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Holliday Fenoglio Fowler, L.P. (“HFF”) a Florida licensed real estate broker.
200 UnitsPrime Value-Add Opportunity with the Submarket’s Largest Floor plans
and a Central Location Proximate to Tampa’s Top Demand Drivers
TAMPA, FLORIDA
The Commons
OFFERING SUMMARY
Holliday Fenoglio Fowler L.P. (“HFF”) is pleased to present the exciting opportunity to acquire The Commons (the “Property”), an attractive 200-unit community with the largest floor plans in its submarket and centrally located in Tampa, Florida. The Commons offers investors both strong cash flow, as well as tremendous upside potential through the implementation of a targeted value-add strategy.
Constructed in 1972 and held under long-term ownership for more than two decades, the Property has been well maintained, highlighted by the full replacement of the exterior walls with HardiePlank siding five years ago, and is well positioned for a new owner to focus future capital dollars on value-add improvements. Recently completed interior upgrades to 21 units at the Property have already achieved exceptional results, commanding monthly rent premiums of $110.
The Property differentiates itself with extra-large floor plans among a mix of 120 two-bedroom units (including 24 townhome units), 56 three-bedroom units, and 24 four-bedroom units, averaging a remarkable 1,274 sf - more than 58% larger than the average of the Property’s nearby competitors. Additionally, the Property offers all two-story buildings in a low-density setting with large open spaces and an appealing array of amenities to make the Property an ideal choice for renters, particularly for families which represent a large portion of the Property’s tenant base.
The Commons enjoys a quiet residential setting, yet is extremely convenient to major employment centers, top retail destinations and only a half mile from the Dale Mabry Highway commercial corridor. Residents are able to walk their children directly across the street to an elementary school, and they are a 15 minute drive to Tampa’s main employment nodes – Westshore Business District, Downtown Tampa, and the University of South Florida and its surrounding Innovation District. Additionally, the 120-bed Florida Hospital Carrollwood and the 486-bed St. Joseph’s Hospital are less than one mile and three miles away, respectively.
Boasting a desirable, central location, the largest floor plans in the market, and the exciting promise of tangible value-add upside, The Commons represents an ideal investment opportunity poised to deliver outstanding results for years to come.
Offering Summary
2EXECUTIVE SUMMARY
propert y overv iewLocation: 3408 Lancaster Ct, Tampa, FL 33614Total Units: 200 UnitsAverage Unit Size (Under A/C): 1,274 SFTotal Rentable Residential Square Feet: 254,800 SFOccupancy (As of 5/23/17): 95.0%Year Built: 1972Market Rents (As of 5/23/17): $1,202 / $0.94Stories: 2-stories
Construction Type: Two-story wood-frame with pitched, asphalt shingle roofs and HardiePlank siding
unit m ix
Floor Plan Unit Type Average SF Unit Count % of Mix
B1 2 Bed / 1.5 Bath Townhome 1,400 24 12.0%
B2 2 Bed / 2 Bath 1,000 96 48.0%
C1 3 Bed / 2 Bath 1,550 56 28.0%
D1 4 Bed / 2 Bath 1,600 24 12.0%
TOTAL/AVERAGE 1,274 200 100%
Investment Highlights
3 EXECUTIVE SUMMARY
Strong cash flowing asset with excellent opportunity to implement value-add program with recent interior renovations achieving $110 monthly premiums
Significant recent capital investment highlighted by the full replacement of the exterior walls with HardiePlank siding
Extra-large floor plans averaging 1,274 square feet – 58% greater than competing properties
Within just 15 minutes of Westshore (94,000 employees), Downtown Tampa (66,500 employees), and USF (42,800 students and 13,900 faculty/staff)
Located within #1 apartment submarket in Tampa Bay with an impressive 7.0% y-o-y rent growth in Q1 2017, more than double the market average, according to Axiometrics
Two-story low-density setting surrounding a large central courtyard with ample green space
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Desirable Interior Features and Amenity PackageAveraging an unparalleled 1,274 sf, the Property’s mix of two-, three-, and four-bedroom units range from 1,000 to 1,600 sf, distinguishing it from its closest competitors, which have an average square footage 467 sf (or 58%) smaller than the Property. These spacious units feature vinyl plank flooring on first floor units, fully-equipped kitchens, washer/dryer connections, outdoor storage closets, fenced-in patios extending from the 24 townhome units, and private screened patios/balconies on all other units. Spanning 200 units across 14.6 acres, the Property offers a quiet, low-density setting laid out in a rectangular configuration with the Property’s 20 residential buildings surrounding an expansive central courtyard that offers ample green space, as well as a sparkling swimming pool, dog park, sports court, and several barbecue and picnic areas. Other amenities include a laundry center, resident clubroom, and secured gated access to the community.
