| exclusive offering a berkshire hathaway ... - kirkland, wa

1008 Lake Street SouthKirkland, WA 98033

For Real-Time Property Information go to:PotalaVillage.BerkadiaREA.com

DAVID SORENSENAssociate [email protected]

BEN [email protected]

KENNY DUDUNAKISSenior Managing [email protected]

| EXCLUSIVE OFFERING a Berkshire Hathaway and Leucadia National company

58 Units | TBD | Un ri ed Development Opportunity

JEFF STUART | Managing Director | 206.801.3069 | [email protected]

FINANCING




INVESTMENT ADVISORS

58-Unit, Mixed-Use Development Site

Walking Distance to Downtown Kirkland

Stunning Waterfront Views

Irreplaceable Location

Seattle Rents Projected to Increase 7.2% in 2016

Walking Distance to the Google Campus

For Real-Time Property InformationScan QR Code or go to:PotalaVillage.BerkadiaREA.com

PROPERTY HIGHLIGHTS

Easy Access toBellevue and Seattle

Proposed Unit Mix 13

The Market 14

The Opportunity 5

The Asset 7

TABLE OF CONTENTS

IMAGES PROVIDED BY CARON ARCHITECTURE

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One of the Newest Assets in a Thriving Eastside MarketKirkland is one of the fastest-developing and most desirable submarketson the EastsideRemarkably designed, with stunning sunset viewsWalk Score of 73 – Along the best walking path in the StateLess than a mile from Google’s third-largest Engineering Campus inthe CountryWill include extremely sought-after retail space

A Rapidly Growing Downtown Kirkland Core Over 15 single-family homes currently on the market surrounding theproperty over $1 millionMinutes from Redmond and BellevueMicrosoft World Headquarters is four miles from the development site

One of the Tightest Markets in the NationKirkland is currently experiencing 2.7% market vacancy per Dupre + Scott formultifamily assetsThe five-year market vacancy is 4.6%Market rents in the Kirkland submarket have increased 29.3% since 2011

Well-Positioned around the Eastside’s Economic GrowthLeading technology, medical, marketing, and financial jobs nearbyMicrosoft, Nintendo, Google, Overlake Hospital, PACCAR, andSymetra are all within eight miles of the siteOver 35,000 Microsoft employees are located less than four miles awayDowntown Bellevue is three miles away, Seattle central business districtis ten miles away

Sought-After SubmarketAll surrounding schools rank 10 of 10 per Zillow.comThe single-family home and condominium market is very strong;condos in the immediate location average above $800 per square foot, some approaching $2,000The Bellevue Collection, The Bravern, Redmond Town Center, all withinfive miles of the development site

High Barrier of Entry Rare investment opportunity in one of the strongest markets in theNationLack of available large sites in the Bellevue and Kirkland markets willcontribute to limited future supply, especially in this type of location with views of Lake WashingtonRecent development sites on the Eastside have traded north of$70,000 per unit approaching $100,000

Potala Village KirklandDevelopment Opportunity

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Shoreline Substantional Development Permit Issued

EIS Complete

Design Review Underway and Pending Final Design by Buyer

Building Permit Application to Proceed upon Design Review Approval

NFA Letter with DOE to Finalize

Shovel-Ready Potential for Spring 2017

PROPERTY SUMMARY

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TBD

129 Spaces

57,106

985

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9354900220;

9354900240;

0825059233

PROPERTY DESCRIPTIONThe 1008 Lake Street multifamily project referred to as Potala Village Kirkland, will provide a visionary concept of modern

living that will incorporate 58 luxury, condominium-style homes and 7,000 square feet of ground floor retail along Lake

Washington Boulevard in the illustrious eastside community of Kirkland. The premier location will display stunning views

of Lake Washington and provide residents with direct access to some of the best amenities Kirkland has to offer.

The development project will create a dynamic neighborhood plaza on the east side of Lake Washington Boulevard below

two levels of high-end condominium homes. This will be a highly sought-after location for residents and retailers alike.

