Appraisal Park-Plaza Indio Select 6-2012

7/31/2019 Appraisal Park-Plaza Indio Select 6-2012

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APPRAISAL REPORT

81760 A9ENUE 48

Indio, California

109 UNITS SENIOR HOUSING

PARK PLAZAAppraisal report dated: -XQH 1, 2012

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A CA .

CExecutive Summary.......................................................................................................................................................................................................... 3Assumptions and Limiting Conditions

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AADescription.......................................................................................................................................................................................................... 5Plat Map..................................................................................................................................................................................................6Site Description...........................................................................................................................................................................7Description of Improvements........................................................................................................................................................................................................ 14Regional Overview

.......................................................................................................................................................................................... 16

AA A CCHighest & Best Use Analysis............................................................................................................................................................................ 22Valuation Methods..............................................................................................................................................................................26Income Approach........................................................................................................................................................................................................ 28Sales Comparison Approach........................................................................................................................................................................................................ 41

Analysis of Value Conclusions............................................................................................... 49Certification of Appraisal

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DATE OF VALUATION: June 1, 2012

VALUE INDICATIONS

COST APPROACH $39,800,000

INCOM APPROACH $45,500,000

SALS COMPARABL APPROACH $,00,000

APPRAISAL PREMISE VALUATION (JUNE 1, 2012)

VALU AS COMPLTD $42,000,000

PRSNT VALU $40,000,000


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Select Care Center of Indio, A Non-Profit Corporations

Park Plaza, a Residential Community

Executive Summary


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PARK PLAZA, A Residential Communityelect Care Center of ndio A Non-Profit Corp. age

Select Care Center of Indio, A Non-Profit Corporations

Park Plaza, a Residential Community

Executive Summary

Property Identification

The subject property is ideally located at Avenue 4, west of Monroe treet, in ndio,California, located within the Coachella alley. The City of ndio is known as The City ofestivals. t is the largest, fastest growing, most progressive and most influential city in this entireregion. The property is approximately miles northeast of an iego, California, and mileseast of os Angeles, California. There are major, nationally recognized events within the City ofndio every year, such as: The Balloon estival, The Arts estival, The Coachella alley Musicestival, world-class polo, golf and tennis tournaments.

Project Description

This entire property will be utilized as a enior Care Campus. This will be the only enior CareCampus of its kind in the entire region that can take care of all of the seniors potential needs withinone property that will have such impressive amenities. n this property, a senior will enjoy thebenefits of continuing individualized care. or example, as an ndependent iving esidentadvances with age to Assisted iving, and again advances potentially to Memory Care /

Alzheimers facilities, elect will offer the benefits of continuing individualized care services AT TE AME ET / CAM. The nited tates is recognizing the very essentialneed to take care of seniors without disturbing their lives by relocating them as they age.

Project Demand In Coachella Valley, California

The very rapid increase in the senior population has created a critical demand for our elect eniorCare acilities in the area.

Seniors 55 Years & Older in Coachella Valley: 25.5% or Approx. 127,300.t is now estimated that .%, or approximately , of the areas population ofapproximately ,, soon will need some form of senior care housing in the area.

Population Within 5-Mile Radius of Park Plaza Facility: 260,000 Approx.The .. epartment of ousing and rban evelopment () establishes a need for aenor Care acility based upon a 5-mile radius of a selected site. There are no other eniorCare acilities within a -mile radius of our site.

Park Plaza Senior Care Facility Newest in the Area:ur ark laza enior Care acility will be the only senior care facility in the over ,population residing in this Coachella alley that will have been built within the last years.

All the existing facilities are old, smaller and do not have the amenities for quality senior livingthat this elect Care acility possesses.


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Executive Summary


Demand For Selects Facility From Beyond Coachella Valley:elect has been informed by several senior care operators and senior care referral agenciesthat there will be residents coming there from out of there area, including from os Angelesand range County, for elects new and state-of-the-area facilities and amenities that willcreate a superb atmosphere of a ome away from ome.

