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
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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