is approximately 282 sf larger than subject property and nominal rents are approximately $468 higher. There are no garages and a limited number of covered carports which rent for $40 per month.

4 Trails at Bentonville2400 Southwest Fireblaze Avenue 2015 486 832 $764 $0.92 $764 $0.92 98.0%

Totals / Averages 1,412 923 $888 $0.96 $888 $0.96 94.9% *

Harbin Point3201 SW Harbin Avenue 2007 194 926 $789 $0.85 $776 $0.84 95.4%

NORTHWEST ARKANSASREGIONALAIRPORT

ORCHARDSPARKLIGHTNING

SOCCERPARK

THE LINKS ATRAINBOW CURVE

49

49

62102102

112

72

72

1271BUS

DIXIELAND ROAD

NEW HOPE ROAD

26TH STREET

THE LINKSAT BENTONVILLE

PHILIPSPARK

LOST SPRINGS GOLF & ATHLETIC CLUB

71BUS

112

112

51

STONEY BROOK ROAD

DODSO

N ROAD

J STREETJ STREET

I STREET

WALLIS ROAD

H STREET

51

PI NNACLE HILLS PARKW

AY

49

MED

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CENT

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71BUS

71BUS

28TH STREET

12

VAUGHN ROAD REGION AL A

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71

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BENTONVILLEMUNICIPAL

AIRPORT

®

FRISCO STATION MALL

PINNACLE HILLSPROMENADE

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BEEN ROAD

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• Resident Lounge • Fitness Center • Billiards Room • Movie Theater

• Swimming Pool• Package Locker System• Sand Volleyball Court• Bark Park

• Limited Access Gates• 24 Hour Emergency Maintenance

WiFi

COMMUNITY AMENITIES

• Furnished *• Tile Entry, Kitchen and

Bathroom(s) *• Faux Wood Flooring in Living and

Dining Area *• Carpeted Bedroom(s)

• Built-in Work / Study Desk *• Fireplace• Double Stainless Steel Sink with

Garbage Disposal• Black Appliance Package *• Frost-free Refrigerator

• Built-in Microwave• Multi-cycle Dishwasher• Washer / Dryer in Unit• Spacious Closets• Balcony or Patio * select units

UNIT AMENITIES

BED / BATH NO. UNITS

% OF TOTAL

AVERAGE UNIT SIZE

(SF)

AVERAGE MARKET

RENT PER MONTH

AVERAGE MARKET RENT PSF

PER MONTH

AVERAGE EFFECTIVE

RENT PER MONTH


PER MONTH

1 BR / 1 BA 92 23.5% 654 $775 $1.19 $775 $1.19

1 BR / 1 BA 88 22.4% 815 $875 $1.07 $875 $1.07

1 BR / 1 BA 2 0.5% 815 $888 $1.09 $888 $1.09

1 BR / 1 BA 60 15.3% 918 $900 $0.98 $900 $0.98

2 BR / 2 BA 50 12.8% 1,040 $1,000 $0.96 $1,000 $0.96

2 BR / 2 BA 36 9.2% 1,100 $1,050 $0.95 $1,050 $0.95

2 BR / 2 BA 48 12.2% 1,255 $1,060 $0.84 $1,060 $0.84

3 BR / 2 BA 16 4.1% 1,349 $1,200 $0.89 $1,200 $0.89

392 100.0% 924 $923 $1.00 $923 $1.00

RANCH AT PINNACLE POINT

ADDRESS 5900 West Stoney Brook Road

CITY, STATE, ZIP Rogers, AR 72758

NO. OF UNITS 392

AVG UNIT SIZE 924 SF

YEAR BUILT 2007

CURRENT OCCUPANCY 91.0%

CURRENT CONCESSION None

AVG MARKET RENT PER MO. $923

AVG MARKET RENT PER SF $1.00


% OF TOTAL

AVERAGE UNIT SIZE

(SF)

