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- 1. ONE MIDTOWN Wilmington, NC | 223 Units | Best-In-Class Offering
- 2. CONTACTS Jordan McCarley Managing Director Marc Robinson Managing Partner Watson Bryant Senior Director Paul Marley Associate T 704.916.7152 | C 404.520.1122 jmccarley@usmha.com T 704.916.7151 | C 704.604.5260 mrobinson@usmha.com T 704.916.7157 | C 404.376.7064 wbryant@usmha.com T 704.916.7158 | C 704.641.8004 pmarley@usmha.com Multi Housing Advisors (MHA) 440 S. Church Street | Suite 250 | Charlotte, NC 28202 T 704.916.7150 | F 704.837.0590 | www.usmha.com ONE MIDTOWN
- 3. OFFERING SUMMARY PROPERTY DETAILS LOCATION OVERVIEW MARKET COMPARABLES FINANCIAL ANALYSIS DISCLOSURES 4 25 37 46 59 64 CONFIDENTIAL & EXCLUSIVE INVESTMENT OFFERING ONE MIDTOWN
- 5. ASKING PRICE: TERMS: PROPERTY VISITS: PROPERTY TOUR DATES: OFFER SUBMISSION: CALL FOR OFFERS: To be determined by the market. Offered on an all-cash basis. Interested parties are required to schedule property tours directly through Multi Housing Advisors. Under no circumstances should the property or seller be contacted directly. Property tours are to be scheduled Tuesdays through Thursdays directly with Brokers, 72 hours in advance. Please submit offers directly to Multi Housing Advisors in the form of a non-binding letter-of-intent (“LOI”). To be determined. Eagle Island Money Island S I Harbor IslandGreenfield Lk IntracoastalWaterway Wooster St 17thSt 16thSt Oleander Dr NCollegeRd NCollegeRd 3rdSt Market St Eastwood Rd Dawson St Cau s eway Dr CastleHayneRd CarolinaBeachRd Wrightsville Ave John Jay Burney Jr Fwy Wrightsv ille Ave WaynickBlvd SKerrAve Port NLuminaAv MilitaryCutoffRd vd Greenville Loop Rd Gordon Rd BurnettBlvd BlueClayRd N23rdSt N Kerr Ave Wrightsville Ave PineGroveDr NavassaRd RiverRd Rive Holly Tree Rd IndependenceBlvd W Salisbury St N Kerr Ave McRaeSt Grace St FrontSt Princess Place Dr Greenville Av e Wilmington International Airport Univ. of N.C. at Wilmington Community College Country Club of Landfall Inland Greens G.C. Dye Course Niclaus Course Airie Gardens Wilmington Municipal G.C. Pine Valley C.C. Cape Fear Country Club Empie Park Macrae Park Halyburton Ogden Park Maids Park Optimist Park Legion Stadium New Hanover Regional Med Ctr Battleship N Carolina Independence Mall Mayfaire Town Ctr Wr Wilmington Kings Grant Corner Hightsville Murraysville Kirkland Wrightsboro Ogden Baysho nd Belville Blue Clay Farms COUNTY 421 117 76 76 17 BUS 17 BUS 133 421 40 132 74 74 117 140 17 From the Wilmington International Airport, head southwest on N 23rd St. After 2.1 miles, turn left onto Market St. After 0.8 of a mile, turn right on Covil Ave for 0.7 of a mile. Continue onto Independence Blvd. After 1.8 miles, turn left onto Midtown Way. Entrance to One Midtown will be 0.2 of a mile down on the left. DIRECTIONS FROM AIRPORT ★ ONE MIDTOWN OFFERING SUMMARY 5
- 6. 2945 Midtown Way Wilmington, NC 28403 New Hanover County One Midtown COMMENTS The property is currently offering $100 off the monthly rent for vacant units. Tenants pay for all of their utilities. UTILITIES Electric: Water and Sewer: Natural Gas: Trash Removal: Tenant Tenant N/A Tenant PROPERTY DETAILS Year Built: Number of Units: Property Type: Approximate Rentable Area: Buildings: Stories: Site Size (Acres): Density (Units Per Acre): Occupancy (As of 04/07/2016): Management: 2015 223 Garden 233,170 9 Buildings 3 Stories 14.18 15.73 91% Greystar ONE MIDTOWN OFFERING SUMMARY 6
- 7. 7 UNDERSERVED WILMINGTON MARKET Wilmington has historically been underserved by the multifamily market with approximately one apartment unit for every 25 metro residents – driving significant rent growth. HIGH-END RETAIL LOCATED WITHIN MINUTES Tenants of One Midtown enjoy direct access to Wilmington’s premier shopping destinations including Independence Mall, the Oleander Drive Commercial Corridor and Mayfaire Town Center. EXPLOSIVE POPULATION GROWTH Population in the region grew by more than 162,000 residents from 1990 to 2010, representing a cumulative growth rate of 81%, and is forecasted to grow by 13% through 2020. SUPERIOR LOCATION BETWEEN DOWNTOWN & COAST One Midtown enjoys a superior location nestled between the vibrant historical Downtown (2 mi.) and the recreational coastline (5.5 mi.), connected by the Cross-City Trail. ATTRACTIVE DEMOGRAPHICS AND EMPLOYMENT Average Household Incomes (HHI) have risen approximately 11% since 2009 and now rest at $92,999 (2015) – roughly 31% above state Average HHI of $64,555. EXCEPTIONAL CONSTRUCTION QUALITY One Midtown features cementitious and architectural brick siding, sound control insulation, granite countertops, stainless steel appliances, wood-style flooring, and subway tiled back-splashes. THRIVING, DIVERSIFIED LOCAL ECONOMY Wilmington boasts one of the healthiest secondary markets in the nation anchored by recession resilient jobs in education, healthcare and government. IMPRESSIVE MOMENTUM COMING OUT OF LEASE-UP With occupancy stabilizing in March 2016, One Midtown’s pre- stabilization leases are just ending and overall effective rents are primed to climb. WILMINGTON EMERGING AS A PRIMARY MARKET Wilmington is predicted to grow into a NC powerhouse in the next ten years, with rents comparable to those of Raleigh and Charlotte. HIGH RENT GROWTH CEILING New Ownership will inherent a quality asset with a high rent growth ceiling. Currently, the One Midtown average in-place rent sits 7% below the “top of the market” average. I. II. III. IV. V. VI. VII. VIII. IX. X. INVESTMENT HIGHLIGHTS ONE MIDTOWN OFFERING SUMMARY 7
- 8. 8 ANNUAL WILMINGTON RENT GROWTH RATES Source: REIS I. UNDERSERVED WILMINGTON MARKET Wilmington has historically been underserved by the multifamily market with approximately one apartment unit for every 25 metro residents. Comparatively, markets such as Raleigh-Durham and Charlotte both offer around one unit for every 16 residents. The long-term supply shortage has kept rents high with averages on par with larger Southeastern markets. Average market rent grew 14% from 2010 to 2015 and now rests at $822. Despite an increase in development activity, average rents are expected to eclipse $958 in 2020 – an additional 17% growth which will outpace the greater South Atlantic region. Source: REIS WILMINGTON HISTORICAL RENT GROWTH FORECASTED GROWTH From $822 in 2015 to $958 in 2020 17% GROWTH RATE From $722 in 2010 to $822 in 2015 14% ONE MIDTOWN OFFERING SUMMARY 8
- 9. 9 Source: REIS WILMINGTON POPULATION GROWTH TRENDS II. EXPLOSIVE POPULATION GROWTH Fueled by the presence of UNC Wilmington, the Port of Wilmington and a vastly improved transportation infrastructure, population in the Wilmington Metro grew by 162,000+ residents between 1990 and 2010 – a cumulative growth rate of 81%. Between 2010 and 2015 the metro added an additional 21,340 residents. Population forecasts remain extremely positive as the current metro population of 278,930 (2015) is expected to add an additional 37,160 by 2020. 2010 2015 2020 21,340 RESIDENTS ADDED 37,160 RESIDENTS FORECASTED PORT OF WILMINGTON UNC WILMINGTON ONE MIDTOWN OFFERING SUMMARY 9
- 10. 10 Source: REIS Source: REIS WILMINGTON AVERAGE HOUSEHOLD INCOME GROWTH WILMINGTON HISTORICAL EMPLOYMENT GROWTH III. ATTRACTIVE DEMOGRAPHICS AND EMPLOYMENT Explosive population growth, an expanding employment nucleus, a low cost-of-living, and a high quality of life have brought national attention to the Wilmington area as an ideal location for both migration and corporate investment. Average Household Incomes (HHI) have risen approximately 12% since 2010 and now rest at $92,999 (2015) – 31% higher than the state Average HHI of $64,555 and more in line with major NC markets such as Charlotte & Raleigh. Average HHI is expected to grow 14% by 2020, reaching $106,123. Employment has also grown steadily as the metro has added 11,190 jobs (2010- 2015). Forecasted employment is expected to grow an additional 12% (2015 – 2020) as the metro adds approximately 14,450 new jobs. Wilmington NC US AFFLUENT RETIREES DRIVING INCOME LEVELS Wilmington’s demographic base is highly impressive for a city of its size. Affluent empty nesters and retirees are choosing Wilmington for its unique settings, accessibility, entertainment and lifestyle. Within a one-mile radius of One Midtown, over 50% of the population is age 45 or older, with a median age of 45.2. FORECASTED GROWTH Average HHI expected to reach $106,123 in 2020 14% GROWTH RATE Average HHI have risen to $92,999 in 2015 12% ONE MIDTOWN OFFERING SUMMARY 10
