Apartment Offering Memorandum

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Apartment Offering Memorandum

  1. 1. E x clusive Offering Package5 1 50 Du ke Elli ngton Way, L as Vegas, N eva da 8 9 1 1 9 Doug Schuster Senior Vice President S.0049235 Curt Allsop Senior Associate S.0078569Grubb & Ellis|Las Vegas Vittal Ram3930 Howard Hughes Pkwy, Ste 180 Associate S.0054580Las Vegas, NV 89169P (702) 733-7500F (702) 862-8242 Suzanne Sprengerwww.gelasvegas.com Marketing Assistant S.0077740
  2. 2. Table of Con tent sDisclaimer/Offering Summary SECTION 1operations SECTION 2 Proforma Operating Statement 4 Lease-Up Plan with Expenditures Revenue 5 - 11Pr operty Summary SECTION 3 Property Highlights Amenities 12 - 13 Las Vegas Valley Map 14 Wide Aerial 15 Close Aerial 16 Site Plan 17 Assessor’s Parcel Map 18 Soil Type Map 19 Photographs 20 Floor Plans 21 - 24 1, 3, 5 Mile Radius Demographics 25 - 27 Business Summary Profile 28The Market SECTION 4 Las Vegas Market Overview 29 - 30 Las Vegas Convention Visitors Authority Visitor Stats 31 Lease Comparables 32 - 45 Sale Comparables 46 - 60Team R esumes SECTION 5
  3. 3. disclaimer/offering summary 1Confidential memorandum DisclaimerGrubb Ellis|Las Vegas (”Agent”) has been engaged as the exclusive agent for the sale of The Onyx in Las Vegas, Nevada (the“Property’), by the Owner of the Property (“Seller”).The Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent make no representations or war-ranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highlyconfidential information and are being furnished solely for the purpose of review by prospective purchasers of the interestdescribed herein. Neither the enclosed materials nor any information contained herein is to be used for any other purposeor made available to any other person without the express written consent of the Seller. Each recipient, as a prerequisite toreceiving the enclosed, should be registered with Grubb Ellis|Las Vegas as a “Registered Potential Investor” or as the “Buyer’sAgent” for an identified “Registered Potential Investor.” The use of this Offering Memorandum and the information providedherein is subject to the terms, provisions and limitations of the confidentiality agreement furnished by Agent prior to deliveryof this Offering Memorandum.The enclosed materials are being provided solely to facilitate the prospective investor’s own due diligence for which it shallbe fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, butno representation of warranty, express or implied, is being made by Agent or Seller or any of their respective representatives,affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the informationcontained herein. Summaries contained herein or any other written or oral communication or information transmitted ormade available or any action taken or decision made by the recipient with respect to the Property. Interested parties are tomake their own investigations, projections and conclusions without reliance upon the material contained herein.Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at anytime and for any reason. Seller and Agent each expressly reserves the right, at their sole and absolute discretion, to reject anyand all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time,with or without notice. This offering is made subject to omissions, correction of errors, change of price or other terms, priorsale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements onbehalf of Seller.Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing ad-ditional investigation and/or making an offer to purchase the Property unless and until a binding written agreement for thepurchase of the Property has been fully executed, delivered, and approved by Seller and any conditions to Seller’s obligationsthereunder have been satisfied or waived.By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materialsand their contents are of a highly confidential nature and will be held and treated in the strictest confidence and shall be re-turned to Agent or Seller promptly upon request; and (b) the recipient shall not contact employees or tenants of the Propertydirectly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of theSeller or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior writtenauthorization of Seller or Agent or as otherwise provided in the Confidentiality and/or Registration Agreement executed anddelivered by the recipient(s) to Grubb Ellis|Las Vegas. If you have no interest in the Property at this time, please return this Offering Memorandum immediately to: Grubb Ellis|Las Vegas 3930 Howard Hughes Pkwy, Suite 180 Las Vegas, Nevada 89169 Doug Schuster · Curt Allsop · Vittal Ram · Suzanne Sprenger 702.733.7500