AVERAGE MARKET

RENT PER MONTH


PER MONTH

AVERAGE EFFECTIVE

RENT PER MONTH


PER MONTH

1 BR / 1 BA 72 20.2% 730 $699 $0.96 $699 $0.96

1 BR / 1 BA 72 20.2% 776 $737 $0.95 $737 $0.95

1 BR / 1 BA 70 19.7% 807 $759 $0.94 $759 $0.94

1 BR / 1 BA D 28 7.9% 1,030 $811 $0.79 $811 $0.79

2 BR / 2 BA 60 16.9% 1,069 $953 $0.89 $953 $0.89

2 BR / 2 BA 42 11.8% 1,117 $886 $0.79 $887 $0.79

3 BR / 2 BA 12 3.4% 1,370 $1,206 $0.88 $1,206 $0.88

356 100.0% 902 $809 $0.90 $809 $0.90

THE GLEN AT POLO PARK

ADDRESS 6601 Southwest Mallet Road

CITY, STATE, ZIP Bentonville, AR 72712

NO. OF UNITS 356


YEAR BUILT 2006





D = Den

• Clubhouse • Business Center • Conference Room • Fitness Center• Indoor Basketball Court

• Laundry Room• Swimming Pool• Landscaped Pond with Fountain• Dog Park

• Attached Garage *• Detached Garage *• 24 Hour Emergency Maintenance

WiFi

COMMUNITY AMENITIES

• Crown Molding• Faux Wood Flooring in Entry

and Kitchen• Built-in Work / Study Desk *• Wood-Burning Fireplace *• Double Stainless Steel Sink with

Garbage Disposal

• Black Appliance Package *• Frost-free Refrigerator• Built-in Microwave• Multi-cycle Dishwasher• Washer / Dryer Connections

• Linen Cabinet• Spacious Closets• Balcony or Patio• Extra Storage on Balcony or Patio * * select units

UNIT AMENITIES


% OF TOTAL

AVERAGE UNIT SIZE

(SF)

AVERAGE MARKET

RENT PER MONTH


PER MONTH

AVERAGE EFFECTIVE

RENT PER MONTH


PER MONTH

1 BR/ 1 BA 44 24.7% 900 $1,000 $1.11 $1,000 $1.11

2 BR/ 2 BA 45 25.3% 1,180 $1,300 $1.10 $1,300 $1.10

2 BR/ 2 BA 45 25.3% 1,250 $1,350 $1.08 $1,350 $1.08

3 BR/ 3 BA 44 24.7% 1,500 $1,575 $1.05 $1,575 $1.05

178 100.0% 1,208 $1,306 $1.08 $1,306 $1.08

THE POINTE BENTONVILLE

ADDRESS 3800 Southwest RichSmith Road


NO. OF UNITS 178

AVG UNIT SIZE 1,208 SF

YEAR BUILT / RENOVATED 2017

CURRENT OCCUPANCY * 45.0%


AVG MARKET RENT PER MO. $1,306


TRAILS AT BENTONVILLE

ADDRESS 2400 Southwest Fireblaze Avenue


NO. OF UNITS 486


YEAR BUILT / RENOVATED 2015





• Clubhouse with Concierge • Business Center • Conference Room • Movie Theater • Sports Lounge with Bar

• Wine Cellar and Tasting Room • Fitness Room• Swimming Pool• Poolside Cabanas• Grill Areas with Picnic Tables

• Limited Access Gates• 24 Hour Emergency Maintenance

WiFi

COMMUNITY AMENITIES

• Monitored Intrusion Alarm• Crown Molding• Hardwood Floors in Living, Dining,

and Kitchen• Ceramic Tile in Bathroom(s)• Granite Countertops

• Stainless Steel Appliance package• Frost-free Refrigerator• Built-in Microwave• Multi-cycle Dishwasher• Washer / Dryer in Unit• Tile and Glass Stand-up Shower

• Garden Tub• Linen Cabinet• Balcony or Patio• Extra Storage on Balcony or Patio

UNIT AMENITIES

• Clubhouse • Business Center • Fitness Center • Tanning Room

• Zero-entry Swimming Pool• Poolside Cabana• Children’s Playground• Putting Green

• Landscaped Pond with Fountains• 24 Hour Emergency Maintenance

WiFi

COMMUNITY AMENITIES

• 9’ or 11’ Vaulted Ceilings• Faux Wood Flooring in Kitchen,

Dining and Bathroom(s) *• 2” Faux Wood Blinds• Double Stainless Steel Sink with

Garbage Disposal

• Black Appliance Package *• Frost-free Refrigerator• Built-in Microwave• Multi-cycle Dishwasher• Pantry *

