soundview 89 - loopnet · 2018. 4. 23. · soundview 89 soundview 89 6 | confidential offering...
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SOUNDVIEW 89
For sale or
joint venture development opportunity
SOUNDVIEW 89
2 | CONFIDENTIAL OFFERING MEMORANDUM
SOUNDVIEW 89
OFFER SOLICITATION PROCESS
OFFER SUBMISSION Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of purchaser’s offer, including, but not limited to (1) asset pricing, (2) due diligence and closing time frame, (3) earnest money deposit, (4) a description of the debt/equity structure, and (5) qualifications to close. The purchase terms shall require all cash to be paid at closing. Offers should be delivered to the attention of Jerry Sankey at the email address, street address and/or fax number listed.
CONTACT INFO
ARA, A NEWMARK COMPANY1420 5th Avenue, Suite 2150Seattle, Washington 98101T. 206.407.0220F. 206.407.0221
PRIMARY CONTACT
Jerry [email protected]
Marty [email protected] SECONDARY CONTACT
Dylan [email protected]
TABLE OF CONTENTS
Investment Details 3
Site 4
Investment Hightlights 5
Demographics 6
Floor Plan 7
Amenity Map 8
Rooftop Deck View 10
Aerials 12
Rent Comparables 14
Credits and Disclosures 17
SOUNDVIEW 89 | 3
SOUNDVIEW 89
Investment Details
UNIT MIX
DESCRIPTION UNITS AVG SF NRSF %
Studio 30 413 SF 12,390 SF 34%
1x1 21 574 SF 12,054 SF 24%
1x1 +Den 19 719 SF 13,661 SF 21%
2x2 19 888 SF 16,872 SF 21%
Total/Average 89 618 SF 54,977 SF 100%
0x1 1x1 1x1 +Den 2x2
Unit Mix % Breakout
57%
34%
24%
21%
21%
INVESTMENT DETAIL
Address 22325 - 22335 7th Avenue S Des Moines, WA 98197
Price Best Offer
Transaction Type Fee Simple Sale or Joint Venture Partnership
Parcels200660-0005 200660-0025 200660-0035
Lot Size 23,520 SF
Zoning D-C
Units 89
Average Unit Size 618
SOUNDVIEW 89SOUNDVIEW 89
4 | CONFIDENTIAL OFFERING MEMORANDUM
Site
SOUNDVIEW 89 | 5
SOUNDVIEW 89
Investment Highlights
Park, Anthony’s HomePort restaurant, and Des Moines Yacht Club.
Walk Score: 78 (Very Walkable)Within a quarter mile walk, there are: 11 restaurants, 3 cafes, a convenience store, a grocery market/deli, a farmers market, a butcher, 2 bookstores, a bank, and a pharmacy.
Transit FriendlyThe property is one block from a bus stop that has direct lines to Downtown Seattle, Burien, and Kent. The Angle Lake Light Rail Station, which runs directly to Downtown Seattle is 2.8 miles from the property.
Scarcity of SupplyDes Moines has no supply currently and there hasn’t been anything built there in over ten years. There are 495 units planned for the third and fourth quarter of 2019, but with the site being shovel ready the project could beat these properties to the market and capitalize on the sub 5% vacancy rate for Des Moines.
Fully EntitledThis property is fully-entitled. With the low supply of new construction in Des Moines this is a great opportunity for an investor to take advantage of a market where demand is out pacing supply.
Expansive Views of Puget SoundThe top two floors and the rooftop of the property will have unobstructed views of the Puget Sound, Vashon Island, and the Olympic Mountains.
Seatac AirportSeatac Airport recently broke ground on a $766 million new International Arrivals Facility, due to open in 2019. They also are working on a $658 million expansion of Seatac’s North Satellite. This new infrastructure is needed to accommodate the rapid growth of traffic through the airport, and it will also result in an increase in employment at the airport and in the surrounding neighborhoods.