With a hidden parking entrance from the main thoroughfare, the front of the project will be meticulously landscaped,

blending in with the scenic Pacific Northwest community.

In the land-constrained communities of Bellevue and Kirkland, development opportunities like Potala Village Kirkland are

becoming increasingly rare and are highly sought-after by the investment market.

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PARCEL AERIAL

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Condominium sales over the past 24 months and within a half-mile radius of Potala Village Kirkland have displayed very aggressive pricing, both on an absolute and per s uare foot basis. The condominiums that have sold above $1,000 per s uare foot are typically located on the west side of Lake Washington Boulevard, although most of them were built 25-30 years ago. Based on the recent sales and Berkadia’s market research, the condominiums at Potala Village Kirkland could achieve pricing above $600 per s uare foot on average, possibly higher, depending on the final square footage of the units.

6333 Lake Washington Boulevard NE, APT 400 Kirkland, WA 98033Built 1967Sold 10/2014: $1,325,000Price Per S uare Foot: $1,741* Located directly west of Potala Village Kirkland

5505 Lake Washington Boulevard NE, # 1-E Kirkland, WA 98033Built 1991Sold 12/2014: $3,500,000Price Per S uare Foot: $1,305* Located directly west of Potala Village Kirkland

6424 Lake Washington Boulevard NE, APT 13 Kirkland, WA 98033Built 1996Sold 6/2015: $1,720,000Price Per S uare Foot: $632* Directly north of Potala Village Kirkland on the east side of Lake Washington Boulevard

827 Lake Street S, UNIT 105 Kirkland, WA 98033Built 1978Sold 6/2015: $1,175,000 Price Per S uare Foot: $600* Directly north of Potala Village Kirkland on the west side of Lake Washington Boulevard

4605 Lake Washington Boulevard NE, UNIT 101 Kirkland, WA 98033Built 2014Sold 6/2015: $1,460,000Price Per S uare Foot: $747* Directly South of Potala Village Kirkland on the west side of Lake Washington Boulevard

220 1st Street, APT 502 Kirkland, WA 98033Built 2000Sold 11/2015: $1,275,000 Price Per S uare Foot: $966* Directly North of Potala Village in downtown Kirkland

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CONDOMINIUM SALES


Potala Village Kirkland is Central to the Eastside's Tech Hub

Potala Village Kirkland is conveniently located near the intersection of Lake Street South and 7th Avenue South, adjacent to the

Lake Washington waterfront and a half mile south of downtown Kirkland. The property is less than two miles from Interstate

405, providing an easy commute to numerous employment centers throughout the Seattle metro area.

Neighborhood shopping conveniences include: PCC Natural Markets-Kirkland, Metropolitan Market Kirkland, QFC

Supermarket, and Costco Wholesale.

Home to an estimated 52,727 residents, the city of Kirkland is located in King County, and is part of the

Seattle-Tacoma-Bellevue WA Metropolitan Statistical Area (MSA). With a current population of more than 3.7 million residents,

the Seattle MSA is the most populated metropolitan area in Washington and the 15th-largest metro area in the United States.

Located in west-central King County, Seattle has prospered, becoming the commercial, cultural, and advanced technology hub

of the Pacific Northwest and a major port city for trans-Pacific trade.

The population in the city of Kirkland is expected to reach 55,752 people by 2021, growing 5.7% over the next five years,

well above the national growth rate of 4.3% over the same period.

Within three miles of the property, the median household income is projected to reach $112,510 by 2021, growing 7.4%

over the current median household income of $104,770.

According to Zillow, the median home price in ZIP Code 98033 was $709,000 as of March 2016, up 13.8% from the

previous year.