  4. 4. disclaimer/offering summary 2Offering SummaryGrubb Ellis|Las Vegas, as the exclusive advisor to the Owner, is pleased to present the opportunity to acquire thefee simple interest in The Onyx (“The Property”), a 63 unit, four story luxury condominium building with 77,646rentable square feet located at 5150 Duke Ellington Way, Las Vegas, Nevada. The property represents a tremendouslong-term investment opportunity with condo conversion potential.The owner, MIC-Sonoran, LLC (the “Owner”), a single purpose limited liability company, has agreed to exclusivelylist the 63 unit Property for sale. Outsource Services Management d/b/a Presidium Asset Solutions (the “Servicer”)is the managing member of MIC-Sonoran, LLC. The owner members of MIC-Sonoran, LLC consist of 34 banks andother financial institutions (some of which currently include the FDIC as Receiver for failed institutions) who par-ticipated in a loan that was made to Tropicana Inn Investors. MIC-Sonoran was created to own the Property, whichacquired the Property via foreclosure action in June 2009.The Onyx is a trophy asset ideally situated approximately three miles from McCarran International Airport and justblocks from the Las Vegas Boulevard and casinos such as Mandalay Bay, Tropicana, Hooters, and MGM. Amenitiesinclude spa, pool, fitness center, locker room, business center, outdoor kitchen, stainless steel appliances in kitchens,granite countertops, 10 foot ceilings and private balconies. Average unit size equals 1,197 square feet. The Propertyalso includes a 144-stall, two level parking garage which is enclosed and provides protection from heat and otherelements.The Property offers a unique mix of floor plans including lofts and townhome-style residences. For a more completelist of unit mix and square footages, please refer to the Proforma Operating Statement on page 4.Construction of the Onyx began in 2006 and was not completed until 2008 because of delays caused by the generalcontractor, architect, and developer. The Property received certificate of occupancy in 2008 while under the controlof a court appointed receiver, based out of Chicago, Illinois. At this time, the Property is still managed by the Chicagobased management company, but the Owner is currently negotiating terms and conditions of a property manage-ment agreement with a reputable, third party property management company (local) to oversee daily operations ofthe Property. The management agreement currently being negotiated can be terminated upon sale of the Propertyat buyer’s request.Current occupancy is 40%. The Servicer has approved a variety of expenditures that will facilitate the leasing ofthe remaining units. When the Property becomes stabilized, there is potential through Freddie Mac to secure a$7,100,000 loan assuming the current interest rate of 4.75%, with 1.25 DSC, 30 year amortization, with a 10 yearcall.Currently, a better located luxury rental project does not exist in the Las Vegas Valley.The new property management company is projecting an initial rental rate of $1.06/SF/month in order to lease upvacant units. However, this rate is greatly under current market rents and will be adjusted once the building hasstabilized. Current comparable rents at properties located near the Strip and on S Las Vegas Blvd are as follows: Property Rental Rate/SF/month Comments Allure $1.34 1,118 SF hi-rise located on Sahara Boca Raton $1.13 average unit size is 1,006 SF - STRONG COMP Juhl $1.36 mid-rise product located Downtown ONE Las Vegas $1.15 average unit size is 1,263 SF; located on S Las Vegas Blvd Panorama Towers $1.59 average unit size is 1,570 SF Sky Las Vegas $1.66 average unit size is 1,216 SF
  5. 5. disclaimer/offering summary 3Offering Summary continuedUpon stabilization, rental rates increase to $1.13 per square foot, which is comparable to rental rates at Boca Ra-ton; NOI will increase to $67,000/year with occupancy estimated to be 90%. Based on the foregoing, the propertyvalue is projected to increase by more then $1million.Similar observations hold true with sales comps at high end Strip properties. The current asking price at Onyx is$128/SF, while similar properties located on the famed Las Vegas Blvd. are selling between $124 - $289/SF. With-out question, the Las Vegas real estate market will recover and when it does, Onyx will be perfectly positioned forcondo sales, fractional interests, or even time share ventures. Final Call for offers date is October 15, 2010 by 3:00 p.m. PST. Offering Price: $9,995,000 $128.72/square foot Condition: As-Is Offering Terms: All Cash – 25 Day Escrow – 15 Day DD