Des Moines Creek Business ParkA three phase project that will total 1.6 million square feet of office, industrial, and retail space on a 87 acre site. The property is owned by the Port of Seattle, and the development is being completed by Panattoni, which has a 55-year ground lease on the site. The development is expected to bring 6,000 new jobs to Des Moines.
Waterfront RecreationThe property is one block from the Des Moines Marina, a couple blocks from Des Moines Beach
SOUNDVIEW 89SOUNDVIEW 89
6 | CONFIDENTIAL OFFERING MEMORANDUM
Demographics
1 MILE 3 MILE 5 MILE
Population
2017 Estimate 8,999 63,371 158,942
2022 Projection 9,639 67,477 168,664
Growth 2017 - 2022 7.11% 6.48% 6.11%
Median Age 46.9 38.2 37.3
Households
2017 Estimate 3,908 23,568 60,877
2022 Projection 4,156 24,952 64,181
Growth 2017 - 2022 6.35% 5.87% 5.43%
Owner Occupied 54.9% 55.2% 50.2%
Renter Occupied 38.2% 38.1% 43.9%
Average HH Size 2.24 2.63 2.57
Average HH Income $84,443 $82,706 $80,375
Housing
Median Home Value $324,876 $311,865 $311,935
Median Year Built 1973 1976 1979
Education
Bachelor’s Degree 20.7% 18.4% 18.4%
Graduate/Professional Degree 11.7% 9.2% 8.6%
Income
<$35,000 22.7% 25.6% 27.5%
$35,000 - $50,000 14.3% 13.9% 14.3%
$50,000 - $75,000 21.6% 18.0% 18.6%
$75,000 - $100,000 13.5% 15.0% 13.6%
$100,000+ 27.9% 27.5% 26%
57% of people IN A ONE MILE RADIUS
WORK IN WHITE COLLAR
4,084 people WORK IN A ONE MILE RADIUS
$25M+ a year CONSUMER SPENDING IN A ONE MILE RADIUS
IS SPENT ON EATING OUT AND ENTERTAINMENT
$68M+ a year CONSUMER SPENDING IN A ONE MILE RADIUS
IS SPENT ON SHELTER
SOUNDVIEW 89 | 7
SOUNDVIEW 89
Floor Plan
UP
UP
877 SF
UNIT 4.1329
5
544 SF
UNIT 2.1327
3
544 SF
UNIT 2.1325
3
973 SF
UNIT 4.2323
5
410 SF
UNIT 1.1321
3410 SF
UNIT 1.1319
3691 SF
UNIT 3.1317
4432 SF
UNIT 1.2A315
3658 SF
UNIT 2.3313
4410 SF
UNIT 1.1311
3410 SF
UNIT 1.1309
3832 SF
UNIT 4.4307
5
650 SF
UNIT 2.4305
4
727 SF
UNIT 3.1303
4
390 SF
UNIT 1.3304
2571 SF
UNIT 3.6302
3858 SF
UNIT 4.5306
5
458 SF
UNIT 2.6308
3
787 SF
UNIT 3.2310
5
419 SF
UNIT 1.1312
3
419 SF
UNIT 1.1314
3814 SF
UNIT 3.4318
5
879 SF
UNIT 4.3320
5
STAIR 1S1
ELEVATOR 1E1
ELEVATOR 2E2
ELECTRICAL RM175
16043
1605
1605
1603
1603
1605
1603
1605
1603 1603 1604 1603 1604 1603 1603
1605
1604
1604
1603
1603
1605 1602 1603
16043
1605
CORRIDOR300
TRASH301
4CP1.5
R-2
R-2R-2
R-2
R-2
R-2
R-2 R-2 R-2 R-2 R-2 R-2 R-2 R-2
R-2
R-2
R-2
R-2
R-2
R-2
R-2
R-2 R-2
STORAGE UNITS316Stair 2
S2
DIAGONAL: 224'
1/3 DIAGONAL: 75'
EXIT SEPARATION: 110'DEAD
END
COR
RIDO
R: 38
'
DEAD END CORRIDOR: 42'
