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O L D H I C K O R Y T R A I L Premier Development Opportunity inDallas, Texas
WEST WHEATLAND ROAD
Red Bird Mall
OLD HICKORY TRAIL
Methodist Charlton Hospital
+/- 10 Acre Site
INTERSTATE 20
MARVIN D LOVE FREEWAY / US-67
OLD HICKORY TRAIL2DEAL PREVIEW M ARKE TING PROGRAMASSE T PERFORMANCE M ARKE T PERSPECTIVE
Brokerage Team__________________Brian O’Boyle, Sr., CCIMBrian Murphy, CCIMBrian O’Boyle, Jr.Richard FurrJakob AndersenBart WickardMatt WidemanKevin O’BoyleChris Colombe
YOU
T R A N S A C T I O NVOLUME 2000-2018 YTD
$13.8BILLION
DALLAS TEAM
Debt & StructureFinance_________________Braden HarmonHank GlasgowAndrew Russell
Finance Team_______________Dave KulikWill ZieglerDanny MillerTravis Ball
Transaction &Research Team________________Linda DugoLindsay ChandlerCaroline RoseRobyn RandallDee Dee WilliamsLori FosterAndrew Matheny
Graphics &Marketing Team_________________Ginger JohnsonShaar BottingEric SteibChristy Smith
MULTIFAMILY CAPITAL MARKETS
Our team provides you asset-specific customization for highly effective transaction strategies
PROFESSION AL ADVISORS
OLD HICKORY TRAIL3DEAL PREVIEW M ARKE TING PROGRAMASSE T PERFORMANCE M ARKE T PERSPECTIVE
#1CITY IN THE NATION
WHERE PEOPLEARE MOVING (D/FW)
(Dallas Business Journal 2018 Book of Lists)
Average Price of NewSingle-family Homes
$310,973
2016-2017Population Growth
143,430(#1 in U.S.)
D / FWUnemployment
3.4%
New ResidentsPer Day
395
Average Projected Job Growth 2018
101,000
18THBEST PLACE
TO LIVE IN THEU.S. (D/FW)
(U.S. News and World Report 2018)
10THBEST PLACE
FOR BUSINESS AND CAREERS (D/FW)
(Forbes 2018)
#1CITY (D/FW) IN
EMPLOYMENT INCREASE IN TEXAS AND#2 IN THE U.S.
(Dallas Business Journal 2018 Book of Lists)
August 2017-2018Jobs Added
114,900(#2 in U.S.)
August 2018Job Growth
3.6%
WHY INVEST IN DFW?
OLD HICKORY TRAIL4DEAL PREVIEW M ARKE TING PROGRAMASSE T PERFORMANCE M ARKE T PERSPECTIVE
SITEMAP
OLD
HICK
ORY
TRAI
L
+/- 10 Acre Site
Greens of Hickory Trail250 units • Built 1999
Providence on the Park280 units • Built 2004
OLD HICKORY TRAIL5DEAL PREVIEW M ARKE TING PROGRAMASSE T PERFORMANCE M ARKE T PERSPECTIVE
SITE SELECTION DATA
LOCATION 9101 Old Hickory Trail
LATITUDE & LONGITUDE 32.642910, -96.867520
ACREAGE 10.08 Acres
UTILITIES Yes
ZONING MF-2(A)
SCHOOL DISTRICT Dallas Independent School District
PROPERTY TAX RATE $2.845235 Per $100 Valuation
• Easy highway access: minutes away from I-20 & US-67 interchange
• Located in one of the strongest performing multi-family submarkets in the DFW metro
• Current zoning permits multi-family, senior living, and single family development
• Highly ranked elementary school: Umphrey Lee earned 7 out of 8 distinction designations
• 8,164 vehicles per day on Old Hickory Trail
• Nearby stops for DART bus routes 404 (to Southwestern Medical District/
Parkland Station) and 415 (UNT Dallas to Southwest Center Mall)
(C) 2017 Pictometry
OLD H
ICKORY TRAIL
OLD HICKORY TRAIL6DEAL PREVIEW M ARKE TING PROGRAMASSE T PERFORMANCE M ARKE T PERSPECTIVE
Site
NEARBYRETAIL
SOUT
H HA
MPT
ON R
OAD
WEST WHEATLAND ROADOLD
HICKORY TR
AIL
OLD HICKORY TRAIL7DEAL PREVIEW M ARKE TING PROGRAMASSE T PERFORMANCE M ARKE T PERSPECTIVE
NEARBYSENIORCARE
Site
Doctor/Clinic
Nursing/Rehab
Pharmacy
Social SecurityAdmin Office
Hospital
S
SOUT
H HA
MPT
ON R
OAD
Methodist Charlton • 301 beds • “A” safety rating by LeapFrog • Nationally accredited breast care center • Level III trauma center