Competition Independent Living, Assisted Living & Memory Care:Below are the existing facilities in the competitive market in Coachella alley Compared toark laza enior Care acilitys ew nits:

INDEPENDENT LIVING Existing Facility in Coachella Valley, California*:

Mirage nn ** - nits icensed

71 Units Independent Living

* ow ncome ousing not included.** This is the certified enior Care ndependent iving acility presently existing in the area.

NOTE: The above-listed Independent Living Facility is OVER 10 Years of Age.

ASSISTED LIVING Existing Facilities in Coachella Valley, California:

ountains of Carlotta * - nits icensed Atria alm esert - nits icensed

egend ardens - nits icensed

4 Atria acienda - nits icensed

egovia @ alm esert ** - nits icensed440 Units Assisted Living

* Entrance ees: , to , ot in competition with rental units with no Entrance ee.** Entrance ees: p to , ot in competition with rental units with no Entrance ee.

NOTE: The above-listed Assisted Living Facilities are ALL OVER 10 Years of Age.

MEMORY CAREALZHEIMERS Existing Facilities in Coachella Valley, California:

Atria acienda - 4 nits icensed

Emeritus @ alm prings - nits icensed

ista Cove @ ancho Mirage - nits icensed

4 Mission ills enior iving - nits icensed

Emeritus @ ancho Mirage - nits icensed

Mirage nn - nits icensed

187 Units Memory Care

NOTE: The above-listed Memory Care Facilities are ALL OVER 10 Years of Age.


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Executive Summary


Occupancy For Existing Senior Care Facilities in the Area: 90% Approx.verall weighted occupancy for ndependent iving, Assisted iving & Alzheimers / ementiawithin existing facilities in the area is approximately: 90%.

Occupancy Upon Completion of Construction of Park Plaza Facility:% re-eased at time that occupancy in ark laza acility is ready.

p to months for % occupancy, but at that time there will be a waiting list.

Comparative Differences Select vs. Existing Facilities:New vs. Old

Larger Rooms in Selects Facility

Larger Auxiliary Spaces in Selects Facility

Commercial Spaces with On-Site Conveniences, including a Deli

Amenities Impressive array for Residents enjoyment at Park Plaza

Select will be Upscale & Comfortable, while the existing Facilities

have appearance of an old folks home.

Amenities:ark laza enior Care acility will have a large variety of special amenities to offer itsresidents. The other existing facilities in this and adjacent areas do not have the large arrayof enjoyable, welcoming and state-of-the-art amenities and recreational features that will beoffered by elect. esidents may come to ark laza enior Care acility because it is theonly senior care facility in all of Coachella alley and adjacent areas with a swimming pool

that will include a retractable roof. This will enable residents to swim, exercise, experiencewater therapies and enjoy year around.

Amenities SelectIndio Senior Care Facility Project

Arts & Crafts tudio Exercise & itness oom

ATM Machine ymnasium

Badminton Court ndoor wimming ool w/ etractable oof

Basketball Court acuzzi & pa

Barber hop ibrary

Beauty alon ounge / Bar

Bocce Ball Court Mail oom

Bowling Alley 4 anes

Main obby pacious uest Areas Computer oom Massage oom

Conference oom utdoor Terrace & ounge Areas

Convenience hop ark Beautifully andscaped eet ong

elicatessen ersonal ockers

ining oom Main ool Table

ining oom rivate Theater

Entertainment Center ater eatures


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Executive Summary

PARK PLAZA, A Residential Communityelect Care Center of ndio A Non-Profit Corp. age 4

Security & Safety at Select for Seniors:ohn . ennedy ospital is just around the corner, only minutes away from the elect site.ne of the main incentives for a resident to choose ark laza enior Care acility to live, isits new and state-of-the-art security emergency call, monitoring and response systems that

allow for a resident to live each day in a safe carefree environment.

Rental Rates:The ,4, of projected net income was based upon having comparable rates with theexisting older facilities. The ark laza enior Care acility, being cost competitive, new,larger, better-equipped, with very impressive amenities for the prospective residents, willmake it the first choice for those needing a senior care facility in the area. amily and friendsof residents will enjoy the many commercial amenities that will encourage family enjoyment.

