Offering Memorandum - Constant Contactfiles.constantcontact.com/dabacb30501/c5d9bb95-1c... · Loan Type Proposed New Interest Rate 4.00% Amortization 30 Years Loan Term 10 Years Loan

ARDEN COURT APARTMENTSNEW BRIGHTON, MINNESOTA

Offering Memorandum

www.MFInvestmentBrokerage.com

For More Information on This Investment Opportunity

Please Contact Dan Linnell:

Mox GundersonAssociate Vice President of InvestmentsDirector National Multi Housing Group

[email protected]

License #: 40237387

Dan LinnellVice President of Investments

Director National Multi Housing Group952-852-9770

[email protected] #: 40211216

Josh TalbergSenior Associate

Member National Multi Housing Group952-852-9769

[email protected] #: 40124349

G U N D E R S O N L I N N E L L T A L B E R G

exclusively listed by

PROPERTY NAME

MARKETING TEAM

ARDEN COURT APARTMENTS

EXECUTIVE SUMMARYOFFERING PROCEDURE

3

Gunderson Linnell Talberg of Marcus & Millichap is pleased to offer for sale Arden Court Apartments in New Brighton, Minnesota. This

apartment community is comprised of three apartment buildings totaling 69-units.

Price: $5,416,500

Interest Offered:

Fee simple interest in Arden Court Apartments, a 69-unit apartment community located at 346 Cleveland Avenue SW in New Brighton

(Saint Paul), Minnesota.

Offering Procedures:

Purchasers wishing to make an offer should submit:

• Letter of Intent (template available upon request)

• Proof of Funds and Banking References

• Resume (which includes a list of other investment real estate owned now or in the past)

At the time the Owners select a Purchaser, they will have considered a number of factors including: price, contingency time frame(s), track

record and the perceived ability of potential purchasers to complete the contemplated transaction. Therefore, interested purchasers are

encouraged to submit as much of the above as possible with the Letter of Intent.

All communication, inquiries and requests, including property tours, should be addressed to the Marcus & Millichap listing agents. Do not

directly contact the Owners or anyone at the property.

Tour Schedule:

• Thursday, September 29th

• Tuesday, October 4th

• Thursday, October 6th


• Thursday, October 13th


Call for Offers: Thursday, October 20th

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to

be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other

person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to

provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of

interest in the subject property. The information contained herein is not a substitute for a thorough due diligence

investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with

respect to the income or expenses for the subject property, the future projected financial performance of the

property, the size and square footage of the property and improvements, the presence or absence of contaminating

substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the

improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or

intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure

has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not

verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding

these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the

information provided. All potential buyers must take appropriate measures to verify all of the information set forth

herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016

Marcus & Millichap. All rights reserved.

Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in

this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply

affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or

subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for

the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.


New Brighton, MN

ACT ID X0510344

TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01Offering Summary

Regional Map

Local Map

Aerial Photo

FINANCIAL ANALYSIS 02Rent Roll Summary

Rent Roll Detail

Operating Statement

Notes

Pricing Detail

Acquisition Financing

Growth Rate Projections

Cash Flow

MARKET COMPARABLES 03Comparables

Rent Comparables

MARKET OVERVIEW 04Market Analysis

Demographic Analysis



6

INVESTMENT

OVERVIEW


#

EXECUTIVE SUMMARY

OFFERING SUMMARY

MAJOR EMPLOYERS

EMPLOYER # OF EMPLOYEES

3M 18,231

Honeywell 8,000

Medtronic 5,163

Minnesota Dept Transportation 4,800

UPS 3,510

Smiths Medical MD Inc 2,580

Medtronic Usa Inc 2,500

Medtronic World Headquarters 2,500

Cummins Power Generation Inc 2,303

AViands LLC 1,900

Ebersen Inc 1,500

Target 1,470

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles

2015 Estimate Pop 6,670 78,349 229,075

2010 Census Pop 6,458 75,079 219,776

2015 Estimate HH 2,806 33,049 96,489

2010 Census HH 2,698 31,448 92,058

Median HH Income $61,853 $62,266 $56,539

Per Capita Income $34,819 $36,501 $32,724

Average HH Income $81,916 $84,680 $76,615

UNIT MIX

NUMBEROF UNITS

UNIT TYPEAPPROX.SQUARE FEET

37 1 Bedroom 640

29 2 Bedroom 882

3 3 Bedroom 1,024

69 Total 52,330

VITAL DATA

Price $5,416,500 CURRENT YEAR 1

Down Payment 20% / $1,083,300 CAP Rate 5.41% 6.61%

Loan Amount $4,333,200 GRM 8.05 7.19

Loan Type Conventional Net Operating Income $292,865 $357,914

Interest Rate / Amortization 4.00% / 30 Years Net Cash Flow After Debt Svc 4.12% / $44,617 10.12% / $109,665

Price/Unit $78,500 Total Return 11.16% / $120,926 17.45% / $189,084

Price/SF $103.51

Number of Units 69

Rentable Square Feet 52,330

Number of Buildings 3

Number of Stories 3

Year Built 1964

Lot Size 3.19 acre(s)

7


#

OFFERING SUMMARY

Immediate Value Add Opportunity

Current Loss-to-Lease over 9 Percent

Additional Rent Premiums Through Strategic In-Unit and Common Area Upgrades

Priced Well Below Replacement Value

INVESTMENT HIGHLIGHTS

Arden Court Apartments is a 69-unit extremely well-kept apartment complex located in New Brighton, Minnesota. In fact, it has been owned, managed and

visited every single week by the same hands-on owners for over 40 years. To say that it has been well cared for is an understatement.

Arden Court has seen significant capital investments throughout the years. Most recently they have replaced all of the original patio/balcony doors with

brand new Anderson sliding glass doors. Nearly all of the doors have been converted (they have supplies to complete the remaining). The windows have

all been replaced in the last 20 years. The boilers are all brand new. The pool pump system is brand new. The roofs have been maintained.

New ownership will step in, build a beautiful website for the property, update signage, clean landscaping and begin immediately raising rents to market as

well as charging garage rent. Over the course of the next 1-2 years rents will be brought to market, boosting the Net Operating Income (NOI) to over

$350,000 per year; with further upside through upgrades to select units and common areas.

Arden Court Apartments is only 12 minutes from downtown Minneapolis, 5 blocks from Lake Johanna and enjoys nearby residential single family home

sales in excess of $500,000.