1 mile radius
SOUT
H CO
CKRE
LL H
ILL
ROAD
WEST WHEATLAND ROAD
WESTM
OREL
AND
ROAD
OLD HICKORY TRAIL8DEAL PREVIEW M ARKE TING PROGRAMASSE T PERFORMANCE M ARKE T PERSPECTIVE
RED BIRD MALLREDEVELOPMENT
OLD HICKORY TRAIL9DEAL PREVIEW M ARKE TING PROGRAMASSE T PERFORMANCE M ARKE T PERSPECTIVE
P R O J E CT H I G H L I G HT S• $150 million redevelopment and expansion
project
• New mixed-use environment with retail, office, hotel, and luxury multi-family and townhomes
• Marriot-branded hotel coming soon
• New Starbucks under construction
• 200,000 SF office delivering 2020
OLD HICKORY TRAIL10DEAL PREVIEW M ARKE TING PROGRAMASSE T PERFORMANCE M ARKE T PERSPECTIVE
1-MILE RADIUS
2-MILE RADIUS
3-MILE RADIUS
DALLAS COUNTY
2010 Population (Census) 7,945 32,771 83,268 2,368,139
2018 Population Estimate 8,585 35,814 89,561 2,609,461
2023 Population Projection 9,153 37,808 93,773 2,792,013
2010 - 2018 Population Growth Rate 1.0% 1.1% 1.5% 1.2%
2018 - 2023 Population Growth Rate 1.3% 1.1% 0.9% 1.4%
2018 Estimated Median Age 32.4 33.6 34.5 33.5
Renter Occupied Percentage 70.5% 60.2% 50.9% 45.1%
2018 Average Household Income $39,447 $50,202 $57,933 $80,679
2018 Median Owner-Occupied Housing Value $129,835 $133,369 $129,791 $158,400
Total Number of Businesses 345 1,331 2,619 96,564
Total Number of Employees 7,669 21,896 35,746 1,432,635
Source: ESRI Business Analyst (2018)
1-MILE RADIUS
3-MILE RADIUS
2-MILE RADIUS2018 Population
8,585
2018 AverageHousehold Income
$39,447
Pop Growth Rate 2018 – 2023
1.3%2018 Population
89,561
2018 Average Household Income
$57,933
Pop Growth Rate 2018 – 2023
0.9%
2018 Population
35,814
2018 AverageHousehold Income
$50,202
Pop Growth Rate 2018 – 2023
1.1%
AREA DEMOGRAPHICS
SITE
OLD HICKORY TRAIL11DEAL PREVIEW M ARKE TING PROGRAMASSE T PERFORMANCE M ARKE T PERSPECTIVE
1-MILE RADIUS
2-MILE RADIUS
3-MILE RADIUS SUBMARKET
2010 50+ Population (Census) 2,119 6,648 2,187 26,007
2018 50+ Population Estimate 2,567 8,679 27,952 31,279
2023 50+ Population Projection 2,674 9,323 29,713 33,278
2018 - 2023 Total Population Growth Rate 1.3% 1.1% 0.9% 0.9%
2018 - 2023 50+ Population Growth Rate 0.8% 1.3% 1.2% 1.3%
2018 % Householders 55+ 40.8% 39.2% 42.5% 38.9%
2023 % Householders 55+ 39.4% 39.5% 43% 39.7%
2018 Average Household Income For Householder 55+ $36,537 $50,253 $57,306 $48,144
2018 Median Owner-Occupied Housing Value $129,835 $133,369 $129,791 $117,245
2018 - 2023 Median Household Income Growth Rate (55+) 1.4% 1.2% 1.5% 1.3%
2018 - 2023 Median Housing Value Growth Rate 2.9% 2.6% 2.5% 2.7%
Source: ESRI Business Analyst (2018)
1-MILE RADIUS
3-MILE RADIUS
2-MILE RADIUS2018 Population 50+
2,567
2018 55+ AverageHousehold Income
$36,537
50+ Pop Growth Rate 2018 – 2023
0.8%2018 Population 50+
27,952
2018 55+ Average Household Income
$57,306
50+ Pop Growth Rate 2018 – 2023
1.2%
2018 Population 50+
8,679
2018 55+ AverageHousehold Income
$50,253
50+ Pop Growth Rate 2018 – 2023
1.3%
AREA SENIOR DEMOGRAPHICS
SITE
OLD HICKORY TRAIL12DEAL PREVIEW M ARKE TING PROGRAMASSE T PERFORMANCE M ARKE T PERSPECTIVE
ECONOMIC POWERHOUSE
Dallas-Plano-Irving is #1 LARGE CITY
on NewGeography.com‘s “2018 Best Cities for Job Growth” list
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dallas is the #1 CITY IN THE NATION where people are moving,
per Dallas Business Journal 2018 Book of Lists. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dallas-Fort Worth is #1 IN EMPLOYMENT INCREASE in Texas and #2 in the entire U.S.