- All corridor walls to be 1/2-FP (IBC 708.3, Ex 1 & Table 1020.1)- All parti walls between units to be 1-FP (IBC 420.2, 708.3 Ex 1)- All unit doors to be 20 min (IBC Table 716.5)
MAX
TRAV
EL D
IST:
103'
MAX TRAVEL DIST: 101'
PD90 min
PD90min
2-VX
2-VX
2-VX
2-VX
2-VX
2-VX
2-VX
2-VS
2-VS
2-VS 2-VS
2-VX
2-FB1-FB
2-FB1-
FB
PD60min
1-FB
877 SF
UNIT 4.1529
5
544 SF
UNIT 2.1527
3
544 SF
UNIT 2.1525
3
983 SF
UNIT 4.2A523
5
410 SF
UNIT 1.1521
3410 SF
UNIT 1.1519
3691 SF
UNIT 3.1517
4432 SF
UNIT 1.1515
3658 SF
UNIT 2.3513
4410 SF
UNIT 1.1511
3410 SF
UNIT 1.1509
3832 SF
UNIT 4.4507
5
650 SF
UNIT 2.4505
4
727 SF
UNIT 3.1503
4
390 SF
UNIT 1.3504
2571 SF
UNIT 3.6502
3858 SF
UNIT 4.5506
5
729 SF
SKY LOUNGE510
49
418 SF
UNIT 1.1516
3814 SF
UNIT 3.4520
5
904 SF
UNIT 4.3522
5
STAIR 1S1
ELEVATOR 1E1
ELEVATOR 2E2
ELECTRICAL RM336
474 SF
LOUNGE DECK511
32
CORRIDOR500
459 SF
UNIT 2.6508
3
STORAGE UNITS518
16079
1605
1605
1603
1603
1605
1603
1605
Stair 2S2
1603 1603 1604 1603 1604 1603 1603
1605
1604
1604
16041
16040
TRASH501160
3
1605 1602 1603
16079
4CP1.5
R-2
R-2R-2
R-2
R-2
R-2
R-2 R-2 R-2 R-2 R-2 R-2 R-2 R-2
R-2
R-2
R-2
R-2
A-3
R-2 R-2
A-3
R-2
R-2
DIAGONAL: 224'
1/3 DIAGONAL: 75'
EXIT SEPARATION: 110'DEAD
END
COR
RIDO
R: 38
'
DEAD END CORRIDOR: 42'
MAX
TRAV
EL D
IST:
103'
MAX TRAVEL DIST: 101'
EXIT SEPARATION: 30'
DIAGONAL: 53'
1/3 DIAGONAL: 18'
- All corridor walls to be 1/2-FP (IBC 708.3, Ex 1 & Table 1020.1)- All parti walls between units to be 1-FP (IBC 420.2, 708.3 Ex 1)- All unit doors to be 20 min (IBC Table 716.5)
2-VX
2-VX
2-VX
2-VX
2-VX
2-VX
2-VX
2-VS
2-VS
2-VS 2-VS
2-VX
PD
PD90min
2-FB1-FB
2-FB1-
FB
PD1-FB
3152 SF
ROOF DECK234
191
ELEVATOR LOBBY600
STAIR 1S1
ELEVATOR 1E1
ELEVATOR 2E2
Stair 2S2
176 SF
ELEVATOR MACHINE ROOM510
1
16096
1601
16096
32096
160100
16096
4CP1.5
2-VX
2-VS
2-VS
877 SF
UNIT 4.1229
5
544 SF
UNIT 2.1227
3
544 SF
UNIT 2.1225
3
973 SF
UNIT 4.2223
5
410 SF
UNIT 1.1221
3410 SF
UNIT 1.1219
3691 SF
UNIT 3.1217
4432 SF
UNIT 1.1215
3658 SF
UNIT 2.3213
4410 SF
UNIT 1.1211
3410 SF
UNIT 1.1209
3832 SF
UNIT 4.4207
5
650 SF
UNIT 2.4205
4
719 SF
UNIT 3.1A203
4
502 SF
UNIT 2.5204
3710 SF
UNIT 3.5202
4878 SF
UNIT 4.1206
5
787 SF
UNIT 3.2210
5
419 SF
UNIT 1.1212
3419 SF
UNIT 1.1214
3587 SF
UNIT 2.2A218
775 SF
UNIT 3.3220
4
STAIR 1S1
ELEVATOR 1E1
ELEVATOR 2E2
ELECTRICAL RM284
3
STAIR 2S2
STORAGE UNITS216
TRASH201
CORRIDOR200
160106
1605
1604
1603
1603
1603
1603
1605
1603 1603 1604 1603 1604 1603 1603
1605
1604
1604
1605 16
03 1604
160106
1724 SF
Amenity Courtyard208
130
1603 1605
4CP1.5
R-2
R-2R-2