Arden Court Apartments offers the rare opportunity to acquire a stabilized, well-kept apartment community at below replacement cost in the heart of one

of the strongest apartment markets in the entire nation.

INVESTMENT OVERVIEW

8


#

OFFERING SUMMARY

PROPERTY OVERVIEW

Arden Court Apartments, located in New Brighton, Minnesota, consist of three main apartment

buildings built in 1965 and two enclosed garage buildings totaling 77 stalls. The apartment

buildings feature 37 one-bedroom units, 29 two-bedroom units and 3 three-bedroom units.

Arden Court Apartments originally had 70 apartment units, however, one unit has been converted

to a rental/management office and was remodeled in 2015.

Tenants at Arden Court Apartments enjoy the property campus which spans over 3 acres. The

buildings are centered around the outdoor pool and courtyard. The fenced in pool features a new

pump and heater system. Views of the pool can be enjoyed through the brand new Anderson

sliding glass doors. Lake Johanna is just 5 short blocks from Arden Court Apartments.

Arden Court is easily accessible via Interstate 35W and is approximately 12 minutes to downtown

Minneapolis. Next year the property will be insulated from I35W road noise via a brand new

sound barrier being constructed along the interstate.

9

Laundry Facilities on Each Floor

Common Area Amenities

Controlled Access Entry

Outdoor Swimming Pool | BBQ Grill Area

Garages Available

1-, 2-, and 3-Bedroom Apartment Homes

Unit Amenities

Large Balconies or Patios

New Sliding Glass Patio/Balcony Doors


#

PROPERTY SUMMARY

OFFERING SUMMARY

PROPOSED FINANCING

First Trust Deed

Loan Amount $4,333,200

Loan Type Proposed New

Interest Rate 4.00%

Amortization 30 Years

Loan Term 10 Years

Loan to Value 80%

Debt Coverage Ratio 1.18

THE OFFERING

Property Arden Court Apartments

Price $5,416,500

Property Address 346 Cleveland Ave SW,New Brighton,MN

Assessor’s Parcel Number 32-30-23-14-0003

Zoning Multifamily

SITE DESCRIPTION

Number of Units 69

Number of Buildings 3

Number of Stories 3

Year Built/Renovated 1965

Rentable Square Feet 52,330

Lot Size 3.18 Acres

Type of Ownership Fee Simple Interest

Parking 77 Garages: 39 Stalls & 38 Stalls | Off Street | Surface Lot

Landscaping Mature

Topography Level

UTILITIES

Water Owner

Phone Tenant

CONSTRUCTION

Foundation Concrete

Framing Wood

Exterior Brick

Parking Surface Asphalt

Roof Flat

MECHANICAL

HVAC New Boilers | New Boiler and Pump for Pool

Wiring Standard

10


#

PROPERTY PHOTOS

PROPERTY SUMMARY

11

New Anderson Sliding Glass Doors in 90% of Units Refinished Cabinetry in Many Units


#

PROPERTY PHOTOS

PROPERTY SUMMARY

12

Newly Updated Management Office (2015)

South Garage: 39 Stalls | North Garage: 38 Stalls

REGIONAL MAP


13

LOCAL MAP


14

AERIAL PHOTO


15


16

FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS


RENT ROLL SUMMARY

17

FINANCIAL ANALYSIS


18

RENT ROLL DETAIL

FINANCIAL ANALYSIS


19

RENT ROLL DETAIL

FINANCIAL ANALYSIS


20

RENT ROLL DETAIL

FINANCIAL ANALYSIS


OPERATING STATEMENT

21

FINANCIAL ANALYSIS


NOTES

22

FINANCIAL ANALYSIS


PRICING DETAIL

23

MARCUS & MILLICHAP CAPITAL CORPORATION

CAPABILITIES

MMCC—our fully integrated, dedicated financing arm—is committed to

providing superior capital market expertise, precisely managed execution, and

unparalleled access to capital sources providing the most competitive rates and

terms.

We leverage our prominent capital market relationships with commercial banks,

life insurance companies, CMBS, private and public debt/equity funds, Fannie

Mae, Freddie Mac and HUD to provide our clients with the greatest range of

financing options.

Our dedicated, knowledgeable experts understand the challenges of financing

and work tirelessly to resolve all potential issues to the benefit of our clients.

National platform

operating

within the firm’s

brokerage

offices

$4.9 billion

total national

volume in 2015

Access to

more capital

sources than

any other firm

in the industry

Optimum financing solutions

to enhance value

Our ability to enhance

buyer pool by expanding

finance options

Our ability to enhance

seller control

• Through buyer

qualification support

• Our ability to manage buyers

finance expectations

• Ability to monitor and

manage buyer/lender

progress, insuring timely,

predictable closings

• By relying on a world class

set of debt/equity sources

and presenting a tightly

underwritten credit file

WHY MMCC?

Closed 1,601

debt and equity

financings

in 2015

ACQUISITION FINANCING


24

FINANCIAL ANALYSIS


GROWTH RATE PROJECTIONS

25

FINANCIAL ANALYSIS


CASH FLOW

26


27

MARKET

COMPARABLES

8


SALES COMPARABLES MAP

28


(SUBJECT)

