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A C T I V I T Y I D : Y 0 0 6 0 0 7 3RIVER OAKS APARTMENTS

1464 GABRIEL DRIVE, NORFOLK, VA 23502

Offering Memorandum

CONFIDENTIALITY & DISCLAIMERThe information contained in the following Marketing Brochure is proprietary

and strictly confidential. It is intended to be reviewed only by the party receiving

it from Marcus & Millichap Real Estate Investment Services of Florida, Inc.

(“Marcus & Millichap”) and should not be made available to any other person

or entity without the written consent of Marcus & Millichap. This Marketing

Brochure has been prepared to provide summary, unverified information to

prospective purchasers, and to establish only a preliminary level of interest

in the subject property. The information contained herein is not a substitute

for a thorough due diligence investigation. Marcus & Millichap has not made

any investigation, and makes no warranty or representation, with respect to

the income or expenses for the subject property, the future projected financial

performance of the property, the size and square footage of the property and

improvements, the presence or absence of contaminating substances, PCB’s

or asbestos, the compliance with State and Federal regulations, the physical

condition of the improvements thereon, or the financial condition or business

prospects of any tenant, or any tenant’s plans or intentions to continue its

occupancy of the subject property. The information contained in this Marketing

Brochure has been obtained from sources we believe to be reliable; however,

Marcus & Millichap has not verified, and will not verify, any of the information

contained herein, nor has Marcus & Millichap conducted any investigation

regarding these matters and makes no warranty or representation whatsoever

regarding the accuracy or completeness of the information provided. All potential

buyers must take appropriate measures to verify all of the information set forth

herein.

NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any

commercial tenant or lessee identified in this marketing package. The presence

of any corporation’s logo or name is not intended to indicate or imply affiliation

with, or sponsorship or endorsement by, said corporation of Marcus & Millichap,

its affiliates or subsidiaries, or any agent, product, service, or commercial listing

of Marcus & Millichap, and is solely included for the purpose of providing tenant

lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILL ICHAP AGENT FOR MORE DETAILS.

NON-ENDORSEMENT& DISCLAIMER NOTICE

O F F I C E S N A T I O N W I D E A N D T H R O U G H O U T C A N A D A

WWW.MARCUSMILLICHAP.COM

RIVER OAKSAPARTMENTS

PRESENTED BY

ALTAY UZUNTeam Lead

Hampton Roads OfficeTel (757) 777-3737 Fax (757) 493-3953

[email protected] VA 0225214405

NICHOLAS BALOGAssociate



JUSTIN FERGUSONAssociate



CHANDLER MORTAgent Candidate


[email protected] Coming Soon

TABLE OF CONTENTS

PRESENTED BY

EXECUTIVE SUMMARYSECTION 1

Investment Highlights...1Executive Summary...3Investment Overview...4

PROPERTY DESCRIPTIONSECTION 2Local Map...9

Regional Map...10Property Photographs...11

PRICING & FINANCIALSSECTION 3

Rent Roll Summary...29Operating Statement...30

Pricing Detail...31Growth Rate Projections....32

Cash Flow...33

SALES COMPARABLESSECTION 4

Area Sales Comparables...37

RENT COMPARABLESSECTION 5

Area Rent Comparables...43

MARKET OVERVIEWSECTION 6

Market Overview...49

DEMOGRAPHIC ANALYSISSECTION 7

Demographic Analysis...63

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap is a

service mark of Marcus & Millichap Real Estate Investment Services of Florida, Inc. © 2018 Marcus & Millichap ACT ID Y0600073

R I V E R O A K S APARTMENTS

23.70%10 YR. LEVERED IRR



R I V E R O A K S APARTMENTS E X E C U T I V E S U M M A R Y

RIVER OAKS APARTMENTS | E X E C U T I V E S U M M A R Y1

OFFERING HIGHLIGHTS

V I TA L D ATA

Price $8,400,000

Price/Unit $84,000

Price/SF $96.00

Gross Square Feet 87,500 SF

Occupancy 93.40%

$8,400,000 PRICE

RIVER OAKS APARTMENTS1464 GABRIEL DRIVE, NORFOLK, VA 23502

7.27%YR. 2 CAP RATE

E X E C U T I V E S U M M A R Y | 2

INVESTMENT HIGHLIGHTS

MARKET DRIVERS

UNIT AMENITIES

• Turn-Key Asset

• 3,500 New Jobs Within Five Miles Entering Market

• 5 Miles from Downtown Norfolk

• 6 Miles from Virginia Beach Town Center

• 13.70% Cash-on-Cash Return

• 10 Yr. Levered IRR of 23.70%

• Easy Access to Downtown Norfolk & Virginia Beach Town Center

• 1.5 Miles from Hampton Road’s First Ikea Furniture Store

• 2 Miles from Norfolk Premium Outlets

• 5 Miles from Fortune 500 Company - Norfolk Southern

• 5 Miles from Joint Base Little Creek - Fort Story

• Centrally Located Between Norfolk State University and Virginia

Wesleyan University

• 100 Well Maintained Units

• Central Air Conditioning in All Units

• Ample Off-Street Parking

• On-Site Leasing Office

• Laundry Facilities

• Walk-In Closets

• Private Balcony/Private Patios

• Fireplaces In All Units

• Full Functioning Kitchen with Updated Appliances

• Pet Friendly

• Washer/Dryer Hook-Ups in All Units


INVESTMENT OVERVIEW

Marcus & Millichap is pleased to present the exclusive offering memorandum for River Oaks Apartments, located on 1464 Gabriel Drive in Norfolk, VA. The Subject Property consists of 100 market-rate units constructed in 1975. Located along North Hampton Boulevard, this property’s prime location enjoys the benefits of Hampton Roads’ liveliest metros, Norfolk and Virginia Beach. River Oaks Apartments proximity to the area’s regional CBD’s and pristine Chesapeake Bay Beaches offers residents an array of recreational activities, outdoor attractions, and a prosperous, growing community. The Subject Property borders Interstate 64; a prominent traffic artery through the South Hampton Roads region, and a dominant route through The City of Norfolk.