Excellent Condition Following Major Capital ImprovementsCurrent ownership has taken excellent care of the Property, leaving it in great shape with minimal deferred maintenance. In the last 4 years, $1.1 million has been spent on such items as the installation of high-quality HardiePlank siding throughout the Property, the resurfacing and repaving of the pool and pool deck, and the replacement of 4 roofs in the last 5 years with the balance of the roofs having been replaced since 2004. These recent improvements allow a new owner to allocate the majority of their capital budget towards accretive value-add upgrades.
The Property
EXECUTIVE SUMMARY 4
TAMPA, FLORIDA
The Commons
Community Amenities» Sparkling swimming pool
» Regulation-size sport court
» Barbecue & picnic areas
» Secure, gated access
» Laundry facility
» Resident clubroom
» Activity area
» School bus stop
5 EXECUTIVE SUMMARY
» Full kitchen with black or stainless appliances
» Painted wood laminate cabinets
» Laminate countertops
» Double basin stainless steel sink
» Dishwasher
» Faux-wood vinyl flooring*
» Screened-in large private patio or balcony
» Washer/dryer connections
Standard Unit Features
*In-select units
6EXECUTIVE SUMMARYUpgraded Kitchen (1 of 21)
Ability to Implement a Highly Accretive Value-Add StrategyThe Property offers an excellent opportunity for a new owner to significantly grow top-line revenue by modernizing unit interiors. While the great majority of units still have original interior finishes, the unit upgrades that have been completed to date have proven to be highly successful. Notably, one building comprising 16 units was reconstructed following a fire in 2012. These units were outfitted with updated interior finishes, including stainless-steel appliances, upgraded cabinetry, vinyl plank flooring, faux granite countertops, built-in microwaves, modern light fixtures, six-panel interior doors, and washer/dryer machines. These units, along with 5 additional units that have been upgraded to a similar finish level, command $110 rent premiums over units with standard interiors, demonstrating the substantial upside that can be realized through a strategic value-add program.
The Opportunity
EXECUTIVE SUMMARY
TAMPA, FLORIDA
The Commons
7
Standard Kitchen
EXECUTIVE SUMMARY 8
Howard Frankland Bridge
N Arm
enia
Ave
N Dale Mabry Hwy
Lambright Street
W Hillsborough Ave
Florida Hospital Carrollwood120-Bed Acute Care FacilityRecently Completed $71M Expansion
Armenia Shopping CenterBravo Supermarkets, LittleCaesars Pizza, Iron Body Gym
Housewife Bakeshop Walgreens
TAMPA INTERNATIONAL
AIRPORT
WESTSHORE BUSINESS DISTRICT94,000 EMPLOYEES
WESTSHORE BUSINESS DISTRICT94,000 EMPLOYEES
DOWNTOWN TAMPA66,500 EMPLOYEES
DOWNTOWN TAMPA66,500 EMPLOYEES
Egypt Lake Elementary
Cambridge Christian School
Hillsboro PlazaPublix, Bealls, Jade Garden
Al Lopez Field
St. Lawrence Catholic SchoolWal-Mart Neighborhood Market
Raymond James StadiumHome of Tampa Bay Bucs
Jesuit High School
Steinbrenner FieldHome of Yankees Spring Training
Hillsborough Community College29,000 Enrollment
St. Joseph’s Children’s Hospital486-Bed Hospital
International Plaza
MACDILL AIRFORCE BASE20,000 EMPLOYEES
MACDILL AIRFORCE BASE20,000 EMPLOYEES
University of Tampa8,300 Enrollment
GATEWAY OFFICE MARKET60,000 EMPLOYEES
GATEWAY OFFICE MARKET60,000 EMPLOYEES
CVS
Westshore Pizza, FlavaFitness Studio
Horizon ParkYoufit Health Clubs, Guitar CenterApplebee’s, Babies ‘R’ Us
Egypt Lake
Tampa BayHillsborough Bay
Employers
RetailDestinations
Schools
TRADE AERIAL KEY
The Location
Abundance of Nearby Shopping, Dining, and Entertainment Less than a half-mile east of Dale Mabry Highway (68,000 AADT), the Property is proximate to Tampa Bay’s most traveled commercial corridor, offering a nearly endless array of restaurants, retailers, and entertainment options. The Property is also just a eight-minute drive from Raymond James Stadium, which is the home of the Tampa Bay Buccaneers, plays host to numerous concerts and events throughout the year, and is the future site of Super Bowl LV. Other nearby attractions include Busch Gardens, Lowry Park Zoo, and Seminole Heights, a rapidly emerging hipster paradise known for its eclectic mix of foodie havens, craft breweries, and charming boutiques.