- 11. 11 IV. THRIVING, DIVERSIFIED LOCAL ECONOMY Wilmington boasts one of the healthiest secondary markets in the nation anchored by recession resilient jobs in education, healthcare and government. The area is characterized by low business costs, a rapidly increasing population and a well-educated talent pool. Notable economic catalysts include: VERTEX RAIL CORPORATION (2.25 mi. from subject): Vertex recently announced a new $60 million production facility which will create more than 1,300 new jobs. The company’s Wilmington facility is projected to have an annual economic impact of $1.1 billion on the surrounding area. PPD (3.6 mi. from subject): Pharmaceutical Product Development (PPD) is a global contract research organization that provides discovery, development and post- approval services in the pharmaceutical industry. PPD employs roughly 1,500 locally and has their global headquarters situated in downtown Wilmington. GENERAL ELECTRIC (8 mi. from subject): GE Aviation announced in 2013 a major expansion at its New Hanover County facility that will bring at least $63 million in new capital investments to Wilmington over the next five years. Along with GE Aviation, GE Hitachi Nuclear Energy is also headquartered in Wilmington. GE employs roughly 3,000 in the area and is expected to continue to expand. LIVE OAK BANK (0.15 mi. from subject): Live Oak, which just finished construction of its state-of- the-art headquarters directly beside One Midtown, employs over 340 people and has assets in excess of $1 billion. The bank focuses on small business/entrepreneur lending and is primed for continued growth. According to executives, they plan to expand their campus in the next few years with the expectation of having roughly 3,600 employees. In July, Live Oak Bancshares went public, listed on the NASDAQ exchange. VERIZON WIRELESS (0.20 mi. from subject): Verizon Wireless, which operates a 60,000-square-foot call center adjacent to One Midtown, is one of the area’s largest employers. Recently expanding in 2014, Verizon employs over 1,500 at their midtown location and is expected to continue to grow. ONE MIDTOWN OFFERING SUMMARY 11
- 14. 14 V. WILMINGTON EMERGING AS A PRIMARY MARKET Wilmington’s phenomenal growth has cemented the city as an emerging primary market. With a burgeoning economy, growing higher education nucleolus, major deep-water port, leading medical center and a highly-sought after destination, many predict that Wilmington will develop into a primary NC market in the next 10 years. In fact, the Star News reports that more than $200 million in projects are planned for the downtown submarket alone. Wilmington is achieving Class-A rents on par if not higher than those in comparatively larger markets such as Charlotte and Raleigh. ASKING RENT COMPARISON CLASS-A ASKING RENT: $1,092 RALEIGH, NC CLASS-A ASKING RENT: $1,092 ASHEVILLE, NC $822 $1,077 $941 $1,092 $913 $1,031 $742 $969 $970 $791 $751 $1,077 $1,092 $1,031 $878 $969 $1,092 $970 $1,120 $791 $900 $751 $862 $1,077 941 $1,092 $913 $1,031 $742 $878 $969 $1,092 $970 $1,120 $791 $751 Source: REIS CLASS-A ASKING RENT: $1,077 WILMINGTON, NC CLASS-A ASKING RENT: $1,120 CHARLOTTE, NC CLASS-A ASKING RENT: $878 TRIAD REGION, NC ONE MIDTOWN OFFERING SUMMARY 14
- 15. 15 RECENT TOP OF THE MARKET TRADES $231K PER UNIT CHARLESTON, SC $255K PER UNIT RALEIGH, NC $225K PER UNIT CHARLOTTE, NC TOP OF THE MARKET SALES PRICE AVERAGESATTRACTIVE BASIS RELATIVE TO TOP OF MARKET TRADES The delta between One Midtown’s anticipated sales price relative to recent “Top of the Market” transactions in Charleston, Raleigh and Charlotte reveals future upside for new ownership upon exit. THOUSANDS ONE MIDTOWN OFFERING SUMMARY 15
- 16. 16 VI. HIGH-END RETAIL LOCATED WITHIN MINUTES Tenants of One Midtown enjoy direct access to Wilmington’s premier shopping destinations including Independence Mall, the regions only enclosed mall, features over 1 million SF anchored by Belk, JC Penney & Dillards. The Oleander Drive Commercial Corridor, one of the highest-traveled thoroughfares in the county featuring upscale shopping & trendy fast-casual dining options. As well as Mayfaire Town Center, premier mixed- use developments featuring over 65 shops and 25 restaurants in addition to a variety of residential options, a business park and two hotels. NEARBY SHOPPING CENTERS INDEPENDENCE MALL 1. Belk 2. Dillard’s 3. JCPenney 4. Sears 5. The Limited Outlet 6. Bath & Body Works 7. Rack Room Shoes OLEANDER DRIVE COMMERCIAL CORRIDOR 8. Whole Foods 9. Panera Bread 10. Chipotle 11. Harris Teeter 12. Starbucks 13. Mellow Mushroom 14. Chick-fil-A 15. Trader Joe’s MAYFAIRE TOWN CENTER 16. Pottery Barn 17. Banana Republic 18. Ann Taylor 19. Williams-Sonoma 20. Barnes & Noble 21. Belk 22. J. Crew 23. Pier 1 Imports 24. The Fresh Market ONE MIDTOWN OFFERING SUMMARY 16
- 17. 17 VII. SUPERIOR LOCATION BETWEEN DOWNTOWN & COAST One Midtown enjoys a superior location nestled between the vibrant historical Downtown and the recreational coastline. Downtown Wilmington (2 mi.) features over 120 boutiques, 80 trendy restaurants and 50 entertainment hotspots in addition to employing over 11,000. Wrightsville Beach (5.5 mi.), along with Figure Eight Island to the north, both offer an amazing lifestyle for residents, retirees and tourists alike. Linking One Midtown to these vibrant areas is the Cross-City Trail, a 20-mile bicycle and pedestrian network that connects parks, education, shopping and other amenities across the City. The trail, which will continue to drive growth along Independence Boulevard, runs directly in front of One Midtown. Source: getgoingnc.com ONE MIDTOWN OFFERING SUMMARY 17
- 18. 18 LOCATED NORTH OF TWO PREMIER MIXED-USE DEVELOPMENTS One Midtown is situated in the heart of the next wave of commercial development as two premier mixed-use developments, Gallery Park and River Lights get underway just south of the property. 300-ACRE GALLERY PARK COMMUNITY Gallery Park is a 300-acre master planned community located at the intersection of Independence Boulevard and S. 17th Street. Phase I of the project, The Forks at Barclay, began construction in Q4-2014 and will include 72 single-family homes and 52 townhomes on the 46-acre site. 1,400-ACRE RIVER LIGHTS COMMUNITY Newland Communities is developing the River Lights master planned community which includes 2.5 miles of Cape Fear River shoreline and wetlands. Realignment of River Road, the first phase of the project, was just completed at the end of 2015. WILMINGTON ACCOLADES • USA Today’s Best Al Fresco Dining in US • CultureTrip.com’s Top 10 Most Beautiful Towns in North Carolina” • MatadorNetwork.com’s “20 Coolest Beach Towns in America” • #5 in Forbes’s List of “America’s Smartest Cities” • USA Today’s “America’s Best Riverfront” • Milken Institute ranked Wilmington as the fourth best city for economic productivity in NC • U.S. News & World Report ranked NHMRC among the “Best Hospitals in North Carolina” for the thrid year in a row 20142015 300 ACRES 3 MILLION SF RETAIL & OFFICE 40,000 SF RESTAURANTS 1,375 HOMES 1,400 ACRES 1 MILLION SF COMMERCIAL SPACE 2,700 HOMES 112 BOAT SLIPS ONE MIDTOWN OFFERING SUMMARY 18
- 19. 19 VIII. EXCEPTIONAL CONSTRUCTION QUALITY Featuring cementitious and architectural brick siding, Acoustic-Mat sound control insulation, granite countertops, stainless steel appliances, wood-style flooring, subway tiled back-splashes, a four story elevator accessible building, 100% irrigated site from well and an excellent amenity package, One Midtown is truly among the very highest quality assets in the entire Wilmington MSA. Furthermore, residents enjoy access to the 3.5 acre lake with walking trails located directly behind the property. ONE MIDTOWN OFFERING SUMMARY 19
- 20. 20 ORGANIC RENT GROWTH VIA BELOW MARKET LEASE EXPIRATIONS IX. IMPRESSIVE MOMENTUM COMING OUT OF LEASE-UP With occupancy stabilizing in March 2016, One Midtown’s pre-stabilization leases are just ending and overall effective rents are primed to climb. The average in-place rent has already grown from $1,235 to $1,254 since January – while the property was in lease-up. With the average in-place rent still $21 below their average market rent, the property will benefit by over $50,000 in annual NOI growth as concessions are burned off. Combining the remaining pre-stabilized leases’ turnover with projected organic rent growth, One Midtown is positioned for both near and long-term rent growth. CASE STUDY | POST-STABILIZATION MOMENTUM HEADWATERS AT AUTUMN HALL 1202 Eastwood Road Wilmington, NC 28403 Year Built: Number of Units: Rent PSF (Lease-Up): Rent PSF (Current): Rent Growth: Headwaters at Autumn Hall, a top of the market asset and sister property of One Midtown, finished construction in 2012. Since lease-up, market rents at Headwaters have grown by 10%, or from $1.27 PSF to $1.40 PSF. One Midtown is expected to mimic this post-stabilization momentum as leases turn over throughout 2016 and 2017, presenting the next owner with an inherent opportunity to increase rents. 2012 286 $1.27 $1.40 10% IN ORGANIC RENT GROWTH ASSUMING ALL EXPIRING LEASES ARE BROUGHT UP TO MARKET RENT$50,211 ONE MIDTOWN OFFERING SUMMARY 20
