Cushman & Wakefield, as exclusive advisor, is pleased to present Centre Lake, a transit orientated, incoming producing, development site. Situated on 11.1-acres, the site is adjacent to the Golden Glades Multimodal Transportation Facility and is currently improved with 234-units. The property is part of an areawide rezoning effort that, upon approval, will increase the "as of right" density to 125 units per acre. An additional 25% density bonus can be achieved by incorporating workforce housing or making a “contribution in lieu” payment.

EXISTING IMPROVEMENTS

Built in 1986, Centre Lake Apartments is a 234-unit single-story, villa-style property. The property is 94% occupied with below market rents. There is $640,000 of loss-to-lease revenue upside potential to be realized by pushing all the rents to market. Market rents are readily attainable of $1,300 for studios; $1,500 for one bedrooms and $1,925 for two bedrooms; 31 units (13%) are currently renting at or higher than these market rents. Assuming all units are at the respective market rents, there is $640,000 in loss-to-lease before capital enhancements. Current ownership has upgraded three units. New ownership can chose to implement a value-add program and receive $150 per unit rent premiums over the market rents which would add another $420,000 in upside income. All one and two bedroom units (69% of all units) have washer and dryer hookups in place.

DEVELOPMENT OPPORTUNITY

The Centre Lake property is positioned within an area that is being considered for up-zoning that would increase the site’s density potential to ± 1,733 units or about 156 units per acre. In September 2022, the Miami-Dade County Commission is scheduled to review a large area rezoning application that would dramatically increase the residential density potential of the N.W. 7th Avenue corridor, including the Centre Lake property, by including it in the North Central Urban Area District (“NCUAD”). As part of the NCUAD, the property will be designated “RM-Core” allowing up to 15 stories and a residential density of up to 125 units per acre "as of right." A density bonus of up to 25% can be achieved by participating in the County’s Workforce housing program, bringing estimated potential density to over 1,700 units. In addition, due to Centre Lake’s proximity to the new Golden Glades Multimodal Transportation Facility, existing bus stops and the Golden Glades Tri-Rail Station, it is eligible for a parking reduction of up to 30%.

New Construction $200K Build-to-rent Homes

Currently under construction, Circle Point Villas is a new, high end rental home community built by an experienced developer. After rollover of the first leases, additional organic rent growth could be achieved.

High Demand for Home Rentals

There is increasing demand for renters who prefer the privacy and larger size of a home, without the burden of homeownership. Peak home prices coupled with the flexibility of renting and desire for suburban living have boosted the demand for BTR communities.

Trending Demographics Support Rental Rates

Circle Point Villas is primed for a high-level resident profile. Average household incomes within five miles are $66K and is expected to increase by 10% over the next four years. Nearly 52% of residents earn over $50K. Spending 30% of a $66K average gross income for housing equates to rents starting at $1,650.

Maintenance Free Rentals with Flexibility

BTR homes attract millennials, baby boomers and prospective home buyers tired of the house hunt with the flexibility to move when they want, and maintenance free living with professional on-site management. Circle Point Villas offer spacious open layouts, direct access garages, green space, patio and front porch, laundry room with W/D and a full appliance package.

Near Significant Employment

Toyota Motor Manufacturing | Indiana (7,296 employees) is less than five miles from Circle Point Villas. The company is adding an additional 1,400 employees by the end of 2023. Additional employers nearby include Duke Energy (1,400 emp), Vuteq Corp. (654 emp), Deaconess Gibson Hospital (350 emp) and Hansen Corp. (233 emp).

Cushman & Wakefield, as exclusive advisor, is pleased to present Cocoa West (the "Property"), a 37-acre multifamily / BTR development site located in Cocoa, FL within the booming Space Coast Market. The Property is currently in the process of obtaining site plan approval for 240 townhome units. The Melbourne/Cocoa/Rockledge MSA is among the country’s fastest-growing metros with 2.6% unemployment and 4.1% job growth as of Q4 2022. The metro area has also seen 30% effective rent growth in the last 24 months while maintaining 95%+ occupancy.