Cottage Villas of Arden Hills

Hart Lake Apartments

Fountain Terrace

Skywood Apartments

The Meadows of Coon

Rapids

SALES COMPARABLES

1

2

3

4

5

PROPERTY NAMEARDEN COURT APARTMENTS

COMPARABLES

29

Avg. $102.80

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

180.00

200.00

Arden Court

Apartments

Cottage

Villas of

Arden Hills

Hart Lake

Apartments

Fountain

Terrace

Skywood

Apartments

The Meadows

of Coon

Rapids

Average Price Per Square Foot

Avg. $93,763

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Arden Court

Apartments

Cottage

Villas of

Arden Hills

Hart Lake

Apartments

Fountain

Terrace

Skywood

Apartments

The Meadows

of Coon

Rapids

Average Price Per Unit

PROPERTY NAME

MARKETING TEAM


COMPARABLES

rentpropertyname1

rentpropertyaddress1

rentpropertyname1


rentpropertyname1


30

SALES COMPARABLES

rentpropertyname1


673 VISTA ISLE DRIVE

673 VISTA ISLE DRIVE, SUNRISE, FL, 33325


346 CLEVELAND AVE SW, NEW BRIGHTON, MN, 55112

Units Unit Type

Offering Price: $5,416,500 37 1 Bdr

Price/Unit: $78,500 29 2 Bdr

Price/SF: $103.51 3 3 Bdr

CAP Rate: 5.41%

GRM: 8.05

Total No. of Units: 69

Year Built: 1964

Underwriting Criteria

Income $652,187 Expenses $359,322

NOI $292,865 Expenses/SF $6.87

Vacancy ($33,635) Expenses/Unit $5,208

3744 CLEVELAND AVE N, NEW BRIGHTON, MN, 55112

Units Unit Type

Close Of Escrow: 5/28/2015 15 1 Bdr 1 Bath

Sales Price: $5,648,970 30 2 Bdr 1 Bath

Price/Unit: $94,150 15 3 Bdr 1 Bath

Price/SF: $97.00


Year Built: 1994

COTTAGE VILLAS OF ARDEN HILLS

1

3839 HART BLVD, COLUMBIA HEIGHTS, MN, 55421

HART LAKE APARTMENTS

Units Unit Type



Price/Unit: $91,724

Price/SF: $108.00


Year Built: 1969

2

PROPERTY NAME

MARKETING TEAM


COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


31

SALES COMPARABLES

Units Unit Type


Sales Price: $5,800,000

Price/Unit: $80,556

Price/SF: $111.00


Year Built: 1964

FOUNTAIN TERRACE

3

751 1ST AVE NW, NEW BRIGHTON, MN, 55112 1200 CHERI LN NE, FRIDLEY, MN, 55421

Units Unit Type




Price/SF: $81.00


Year Built: 1963

SKYWOOD APARTMENTS

4

1770 121ST AVE NW, COON RAPIDS, MN, 55448

THE MEADOWS OF COON RAPIDS

Units Unit Type




Price/SF: $117.00


Year Built: 1992

5

8


RENT COMPARABLES MAP


(SUBJECT)

Rose Mall

Hamline Terrace

Aquarius

Brighton Village

Bramante's

Diamond Eight Terrace

Hart Lake Apartments

Equinox

Windsor South

Garden Grove

Chateau Royal Apartments

Granite Falls at Silver Lake

Cottage Villas of Arden Hills

Fountain Terrace

4

7

8

9

11

20

12

14

15

16

17

13

18

10

4

7

8

9

11

12

14

13

10

1

2

3

5

6

32

5


COMPARABLES

33

AVERAGE OCCUPANCY

Avg. 98.94%

0

10

20

30

40

50

60

70

80

90

100

Arden Court

Apartments

Rose Mall Hamline

Terrace

Aquarius Brighton

Village

Bramante's Diamond

Eight

Terrace

Hart Lake

Apartments

Equinox Windsor

South

Chateau

Royal

Apartments

Cottage

Villas of

Arden Hills

Fountain

Terrace


COMPARABLES

34

AVERAGE RENT

0

80

160

240

320

400

480

560

640

720

800

Hamline

Terrace

Aquarius Windsor

South

Garden

Grove

Chateau

Royal

Apartments

Studios

0

100

200

300

400

500

600

700

800

900

1,000

Arden Court

Apartments

Rose Mall Hamline

Terrace

Aquarius Brighton

Village

Bramante's Diamond

Eight

Terrace

Hart Lake

Apartments

Equinox Windsor

South

Garden

Grove

Chateau

Royal

Apartments

Granite

Falls at

Silver Lake

Cottage

Villas of

Arden Hills

1 Bedroom

Avg. $721

Avg. $879


COMPARABLES

35

AVERAGE RENT

Avg. $1,042

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Arden Court

Apartments

Rose Mall Hamline

Terrace

Aquarius Brighton

Village

Bramante's Diamond

Eight

Terrace

Hart Lake

Apartments

Equinox Windsor

South

Garden

Grove

Chateau

Royal

Apartments

Granite

Falls at

Silver Lake

Cottage

Villas of

Arden Hills

Fountain

Terrace

2 Bedroom

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Arden Court

Apartments

Windsor

South

Cottage

Villas of

Arden Hills

3 Bedroom

Avg. $1,287

PROPERTY NAME

MARKETING TEAM


RENT COMPARABLES







36

YEAR BUILT: 1964



Unit Type Units SF Rent Rent/SF

1 Bdr 37 640 $751.19 $1.17

2 Bdr 29 882 $851.38 $0.97

3 Bdr 3 1,024 $1,112.50 $1.09

Total/Avg. 69 848 $905.02 $1.08

ROSE MALL2200 PASCAL ST, ROSEVILLE, MN, 55113

OCCUPANCY: 98% | YEAR BUILT: 1968

1


1 Bdr 1 Bath 97 880 $945 $1.08

2 Bdr 1 Bath 65 1,000 $1,026 $1.03

Total/Avg. 162 940 $985.50 $1.06

AMENITIES

Detached garage parking available at $40 per month.

RUBS

The tenant is responsible for electric and cable. Owner pays heat, water,

sewer and waste removal.

HAMLINE TERRACE1360 TERRACE DR, ROSEVILLE, MN, 55113

2


Studio 1 Bath 7 275-670 $669-$759 $1.52

1 Bdr 1 Bath 64 700-750 $879-$914 $1.24

2 Bdr 1 Bath 27 950 $1,084 $1.15

2 Bdr 1.5 Bath 4 1,100 $1,239 $1.13

Total/Avg. 102 812 $924.00 $1.26


RUBS



PROPERTY NAME

MARKETING TEAM


RENT COMPARABLES

AQUARIUS

2425 COUNTY ROAD C2 W, ROSEVILLE, MN, 55113

AQUARIUS


AQUARIUS


37

AQUARIUS 2425 COUNTY ROAD C2 W, ROSEVILLE, MN, 55113


3


Studio 1 Bath 14 450 $734 $1.64

1 Bdr 1 Bath 49 727 $945 $1.30

2 Bdr 1 Bath 9 1,030 $1,052 $1.03

2 Bdr 1.5 Bath 3 1,080 $1,087 $1.01

2 Bdr 2 Bath 24 1,100 $1,214 $1.11

Total/Avg. 99 877 $1,006.40 $1.22

AMENITIES

Garage parking available for $50 per month.