R-2
R-2
R-2
R-2 R-2 R-2 R-2 R-2 R-2 R-2 R-2
R-2
R-2
R-2
R-2R-2
R-2
R-2 R-2
DIAGONAL: 224'
1/3 DIAGONAL: 75'
EXIT SEPARATION: 109'
DEAD
END
COR
RIDO
R: 38
'
DEAD END CORRIDOR: 42'
MAX
TRAV
EL D
IST:
112'
MAX TRAVEL DIST: 101'
16065
16065
- All corridor walls to be 1/2-FP (IBC 708.3, Ex 1 & Table 1020.1)- All parti walls between units to be 1-FP (IBC 420.2, 708.3 Ex 1)- All unit doors to be 20 min (IBC Table 716.5)
2-VX
2-VX
2-VX
2-VX
2-VX
2-VX
2-VX
2-VS
2-VS
2-VS 2-VS
2-VX
2-VX
2-VXPD
90min
PD90min
2-FB1-FB
2-FB1-
FB
PD1-FB
- COMBINED OCCUPANT LOAD AT A GIVEN EXIT DOOR.(SUM OF THESE EQUALS TOTAL OCCUPANT LOAD)
(OCCUPANCY LOAD IS NOT INCLUDED IN LOADSBEYOND THIS ROOM)
(THE CAPACITY OF DOORS ARE DETERMINED AS FOLLOWS:CLEAR OPENING WIDTH IN INCHES DIVIDED BY 0.2THE CAPACITY OF STAIRS ARE DETERMINED AS FOLLOWS:WIDTH IN INCHES DIVIDED BY 0.3)
- COMBINED OCCUPANT LOAD AT A GIVEN DOOR OR STAIR
- TOTAL EXIT CAPACITY OF DOOR(THE CAPACITY OF DOORS ARE DETERMINED AS FOLLOWS:CLEAR OPENING WIDTH IN INCHES DIVIDED BY 0.2)
WALL SEPARATION LEGEND
SYMBOL LEGEND- OCCUPANCY LOAD####
00
###
- PANIC DEVICE- DOOR FIRE RATING
- TOTAL EXIT CAPACITY OF DOOR OR STAIR
- ACCESSORY USE AREA
00
WALL FIRE RATING TYPEC = CORRIDOREW = EXTERIOR WALLFB = FIRE BARRIERFP = FIRE PARTITIONFSB = FIRE/SMOKE BARRIERFW = FIRE WALLHX = HORIZONTAL EXITSB = SMOKE BARRIERVS = VERTICAL SHAFTVX = VERTICAL EXITXP = EXIT PASSAGEWAY
WALL HOURLY FIRE RATING0 = 0 HOUR1/2 = 1/2 HOUR1 = 1 HOUR2 = 2 HOUR3 = 3 HOURSP = SMOKE PARTITION
PDXX MIN
CODE REFERENCES:TWO EXITS REQUIRED WHERE OCCUPANT LOADEXCEEDS (IBC Table 1006.2.1):- Occupancy R-2: 10- Occupancy S: 29- Occupancy A, M: 49- Occupancy B: 49
TWO EXITS REQUIRED WHERE MAX COMMON PATH OFEGRESS TRAVEL EXCEEDS (IBC Table 1006.2.1, withsprinker):- Occupancy R-2: 125'- Occupancy S: 100'- Occupancies A,M: 75'- Occupancy B: 100'
SEPARATION DISTANCE OF 2 EXITS (IBC 1007.1.1, Exception2, with sprinkler):- Seperation distance shall not be less than 1/3 of the length of themax overall diagonal dimension of the area served
EXIT ACCESS TRAVEL DISTANCE NOT TO EXCEED (IBCTable 1017.2, with sprinkler):- Occupancy A, M, R: 250'- Occupancy B: 300'- Occupancy S-2: 400'
DEAD END CORRIDORS (IBC 1020.4, Exception 2, withsprinkler):- Dead end corridors to be no more than 50' in length (OccupancyB, M, R-2, S)
MIXED-OCCUPANCY SEPARATION (IBC 420, Table 508.4, withsprinkler)- Between Dwelling Units R-2 Occupancy: 1Hr- Between A & R: 1Hr- Between A & M: 1 Hr- Between A & B: 1 Hr- Between S-2 & B: 1 Hr- Between S-2 & M: 1 Hr- Between S-2 & A: No separation requirement- Between S-2 & B: 1 Hr