- 21. 21 X. HIGH RENT GROWTH CEILING New Ownership will inherent a top of the market asset with a high rent growth ceiling, representing an appealing opportunity. Currently, the One Midtown average in-place rent, at $1,254, sits 7% below the “top of the market” average of $1,337. Stabilized rents at One Midtown will fall in line with its established competitors as next generation leases bridge the gap and boost revenue. RENT PER UNIT COMPARISON | TOP OF MARKET ASSETS ONE MIDTOWN HAWTHORNE AT THE STATION RESERVE AT MAYFAIR HEADWATERS AT AUTUMN HALL $1,337 TOPOFMARKET AVERAGERENT $1,337 • One Midtown • Hawthorne at the Station • Reserve at Mayfair • Headwaters at Autumn Hall $1,254 $1,291 $1,342 $1,379 ONE MIDTOWN OFFERING SUMMARY 21
- 26. 26 UNIT FEATURES • Nine Foot Ceilings • Washer & Dryer Connections • Fully Equipped Kitchen • Built-In Microwave • Stainless Steel Appliances • Hardwood Flooring • Kitchen Islands • Ceiling Fan(s) • Walk-In Closet(s)* • Garden Bathtub* • Designer Paint Accent Walls • Detached Garages Available • Private Patio / Balcony* *In Select Units ONE MIDTOWN PROPER T Y DETAIL S 26
- 27. 27 COMMUNITY AMENITIESS • Two Story Clubhouse • Resort-Style Swimming Pool • Business Center & Cyber Cafe • Self-Serve Barista Bar • 24-Hour Fitness Center • Bark Park & Dog Washing Station • Interior Bicycle Storage • Outdoor Entertaining Space w/ Fireplace & Grill • Convenient to Downtown Wilmington ONE MIDTOWN PROPER T Y DETAIL S 27
- 28. ONE MIDTOWN PROPER T Y DETAIL S 28
- 29. ONE MIDTOWN PROPER T Y DETAIL S 29
- 30. ONE MIDTOWN PROPER T Y DETAIL S 30
- 31. ONE MIDTOWN PROPER T Y DETAIL S 31
- 32. UNIT MIX CHART PERCENTAGE OF UNIT TYPES UNIT TYPE # OF UNITS SIZE SQ. FT. TOTAL SQ. FT. MARKET RENT RENT/SQ. FT. MONTHLY RENT 1 BR / 1 BA 1 BR / 1 BA 1 BR / 1 BA 2 BR / 2 BA 2 BR / 2 BA 2 BR / 2 BA 3 BR / 2 BA 36 63 2 40 18 40 24 25,272 54,558 1,980 49,640 19,440 49,160 33,120 $969 $1,090 $1,340 $1,403 $1,353 $1,502 $1,575 $1.38 $1.26 $1.35 $1.13 $1.25 $1.22 $1.14 $34,891 $68,685 $2,680 $56,110 $24,360 $60,080 $37,800 702 866 990 1,241 1,080 1,229 1,380 TOTALS / AVERAGES 223 233,170 $1,276 $1.24 $284,6061,046 32 ONE MIDTOWN PROPER T Y DETAIL S 32
- 33. (A1) 1BED 1BATH | 702 SQ. FT. (B2) 2BED 2BATH | 1,080 SQ. FT. (A1) 1BED 1BATH | 866 SQ. FT. (B3) 2BED 2BATH | 1,229 SQ. FT. (B1) 2BED 2BATH | 1,241 SQ. FT. (C1) 3BED 2BATH | 1,380 SQ. FT. 33 ONE MIDTOWN PROPER T Y DETAIL S 33
- 34. 3025 3024 2931 3009 2911 2910 2956 2945 2980 A B C D E F G G H G G INDEPENDENCE BLVD. TIBURONDR. A CLUBHOUSE B FITNESS CENTER C POOL D CABANA E MAIL/BIKE STORAGE F BARK PARK G GARAGES H COMPACTOR 34 ONE MIDTOWN PROPER T Y DETAIL S 34
- 35. EXTERIORS YEAR BUILT FRAME FOUNDATION FLOORS EXTERIOR WALLS ROOFS WINDOWS • 2015 • Wood Frame Construction • Concrete Post Tension Slabs • 1st Floor - Concrete Slab • Upper Floors - Gypcrete over Wood • Brick & Cementitious Siding • Pitched Roofs & Asphalt Shingles • Insulated Vinyl Windows MECHANICAL UTILITIES HOT WATER HVAC PLUMBING ELECTRICAL FIRE PROTECTION • Electricity - Tenant Pays - Duke Energy • Water/Sewer - Tenant Pays (Full Capture Submeter) - CFPUA • Cable/Internet - Tenant Pays - AT&T (Revenue Sharing) • Trash - Tenant Reimburses - Valet Waste • Pest - Tenant Reimburses • 40 Gallon Electric Water Heaters • Split System (Heat Pumps) • PEX • Booster pumps at each building to maintain water pressure • Copper Wiring • Smoke Detectors (Battery and Hardwired) • Fire Extinguishers, Central Alarm, Fully Sprinkled INTERIORS KITCHEN BATHROOM LIVING AREAS WALLS & CEILINGS WASHER/DRYER • Appliances - Side-by-Side Stainless Steel Refrigerator w/ Water & Ice in Door, Dishwasher, Disposal,, Range & Microwave • Flooring - Wood-Like Plank Flooring • Cabinetry - Wood • Countertops - Granite w/ Undermount Sink & Tile Backsplash • Components - One (1) Piece Fiberglass Tubs and / or Showers, Granite Countertops • Flooring - Wood-Like Plank Flooring • Cabinetry - Wood • Countertops - Granite • Flooring - Wood Plank Vinyl (All Floors) • Painted Drywall • Included in All Units GROUNDS PARKING LOTS PARKING SPACES HANDICAP PKG PARKING/UNIT SIDEWALKS LANDSCAPING ACCESS ZONING • Asphalt Paved - Vehicluar Drives & Parking Lots • 417 Parking Spaces (Including 24 Garage/11 Handicap) • 11 Parking Spaces • 1.87 Parking Spaces / Unit • Concrete Curbs & Walkways • Trees / Shrubs / Grass - Variety • 100% Irrigated from Well • Two (2) Entrances (Via Independence Blvd & Tiburon Dr) • MF-M - Property is Part of a POA with Major Shared Items being Storm Water, Pond Management & Irrigation Well 35 ONE MIDTOWN PROPER T Y DETAIL S 35
- 36. AERIAL TAX PLAT APN: Multiple ZONING: MF-M (New Hanover) SITE ACREAGE: 14.18 36 ONE MIDTOWN PROPER T Y DETAIL S 36
- 38. Located in New Hanover County, Wilmington is situated along North Carolina’s Atlantic coastline. It is the largest city in southeastern North Carolina and the eighth largest in the state. Wilmington’s historic downtown river district is the epitome of the “New South,” rich with history, beauty and historic landmarks. Due to Wilmington’s strategic location along the Atlantic Coast, the city has become North Carolina’s largest port city and is the backbone for the state’s international trade. The Wilmington MSA, which has a population of 272,671 (2015) includes New Hanover and Pender Counties, both of which rank among the top in the state for population growth and industry expansion. The Wilmington area also encompasses several beach towns including Carolina Beach, Kure Beach and Wrightsville Beach. MARKET OVERVIEW Fueled by strong population growth, the Wilmington multifamily market is quietly one of the healthiest secondary markets in the Southeast. Consequently, new development has picked up resulting in 954 multifamily permits filed in 2014 and 570 filed in 2015. However, the market has done remarkably well in absorbing new units. Rental demand, driven by a rapidly expanding population and access to well-educated workers, remains strong with 977 units absorbed over the the past year. Looking forward, multifamily demand is forecasted to outpace supply by nearly 29% in 2016 as projected job growth of 3.4% will result in 1,328 units absorbed versus 1,031 units delivered. Increased demand will also continue to drive up rental rates, while the average vacancy rate is expected to pivot around the 7% range. DEMOGRAPHICS The Wilmington MSA, with a population of 272,671 (2015), ranked as the 171th largest metro in the United States. According to a recent report released by the U.S. Census Bureau, New Hanover and Pender Counties experienced some of the fastest-growth rates out of all North Carolina counties, growing at 8.73% and 10.33%, respectively, since 2010. Neighboring Brunswick County, which the U.S. Office of Management and Budget (OMB) officially removed from the Wilmington MSA effective in 2015, experienced a 14.7% growth over the same time span – the second fastest in the nation. Had Brunswick County remained, the Wilmington MSA would have been the fastest growing metro in the state and one of the fasting growing in the nation. Nonetheless, the area’s growth is impressive. 38 BPS YOY Vacancy grew marginally, increasing 40 bps to 7.5% (Q4 2015) +40 % YOY Average Asking Rent increased by 4.1% in 2015 to $822 +4.1 GROWTH RATE Average Asking Rent is forecasted to grow over the next two years 3-4% MULTIFAMILY TRENDS GROWTH RATE Wilmington MSA’s Population projected to increase from 2015-2020 8.0% % YOY 2014 New Hanover County’s Avg Household Income increased to $69,355 +4.0 POPULATION College educated (bachelor’s or higher) on national level 35% MARKET TRENDS WILMINGTON, NC WILMINGTON, NORTH CAROLINA ONE MIDTOWN LOCATION OVERVIEW 38
