KENSINGTON PLACE IITOWNHOME PORTFOLIO OFFERING
860 SOUTH 550 EAST CLEARFIELD, UTAH 84015
CHRIS FALK, CCIM, SIORPrincipal, Executive Vice [email protected]
BRAXTON WILLIESenior [email protected]
EXCLUSIVELYMARKETED BY:
KENSINGTON PLACE II 2
TABLE OF CONTENTS
KENSINGTON PLACE II 3
EXECUTIVE SUMMARY
KENSINGTON PLACE II 4
EXECUTIVE SUMMARYNewmark Grubb ACRES is pleased to present the Kensington Park 2 (KP2) Townhome portfolio. Built in 2015, KP2 to-tals 20 townhome units and 2 residential homes. The homes are currently zoned and approved for 6 additional town-home units. The project has two different floorplans and each unit is connected to an enclosed garage. KP2 boasts a vacancy factor of less than 1% since inception and is currently 100% occupied.
Centrally located in Clearfield (Davis County), KP2 has immediate access to the Clearfield FrontRunner Station (mass transit- high speed rail), Highway 193 (largest east-west corridor in Davis County), I-15, and Main/State Street. The portfolio is within walking distance of all public schools, shopping, and city recreation and aquatic centers. Upon request, detailed analyses can be provided regarding rents, expenses, demographics, etc.
In comparison to apartments, townhomes typically offer more SF for the occupant and usually a secured, covered garage per unit. Potentially as a result, the sellers have realized a lower effective vacany rate in their townhomes in camparison to all other residential rental products. In addition, each townhome herein has its own tax ID number so future ownership may sell off individual units when and if desired as opposed to an apartment complex, duplex, etc. which typically has to be sold in its entirety.
OPERATING DATAT-12 COMBINED RENTAL INCOME $325,131TOTAL COMBINED EXPENSES: $45,395CAP RATE 4.5%PURCHASE PRICE $6,216,356*PRICE PER UNIT $282,562PRICE PSF $206NET OPERATING INCOME $279,736
*KP2 IS A UNIQUE PROPERTY AS ADDITIONAL UNITS MAY BE ADDED VIA FUTURE DEVELOPMENT
*72 additional contiguous units are also available for purchase, but contingent upon the sale of Hamblin Park and Kensington Place I. Please contact broker for more information.
KENSINGTON PLACE II 5
UNIT OVERVIEW OFFERING SUMMARY
KENSINGTON PLACE II 6
OFFERING SUMMARY
KENSINGTON PLACE II
ADDRESS860 SOUTH 550 EAST
CLEARFIELD, UTAH 84015
UNITS 22
TOTAL SF 30,236
YEAR BUILT 2015
ACRES 1.25
PARKING BLDG G 2 PER UNIT: 1 GARAGE, 1 UNCOVERED STALL
PARKING BLDG H & I 3 PER UNIT: 1 GARAGE, 2 UNCOVERED STALLS
OCCUPANCY 100%
VACANCY (CURRENT) 0.0%
VACANCY (SINCE 2015) 0.75%
OPTION TYPE SIZE (SF) NUM TOTAL SF
KENSINGTON PLACE II SMALL 3 BED, 2.5 BATH 1,254 7 UNITS 8,778
KENSINGTON PLACE II LARGE 3 BED, 2.5 BATH 1,484 13 UNITS 19,292
TOTAL 20 UNITS 28,070
UNIT MIX
KENSINGTON PLACE II 7
PROPERTY SPECIFICATIONS
KENSINGTON PLACE II 8
FLOOR PLANS
KENSINGTON PLACE IISMALL UNIT
3 BED, 2.5 BATH1,254 SF
UPPER LEVELLOWER LEVEL
KENSINGTON PLACE II 9
FLOOR PLANS
UPPER LEVELLOWER LEVEL
KENSINGTON PLACE IILARGE UNIT
3 BED, 2.5 BATH1,484 SF
KENSINGTON PLACE II 10
55
0 E
as
t
49
0 E
as
t
830 South
Imagery ©2018 , State of Utah
KENSINGTON PLACE II TOWNHOMES
H-37
H-36
H-35
H-34
H-33
H-32
I-38
G-31 G-30 G-29 G-28 G-27 G-26 G-25
I-39 I-40 I-41 I-42 I-43 I-44852
South
880South
UNIT MIX
White: Small - 3/2.5 - 1,254 SFBlue: Large - 3/2.5 - 1,484 SFHouses
KENSINGTON PLACE II 11
Kensington Place II
Kensington Place
Hamblin Park
Brookshire
55
0 E
as
t
1000 South
49
0 E
as
t
800 South
950 South
830 South
Sta
te S
treet
Imagery ©2018 , DigitalGlobe, State of Utah, U.S. Geological Survey
ALL TOWNHOMESAn additional 72 units (Brookshire, Kensington Place I, Hamblin Park)
are available for purchase, but contingent upon the sale of Hamblin Park and Kensington Place I. Please contact broker for more information.