• Washer / Dryer in Unit• Spacious Closets• Balcony or Patio * select units

UNIT AMENITIES

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* Currently in Lease-up


% OF TOTAL

AVERAGE UNIT SIZE

(SF)

AVERAGE MARKET

RENT PER MONTH


PER MONTH

AVERAGE EFFECTIVE

RENT PER MONTH


PER MONTH

1 BR / 1 BA 72 14.8% 544 $675 $1.24 $675 $1.24

1 BR / 1 BA 171 35.2% 669 $725 $1.08 $725 $1.08

2 BR / 1 BA 72 14.8% 889 $765 $0.86 $765 $0.86

2 BR / 2 BA 171 35.2% 1,093 $840 $0.77 $840 $0.77

486 100.0% 832 $764 $0.92 $764 $0.92

LITTLE ROCK

ARKANSAS

63

65

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530

49

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62

6263

167

55

55

555

65

8282

167

71

71

412

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59

270

65

612

Little RockNationalAirport

DRIVING DIRECTIONS FROM NORTHWEST ARKANSAS REGIONAL AIRPORT

Proceed northeast on Airport Boulevard to exit the airport, turning left onto AR-12 E / Southwest Regional

Airport Road. Proceed for approximately 7.5 miles to Southwest Morning Star Road then turn right (south). The

entrance to Harbin Pointe is on the right in 500 feet at 3201 Southwest Harbin Avenue. Travel time is approximately 9 miles

and 15 minutes

FROM TULSA INTERNATIONAL AIRPORT *Follow signs for OK-11 E / I-244 to exit the airport and in slightly under one mile turn right onto East Virgin Road. In 600 feet keep left at the

fork to merge onto OK-11 E then in approximately 1.2 miles keep left to merge onto I-244 E / US-412 E toward US-169 / Joplin. Remain on US-412 E for approximately 55 miles, then take exit 28 for US-59 / OK-10 toward Kansas / Jay / Tahlequah. In 1600 feet turn left (north) at the intersection onto OK-10 N / US-59 N. In 4 miles turn right (east)

onto OK-116 E. Proceed for 11 miles and OK-116 E becomes AR-12 E at the Oklahoma / Arkansas border. Continue for approximately 14 miles

then turn left (north) to remain on AR-12 E; in 5 miles AR-12 E becomes AR-12 E / Southwest Regional Airport Road. Proceed for an additional 5 miles to Southwest Morning Star Road then turn right (south). The entrance to Harbin Pointe is on the right in 500 feet at 3201 Southwest Harbin Avenue. Travel time is approximately 106 miles and 1 hour, 58 minutes

* This route has tolls

1 MILE 3 MILES 5 MILES

2000 Population Census 299 6,331 31,519

2010 Population Census 3,328 20,213 57,621

2016 Population Estimate 5,544 26,862 69,577

2021 Population Projection 6,846 31,547 79,374

Population Growth Annual Rate 2016 – 2021 4.31% 3.27% 2.67%

2016 Estimated Median Age 29.5 30.0 32.1

Renter Occupied Percentage 39.4% 40.0% 38.1%

2016 Estimated Average Household Income $97,114 $85,826 $88,640

2016 Estimated Median Owner-Occupied Housing Value $231,381 $175,722 $181,126

Total Number of Businesses 147 1,317 3,408

Total Number of Employees 1,814 33,774 72,240

Source: Esri Online 2017

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collection of American art masterworks from the colonial era to present-day and showcasing touring collections from national art institutions, the museum also features Frank Lloyd Wright’s Bachman-Wilson House.

Acquired in 2015, the structure was disassembled in New Jersey and rebuilt on the museum grounds. Solar-powered shuttles transport visitors and admission is free to all.

Located southeast of downtown Bentonville, Northwest Arkansas Community College offers Associates Degrees in a variety of disciplines including Graphic Design, Criminal Justice, Environmental Science, and Healthcare. Students enjoy small class sizes with a student / teacher ratio of 18:1 and enrollment is approximately 6,500.