The Property is situated one block from State Road 520, providing direct access to Downtown Cocoa (10 minutes) as well as Cocoa Beach (25 minutes). There is a notable medical and educational presence in the submarket, with Rockledge Regional Medical Center (298 beds, 1,800 employees) , Eastern Florida State College (15,000 students and 800 employees), and UCF-Cocoa Campus (500 students and 150 employees) all within five miles of the Site.

The Property also enjoys five-minute access to Interstate-95, providing convenient connectivity to the Orlando, Daytona Beach, and Melbourne office markets: totaling 132 m.s.f within a one hour drive. Additionally, there is more than 7.8 m.s.f. of retail and restaurants within five miles of the Property.

Cushman & Wakefield, in conjunction with WT Mitchell Group Inc., are pleased to exclusively present the opportunity to acquire Concord Terminal (the "Property"), a ±2.66 acre transit-oriented multifamily development site located in Concord, California. Situated just steps from the Concord BART station, the Property’s infill location provides future residents immediate access to the San Francisco Bay Area’s economic and lifestyle offerings that make it one of the world’s premier places to live, work and play.

Concord Terminal is currently a retail shopping center with month-to-month tenancies which provides an investor logistical flexibility while also benefitting from recurring cash flow during the entitlement process. Located within Concord’s Downtown Mixed Use (DMX) zoning district, the Property is zoned for up to 266 multifamily units and, through density bonuses, more than 300 units could potentially be built on the site.

With modern design, a transit-friendly location, and close-proximity to downtown Concord's numerous lifestyle amenities, Concord Terminal will offer a highly-amenitized living experience for residents seeking convenient living in the San Francisco Bay Area.

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 407 unit offering in the Copeland Village condominium community located in Tampa, Florida.

NEW CONSTRUCTION - $135K/UNIT

Currently under construction, Cypress Point is the only Class A multifamily property in Washington, IN.

LIMITED COMPETITION

The closest direct competitor to Cypress Point is Baldwin Heights, located 40+ minutes south in Princeton, IN and was built by the same developer.

5-YEAR 100% TAX ABATEMENT

Located within a newly established economic revitalization area, Cypress Point has a 5-year tax abatement in place that ends in the year 2027. This favorable tax abatement will offer the new owner increased cash flow.

I-69 CONNECTIVITY

Located adjacent to the new I-69 North American Super Corridor, Cypress Point benefits from:

- 178,000+ Workforce within a 60 minute drive

- 80% of the US population within a one day drive

- Westgate at Crane Technology Park (30 Minute Drive)

- Naval Surface Warfare Center - Crane Division (30 Min. Drive)

- Toyota Motor Manufacturing - 7,296 Employees (45 Min. Drive)

- Direct commute to Indianapolis and Evansville

- Washington, IN is the county seat of Daviess County

808-UNIT PORTFOLIO

Devonshire Gardens (139 units) and Devonshire Place (106 units) must be purchased together. They can also be purchased with Harrison Point (342 units) and Aura (125 units) in Indianapolis, and Tuscany Bay (96 units) in Lawrenceburg for a total portfolio of 808 units, offering instant economies of scale.

WELL MAINTAINED PROPERTIES WITH DESIRABLE FEATURES

The majority of windows and patio doors were replaced from 2012-2015 at both properties. The exteriors are mostly brick and have mature landscaping with a neighborhood feel. Both properties have very desirable, large townhome units.

VALUE-ADD OPPORTUNITY

A total of 100 units have already been upgraded and are achieving premiums of $70-$100+. Upgrading the remaining 145 units, as well as building exteriors would achieve additional revenue. Average rents are also below competing properties.

EXCELLENT LOCATION

Both properties are close together and are walkable to adjacent grocery stores and abundant retail on Green River Road. Deaconness Gateway Hospital and Ascension St. Vincent Evansville Hospital are a short drive. Interstate 69 is just two miles south of the properties.