Highly Convenient to Tampa’s Top Employment NodesStrategically located at the center of Tampa’s three main employment hubs, the Property is within a convenient 15-minute drive of nearly 200,000 jobs. To the southwest is the Westshore Business District, standing as the largest office market in the state of Florida and home to nearly 94,000 employees and 4,000 businesses, including PricewaterhouseCoopers, Bloomin’ Brands, and Bristol Myers Squibb. Meanwhile, Downtown Tampa (66,500 employees) is directly south via I-275, and the University of South Florida (42,800 students and 13,900 staff) is to the northwest. The Property is also convenient to a high concentration of healthcare employees with Florida Hospital Carrollwood (120 beds) less than a mile north and St. Joseph’s Hospital, Tampa’s second largest hospital, less than three miles to the south.
9 EXECUTIVE SUMMARY
Howard Frankland Bridge
N Arm
enia
Ave
N Dale Mabry Hwy
Lambright Street
W Hillsborough Ave
Florida Hospital Carrollwood120-Bed Acute Care FacilityRecently Completed $71M Expansion
Armenia Shopping CenterBravo Supermarkets, LittleCaesars Pizza, Iron Body Gym
Housewife Bakeshop Walgreens
TAMPA INTERNATIONAL
AIRPORT
WESTSHORE BUSINESS DISTRICT94,000 EMPLOYEES
WESTSHORE BUSINESS DISTRICT94,000 EMPLOYEES
DOWNTOWN TAMPA66,500 EMPLOYEES
DOWNTOWN TAMPA66,500 EMPLOYEES
Egypt Lake Elementary
Cambridge Christian School
Hillsboro PlazaPublix, Bealls, Jade Garden
Al Lopez Field
St. Lawrence Catholic SchoolWal-Mart Neighborhood Market
Raymond James StadiumHome of Tampa Bay Bucs
Jesuit High School
Steinbrenner FieldHome of Yankees Spring Training
Hillsborough Community College29,000 Enrollment
St. Joseph’s Children’s Hospital486-Bed Hospital
International Plaza
MACDILL AIRFORCE BASE20,000 EMPLOYEES
MACDILL AIRFORCE BASE20,000 EMPLOYEES
University of Tampa8,300 Enrollment
GATEWAY OFFICE MARKET60,000 EMPLOYEES
GATEWAY OFFICE MARKET60,000 EMPLOYEES
CVS
Westshore Pizza, FlavaFitness Studio
Horizon ParkYoufit Health Clubs, Guitar CenterApplebee’s, Babies ‘R’ Us
Egypt Lake
Tampa BayHillsborough Bay
Employers
RetailDestinations
Schools
TRADE AERIAL KEY
Investment Contacts Debt Inquiries
Matt MitchellSenior Managing [email protected]
Jaret TurkellManaging [email protected]
Zach NolanAssociate Director813.387.9906 [email protected]
Jarrod SmithAnalyst813.387.9912 [email protected]
McCallum Foote Analyst813.387.9907 [email protected]
Elliott ThroneManaging [email protected]
Preston ReidAssociate Director813.387.9905 [email protected]
No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein. The Property is offered subject to errors, omissions, change of price, rental or other conditions including withdrawal without notice, and will be subject to any special conditions, which may be imposed or made by the owner or Holliday Fenoglio Fowler, L.P. The owner and Holliday Fenoglio Fowler, L.P. reserve the right to accept or reject or withdraw any and all offers.
@2017 Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
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