LOCATION DESCRIPTION

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POINTS OF INTEREST AERIAL

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1008 LAKE STREET SOUTH

KIRKLAND, WA 98033

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Residential Portion

Units Average Unit Sq. Ft. Total Sq. Ft.2 738 1,476

10 803 8,03038 956 36,3368

Type1 Bed / 1.5 Bath 1 Bed / 1 Bath 2 Bed / 2 Bath 3 Bed / 2 Bath 1,408 11,264

985 57,10658

Commercial Portion2 Retail Unit 3,525 7,050

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Situated on the eastern shore of Lake Washington, the affluent city of Kirkland is an upscale community located 10 miles from Seattle. Kirkland is the sixth-largest city in King County and part of the Seattle-Tacoma-Bellevue MSA, the most-populated metro area in Washington. Kirkland offers its own thriving employment base while providing access to employment centers in Seattle, Redmond, and Bellevue. With a median household income of $94,000, among the highest in the state, Kirkland continues to attract new residents and prominent businesses. The city’s high quality of life and pro-business environment fuel a strong demand for local housing.

Ranked No. 1 “Best Suburb

for Millennials in Seattle”

(NICHE, 2015)

Ranked No. 25 “Best

Places to Live in Country”

(LIVABILITY, 2016)

Ranked Among “50 Safest

Cities in Washington”

(BACKGROUNDCHECK, 2016)

Ranked No. 2 “Washington

Cities for Families”

(APARTMENT LIST, 2016)

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KIRKLAND, WASHINGTON

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Totem Lake Urban Center

Kirkland Google Office

ECONOMIC QUICK-FACTS

The services sector accounts for more than half of all jobs held by Kirkland residents, followed by manufacturing (11.7%), retail trade (10.8%), and finance / insurance / real estate (8.7%). Approximately 80% of employed city residents work in white-collar positions.

The Puget Sound Regional Council forecasts that Metro Seattle will add more than 1.2 million new jobs by 2040, equating to an increase of 64% and bringing the regional jobs base to more than 3.1 million.

Retail powerhouse Costco, formerly headquartered in Kirkland for many years, was inspired by its home town to launch the Kirkland Signature, private-label brand that has made Kirkland a household name for millions of consumers worldwide.

Google celebrated its 10-year anniversary in Kirkland after having opened its first office in 2004, and has rapidly expanded, occupying much larger spaces. By year-end, Google will double the size of their Kirkland campus, creating room to hire 1,000 more employees.

Key employment corridors in Kirkland include the downtown, Carillon Point, and Totem Lake areas. Top employers include Google, Nintendo, PACCAR’s Kenworth Truck Company, Astronics, WB Games, Wave Broadband, Griptonite Games, Inrix, Tableau, and Bluetooth Special Interest Group.

Kirkland is expecting a growth spurt to accommodate 8,361 new housing units and 22,435 new jobs by 2035, which averages out to about 363 housing units per year and 975 jobs per year. In comparison, from 2006 to 2011 the city gained about 1,500 housing units for the 6-year period or around 250 units per year.

The availability of local jobs per local household ratio is 1.63 in Kirkland, equating to more than half as many jobs as households. The ratio is higher than King County (1.44) and notably higher than the combined ratio of the four county region of King, Snohomish, Pierce, and Kitsap counties.

Totem Lake Urban Center is almost nine times the size of the downtown business district and may become the new future of Kirkland with its proximity to Microsoft in Redmond and Woodinville wine country. Evergreen Medical Center also has room to grow, possibly adding a new comprehensive cancer care center in its hospital complex.

Continental Properties is constructing two five-story mixed-used developments in downtown Kirkland. The project on Third Street includes a 130-unit apartment building with 13,000 square feet of commercial space. Almost 8,000 square feet of commercial space and 76 units are being built on Central.

Evergreen Healthcare

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From 1990 to 2016, the population of Kirkland increased 26.7%, growing from 41,624 residents to an estimated 52,728 people.

The city’s population is projected to reach 55,704 people by 2021, equating to a 1.1% average annual increase, outpacing the projected national rate of 0.8% annually over the same period.

The city of Kirkland’s unemployment rate was 4.1% in March 2016, up 40 basis points year over year. Even with the increase, local unemployment remained below the five-year average of 4.4%.

Over the year ended in March 2016, the Seattle metropolitan area noted employment growth of 3.1%, equating to the addition of 57,500 nonfarm jobs.

