Fit Together Easily.

Fit Together Easily

220 Residential Units

17 Retail Spaces91K sqft Office

SpacesLEED Gold

Timeline

Purpose DoveTailPricing & Analysis

Returns

Overview

Construction

Goals

Residential

Retail / Office

Pricing

Consumer

Marketing

Investments

Profits

Culture

Timeline

Purpose DoveTail Returns

Overview

Construction

Goals

Residential

Pricing

Consumer

Marketing

Investments

Profits

Retail / Office

Pricing & Analysis

Culture

Purpose

Community

Environment

People Profit

Retail Services for Students

Enhance Public Transportation

Provide Public Space

Achieve LEED Gold

Sustainable Long Term

Enhance Space with Greenery

Self-Sustaining Community

Create Sense of Place

Live, Work, Eat, Play

Short-Timeline for Exit

High Price per Sq Ft

Sell-Ability

Timeline

Purpose DoveTailPricing & Analysis

Returns

Overview

Construction

Goals

Residential

Pricing

Consumer

Marketing

Investments

Profits

Retail / Office

Culture

Residential, Retail, and Office10 Stories, U Shaped Building with CourtyardLEED Gold, Green Roofs, Community Square86% Building Site Efficiency

$15.8 Project Profit

DoveTail Project

Construction

University Ave

March 2011

December 2014

Pre-ConstructionMar 11 – Feb 12

ConstructionMar 12 – Feb

14Sales/LeasingMar 14 – Dec

14

87,000 SqFt Site10

Stories 85% SCR Bus Stop

Bike Racks

Sunny Courtyard

Residential

Residential

220 Units170

2BDR50 1BDR

950-1050 Sq Ft

650-750 Sq Ft

$418,000 - $462,000

$292,000 - $337,000330 Parking

Stalls$80.9M

Revenue

Residential

2BR 1100 SqFt

1BR 700 SqFt

2BR 1100 SqFt

2BR 900 SqFt

Retail & Office

Retail One

Retail Two

Retail Three

$2.2M NOI, 145 Parking Stalls

Retail & Office

Retail One

18,000 sq.ft Frontage on University AvenueHigh vehicle and foot trafficFast-food / take-out retailersBus stop

Retail & Office

Retail One

Retail Two

Retail Three

Retail & Office

Retail Two

12,300 sq.ftCourtyard with Public SpaceLounge SeatingProtection from street noiseAccessible from side streets

Retail & Office

Retail One

Retail Two

Retail Three

Retail & Office

Retail Three

18,000 sq.ftAccessible from side streetsIncreased amenitiesLarge tenants

Office

Office

273 Parking StallsNOI $3.45M91,092 SF over 2 FloorsEase of accessProximity to public transitOn-site shower facilities for bike commutersGym for employee use Incentive membership planGreen building LT cost savings

Sustainability

LEED GoldSustainable Site Alternative Transportation

Green Roof

Water Efficiency Recycled water, and Low flow appliances

Recycled Materials & Waste Management during Construction and Demolition.

Environmental Quality maximize daylight, views, and open space ventilation.

Sustainability

Bike Racks Bus StopGreen Roof

Ease of access for retail users and office commuters

2 minute walk or less for residents, shoppers, and employees

Communal access to urban agriculture and therapeutic gardening Water capture, reduced Heat Island Effect

Culture

Courtyard

Tenant Mix to Promote SittingPublic SeatingCollaboration with the UniversitySunlightUniversity Art

Tenants: No obnoxious smells, late hours, etc.

Synergies

Work Live Shop

Retail for both commuters, workers, residentsMinimize Cannibalization

Leverage University Community and livelinessTransportation hubs near retail

Ability to live fully in Community, low barriers to external

Timeline

Purpose DoveTailPricing & Analysis

Returns

Overview

Construction

Goals

Residential

Pricing

Consumer

Marketing

Investments

Profits

Retail / Office

Culture

Pricing - Consumer

25-32 $94,000 (2013) Urban, Local

Emerging Tech / Law

Average Salary $94,000Median Salary $81,400

Median Affordable $333,000 Average Affordable $408,000

2BR $418-462K1BR $292-337K

Marketing Strategies

Hire External

Enable Public

Enable Realtors

Synergies

University Link

Timeline

Purpose DoveTailPricing & Analysis

Returns

Overview

Construction

Goals

Residential

Pricing

Consumer

Marketing

Investments

Profits

Retail / Office

Sustainability

Deal Structure

Developer - $5M

Equity - $15.6M

Mezzanine- $20M

Cons. Loan - $125M

$3.99M (20.16% IRR)

$1.92M (12% Int)

$12M (33% IRR)

$7.6M (4.2% Int)

Financial Performance

Retail Value $33.8M

Office Value $53.8M

Residential Value $80.9M

TOTAL VALUE$167.8M

TOTAL COSTS$151.2M

$15.8M

ProfitBefore Tax Return on Equity=79.77%Equity IRR= 20.16%After Tax Return on Equity=57.03%Equity IRR= 15.15%

Conclusion

Thank You!

HERBERTS | HVIDSTEN | SMYTH | WOLANSKI | BARNARD | WEISS

Appendices

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