Community Support:The entire community in Coachella alley is in full support of elects enior Care acility

roject. ndividuals and community contributions / tax deductible donations, for identificationof contributors on the donation walls, will begin to be accepted after construction is started. Acompetition for large donations for the aming ights for this upscale and needed eniorCare acility, with all of its impressive amenities, is already being undertaken.

Philanthropy & Endowments to Park Plaza Project:Contributors are known to make large contributions to the ark laza roject for the purposeof being able to have priority in selection of their residence within the acility. A portion ofthese contributions will go to fund selected needy eniors with their rent. This hilanthropicand umanitarian und enables those eniors the freedom of worry of needing to relocate.This will also enable rent rolls to be maintained.

World-Famous Nate n Al Delicatessen Located in Park Plaza Entrance:ate n Al eli, with its world renowned reputation, will be located at the entrance of the arklaza acility. This will be a very inviting dining option for elects acility esidents, as wellas their families and friends. The surrounding community has voiced their strong support forate n Al eli being located in our ark laza acility.

Luxury Hotel-Type of Entrance:The lovely entrance to our ark laza acility, with its modern, volumetrically high andspacious luxury hotel appearance with large windows and a tiered-glass dome at theentrance, will be a magnificent attraction to prospective residents and their families. Thiselegant entrance will lead to a beautifully manicured courtyard that will extend the length of a

football field, with attractive landscaping, eye-catching water features, a putting green,appealing outdoor lounge areas, walking paths and more striking water features.

This gorgeous luxury entrance to our ark laza enior Care acility will be the special touchirst Appearance, which will be exceptionally inviting and welcoming to all residents,families, friends and guests, and The Place to Live and Enjoy Life at its Best.


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Introduction

Assumptions and Limiting Conditions


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Assumptions and Limiting Conditions

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SITE INFORMATION


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IMPROVEMENTS INFORMATION

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50/102


51/102

ADDENDA


52/102


53/102


54/102


55/102


56/102


57/102

3/$70$3$&5(6


58/102


59/102


60/102


61/102

Room

Second

#of2nd

Ancillary

ProjectMix

Rental

Person

Persons

Fees

ALU

7\SH&

7\SH$

7\SH%

7\SH)

7\SH'

7\SH(

70

$/5HVLGHQWVRQ&DUH

Dementia

34

6WXGLRV

34

Occupancy

1

2

3

4

5

6

7

8

9

10

11

12

ALU

Dementia

Months

NetIncomeEstablishedatStabilization

IndioProject

Avenue48,Indio,California

BUDGET


62/102

Room

1

2

3

4

5

6

7

8

9

10

11

12

RoomType

Rate

R

evenue

Revenue

Revenue

Re

venue

Revenue

Revenue

Revenue

Revenue

Revenue

Reven

ue

Revenue

Revenue

6WXGLR

2QH%HGURRP

7ZR%HGURRP

RoomRevenue

6HFRQG3HUVRQ5HY

$QFLOODU\5HYHQXH

TotalRevenue

-

-

-

-

-

-

-

-

-

-

-

-

ResidentDays

Months

IndioProject

NetIncomeEstablished

atStabilization


RevenueCalculation

-ASSISTEDLIVING

(Base)


63/102

Room

1

2

3

4

5

6

7

8

9

10

11

12

R

oomType

Rate

Re

venue

Revenue

Revenue

Revenue

Revenue

Revenue

Revenue

Revenue

Revenue

Reve

nue

Revenue

Revenue

6

WXGLR

2

QH%HGURRP

7

ZR%HGURRP

7

\SH)

7

\SH'