- 39. LOCAL ECONOMY The mainstays of the region’s economy reside in the recession resilient economic anchors of education, healthcare, and government in addition to agriculture and defense sectors. However, transportation & logistics coupled with film and tourism are emerging as economic drivers. In the greater region, several industrial sectors are contributing to growth, including aerospace, life sciences, and advanced manufacturing. Furthermore, financial services and the life science sector (R&D as well as manufacturing) are significant employers. Tourism In 2014, New Hanover County produced the second most tourism-related income of all NC coastal counties, representing a 6.33% increase from 2013. The industry generated $113.27 million in payroll while more than 5,680 jobs were directly attributable to travel and tourism. Neighboring Brunswick County generated the third most tourism-related income of all NC coastal counties in 2014. Domestic tourism enjoyed a 5.47% increase from 2013. More than 5,190 jobs were directly attributable to travel and tourism, generating a $91.36 million payroll. Film Industry Wilmington’s picturesque landscapes and vibrant historic downtown provide the perfect setting for movies and television series. EUE/Screen Gem Studios in Wilmington is the largest film studio facility in the nation outside of Los Angeles. Since its inception in 1983, over 300 feature film, television series and mini-series have been produced. It is estimated that over 650 film crew professionals reside in the Wilmington area. In the past several years, this film studio has generated the third highest amount of revenue, trailing only Los Angeles and New York City. In 2015 alone, 25 television/movie productions were filmed in Wilmington, including: Under the Dome, Sleepy Hollow, Secrets and Lies, Revolution Transportation And Logistics With Wilmington’s history of sea-based transportation, its state-of-the-art deep- water port, airport and numerous military installations, the area provides the ideal environment for aviation production. In fact, Wilmington is the main production hub for GE Aviation, a leader in highly technical aviation systems. Furthermore, sea-based transportation and trade continue to have a significant economic impact as the Port of Wilmington serves as the Army’s primary east coast deep-water port. In 2014, a study conducted by the Institute for Transportation Research and Education (ITRE) at North Carolina State University found that the Port of Wilmington contributed about $12.9 billion to the approximate $14 billion total economic impact of NC ports. EMPLOYMENT The total labor force for the Wilmington area is 136,871, while the unemployment rate currently sits at 5.0% (Dec-15), representing a 120 basis point gain since the beginning of 2014. The area’s appealing business climate has attracted global corporations like GE, Corning, Verizon Wireless, and homegrown PPD. Wilmington has a growing and experienced labor pool with a highly productive workforce and diversified industrial base. Employment by sector is becoming more diversified as new industries and businesses are calling Wilmington home. 39 NEW HANOVER COUNTY BRUNSWICK COUNTY $508M $496M ECONOMIC IMPACT Government Trade, Transportation, & Utilities Leisure & Hospitality Professional & Business Services Education & Health Services 22.5% 22.3% 17.0% 15.2% 14.1% TOP INDUSTRIES BY EMPLOYMENT ONE MIDTOWN LOCATION OVERVIEW 39
- 40. The largest industrial companies in the area consist of Corning Glass Works (the Wilmington location is the largest manufacturer of optical fibers in the world); General Electric (aircraft engine parts, nuclear fuel components); Duke Energy; International Paper; KoSa (chemicals); PPD (pharmaceutical research); Louisiana Pacific (wood products); Terex American Crane; VisionAir (software); Verizon Wireless; Oracle Packaging; Del Laboratories; L.L. Building Products; AAIPharma (pharmaceutical products); and Interroll (conveyor components). 40 2015 JOB ANNOUNCEMENTS • nCino, (Finance) a Wilmington banking software firm, announced plans to add 100 new jobs after closing on a $29 million round of financing. (February 2015) 2014 JOB ANNOUNCEMENTS • Vertex Rail (Logistics) announced a $60 million investment that will create 1,300 new jobs and yield $1.1 billion in annual economic impact. (November 2014) • Live Oak Bank (Finance) announced that it is adding 120 employees to its Wilmington headquarters. (June 2014) 2013 JOB ANNOUNCEMENTS • USA InvestCo (Real Estate Investment) annouced plans to create 100 jobs and invest more than $15 million in a new cold storage facility at the Port of Wilmington. (December 2013) • R.C. Creations, LLC, (Seafood Processing) a subsidiary of Acme Smoked Fish Corporation, announced plans for a new $30 million, 100,000 square foot facility at Pender Commerce Park that will create 120 new jobs. (October 2013) • GE Aviation (Aircraft System Production) announced a major $63 million expansion at its New Hanover County facility on Castle Hayne Road as a part of a $195 million commitment the company has made at four sites across the state. The investment is expected to generate 35 new jobs. (June 2013) • Castle Branch (Background Screening) announced plans to expand operations at its corporate headquarters in Wilmington, NC. The company plans to create 420 jobs with a $10.2 million investment. (March 2013) • Inclinix, Inc. (Contract Research) announced it would expand operations its Wilmington, NC operations with an investment of $10 million. (January 2013) COMPANY New Hanover Regional Medical Center/ Cape Fear Hospital New Hanover County Schools GE Hitachi & GE Aviation Wal-Mart University of NC Wilmington Brunswick County Schools New Hanover County Verizon Wireless Call Center PPD, Inc. Duke Energy Pender County Schools City of Wilmington Corning, Inc. Source: Wilmington Chamber of Commerce 6,462 3,700 3,000 2,592 1,891 1,828 1,609 1,514 1,500 1,350 1,200 1,007 1,000 Healthcare Education Manufacturing Retail Education Education Government Communications Pharmaceuticals Utilities Education Government Technology # OF EMPLOYEESTYPE OF BUSINESS WILMINGTON MSA - LARGEST EMPLOYERS 2nd BEST CITY IN THE U.S. TO START A BUSINESS 2015 Source: NerdWallet ONE MIDTOWN LOCATION OVERVIEW 40
- 41. EDUCATION Wilmington, with over 35,000 college students, benefits tremendously from its high concentration of universities and colleges that include UNC-Wilmington, Cape Fear Community College, Brunswick Community College, Miller-Motte Technical College, Shaw University, and University of Mount Olive, these universities fuel a growing local employment base with a strong supply of well- educated workers. University of North Carolina at Wilmington (UNCW) Few higher education institutions have enjoyed the phenomenal growth and success that the University of North Carolina Wilmington has seen since its establishment in 1947. The University enrolls nearly 15,000 across its 52 bachelor’s, 36 masters and 2 doctoral degree programs, while contributing $500 million annually in economic impact to the region. It is also one of the largest employers in Wilmington, with close to 1,900 faculty members and support staff. Cape Fear Community College Cape Fear Community College (CFCC) is the 6th largest community college in the state, with over 28,000 students taking classes each year, with over 9,500 enrolled in credit programs. Cape Fear has a full-time staff of 553 employees, along with over 600 part time employees. Its multiple campuses throughout the region allows for easy access to its thousands of students. HEALTHCARE New Hanover Regional Medical Center The highly rated New Hanover Regional Medical Center (NHRMC) serves the county and city of Wilmington. One of the largest employers in the area, the hospital features 769 beds, 37 operating rooms, 565 physicians and is a Level II Trauma Center. NHRMC also boasts numerous awards, both statewide and nationwide, for excellence in care and patient satisfaction. In 2014, NHRMC’s EMS team was the first in the nation to earn the American Heart Association’s Mission: Lifeline EMS Recognition Award, for specialized treatment of severe heart attacks. In addition, it was the first hospital in North Carolina to earn Triple Gold Awards from NC Prevention Partners. NHRMC is also accredited by the Commission on Accreditation of Rehabilitation Facilities (CARF). Cape Fear Hospital Cape Fear Hospital is home to the New Hanover Regional Medical Center Orthopedic Center and has been ranked among the nation’s top ten percent of orthopedic programs three years in a row. The Center has 26 board-certified or board-eligible surgeons, many of whom are fellowship trained, and perform more than 1,800 joint replacement procedures each year. Pender Memorial Hospital Part of the New Hanover Regional Medical Center, Pender Memorial serves residents of Pender County. The 86 bed, not for profit operation serves nearly 27,000 patients per year. 41 UNCW CFCC NHRMC CAPE FEAR PENDER MEMORIAL ONE MIDTOWN LOCATION OVERVIEW 41