BRIGHTON VILLAGE

900 COUNTY ROAD D W, NEW BRIGHTON, MN, 55112


4


1 Bdr 1 Bath 97 750 $840-$940 $1.19

2 Bdr 1.5 Bath 144 1,025 $985-$1,100 $1.02

Total/Avg. 241 888 $966.25 $1.11

AMENITIES

Detached garage parking available for $40 per month.



BRAMANTE'S

800 COUNTY ROAD D W, NEW BRIGHTON, MN, 55112

5


1 Bdr 1 Bath 42 825 $813 $0.99

2 Bdr 1.5 Bath 78 1,100 $928 $0.85

Total/Avg. 120 963 $870.50 $0.92


AMENITIES

Garage parking available at $40 per month.



PROPERTY NAME

MARKETING TEAM


RENT COMPARABLES

DIAMOND EIGHT TERRACE

3200 DIAMOND EIGHT TER, SAINT ANTHONY, MN, 55421





38

DIAMOND EIGHT TERRACE3200 DIAMOND EIGHT TER, SAINT ANTHONY, MN, 55421


6


1 Bdr 1 Bath 63 625-705 $765-$880 $1.24

2 Bdr 1 Bath 81 940-950 $930-$1,150 $1.11

Total/Avg. 144 805 $931.25 $1.18

AMENITIES




HART LAKE APARTMENTS3839 HART BLVD, COLUMBIA HEIGHTS, MN, 55421


7


1 Bdr 97 760 $860 $1.14

2 Bdr 48 960-1,100 $975-$1,040 $0.98

Total/Avg. 145 895 $958.33 $1.06

AMENITIES

Underground parking available for $50 per month; off-street parking for

$40 per month.



EQUINOX2808 SILVER LN NE, SAINT ANTHONY, MN, 55421

8


1 Bdr 1 Bath 108 700 $845-$945 $1.28

1 Bdr 1 Bath 70 750-840 $895-$1,120 $1.27

2 Bdr 1 Bath 88 950-1,000 $1,075-$1,175 $1.16

Total/Avg. 266 823 $1,009.17 $1.24


The tenant is responsible for electric and cable. Owner pays heat,

water/sewer, and waste removal.

PROPERTY NAME

MARKETING TEAM


RENT COMPARABLES

WINDSOR SOUTH

2280 SILVER LN, NEW BRIGHTON, MN, 55112

WINDSOR SOUTH


WINDSOR SOUTH


39

WINDSOR SOUTH2280 SILVER LN, NEW BRIGHTON, MN, 55112


9


Studio 1 Bath 20 365-548 $713-$880 $1.75

1 Bdr 1 Bath 68 677-734 $915-$1,016 $1.37

2 Bdr 1 Bath 46 866-920 $1,112-$1,214 $1.31

3 Bdr 1 Bath 1 1,031 $1,365 $1.33

Total/Avg. 135 772 $1,030.71 $1.44

AMENITIES




GARDEN GROVE750 5TH ST SW, NEW BRIGHTON, MN, 55112

YEAR BUILT: 1967

10


Studio 1 Bath 4 450 $708 $1.58

1 Bdr 1 Bath 52 730 $808 $1.11

2 Bdr 1 Bath 61 800-860 $960-$985 $1.18

Total/Avg. 117 670 $865.25 $1.29

AMENITIES




CHATEAU ROYAL APARTMENTS590 CLEVELAND AVE N, NEW BRIGHTON, MN, 55112

11


Studio 1 Bath 6 455 $650 $1.43

1 Bdr 1 Bath 28 650 $750 $1.16

2 Bdr 1 Bath 86 850-950 $850-$925 $0.99

Total/Avg. 120 668 $793.75 $1.19


AMENITIES

Garage stall included in rent.



PROPERTY NAME

MARKETING TEAM


RENT COMPARABLES

GRANITE FALLS AT SILVER LAKE

2130 COUNTY ROAD E W, NEW BRIGHTON, MN, 55112





40

GRANITE FALLS AT SILVER LAKE2130 COUNTY ROAD E W, NEW BRIGHTON, MN, 55112

YEAR BUILT: 1964

12


1 Bdr 1 Bath 30 561 $850-$899 $1.56

2 Bdr 1 Bath 72 817 $999-$1,049 $1.26

Total/Avg. 102 689 $949.25 $1.41

AMENITIES




COTTAGE VILLAS OF ARDEN HILLS3744 CLEVELAND AVE N, NEW BRIGHTON, MN, 55112


13


1 Bdr 1 Bath 15 758 $910 $1.21

2 Bdr 1 Bath 30 974 $1,037 $1.07

3 Bdr 1 Bath 15 1,190 $1,209 $1.02

Total/Avg. 60 974 $1,052.00 $1.10



FOUNTAIN TERRACE751 1ST AVE NW, NEW BRIGHTON, MN, 55112

14


2 Bdr 1 Bath 72 726 $1,025-$1,100 $1.47

Total/Avg. 72 726 $1,062.50 $1.47


AMENITIES

The rent includes free cable and laundry. Garage parking available for $50

per month.

PETS

Deposit $300, $25 per month.




41

MARKET

OVERVIEW

Minneapolis-St. Paul-Bloomington Metro

Market Highlights

High median household income

The median household income is well above the national average.

Attractive business and living environment

Companies are attracted to the region’s high level of education and strong

work ethic.

Concentration of large-scale firms

Minneapolis-St. Paul is home to 16 Fortune 500 firms, including Target,

UnitedHealth Group, 3M and General Mills.

An abundance of higher education

There are more than 20 colleges and universities in the Twin Cities.

MINNEAPOLIS-ST. PAUL

The Minneapolis-St. Paul metro is situated in the southeastern portion of

central Minnesota and extends into western Wisconsin. Nearly 1,000 of

Minnesota’s 10,000 lakes are located within the metro, along with the

Mississippi, Minnesota and St. Croix rivers. The Twin Cities of Minneapolis and

St. Paul straddle the Mississippi River, with Minneapolis located upstream

from St. Paul. The metro covers 6,364 square miles of fertile soil atop

limestone and sandstone and includes 13 counties, two of which are in

Wisconsin.

Geography


42

Minneapolis-St. Paul metro is the largest metropolitan area in the state of Minnesota and is served by the

Minneapolis-St. Paul International Airport and six reliever airports.