River Oaks Apartments offer potential buyers the opportunity to purchase a well-maintained asset with tremendous upside potential. As is, the property offers potential investors a cash on cash return of nearly 13.70% and an equally lucrative IRR. By maintaining current operating efficiencies, controlling vacancy rates, and building on the rents a purchaser can acquire a stable coupon with long term upside in appreciation.

River Oaks Apartments consists of (100) well-maintained two-bedroom, one-bathroom units. Due to the concentrated unit-mix and location in a quaint neighborhood, this property offers a unique living experience in the heart of the Hampton Roads. River Oaks spacious layout comes equipped with a full funtioning kitchen, walk-in closets, private balconies, luxurious community amenities, and charming, residential neighbors. The apartment’s convenient location offers residents easy access to the area’s top employers and prominent commercial drivers such as US Department of Defense, Sentara Healthcare Centers, Old Dominion University, BAE systems, Norfolk State University and more.

Chuck Rigney, Director of the Economic Development Department states, “Recently, the City of Norfolk has played host to many development and redevelopment projects, with over $1 billion in new private/public investments and the addition of close to 6,000 new jobs in 2017.” Downtown Norfolk recently renovated; the Waterside District ($50 Million), Hilton Main Hotel ($150 Million), The ICON Luxury Apartments ($100 Million), and ADP ($32.5 Million). Automatic Data Processing (ADP) is expected to bring an estimated 2,000 jobs to the area and is anticipated to produce annual regional earnings of about $158 million as the overall economic impact climbs to almost $465 million, alone. Internationally owned brand, Ikea Furniture Store, broke ground for construction late last year with completion expected to conclude in mid-2019. This $75 million investment will provide the area with 500 additional mid-to-low level jobs and authenticate Virginia as a successful commercial corridor for further international companies to come. The Norfolk Premium Outlets, a 332,000 sq ft outlet mall located 2 miles away, opened June 2017 and will have 50 retail and restaurant locations for residents and tourists to experience high-end shopping. The completion of the outlets will add an additional 500 new full-time jobs to the local sub-market.


The River Oaks neighborhood enjoys the recreational and economic benefits of the two largest metros in the Hampton Roads. The Subject Property’s convenient location is centrally located between the major corridors of Norfolk and Virginia Beach, allowing for easy access to Norfolk State University and Virginia Wesleyan University, Naval Station Norfolk and Joint Base Little Creek - Fort Story, and regional CBD’s Downtown Norfolk and Virginia Beach Town Center. The River Oaks Apartments consists of 100 well-maintained two-bedroom, one-bathroom garden-style apartments. This unit mix is highly favorable for the area due to the growing demand for larger housing.

INVESTMENT SUMMARY

T H E O F F E R I N G

Property Name River Oaks Apartments

Property Address 1464 Gabriel DriveNorfolk, VA 23502

Zoning MF-NS

S I T E D E S C R I P T I O N

Number of Units 100

Number of Buildings 4

Number of Stories 2

Year Built 1975

Lot Size 3.8 Acres / 164,247 Square Feet

Type of Ownership Fee Simple

Parking Ratio 1.1 Ratio

U T I L I T I E S

Water Paid by Owner

Electric Paid by Tenant

Gas Paid by Owner


• Norfolk Premier Outets

• Downtown Norfolk

• Virginia Beach Town Center

• Ted Constant Convention Center

• MacArthur Mall

EVENTS & LEISURE

• Norfolk Southern

• Dominion Enterprises

• ADP

• Naval Station Norfolk

• Joint Base Little Creek - Fort Story

• Bon Secours DePaul Medical Center

• Sentara Leigh Hospital

JOB MARKET

• Virginia Wesleyan University

• Norfolk State University

• Old Dominion University

• Norfolk Academy

COMMUNITY

• Norfolk Botanical Garden

• Virginia Zoological Park

• Elizabeth River

PARKS & RECREATION

LOCAL ATTRACTIONS

V I R G I N I ANORFOLK


R I V E R O A K SAPARTMENTS




100MARKET RATE UNITS



R I V E R O A K S APARTMENTS P R O P E R T Y D E S C R I P T I O N

RIVER OAKS APARTMENTS | P R O P E R T Y D E S C R I P T I O N9

LOCAL MAP


P R O P E R T Y D E S C R I P T I O N | 10

REGIONAL MAP



BEDROOMKITCHEN

REF.

WH

BATH

MASTERBEDROOM

LIVINGROOM

PATIO/DECK




6.54%YEAR 1 CAP RATE

7.27%YEAR 2 CAP RATE



R I V E R O A K S APARTMENTS F I N A N C I A L A N A L Y S I S

RIVER OAKS APARTMENTS | F I N A N C I A L A N A L Y S I S29

RENT ROLL SUMMARY

U N I T R E N TU N I T D I S T R I B U T I O N

N O T E S : Current scheduled rent reflects actual rent roll. Pro Forma rent reflects improvement to submarket average

2 Bedroom: 100%

$600

$500

$700

$800

$900

$400

$300

$100

$200

$0

$0.90

$1.00

$0.50

$0.60

$0.70

$0.80

$0.30

$0.10

$0.40

$0.20

$0.002 Bedroom

UNIT TYPE # OF UNITS APPROX. SF AVERAGE RENT AVERAGE RENT/SF MONTHLY INCOME AVERAGE RENT AVERAGE RENT/SF MONTHLY INCOME

Two Bedroom/One Bathroom 100 875 $790 $0.90 $79,000 $830 $0.95 $83,000

TOTALS / WEIGHTED AVERAGES 100 875 $790 $0.90 $79,000 $830 $0.95 $83,000

GROSS ANNUALIZED RENTS $948,000 $996,000

CURRENT POTENTIAL

F I N A N C I A L A N A L Y S I S | 30

OPERATING STATEMENT

N O T E S : Notes and assumptions to the above analysis are on page 38

Income Year 1 Year 2 Per Unit Per SFGross Potential Rent 996,000 1,005,960 10,060 11.50

