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4250 Oregon St | San Diego, CA 92104
2023
BUILT
572 SF
Avg Unit Size
94
UNITS
Opportunity
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Berkadia is pleased to present The Parkline, a newly constructed 94-unit apartment community located in San Diego’s coveted North Park neighborhood. With first move-ins anticipated in August 2023, The Parkline is the latest and most luxurious addition to North Park’s exclusive rental landscape. The property’s meticulously designed apartment homes combined with its exceptional amenity package—which includes a stunning rooftop terrace that serves as the highest amenity deck in all of North Park—has elevated apartment living in this prime urban infill submarket. With a Walk Score of 97, the property is ideally situated just north of Balboa Park and Downtown in the heart of North Park, which is San Diego’s most walkable and transit-friendly neighborhood. Since being named one of the hottest hipster communities in the nation by Forbes, North Park has cemented itself as one of Southern California’s most authentic neighborhoods, home to award-winning restaurants, a thriving craft beer scene and vibrant street art that further adds to the neighborhood’s unique identity. The Parkline presents investors with the exceptionally rare opportunity to own a piece of this dynamic and growing neighborhood by investing in a core TOD-asset at the center of one of San Diego’s most desirable yet undersupplied submarkets.
THE OPPORTUNITY
1.
OUTSTANDING MARKET METRICS • 10.5% YOY rent growth for 3Q22 • 95.4% Occupancy rate • Units delivered through 3Q22 • 74% Of workers are in white-collar jobs Metrowide • $102,848 Projected Median Household Income by 2027 (up 11.4% from 2022)
NEW FINANCING OPPORTUNITY The property is being offered free and clear of existing debt, presenting the opportunity for an investor to take advantage of the highly competitive capital markets providing low interest rates, long term debt with interest only options, and maximum leverage.
OFFERED WELL BELOW REPLACEMENT COST Total construction, land value, and ancillary costs average in excess of $170,000 per unit. Market shortages of new construction provide substantial opportunity for renovations and additional unit interior upgrades.
PROVEN UPSIDE POTENTIAL A new owner has the opportunity to increase revenue through a continuation of the established and proven interior unit renovation program. • Units remaining: 26 • Avg Rent Premium: $223 • Avg Rehab Cost: $12,192 • ROI: 21.96%
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INVESTMENT Highlights
Unit Amenities
• Quartz Countertops • Stainless Steel Appliances • Glass Tile Backsplash • Gray Plank Flooring • Soft-Close White Cabinets • Barstool Seating Area • Wall Unit Air Conditioner
Community Amenities
• Swimming Pool • Sundeck • Laundry Facilities • On Site Maintenance • Professional Management Team
Amenities
PHOTO GALLERY
LOCATION
Plymouth Township is a vibrant community featuring high quality of life, safe neighborhoods and amenities, careful development, stable growth, and family-friendly values. Located 20 minutes from Ann Arbor and 30 minutes from Detroit, bordered by major highways, Plymouth Township provides ready access to key attractions and transportation hubs. The center of downtown features Kellogg Park, a popular space to relax, eat, and even see live music and other performances. A variety of local shops and restaurants line the scenic streets, inviting visitors and residents alike to stay awhile. Just outside downtown are traditional neighborhood streets with sidewalks, mature trees, and well-kept homes, along with parks and playgrounds. Plymouth-Canton Community Schools are consistently rated among the best in Michigan, boasting above average ratings from GreatSchools.com.
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. © 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
ED ROSEN
Managing Director Multifamily Housing 858.257.4715 ed.rosen@berkadia.com CA RE License #01010225
Mortgage Banking
TYLER SINKS
Senior Director Multifamily Housing 858.257.4706 tyler.sinks@berkadia.com CA RE License #01910220
RACHEL PARSONS
Senior Managing Director Multifamily Housing 858.945.0992 rachel.parsons@berkadia.com CA RE License #01335449
Lee Scott
Director 858.275.5066 lee.scott@berkadia.com
Jillian Maki
Director 248.208.3465 jillian.maki@berkadia.com
DERREK OSTRZYZEK
Managing Director Multifamily Housing 310.824.9348 derrek.ostrzyzek@berkadia.com CA RE License #01984295
JOHN CHU
Managing Director Multifamily Housing 858.257.4713 john.chu@berkadia.com CA RE License #00966982
Investment Sales
4275 Executive Square Suite 900 La Jolla, CA 92037
San Diego Office
CONTACT
Investment Highlights
DOC CENTER
Chris Tresp
Director Multifamily Housing 323.916.3310 chris.tresp@berkadia.com CA BRE #01846401
© 2024 Berkadia Proprietary Holding LLC Berkadia® is a trademark of Berkadia Proprietary Holding LLC Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage company business in Nevada. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit www.berkadia.com/licensing.