KENSINGTON PLACE II 12
Hill Air Force Base
§̈̈15
State
Street
193
Imagery ©2018 , State of Utah
North DavisJr High
ClearfieldHigh School
WALKABLE AMENITIES
South Clearfield
Elementary
5 min
basketball, gym, fitness classes
5 min
12 min
12 min
9 min
public ball fieldsplayground
hosts regional fireworks, and 4th of July celebration
Fisher Park
Clearfield Stationmass transit via bus
high-speed rail
15 min
5 min
pools, slides, splash pads5 min
Groceries, banking, shopping
KENSINGTON PLACE II 13
Hill Air Force Base
§̈̈15
Sta
te S
t reet
Antelope Drive1700 South
22
00
We
st
193
Imagery ©2018 , DigitalGlobe, State of Utah, U.S. Geological Survey, USDA Farm Service Agency
EXIT #334SR-193
EXIT #332ANTELOPE DRIVE
1000
Eas
t
1200
Wes
t
1500
Eas
t
550
East
201 193 111 75
North DavisJr High
Clearfield City Cemetery
ClearfieldHigh School
Uni
vers
ity P
ark
Blv
d
Clearfield Station
DAVIS CAMPUS
15 80 84215
15 80 84215
COMMUNITY AMENITIES
KENSINGTON PLACE II 14
55
0 E
as
t
49
0 E
as
t
830 South
Imagery ©2018 , State of Utah
ADDITIONAL UNIT OPPORTUNITY
“ ”
“ ”
ADDITIONAL UNITS:J-46,47,48 & K-49,50,51
ARE SHOWN BELOW & ARE ZONED FOR ADDITIONAL UNITS
860 South 500
Eas
t
KENSINGTON PLACE II 15
LOCAL ECONOMY & GEOGRAPHY
ANTELOPE ISLAND is accessible via a 7-mile causeway from Syracuse in Davis County. Access from I-15 is via exit 332.
The Island is managed as a State Park that is open for year-round recreation featuring a marina, beach, campground and hiking trails. The park hosts several annual events including the Great Salt Lake Bird Festival, Buffalo Days & the Hot Air Balloon Stampede.
Antelope Island is known for its stark scenic beauty, especially in the northwest quadrant of the island that is developed with a visitors center, museum, restaurant, the vast waters of the Great Salt Lake reflecting the mountains of the Wasatch range and magnificent sunsets.
The bison herd was introduced to the island in 1893 and thrives there because much of the island is covered by dry, native grassland.
HILL AIR FORCE BASE has played a major role in the United States Air Force war fighting efforts from WWII to the present day.
Hill is a hub of activity for the depot maintenance of numerous aircraft and weapons systems, as well as other military logistics and parts programs.
The base is also home to the 75th Air Base Wing and the flying activities of the 388th and 419th Fighter Wings.
In this decade Hill AFB is still the sixth-largest employer in the state of Utah, and the third-largest one excluding the State Government and Higher Education employers. Hill AFB is the home of the Air Force Materiel Command’s (AFMC) Ogden Air Logistics Complex which is the worldwide manager for a wide range of aircraft, engines, missiles, software, avionics, and accessories components.
FREEPORT CENTER was originally built in 1942 as the Clearfield Naval Supply Depot, which was decommissioned in 1962 and transitioned to the industrial sector with manufacturing and distribution situated in the middle of all the major western U.S. Markets.