per Dallas Business Journal 2018 Book of Lists
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dallas ranked 3RD BEST LARGE METRO metro for high salaries after adjusting for
cost of living per Indeed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dallas-Plano-Irving is #3 on the “2017 Milken Institute
BEST-PERFORMING CITIES” index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dallas is 8TH OF TOP TEN CITIES where downtown is making a comback
by Realtor.com 2017
#11 BEST PLACE TO RETIRE IN THE USA(U.S. News & World Report, 2018)
DALLAS-PLANO-IRVING IS #1 BEST CITY FOR JOBS FOR 2018 (Forbes)
DALLAS IS #4 U.S. CITY OF TOP 10 THAT ARE GROWING FAST, OFFERING JOBS, AND PRESENTING BUSINESS OPPORTUNITIES (Business Insider, 2018)
DOWNTOWN DALLAS
THE SHOPS AT WILLOW BEND
AMERICAN AIRLINES CENTER
LEGACY WEST PLANODFW INTERNATIONAL AIRPORT
OLD HICKORY TRAIL13DEAL PREVIEW M ARKE TING PROGRAMASSE T PERFORMANCE M ARKE T PERSPECTIVE
SUBMARKETFOR REVENUE GROWTH(RealPage Q3 2018)
SUBMARKETFOR HIGHESTRENT GROWTH(RealPage Q3 2018)
SUBMARKETFOR HIGHESTOCCUPANCY (RealPage Q3 2018)
#1
#3
#3
Metrics (RealPage) 12 – Southwest DallasDallas /
Fort Worth
Q3 2018 Occupancy 97.0% 94.3%
Q3 2019 Forecast Occupancy 93.0% 94.2%
Total # of Multifamily Units within Submarket 18,480 792,102
Q3 2018 Quarterly Supply – Units 0 6,427
Annual Supply – Units 50 25,504
Annual Net Inventory Change Rate +0.3% +3.1%
Currently Under Construction 398 50,17
Q3 2018 Demand 136 8,263
Annual Demand 465 25,330
Q3 2018 Average Monthly Rent $876 $1,117
Q3 2018 Average Rent PSF $1.05 $1.29
Annual Rent Change +6.4% +1.7%
Annual Revenue Change +8.7% +2.0%
SUBM ARKE T STATISTICS
OLD HICKORY TRAIL14DEAL PREVIEW M ARKE TING PROGRAMASSE T PERFORMANCE M ARKE T PERSPECTIVE
6
7
W WHEATLAND RDMethodist Charlton Hospital
Site
4
US-67 I-20
RENTCOMPS
5
3 2
1
BOLT
ON B
OONE
DR
OLD
HICK
ORY
TRAI
L
OLD HICKORY TRAIL15DEAL PREVIEW M ARKE TING PROGRAMASSE T PERFORMANCE M ARKE T PERSPECTIVE
# PROPERTY ADDRESS BUILT/REN UNIT AVG SF AVG RENTAVG
RENT / SF OCCUPANCY
TAXVALUE /
UNIT
1 Providence on the Park* 8501 Old Hickory Trail 2004 280 1,080 $936* $0.87* 98% $35,714
2 Greens of Hickory Trails* 8613 Old Hickory Trail 1999/2014 250 1,090 $1,075* $0.99* 91% $38,000
3 Rosemont at Hickory Trace* 8410 S Westmoreland Rd 2003 180 1,235 $972* $0.79* 92% $42,222
4 Courtyards at Kirnwood** 2600 Bolton Boone Dr 1997/2001 198 818 $789** $0.96** 99% $34,449
5 Primrose Park Rolling Hills** 2400 Bolton Boone Dr 2001/2010 250 883 $971** $1.10** 98% $31,966
6 Colonies* 2525 Bolton Boone Dr 1985 210 817 $1,027* $1.26* 99% $51,809
7 Mount Vernon 1020 Scotland Dr 1986/2005 432 959 $1,150 $1.20 97% $43,599
Averages 1996 334 981 $1,009 $1.03 96% $39,732
Submarket (RealPage) 838 $876 $1.05 97%
RENT COMPARABLES
*Affordable **Independent Senior (55+), AffordableSource: ALN, CoStar, RealPage