Two major freeway systems run through the region: Interstate 94 and Interstate 35. I-35 splits into I-35E, which

runs through St. Paul, and I-35W, which passes through Minneapolis. Two beltline freeways, Interstates 494

and 694, facilitate travel around the suburbs, and Interstate 394 runs east to west from I-94 to I-494.

Metro Transit operates bus, commuter rail and light-rail systems throughout the metro, and some suburban

cities have their own bus systems. The METRO Blue Line runs along Hiawatha Avenue, connecting downtown

Minneapolis with the airport and Mall of America, while the Green line links Minneapolis with the University of

Minnesota and Downtown St. Paul. The Northstar commuter line services the northern suburbs.

Infrastructure

The Minneapolis-St. Paul Metro is:

75 miles from Rochester

300 miles from Milwaukee

400 miles from Chicago

600 miles from Indianapolis

Airports

Minneapolis-St. Paul International Airport

Six reliever airports

Major Roadways

Interstates 35W, 35E, 94, 394, 494 and 694

Rail

Freight – BNSF and Union Pacific

Passenger – Amtrak

Commuter – Northstar and METRO light rail

The 13-county Minneapolis-St. Paul-Bloomington metro contains more than 200 municipalities and registers a

population of more than 3.5 million. The Twin Cities metro area encompasses the seven core counties of the

region, the largest being Hennepin County. Minneapolis is the most populated city in the state, with 404,400

citizens, followed by St. Paul, the capital city, with 298,500 residents.

Metro

Largest Cities in Metro by Population

Minneapolis 404,400

St. Paul 298,500

Bloomington 86,700

Brooklyn Park 80,500

Plymouth 76,000

Maple Grove 67,700

* Forecast

Sources: Marcus & Millichap Research Services; U.S. Census

Bureau; Experian



43

The metro has a diverse economic base and is home to 16 Fortune 500

companies. The local GMP will increase by an estimated 3.4 percent this year.

The Twin Cities are involved in all aspects of the food delivery system, from initial

production to final sale. Similar to many other Midwestern cities, the metro has a

strong manufacturing base, encompassing both traditional industry and high-tech

manufacturing. Relative to other areas, the metro has a large concentration of

technology companies. Many are biomedical firms developed from research at

the University of Minnesota and the Mayo Clinic, located 75 miles south of the

metro in Rochester. Google has established a tech hub in Minneapolis to help

foster and nurture startups. The region is also the base of a number of major

retailers, including Select Comfort, Target and Best Buy.

Minneapolis houses the Ninth Federal Reserve District, which services

Minnesota, the Dakotas, Montana and portions of Michigan and Wisconsin. A

number of financial and insurance institutions are also headquartered or have

significant operations locally.

An ability to handle air, land, river and sea transportation ranks the metro among

the top in the nation for its logistics infrastructure. Its location in the upper

Midwest has made the Twin Cities a hub for motor freight companies. Barge lines

operate on the Mississippi, Minnesota and St. Croix rivers, transporting

agricultural goods to the world via the Mississippi. Minneapolis is only 150 miles

from the Port of Duluth, which connects to the Atlantic Ocean through the Great

Lakes/St. Lawrence Seaway System.

Economy

* Forecast

Sources: Marcus & Millichap Research Services; Bureau of Economic

Analysis; Moody’s Analytics; U.S. Census Bureau; Fortune



44

Skilled employees, quality of life and a diverse economy allow for a stable job base. The metro boasts a well-

educated labor pool, with approximately 94 percent of the population age 25 and older attaining a high-

school diploma. It also ranks highly for its percentage of population age 25 and older with at least a

bachelor’s degree, at 38 percent. There are more than 20 institutions of higher learning in the metro, providing

education and training to keep the local labor force among the most skilled in the country. The local economy

is supported by 1.9 million jobs in a wide range of sectors. Over the next five years, employment in the metro

is expected to grow by 1.2 percent annually, slightly lower than the U.S. average.

Once dominated by agriculture and manufacturing, the local economy is now driven by the trade,

transportation and utilities sector, which employs approximately 347,000 people, or 18 percent of the

workforce. A significant portion of these jobs are provided by the many retailers in the area as well as

Minneapolis-St. Paul International Airport. The airport is the home of Sun Country Airlines as well as a

regional hub for Delta Airlines, which continues to expand its average daily flights. This segment is forecast to

increase 0.4 percent annually over the next five years.

Another 16 percent, or 317,100 jobs, in the metro are in the education and health services sector, which is

expected to expand by 2.1 percent annually through 2020. The professional and business services sector

also provides 16 percent of the workforce, or 314,300 jobs, and will record growth at 2.7 percent annually

during this time.

Labor

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Moody’s

Analytics



45

Large employers in the Twin Cities area include the state of Minnesota, the U.S. government and the University of Minnesota. Other major employers fall within the banking,

financial services, technology and healthcare sectors.

Wells Fargo, Ameriprise Financial and US Bank drive the banking and financial services sector, while Allina Health System, Fairview Health Services and United Health

Group Inc. are key players in the growing healthcare industry.

Technology companies such as 3M, St. Jude Medical and Medtronic maintain large presences in the region. Best Buy and Target have significant workforces in the retail

sector, as both have headquarters here.

The Mall of America, located in Bloomington, is one of the most popular tourist destinations in the nation, with roughly 40 million visitors annually, making its local economic

impact significant. The mall employs more than 11,000 year-round workers and generates nearly $2 billion annually in economic activity for the state. Work will be

completed this year on a $325 million expansion of the mall, which will provide 50 to 75 new shops and restaurants as well as 180,000 square feet of office space and a

342-room JW Marriott hotel.

Employers

Major Employers

Target Corp.

University of Minnesota

Allina Health System

Fairview Health Services

Best Buy Co. Inc.

Wells Fargo Minnesota

3M Co.

United Health Group Inc.

Health Partners

U.S. Bancorp

* Forecast

Sources: Marcus & Millichap Research Services; Moody’s

Analytics; BLS



46

Population growth in the metro has exceeded the national level since 1990 and will continue to do so over the next five years. Gains are expected to register 0.9 percent

annually through 2020. High-growth areas typically fall outside of the urban core; however, new apartment and condo developments recently completed and planned in the

central cities will likely boost the populations in both Minneapolis and St. Paul in the upcoming years.

