SUMMERWOOD APARTMENTS MULTI-RESIDENTIAL INVESTMENT OFFERING 71 UNITS - 700 SOUTH 1200 WEST - OREM, UT PLEASE CONTACT AGENTS FOR COMPLETE MARKETING PACKAGE office retail industrial JORDAN M. WALL Senior Vice President - Investment/Land/Office [email protected] land SETH ROBERTS investments [email protected] Multi-family Specialist 6550 S Millrock Dr., Suite 200 | Salt Lake City, UT 84121 | 800.750.3133 phone | 801.947.8301 fax www.coldwellutah.com INTRODUCTION PROPERTY OVERVIEW Summerwood condos are a prime investment with an ideal location just across the street from Utah Valley University. These apartments are currently benefiting from the explosive growth of Utah Valley University and with frontage on both 1200 West and the I-15 freeway, this property is well known in the community. There are few, if any, assets better positioned to take advantage of the student housing market in Orem, Utah. In addition to being next to the fastest growing university in Utah, the Orem-Provo corridor is one of the fastest growing metropolitan areas in the nation. PROPERTY DESCRIPTION Sales Price: $14,060,000 CAP Rate (Actual): 5.75% Units: 71 Beds: 284 Unit Mix: All 4 Bedroom 2 Bath Square Feet: 1,110 Built: 2003 Parking: 227 Ratio: 3.2 Stalls/ Unit Total Rentable Square Feet: 78,780 PROPERTY HIGHLIGHTS • All private bedrooms • Great amenities: basketball court, jacuzzi, clubhouse, etc. • Underground parking • Location: immediately adjacent to Utah Valley University • Increasing student population • Accessible public transportation • Supporting demographics Coldwell Banker Commercial Intermountain | 6550 South Millrock Drive, Suite 200 | Salt Lake City, Utah 84121 | 801.947.8300 office | 801.947.8301 fax | www.coldwellutah.com INTRODUCTION OPPORTUNITY Growth in the Provo Orem area indicates that rental demand should stay relatively high for the foreseeable future. Vacancies are still low in the area, hovering around 3%. Summerwood condos in particular have consistently been 100% leased several weeks before the school year starts. The Summerwood Condos are strategically placed in one of the most coveted locations in Orem. As one of the only three major apartment properties immediately adjacent to the university it is poised to receive the most benefit from the growing student population. UVU expects their student population to continue to grow for the next few decades and are beginning to looking at expanding west of Interstate-15 since space on the main campus has become limited. Regardless, they have worked to make do with the space available in the main campus by removing some parking and adding on to several buildings. Property close to the University has been heavily developed which leaves little opportunity for developers to build near the campus elevating properties like the Summerwoods condos into a uniquely advantageous position. With demand on the rise and the supply of nearby housing low, apartments near the university have seen significant rent growth. The Summerwood Condos provide greater flexibility for an exit strategy as condos. They can be sold off individually or all as one complex. Built in 2003, these apartments are in very good condition, and as such, they would need very little updating, if any. However, there are still opportunities to inexpensively upgrade the units simply by replacing furniture and appliances. Recently this property won a solar award that will help pay for the cost of installing solar panels all along the roof which will help greatly to reduce the costs of the electricity bill. In addition we suspect this to be an advantage in drawing more students that are conscious of the environment. It is certainly a quality to be touted in the future. Student housing has become a strong subset of multifamily properties and they continue to attract students by providing better housing terms than traditional multifamily apartments. Utah’s governor has set a goal to increase the number of Utah residents who have higher level education. This push is putting public Universities like UVU into a growth mode in preparation of greater demand for affordable, quality, college level education. Coldwell Banker Commercial Intermountain | 6550 South Millrock Drive, Suite 200 | Salt Lake City, Utah 84121 | 801.947.8300 office | 801.947.8301 fax | www.coldwellutah.com PROPERTY OVERVIEW AMENITIES • Basket ball court • Clubhouse -- includes lounge with multiple flat screen TVs and gym facility • Jacuzzi • Ample/covered parking • Garbage disposal • Two full size bathrooms in each unit • Washer and dryer in each unit • High speed internet connections in every room • Elevator • Bike racks Coldwell Banker Commercial Intermountain | 6550 South Millrock Drive, Suite 200 | Salt Lake City, Utah 84121 | 801.947.8300 office | 801.947.8301 fax | www.coldwellutah.com PROPERTY OVERVIEW SITE PLAN Summerwood 680 SOUTH 1200 WEST 15 Parking Coldwell Banker Commercial Intermountain | 6550 South Millrock Drive, Suite 200 | Salt Lake City, Utah 84121 | 801.947.8300 office | 801.947.8301 fax | www.coldwellutah.com PROPERTY OVERVIEW AREA AMENITIES Subject Property: Summerwood Apts 15 UN IVE RSI TY PKW Y golden corral Buffet & Grill Coldwell Banker Commercial Intermountain | 6550 South Millrock Drive, Suite 200 | Salt Lake City, Utah 84121 | 801.947.8300 office | 801.947.8301 fax | www.coldwellutah.com PROPERTY OVERVIEW TYPICAL UNIT FLOOR PLAN Coldwell Banker Commercial Intermountain | 6550 South Millrock Drive, Suite 200 | Salt Lake City, Utah 84121 | 801.947.8300 office | 801.947.8301 fax | www.coldwellutah.com PROPERTY OVERVIEW BUILDING CONSTRUCTION • Units: 71 • Beds: 284 • Unit Mix: All 4 bedroom 2 bath apartments • Square feet: 1,110 • Built: 2003 • Parking: 227 stalls - ratio: 3.2 stalls/ unit • Total rentable square feet: 78,780 • Acres: 1.88 acres • Three stories • Reinforced poured concrete • Wood frame • Exterior: brick and stucco • Flooring: sheet vinyl, carpet • Windows: double pane windows in vinyl clad frames • HVAC: Individually ducted forced air/ central air PLEASE CONTACT AGENTS FOR COMPLETE MARKETING PACKAGE Coldwell Banker Commercial Intermountain | 6550 South Millrock Drive, Suite 200 | Salt Lake City, Utah 84121 | 801.947.8300 office | 801.947.8301 fax | www.coldwellutah.com
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