According to Moody’s, Seattle metro headcounts will grow 2.1% annually in 2016, followed by a 2.0% gain in 2017. These increases would result in the net addition of 78,600 jobs over the next two years.

Due to the proliferation of high-wage jobs in the city of Kirkland, the median household income rose from $38,748 in 1990 to an estimated $94,014 in 2016, equating to an increase of 142.6%.

The city’s median household income is projected to reach $101,092 by 2021, up 7.5% from 2016.

More than 46% of Kirkland households earn $100,000 or more annually, two times the projected national household amount of 23%.

ANNUAL UNEMPLOYMENT RATESKIRKLAND, WA

POPULATION TRENDKIRKLAND, WA

MEDIAN HOUSEHOLD INCOMECITY OF KIRKLAND

POPULATION UNEMPLOYMENT INCOME

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Kirkland has become an attractive city for the millennial cohort due to the available jobs in high-tech industries and companies like Google, Amazon, and Microsoft. With 15% of the city’s population between the ages of 25 to 35, the population growth contributing to improved vacancy rates.

The Kirkland / Juanita submarket’s average apartment vacancy rate was 4.2% in March 2016, down 50 basis points year over year.

Vacancy is projected to be between 4.3% and 4.6% through the end of 2016.

Lower vacancy rates are also supporting steady rent growth. In March 2016, the average rent in the Kirkland / Juanita submarket was $1,793 per month, up 6.2% year over year.

The average rent is projected to finish the year at $1,788 per month, up 4.7% from the close of 2015.

Average rent in this market has increased 40.3% since 2010.

AVERAGE APARTMENT RENTKIRKLAND / JUANITA SUBMARKET

AVERAGE APARTMENT VACANCY RATEKIRKLAND / JUANITA SUBMARKET

VACANCY RENT

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A number of small businesses and industries, such as light industrial and manufacturing, and a growing number of high-tech companies comprise Kirkland’s economy. Other major industries include health care, financial services, insurance, and real estate.

Local businesses in Kirkland benefit from the city’s convenient access to major transportation routes, desirable office space, and a location in the midst of the dynamic Eastside market.

Evergreen Healthcare, with more than 3,760 employees, is Kirkland’s largest employer, operating the 275-bed Evergreen Hospital Medical Center in the city.

Evergreen Healthcare 3,762

Lake Washington School District 1,112

Google Inc. 774

City of Kirkland 580

Kenworth Truck Co. 410

Astronics Advanced Electronic Systems 388

Costco Wholesale 318

Isoftstone Inc. 272

Wave Broadband 268

ATG Stores 253

City of Kirkland CAFR, 2014

CITY OF KIRKLAND

LARGEST EMPLOYERS

As indicated by the exceptionally high income in Kirkland, city residents are also highly educated, with 58.0% of those ages 25 and older having bachelor’s degrees or higher, compared to 28.1% nationally.

Kirkland residents are served by the Lake Washington School District, which enrolled 27,830 students in the fall of 2015. The district includes 31 elementary schools, 13 junior high schools, and nine high schools. According to the district, student standardized test scores are generally 15% to 20% higher than statewide averages.

Kirkland is a higher education hub with more than 15 colleges and universities within 15 miles of the city. Located in Kirkland, Lake Washington Institute of Technology is a vocational school with over 4,800 students, as is Northwest University, a private institution with an enrollment of 1,862 students.

EDUCATION

ECONOMY / EMPLOYMENT

Lake Washington Institute of Technology

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Seattle-based Talon Private Capital and Prudential announced the mega mixed-use project planned for downtown Kirkland. Heralded as the largest project the city will see in a century, the 11-acre redevelopment project will include 225,000 square feet of retail / entertainment space, 300,000 square feet of apartment homes, and 650,000 square feet of Class A office space. Plans include a movie theater, 325 hotel rooms, and a QFC grocery store. Kirkland Urban will support over 5,000 jobs at build-out. Development of the project will occur in three to four phases over the next seven to eight years with phase one slated to complete by year-end 2018.