OLD HICKORY TRAIL16DEAL PREVIEW M ARKE TING PROGRAMASSE T PERFORMANCE M ARKE T PERSPECTIVE
MAGNOLIA CREEK
REGAL CROSSING BELLEVUE TERRACE
PROPERTY ADDRESS PRICE UNITS AVG SF RENT/SF PRICE/UNIT PRICE/SF BUILT DATE CLASS SUBMARKET
Park Village 7575 S Westmoreland Rd $25,000,000 350 811 $1.12 $71,429 $88.08 1984 Sep-18 B 12 - Southwest Dallas
Magnolia Creek 7272 Marvin D Love Fwy $28,600,000 436 786 $1.01 $65,596 $83.46 1988 Jul-18 B 12 - Southwest Dallas
Candlelight Park 1407 Acton Ave $9,625,000 128 849 $1.02 $75,195 $88.60 1979 Feb-18 C 13 - Southern Dallas County
800Link 800 Link Dr $41,500,000 440 869 $1.24 $94,318 $108.56 1987 Jan-18 B 13 - Southern Dallas County
Regal Crossing 7575 Chaucer Pl $21,850,000 384 833 $0.88 $56,901 $68.29 1983 Jan-18 B 12 - Southwest Dallas
Beckley Townhomes 801 Beckleymeade Ave $7,750,000 100 1,159 $0.82 $77,500 $66.85 2003 Dec-17 B 12 - Southwest Dallas
Bellevue Terrace 7878 Marvin D Love Fwy $12,100,000 242 618 $1.28 $50,000 $81.01 1986 Nov-17 B 12 - Southwest Dallas
Brooklawn Springs 7251 Chaucer Pl $12,000,000 348 874 $0.85 $34,483 $39.43 1971 May-17 C 12 - Southwest Dallas
Pacifica 7550-7676 S Westmoreland $18,000,000 480 766 $0.75 $37,500 $48.94 1985 May-16 C 12 - Southwest Dallas
Pebble Cove 14018 Brookgreen Dr $4,933,333 160 861 $0.90 $30,833 $35.83 1968 Mar-16 C 12 - Southwest Dallas
• Newmark Knight Frank Sales in red
PARK VILLAGE CANDLELIGHT PARK
800LINK
SALE COMPARABLES
OLD HICKORY TRAIL17DEAL PREVIEW M ARKE TING PROGRAMASSE T PERFORMANCE M ARKE T PERSPECTIVE
• Ablon Frisco Square
• Alta Market Central
• Archstone Preston Park
• Avalon at Chase Oaks
• Brazos
• Cambria at Coyote Ridge
• Eastside Village I,II
• Gardens at Vail
• Jefferson Center
• Larkspur at Twin Creeks- Equity Raise
• Mustang Park
• Palencia
• Pine Prairie
• Reserve at Charles Place
• Sorrel Fairview
• The Ashmore at Horizon North
• The Cortona Gardens & Lofts
• The Domaine
• The Emory at Horizon North
• Thornbury at Chase Oaks
UNRIVALED EXPERIENCE IN MCKINNEY, FRISCO, PLANO, FAR NORTH DALLAS
Compensation system – all brokers work as a team since compensation is a “revenue sharing model”; all brokers
participate in the fees; every broker is motivated to close the deal
Great mix of ages and complementary strengths to capitalize on different relationships of major buyers
Newmark Knight Frank has the market knowledge, track record, and experience to most effectively convey the sale storyWe have all the tools and knowledge to provide
buyers with a road map to maximize value
Newmark Knight Frank has extensive Class A multifamily experience selling 73 ‘A’ assets since 2014
Deepest bench strength of any brokerage firm in the Dallas-Fort Worth Metroplex
Access to international buyers /capital
Newmark Knight Frank has the capacity to utilize 100% focus of the entire brokerage team
WHY NEWMARK KNIGHT FRANK?