Loss / Gain to Lease -48,000 4.8% -10,060 1.0% -101 -0.11Gross Current Rent 948,000 995,900 9,959 11.38

Physical Vacancy -54,036 5.7% -39,836 4.0% -398 -0.46Economic Vacancy

Bad Debt -1,200 0.1% -19,918 2.0% -199 -0.23Concession -7,325 0.8% 0 0.0% 0 0.00

Total Vacancy -$62,561 6.6% -$59,754 6.0% -$598 -$1Economic Occupancy 93.40% 94.00%

Effective Rental Income 885,439 936,146 9,361 10.70Other Income

Utility Bill-Back 65,957 79,191 792 0.91All Other Income 61,270 61,270 613 0.70

Total Other Income $127,227 $140,461 $1,405 $1.61Effective Gross Income $1,012,666 $1,076,607 $10,766 $12.30

EXPENSESReal Estate Taxes 74,102 74,102 741 0.85Insurance 44,094 45,000 450 0.51Utilities - Electric 7,331 7,331 73 0.08Utilities - Water, Sewer, Submeter Fee 79,191 79,191 792 0.91Utilities - Gas 741 741 7 0.01Management Fee 30,380 3.0% 32,298 323 0.37Payroll 100,000 100,000 1,000 1.14Contract Services 35,000 35,000 350 0.40Repairs & Maintenance 50,000 50,000 500 0.57Operating Reserves 25,000 25,000 250 0.29General & Administrative 15,000 15,000 150 0.17Marketing & Advertising 2,400 2,400 24 0.03Total Expenses $463,239 $466,063 $4,661 $5.33Expenses as % of EGI 45.7% 43.3%Net Operating Income $549,427 $610,544 $6,105 $6.98


PRICING DETAIL

Income Year 1 Year 2Gross Scheduled Rent $948,000 $995,900Less: Vacancy/Deductions 6.6% $62,561 6.0% $59,754Total Effective Rental Income $885,439 $936,146Other Income $127,227 $140,461Effective Gross Income $1,012,666 $1,076,607Less: Expenses 45.7% $463,239 43.3% $466,063Net Operating Income $549,427 $610,544Cash Flow $549,427 $610,544Debt Service $319,200 $319,200Net Cash Flow After Debt Service 13.70% $230,227 17.34% $291,344Principal Reduction $0 $0Total Return 13.70% $230,227 17.34% $291,344

Expenses Year 1 Year 2Real Estate Taxes $74,102 $74,102Insurance $44,094 $45,000Utilities - Electric $7,331 $7,331Utilities - Water, Sewer, Submeter Fee $79,191 $79,191Utilities - Gas $741 $741Management Fee $30,380 $32,298Payroll $100,000 $100,000Contract Services $35,000 $35,000Repairs & Maintenance $50,000 $50,000Operating Reserves $25,000 $25,000General & Administrative $15,000 $15,000Marketing & Advertising $2,400 $2,400Total Expenses $463,239 $466,063Expenses/Unit $4,632 $4,661Expenses/SF $5.29 $5.33

SummaryPrice Down PaymentNumber of Units Price Per Unit Price Per SqFt Rentable SqFtLot SizeApprox. Year Built

Returns Year 1 Year 2 CAP Rate 6.54% 7.27%GRM 8.86 8.43Cash-on-Cash 13.70% 17.34%Debt Coverage Ratio 1.72 1.91

Financing 1st LoanLoan Amount $6,720,000Loan Type NewInterest Rate 4.75%Amortization 30Year Due 2027 Loan information is subject to change.

Contact your Marcus and Millichap Capital Corporation representative.

# Of Units Unit Type SqFt/Unit Current Rents Market Rents100 Two Bedroom 875 $790 $830

IRR Year IRR Unlevered IRR Levered5 9.66% 24.85%7 10.10% 25.05%10 10.13% 23.70%

$96.00

1975

87,5003.70 Acres

$8,400,000$1,680,000/20%

100$84,000







$96.00

1975

87,5003.70 Acres

$8,400,000$1,680,000/20%

100$84,000







$96.00

1975

87,5003.70 Acres

$8,400,000$1,680,000/20%

100$84,000







$96.00

1975

87,5003.70 Acres

$8,400,000$1,680,000/20%

100$84,000







$96.00

1975

87,5003.70 Acres

$8,400,000$1,680,000/20%

100$84,000


GROWTH RATE PROJECTIONS

Income Year 1 2018 2019 2020 2021 2022 2023 2024 2025 2026

Gross Potential Rent 1.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Loss / Gain to Lease(1) 1.00% 2.00% 2.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Physical Vacancy 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%

Economic Vacancy (1)

Non-Revenue Units 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Bad Debt 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

Concession 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10%

Total Vacancy 6.10% 6.10% 6.10% 6.10% 6.10% 6.10% 6.10% 6.10% 6.10%

Total Other Income 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Expenses Year 2 2019 2020 2021 2022 2023 2024 2025 2026 2027

Operating Expenses 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

Real Estate Taxes 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

Insurance 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

Utilities 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

(1) Displayed as a % of Gross Potential Rent

(2) Management Fees Calculated by % of EGR


Income Year 1 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Gross Potential Rent 996,000 1,005,960 1,036,139 1,067,223 1,099,240 1,132,217 1,166,183 1,201,169 1,237,204 1,274,320 1,312,550

Loss / Gain to Lease (48,000) -$10,060 (20,723) (21,344) (10,992) (11,322) (11,662) (12,012) (12,372) (12,743) (13,125)

Gross Current Rent 948,000 995,900 1,015,416 1,045,879 1,088,247 1,120,895 1,154,522 1,189,157 1,224,832 1,261,577 1,299,424

Physical Vacancy (54,036) (39,836) (40,617) (41,835) (43,530) (44,836) (46,181) (47,566) (48,993) (50,463) (51,977)