  6. 6. ope r a t i o n s 4Proforma operating statement Model No. Size Rents Total 1BD/1BA 15 774 $750-$1000 1BD/1BA 1 780 $950 1BD/1BA 1 922 $850 1BD/1BA 1 984 $950 2BD/2BA 1 994 $1,200 2BD/2BA 22 1,169 $1200-$1450 2BD/2BA 2 1,263 $1235-$1450 2BD/2BA 1 1,368 $1,400 2BD/2BA 2 1,410 $1500-$1600 2BD/2BA/DEN 2 1,387 $1,600 2BD/2BA/DEN 11 1,714 $1450-$1650 2BD/2.5BA 1 1,815 $1,900 2BD/2.5BA 1 2,012 $1,950 2BD/2.5BA 1 2,209 $1,675 2BD/2.5BA 1 2,276 $1,950 63 77,646 $81,525 Rent/foot $1.05 Vacancy proforma ($4,076) Loss-to Lease 0.0% current $0 Misc. Income/Expense Fees $470 Concessions ($2,750) RUBS $0 $0 Bad Debt ($408) ($2,688) Monthly Income $74,761 Annualized $897,132 Operating expenses: Payroll $1,397 $88,020 Mgmnt. 3% $26,913 Utilities $1,168 $73,500 R/M $500 $49,930 Marketing $378 $23,813 Taxes $1,000 $63,000 Insurance $150 $9,456 Admin. $335 $21,116 Cap. Res. $275 $17,325 ($373,073) Expense/unit $5,921 Expense/SF $4.73 NOI $524,059
  7. 7. Onyx 2010 PROFESSIONALLY PREPARED BY PINNACLE AMERICAN MANGEMENT SERVICES WEST, LLC Prepared by: Heidi Westerhoff / Katie Raffinello 7/28/10 1% 2 3 4 5 6 7 8 9 10 11 12 TOTALS PER UNIT PER SQ FT PHYSICAL OCCUPANCY PERCENTAGE 36% 46% 56% 64% 72% 82% 90% 95% 95% 95% 95% 95% 63 97354 ---------------------------------------------------------------------------- ------------------------ ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------ ------------------------ ------------------------ ------------------------ ------------------------ --------------------------- -------------------- -----------------------3000-000 REVENUE3100-000 RENTAL INCOME3110-000 Gross Rental Income 81,525.00 81,525.00 81,525.00 81,525.00 81,525.00 81,525.00 81,525.00 81,525.00 81,525.00 81,525.00 81,525.00 81,525.00 978,300.00 15,528.57 10.053160-000 Loss to Old Lease 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003180-000 Vacancy Loss (52,176.00) (44,023.50) (35,871.00) (29,349.00) (22,827.00) (14,674.50) (8,152.50) (4,076.25) (4,076.25) (4,076.25) (4,076.25) (4,076.25) (227,454.75) (3,610.39) (2.34)3270-000 Bad Debt 0.00 (407.63) (407.63) (407.63) (407.63) (407.63) (407.63) (407.63) (407.63) (407.63) (407.63) (407.63) (4,483.88) (71.17) (0.05)3300-000 Rental Concessions 600.00 (4,000.00) (4,000.00) (2,750.00) (2,750.00) (2,750.00) (2,750.00) (2,750.00) (2,750.00) (2,750.00) (2,750.00) (2,750.00) (32,150.00) (510.32) (0.33)3460-000 TOTAL RENTAL INCOME 29,949.00 33,093.88 41,246.38 49,018.38 55,540.38 63,692.88 70,214.88 74,291.13 74,291.13 74,291.13 74,291.13 74,291.13 714,211.38 11,336.69 7.343500-000 OTHER INCOME3502-000 Forfeited Security Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003512-000 Non Refundable Admin Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003514-000 Non Refundable Cleaning Fees 0.00 800.00 800.00 800.00 400.00 400.00 300.00 300.00 300.00 300.00 300.00 300.00 5,000.00 79.37 0.053516-000 Pet Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003520-000 Application Fees 70.00 70.00 70.00 70.00 70.00 70.00 70.00 70.00 70.00 70.00 70.00 70.00 840.00 13.33 0.013524-000 Late Fees 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 1,200.00 19.05 0.013525-000 Month to Month Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003526-000 NSF Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003528-000 Lease Termination Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003546-000 Garage Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003558-000 Other Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003566-000 Vending Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Lease-Up Plan with expenditures revenue3567-000 Laundry Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003578-000 Bad Debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003582-000 Tenant Damage Payment 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003584-000 Eviction Charge 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003580-000 Bad Debt Recovery 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003586-000 Furnished Suites 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003597-000 Billback - Water/Sewer/Garbage 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003650-000 TOTAL OTHER INCOME 170.00 970.00 970.00 970.00 570.00 570.00 470.00 470.00 470.00 470.00 470.00 470.00 7,040.00 111.75 0.073700-000 TOTAL REVENUE 30,119.00 34,063.88 42,216.38 49,988.38 56,110.38 64,262.88 70,684.88 74,761.13 74,761.13 74,761.13 74,761.13 74,761.13 721,251.38 11,448.43 7.41 ope r a t i o n s 5