7

\SH(

R

oomRevenue

6

HFRQG3HUVRQ5HY

$

QFLOODU\5HYHQXH

T

otalRevenue

36

4,168

364,168

364,168

364,168

364,168

364,168

364

,168

364,168

364,168

364,168

364,168

364,168

R

esidentDays

Months

N

etIncomeEstablishedat

Stabilization

A

venue48,Indio,California

In

dioProject

R

evenueCalculation

-ASSISTED

LIVING


64/102

Room

1

2

3

4

5

6

7

8

9

10

11

12

RoomType

Rate

R

evenue

Revenue

Revenue

Revenue

Revenue

Revenue

Reve

nue

Revenue

Revenue

Reven

ue

Revenue

Revenue

6WXGLR

2QH%HGURRP

7ZR%HGURRP

RoomRevenue

6HFRQG3HUVRQ5HY

$QFLOODU\5HYHQXH

TotalRevenue

2

00,260

200,260

200,260

20

0,260

200,260

200,260

200

,260

200,260

200,260

200,2

60

200,260

200,260

ResidentDays

NetIncomeEstablishedat

Stabilization

IndioProject


RevenueCalculation

-DEMENTI

A

Months


65/102

PROPOSED

1

2

3

4

5

6

7

8

9

10

11

12

BUDGET

ALU

Dementia

56

4,428

564,428

564,428

564,428

564,428

564,428

564,428

56

4,428

564,428

564,428

564,428

564,428

6,773,130

NetIncomeEstablished

atStabilization

IndioProject


REVENUESUMMARY

TotalResidentRevenue

Months

ResidentRevenue


66/102


67/102


68/102


69/102


70/102


71/102


72/102


73/102


74/102


75/102


76/102


77/102


78/102


79/102


80/102


81/102


82/102


83/102


84/102


85/102


86/102


87/102


88/102


89/102


90/102

ConveniencesandPe

rsonalServicesOn-S

ite

Hungry?

Choosefromt

heMainDiningRoomortheon-siteDelicatessen

!DontmisstheBakery

forspecialtreats.

HairSalonandBarberS

hopalsoavailableon-siteATMsarealsoavailab

leforquickcash

LeisureandHealthyL

ifestylesat

ParkPlaza

Stayinshapeorjustpar

ticipateinsportsactivitie

swithyourfellowresiden

ts.Youcanbeasactive

asyouwanttobe!

Ourindoor/outdoorSwimmingandTherapypoolw

itharetratableroofwillbe

theenvyofeveryoneintheCoachellaValley.

Practiceyourshor

t-gameonhe9-holePuttingGreen.

HowareyourShuffleboardskills?Findout

ontheShuffleboardCou

rt.

JoininagameofBadminton.

Meetyourneighbo

rsontheBocceBallcou

rt.

Practiceyourspar

esandstrikesonyour4-

laneBowlingAlley.

Playagameofpo

olintheBilliardsRoom

Volleyballanyone?

YourcommunityVolleyb

allCourtiswaiting.

ShootsomehoopsontheBasketballCourt

YourownGymhasallo

fthelatestequipme

nt.

JumpintheJacuz

zitosoothetiredmuscle

sorsocialize

Getamassagein

youron-siteMassageRo

om.


91/102


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93/102


94/102


95/102

ITMVKQI;]Q\M

12Units

1Bedroom/

1Bathroom

Approximately649S

q.Ft.

IndependentLivingstartingat$3,000per/mo

AssistedLivingstart

ingat$3,500per/mo

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PlansSubjecttoChange


96/102

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97/102


98/102


99/102


100/102

APPRAISER QUALIFICATIONS


101/102

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(818) 761-2026 0RRUSDUN6WUHHW(818) 645-6892 6WXGLRLW\$e-mail: SURWHXVOD#VEFJOREDOQHW

_____________________________________


102/102

Ryan T. Hargrove, MAI

rofessional Affiliations

Certified eneral eal state Appraiser

tate of California icense A

tate of Colorado icense C

tate of ashington icense

tate of regon icense C

tate of Arizona icense

tate of tah icense C

tate of evada icense A.C

ducationachelor of cience in usiness Administration niversity of outhern California

aster of eal state evelopment niversity of outhern California

Courses Completed

Appraisal nstitute Courseseal state Appraisal rinciples

asic aluation rocedures

Capitalization heory and echniques art A and eneral and Advanced Applications

tandards of rofessional ractice arts A and C

art A; art and art C

Case tudies in imited artnership Common enancy aluation

eport riting and aluation Analysis Course

ighest est se and arket Analysis Course

Appraisal Park-Plaza Indio Select 6-2012

Documents

Transcript of Appraisal Park-Plaza Indio Select 6-2012