Robust growth in the metro has been supported by an expanding population of well-educated and highly skilled young professionals. The region is home to the University

of Minnesota, which has one of largest student populations in the United States at 50,700. Many of the graduates remain in the area, employed by large corporations

headquartered in the region. More than 38 percent of residents have attained at least a bachelor’s degree, compared with just 29 percent for the country. The highly skilled

workforce has helped raise the median household income to nearly $70,500 annually, well above the national median.

Above-average household incomes have enabled more than 70 percent of residents in the metro to own their own home, which is higher than the U.S. rate at 64 percent.

Home prices will rise faster than household incomes during the next five years; the median price is approaching $224,900.

Demographics


* Forecast

Sources: Marcus & Millichap Research Services; AGS; Experian;

Moody’s Analytics; U.S. Census Bureau


47

The vibrant metro area is the entertainment and cultural center of the upper Midwest. Scenery in the metro includes contemporary skylines, historic architecture and

greenways of parks, lakes and the Mississippi, St. Croix and Minnesota rivers. Outdoor venues include the Como Park Zoo, Marjorie McNeely Conservatory, the Minnesota

Zoo, the Minnesota Landscape Arboretum and a number of ski runs and golf courses.

The region is home to many professional sports teams, including the Minnesota Vikings, the Minnesota Twins, the Minnesota Timberwolves, the Minnesota Wild and the

Minnesota United. College sports are also enjoyed at the University of Minnesota Twin Cities campus. The Vikings new facility (US Bank Stadium) will be completed in time

for the 2016 football season. The metro is scheduled to host Super Bowl 52 in 2018 and the Men's NCAA Final Four in 2019.

The Twin Cities are noted for their array of theaters, orchestras, art museums and gardens. These include the Walker Art Center, Hennepin County Library, the Guthrie

Theater and the Minneapolis Institute of Arts. The region has more than 100 theater venues, making it the third-largest theater market in the country. Arts education is also

strong in the area, supported by the Minneapolis College of Arts and Design, the Children’s Theatre Company, MacPhail Center for the Arts, Perpich Center for Arts

Education and a variety of education programs at local museums.

Quality of Life



* Forecast

Sources: Marcus & Millichap Research Services; National

Association of Realtors; Moody’s Analytics; U.S. Census Bureau

48

2016 Multifamily Forecast

Construction: Following the delivery of

4,600 apartments last year, 4,000 units

are expected to be completed in 2016.

This total will include 700 affordable

and 300 senior units. Construction will

be widespread with nearly all of the

metro’s submarkets receiving new

rentals.

Vacancy: The vacancy rate will remainbelow 3 percent for the thirdconsecutive year, ending 2016 at 2.9percent as tenant demand keeps pacewith deliveries. Last year, vacancy alsoregistered 2.9 percent on netabsorption of nearly 3,900 units.

Rents: Tight vacancy will continue tofoster rent growth. After a 4.8 percentclimb was registered last year, effectiverents will soar 5.7 percent to an averageof $1,161 per month in 2016, anincrease of 18.5 percent in the last fiveyears.

Employment: Approximately 31,900

jobs were created in 2015, led by

strong growth in the healthcare

industry. Employers will step up the

pace of hiring this year with staffs

increasing by 35,000 workers

metrowide, a 1.8 percent rise.


49

Healthy Apartment Market Keeps Headwinds at Bay

1.8%

increase

in total

employment

units

will be

completed

4,000

basis point

increase in

vacancy

0

5.7%

increase

in effective

rents

MINNEAPOLIS-ST. PAUL METRO AREA

A highly skilled labor force and a notable quality of life attract employers and workers to

the Twin Cities metro, underpinning the demand for apartments. The region has gained

more than 435,100 residents in the past five years, many coming for job opportunities.

Employment has been relatively steady, keeping the unemployment rate among the lowest in

the nation. The need for housing has activated developers and more than 18,300 units were

completed in the same five-year period. Construction has been concentrated near the

downtown cores, but as vacancy in many suburbs hovers below the traditional replacement

level, building is spreading throughout the region. Rising construction costs, however, could

hinder some larger projects from moving forward in the quarters ahead. This is most likely near

the cores and submarkets such as Uptown/St. Louis Park where a wave of new inventory

leasing up has pushed vacancy higher. Rising rents, particularly near Downtown Minneapolis

and St. Paul, could drive some tenants farther from the core into more affordable rentals, while

others may consider homeownership.

Capital continues to flow into the Minneapolis-St. Paul metro, providing a robust bidding

environment as buyers outnumber available listings. With investors plentiful and average

prices nearly doubling since the cyclical trough in 2009, owners without a long-term hold

strategy may find this an opportune time to list. Exchange buyers are active; some are selling

assets in larger cities and seeking steady cash flows in quality properties in this relatively stable

Midwest metro. Private local investors have also stepped up purchasing, focusing mainly on

value-add opportunities. As a result, older Class B/C buildings under $5 million are in demand

at initial yields that are typically in the 7 percent span. New construction is also providing buying

opportunities at the top end of the market. Properties in the lease-up period can trade at a sub-

five cap rate and are generally in the 5 percent area if stabilized.

Economy

Housing and Demographics

** Trailing 12 months through 1Q

Sources: Marcus & Millichap Research Services; Economy.com; NAR

* Forecast

Sources: Marcus & Millichap Research Services; Bureau of Labor

Statistics; Economy.com


50


Job opportunities are attracting new residents to the region. In the last four quarters, the population has grown by nearly 35,000 people, nearly 10 percent

of whichare in the prime renter cohort of ages 20 to 34. These gains should spawn demand for apartments.

The monthly rent on an apartment built since 2000 is $270 more than the mortgage payment for a median-priced home in the metro, using traditional

financing and assuming 20 percent down with taxes and insurance included. This difference will likely motivate some tenants to consider homeownership

this year.

The median income in the metro rose 0.5 percent to $70,500 per year in the last 12 months, which is $15,000 more than is needed to qualify for a

mortgage on a median-priced home. The median home price, however, jumped 3.7 percent to $232,500 during the same period, making

homeownership less attainable for some renters.

Outlook: A 20.5 percent surge in single-family home completions and an 8.3 percent rise in home sales during the past four quarters may indicate that

motivation to purchase a home is rising. Tenants who lack the funds for a downpayment, prefer luxury amenities or choose to live in urban

neighborhoods where housing prices are far above the metro average will likely remain in the renter pool longer.

During the first quarter of 2016, employers created 10,300 positions, raising the 12-month total to 33,000

slots, a 1.7 percent gain. One year earlier, 39,000 new workers were hired.