Economic Vacancy

Non-Revenue Units

Bad Debt -$1,200 -$19,918 (20,308) (20,918) (21,765) (22,418) (23,090) (23,783) (24,497) (25,232) (25,988)

Concession -$7,325 $0 (1,015) (1,046) (1,088) (1,121) (1,155) (1,189) (1,225) (1,262) (1,299)

Total Vacancy (62,561) (59,754) (61,940) (63,799) (66,383) (68,375) (70,426) (72,539) (74,715) (76,956) (79,265)

Effective Rental Income 885,439 936,146 953,476 982,080 1,021,864 1,052,520 1,084,096 1,116,619 1,150,117 1,184,621 1,220,159

Expenses

Total Expenses (438,239) (441,063) (449,885) (459,212) (469,045) (478,779) (488,717) (498,866) (509,228) (519,810) (530,615)

Operating Reserves -$25,000 -$25,000 -$25,000 -$25,000 -$25,000 -$25,000 -$25,000 -$25,000 -$25,000 -$25,000 -$25,000

Net Operating Income 549,427 610,544 623,266 646,883 681,305 706,832 733,211 760,470 788,638 817,743 847,814

Purchase Price / Net Residual Value

Purchase Price/Net Residual Value (8,400,000) 11,304,188

Cash Flow Before Debt Financing 610,544 623,266 646,883 681,305 706,832 733,211 760,470 788,638 817,743 12,152,002

Debt Financing

Loan Amount 6,720,000 0 0 0 0 0 0 0 0 0 0

Remaining Balance 0 0 0 0 0 0 0 0 0 0

Loan Origination Fees -$67,200 0 0 0 0 0 0 0 0 0 0

Prepayment Penalty 0 0 0 0 0 0 0 0 0 0

Closing Costs 0 0 0 0 0 0 0 0 0 (452,168)

Debt Service - Interest (319,200) (319,200) (319,200) (316,962) (311,928) (306,649) (301,114) (295,311) (289,226) (282,845)

Debt Service - Principal 0 0 0 (103,695) (108,729) (114,007) (119,542) (125,346) (131,431) (137,812)

Cash Flow After Debt Financing (1,747,200) 291,344 304,066 327,683 260,648 286,175 312,555 339,814 367,982 397,086 11,279,179

Debt Coverage Ratio 1.912732314 1.952586661 2.026575925 1.619622338 1.680306026 1.74 1.807818587 1.87 1.943967791 2.02

Investor Return

IRR-Unleveraged 0.00% 9.27% 9.66% 9.92% 10.10% 10.24% 10.34% 10.13%

IRR-Leveraged 16.67% 23.91% 24.85% 25.10% 25.05% 24.84% 24.57% 23.70%

Capitalization Rate 7.27% 7.42% 7.70% 8.11% 8.41% 8.73% 9.05% 9.39% 9.74% 10.09%

CASH FLOW


N O T E S : [1] Year 1 Gross Potential Rent (GPR) is based on actual. Year 1 potential rent is based on submarket average.[2] Year 1 Physical Vacancy is a conservative assumption as to where the occupancy is expected to be at time of settlement. The pro forma Pysical Vacancy reflects a conserva-tive increase in occupancy.[3] Year 1 Bad Debt is based off of actual collections per the full year of 2017. The pro forma Bad Debt shows continued strong performance yet slightly more conservative bad debt. Year 1 Concessions are based on actual for 2017. Pro Forma Concessions reflects a conservative assumption.[4] Year 1 and Year 2 Real Estate Taxes are based off the actual amount paid by owner.[5] Year 1 Insurance Expense is based off the actual amount paid by owner, per T12. Pro Forma insurance expense has been estimated at $350/unit per year.[6] Year 1 and Year 2 Utility Expenses are based on actual amount paid by owner, per T12.[7] Management Fee has been estimated at 3%.[8] Payroll expenses have been estimated at $1,000/unit per year.[9] Contract Services have been estimated at a $350/u/year.[10] Repairs & Maintenance have been estimated at $500/unit per year.[11] Operating Reserves have been estimated at $250/unit per year.[12] General & Administrative have been estimated at $150/unit per year. Actual expenses are closer to $850/unit per year.[13] Marketing and Advertising expenses have been estimated at $200 per month.[14] The 10 Year DCF models a positive outlook for a continued improvement in operations and leaner expenses for a prospective Buyer throughout the next decade.




1,724,876HAMPTON ROADS POPULATION



R I V E R O A K S APARTMENTS S A L E S C O M PA R A B L E S

RIVER OAKS APARTMENTS | S A L E S C O M PA R A B L E S37

SALE COMPARABLES - SUMMARY

2

4

1

3

PROPERTY NAME NUMBER OFUNITS

ONE BEDROOM

TWO BEDROOM

THREE BEDROOM

FOUR BEDROOM

River Oaks Apartments - 1464 Gabriel Drive 100 0 100 0 0

Baywatch Pointe - 5414 Catina Arch 160 20 96 32 12

Sumler Terrace - 720 Appomattox St 126 32 38 38 18

Grand Cypress - 1200 Grand Cypress Square 55 0 55 0 0

Diamond Springs - 5742 Lenox Drive 153 32 121 0 0

MARKET AVERAGES

Price per Unit $95,908

Price per Square Feet $86.55

As a product type, apartments outperformed every other commercial real estate sector. The new influx of supply from the previous year has been met with strong demand, as the vacancy rates have decreased. With the benefit of republican leadership, new tax laws, and a stabilized market investors are moving out of major metro areas into secondary and tertiary markets, such as the Hampton Roads/ Tidewater area, in search of higher rates of return. Although a few distressed assets are still available at cap rates above eight percent, more investors are targeting stabilized properties with higher cash flows.