  8. 8. Onyx 2010 PROFESSIONALLY PREPARED BY PINNACLE AMERICAN MANGEMENT SERVICES WEST, LLC Prepared by: Heidi Westerhoff / Katie Raffinello 7/28/10 1% 2 3 4 5 6 7 8 9 10 11 12 TOTALS PER UNIT PER SQ FT PHYSICAL OCCUPANCY PERCENTAGE 36% 46% 56% 64% 72% 82% 90% 95% 95% 95% 95% 95% 63 97354 ---------------------------------------------------------------------------- ------------------------ ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------ ------------------------ ------------------------ ------------------------ ------------------------ --------------------------- -------------------- -----------------------4000-000 OPERATING EXPENSES4010-000 ADMINISTRATIVE PAYROLL EXPENSES4012-000 Manager Salary 2,773.00 2,773.00 2,773.00 2,773.00 2,773.00 2,773.00 2,773.00 2,773.00 2,773.00 2,773.00 2,773.00 2,773.00 33,276.00 528.19 0.344018-000 Leasing Agent Salary 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004020-000 Administrative Rent Allowance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004020-800 Assistant / Compliance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004020-800 Assistant Manager Salary 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004021-200 Leasing Bonuses 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 4,800.00 76.19 0.054021-800 Group Insurance 778.00 778.00 778.00 778.00 778.00 778.00 778.00 778.00 778.00 778.00 778.00 778.00 9,336.00 148.19 0.104023-200 Payroll Taxes 490.26 490.26 490.26 490.26 490.26 490.26 490.26 490.26 490.26 490.26 490.26 490.26 5,883.15 93.38 0.064026-000 Workers Compensation 464.18 464.18 464.18 464.18 464.18 464.18 464.18 464.18 464.18 464.18 464.18 464.18 5,570.16 88.42 0.064029-000 TOTAL ADMININSTRATIVE PAYROLL EXPENSES 4,905.44 4,905.44 4,905.44 4,905.44 4,905.44 4,905.44 4,905.44 4,905.44 4,905.44 4,905.44 4,905.44 4,905.44 58,865.31 934.37 0.604030-000 REPAIRS MAINTENANCE PAYROLL EXPENSES4030-100 Maintenance Supervisor Salary 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 29,160.00 462.86 0.304030-400 Maintenance Assistant Salary 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004031-200 RM Rent Allowance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004030-800 Maintenance - Porters Salary 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004039-000 TOTAL REPAIRS MAINT PAYROLL EXPENSES 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 2,430.00 29,160.00 462.86 0.304060-000 JANITORIAL PAYROLL EXPENSE4061-000 Housekeeping Salary 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004064-000 TOTAL JANITORIAL EXPENSE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Lease-Up Plan with expenditures revenue continued4095-000 TOTAL PAYROLL EXPENSES 7,335.44 7,335.44 7,335.44 7,335.44 7,335.44 7,335.44 7,335.44 7,335.44 7,335.44 7,335.44 7,335.44 7,335.44 88,025.31 1,397.23 0.90 ope r a t i o n s 6
  9. 9. Onyx 2010 PROFESSIONALLY PREPARED BY PINNACLE AMERICAN MANGEMENT SERVICES WEST, LLC Prepared by: Heidi Westerhoff / Katie Raffinello 7/28/10 1% 2 3 4 5 6 7 8 9 10 11 12 TOTALS PER UNIT PER SQ FT PHYSICAL OCCUPANCY PERCENTAGE 36% 46% 56% 64% 72% 82% 90% 95% 95% 95% 95% 95% 63 97354 ---------------------------------------------------------------------------- ------------------------ ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------ ------------------------ ------------------------ ------------------------ ------------------------ --------------------------- -------------------- -----------------------4100-000 ADMINISTRATIVE EXPENSES4148-000 Bank Charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004144-000 Employee Sreening 0.00 450.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 450.00 7.14 0.004158-000 Payroll Fee 156.09 156.09 156.09 156.09 156.09 156.09 156.09 156.09 156.09 156.09 156.09 156.09 1,873.08 29.73 0.024158-500 Compliance fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004161-000 Permits and Licenses 0.00 0.00 0.00 0.00 0.00 0.00 500.00 0.00 0.00 0.00 250.00 0.00 750.00 11.90 0.014166-000 Cable Television 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004174-000 Telephone 880.00 880.00 880.00 880.00 880.00 880.00 880.00 880.00 880.00 880.00 880.00 880.00 10,560.00 167.62 0.114184-000 Furniture/Equipment Rental 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004192-000 