Bentonville’s charming town square is home to locally-owned shops and eateries and the newly-restored Walmart Museum, which incorporates the location of the original Walton’s 5 & 10. The downtown City Square anchors the Bentonville Farmer’s Market, First Fridays culinary festival, outdoor movies, and many other events held throughout the year; creating an ideal gathering place for family, friends and visitors. Adding to the liveliness of the downtown area are numerous outdoor food venues, the 21c Museum Hotel, the ice-skating / splash park at Lawrence Plaza, a summer concert series at Orchards Park, and the Bentonville Film Festival; which was co-founded by actress Geena Davis. All are pedestrian-accessible, or ride a bike: The city’s Downtown Activity Center offers bicycle rentals to all who would like to explore the downtown area and local trails.

Bentonville’s park system boasts more than 950 total acres with 23 parks and more than 50 miles of trails. A 2.5 mile shared-use trail also connects recreational enthusiasts to the 36-mile Northwest Arkansas Razorback Regional Greenway, linking Bentonville residents to many popular destinations in Northwest Arkansas including the cities of Fayetteville, Johnson, Springdale. Lowell, and Rogers. These cities boast historic downtowns and vibrant entertainment districts, and the region is recognized as a top destination for shopping, dining, and the arts. Amenities abound for the outdoor enthusiast in Northwest Arkansas with multiple state parks, 486 miles of Beaver Lake shoreline, an impressive regional trails system, the 100-acre Botanical Garden of the Ozarks, and hiking / biking / boating opportunities.

Sources: http://www.bentonvillear.com/about-bentonville, https://www.visitbentonville.com/media/awards-and-accolades/, http://www.cnn.com/2016/02/09/travel/lonely-planet-best-united-states-2016-feat/index.html, https://www.thrillist.com/travel/nation/cheapest-cities-to-live-in-under-the-radar, http://humanservices.arkansas.gov/dcsns/Pages/VolunteerCommunityAwards.aspx, http://greaterbentonville.com/doing-business/,http://company.trivago.com/press-release/trivago-reveals-best-hotels-u-s/,http://vacationidea.com/ideas/architecturally-stunning-museums-in-the-united-states.html, http://www.nationalgeographic.com/adventure/lists/biking/best-mountain-biking-towns/, https://www.niche.com/k12/rankings/public-school-districts/best-overall/s/arkansas/, https://findingnwa.com/blog/northwest-arkansas-rankings/, https://census.gov/, http://talkbusiness.net, http://altaplanning.com/projects/northwest-arkansas-razorback-regional-greenway/, www.arkansasedc.com/sites/default/files/content/users/.../walmart_suppliers.pdf, http://corporate.walmart.com/our-story/our-history, http://referenceusa.com, http://www.bentoncountyar.gov/, https://collegescorecard.ed.gov/school/?367459-NorthWest-Arkansas-Community-College

A principal economic driver in Northwest Arkansas, Bentonville successfully taps into the region’s dynamic growth and world-class employee talent. Between 2015 and 2016 the Northwest Arkansas MSA (referred to by the U.S. Census Bureau and U.S. Bureau of Labor Standards as the Fayetteville–Springdale–Rogers, AR-MO Metropolitan Statistical Area)

added a net average of 31 people per day, growing to 525,032 and making it the state leader in population growth as well as one of the most dynamic and fastest-growing regions in the nation. In 2016, Forbes ranked the MSA third among medium-sized cities in the nation for white-collar job growth, while Fast Company ranked the region second in the nation for supporting minority-owned businesses. The Northwest Arkansas MSA posted a very low unemployment rate of 2.2% in April 2017, trending far lower than the national average of 4.4% for the same month. At the forefront of the acclaim, the city of Bentonville is attracting business and industry thanks to quality of life, a growing leisure and tourism sector, historically low unemployment, and a well-educated workforce.

The City of Bentonville and Benton County, Arkansas were founded in 1836 and named in honor of Thomas Hart Benton, the U.S. senator from Missouri who was instrumental in persuading Congress to admit Arkansas into the Union as the 25th state. A strong advocate for westward expansion, Benton endeared himself to settlers everywhere and inspired counties to be named after him in numerous states including Indiana, Iowa, Minnesota, Mississippi, Missouri, Oregon, Tennessee, and Washington. As the first town established in Benton County, Bentonville’s downtown square became a place for commerce and entertainment and the town soon transformed into a regional business hub.