S A L E S C O M PA R A B L E S | 38

2

1

3

4

RIVER OAKS APARTMENTS | S A L E S C O M PA R A B L E S39

SALES PRICE $8,400,000

Number of Units 100

Year Built 1975

Price/Unit $84,000

Price Per SF $96.00

RIVER OAKS

1464 Gabriel Drive,Norfolk, VA 23502

21SUMLER TERRACE

720 Appomattox Street, Norfolk, VA 23523


Sale Date 04/19/2017

Number of Units 126

Year Built 1976

Price/Unit $96,825

Price Per SF $86.86

Terms: 720 Appomattox Street, known as Sumler Terrace, was sold on April 19th, 2017 for $12,200,000 ($96,825/Unit; $86.86/SF)

NOTES:



Number of Units 160

Year Built 1977

Price/Unit $75,000

Price Per SF $82.33

Terms: Baywatch Pointe, a 160-unit apartment community was sold on August 1, 2017 for $12 million, or $75,000 per unit. The property was about 80% occupied at sale including 3 or 4 units that were offline. They have about $1.5 million in capital improvements planned for the property. The broker reported a cap rate of 6.39% for the transaction.

NOTES:

BAYWATCH POINT

5414 Catina Arch, Virginia Beach, VA 23462

S A L E S C O M PA R A B L E S | 40



Number of Units 153

Year Built 1970

Price/Unit $88,235

Price Per SF $89.37

Terms: 153-unit apartment community known as Diamond Springs, was sold on March 11, 2016 for $13.5 million. The occupancy was reported as 94%. The buyer obtained financing in the amount of $11.071 million, a 7 year variable rate loan at an initial rate of 3.161%. The loan is interest-only for the first 3 years.

NOTES:

DIAMOND SPRINGS

5742 Lenox Drive, Virginia Beach, VA 23455

43

SALES PRICE $ 5,100,000


Number of Units 55

Year Built 1988

Price/Unit $92,727

Price Per SF $77.27

Terms: Virginia Beach Community Development Corporation acquired a 55 unit apartment from two individual owners. The former paid $5.1M or around $92,727 per unit, at the time of the sale the property was 95% occupied.

NOTES:

GRAND CYPRESS

1200 Grand Cypress Square,Virginia Beach, VA 23231




$58,900MEDIAN HOUSEHOLD INCOME



R I V E R O A K S APARTMENTS R E N T C O M PA R A B L E S

RIVER OAKS APARTMENTS | R E N T C O M PA R A B L E S43

RENT COMPARABLES - SUMMARY

2

1

3

PROPERTY NAME NUMBER OFUNITS

ONE BEDROOM

TWO BEDROOM

THREE BEDROOM

River Oaks Apartments - 1464 Gabriel Drive 100 0 100 0

Diamond Springs - 5742 Lenox Drive 64 20 40 4

Baywatch Pointe - 5414 Catina Arch 148 0 148 0

Grand Cypress - 1200 Grand Cypress Square 407 0 335 72

MARKET AVERAGES

2 Bedroom Rent $898

Occupancy 96.83%

R E N T C O M PA R A B L E S | 44

2

3

1

RIVER OAKS APARTMENTS | R E N T C O M PA R A B L E S45

2

1 ROUND BAY944 Round Bay Road, Norfolk, VA 23502

BRITTANY PLACE6143 Edward Street, Norfolk, VA 23513

RIVER OAKS1464 Gabriel Drive, Norfolk, VA 23502

96%OCCUPANCY

97%OCCUPANCY

98%OCCUPANCY

1975YEAR BUILT

1966YEAR BUILT

1983YEAR BUILT

UNIT TYPE SQ. FT. RENT RENT/SF

1 Bedroom 778 $738 $.95

2 Bedroom 950 $950 $1.00

3 Bedroom 1,050 $1,015 $.97


2 Bedroom 950 $890 $0.94


2 Bedroom 875 $790 $0.90

R E N T C O M PA R A B L E S | 46

3 OAKMONT NORTH1324 Johnston Road, Norfolk, VA 23513

96%OCCUPANCY

1968YEAR BUILT


2 Bedroom 700 $855 $1.22

3 Bedroom 850 $970 $1.14




$169,198HOUSING VALUE



R I V E R O A K S APARTMENTS M A R K E T O V E R V I E W

RIVER OAKS APARTMENTS | M A R K E T O V E R V I E W49

CITY OVERVIEW

PRIVATE SECTOR GROWTH

The Hampton Roads is home to several Fortune 500

Companies including Dollar Tree, Huntington Ingalls

Industries, and Norfolk Southern. Hampton Roads

also has the second-largest concentration of military

personnel in the U.S. with eight military installations

in the market providing a large portion of jobs.

HOSPITAL ITY AND TOURISM

Visitors are drawn to the Hampton Roads and the multiple

beaches and resorts in the area that have activities for

everyone.

METRO HIGHLIGHTS

SKILLED LABOR POOL

Technical knowledge learned in the military helps to provide

a highly educated and skilled labor force.

Norfolk is the cultural heart of the Hampton Roads, and quickly becoming

the prominent business district. Hampton Roads is recognized for its miles

of waterfronts and beaches, industrial and private sector strength, harbors,

shipyards and coal piers, and a dependable military presence. In 2017,

the Hampton Road’s invested nearly $3 billion in development and

redevelopment projects with growth continuing to rise exponentially

through local, national, and international investment. New projects such

as Wegmans Grocery Store, Norfolk Premier Outlets, The “Wave” Surf

Park, and internationally owned Ikea Furniture Store foreshadow a shift of

successful economic strength.

M A R K E T O V E R V I E W | 50

ECONOMY• The local economy is best known for tourism and defense, but

advanced manufacturing, maritime and logistics, cybersecurity

and biomedical technology are growing sectors.

• Top employment drivers for the area include Sentara Healthcare,

GEICO General Insurance Co., and Nasa Langley Research University

and more. Local companies, Norfolk Southern, Dollar Tree and

Huntington Ingalls Industries, ranked top 380 in the 2017 Fortune

500 List. Other internationally owned companies headquartered

within the Hampton Roads include Gold Key PHR, Amerigroup,

Anthem and Stihl.