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H SCALE: 1/16" = 1'-0"FLOOR PLAN, LEVEL 5
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H SCALE: 1/16" = 1'-0"FLOOR PLAN, ROOF DECK
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H SCALE: 1/16" = 1'-0"FLOOR PLAN, LEVEL 2
Typical Floor Plan
SOUNDVIEW 89SOUNDVIEW 89
8 | CONFIDENTIAL OFFERING MEMORANDUM
Amenity Map
S1
174
16
2 10
3
8
7
19
11
13185
12
15
14
9
21
20
22
23 24
25
26
2728
29
30
3132
33
34
35
36
37
38
39
40
41
42
43
44
4546
4748
49
50
5152
53
54
55
56
57
SOUNDVIEW 89 | 9
SOUNDVIEW 89
Amenity Map
FOOD & DRINK1. Oceanside Banh Mi Cafe
2. Dragon Gate
3. via Marina Woodfire Pizza
4. Lighthouse Lounge
5. Athens Pizza & Pasta
6. Arturo’s
7. Wally’s Chowder House
8. Manderian Kitchen
9. Jack’s Country Restaurant
10. Red Robin
11. Anthony’s HomePot
12. Dana K’s Kafe
13. Auntie Irene’s
14. Marine View Espresso
15. Mini The Dough-Nut
16. Des Moines Dog House
17. All Star Sports Bar
18. New Tokyo Teriyaki
19. Concourse Concessions
GROCERY AND SERVICES20. ABC Store
21. Fred Meyer
22. Waterfront Farmers Market
23. B&E Meats & Seafood
24. Marina Market
25. 7-11
26. Bank of America
27. Chase Bank
28. Elsey’s Service
29. Wells Fargo
30. Key Bank
31. Be Attitudes
32. Prolific
33. Best in Show
34. Salon Michelle
35. Larry’s Barber Shop
36. Des Moines Cleaners
37. Pauline’s Nail Shop
38. Pretty Nails Center
SHOPPING AND ENTERTAINMENT39. Des Moines Yacht Club
40. Tag Zone
41. Carriage Quality Quilts
42. Polonez Automotive
43. Print Place
44. Park Conservation Area
45. Beach Park Auditorium
46. Creek Trail
47. All Points Yarn
48. Catacomb Comics
49. Kimberly’s Jewelry
50. Pet Elegance
51. Floralaura
WELLNESS52. Sweet Escapes Day Spa
53. Waterland Wellness
54. Bella Arshinova
55. Sukha Healing
56. Marina View Vet
57. Des Moinse Drugs
SOUNDVIEW 89SOUNDVIEW 89
10 | CONFIDENTIAL OFFERING MEMORANDUM
Southwest Rooftop Deck View
SOUNDVIEW 89 | 11
SOUNDVIEW 89
Northwest Rooftop Deck View
SOUNDVIEW 89SOUNDVIEW 89
12 | CONFIDENTIAL OFFERING MEMORANDUM
Aerials
N
Marine View
Drive S
Bellevue (21 miles)45,000+ Employees
Marine View Park
Des Moines Marina
Puget Sound
7th Avenue S
Des Moines Park
Marine View Drive S
Ke
nt D
es M
oines Road
Seattle CBD (15 miles)260,000+ Employees
Burien (5 miles)23,000+ Employees
SeaTac International Airpor t (4 miles)
12,000+ Employees
Soundview 89
SOUNDVIEW 89 | 13
SOUNDVIEW 89
Aerials
E
7th Avenue S
Marine View Drive S
Ke
nt D
es M
oines RoadS 216th Stre