Legal-Evictions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004196-000 Credit/Eviction/Collection Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004210-000 Accounting Service 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004211-000 Audit Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004212-000 Other Professional Services 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004232-000 Equipment - Lease/Rental 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004234-000 Equipment - Repair 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004246-000 Printed Forms/Copies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004248-000 Other Supplies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004250-000 Office Supplies 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 600.00 9.52 0.014252-000 Overnight Mail 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 900.00 14.29 0.014256-000 Postage 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 540.00 8.57 0.014262-000 Answering Service 54.00 54.00 54.00 54.00 54.00 54.00 54.00 54.00 54.00 54.00 54.00 54.00 648.00 10.29 0.014264-000 Computer Software/Modem 2,880.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 3,595.00 57.06 0.044267-000 Pagers 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004270-000 Copier expense 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 900.00 14.29 0.014278-000 Storage Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004280-000 Travel Reimbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004290-000 Misc. Administrative Expense 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 300.00 4.76 0.00 Lease-Up Plan with expenditures revenue continued4295-000 TOTAL ADMINISTRATIVE EXPENSES 4,240.09 1,875.09 1,425.09 1,425.09 1,425.09 1,425.09 1,925.09 1,425.09 1,425.09 1,425.09 1,675.09 1,425.09 21,116.08 335.18 0.22 MANAGEMENT / ASSET FEE4223-000 Management Fee 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 26,400.00 419.05 0.274224-000 Asset Management Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTAL MANAGEMENT / ASSET FEE 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 2,200.00 26,400.00 419.05 0.27 ope r a t i o n s 7
  10. 10. Onyx 2010 PROFESSIONALLY PREPARED BY PINNACLE AMERICAN MANGEMENT SERVICES WEST, LLC Prepared by: Heidi Westerhoff / Katie Raffinello 7/28/10 1% 2 3 4 5 6 7 8 9 10 11 12 TOTALS PER UNIT PER SQ FT PHYSICAL OCCUPANCY PERCENTAGE 36% 46% 56% 64% 72% 82% 90% 95% 95% 95% 95% 95% 63 97354 ---------------------------------------------------------------------------- ------------------------ ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------ ------------------------ ------------------------ ------------------------ ------------------------ --------------------------- -------------------- -----------------------4300-000 MARKETING AND RETENTION4304-000 Apartment Guide 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004310-000 For Rent 665.00 1,010.00 1,010.00 1,010.00 1,010.00 1,010.00 1,010.00 1,010.00 1,010.00 1,010.00 1,010.00 1,010.00 11,775.00 186.90 0.124311-000 Internet/On-Line Advertising 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 3,000.00 47.62 0.034312-000 Newspaper 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004315-000 Advertising/Promotion 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 900.00 14.29 0.014318-000 Sign and Banners/Flags 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004334-000 Resident Activity/Hospitality 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 780.00 12.38 0.014338-000 Promotion / Newsletters 750.00 750.00 0.00 0.00 350.00 0.00 0.00 0.00 0.00 0.00 0.00 60.00 1,910.00 30.32 0.024355-000 Model Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004358-000 Training 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 1,200.00 19.05 0.014362-000 Apartment Locator Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004366-000 Referral Fees 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 1,200.00 19.05 0.014382-000 Brochures 0.00 1,500.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,500.00 23.81 0.024391-000 Uniforms/Laundry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004394-000 Credit Report Expense 79.00 79.00 79.00 79.00 79.00 79.00 79.00 79.00 79.00 79.00 79.00 79.00 948.00 15.05 0.014395-000 Misc. Marketing Expense 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 600.00 9.52 0.014397-000 TOTAL MARKETING/RETENTION 2,134.00 3,979.00 1,729.00 1,729.00 2,079.00 1,729.00 1,729.00 1,729.00 1,729.00 1,729.00 1,729.00 1,789.00 23,813.00 377.98 0.24 Lease-Up Plan with expenditures revenue continued ope r a t i o n s 8