- 42. ARTS, CULTURE, & RECREATION New Hanover County is well-known for its superior quality of life. The region offers a wide variety of choices for residents, retirees and vacationers. Residents and visitors enjoy access to three beautiful beach towns, historic downtown Wilmington, and a number of recreational opportunities that include golf on more than 150 courses, kayaking and other water-based activities, exploration of nature and wildlife, and more. Arts & Culture The proof of the vibrant arts community can be seen throughout the area: on the walls of local eateries and coffee houses, in the large selection of commercial art galleries, at arts and crafts fairs, and in the numerous community theatre companies with year-round performances. Stroll through downtown Wilmington on a weeknight or weekend and you will see and hear theatre coming from traditional venues, such as historic Thalian Hall, and some less likely places: underground bars, the public radio station and outdoor courtyards. SHOPPING & RETAIL Wilmington is a bustling beach community with full-time residents, a large student population, and hosts many vacationers each year. Wilmington has two main shopping centers, Mayfaire Town Center and Independence Mall. For a more eclectic and unique shopping experience, Wilmington shoppers and tourists can visit the numerous boutiques, restaurants and more. Notable “unique” shopping destinations include those at the Cotton Exchange, in historic Downtown, and at Lumina Station near Wrightsville Beach. Mayfaire Town Center Mayfaire Town Center is the Cape Fear region’s premier shopping and dining destination. The 400-acre, mixed-use development offers over 65 shops and over 20 restaurants. The shopping center consists of two distinct, but complementary retail centers; the upscale Town Center and the necessity based Community Center; a variety of residential options; a business park; and two hotels. Independence Mall Independence Mall is the only enclosed regional mall within a 60 mile radius located in the heart of Wilmington. Originally built in 1979 and renovated in 2001, Independence Mall features over 1 million square feet of GLA anchored by Belk, Sears, JC Penney and Dillard’s and over 100 Specialty Retail Shops. 42 THALIAN HALL SMALL ART TOWNS IN AMERICA 100 BEST MAYFAIRE TOWN CENTER ONE MIDTOWN LOCATION OVERVIEW 42
- 43. TRANSPORTATION Wilmington International Airport (ILM) Located on 1,500 acres at the midway point of the East Coast, this airport serves more than 750,000 passengers and 3,200 incoming international flights each year. Three fixed base operations (FBO’s) currently house over 100 private aircraft at the airport, and a 24-hour US Customs ramp is available for international flights stopping at the airport. ILM is served by three major airlines that offer 42 scheduled daily flights including non-stop flights to seven major US cities. The National Weather Service maintains a facility at the airport, which serves aviation needs by disseminating weather information to the entire region. Highways The network of highway systems in the area makes Wilmington attractive and easily accessible, both for travelers and industry. U.S. Highway 17, long a major artery from New York to Florida, is currently being made a four-lane highway spanning from the South Carolina state line northward to the Virginia State line. The New Hanover County leg of the bypass around Wilmington is complete. The I-40 expressway provides a direct connection from Wilmington to Raleigh, Durham, Chapel Hill, Burlington, and Greensboro, as well as other cities across the state. In fact, the east-west highway that begins in Wilmington stretches all the way across the country to Barstow, California. U.S. Highway 74 gives access to Charlotte and U.S. Highway 421 from Boone. 43 Ports North Carolina ports have a considerable impact on the local and statewide economy – supporting 85,000 jobs and contributing $299 million in local and state tax revenues. The NC State Port of Wilmington, NC, owned and operated by the NC State Ports Authority, offers terminal facilities serving container, bulk and break-bulk operations. Readily available modern transit and warehouse facilities, state-of-the-art post-Panamax container cranes and support equipment, and the latest in cargo management technology provide a broad platform for supporting international trade to the fast-growing Southeast U.S. market. The Port of Wilmington has ample capacity to support today’s cargo volumes and continues to invest in expanding the facility to meet projected growth in international trade. In fact, the port is preparing for growth with an expansion project that will add bulk transfer facilities for wood pellet exports. Recent and ongoing improvement to regional and national highway networks make surface transportation supporting the Port of Wilmington superior to neighboring ports. CSX Transportation provides daily service for boxcar, tanker and general cargo services. Furthermore, Wilmington is home to the Military Ocean Terminal at Sunny Point, which is the largest ammunition port in the western hemisphere. PORT OF WILMINGTON ILM ONE MIDTOWN LOCATION OVERVIEW 43
- 44. Railways The Wilmington area is served by CSX Transportation, a major freight line. From Wilmington, several spurs serve Wilmington area customers in Castle Hayne, Coastal, Hanover and Malmo. Freight destined to and from these customers is shipped west to yards at Pembroke and Hamlet, N.C., for distribution to shippers and receivers all across the United States. Through the Port, CSX provides daily service for boxcar, tanker and general cargo services. Ferries Ferries are located at Fort Fisher, Southport, Bald Head Island, Pamlico River and the Outer Banks. Bus Service The region is served by the Cape Fear Public Transportation Authority (Wave Transit). Wave Transit buses traverse the city of Wilmington and portions of New Hanover County every day from transfer points located in Downtown Wilmington (Downtown Station), on Columb Drive behind Target (Central Station), Independence Mall (Independence Station), and UNC- Wilmington (UNCW Station). Students, seniors, and disabled passengers are eligible to ride for half fare, while UNC-Wilmington students ride all routes for free. In addition to fixed route transit, Wave Transit operates the Seahawk Shuttles, serving the University of North Carolina at Wilmington, the Front Street Trolley (a free service that circles through downtown), and a taxicab voucher program. Bicycling Bicycling is becoming a popular form of transportation as well. Bike paths connected to major roadways have been constructed on several area roads, and many more are in the planning stages. Four-foot-wide bike lanes run along each side of River Road from U.S. 421 just north of Snow’s Cut Bridge to Greenfield Lake on the south side of downtown Wilmington. The 10-mile ride offers beautiful views of the Cape Fear River. The River-to-Sea Bike Route stretches from Riverfront Park on Market Street in Wilmington to Johnny Mercer’s Pier in Wrightsville Beach, a ride of just over 10 miles. The bikeway follows the route of the historic trolley line, which ran from downtown Wilmington to Wrightsville Beach in the early 1900s. Most of the bikeway follows quiet, tree-lined residential streets. 44 WAVE TRANSIT JOHNNY MERCER’S PIER ONE MIDTOWN LOCATION OVERVIEW 44
- 45. Atlantic Ocean Masonboro Island Eagle Island Money Island Shell Island Figure Eight Island Harbor IslandGreenfield Lk NE Cape Fear Riv IntracoastalWaterway Wooster St SCollegeRd 17thSt 16thSt Oleander Dr NCollegeRd NCollegeRd 3rdSt Market St Eastwood Rd Dawson St Cau s eway Dr CastleHayneRd CarolinaBeachRd Wrightsville Ave John Jay Burney Jr Fwy Wrightsv ille Ave WaynickBlvd SKerrAve Porters Neck Rd NLuminaAve MilitaryCutoffRd MasonboroLoopRd Independence Blvd Greenville Loop Rd Gordon Rd EdgewaterClubRd BurnettBlvd BlueClayRd BeachRdS Beach RdN N23rdSt N Kerr Ave Wrightsville Ave PineGroveDr Cedar Hill Rd Old Mill Rd Village Rd NavassaRd LanvaleRd Ocean Hwy RiverRd RiverR RiverRd P Mohican Trl S 17th St Holly Tree Rd IndependenceBlvd W Salisbury St Futch Creek Rd Scotts Hill Loop Rd N Kerr Ave Sidbury Rd Sidbury Rd McRaeSt Grace St FrontSt Princess Place Dr Greenville Av e Wilmington International Airport Univ. of N.C. at Wilmington Cape Fear Community College Porters Neck Plantation & Country Club Country Club of Landfall Inland Greens G.C. Dye Course Niclaus Course Airie Gardens Wilmington Municipal G.C. Pine Valley C.C. Cape Fear Country Club Empie Park Macrae Park Halyburton Park Ogden Park Maids Park Optimist Park Echo Farms G.C. Legion Stadium New Hanover Regional Med Ctr Battleship N Carolina Independence Mall Mayfaire Town Ctr Wrightsville Beach Wilmington Kings Grant Skippers Corner Hightsville Silver Lake Murraysville Kirkland Wrightsboro Ogden Bayshore Navassa Leland Belville Porters Neck Blue Clay Farms MASONBORO CAPE FEAR TOWNSHIP WILMINGTON TOWNSHIP HARNETT TOWNSHIP NORTHWEST TOWNSHIP TOWN CREEK NEW HANOVER COUNTY PEN COU BRUNSWICK COUNTY 421 117 76 76 76 17 BUS 17 BUS 17 133 133 140 133 421 117 40 132 132 74 74 74 117 140 17 17 45 ★ ONE MIDTOWN LOCATION OVERVIEW 45