Agriculture and fruit production provided the backbone of Bentonville’s local and regional economy following the setbacks of the Civil War. At the beginning of the 20th century The United States Census Bureau credited Benton County with having the largest

number of bearing apple trees of any county in the United States, and in 1901 the county shipped two and one-half million bushels of apples. The 1930’s saw the rise of commercial poultry and dairy production in the Bentonville area, which have remained as principal economic drivers to present-day. Founded in 1935, poultry producer Tyson Foods is a major Bentonville employer and the largest meat processor in the United States.

Bentonville’s top employer, Walmart, traces its origins to 1950 when Sam Walton opened Walton’s 5 & 10 on the Bentonville City Square. Inspired by the early success of this dime store, Walton opened the first Walmart in 1962 in Rogers, Arkansas. Today Walmart is the nation’s largest retailer, supporting approximately 11,000 Bentonville employees and more than 1,300 Walmart suppliers who call Northwest Arkansas home. Other major Bentonville employers include J.B. Hunt Transport Services (logistics), Mercy Health Systems of Northwest Arkansas (healthcare), and Arvest Bank Group (financial services).

The regional economic boom enjoyed by Bentonville and Northwest Arkansas has also supported a notable rise in the Arts. Conceived by Walmart heiress Alice Walton and designed by world-renowned architect Moshe Safdie, Bentonville’s Crystal Bridges Museum of American Art is one of the largest museums of its kind to be opened in the United States in the past 50 years. Housing a permanent

Botanical Garden of the Ozarks

Crystal Bridges Museum of American Art

Sources: http://www.bentonvillear.com/about-bentonville, https://www.visitbentonville.com/media/awards-and-accolades/, http://www.cnn.com/2016/02/09/travel/lonely-planet-best-united-states-2016-feat/index.html, https://www.thrillist.com/travel/nation/cheapest-cities-to-live-in-under-the-radar, http://humanservices.arkansas.gov/dcsns/Pages/VolunteerCommunityAwards.aspx, http://greaterbentonville.com/doing-business/,http://company.trivago.com/press-release/trivago-reveals-best-hotels-u-s/,http://vacationidea.com/ideas/architecturally-stunning-museums-in-the-united-states.html, http://www.nationalgeographic.com/adventure/lists/biking/best-mountain-biking-towns/, https://www.niche.com/k12/rankings/public-school-districts/best-overall/s/arkansas/,and https://findingnwa.com/blog/northwest-arkansas-rankings/

BENTONVILLE ACCOLADES• Bentonville receives top marks in Thrillist’s 2017 review of “Underappreciated American Cities You Should Totally Move To”

• Bentonville Public Schools placed second on Niche.com’s 2017 survey of “Best School Districts in Arkansas”

• Bentonville ranks 9th on Singletrack’s 2017 “The NEXT 10 Best Mountain Bike Destinations that You Need to Visit (In the USA)”, National Geographic awarded Bentonville 11th place in their 2017 list of “20 Best Mountain Bike Towns”

• Trivago awarded Bentonville’s 21c Museum Hotel 9th place in their 2017 national ranking of “Best 4-Star Hotels”

• The Bark Park in Bentonville ranks in the top four of VetStreet’s 2017 “Coolest Dog Parks Across the U.S.”

• Bentonville’s Crystal Bridges Museum of Art placed second on VacationIdea’s 2017 compilation of “25 Architecturally Stunning Museums in the United States,” surpassed only by The Getty in Los Angeles

• WalletHub named Bentonville one of the “Best 50 Small Cities and Towns in America” (November 2016)

• The Fayetteville-Springdale-Rogers, AR-MO Metro Statistical Area (which includes Bentonville) placed second on NerdWallet’s 2016 review of “Best Places for Minority – Owned Businesses”

• The Fayetteville-Springdale-Rogers, AR-MO Metro Statistical Area also placed second on Forbes’ 2016 ranking of “Best Midsize Cities for Jobs”

• Bentonville has been awarded “Volunteer Community of the Year” by the State of Arkansas for six consecutive years (2011 – 2016)

ORCHARDSPARK

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Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the Property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.

IF THE BROKER REPRESENTS THE OWNER

The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.

IF THE BROKER REPRESENTS THE BUYER

The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.