Freeport Center is home to more than 70 national and local companies that have a workforce of over 7,000 employees. These companies have found Freeport Center is in the best location to manufacture and distribute products.
KENSINGTON PLACE II 16
§̈̈15
Sta
te S
treet
Imagery ©2018 , DigitalGlobe, State of Utah, U.S. Geological Survey, USDA Farm Service Agency
CENTRAL BUSINESS DISTRICT and LAYTON HILLS MALL is the hub of retail shopping and activity in Layton, Utah. Opened in 1980, the mall encloses 661,000 SF featuring Dick’s Sporting Goods, J.C. Penney and Dillard’s as its anchor stores, and over 100+ other retailers. This area also includes 10+ hotels, numerous national and local restaurants, two move theaters, walkable entertainment and shopping, and is centrally located between the two major I-15 on/off ramps.
LOCAL LANDMARKS
Clearfield Station - Urban Design Plan, Standards & Guidelines Page 11
VISION
Figure 1.1: Clearfield Station Illustrative Master Plan
IntroductIon
0’ 150’ 300’
1000 East
State Street
1200
Wes
t
550
East
Clearfield Station
Business Park
Residential
CLEARFIELD FRONTRUNNER STATION is a 68 Acre transit oriented development envisioned to be a unique mixed-use community with a variety of land uses that take advantage of the adjacent commuter rail line and major employment centers within the area. The development will happen in phases, and will consist of residential areas that are moderate to high density, mixed with local-serving retail and neighborhood services. Commercial uses will be a mix of commercial and light industrial. This project will have a direct walking path leading to Hamblin Park and Kensington Place.
KENSINGTON PLACE II 17
KENSINGTON PLACE IITOWNHOMES
KENSINGTON PLACE II 18
FINANCIAL ANALYSIS
KENSINGTON PLACE II 19
OPERATING INCOME & EXPENSES (T-12)
TOTAL EXPENSES KENSINGTON PLACE IIPROPERTY TAXES $(21.801)
PROPERTY INSURANCE $(3,759)
MANAGEMENT FEE $(9,358)
LANDSCAPING $(2,889)
SNOW REMOVAL $(795)
COMMON UTILITIES $(140)
PEST CONTROL $(1,010)
OTHER $(3,493)
TOTAL EXPENSES: $(45,395)
T-12 INCOME KENSINGTON PLACE IIRENT $315,944
OTHER INCOME $12,187
T-12 COMBINED INCOME $325,131
NET OPERATING INCOMENET OPERATING INCOME: $279,736
CAPITALIZATION RATE: 4.5%
PURCHASE PRICE: $6,216,356
PRICE PER UNIT: $282,562
PRICE PER SF: $206
KENSINGTON PLACE II 20
THE UPSIDE STORY
KENSINGTON PLACE II was built and is currently owned by the same developer. As a result, a conservative approach regarding occupancy has always been sought and appropriate market-rate increases have never been adjusted for, nor collected. However, as you’ll see in the included data, ownership has set a new rental schedule for 2018 and is obtaining significant market increases while maintaining full occupancy. The tables herein show significant equity increases a buyer could expect to yield based on proposed rental schedule.
*The adopted 2018 Rent Schedule will generate an additional $49,440 in retail income annually, not including any potential income that could be realized via the addition of 6 new units.