• The only high speed transatlantic data cable put in place by

Microsoft, Facebook, and Telxius now runs 4,000 miles from Spain

to Virginia Beach sending record speeds of 160 terabits of data per

second. This is expected to lead to strong IT industry growth in

Hampton Roads for years to come.

2016POPULATION:

2.9%Growth

2016-2021*:

1.7M2016

HOUSEHOLDS:

3.6%Growth

2016-2021*:

654K2016

MEDIAN AGE:

37.7%U.S. Median:

35.32016 MEDIAN

HOUSEHOLD INCOME:

$57,200U.S. Median:

$58,900


Tight labor market restrains hiring as confidence surges. The steady economic tailwind benefiting

apartment performance is poised to carry through 2018 as a range of positive factors align to

support growth. Consumer confidence recently reached its highest point since 2000 while small-

business sentiment attained a 31-year record level, both reinforcing indications that consump-

tion and hiring will be strong. The total number of job openings has hovered in the low-6 million

range through much of 2017, illustrating that companies have considerable staffing needs, but

with unemployment entrenched near 4 percent, companies will continue to face challenges in

filling available positions. These tight labor conditions should place additional upward pressure

on wages, potentially boosting inflationary pressure in the coming year. The strong employment

market, rising wages and elevated confidence levels could unlock accelerated household forma-

tion, particularly by young adults. Last year, the number of young adults living with their parents

ticked lower for the first time since the recession, signaling that these late bloomers may finally

be considering a more independent lifestyle.

Housing preferences may change under new tax laws. The new tax laws could play a significant role

in shaping both the economy and housing demand in 2018. Reduced taxes will be a windfall

for corporations, potentially sparking invigorated investment into infrastructure. The rise in CEO

confidence over the last year already boosted companies’ investment by more than 6 percent,

accelerating economic growth. However, the tax incentive-based stimulus will likely offer only

a modest bump to GDP in 2018 because corporate investment comprises just 12 percent of

economic output. One factor that could weigh on economic expansion under the new tax laws

is the housing sector, which added just 3 percent to the economy last year, about two-thirds of

normal levels. The increased standard deduction and restrictions on housing-related deductions

will reduce some of the economic incentive to purchase a home, further sapping the strength

of the housing sector. Nonetheless, the increased standard deduction could benefit apartment

investors, encouraging renters to stay in apartments longer and reducing the loss of tenants to

homeownership.

Growth Cycle Invigorated by Confidence; Tax Laws Could Transform Housing

U.S. ECONOMY


• Labor force shortage weighs on job creation. The economy has added jobs every month for more

than seven years, the longest continuous period of job creation on record. The trend will continue

in 2018, but the pace of job additions will moderate, falling below 2 million for the year as the

low unemployment rate restricts the pool of prospective employees.

• Wage growth poised to accelerate. Average wage growth has been creeping higher in the post-

recession era, with compensation gains in construction, professional services and the hospital-

ity sectors outpacing the broader trend. The tight labor market will continue to pressure wage

growth, potentially sparking inflation in the process.

• Tax laws could invigorate apartment demand. Since 2011 household formations have outpaced

total housing construction, a key ingredient in the tightening of apartment vacancies. The new

tax laws could cause homebuilders to reduce construction while shifting a portion of the hous-

ing demand from homeownership to rentals, and a rental housing shortage could ensue. If this

behavior change occurs in conjunction with additional young adults moving out of their own,

apartment demand could dramatically outpace completions.

2018 National Economic Outlook

U.S. ECONOMY


Investors wary of apartment construction. The wave of apartment completions entering the market

in recent years has permeated the investor psyche, raising concerns of overdevelopment and

escalating vacancy rates, but numerous demand drivers have held this risk in check. Steady job

creation, positive demographics, above-trend household formation and elevated single-family home

prices have converged to counterbalance the addition of 1.37 million apartments over the last five

years, at least on a macro level. Though a small number of markets have faced oversupply risk,

the affected areas tend to be concentrated pockets, with upper-echelon units facing the greatest

competition. For traditional workforce housing, Class B and C apartments, the risks stemming from

overdevelopment have been nominal, and in most metros, even the Class A tranche has demonstrated

sturdy performance. In the coming year, rising development costs, tighter construction financing and

mounting caution levels will curb the pace of additions from the 380,000 units delivered in 2017 to

approximately 335,000 apartments. However, the list of markets facing risk from new completions

will stretch beyond the dozen metros that builders have concentrated on thus far. This will heighten

competition, requiring investors to maintain an increasingly tactical perspective integrating vigilant

market scrutiny and strong property management.

Competitive nuances increasingly granular. Although the pace of apartment completions will moderate

in 2018, additions will still likely outpace absorption. This imbalance will most substantively affect

areas where development has been focused, such as the urban core where vacancy rates have risen

above suburban rates for the first time on record. Nationally, Class A vacancy rates have advanced

to 6.3 percent in 2017 and will continue their climb to the 6.8 percent range over the next year.

Vacancy rates for Class B and C assets will rise less significantly in 2018, pushing to 5.0 percent and

4.7 percent, respectively. Although vacancy levels are rising, three-fourths of the major metros have

rates below their 15-year average. Still, the magnitude of new completions coming to market and the

high asking rents these new units command will spark increased competition for tenants, generating

a more liberal use of concessions in 2018 as landlords attempt to entice move-up tenants.

Demand Outlook Sturdy as Pace Of Construction Begins to Retreat

U.S. APARTMENT OVERVIEW


• Rent growth tapers as concession use edges higher. Average rent growth will taper to 3.1 percent

in 2018 as concessions become more prevalent, particularly in Class A properties. Rent gains in

the Class C space, which were particularly strong last year, will face greater challenges as afford-

ability restrains demand. Although job growth has been steady for seven years, wage growth has

been relatively weak, particularly for low-skilled labor.

• Congress may nudge apartment demand. The new tax laws could reinforce apartment living as the

larger standard deduction reduces the economic incentive of homeownership. Previous tax rules

encouraged homeownership with itemized deductions for property taxes and mortgage interest

that often surpassed the standard deduction. These advantages have largely been eliminated,

particularly for first-time buyers.