et
Mt. Rainier High School
Pacif ic Middle SchoolUnder wood Memorial Park
Des Moines Park
Des Moines Elementar y
Des Moines Marina
Cascade Mountians
Puget Sound
Kent Valley Industrial District (24M SF )60,000+ Employees
Top Employers:
Highline College
Des Moines Creek Business Park
1.5M SF
Soundview 89
SOUNDVIEW 89SOUNDVIEW 89
14 | CONFIDENTIAL OFFERING MEMORANDUM
Rent Comparable Location Map
4
3
1
S
SUMMARY
In our analysis we have included properties ranging in vintage between 2011 and 2017. Competing properties’ market rents range between $1,435 and $1,881 per month. Competing properties are achieving between $2.09 and $2.46 per square foot.
2
SOUNDVIEW 89 | 15
SOUNDVIEW 89
Rent Comparables
VIEWPOINT APARTMENT
01
Viewpoint Apartment Is located on Pacific Highway S at S 216th Street. The 4-story mid-rise property includes 90 units. Units include breakfast bars, gourment kitchens, built in microwaves, Granite style countertops, laminate wood flooring, maple cabinetry, stainless steel appliances and washers and dryers. Common area amenities include a rooftop deck, playground, BBQ area, gated, controlled access, business center and pet play area.
THE PLATFORM
02
The Platform Is located on W Smith Street at 2nd Avenue N. The 5-story mid-rise property includes 176 units. Units include Juliette Balcony, accent walls, berber carpeting, floor-to-ceiling windows, stainless steel appliances, built in microwaves and washers and dryers. Common area amenities include rooftop deck with BBQ area and fire pit, controlled entry, green roof, online concierge services, indoor bike parking and USB chargers throught building.
DWELL AT KENT STATION
03
Dwell at Kent Station Is located on 4th Avenue N at W Smith Street. The 5-story mid-rise property includes 154 units. Units include stainless steel appliances, high ceilings, built in microwave, private balcony and washers and dryers. Common area amenities include a BBQ and picnic area, open courtyard, clubhouse, garage parking, fitness center and community lounge.
THE MAVERICK
04
The Maverick Is located on 5th Avenue SW at SSW 150th Street. The 7-story mid-rise property includes 229 units. Units include walk-in closets, Quartz countertops, stainless steel appliances, wood-like plank flooring, plush carpeting, private patio, two-tone designer paint and washers and dryers. Common area amenities include fitness center, yoga/pilates studio, clubroom, media center, controlled access, BBQ area, bocce ball court, bike storage, movie theater and bike repair room.