IF THE BROKER ACTS AS AN INTERMEDIARY

A broker may act as an intermediary between the parties if the broker complies with the laws of the state. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly. A broker who acts as an intermediary in a transaction:

(1) shall treat all parties honestly;

(2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner;

(3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and

(4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by a court order or if the information materially relates to the condition of the Property.

With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under the state and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed and associated with the broker to communicate with and carry out instructions of the other party.

IF YOU CHOOSE TO HAVE A BROKER REPRESENT YOU, you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding.

Listing Agent represents the Owner of Harbin Pointe.

Prospective purchasers are hereby advised the Owner (“Owner”) of Harbin Pointe (“Property”) is soliciting offers through ARA, A Newmark Company (“ARA”), which may be accepted or rejected by the Owner at the Owner’s sole discretion.

Any solicitation of an offer for the Property offered hereunder will be governed by this Offering, as it may be modified or supplemented. Prospective purchasers are advised that as part of the offer process, the Owner will be evaluating several factors including the experience and financial qualifications of the purchasing entity.

The Owner shall have no obligation to accept any offer from any prospective purchaser. The Owner reserves the right to withdraw the Property from consideration at any time prior to final execution of a Purchase Agreement.

This Offering document is furnished to prospective purchasers for the purpose of determining whether to invest in the Property offered hereby. The information contained herein, or any other related information provided by the Owner, may not be reproduced, redistributed or used in whole or in part without the prior written consent of the Owner.

No person has been authorized to give any information or make any representation or warranty, either expressed or implied and, if given or made, such information or representation must not be relied upon.

While the Owner and ARA have no reason to believe that the information provided herein or in subsequent information updates delivered to potential purchasers hereunder contains any material inaccuracies, neither the Owner nor ARA nor any of the Owner’s or ARA’s respective subsidiaries, affiliates, companies, or the officers, directors, employees, agents and representatives of any such entities, etc., make any representations or warranties, expressed or implied, as to the validity, accuracy or completeness of the information provided or to be provided, and nothing herein shall be deemed to constitute a representation, warranty or promise by any such parties as to the future performance of the Property or any other matters set forth herein.

Any obligations to prospective purchasers that the Owner may have with respect to the Property are limited to those expressly set forth in a fully executed Purchase Agreement between the parties. Prospective purchaser’s sole and exclusive rights against the Owner, with respect to this prospective transaction, the Property, or information provided herein or subsequently, shall be limited to those remedies expressly provided in an executed Purchase Agreement, which shall not survive the closing. Further, in no event shall prospective purchasers have any claims against the Owner, ARA, or any of their respective affiliates for any damages, liability, or causes of action relating to the Purchase Agreement.

Prospective purchasers are not to construe the contents of this Offering or any prior or subsequent information communications from the Owner or any of their respective officers, employees or agents as legal, tax or other advice. Prior to purchasing, prospective purchasers should consult with their own legal counsel and personal and tax advisors to determine the consequences of an investment in the Property and arrive at an independent evaluation of such investment.

No commission or finder’s fee shall be payable to any party by the Owner nor any affiliate or agent thereof in connection with the sale of the Property unless otherwise agreed to by the Owner in writing.

Acquisition of Property such as that offered hereunder involves a high degree of risk and is suitable only for persons and entities of substantial financial means.

Brandon Lamb, CCIM T 918-551-7600 [email protected]

Brian O’Boyle, Sr., CCIM T 214-420-3113 [email protected]

David Burnett, CCIM T 405-602-2966 [email protected]

Tim McKay T 405-879-4768 [email protected]

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www.aranewmark.com

© ARA Newmark. All Rights Reserved

ARA CENTRAL REGION

Information for Harbin Pointe is available on our website at www.aranewmark.com

TULSA OFFICE2021 South Lewis, Suite 410

Tulsa, OK 74104 T 918-551-7600

DALLAS OFFICE14114 Dallas Parkway, Suite 520

Dallas, TX 75254 T 972-934-3400

OKLAHOMA CITY OFFICE204 North Robinson, Suite 700

Oklahoma City, OK 73102 T 405-602-3040

Documents

194 Class A Units | Value-Add Opportunity€¦ · ARA, A NEWMARK COMPANY DALLAS OFFICE 14114 Dallas Parkway Suite 520 Dallas, TX 75254 T 972-934-3400 F 972-239-4829 Brandon Lamb,