• Are millennials finally moving out on their own? The 80 million-strong millennial age cohort,

now pushing into their late 20s, may finally be showing independence. Since the recession, the

percentage of young adults living with their parents increased dramatically, but last year that

trend reversed. Should the share of young adults living with family recede toward the long-term

average, an additional 3 million young adults would need housing.

2018 National Apartment Outlook

U.S. APARTMENT OVERVIEW


Fed cautiously pursues tighter policies. Investors have largely adapted to the modestly higher in-

terest rate environment, and most anticipate additional increases in 2018 as the Federal Reserve

normalizes both its policies and its balance sheet. The Fed is widely expected to continue raising

its overnight rate through 2018 as it tries to restrain potential inflation risk and create some dry

powder to combat future recessions. The Fed will, however, be cautious about pushing short-term

rates into the long-term rates, which would create an inverted yield curve. The spread between

the two-year Treasury rate and the 10-year Treasury rate has tightened significantly, and if the

Fed is too aggressive in its policies, the short-term interest rates could climb above long-term

rates. This inversion is a commonly watched leading indicator of an impending recession. The

new chairman of the Fed, Jerome Powell, will likely make few changes to the trajectory of Fed

policies, and he is widely expected to continue the reduction of the Fed balance sheet. Powell

may consider accelerating the balance sheet reduction to ensure long-term rates move higher.

That said, Powell is widely perceived to be a dovish leader who will advance rates cautiously.

Readily available debt backed by sound underwriting. Debt availability for apartment assets re-

mains abundant, with a wide range of lenders catering to the sector. Apartment construction

financing has experienced some tightening, a generally favorable trend for most investors. Fannie

Mae and Freddie Mac will continue to serve a significant portion of the multifamily financing,

with local and regional banks targeting smaller transactions and insurance companies handling

larger deals with low-leverage needs. In general, lenders have been loosening credit standards

on commercial real estate lending, but underwriting standards remain conservative with loan-

to-value ratios for apartments in the relatively conservative 66 percent range. An important con-

sideration going forward, however, will be investors’ appetite for acquisitions as the yield spread

between interest rates and cap rates tightens.

Fed Normalization Portends Rising Interest Rates;Capital Availability for Apartments Elevated

U.S. CAPITAL MARKETS


2018 Capital Markets Outlook

U.S. CAPITAL MARKETS

• Yield spread tightens amid rising interest rates. Average apartment cap rates have remained

relatively stable in the low-5 percent range for the last 18 months, with a yield spread above the

10-year Treasury of about 280 basis points. Many investors believe cap rates will rise in tandem

with interest rates, but this has not been the case historically. Given the strong performance of

the apartment sector, it’s more likely the yield spread will compress, reducing the positive lever-

age investors have enjoyed in the post-recession era.

• Inflation restrained but could emerge. Inflation has been nominal throughout the current growth

cycle, but pressure could mount as the tight labor market spurs rising wages. Elevated wages and

accelerating household wealth could boost consumption, creating additional economic growth

and inflation. The Fed has become increasingly proactive in its efforts to head off inflationary

pressure, but the stimulative effects of tax cuts could overpower the Fed’s efforts.

• Policies likely to strengthen dollar and could pose new risks. One wild card that could create

an economic disruption is the strengthening dollar. The economic stimulus created by tax cuts

together with tightening Fed monetary policy place upward pressure on the value of the dollar

relative to foreign currencies. This could restrain foreign investment in U.S. commercial real es-

tate, but it could also weaken exports and make it more difficult for other countries to pay their

dollar-denominated debt, which in turn weakens global economic growth.


Appreciation flattens as buyers recalibrate expectations. The maturing apartment investment cli-

mate has continued its migration from aggressive growth to a more stable but still positive trend.

Investors have reaped strong returns in the post-recession era through significant gains in fun-

damentals and pricing, but the growth trajectory has flattened as the market has normalized.

The pace of apartment rental income growth has moved back toward its mid-3 percent long-term

average and investor caution has flattened cap rates, moderating appreciation. With much of the

gains created by the post-recession recovery absorbed and most of the value-add opportunity al-

ready extracted, it has been increasingly difficult for investors to find opportunities with substan-

tive upside potential. At the same time, apartment construction has finally brought macro-level

housing supply and demand back toward equilibrium, restraining upside potential in markets

with sizable deliveries. These challenges have been compounded by a widened bid/ask gap, with

many would-be apartment sellers retaining a highly optimistic perception of their asset’s value.

It will take time for investor expectations to realign, but buyers and sellers are discovering a flat-

tening appreciation trajectory. Still, a range of opportunities remain.

Investors broaden criteria as they search for yield upside. Investors are recalibrating strategies,

broadening their search and sharpening their efforts to find investment options with upside po-

tential. They have expanded criteria to include a variety of Class B and Class C assets, outer-ring

suburban locations, and properties in secondary or tertiary markets. The yield premium offered

by these types of assets has drawn an increasing amount of multifamily capital. In the last year,

nearly half of the dollar volume invested in apartment properties over $1 million went to second-

ary and tertiary markets, up from 42 percent of the capital in 2010. This influx of activity has

caused cap rates in tertiary markets to fall from the high-8 percent range in 2010 to their cur-

rent average near 6 percent. During the same period, national cap rates of Class B/C apartment

properties have fallen by 200 basis points to the mid-5 percent range. Considering the low cost

of capital, these yields have remained attractive to investors with longer-term hold plans.

Apartment Investors Recalibrate Strategies;Broaden Criteria to Capture Upside Opportunities

U.S. INVESTMENT OUTLOOK


2018 Investment Outlook

U.S. INVESTMENT OUTLOOK

• New tax laws could shift investor behavior. Additional clarity on taxes should alleviate some of

the uncertainty that held back investor activity over the last year while helping to mitigate the

expectation gap between buyers and sellers. Reduced tax rates on pass-through entities could

spark some repositioning efforts, bringing additional assets to market and supporting market

liquidity.