SOUNDVIEW 89SOUNDVIEW 89
16 | CONFIDENTIAL OFFERING MEMORANDUM
Rent Comparables
Comp 1 Comp 2 Comp 3 Comp 4
PROPERTY NAME VIEWPOINT APARTMENT THE PLATFORM DWELL AT KENT STATION THE MAVERICK COMP TTL/AVG
ADDRESS 21428 Pacific Highway S 420 W Smith Street 443 Ramsay Way 15045 5th Lane S
YEAR BUILT 2011 2014 2016 2017 2015
# APTS 90 176 154 229 649
AVG ASKING RENT $1,435 $1,606 $1,627 $1,881 $1,684
AVG SF 685 744 742 766 743
AVG RENT PSF $2.09 $2.16 $2.19 $2.46 $2.27
UNIT MIX
Studios 1BR Units 2BR Units
STUDIOS 31 Units 8 Units 15 Units 24 Units 78 Units
Avg. Asking Rent $1,204 $1,325 $1,305 $1,370 $1,287
Avg. SF 504 470 517 540 514
Avg. Rent PSF $2.39 $2.82 $2.54 $2.54 $2.51
1-BR UNITS 26 Units 144 Units 98 Units 143 Units 411 Units
Avg. Asking Rent $1,375 $1,560 $1,520 $1,750 $1,605
Avg. SF 608 716 667 660 678
Avg. Rent PSF $2.26 $2.18 $2.28 $2.65 $2.31
2-BR UNITS 33 Units 24 Units 41 Units 62 Units 160 Units
Avg. Asking Rent $1,700 $1,975 $2,000 $2,382 $2,082
Avg. SF 916 1,003 1,004 1,009 1,023
Avg. Rent PSF $1.86 $1.97 $1.98 $2.17 $2.03
SOUNDVIEW 89 | 17
SOUNDVIEW 89
DisclosureARA Northwest, LLC, a licensed Washington Broker, (collectively, the “Agent”) has prepared this material for limited use in the acquisition of certain Property, specifically the Craft Apartments in Seattle, Washington.
The Offering Memorandum is not intended to provide a completely accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective purchasers may need or desire. All f inancial projections are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and the Agent, and therefore may be subject to variation. The Offering Memorandum does not constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of the Offering Memorandum. Additional information and an opportunity to inspect the Property will be made available to interested and qualif ied prospective purchasers.
Neither the Owner nor the Agent nor any of their respective officers, agents or principals has made or will make any representations or warranties, expressed or implied, as to the accuracy or completeness of the Offering Memorandum or any of the Contents (defined below), and no legal commitment or obligation shall arise by reason of the Offering Memorandum or the Contents. Analysis and verif ication of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser.
The Owner and Agent expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/
or terminate discussions with any entity at any time with or without notice. The Owner shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless and until such offer for the Property is approved by the Owner, and any conditions to the Owner obligations thereunder have been satisfied or waived.
This Offering Memorandum and the Contents, except such information which is a matter of public record or is provided in sources available to the public (such contents as so limited herein are called the “Contents”), are of a confidential nature and are not to be made available to persons not receiving copies directly from the Agent. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the Contents to any other entity (except for outside advisors retained by you if necessary, in your opinion, for your determination of whether or not to make a proposal) without the prior written authorization of the Owner or Agent, and that you will not use the Offering Memorandum or any of the Contents in any fashion or manner detrimental to the interest of the Owner or Agent.
If you have no interest in acquiring the Property at this time, kindly return the Offering Memorandum forthwith.
Credits & Disclosure
https://s3.amazonaws.com/ARA-PORTLAND/Disclosures/WA+Disclosure+41117.pdf
SOUNDVIEW 89 | 18
SOUNDVIEW 89
Additional information for Division Street is available at: www.Soundview89.com
OCTOBER 2017
ARA NEWMARK1420 5th Avenue Suite 2150Seattle, Washington 98101T 260.407.0220F 260.407.0221www.aranewmark.com
PRIMARY CONTACT
Jerry [email protected]
Marty [email protected] SECONDARY CONTACT
Dylan [email protected]