KENJI THOMAS
Associate Director Multifamily Housing 310.895.3020 kenji.thomas@berkadia.com CA BRE #02168781
Senior Managing Director Multifamily Housing 310.824.9348 derrek.ostrzyzek@berkadia.com CA BRE #01984295
Senior Managing Director Multifamily Housing 858.945.0992 rachel.parsons@berkadia.com CA BRE #01335449
3121 Michelson Drive, Suite 400 Irvine, CA 92612
Irvine Office
Highly visible location on El Cajon Boulevard where over 30,000 cars pass each day Property has a Walk Score of 97 with over 90 lively bars, restaurants, and shops within walking distance Bus Rapid Transit (BRT) adjacent, which connects El Cajon Boulevard with Downtown, San Diego State University, and Fashion Valley in 20 to 30 minutes The Parkline is one of only four institutionally sized apartment communities built in all of North Park Views from nearly all units include mountains, downtown skyline, Pacific Ocean, and Coronado Bridge Adjacent to North Park Community Park Rents in the North Park/Mid-County submarket have cumulatively grown 20.1% over the last two years, outperforming each of San Diego’s 13 submarkets while maintaining occupancy of 97.6% Within two minutes of the I-805 onramp, providing access to San Diego’s key job centers within a 15-minute commute, including Downtown (80,000+ jobs), Mission Valley/Kearny Mesa (170,000+ jobs), and UCSD/UTC (130,000+ jobs) Median home price in North Park is $1.2 million, representing a significant premium to own versus rent
570 SF
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MIKE MURPHY
Senior Director Multifamily Housing 714.318.3978 mike.murphy@berkadia.com CA BRE #01241878
Location
Highly visible location on El Cajon Boulevard where over 30,000 cars pass each day Property has a Walk Score of 97 with over 90 lively bars, restaurants, and shops within walking distance Bus Rapid Transit (BRT) adjacent, which connects El Cajon Boulevard with Downtown, San Diego State University, and Fashion Valley in 20 to 30 minutes The Parkline is one of only four institutionally sized apartment communities built in all of North Park Views from nearly all units include mountains, downtown skyline, Pacific Ocean, and Coronado Bridge Adjacent to North Park Community Park Rents in the North Park/Mid-County submarket have cumulatively grown 20.1% over the last two years, outperforming each of San Diego’s 13 submarkets while maintaining occupancy of 97.6% Within two minutes of the I-805 onramp, providing access to San Diego’s key job centers within a 15-minute commute, including Downtown (80,000+ jobs), Mission Valley/Kearny Mesa (170,000+ jobs), and UCSD/UTC (130,000+ jobs) Median home price in North Park is $1.2 million, representing a 214% premium to own versus rent
Designer kitchens with full-height tile backsplashes, soft-closing cabinet doors and quartz countertops Modern wide-plank wood-style flooring 9’4” minimum ceiling heights with 11’ max ceiling heights on terrace level 8-foot-tall sliding glass doors In-home washer and dryers Heating and A/C Large private patios with mountain and city views in select units Oversized closets in select units
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Apartment Amenities:
Secured bike garage with maintenance station Rooftop fire pit, BBQ and lounge with international views Pet spa with tub, grooming table and dryer Smart fitness center with Peloton and more Conference room with smart TV Yoga deck and sun lounge
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Community Amenities:
AMENITIES
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Virtual Tour
Berkadia is pleased to present the opportunity to acquire FirstStreet at Happy Valley, a Class A, luxury Built-For-Rent community boasting a timeless design, market leading amenities, and superior finishes. The property offers 212 built-for-rent apartment homes featuring a mix of single-story apartment homes and two-story townhomes with attached garages. The best-in-class asset features an expansive clubhouse with co-working office environment, resort style pool & spa, private fitness center, and expansive two-acre dog park creating a modern oasis that provides its residents with a plethora of opportunities to escape or engage. Amenities are complemented by attractive interior finishes including aesthetic and functional kitchens with under cabinet lights, backsplash, stainless steel appliances, and dine-in islands, smart home technology, walk-in closets, doggie doors, and private, fenced backyards.