The largest staff increases were among healthcare firms. This segment generated nearly 9,400 jobs in the 12-

month period. It was followed by the leisure and hospitality sector with roughly 4,600 people as new hotels

and restaurants opened. Expansion in this sector bodes well for the apartment market as many of these

employees are likely to rent.

The added jobs kept the unemployment rate in March at 3.4 percent. This is the eighth consecutive quarter

the rate has remained below 4 percent.

Outlook: After 31,900 jobs were created in 2015, employers will increase the pace of hiring this year,

expanding headcounts by 35,000 additional workers metrowide, a 1.8 percent rise.

Construction

Vacancy

* Forecast

Sources: Marcus & Millichap Research Services; MPF Research

* Forecast




51

The slowest pace of deliveries in six months lowered the vacancy rate 30 basis points year over year in the

first quarter to 2.6 percent. This is the ninth consecutive quarter with the rate below 3 percent even though

11,100 apartments have been delivered during that time.

By submarket, the tightest vacancy in March was found in Anoka County at 1.3 percent, down 100 basis

points over the last four quarters, despite the delivery of 320 units during this period. The second-lowest

average effective rent metrowide, at $957 per month, attracts renters to the submarket.

Vacancy is especially low in properties constructed before 1970 and during the 1990s at 1.7 and 1.8 percent,

respectively. The rate in the latter dropped 140 basis points during the last 12 months as more affordable

rents than are available in newer units drew tenants to this vintage.

Outlook: Tenant demand for apartments will keep pace with construction, resulting in the vacancy rate

remaining below 3 percent. Vacancy will end 2016 at 2.9 percent, mirroring last year’s rate.

Developers finalized 671 apartments during the first three months of 2016, bringing the year-over-year total to

4,650 units. This total includes 850 affordable, 660 student and 650 senior apartments. In the previous 12

months, 5,500 rentals were brought into service.

Construction activity is slowly descending from the 2014 peak. There are approximately 4,900 apartments

underway with completions expected through the end of 2017. In addition, roughly 9,300 units have been

proposed.

The A-Mill Artist Lofts was the largest apartment project completed in the opening quarter of 2016. The

former Pillsbury flour mill complex on S.E. Main Street in Minneapolis has been converted into 251 affordable

rentals for working artists and is fully occupied.

Outlook: In 2016, apartment inventory will expand by 1.5 percent with the addition of 4,000 rentals.

Construction will be widespread with nearly all of the metro’s submarkets receiving new units.

Rents

Sales Trends

** Trailing 12 months through 1Q

Sources: Marcus & Millichap Research Services; CoStar Group, Inc.;

Real Capital Analytics

* Forecast




52

Sales activity has been limited only by the availability of listings amid robust investor interest. During the last four quarters,

transaction flow rose 10 percent following a 38 percent jump in the previous 12 months. Buyers focused on properties in

the neighborhoods surrounding downtown St. Paul and in the Uptown/West Calhoun/Bryn Mawr area.

Increased investor competition drove the price up 18 percent to an average of $126,500 per unit over the last four quarters.

Assets in the city of St. Paul traded below the metro average at $96,100 per door as mainly older Class C buildings changed

hands during this period.

Stabilized Class A properties are typically listed in the low- to mid-5 percent area with Class C assets trading 100 basis

points higher. Intense competition for quality value-add buildings can result in cap rates dropping below 5 percent.

Outlook: Strong tenant demand for older properties will continue to attract investors to Class C assets with below market

rents. Buildings that can be quickly upgraded and have rents adjusted higher will especially be desired.

Effective rent jumped 5.7 percent to an average of $1,121 per month in the last 12-month period, this was the

largest annual increase since 2008. Rent climbed 4.0 percent one year earlier.

Among submarkets, the greatest effective rent growth was registered in Central St. Paul at 8.5 percent to $1,230

per month in the last four quarters. Vacancy here at 2.9 percent rests slightly above the metro average. The highest

average rents metrowide are found in the Downtown Minneapolis/University submarket at $1,458 per month, up

4.0 percent during the last 12 months.

By vintage, the most substantial rent growth in the annual period ending in March was in apartments built before

1970. Here, effective rents climbed 7.5 percent to an average of $904 per month, although they remain the most

affordable among the age tranches.

Outlook: Tight vacancy will continue to foster rent growth this year. The average effective rent will soar 5.7 percent

to $1,161 per month, up 18.5 percent in the last five years.

Capital Markets

Local Highlights


53

The U.S. economy is resuming its steady pace of growth following an extended period of financial market volatility to start the year. Recent reports have highlighted a stable

consumer environment, particularly as the labor market continues to improve. Advancement in commodity prices has reduced strain in the sector, helping oil-related

economies bounce back. Meanwhile, commercial credit availability remains robust, prompting a positive outlook over the coming months.

Developer activity remains robust, with deliveries for 2016 expected to top 285,000 units, the most new apartments delivered in a year since the 1980s. Lenders have begun

to more closely monitor development activity and are now tightening funding for new projects in markets they believe face overdevelopment risk. With builder activity

concentrated in just 10 major metros nationally, those markets are receiving the greatest scrutiny. Lenders will likely continue evaluating each project carefully, which will

benefit the sector by reducing risks of overdevelopment.

The capital markets environment continues to be highly competitive, with Fannie Mae and Freddie Mac underwriting loans up to 10 years with maximum leverage of 80

percent. Pricing will typically reside between the high-3 percent range to the low-4 percent range, depending on deal size. Portfolio lenders will also price in this range but will

typically require loan-to-value ratios closer to 65 percent. Floating bridge loans and financing for repositionings are typically underwritten with loan-to-value ratios above 80

percent, while pricing at 250 basis points above Libor for recourse and extending to 450 basis points above Libor for non-recourse deals.

As rents rise, apartment affordability is becoming an issue. This year, developers will bring 700 affordable units into service throughout four of the metro’s 14 submarkets.

Downtown Minneapolis/University will receive the highest portion with 285 rentals followed by West St. Paul with 214. The remainder are in North Minneapolis and Eden

Prairie/Shakopee/Chaska. The largest affordable project is A-Mill Artist Lofts in Minneapolis with 251 apartments.

The Trust for Public Land recently ranked Minneapolis and St. Paul as top in the nation for the best urban park systems among big cities. This designation and the resulting

publicity should call attention to the Twin Cities high quality of life and assist in attracting residents to the area.