KIRKLAND URBAN

Google completed construction on an 180,000-square-foot expansion on the existing Google Kirkland campus in the first quarter 2016. The Kirkland campus already is Google’s third-largest engineering center in the country while the company generates a $3.5 billion impact on the region. The Kirkland campus expansion doubled its size and will accommodate about 1,000 additional employees. The entire Google Kirkland campus is now 375,000 square feet.

GOOGLE KIRKLAND CAMPUS

In April 2015, CenterCal Properties purchased the two-story enclosed mall for $35.5 million with plans to redevelop it. The $200 million project includes: demolition and construction of buildings, addition of new parking structures, a redesigned public plaza, and a new lower mall east / west connection. The redevelopment will be done in phases over several years and upon completion will include up to one million square feet. The city will invest up to $15 million in public improvements. The 26-acre mall site is located within the 860-acre Totem Lake Urban Center and the Totem Lake Business District which also have revitalization plans.

TOTEM LAKE MALL

DEVELOPMENT / CONSTRUCTION

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Kirkland is located on the eastern shore of Lake Washington, just north of Bellevue and west of Redmond. Access from the north or south is available from Interstate 405. State Route 908 connects Kirkland with Redmond to the east, while state Route 520 travels west across Lake Washington to Seattle. Kirkland is only 10 miles east of downtown Seattle and 20 minutes northeast of Sea-Tac International Airport.

King County is served by King County Metro Transit, a county-wide bus network, and by Sound Transit, a three-county multimodal transit network serving the urban areas of King, Pierce, and Snohomish counties. King County Metro Transit serves more than 2 million residents with 214 buses, trollies, and dial-a-ride transit routes over 2,000 square miles.

In late 2009, the Port of Seattle purchased a 42-mile rail corridor linking Renton and Snohomish from BNSF Railway. Sound Transit is considering purchasing rights to use parts of the old line to use for the Eastside rail extension. In April of 2012, the city of Kirkland finalized on the purchase of 5.75 miles of the rail corridor running between the two Google campuses and along 1,700 other businesses. In August of 2015, the city’s Transportation Commission began work on a master plan for the Cross Kirkland Corridor, which runs through three of the city’s key business districts. Development could include recreational uses, such as a bike / pedestrian trail, as well as being part of the planned light-rail extension.

TRANSPORTATION

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TOTAL POPULATION

TOTAL HOUSEHOLDS

MEDIAN INCOME

AVERAGE INCOME

2010 44,821

2016* 52,728

2021* 55,704

Growth Rate (2016 – 2021) 5.6%

2010 22,409

2016* 24,198

2021* 25,542

Growth Rate (2016 – 2021) 6.5%

2010 $80,317

2016* $94,014

2021* $101,092

Growth Rate (2016 – 2021) 7.5%

2010 $99,367

2016* $123,032

2021* $131,834

Growth Rate (2016 – 2021) 7.2%

MEDIAN AGE

MEDIAN HOME PRICE

RENT VS. OWN

2010 37.4

2016* 39.6

2021* 41.4

March – 2015 $473,800

March – 2016 $539,900

Growth Rate Y-o-Y 14.0%

Average Mortgage Payment* $2,887

Average Rent $1,761

Difference $1,094

* 30-yr fixed; 20% down; 4.15% interest rate; 1.75% property taxes

Sources: Berkadia; ESRI Business Information Solutions; U.S. Census Bureau; U.S. Bureau of Labor Statistics; Apartment List; Livability; Fortune / Money.CNN.com; BackgroundCheck; Forbes; Moody’s; Wikipedia; Axiometrics; City of Kirkland; King County; Kirkland Chamber of Commerce; Puget Sound Regional Council; Bureau of Labor Statistics; City of Kirkland; Economic Development Council of Seattle & King County; DataQuick; Puget Sound Business Journal; The Seattle Times; Evergreen Health; Kirkland Urban; Lake Washington School District; Kirkland Patch; Kirkland Reporter; Kirkland Views; Seattle King County Realtors; CenterCal Properties; DLR Group; Zillow.com.