KPII 2018 PROPOSED LEASING SCHEDULE (W/INCREASES)KPII JULY ‘17 - JUNE ‘18 NOI $279,736
CAP RATE 4.5%
PURCHASE PRICE $6,216,356
NOI VIA 2018 PROPOSED LEASING SCHEDULE (W/INCREASES) $299,086
CAP RATE 4.5%
PROJECTED INCREASED PURCHASE PRICE $6,646,356
REALIZED INCREASE 7%
KPII 2019 PROPOSED LEASING SCHEDULE (STABILIZED) KPII JULY ‘17 - JUNE ‘18 NOI $279,736
CAP RATE 4.5%
PURCHASE PRICE $6,216,356NOI VIA 2019 PROPOSED LEASING SCHEDULE (STABILIZED) $309,226
CAP RATE 4.5%
PROJECTED INCREASED PURCHASE PRICE $6,871,689
REALIZED INCREASE 11%
KPII 2019 LEASING SCHEDULE - PROPOSED INCREASE KPII JULY ‘17 - JUNE ‘18 NOI $279,736
CAP RATE 4.5%
PURCHASE PRICE $6,216,356
NOI VIA 2019 LEASING SCHEDULE - PROPOSED INCREASE $313,936
CAP RATE 4.5%
PROJECTED INCREASED PURCHASE PRICE $6,976,356
REALIZED INCREASE 12%
*See the corresponding leasing schedules on the following pages
KENSINGTON PLACE II 21
THE UPSIDE STORY
KP2 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL INCREASE G25 $1,150 $1,150 $1,150 $1,150 $1,150 $1,150 $1,150 $1,380 $1,380 $1,380 $1,380 $1,380 $14,950 $1,150 G26 $1,150 $1,150 $1,150 $1,150 $1,150 $1,150 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $15,120 $1,320 G27 $1,150 $1,150 $1,150 $1,150 $1,150 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $15,340 $1,100 G28 $1,150 $1,150 $1,150 $1,150 $1,150 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $15,200 $1,000 G29 $1,150 $1,150 $1,150 $1,150 $1,150 $1,150 $1,150 $1,150 $1,350 $1,350 $1,350 $1,350 $14,600 $800 G30 $1,150 $1,150 $1,150 $1,150 $1,150 $1,150 $1,150 $1,150 $1,350 $1,350 $1,350 $1,350 $14,600 $800 G31 $1,150 $1,150 $1,150 $1,150 $1,150 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $15,410 $1,150 H32 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,460 $1,460 $1,460 $1,460 $1,460 $16,050 $1,050 H33 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,450 $1,450 $15,400 $400 H34 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,450 $1,450 $1,450 $1,450 $15,800 $800 H35 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,450 $1,450 $1,450 $1,450 $15,800 $800 H36 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,450 $1,450 $1,450 $15,600 $600 H37 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,480 $1,480 $1,480 $1,480 $1,480 $1,480 $16,380 $1,380 I38 $1,250 $1,250 $1,250 $1,250 $1,250 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $16,470 $1,050 I39 $1,250 $1,250 $1,250 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $16,800 $600 I40 $1,250 $1,250 $1,250 $1,250 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $16,600 $800 I41 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,450 $1,450 $1,450 $1,450 $15,800 $800 I42 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,470 $1,470 $1,470 $1,470 $1,470 $1,470 $16,320 $1,320 I43 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,450 $1,450 $1,450 $1,450 $1,450 $16,000 $1,000 I44 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,460 $1,460 $1,460 $15,630 $630
H #1 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,300 $1,300 $1,300 $1,300 $14,000 $800 H #2 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $14,328 $- TOTAL $26,594 $26,594 $26,594 $26,794 $26,994 $27,854 $28,524 $29,164 $30,364 $30,774 $30,974 $30,974 $342,198 $19,350
*The adopted 2018 Rent Schedule will generate an additional $49,440 in retail income annually, not including any potential income that could be realized via the addition of 6 new units.