- 47. 3 14 8 1 10 9 2 3 4 5 6 7 ★ PROPERTY # OF UNITS YEAR BUILT OCCUPANCY APPROX. SQ. FT. EFF. RENT EFF. RENT PER SQ. FT. One Midtown 223 2015 91% 1,045 $1,257 $1.20 1 South Front 216 1954 98% 671 $1,000 $1.49 2 Barclay Place 164 1997 95% 1,261 $1,295 $1.03 3 Reserve at Mayfair 264 2005 96% 1,124 $1,342 $1.19 4 City Block 112 2015 92% 810 $1,164 $1.44 5 Amberleigh Shores 282 2014 91% 1,012 $1,095 $1.08 6 Hawthorne at Murrayville 204 2008 93% 982 $951 $0.97 7 Hawthorne at the Station 192 2014 93% 1,047 $1,291 $1.23 8 Headwaters at Autumn Hall 286 2013 97% 1,079 $1,379 $1.40 9 Belle Meade 147 2016 58% 997 $962 $0.96 10 Meridian at Fairfield Park 241 2016 N/A 939 $993 $1.06 AVERAGES 211 2005 90% 988 $1,211 $1.19 ONE MIDTOWN MARKET COMPARABLES 47
- 48. 3 PROPERTY UNIT TYPE APPROX SQ. FT. EFF. RENT RENT PER SQ. FT. South Front 1 BR / 1 BA 525 $879 $1.67 City Block 1 BR / 1 BA 637 $1,055 $1.66 Headwaters at Autumn Hall 1 BR / 1 BA 742 $1,200 $1.62 South Front 1 BR / 1 BA 550 $879 $1.60 City Block 1 BR / 1 BA 656 $1,035 $1.58 Headwaters at Autumn Hall 1 BR / 1 BA 704 $1,085 $1.54 City Block 1 BR / 1 BA 729 $1,099 $1.51 City Block 1 BR / 1 BA 697 $1,035 $1.48 City Block 1 BR / 1 BA 674 $999 $1.48 South Front 1 BR / 1.5 BA (TH) 700 $1,024 $1.46 South Front 1 BR / 1.5 BA (TH) 700 $1,024 $1.46 South Front 1 BR / 1.5 BA (TH) 700 $1,024 $1.46 Headwaters at Autumn Hall 1 BR / 1 BA 853 $1,230 $1.44 One Midtown 1 BR / 1 BA 702 $1,001 $1.43 South Front 1 BR / 1.5 BA (TH) 725 $1,024 $1.41 Amberleigh Shores 1 BR / 1 BA 675 $911 $1.35 Hawthorne at the Station 1 BR / 1 BA 811 $1,075 $1.33 Reserve at Mayfair 1 BR / 1 BA 860 $1,120 $1.30 One Midtown 1 BR / 1 BA 990 $1,290 $1.30 Hawthorne at the Station 1 BR / 1 BA 872 $1,095 $1.26 Reserve at Mayfair 1 BR / 1 BA 896 $1,120 $1.25 Amberleigh Shores 1 BR / 1 BA 794 $995 $1.25 One Midtown 1 BR / 1 BA 866 $1,064 $1.23 Hawthorne at Murrayville 1 BR / 1 BA 720 $855 $1.19 Meridian at Fairfield Park 1 BR / 1 BA 631 $752 $1.19 Amberleigh Shores 1 BR / 1 BA 749 $854 $1.14 Amberleigh Shores 1 BR / 1 BA 855 $967 $1.13 Meridian at Fairfield Park 1 BR / 1 BA 661 $750 $1.13 PROPERTY UNIT TYPE APPROX SQ. FT. EFF. RENT RENT PER SQ. FT. One Midtown 1 BR / 1 BA 990 $1,290 $1.30 Headwaters at Autumn Hall 1 BR / 1 BA 853 $1,230 $1.44 Headwaters at Autumn Hall 1 BR / 1 BA 742 $1,200 $1.62 Reserve at Mayfair 1 BR / 1 BA 860 $1,120 $1.30 Reserve at Mayfair 1 BR / 1 BA 896 $1,120 $1.25 City Block 1 BR / 1 BA 729 $1,099 $1.51 Hawthorne at the Station 1 BR / 1 BA 872 $1,095 $1.26 Barclay Place 1 BR / 1 BA 974 $1,090 $1.12 Headwaters at Autumn Hall 1 BR / 1 BA 704 $1,085 $1.54 Hawthorne at the Station 1 BR / 1 BA 811 $1,075 $1.33 One Midtown 1 BR / 1 BA 866 $1,064 $1.23 City Block 1 BR / 1 BA 637 $1,055 $1.66 City Block 1 BR / 1 BA 656 $1,035 $1.58 City Block 1 BR / 1 BA 697 $1,035 $1.48 South Front 1 BR / 1.5 BA (TH) 700 $1,024 $1.46 South Front 1 BR / 1.5 BA (TH) 725 $1,024 $1.41 South Front 1 BR / 1.5 BA (TH) 700 $1,024 $1.46 South Front 1 BR / 1.5 BA (TH) 700 $1,024 $1.46 One Midtown 1 BR / 1 BA 702 $1,001 $1.43 City Block 1 BR / 1 BA 674 $999 $1.48 Amberleigh Shores 1 BR / 1 BA 794 $995 $1.25 Amberleigh Shores 1 BR / 1 BA 855 $967 $1.13 Amberleigh Shores 1 BR / 1 BA 859 $944 $1.10 Amberleigh Shores 1 BR / 1 BA 675 $911 $1.35 Meridian at Fairfield Park 1 BR / 1 BA 841 $910 $1.08 South Front 1 BR / 1 BA 550 $879 $1.60 South Front 1 BR / 1 BA 525 $879 $1.67 Hawthorne at Murrayville 1 BR / 1 BA 720 $855 $1.19 *(TH) Townhome RANKED BY RENT PER SQUARE FOOT ONE BEDROOM RANKED BY RENT PER UNIT ONE MIDTOWN MARKET COMPARABLES 48
- 49. 3 *(TH) Townhome PROPERTY UNIT TYPE APPROX SQ. FT. EFF. RENT RENT PER SQ. FT. Barclay Place 1 BR / 1 BA 974 $1,090 $1.12 Meridian at Fairfield Park 1 BR / 1 BA 683 $768 $1.12 Amberleigh Shores 1 BR / 1 BA 859 $944 $1.10 Meridian at Fairfield Park 1 BR / 1 BA 841 $910 $1.08 Meridian at Fairfield Park 1 BR / 1 BA 757 $804 $1.06 Belle Meade 1 BR / 1 BA 864 $853 $0.99 AVERAGES 754 $994 $1.33 PROPERTY UNIT TYPE APPROX SQ. FT. EFF. RENT RENT PER SQ. FT. Amberleigh Shores 1 BR / 1 BA 749 $854 $1.14 Belle Meade 1 BR / 1 BA 864 $853 $0.99 Meridian at Fairfield Park 1 BR / 1 BA 757 $804 $1.06 Meridian at Fairfield Park 1 BR / 1 BA 683 $768 $1.12 Meridian at Fairfield Park 1 BR / 1 BA 631 $752 $1.19 Meridian at Fairfield Park 1 BR / 1 BA 661 $750 $1.13 AVERAGES 754 $994 $1.33 *(TH) Townhome RANKED BY RENT PER SQUARE FOOT ONE BEDROOM RANKED BY RENT PER UNIT ONE MIDTOWN MARKET COMPARABLES 49
- 50. 3 PROPERTY UNIT TYPE APPROX SQ. FT. EFF. RENT RENT PER SQ. FT. South Front 2 BR / 1 BA 700 $1,224 $1.75 Headwaters at Autumn Hall 2 BR / 2 BA (G) 1,289 $2,055 $1.59 Headwaters at Autumn Hall 2 BR / 2 BA (TH) 1,103 $1,635 $1.48 Headwaters at Autumn Hall 2 BR / 2 BA 1,013 $1,485 $1.47 City Block 2 BR / 2 BA 1,145 $1,599 $1.40 South Front 2 BR / 2.5 BA (TH) 900 $1,250 $1.39 South Front 2 BR / 2.5 BA (TH) 900 $1,250 $1.39 Headwaters at Autumn Hall 2 BR / 2 BA 1,029 $1,420 $1.38 Hawthorne at the Station 2 BR / 2 BA (P) 1,377 $1,875 $1.36 Headwaters at Autumn Hall 2 BR / 2 BA (TH) 1,174 $1,591 $1.36 Headwaters at Autumn Hall 2 BR / 2 BA (TH) 1,142 $1,533 $1.34 Headwaters at Autumn Hall 2 BR / 2 BA (TH) 1,216 $1,604 $1.32 South Front 2 BR / 2.5 BA (TH) 950 $1,250 $1.32 Headwaters at Autumn Hall 2 BR / 2 BA 1,117 $1,460 $1.31 City Block 2 BR / 2 BA 975 $1,270 $1.30 Headwaters at Autumn Hall 2 BR / 2 BA 1,151 $1,480 $1.29 Headwaters at Autumn Hall 2 BR / 2 BA 1,237 $1,589 $1.28 Hawthorne at the Station 2 BR / 2 BA 1,223 $1,525 $1.25 One Midtown 2 BR / 2 BA 1,080 $1,341 $1.24 One Midtown 2 BR / 2 BA 1,229 $1,481 $1.21 Hawthorne at the Station 2 BR / 2 BA 1,377 $1,625 $1.18 Reserve at Mayfair 2 BR / 2 BA 1,190 $1,380 $1.16 Hawthorne at the Station 2 BR / 2 BA 1,200 $1,384 $1.15 Hawthorne at the Station 2 BR / 2 BA 1,165 $1,343 $1.15 Amberleigh Shores 2 BR / 2 BA 1,067 $1,220 $1.14 Reserve at Mayfair 2 BR / 2 BA 1,473 $1,679 $1.14 Meridian at Fairfield Park 2 BR / 2 BA 1,098 $1,229 $1.12 Barclay Place 2 BR / 2 BA (C) 1,361 $1,515 $1.11 PROPERTY UNIT TYPE APPROX SQ. FT. EFF. RENT RENT PER SQ. FT. Headwaters at Autumn Hall 2 BR / 2 BA (G) 1,289 $2,055 $1.59 Hawthorne at the Station 2 BR / 2 BA (P) 1,377 $1,875 $1.36 Reserve at Mayfair 2 BR / 2 BA 1,473 $1,679 $1.14 Headwaters at Autumn Hall 2 BR / 2 BA (TH) 1,103 $1,635 $1.48 Hawthorne at the Station 2 BR / 2 BA 1,377 $1,625 $1.18 Headwaters at Autumn Hall 2 BR / 2 BA (TH) 1,216 $1,604 $1.32 City Block 2 BR / 2 BA 1,145 $1,599 $1.40 Headwaters at Autumn Hall 2 BR / 2 BA (TH) 1,174 $1,591 $1.36 Headwaters at Autumn Hall 2 BR / 2 BA 1,237 $1,589 $1.28 Headwaters at Autumn Hall 2 BR / 2 BA (TH) 1,142 $1,533 $1.34 Hawthorne at the Station 2 BR / 2 BA 1,223 $1,525 $1.25 Barclay Place 2 BR / 2 BA (C) 1,361 $1,515 $1.11 Headwaters at Autumn Hall 2 BR / 2 BA 1,013 $1,485 $1.47 One Midtown 2 BR / 2 BA 1,229 $1,481 $1.21 Headwaters at Autumn Hall 2 BR / 2 BA 1,151 $1,480 $1.29 Headwaters at Autumn Hall 2 BR / 2 BA 1,117 $1,460 $1.31 Headwaters at Autumn Hall 2 BR / 2 BA 1,029 $1,420 $1.38 Hawthorne at the Station 2 BR / 2 BA 1,200 $1,384 $1.15 Reserve at Mayfair 2 BR / 2 BA 1,190 $1,380 $1.16 Barclay Place 2 BR / 2 BA 1,339 $1,365 $1.02 Hawthorne at the Station 2 BR / 2 BA 1,165 $1,343 $1.15 One Midtown 2 BR / 2 BA 1,080 $1,341 $1.24 One Midtown 2 BR / 2 BA 1,241 $1,335 $1.08 Barclay Place 2 BR / 2.5 BA (TH) (C) 1,363 $1,315 $0.96 City Block 2 BR / 2 BA 975 $1,270 $1.30 South Front 2 BR / 2.5 BA (TH) 900 $1,250 $1.39 South Front 2 BR / 2.5 BA (TH) 900 $1,250 $1.39 South Front 2 BR / 2.5 BA (TH) 950 $1,250 $1.32 *(G) Attached Garage; (P) Penthouse Unit; (TH) Townhome; (C) Carport RANKED BY RENT PER UNIT TWO BEDROOM RANKED BY RENT PER SQUARE FOOT ONE MIDTOWN MARKET COMPARABLES 50
