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GSOM 748

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Shadi Sendi

on 18 December 2012

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Transcript of GSOM 748

5,564.6 Sq. Mi.
5.81 million
3.03 million workers Market Definition Market Overview The Washington, DC area multifamily market continues to perform exceptionally well.
The market is expected to improve steadily.
Vacancy rate is at 4%
Area effective rental rates have increased through the first half of 2012, currently at $1,534.35
The multifamily pipeline remains well stocked in the area Multi-housing Market Overview Multi-housing Market Overview Demand and Supply Trends EXECUTIVE INVESTMENT SUMMARY Project Layout Overall Lot
Layout Parking Layout Layout – Upper Levels Schedule Market Demographics
1 mile radius Trade Area Description Property Competition Located near H Street Corridor
Class A or B
Less than 5 years old
40,000 Sq. Ft. RBA minimum
Studio, 1 bedroom and 2 bedroom units Criteria for Competitor Analysis A. Project Loction
B. 1160 First St NE – Archstone Fist and M
C. 250 K St NE – Loree Grand Union Place
D. 130 M St NE – Flats 130 at Constitution Square
E. 1600 Maryland Ave NE – The Flats at Atlas District
F. 201 I St NE – Senate Square Project:
777 Seventeenth
81-unit, transit-oriented, multifamily rental development
Achievable “by right” per zoning ordinance
Project Address & Location:
777 17th St., NE Washington, DC Eastern end of DC’s H
Street Corridor
Demand Drivers:
Strong employment and multifamily market
fundamentals Significant demand for multifamily rental
units in the Corridor
Development Stage:
Due-diligence complete
Construction scheduled to begin in January 2012
First units delivering in October 2013
Equity Partner Requirement:
$2.92 million (REII contributes 10% of equity)
Investment Holding Period:
10 years
Project IRR:
Preferred Investor Equity Return:
10% preferred, annual return on equity above REII in
each year of holding period until “return of equity”
event (i.e., refi/divestment).
75% of all additional cash flow 777 Seventeenth Location H Street Corridor Amenities H Street Corridor – Intersection of 6th and H St., NE H Street Corridor
Intersection of 15th St., NE, H St., NE and Benning Rd., NE 777 17th St., NE (Aerial View from West) 777 17th St., NE (View from Intersection of H St., NE and 17th St., NE)
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