  11. 11. Onyx 2010 PROFESSIONALLY PREPARED BY PINNACLE AMERICAN MANGEMENT SERVICES WEST, LLC Prepared by: Heidi Westerhoff / Katie Raffinello 7/28/10 1% 2 3 4 5 6 7 8 9 10 11 12 TOTALS PER UNIT PER SQ FT PHYSICAL OCCUPANCY PERCENTAGE 36% 46% 56% 64% 72% 82% 90% 95% 95% 95% 95% 95% 63 97354 ---------------------------------------------------------------------------- ------------------------ ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------ ------------------------ ------------------------ ------------------------ ------------------------ --------------------------- -------------------- -----------------------4400-000 MAINTENANCE AND REPAIRS4431-000 Repairs/Maint Supplies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004432-000 Appliance Supplies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004434-000 Cleaning Supplies 250.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 1,350.00 21.43 0.014435-000 Wiindows and Doors 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 300.00 4.76 0.004436-000 Electrical Supplies 235.00 235.00 235.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 1,155.00 18.33 0.014439-000 Fire/Alarm System 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,750.00 0.00 0.00 1,750.00 27.78 0.024442-000 Hardware Supplies 275.00 275.00 275.00 275.00 275.00 275.00 275.00 275.00 275.00 275.00 275.00 275.00 3,300.00 52.38 0.034444-000 HVAC Supplies 50.00 50.00 50.00 50.00 50.00 50.00 50.00 100.00 200.00 200.00 300.00 300.00 1,450.00 23.02 0.014446-000 Locks and Keys 100.00 150.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 1,250.00 19.84 0.014448-000 Paint Supplies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004452-000 Pest Control 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004454-000 Plumbing Supplies 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 1,500.00 23.81 0.024469-000 Countertop 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Elevator contract 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 9,000.00 142.86 0.094472-000 Appliance Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004475-000 Occupied Carpet Cleaning 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004484-000 Electrical Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004488-000 HVAC Repairs 75.00 200.00 200.00 200.00 200.00 200.00 500.00 500.00 500.00 500.00 500.00 200.00 3,775.00 59.92 0.044490-000 Miscellaneous Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004494-000 Pest Control service 225.00 225.00 225.00 225.00 225.00 225.00 225.00 225.00 225.00 225.00 225.00 225.00 2,700.00 42.86 0.034496-000 Plumbing Service 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004503-000 Resident Retention 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004552-000 Grounds - Contract 0.00 0.00 500.00 0.00 0.00 500.00 0.00 0.00 500.00 0.00 0.00 500.00 2,000.00 31.75 0.024560-000 Grounds - Supplies 125.00 125.00 125.00 125.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 900.00 14.29 0.014572-000 Pool and Patio Supplies 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 1,800.00 28.57 0.024576-000 Pool Maintenance and Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004578-000 Pool Operating Contract 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Lease-Up Plan with expenditures revenue continued4622-000 Security - Contract Service 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004632-000 Alarm Monitoring 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 1,500.00 23.81 0.024695-000 TOTAL MAINTENANCE REPAIR 2,510.00 2,535.00 2,985.00 2,300.00 2,225.00 2,725.00 2,525.00 2,575.00 3,175.00 4,425.00 2,775.00 2,975.00 33,730.00 535.40 0.354700-000 TURNOVER EXPENSES4701-000 Blind Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004702-000 Carpet Cleaning 1,000.00 1,000.00 1,000.00 200.00 200.00 200.00 200.00 200.00 200.00 200.00 200.00 200.00 4,800.00 76.19 0.054713-000 Contract Cleaning 1,500.00 1,500.00 1,500.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 7,200.00 114.29 0.074724-500 Painting/Turn Supplies 350.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00 4,200.00 66.67 0.044724-000 Painting- Turnover/Contract 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004795-000 TOTAL TURNOVER EXPENSES 2,850.00 2,850.00 2,850.00 850.00 850.00 850.00 850.00 850.00 850.00 850.00 850.00 850.00 16,200.00 257.14 0.17 ope r a t i o n s 9

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