KPII 2018 PROPOSED LEASING SCHEDULE (W/INCREASES)
KENSINGTON PLACE II 22
THE UPSIDE STORY
KP2 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL ANN. INCREASE G25 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $16,560 $1,610 G26 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $16,440 $1,320 G27 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $16,440 $1,100 G28 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $16,200 $1,000 G29 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $16,200 $1,600 G30 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $16,200 $1,600 G31 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $16,560 $1,150 H32 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $17,520 $1,470 H33 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $17,400 $2,000 H34 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $17,400 $1,600 H35 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $17,400 $1,600 H36 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $17,400 $1,800 H37 $1,480 $1,480 $1,480 $1,480 $1,480 $1,480 $1,480 $1,480 $1,480 $1,480 $1,480 $1,480 $17,760 $1,380 I38 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $17,520 $1,050 I39 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $17,400 $600 I40 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $17,400 $800 I41 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $17,400 $1,600 I42 $1,470 $1,470 $1,470 $1,470 $1,470 $1,470 $1,470 $1,470 $1,470 $1,470 $1,470 $1,470 $17,640 $1,320 I43 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $17,400 $1,400 I44 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $17,520 $1,890
H #1 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $15,600 $1,600 H #2 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $14,328 $- TOTAL $30,974 $30,974 $30,974 $30,974 $30,974 $30,974 $30,974 $30,974 $30,974 $30,974 $30,974 $30,974 $371,688 $29,490
KPII 2019 PROPOSED LEASING SCHEDULE (STABILIZED)
KENSINGTON PLACE II 23
THE UPSIDE STORY
KP2 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL ANN. INCREASE G25 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,410 $1,410 $1,410 $1,410 $1,410 $16,710 $1,760 G26 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,400 $1,400 $1,400 $1,400 $1,400 $1,400 $16,620 $1,500 G27 $1,370 $1,370 $1,370 $1,370 $1,370 $1,400 $1,400 $1,400 $1,400 $1,400 $1,400 $1,400 $16,650 $1,310 G28 $1,350 $1,350 $1,350 $1,350 $1,350 $1,400 $1,400 $1,400 $1,400 $1,400 $1,400 $1,400 $16,550 $1,350 G29 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,400 $1,400 $1,400 $1,400 $16,400 $1,800 G30 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,400 $1,400 $1,400 $1,400 $16,400 $1,800 G31 $1,380 $1,380 $1,380 $1,380 $1,380 $1,410 $1,410 $1,410 $1,410 $1,410 $1,410 $1,410 $16,770 $1,360 H32 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,510 $1,510 $1,510 $1,510 $1,510 $17,770 $1,720 H33 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,500 $1,500 $17,500 $2,100 H34 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,500 $1,500 $1,500 $1,500 $17,600 $1,800 H35 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,500 $1,500 $1,500 $1,500 $17,600 $1,800 H36 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,500 $1,500 $1,500 $17,550 $1,950 H37 $1,480 $1,480 $1,480 $1,480 $1,480 $1,480 $1,510 $1,510 $1,510 $1,510 $1,510 $1,510 $17,940 $1,560 I38 $1,460 $1,460 $1,460 $1,460 $1,460 $1,510 $1,510 $1,510 $1,510 $1,510 $1,510 $1,510 $17,870 $1,400 I39 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,500 $1,500 $1,500 $1,500 $17,600 $800 I40 $1,450 $1,450 $1,450 $1,450 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $17,800 $1,200 I41 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,500 $1,500 $1,500 $1,500 $17,600 $1,800 I42 $1,470 $1,470 $1,470 $1,470 $1,470 $1,470 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $17,820 $1,500 I43 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,500 $1,500 $1,500 $1,500 $1,500 $17,650 $1,650 I44 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,510 $1,510 $1,510 $17,670 $2,040
