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ULI Low Density Apartment
Presentation

Alta Aspen Grove
Littleton, CO
May 2012

Timothy M. McEntee
Director
(303) 468-7450
tmm@woodpartners.com
Map




      Alta Aspen Grove   1
EXECUTIVE SUMMARY

  •   Tied up site in 2008, secured 50% LTC institutional equity in 2009 and could not secure
      conventional debt. Went HUD 221d4 in late 2009

  •   Closed into construction in September 2010

  •   280 unit 2 & 3 story attached garage product

  •   60% 1 bedrooms; 36% 2 bedrooms; 4% three bedrooms




            Alta Aspen Grove                                                                    2
Site Plan




            Alta Aspen Grove   3
Alta Aspen Grove   4
Alta Aspen Grove   5
Overview

   •   1,003 Average Square Footage

   •   Planned Phase II of 275k square foot DDR
       Regional Lifestyle Mall

   •   First tied up site in 2000, took subsequent
       buyer in 2004 three and a half years to
       rezone

   •   TOD site with both a light rail park and ride
       and regional bus module

   •   Adjacent to a 680 acre park preserve

   •   Unimpeded Western mountain views over
       park preserve receiving $150-180 view
       premiums

   •   Littleton is a very high barrier to entry
       established submarket of Denver. $2-4
       million homes in exclusive Polo Club and
       Polo reserve within ½ mile of site

   •   Regional detention provided




             Alta Aspen Grove                          6
Cost

       •   Land approximately $27k per unit on 18
           d/u per acre (very low density)

       •   Hard Cost ~ $85k per unit (caught market
           in trough)

       •   High Impact Fees of $12k per unit

       •   All in cost per unit ~ $165k




                 Alta Aspen Grove                     7
Leasing Performance


    •   Turned first units in June 2011, will
        stabilize 280 units by June 2012

    •   21 unit absorption per month at $1.45 -
        $1.50 gross rents

    •   One of highest water marks for garden
        product in Denver Metroplex




              Alta Aspen Grove                    8
Financing


    •   Yield on cost in 2008 was 8.25% going in
        free and clear

    •   Proforma exit of 7.00% (today’s market
        closer to 4.75% - 5.25%)

    •   Will have significant discount for HUD loan
        currently 5.71% with MIP

    •   2 year lockout, 8 year pay down

    •   Assumable, nonrecourse loan




               Alta Aspen Grove                       9
Alta Aspen Grove   10
Alta Aspen Grove   11
Alta Aspen Grove   12
Energy Star & LEED Silver Certification

    •   Alta Aspen Grove was designed for low-
        impact living and reduced reliance on
        automobile transportation. It is within
        walking distance of a major
        transportation/light rail station, offering
        numerous ride options daily

    •   Alta Aspen Grove is located next door to
        Aspen Grove shops, a walkable outdoor
        shopping area with a small community
        ambiance and weekly entertainment events

    •   The project is on the Littleton park system
        offering bike trails and walking, not only in
        open space along the South Platte river and
        beyond, but to more nearby community
        resources

    •   Alta Aspen Grove blends into the park
        border with beautifully integrated native
        grass, native trees and other mature native
        species mirroring those found right over the
        project boundary in the park itself




               Alta Aspen Grove                         13
•   Roof runoff was managed and diverted to
    contribute to landscape soil moisture levels
    and 79% of the impermeable surfaces are
    directed to landscape features that absorb
    storm water keeping it out of the sewer
    system

•   The landscaping is 98% drought tolerant
    with irrigation designed to be shut off
    completely once plantings are established.
    Even the drought-tolerant turf is kept to a
    minimal 26% of the total landscaping




           Alta Aspen Grove                        14
Any Questions???




Alta Aspen Grove                      15

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Timothy mc entee, Multifamily Development Today

  • 1. ULI Low Density Apartment Presentation Alta Aspen Grove Littleton, CO May 2012 Timothy M. McEntee Director (303) 468-7450 tmm@woodpartners.com
  • 2. Map Alta Aspen Grove 1
  • 3. EXECUTIVE SUMMARY • Tied up site in 2008, secured 50% LTC institutional equity in 2009 and could not secure conventional debt. Went HUD 221d4 in late 2009 • Closed into construction in September 2010 • 280 unit 2 & 3 story attached garage product • 60% 1 bedrooms; 36% 2 bedrooms; 4% three bedrooms Alta Aspen Grove 2
  • 4. Site Plan Alta Aspen Grove 3
  • 7. Overview • 1,003 Average Square Footage • Planned Phase II of 275k square foot DDR Regional Lifestyle Mall • First tied up site in 2000, took subsequent buyer in 2004 three and a half years to rezone • TOD site with both a light rail park and ride and regional bus module • Adjacent to a 680 acre park preserve • Unimpeded Western mountain views over park preserve receiving $150-180 view premiums • Littleton is a very high barrier to entry established submarket of Denver. $2-4 million homes in exclusive Polo Club and Polo reserve within ½ mile of site • Regional detention provided Alta Aspen Grove 6
  • 8. Cost • Land approximately $27k per unit on 18 d/u per acre (very low density) • Hard Cost ~ $85k per unit (caught market in trough) • High Impact Fees of $12k per unit • All in cost per unit ~ $165k Alta Aspen Grove 7
  • 9. Leasing Performance • Turned first units in June 2011, will stabilize 280 units by June 2012 • 21 unit absorption per month at $1.45 - $1.50 gross rents • One of highest water marks for garden product in Denver Metroplex Alta Aspen Grove 8
  • 10. Financing • Yield on cost in 2008 was 8.25% going in free and clear • Proforma exit of 7.00% (today’s market closer to 4.75% - 5.25%) • Will have significant discount for HUD loan currently 5.71% with MIP • 2 year lockout, 8 year pay down • Assumable, nonrecourse loan Alta Aspen Grove 9
  • 14. Energy Star & LEED Silver Certification • Alta Aspen Grove was designed for low- impact living and reduced reliance on automobile transportation. It is within walking distance of a major transportation/light rail station, offering numerous ride options daily • Alta Aspen Grove is located next door to Aspen Grove shops, a walkable outdoor shopping area with a small community ambiance and weekly entertainment events • The project is on the Littleton park system offering bike trails and walking, not only in open space along the South Platte river and beyond, but to more nearby community resources • Alta Aspen Grove blends into the park border with beautifully integrated native grass, native trees and other mature native species mirroring those found right over the project boundary in the park itself Alta Aspen Grove 13
  • 15. Roof runoff was managed and diverted to contribute to landscape soil moisture levels and 79% of the impermeable surfaces are directed to landscape features that absorb storm water keeping it out of the sewer system • The landscaping is 98% drought tolerant with irrigation designed to be shut off completely once plantings are established. Even the drought-tolerant turf is kept to a minimal 26% of the total landscaping Alta Aspen Grove 14