Fresh Thyme grocery is increasing its expansion plans in the metro. The company expects to debut 12 to 16 stores in the region. Lucky’s and Hy-Vee are other grocers

seeking sites in the region. Hy-Vee is not only adding big-box grocery stores, but the firm is also scouting for sites to open a number of small stores with gas pumps. The

10,000- to 15,000-square-foot facilities are expected to offer groceries and prepared food. The added retail jobs should benefit apartments nearby.

Condo construction is proliferating. One of the largest projects opening this year is Portland Tower in Minneapolis. The 17-story tower will offer 110 for-sale units, which could

compete with nearby luxury apartments.


PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS

Source: © 2015 Experian

Created on September 2016

POPULATION 1 Miles 3 Miles 5 Miles

2020 Projection

Total Population 6,657 78,652 231,039

2015 Estimate


2010 Census


2000 Census


Daytime Population

2015 Estimate 9,933 120,980 303,246

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

2020 Projection

Total Households 2,810 33,426 97,786

2015 Estimate


Average (Mean) Household Size 2.36 2.25 2.30

2010 Census


2000 Census


Growth 2015-2020 0.14% 1.14% 1.34%

HOUSING UNITS 1 Miles 3 Miles 5 Miles

Occupied Units

2020 Projection 2,810 33,426 97,786

2015 Estimate 2,901 33,820 98,935

Owner Occupied 1,576 22,786 59,683

Renter Occupied 1,230 10,262 36,806

Vacant 96 771 2,445

Persons In Units

2015 Estimate Total Occupied Units 2,806 33,049 96,489

1 Person Units 29.62% 34.53% 33.55%

2 Person Units 35.67% 34.85% 34.25%

3 Person Units 15.75% 13.35% 14.20%

4 Person Units 11.55% 10.52% 10.55%

5 Person Units 4.95% 4.17% 4.52%

6+ Person Units 2.42% 2.57% 2.94%

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

2015 Estimate

$200,000 or More 4.12% 4.84% 3.82%

$150,000 - $199,000 6.34% 6.14% 5.23%

$100,000 - $149,000 16.48% 16.62% 13.88%

$75,000 - $99,999 12.25% 13.48% 13.56%

$50,000 - $74,999 20.67% 18.4% 18.62%

$35,000 - $49,999 12.18% 12.49% 13.43%

$25,000 - $34,999 13.02% 10.57% 10.35%

$15,000 - $24,999 7.5% 8.76% 10.22%

Under $15,000 7.45% 8.7% 10.88%

Average Household Income $81,916 $84,680 $76,615

Median Household Income $61,853 $62,266 $56,539

Per Capita Income $34,819 $36,501 $32,724

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

Population By Age

2015 Estimate Total Population 6,670 78,349 229,075

Under 20 24.21% 22.48% 22.3%

20 to 34 Years 25.36% 21.7% 26.24%

35 to 39 Years 5.72% 5.52% 6.02%

40 to 49 Years 11.67% 11.12% 11.4%

50 to 64 Years 17.98% 20.04% 18.91%

Age 65+ 15.06% 19.15% 15.13%

Median Age 35.34 40.28 36.12

Population 25+ by Education Level

2015 Estimate Population Age 25+ 4,502 54,750 155,828

Elementary (0-8) 0.45% 0.89% 1.42%

Some High School (9-11) 4.35% 3.44% 4.09%

High School Graduate (12) 21.73% 21.87% 22.85%

Some College (13-15) 19.66% 19.27% 20.28%

Associate Degree Only 10.01% 9% 8.41%

Bachelors Degree Only 27.8% 27.69% 25.37%

Graduate Degree 15.18% 16.71% 16.31%

Population by Gender

2015 Estimate Total Population 6,670 78,349 229,075

Male Population 49.76% 47.67% 48.98%

Female Population 50.24% 52.33% 51.02%

54

Income

In 2015, the median household income for your selected geography is

$61,853, compare this to the US average which is currently $54,148.

The median household income for your area has changed by 25.70%

since 2000. It is estimated that the median household income in your

area will be $69,736 five years from now, which represents a change

of 12.74% from the current year.

The current year per capita income in your area is $34,819, compare

this to the US average, which is $29,638. The current year average

household income in your area is $81,916, compare this to the US

average which is $77,468.

Population

In 2015, the population in your selected geography is 6,670. The

population has changed by -0.16% since 2000. It is estimated that

the population in your area will be 6,657.00 five years from now,

which represents a change of -0.19% from the current year. The

current population is 49.76% male and 50.24% female. The median

age of the population in your area is 35.34, compare this to the US

average which is 37.55. The population density in your area is

2,117.37 people per square mile.

Households

There are currently 2,806 households in your selected geography. The

number of households has changed by -1.20% since 2000. It is

estimated that the number of households in your area will be 2,810

five years from now, which represents a change of 0.14% from the

current year. The average household size in your area is 2.36 persons.

Employment

In 2015, there are 4,671 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

73.36% of employees are employed in white-collar occupations in

this geography, and 27.52% are employed in blue-collar occupations.

In 2015, unemployment in this area is 2.03%. In 2000, the average

time traveled to work was 22.00 minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as follows:

78.3% White, 7.58% Black, 0.01% Native American and 6.7%

Asian/Pacific Islander. Compare these to US averages which are:

70.98% White, 12.77% Black, 0.19% Native American and 5.25%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 6% of the current year population

in your selected area. Compare this to the US average of 17.53%.

PROPERTY NAME

MARKETING TEAM


Housing

The median housing value in your area was $207,470 in 2015,

compare this to the US average of $185,104. In 2000, there were

1,631 owner occupied housing units in your area and there were

1,209 renter occupied housing units in your area. The median rent at

the time was $657.

Source: © 2015 Experian

DEMOGRAPHICS

55

www.MFInvestmentBrokerage.com

1350 Lagoon Avenue, Suite 840, Minneapolis, Minnesota 55408

Phone: 952-852-9700 | Fax: 952-852-9710

Mox GundersonAssociate Vice President of InvestmentsDirector National Multi Housing [email protected] #: 40237387

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Documents

Offering Memorandum - Constant Contactfiles.constantcontact.com/dabacb30501/c5d9bb95-1c... · Loan Type Proposed New Interest Rate 4.00% Amortization 30 Years Loan Term 10 Years Loan