Accessibility to Lowry, Cherry Creek, Cherry Creek Reservoir, and several public golf courses
Proximity to Aurora’s new City Center
Ease of access to major employers and employment centers as well as transportation thoroughfares
Located on the Highline Canal Trail, overlooking the 54-acre Expo Park
Value-add opportunity
Cherry Creek School District
Individually Metered (United Power)
Individually Metered (Xcel)
Individually Metered (Town of Erie Water)
$250
$25
$350 (1pet), $500 (2 pets)
Electric
Gas
Water/Sewer
Fees
Admin Fee
Application Fee
Pet Fee (one-time fee)
$35
Pet Rent
$125
Community Fee
Utility Billing Structure
PROPERTY SUMMary
Single Family Detached Homes
2-3
151
202.596 square feet
12.18
530,560
12.4 homes per acre
Crawl Space
Style
Year Built
Units
Stories
Buildings
Gross Leasable Area
Acreage
Land SF
Density
Foundation
Composite Shingle
Roof
Wood Frame
Construction
LVT & Carpet
Floor Covering
1717 W. Happy Valley Road, Phoenix, AZ 85085
2021
1,094
AVG SF
212
Property Summary
TIER 2
EXAMPLE WEBSITE
STRONG WALK SCORE
METICULOUSLY MAINTAINED, BOUTIQUE TOWNHOME COMMUNITY
Ric Holway
Senior Managing Director 602.828.0074 ric.holway@berkadia.com
Andrew Curtis
Director 602.571.4190 andrew.curtis@berkadia.com
Dan Cheyne
Managing Director 602.327.4447 dan.cheyne@berkadia.com
Kristin Watson
Operations Director 602.445.1674 kristin.watson@berkadia.com
Mark Forrester
Senior Managing Director 602.526.4800 mark.forrester@berkadia.com
CONTACT Us
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LOCATIon
Contact Us
[CEROS OBJECT]
• Stainless Steel Appliances • Granite Countertops • Kitchen Pantry • Walk-In Closets • Pendant Lighting • Washer / Dryer In Unit • Linen Closet • Wood-Style Plank Flooring
• Fitness Center • Resident Lounge with Billiards • Conference Room • Complimentary Coffee Bar • Package Lockets • Bike Storage on Each Floor
The Asset
Property SUMMARY
DOCUMENT CENTER
PRIVACY
TERMS OF USE
The Opportunity
Berkadia is pleased to present the exclusive listing of Ezlyn Westminster, a premier 332-unit, garden-style apartment community located in the City of Westminster, CO within one of Denver’s fastest growing submarkets, the U.S. 36 Corridor. Colloquially known as the “Silicon Valley of the Rockies,” this area has seen explosive employment growth in recent years and boasts by far the largest concentration of tech office space in Colorado. Home to numerous corporate and regional headquarters, including Ball Corporation, Oracle, CentruyLink, Trimble, and Vail Resorts, the 36 Corridor continues to attract high-profile corporate relocations in search of Denver’s highly educated talent pool and renowned quality of life. Built in 1986, Ezlyn Westminster offers a number of attributes that investors will find attractive with respect to ensuring long term rent growth and favorable returns:
Quick Stats
±22.45 Units Per Acre
DENSITY
±1.47 Acres
PARCEL SIZE
1,531
Apartment Homes Avg SF
2016
33
Three-Story Townhome
CONSTRUCTION
Cash
TERMS
Market
PRICE
10305 Dover St., Westminster, CO 80021
Jefferson County
332
1986
29-151-02-001,29-151-02-002
Garden
3
15
250,432
16.05
Parcel Number
699,138
Parking
450
Open Surface Parking
1.63
Parking Ratio
90
Covered Carports
$45
Covered Carport Fee
The Location
Neighborhood Stats
NEIGHBORHOOD SHOPPING
NEIGHBORHOOD CONVENIENCES
PRIMARY EDUCATION
DEMAND DRIVER
WESTMINSTER, CO | EZLYN WESTMINSTER
Demand Driver
Oracle - Corporate Office
From the Property
JOBS Supported
4.4mi
1.6k
Square-Foot Campus
1.1m
Trimble- Headquarters
2.1mi
1.0k
240k
JOBS SUPPORTED
1.5mi
2.2k
Square-Foot Facility
Ball Corporation - Corporate Headquarters
490k
Primary Education
9.2k
Schools and Centers
154
STUDENTS Served
78.5k
Semper ES | Mandalay MS | Standley Lake HS
Neighborhood CONVENIENCES
Tempe, AZ
Within a two-mile drive of the property
Neighborhood Shopping
Stores and Restaurants
170
SF Shopping Destination
1.4m
5.5mi
Dillard’s | Forever 21 | H&M | Old Navy | Apple | AMC Theatres
Neighborhood Quick Facts
City Unemployment Rate (*Preliminary for January 2023)
3.1%*
Median Household Income (Within Three Miles)
$88.6k
Renter Occupied Housing Units (Within Three Miles)
29%
Population (Within Three Miles)
Median Housing Unit Value (Within Three Miles)
$599.7k
Westminster (WST) Submarket Trends
MORE INFO
Central to Prominent Retail and Entertainment Centers
Proximity to World Class Recreation
Limited Supply in a Restricted Growth Environment
VALUE-ADD POTENTIAL
The Creative U.S. 36 Corridor Story
Ezlyn Westminster benefits from limited space to develop as well as the city’s growth management program. Currently, there is only one development with 142 units under construction in Westminster with a completion date of May 2024.