DEMOGRAPHICS

* Projected

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Caron is a full-service architecture firm that provides simple, elegant designs for a wide variety of national and international clients. Since 2002, our experience in design and land-use planning allows us to offer streamlined project delivery resulting in unique and marketable design solutions. From up-front marketing feasibility studies all the way through design and construction administration, we strive to be our clients’ greatest advocate and prove that we are trusted project partners. Simply put, our employees are our greatest asset. We value diversity and rely on the strength of our passionate, talented staff and their diverse cultural backgrounds, to bring a fresh perspective to each of our projects. This breadth of experience, combined with our transparent and collaborative approach, ensures our clients receive the best possible service and design solutions. At Caron, our commitment to clients is never to just meet expectations but to exceed them. Services Pre-Development / Master Planning Architecture Interior Design Space Planning

Sectors Mixed-Use / Multifamily Education Student Housing Residential Retail Office Hotel & Resort

Synergy Construction, Inc. was founded on the basic principle of “Quality with Integrity,” which remains the daily focus. Founded in 1990, Synergy has built thousands of housing units and countless commercial structures throughout Washington and Oregon.

Synergy has built an industry-leading reputation by successfully taking on the most technically complex projects and the tightest urban project sites. Synergy’s expert management staff is experienced with all types of construction, from high-rise to low-rise, medical, as well as industrial. Known for quality workmanship, strong management and team communication, the Synergy team makes the construction process a pleasant and consistent experience for all — on time and on budget.

Again, the whole corporate foundation is built on integrity. That core value ensures that every member of the team is working for the benefit of the project and the client. This is the result of treating people fairly and doing what is right, always. Utilizing the best modern industry practices and unique team centered processes, Synergy consistently delivers maximum value to their clients.

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JEFF STUARTManaging [email protected]




DISCLAIMER & CONFIDENTIALITY AGREEMENT

The material contained in this document is confidential, furnished solely for the purpose of considering investment in the property described therein and is

not to be copied and/or used for any purpose or made available to any other person without the express written consent of Berkadia Real Estate Advisors.

In accepting this, the recipient agrees to keep all material contained herein confidential.

This information package has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of interest in

the property described herein. It does not, however, purport to present all material information regarding the subject property, and it is not a substitute for

a thorough due diligence investigation. In particular, Berkadia Real Estate Advisors and seller have not made any investigation of the actual property, the

tenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property, including but not limited to any potential

environmental problems that may exist and make no warranty or representation whatsoever concerning these issues. The information contained in this

information package has been obtained from sources we believe to be reliable; however, Berkadia Real Estate Advisors and Seller have not conducted any

investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information

provided. Any pro formas, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future

performance of the property.

Berkadia Real Estate Advisors and Seller strongly recommend that prospective purchasers conduct an in-depth investigation of every physical and financial

aspect of the property to determine if the property meets their needs and expectations. We also recommend that prospective purchasers consult with their

tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent consequences of ownership.

All parties are advised that in any property the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the

health of some individuals. Berkadia Real Estate Advisors recommends, if prospective buyers have questions or concerns regarding this issue, that

prospective buyers conduct further inspections by a qualified professional.

The Seller retains the right to withdraw, modify or cancel this offer to sell at any time and without any notice or obligation. Any sale is subject to the sole

and unrestricted approval of Seller, and Seller shall be under no obligation to any party until such time as Seller and any other necessary parties have

executed a contract of sale containing terms and conditions acceptable to Seller and such obligations of Seller shall only be those in such contract of sale.

For more information on these and other Berkadia Real Estate Advisors exclusive listings, please call or visit our website at www.BerkadiaREA.com

Berkadia Real Estate Advisors is the nation's largest real estate firm focused exclusively on the sale of multifamily properties. All information contained herein is from sources deemed to be reliable; however, it is notguaranteed. Printed in the USA. All rights reserved.

Copyright 2016 © by Berkadia Real Estate Advisors, Inc.

PotalaVillage.BerkadiaREA.com

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Seattle, WA 98101

206.521.7220 | Fax: 206.521.7222

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