BRIAN O’BOYLE, CCIM • Vice ChairmanBrian O’Boyle, Sr. is the Vice Chairman and was the Founder and Managing Broker of the Dallas office as well as a partner in the Austin, Oklahoma, and Washington, DC offices prior to their purchase by Newmark Grubb Knight Frank in 2014. He has 35+ years of experience in real estate, specializing exclusively in the brokerage of multihousing projects and land. He holds the CCIM designation and in November 2002 was presented the Stemmons Service Award by the North Texas Commercial Association of Realtors. Brian is also the recipient of the “Heavy Hitters Award”, given by the Dallas Business Journal to the #1 Investment Broker in the Metroplex. He received this award twice and has received “special recognition” status nine additional times. Last year Brian was awarded the 2015 Broker of the Year award by D CEO magazine as well as the Top Broker in the multifamily category of the Dallas Business Journal’s 2015 Best Real Estate Deals program. Since 1995 Brian has personally been involved in multifamily and land transactions totaling in excess of $13.9 billion. Brian holds a Bachelor of Business Administration degree from Ohio University.
CHRIS COLOMBE • Managing DirectorChris has over 30 years of experience as a land broker in Texas. His expertise in land has resulted in the sale of thousands of acres in the Dallas-Fort Worth metro, Austin, Houston, and many other areas of Texas. Chris has also brokered many types of real estate throughout his career including multifamily units, office buildings, industrial buildings, retail centers and pad sites, single-family land, and farms and ranches. His focus on multifamily came about through various developers asking for assistance in site selection. This focus has resulted in the sale of over 23,000 multifamily (land) units throughout his career. This track record of successful closings has resulted in a large and diverse client base as well as a reputation as a multifamily expert in Texas. Chris’s knowledge of zoning and development guidelines over the years adds to the expertise required to navigate through the city.
CHASE CONWAY • Transaction Manager
Chase joined ARA Newmark in 2014 to partner in the land division and comes to ARA Newmark with six+ years of experience in investment sales and multifamily development. Chase has served an integral role in the successful transaction of over $150 million in raw land and redevelopment sites, with an estimated improved value of over $500 million. Chase is involved with all aspects of the sales cycle including marketing, research, and lead generation. He is responsible for servicing current and new accounts and works with internal departments to manage acquisition and disposition transactions, all while fostering client relationships and promoting business growth. He received his Bachelor of Arts with a minor in Business Administration from the University of Texas at Austin.
M U L T I H O U S I N G I N V E S T M E N T S E R V I C E S
Atlanta • Austin • Boca Raton • Charlotte • Chicago
Columbus • Dallas • Dayton • Denver • Emeryville • Houston
Los Angeles • Jacksonville • Kansas City • Las Vegas
Little Rock • Memphis • Nashville • Norfolk • Oklahoma City
Orlando • Palo Alto • Phoenix • Portland • Raleigh-Durham
Reno • Richmond • Sacramento • San Francisco
Seattle • Tampa • Tulsa • Washington, DC • Wichita
www.aranewmark.com© 2018 Newmark Knight Frank, All Rights Reserved
Multifamily Capital Markets14114 Dallas Parkway | Suite 520 Dallas, TX 75254 972-934-3400 | main 972-239-4829 | faxwww.aranewmark.com
Brian O’Boyle, Sr., CCIM 214-420-3113 [email protected]
Chris Colombe 214-420-3102 [email protected]