Close
Ezlyn Westminster has undergone two iterations of renovations. Current Renovation: 72 Units Prior (Mid-Level) Renovation: 240 Units Classic Units: 20 Units
Ezlyn Westminster is located in the U.S. 36 Corridor equidistant between Denver and Boulder employment centers. Minutes from Ezlyn Westminster is the 963-acre Interlocken Business Park, which houses over 9,000 employees and is home to numerous fortune 500 companies. Since 2016, Westminster has seen 18.2% employment growth and boasts an average salary of $94,978.
INVESTMENT HIGHLIGHTS
Stand-alone Clubhouse and Community Room with Fireplace, Flat Screen TV and Solarium Heated Indoor Parking Renovated Fitness Center Brand New Gourmet Grilling Area Bocce Ball Court and Outdoor Games Mid-rise Buildings with Elevators Pet Friendly Community with Brand New Dog Park Heated Outdoor Swimming Pool Tennis Court with Lights Blocks From Metra Train Station Top-Rated Schools
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*select units
ABUNDANT AMENITIES FOR 112 UNITS
White Shaker Style Cabinetry* Quartz Countertops* Mosaic Tile Backsplash* Moen Designer Faucets Stainless Steel Appliances* Black French Country Hardware Plank Wood Flooring* Oversized Closets with Custom Shelving* Framed Bathroom Mirrors* Gas Range, Refrigerator, Dishwasher and Disposal Dining Room* Spacious Master Bedrooms
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LUXURIOUS INTERIORS
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Photo GALLERY
TIER 1
A 332-Unit Value-Add Opportunity Located in the Metro Denver Submarket of Westminster
• Value-Add Potential to the Unit Interiors • Limited Supply in a Restricted Growth Market • Impressive Neighborhood Demographics • Assumable Financing with a 3.38% Interest Rate
10305 DOVER STREET, WESTMINSTER, CO 80021
332 UNITS | BUILT 1986
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Ezlyn Westminster is only 20-minutes from the base of the Rocky Mountains. Big Dry Creek Trail spans 12 miles connecting Standley Lake to Interstate 25 and beyond where it merges with other major trail systems. Standley Lake is only ten minutes from the Ezlyn Westminster community and offers hiking/biking trails, boating, paddle boarding, kayaking, and fishing.
Ezlyn Westminster is within five miles of a multitude of national and local retailers. Standley Shores Shopping Center is walking distance from Ezlyn and hosts a Vasa Fitness, King Soopers grocery store, Walgreens, a coffee shop, FedEx, and multiple restaurants. Two miles (a 5-minute drive) east of Ezlyn is the Westminster Promenade, home to an ice center, Dave & Buster’s Arcade, Target, Sephora, and many more national brands. Two miles south of the community is the Brookhill shopping center which includes Chipotle, Torchy’s Tacos, Dunkin Donuts, JC Penney, Chili’s, and more.
Today there are only 142 units under construction, representing .003% of the total units under construction in metro Denver overall (43,709). Only 1,423 units are proposed or in planning, compared to 74,609 units in Denver today. Since 2011, WST submarket has only seen 1,387 units added to the overall inventory. Vacancy has averaged 4.96 over the past 12 months, below Denver’s 5.16%. In 2021, the average rent/sf for 1980’s vintage product equated to $1.83. Today that amount is 8.8% higher at $1.99/sf displaying the strength of the WST submarket and the Ezlyn Westminster product type.
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Christopher Ellis
Senior Managing Director 303.689.8317 christopher.ellis@berkadia.com
KEVIN BATT
Senior Director 303.689.8307 kevin.batt@berkadia.com
1331 17th Street | 10th Floor | Denver, CO 80202
Phone: 303.689.8312 | Fax: 303.689.8352
Mortgage Bankers:
Denver Office
PAM KOSTER
Senior Managing Director 303.689.8335 pamela.koster@berkadia.com
MIKE GRIPPI
Senior Managing Director 303.689.8330 mike.grippi@berkadia.com
Investment Advisors:
CONTACT US
THE ASSET
Mechanical Systems
Gas Individual Furnace
Heating
Central Forced Air Conditioning
Air Conditioning
Individual Domestic Gas Hot Water Heaters
Hot Water
Individually Metered