- 51. 3 PROPERTY UNIT TYPE APPROX SQ. FT. EFF. RENT RENT PER SQ. FT. One Midtown 2 BR / 2 BA 1,241 $1,335 $1.08 Amberleigh Shores 2 BR / 2 BA 1,132 $1,211 $1.07 Meridian at Fairfield Park 2 BR / 2 BA 1,008 $1,062 $1.05 Meridian at Fairfield Park 2 BR / 2 BA 1,185 $1,223 $1.03 Barclay Place 2 BR / 2 BA 1,339 $1,365 $1.02 Amberleigh Shores 2 BR / 1 BA 974 $995 $1.02 Belle Meade 2 BR / 2 BA 1,044 $1,043 $1.00 Meridian at Fairfield Park 2 BR / 2 BA 1,149 $1,135 $0.99 Barclay Place 2 BR / 2.5 BA (TH) (C) 1,363 $1,315 $0.96 Amberleigh Shores 2 BR / 2 BA 1,047 $999 $0.95 Belle Meade 2 BR / 2 BA 1,152 $1,057 $0.92 Hawthorne at Murrayville 2 BR / 2 BA 1,047 $962 $0.92 Hawthorne at Murrayville 2 BR / 2 BA 1,150 $962 $0.84 Hawthorne at Murrayville 2 BR / 2 BA 1,250 $962 $0.77 AVERAGES 1,142 $1,355 $1.20 PROPERTY UNIT TYPE APPROX SQ. FT. EFF. RENT RENT PER SQ. FT. Meridian at Fairfield Park 2 BR / 2 BA 1,098 $1,229 $1.12 South Front 2 BR / 1 BA 700 $1,224 $1.75 Meridian at Fairfield Park 2 BR / 2 BA 1,185 $1,223 $1.03 Amberleigh Shores 2 BR / 2 BA 1,067 $1,220 $1.14 Amberleigh Shores 2 BR / 2 BA 1,132 $1,211 $1.07 Meridian at Fairfield Park 2 BR / 2 BA 1,149 $1,135 $0.99 Meridian at Fairfield Park 2 BR / 2 BA 1,008 $1,062 $1.05 Belle Meade 2 BR / 2 BA 1,152 $1,057 $0.92 Belle Meade 2 BR / 2 BA 1,044 $1,043 $1.00 Amberleigh Shores 2 BR / 2 BA 1,047 $999 $0.95 Amberleigh Shores 2 BR / 1 BA 974 $995 $1.02 Hawthorne at Murrayville 2 BR / 2 BA 1,047 $962 $0.92 Hawthorne at Murrayville 2 BR / 2 BA 1,150 $962 $0.84 Hawthorne at Murrayville 2 BR / 2 BA 1,250 $962 $0.77 AVERAGES 1,142 $1,355 $1.20 *(G) Attached Garage; (P) Penthouse Unit; (TH) Townhome; (C) Carport RANKED BY RENT PER UNIT TWO BEDROOM RANKED BY RENT PER SQUARE FOOT Amberleigh Shores 2 BR / 1 BA 974 $995 $1.02 Barclay Place 2 BR / 2 BA 1,339 $1,365 $1.02 Barclay Place 2 BR / 2.5 BA (TH) (C) 1,363 $1,315 $0.96 Amberleigh Shores 2 BR / 2 BA 1,047 $999 $0.95 Bellingham Park 2 BR / 2 BA 1,012 $943 $0.93 Hawthorne at Murrayville 2 BR / 2 BA 1,047 $962 $0.92 Bellingham Park 2 BR / 2 BA 1,101 $949 $0.86 Hawthorne at Murrayville 2 BR / 2 BA 1,150 $962 $0.84 Bellingham Park 2 BR / 2 BA 1,170 $958 $0.82 Hawthorne at Murrayville 2 BR / 2 BA 1,250 $962 $0.77 AVERAGES 1,144 $1,359 $1.20 Amberleigh Shores 2 BR / 2 BA 1,067 $1,220 $1.14 Amberleigh Shores 2 BR / 2 BA 1,132 $1,211 $1.07 Amberleigh Shores 2 BR / 2 BA 1,047 $999 $0.95 Amberleigh Shores 2 BR / 1 BA 974 $995 $1.02 Hawthorne at Murrayville 2 BR / 2 BA 1,250 $962 $0.77 Hawthorne at Murrayville 2 BR / 2 BA 1,047 $962 $0.92 Hawthorne at Murrayville 2 BR / 2 BA 1,150 $962 $0.84 Bellingham Park 2 BR / 2 BA 1,170 $958 $0.82 Bellingham Park 2 BR / 2 BA 1,101 $949 $0.86 Bellingham Park 2 BR / 2 BA 1,012 $943 $0.93 AVERAGES 1,144 $1,359 $1.20 *(G) Attached Garage; (P) Penthouse Unit; (TH) Townhome; (C) Carport ONE MIDTOWN MARKET COMPARABLES 51
- 52. 3 PROPERTY UNIT TYPE APPROX SQ. FT. EFF. RENT RENT PER SQ. FT. Headwaters at Autumn Hall 3 BR / 2 BA 1,293 $1,850 $1.43 Barclay Place 3 BR / 2 BA (C) 1,499 $1,765 $1.18 One Midtown 3 BR / 2 BA 1,380 $1,584 $1.15 Reserve at Mayfair 3 BR / 2 BA 1,721 $1,954 $1.14 Amberleigh Shores 3 BR / 2 BA 1,286 $1,378 $1.07 Amberleigh Shores 3 BR / 2 BA 1,350 $1,428 $1.06 Barclay Place 3 BR / 2.5 BA (TH) (G) 1,633 $1,575 $0.96 Hawthorne at Murrayville 3 BR / 2 BA 1,333 $1,250 $0.94 Meridian at Fairfield Park 3 BR / 2 BA 1,397 $1,309 $0.94 AVERAGES 1,432 $1,566 $1.10 PROPERTY UNIT TYPE APPROX SQ. FT. EFF. RENT RENT PER SQ. FT. Reserve at Mayfair 3 BR / 2 BA 1,721 $1,954 $1.14 Headwaters at Autumn Hall 3 BR / 2 BA 1,293 $1,850 $1.43 Barclay Place 3 BR / 2 BA (C) 1,499 $1,765 $1.18 One Midtown 3 BR / 2 BA 1,380 $1,584 $1.15 Barclay Place 3 BR / 2.5 BA (TH) (G) 1,633 $1,575 $0.96 Amberleigh Shores 3 BR / 2 BA 1,350 $1,428 $1.06 Amberleigh Shores 3 BR / 2 BA 1,286 $1,378 $1.07 Meridian at Fairfield Park 3 BR / 2 BA 1,397 $1,309 $0.94 Hawthorne at Murrayville 3 BR / 2 BA 1,333 $1,250 $0.94 AVERAGES 1,432 $1,566 $1.10 *(G) Attached Garage; (TH) Townhome; (C) Carport RANKED BY RENT PER SQUARE FOOT THREE BEDROOM RANKED BY RENT PER UNIT Amberleigh Shores 3 BR / 2 BA 1,350 $1,428 $1.06 Barclay Place 3 BR / 2.5 BA (TH) (G) 1,633 $1,575 $0.96 Hawthorne at Murrayville 3 BR / 2 BA 1,333 $1,250 $0.94 Bellingham Park 3 BR / 2 BA 1,226 $1,128 $0.92 Bellingham Park 3 BR / 2 BA 1,301 $1,162 $0.89 AVERAGES 1,402 $1,507 $1.07 Amberleigh Shores 3 BR / 2 BA 1,350 $1,428 $1.06 Amberleigh Shores 3 BR / 2 BA 1,286 $1,378 $1.07 Hawthorne at Murrayville 3 BR / 2 BA 1,333 $1,250 $0.94 Bellingham Park 3 BR / 2 BA 1,301 $1,162 $0.89 Bellingham Park 3 BR / 2 BA 1,226 $1,128 $0.92 AVERAGES 1,402 $1,507 $1.07 *(G) Attached Garage; (TH) Townhome; (C) Carport ONE MIDTOWN MARKET COMPARABLES 52
- 53. 3 UNIT TYPE # OF UNITS SIZE SF EFF. RENT EFF. RENT/SF 1 BR / 1 BA 36 702 $1,001 $1.43 1 BR / 1 BA 63 866 $1,064 $1.23 1 BR / 1 BA 2 990 $1,290 $1.30 2 BR / 2 BA 18 1,080 $1,341 $1.24 2 BR / 2 BA 40 1,229 $1,481 $1.21 2 BR / 2 BA 40 1,241 $1,335 $1.08 3 BR / 2 BA 24 1,380 $1,584 $1.15 TOTAL/AVG 223 1,045 $1,257 $1.20 Electric: Tenant Water and Sewer: Tenant Natural Gas: N/A Trash Removal: Tenant The property is currently offering $100 off the monthly rent for vacant units. Tenants pay for all of their utilities. UNIT MIX AND RENTAL RATES FEATURES AND AMENITIES Washer & Dryer Connections Fully Equipped Kitchen Built-In Microwave Stainless Steel Appliances Hardwood Flooring Kitchen Islands Ceiling Fan(s) Walk-In Closet(s)* Designer Paint Accent Walls Garden Bathtub* Detached Garages Available Private Patio / Balcony* Resort-Style Swimming Pool Two Story Clubhouse Business Center & Cyber Cafe Self-Serve Barista Bar 24-Hour Fitness Center Bark Park & Dog Washing Station Interior Bicycle Storage Outdoor Entertaining Space w/ Fireplace & Grill Convenient to Downtown Wilmington UTILITIES COMMENTS One Midtown 2945 Midtown Way Wilmington, NC 28403 New Hanover County 2015Year Built: 223Total Units: Low-Rise/GardenProperty Type: 233,170 SFTotal Area (SF): 91%Occupancy: GreystarManagement: UNIT TYPE # OF UNITS SIZE SF EFF. RENT EFF. RENT/SF 1 BR / 1 BA 43 525 $879 $1.67 1 BR / 1 BA 44 550 $879 $1.60 1 BR / 1.5 BA (TH) 8 700 $1,024 $1.46 1 BR / 1.5 BA (TH) 32 700 $1,024 $1.46 1 BR / 1.5 BA (TH) 24 700 $1,024 $1.46 1 BR / 1.5 BA (TH) 32 725 $1,024 $1.41 2 BR / 1 BA 1 700 $1,224 $1.75 2 BR / 2.5 BA (TH) 8 900 $1,250 $1.39 2 BR / 2.5 BA (TH) 8 900 $1,250 $1.39 2 BR / 2.5 BA (TH) 16 950 $1,250 $1.32 TOTAL/AVG 216 671 $1,000 $1.49 *(TH) Townhome Electric: Tenant Water and Sewer: Tenant Natural Gas: N/A Trash Removal: Tenant The property is currently not offering any leasing specials. Tenants pay for all of their utilities. UNIT MIX AND RENTAL RATES FEATURES AND AMENITIES Dog Park Community Garden Community Room with TV Fitness Center Saltwater Swimming Pool Picnic Area with Grills Covered Bicycle Storage Community Chefs Kitchen Free DVD Exchange Custom Cabinetry Granite Countertops in Bathrooms Poured Concrete Countertops in Kitchens Fully Equipped Kitchens Walk-In Closets Stainless Appliance Package Patios/Balcony Pantry Mini Blinds UTILITIES COMMENTS 1400 South 2nd Street Wilmington, NC 28401 New Hanover County South Front 1954Year Built: 216Total Units: Garden & TownhomeProperty Type: 145,075 SFTotal Area (SF): 98%Occupancy: Tribute PropertiesManagement: 1 ONE MIDTOWN MARKET COMPARABLES 53
- 54. 3 UNIT TYPE # OF UNITS SIZE SF EFF. RENT EFF. RENT/SF 1 BR / 1 BA 56 974 $1,090 $1.12 2 BR / 2 BA 24 1,339 $1,365 $1.02 2 BR / 2 BA (C) 4 1,361 $1,515 $1.11 2 BR / 2.5 BA (TH) (C) 56 1,363 $1,315 $0.96 3 BR / 2 BA (C) 6 1,499 $1,765 $1.18 3 BR / 2.5 BA (TH) (G) 18 1,633 $1,575 $0.96 TOTAL/AVG 164 1,261 $1,295 $1.03 *(G) Attached Garage; (TH) Townhome; (C) Carport Electric: Tenant Water and Sewer: Tenant Natural Gas: N/A Trash Removal: Tenant The property is not currently offering any leasing specials. They have been doing full interior renovations as units turnover for 3 years, and are down to only 30 original style units remaining. The pricing above applies to renovated units. Units that have not received any upgrades are going for $125 - $175 less per month. Carports are available for an additional $40 per month, and all utilities are covered separate of the rental rates. UNIT MIX AND RENTAL RATES FEATURES AND AMENITIES Swimming Pool Fitness Center Business Center Tennis Court Putting Green Playground Fishing Pond with Walking Trails Croquet Lawn 9' Ceilings Track Lighting Washer/Dryer Connections Intrusion Alarms Walk-In Closets Stainless Steel Appliances Faux Wood Floors Plantation Blinds UTILITIES COMMENTS 2545 Croquet Drive Wilmington, NC 28412 New Hanover County Barclay Place 1997Year Built: 164Total Units: Garden & TownhomeProperty Type: 206,840 SFTotal Area (SF): 95%Occupancy: Drucker & FalkManagement: 2 UNIT TYPE # OF UNITS SIZE SF EFF. RENT EFF. RENT/SF 1 BR / 1 BA 36 860 $1,120 $1.30 1 BR / 1 BA 96 896 $1,120 $1.25 2 BR / 2 BA 72 1,190 $1,380 $1.16 2 BR / 2 BA 36 1,473 $1,679 $1.14 3 BR / 2 BA 24 1,721 $1,954 $1.14 TOTAL/AVG 264 1,124 $1,342 $1.19 *Available in upgraded units: +$166 monthly premium (average) Electric: Tenant Water and Sewer: Tenant Natural Gas: N/A Trash Removal: Tenant Property uses Yieldstar for daily pricing. The property has three tiers of units. First tier units are the original units built in 2005, second tier units include a light fixture upgrade in 2008, and third tier units were completely renovated in 2012. The average premium received on upgraded units is $166 per month. UNIT MIX AND RENTAL RATES FEATURES AND AMENITIES Private Carwash Swimming Pool (Junior Olympic Size) Fitness Center Poolside Grilling Pavilion Business Center Shuffleboard Area Playground Continental Breakfast (Weekdays) Private Patio / Balcony Washer & Dryer Included Walk-in Closets 9' Ceilings & Crown Molding Stainless Steel Appliances* Vaulted Ceilings* Faux-Wood Flooring* Granite Countertops* Ceramic Tile, Walk-in Showers* Tile Backsplash* UTILITIES COMMENTS 1411 Parkview Circle Wilmington, NC 28405 New Hanover County Reserve at Mayfair 2005Year Built: 264Total Units: GardenProperty Type: 296,988 SFTotal Area (SF): 96%Occupancy: Bell PartnersManagement: 3 ONE MIDTOWN MARKET COMPARABLES 54