H #1 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,400 $1,400 $1,400 $1,400 $16,000 $2,000 H #2 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $14,328 $- TOTAL $30,974 $30,974 $30,974 $30,974 $31,024 $31,184 $31,274 $31,404 $31,804 $31,904 $31,954 $31,954 $376,398 $34,200
KPII 2019 PROPOSED LEASING SCHEDULE - PROPOSED INCREASE
KENSINGTON PLACE II 24
COMPETITIVE RENT SURVEY
KENSINGTON PLACE II 25
$1,595
$1,055
$1,348$1,202 $1,151 $1,085
$885
$1,129
$1,524
$1,196
Avg/Unit $1,219
$0
$250
$500
$750
$1,000
$1,250
$1,500
$1,750
RENT PER UNIT
$1.04
$0.81
$1.17 $1.18
$0.94$1.00
$0.93$0.87
$1.17
$0.86
Avg/SF $1.01
$0.50$0.60$0.70$0.80$0.90$1.00$1.10$1.20$1.30
RENT PER SF
3-BEDROOM RENT SURVEYPROPERTY PROPERTY UNITS AVG SIZE RENT/UNIT RENT/SF
KENSINGTON PLACE II860 SOUTH 550 EAST
22 1,366 $1,196 $0.86
AVERAGE 1,366 SF $1,185 SF 0.86 SF
UNIVERSITY RIDGE HOMES1025 S UNIVERSITY BLVD
16 1530 $1,595 $1.04
FALCON ESTATES850 SOUTH 1000 EAST
4 1300 $1,055 $0.81
PINNACLE MTN VIEW1100 S 2000 E
48 1150 $1,348 $1.17
QUAIL COVE2090 N HILLFIELD RD
65 1019 $1,202 $1.18
FERNWOOD PLACE APTS1150 WEST 825 NORTH
18 1221 $1,151 $0.94
HEATHER ESTATES25 E 1800 S
74 1088 $1,085 $1.00
LAKEVIEW HEIGHTS1755 SOUTH 200 EAST
83 950 $885 $0.93
HIDDEN COVE APTS2075 N MAIN STREET LAYTON
24 1295 $1,129 $0.87
CLEARFIELD STATION1342 S 950 E
42 1306 $1,524 $1.17
AVERAGE 1,207 SF $1,219 $1.01
KENSINGTON PLACE II 26
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3-BEDROOM RENT SURVEYKENSINGTON PLACE II860 South 550 EastClearfield, Utah
Units: 22Avg. SF: 1,366Avg. Rent: $1,196Rent / SF: $0.86
UNIVERSITY RIDGE11025 S University Park BlvdClearfield, Utah
Units: 16Avg. SF: 1,530 SFAvg. Rent: $1,595Rent / SF: $1.04
FALCON ESTATES850 South 1000 EastClearfield, Utah
Units: 4Avg. SF: 1,300 SFAvg. Rent: $1,055Rent / SF: $0.81
PINNACLE MOUNTAIN VIEW1100 S University Park BlvdClearfield, Utah
Units: 48Avg. SF: 1,150 SFAvg. Rent: $1,348Rent / SF: $1.17
QUAIL COVE2090 N Hillfield RdLayton, Utah
Units: 65Avg. SF: 1,019 SFAvg. Rent: $1,202Rent / SF: $1.18
FERNWOOD PLACE APTS1150 West 825 NorthLayton, Utah
Units: 18Avg. SF: 1,221 SFAvg. Rent: $1,151Rent / SF: $0.94
HEATHER ESTATES25 E 1800 SClearfield, Utah
Units: 74Avg. SF: 1,088 SFAvg. Rent: $1,085Rent / SF: $1.00
LAKEVIEW HEIGHTS1755 South 200 EastClearfield, Utah
Units: 83Avg. SF: 950 SFAvg. Rent: $885Rent / SF: $0.93
HIDDEN COVE APTS2075 N Main Street Layton, Utah
Units: 24Avg. SF: 1,295 SFAvg. Rent: $1,129Rent / SF: $0.87
CLEARFIELD STATION1342 S 950 EClearfield, Utah
Units: 42Avg. SF: 1,306 SFAvg. Rent: $1,524Rent / SF: $1.17
KENSINGTON PLACE II 27
COMPARABLE SALES
KENSINGTON PLACE II 28
COMPARABLE SALESPROPERTY ADDRESS UNITS BUILT SALE DATE PRICE cap rate PRICE / UNIT PRICE / SF AVG. SF
KENSINGTON PLACE II860 SOUTH 550 EAST
CLEARFIELD, UT22 2015 N/A $6,216,356 4.5% $282,562 $206 1,374
HUNTINGTON APTS2001 SOUTH MAIN STREET
BOUNTIFUL, UT70 2011 10/4/2016 $11,690,000 5.2% $167,000 $150.31 1,111
EAST GATE AT GREYHAWK2925 NORTH CHURCH STREET
LAYTON, UT108 2012 6/15/2017 $17,350,000 6.0% $160,648 $159.00 1,010
VILLAGE ON MAIN STREET1525 NORTH MAIN STREET
BOUNTIFUL, UT192 2008 7/22/2016 $31,950,000 5.53% $166,406 $117.47 1,417
FOX CREEK APARTMENTS1656 NORTH 400 WEST
LAYTON, UT186 1985 3/9/2018 $24,125,000 4.98% $129,704 $157.78 842
624 EAST 5400 SOUTH TOWNHOMESMURRAY, UT
5 2017 3/15/2018 $1,999,000 5.65% $399,800 $255.99 1,582
AVERAGES $217,687 $174.42 1,222.67