• Tighter monetary policy could narrow yield spreads. Prospects of a rising interest rate environ-

ment could weigh on buyer activity as the yield spread tightens. Cap rates have held relatively

stable over the last two years, and the sturdy outlook for apartment fundamentals is unlikely to

change substantively in the coming year. As a result, investors’ pursuit of yield will likely push

activity toward assets and markets that have traditionally offered higher cap rates.

• Transaction activity retreats from peak levels. Apartment sales continued to migrate toward more

normal levels last year as investors’ search for upside and value-add opportunities delivered

fewer candidates. Markets with a limited construction pipeline but with respectable employment

and household formation growth will see accelerated activity, while markets facing an influx of

development could see moderating investor interest.


Five-Year Apartment Income Growth by MetroPercent Change 2013-2018*

FIVE-YEAR TREND:Outperforming Through Development Cycle 2013-2018*• U.S. creates 11.8 million jobs over five years

• Developers add 1.5 million new apartments

• Absorption totals 1.4 million apartments

• U.S. vacancy rate to match 2013 at 5.0 percent

• U.S. average rent rises 23.2 percent

REVENUE TRENDS

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M A R K E T O V E R V I E W | 60Sources: Marcus & Millichap Research Services; MPF Research

Five-Year Development Wave Transforms Rental LandscapeInventory Growth 2013-2018

2018 NATIONAL INVENTORY TREND

Inventory Change by Market 2013 to 2018

Multifamily Inventory Growth1% - 5%

6% - 9%

10% - 15%

16% - 24%

FIVE-YEAR TREND:Outperforming Through Development Cycle 2013-2018*• U.S. creates 11.8 million jobs over five years

• Developers add 1.5 million new apartments

• Absorption totals 1.4 million apartments

• U.S. vacancy rate to match 2013 at 5.0 percent

• U.S. average rent rises 23.2 percent




$84,000PER UNIT



R I V E R O A K S APARTMENTS D E M O G R A P H I C A N A L Y S I S

RIVER OAKS APARTMENTS | D E M O G R A P H I C A N A L Y S I S63

1,724,876

$58,900

$169,198

HAMPTON ROADS POPULATION

MEDIAN HOUSEHOLD INCOME

HOUSING VALUE

DEMOGRAPHIC HIGHLIGHTS

D E M O G R A P H I C A N A L Y S I S | 64

2018 DEMOGRAPHICS

POPULATION 1 Miles 3 Miles 5 Miles

2022 Projection

Total Population 18,921 110,381 282,607

2017 Estimate


2010 Census


2000 Census


Daytime Population

2017 Estimate 14,453 104,046 354,914

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

2022 Projection

Total Households 7,338 44,105 103,050

2017 Estimate


Average (Mean) Household Size 2.6 2.51 2.44

2010 Census


2000 Census


Growth 2015-2020 3.85% 0.45% 1.17%

HOUSING UNITS 1 Miles 3 Miles 5 Miles

Occupied Units

2022 Projection 7,338 44,105 103,050

2017 Estimate 7,684 47,940 111,182

Owner Occupied 3,639 22,259 46,856

Renter Occupied 3,427 21,649 55,005

Vacant 618 4,032 9,321

Persons In Units

2017 Estimate Total Occupied Units 7,066 43,908 101,861

1 Person Units 26.95% 28.07% 30.03%

2 Person Units 30.07% 32.03% 32.17%

3 Person Units 19.01% 17.98% 17.16%

4 Person Units 12.82% 12.06% 11.74%

5 Person Units 6.43% 5.90% 5.41%

6+ Person Units 4.73% 3.96% 3.49%

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

2017 Estimate

$200,000 or More 0.96% 2.43% 3.36%

$150,000 - $199,000 1.76% 2.78% 3.42%

$100,000 - $149,000 7.95% 9.54% 10.44%

$75,000 - $99,999 11.16% 11.66% 11.78%

$50,000 - $74,999 22.24% 21.77% 20.39%

$35,000 - $49,999 17.87% 16.52% 15.17%

$25,000 - $34,999 11.68% 11.05% 10.56%

$15,000 - $24,999 11.71% 10.70% 10.76%

Under $15,000 14.68% 13.55% 14.12%

Average Household Income $54,581 $63,559 $68,637

Median Household Income $45,400 $48,483 $49,409

Per Capita Income $20,890 $25,233 $26,561

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

Population By Age

2017 Estimate Total Population 18,468 110,986 282,508

Under 20 25.03% 24.56% 23.77%

20 to 34 Years 26.08% 25.62% 33.50%

35 to 39 Years 6.21% 6.42% 6.26%

40 to 49 Years 11.43% 11.46% 9.92%

50 to 64 Years 19.33% 19.57% 16.05%

Age 65+ 11.90% 12.37% 10.49%

Median Age 34.25 34.87 30.54

Population 25+ by Education Level

2017 Estimate Population Age 25+ 12,347 75,003 175,482

Elementary (0-8) 3.00% 2.66% 2.31%

Some High School (9-11) 11.59% 10.96% 9.32%

High School Graduate (12) 31.30% 30.40% 27.16%

Some College (13-15) 29.95% 26.32% 25.97%

Associate Degree Only 7.60% 7.90% 7.62%

Bachelors Degree Only 10.20% 13.10% 16.04%

Graduate Degree 4.71% 7.27% 10.46%

Population by Gender

2017 Estimate Total Population 18,468 110,986 282,508

Male Population 48.02% 48.62% 51.77%

Female Population 51.98% 51.38% 48.23%

RIVER OAKSAPARTMENTS

PRESENTED BY

ALTAY UZUNTeam Lead



O F F I C E S N A T I O N W I D E A N D T H R O U G H O U T C A N A D A

WWW.MARCUSMILLICHAP.COM

NICHOLAS BALOGAssociate



JUSTIN FERGUSONAssociate



CHANDLER MORTAgent Candidate


[email protected] Coming Soon

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