- 55. 3 UNIT TYPE # OF UNITS SIZE SF EFF. RENT EFF. RENT/SF 1 BR / 1 BA 20 637 $1,055 $1.66 1 BR / 1 BA 20 656 $1,035 $1.58 1 BR / 1 BA 8 674 $999 $1.48 1 BR / 1 BA 8 697 $1,035 $1.48 1 BR / 1 BA 8 729 $1,099 $1.51 2 BR / 2 BA 40 975 $1,270 $1.30 2 BR / 2 BA 8 1,145 $1,599 $1.40 TOTAL/AVG 112 810 $1,164 $1.44 Electric: Tenant Water and Sewer: Tenant Natural Gas: N/A Trash Removal: Tenant The property is not offering any leasing specials. All utilities are paid for by the tenant. UNIT MIX AND RENTAL RATES FEATURES AND AMENITIES Elevator Access Covered Parking Available Gated Community Fitness Studio Veranda with Grilling Station Storage Units Available Complimentary WiFi Throughout Card-Access Building Granite Countertops 9' Ceilings Stainless Steel GE Appliances Laminate Hardwood Flooring Built-In Microwaves Dishwasher & Disposal Crown Molding Washer/Dryer In Each Unit UTILITIES COMMENTS 814 N. 3rd Street Wilmington, NC 28401 New Hanover County City Block 2015Year Built: 112Total Units: MidriseProperty Type: 90,820 SFTotal Area (SF): 92%Occupancy: Drucker & FalkManagement: 4 UNIT TYPE # OF UNITS SIZE SF EFF. RENT EFF. RENT/SF 1 BR / 1 BA 4 675 $911 $1.35 1 BR / 1 BA 27 749 $854 $1.14 1 BR / 1 BA 25 794 $995 $1.25 1 BR / 1 BA 24 855 $967 $1.13 1 BR / 1 BA 26 859 $944 $1.10 2 BR / 1 BA 18 974 $995 $1.02 2 BR / 2 BA 42 1,047 $999 $0.95 2 BR / 2 BA 29 1,067 $1,220 $1.14 2 BR / 2 BA 42 1,132 $1,211 $1.07 3 BR / 2 BA 15 1,286 $1,378 $1.07 3 BR / 2 BA 30 1,350 $1,428 $1.06 TOTAL/AVG 282 1,012 $1,095 $1.08 Electric: Tenant Water and Sewer: Tenant Natural Gas: N/A Trash Removal: Tenant The property uses a daily pricing software and is currently offering the month of April rent free, which is factored into the pricing shown above. All utilities are paid separate of the rent prices. UNIT MIX AND RENTAL RATES FEATURES AND AMENITIES Pet Park Gated Access Garages Available Outdoor Fire Pit Grilling Area Car Care Center Clubhouse Media/Game Room Playground Fitness Center UTILITIES COMMENTS 115 Amberleigh Drive Wilmington, NC 28411 New Hanover County Amberleigh Shores 2014Year Built: 282Total Units: GardenProperty Type: 285,410 SFTotal Area (SF): 91%Occupancy: Flournoy PropertiesManagement: 5 ONE MIDTOWN MARKET COMPARABLES 55
- 56. 3 UNIT TYPE # OF UNITS SIZE SF EFF. RENT EFF. RENT/SF 1 BR / 1 BA 84 720 $855 $1.19 2 BR / 2 BA 48 1,047 $962 $0.92 2 BR / 2 BA 24 1,150 $962 $0.84 2 BR / 2 BA 24 1,250 $962 $0.77 3 BR / 2 BA 24 1,333 $1,250 $0.94 TOTAL/AVG 204 982 $951 $0.97 *Available in select 2BR units Electric: Tenant Water and Sewer: Tenant Natural Gas: N/A Trash Removal: Tenant The property is currently offering one month free in addition to the reduced price of $1049 for all vacant 2BR units. This special is reflected in the rental rates above. All tenants must pay an $8 monthly trash removal fee in addition to rent. UNIT MIX AND RENTAL RATES FEATURES AND AMENITIES Track & Pendant Lighting Master Suites (Garden Baths & Double Vanities) Sunrooms w/ Archways* Built-in Desks Black Appliances Wood Cabinetry Walk-in Closets 9' Ceilings Wood-Laminate Flooring Full Size Washer & Dryer Connections Private Patio / Balcony French Doors & Brushed Nickel Hardware Fitness Center & Yoga Studio Cyber CafŽ & Resident Lounge UTILITIES COMMENTS 5418 Sirius Drive Wilmington, NC 28405 New Hanover County Hawthorne at Murrayville 2008Year Built: 204Total Units: GardenProperty Type: 200,328 SFTotal Area (SF): 93%Occupancy: Hawthorne ResidentialManagement: 6 UNIT TYPE # OF UNITS SIZE SF EFF. RENT EFF. RENT/SF 1 BR / 1 BA 36 811 $1,075 $1.33 1 BR / 1 BA 60 872 $1,095 $1.26 2 BR / 2 BA 12 1,165 $1,343 $1.15 2 BR / 2 BA 36 1,200 $1,384 $1.15 2 BR / 2 BA 24 1,223 $1,525 $1.25 2 BR / 2 BA 16 1,377 $1,625 $1.18 2 BR / 2 BA (P) 8 1,377 $1,875 $1.36 TOTAL/AVG 192 1,047 $1,291 $1.23 *(P) Penthouse Unit *Select Units Electric: Tenant Water and Sewer: Tenant Natural Gas: N/A Trash Removal: Tenant The property is offering $500 off the first month's rent on the 1165 and 1200 SF 2BR units. This special is reflected in the rate above. Tenants are responsible for all of their utilities. UNIT MIX AND RENTAL RATES FEATURES AND AMENITIES Business Center Swimming Pool Fitness Center Clubhouse Yoga Studio Outdoor Kitchen and Grill Dog Park Elevators Granite Countertops 14' Vaulted Ceilings* Ceramic Tile Surrounds W/D Units Included Kitchen Island w/ Breakfast Bar Silver GE Appliances Plank Style Flooring* Polished Concrete Flooring* UTILITIES COMMENTS 531 Old Maccumber Station Road Wilmington, NC 28405 New Hanover County Hawthorne at the Station 2014Year Built: 192Total Units: GardenProperty Type: 201,096 SFTotal Area (SF): 93%Occupancy: Hawthorne ResidentialManagement: 7 ONE MIDTOWN MARKET COMPARABLES 56
- 57. 3 UNIT TYPE # OF UNITS SIZE SF EFF. RENT EFF. RENT/SF 1 BR / 1 BA 22 742 $1,200 $1.62 1 BR / 1 BA 54 704 $1,085 $1.54 1 BR / 1 BA 48 853 $1,230 $1.44 2 BR / 2 BA 24 1,029 $1,420 $1.38 2 BR / 2 BA 4 1,013 $1,485 $1.47 2 BR / 2 BA 54 1,151 $1,480 $1.29 2 BR / 2 BA 18 1,237 $1,589 $1.28 2 BR / 2 BA 24 1,117 $1,460 $1.31 2 BR / 2 BA (TH) 4 1,216 $1,604 $1.32 2 BR / 2 BA (TH) 4 1,174 $1,591 $1.36 2 BR / 2 BA (TH) 4 1,142 $1,533 $1.34 2 BR / 2 BA (TH) 4 1,103 $1,635 $1.48 2 BR / 2 BA (G) 4 1,289 $2,055 $1.59 3 BR / 2 BA 18 1,293 $1,850 $1.43 TOTAL/AVG 286 986 $1,379 $1.40 * (TH) Townhome; (G) Attached Garage Electric: Tenant Water and Sewer: Tenant Natural Gas: N/A Trash Removal: Tenant The property is not currently offering any leasing specials. Tenants are responsible for all of their utilities. UNIT MIX AND RENTAL RATES FEATURES AND AMENITIES Stainless Steel Appliances Clubhouse (Concierge Service) Caramel Finished Cabinetry Fitness Center & Bocce Court Granite Countertops Stainless Steel Outdoor Grills UTILITIES COMMENTS 612 Council Street Wilmington, NC 28403 New Hanover County Headwaters at Autumn Hall 2013Year Built: 286Total Units: Garden & THProperty Type: 308,830 SFTotal Area (SF): 97%Occupancy: GreystarManagement: 8 UNIT TYPE # OF UNITS SIZE SF EFF. RENT EFF. RENT/SF 1 BR / 1 BA 66 864 $853 $0.99 2 BR / 2 BA 34 1,044 $1,043 $1.00 2 BR / 2 BA 47 1,152 $1,057 $0.92 TOTAL/AVG 147 997 $962 $0.96 Electric: Tenant Water and Sewer: Tenant Natural Gas: N/A Trash Removal: Tenant The property is offering $500 off the first month's rent, which is averaged into the pricing shown above. They are currently in lease-up with the 147 units that they have completed construction on and are in the process of constructing the final 99 units. UNIT MIX AND RENTAL RATES FEATURES AND AMENITIES Fitness Center Bark Park Complimentary Coffee Bar Picnic Pavilion Clubhouse Swimming Pool 9ft Ceilings Brushed Nickel Lighting Private Patio/Balcony Stainless Steel Appliances UTILITIES COMMENTS 1109 Matteo Drive Wilmington, NC 28412 New Hanover County Belle Meade 2016Year Built: 147Total Units: GardenProperty Type: 146,664 SFTotal Area (SF): 58%Occupancy: Hawthorne ResidentialManagement: 9 ONE MIDTOWN MARKET COMPARABLES 57
- 58. 3 UNIT TYPE # OF UNITS SIZE SF EFF. RENT EFF. RENT/SF 1 BR / 1 BA 25 631 $752 $1.19 1 BR / 1 BA 24 661 $750 $1.13 1 BR / 1 BA 24 683 $768 $1.12 1 BR / 1 BA 24 757 $804 $1.06 1 BR / 1 BA 24 841 $910 $1.08 2 BR / 2 BA 24 1,008 $1,062 $1.05 2 BR / 2 BA 24 1,098 $1,229 $1.12 2 BR / 2 BA 24 1,149 $1,135 $0.99 2 BR / 2 BA 24 1,185 $1,223 $1.03 3 BR / 2 BA 24 1,397 $1,309 $0.94 TOTAL/AVG 241 939 $993 $1.06 *Select Units Electric: Tenant Water and Sewer: Tenant Natural Gas: N/A Trash Removal: Tenant The property will be complete with construction and hopes to begin lease-up in June of this year. As a starting special, they are offering the first month rent free, which has been averaged into the pricing shown above. UNIT MIX AND RENTAL RATES FEATURES AND AMENITIES Swimming Pool w/ Sun Deck Dog Park Courtyard Billiards Room Elevator Access Detached Garages* Energy Efficient Appliances Washer/Dryer Included Private Patio/Balcony* Granite Countertops UTILITIES COMMENTS 4605 Fairview Drive Wilmington, NC 28411 New Hanover County Meridian at Fairfield Park 2016Year Built: 241Total Units: GardenProperty Type: 226,471 SFTotal Area (SF): N/AOccupancy: Bell PartnersManagement: 10 ONE MIDTOWN MARKET COMPARABLES 58
- 60. N/A One Midtown ONE MIDTOWN FIN ANCIAL AN ALYSIS 60
- 61. ONE MIDTOWN FIN ANCIAL AN ALYSIS 61
- 62. EGI & COLLECTIONS GROWTH OCCUPANCY GROWTH THROUGH LEASE-UP Total Collections Effective Gross Income 34% EGI GROWTH SINCE OCT-15 32% COLLECTIONS GROWTH SINCE OCT-15 ONE MIDTOWN FIN ANCIAL AN ALYSIS 62