Service. Success. Perfected. - Greysteelgreysteel.com/sites/default/files/Spotlight on Downtown Fort...
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© 2016 The Greysteel Company LLC. All rights reserved. Neighborhood: As the commercial and cultural hub of Fort Worth, Downtown represents the city’s premier destination for hospitality, dining, shopping, entertainment, and urban living. Its dense development profile leaves little to be desired as it offers Class A skyscrapers to multinational businesses as well as quaint historical buildings to local enterprises. In terms of shopping, tourists and locals alike can wander down the red brick-lined avenues to discover unique boutiques and nationally recognized retail spaces, ranging from Pappagallo Classiques to the Dallas Cowboys Pro Shop. This eclectic mix of successful and synergistic multi-use properties has paid dividends in getting this area noticed. In fact, it was recently named the “best downtown in the nation,” by livability.com. Entertainment options abound as visitors are greeted by the state- of-the-art Bass Performance Hall, the refreshing Fort Worth Water Gardens, or one of the many nightlife establishments, such as the Scat Jazz Lounge. History and Future: A lot of credit goes towards native businessman and philanthropist Ed Bass who was inspired to breathe new life into the declining and lackluster Downtown Fort Worth of the early 1980s. He aimed to revitalize downtown into a pedestrian-friendly, lively setting that he had witnessed in the streets of D.C., as design by noted architect David Schwarz. Bass went on to hire Schwarz to create multiple traditional-style edifices to match and fill out the old-fashioned existing architecture and within a few years Sundance Square was born. The 35-block multi-use complex is energy- sustainable, interspersed with lush green parks and furnishes visitors with over 3 million square feet of top-echelon retail and office space. Moreover, staple buildings such as the Burk Burnett or the Woolworth Building, while perfectly blended into the revitalized ambiance, have found their way into the National Register of Historic Places. This intermingling of past, present and future has been a hallmark of Downtown Fort Worth since day one and remains central to this day. New Development: Currently, locals look forward to the numerous exciting developments in planning including the residential Ariston, Alexan Summit, Broadstone 5th and Summit, Kent, Hampton and Houston Street Residential Apartments; projects which will bring over 1,500 new residential units to the burgeoning submarket. Other projects include Frost Tower (office), Hampton Inn and Suites (hotel), XTO Energy Parking Garage, and the Hemphill/Lamar Connector which will renew and broaden the local street networks to four-lanes and extend to I-30 to the south. These, as well as other developments, will sustain and grow Downtown Fort Worth’s vivid and captivating appeal and draw for decades to come. Rent Comps: The featured properties in this month’s rent survey are local communities built between 1996 and 2016. Occupancy rates for the communities range from 70% to 94%, whereas Hunter Plaza is at 70% due to its initial lease-up period. Average rental rates per square foot range from $1.49 to $3.26, with average unit sizes ranging from 685 to 1,211 square feet. Common area amenities include business and fitness centers, swimming pools, secured hall entry, clubhouses, parking, and on-site laundry facilities. Unit amenities include high ceilings, stainless steel appliances, renovated kitchens and baths, washer/dryers, dual-pane windows, granite countertops, and in select units, fireplaces. Application fees range from $20 to $200 and security deposits range from $50 to $500. Spotlight on Downtown Fort Worth, TX | Multifamily August 2016 Service. Success. Perfected. Fort Worth Water Gardens
Transcript of Service. Success. Perfected. - Greysteelgreysteel.com/sites/default/files/Spotlight on Downtown Fort...
© 2016 The Greysteel Company LLC. All rights reserved.
Neighborhood: As the commercial and cultural hub of Fort Worth, Downtown represents the city’s premier destination for hospitality, dining, shopping, entertainment, and urban living. Its dense development profile leaves little to be desired as it offers Class A skyscrapers to multinational businesses as well as quaint historical buildings to local enterprises. In terms of shopping, tourists and locals alike can wander down the red brick-lined avenues to discover unique boutiques and nationally recognized retail spaces, ranging from Pappagallo Classiques to the Dallas Cowboys Pro Shop. This eclectic mix of successful and synergistic multi-use properties has paid dividends in getting this area noticed. In fact, it was recently named the “best downtown in the nation,” by livability.com. Entertainment options abound as visitors are greeted by the state-of-the-art Bass Performance Hall, the refreshing Fort Worth Water Gardens, or one of the many nightlife establishments, such as the Scat Jazz Lounge.
History and Future: A lot of credit goes towards native businessman and philanthropist Ed Bass who was inspired to breathe new life into the declining and lackluster Downtown Fort Worth of the early 1980s. He aimed to revitalize downtown into a pedestrian-friendly, lively setting that he had witnessed in the streets of D.C., as design by noted architect David Schwarz. Bass went on to hire Schwarz to create multiple traditional-style edifices to match and fill out the old-fashioned existing architecture and within a few years Sundance Square was born. The 35-block multi-use complex is energy-sustainable, interspersed with lush green parks and furnishes visitors with over 3 million square feet of top-echelon retail and office space. Moreover, staple buildings such as the Burk Burnett or the Woolworth Building, while perfectly blended into the revitalized ambiance, have found their way into the National Register of Historic Places. This intermingling of past, present and future has been a hallmark of Downtown Fort Worth since day one and remains central to this day.
New Development: Currently, locals look forward to the numerous exciting developments in planning including the residential Ariston, Alexan Summit, Broadstone 5th and Summit, Kent, Hampton and
Houston Street Residential Apartments; projects which will bring over 1,500 new residential units to the burgeoning submarket. Other projects include Frost Tower (office), Hampton Inn and Suites (hotel), XTO Energy Parking Garage, and the Hemphill/Lamar Connector which will renew and broaden the local street networks to four-lanes and extend to I-30 to the south. These, as well as other developments, will sustain and grow Downtown Fort Worth’s vivid and captivating appeal and draw for decades to come.
Rent Comps: The featured properties in this month’s rent survey are local communities built between 1996 and 2016. Occupancy rates for the communities range from 70% to 94%, whereas Hunter Plaza is at 70% due to its initial lease-up period. Average rental rates per square foot range from $1.49 to $3.26, with average unit sizes ranging from 685 to 1,211 square feet. Common area amenities include business and fitness centers, swimming pools, secured hall entry, clubhouses, parking, and on-site laundry facilities. Unit amenities include high ceilings, stainless steel appliances, renovated kitchens and baths, washer/dryers, dual-pane windows, granite countertops, and in select units, fireplaces. Application fees range from $20 to $200 and security deposits range from $50 to $500.
Spotlight on Downtown Fort Worth, TX | Multifamily August 2016
Service. Success. Perfected.
Fort Worth Water Gardens
© 2016 The Greysteel Company LLC. All rights reserved.
Spotlight | Rent Comparables August 2016
HUNTER PLAZA605 W. 1st StreetFort Worth, TX 76102
UNIT TYPE SF ASKING RENT
1 BDR/1 BA 623 $948
2 BDR/2 BA 794 $1,192
• Residents pay a $20 application fee and a $150 security deposit.
• Residents pay for electric; property pays for water and trash removal.
• Common area amenities include a clubhouse, fitness center, business center, media room, and controlled access.
• Unit amenities include a washer/dryer, hardwood floors, granite countertops, and a renovated kitchen/bath.
• Management utilizes third party pricing software to set rent levels.
SUNDANCE WEST333 Throckmorton StreetFort Worth, TX 76102
UNIT TYPE SF ASKING RENT
EFF 607 $1,377
1 BDR/1 BA 871 $2,119
2 BDR/2 BA 1,302 $3,754
Penthouse 1,927 $4,032
3 BDR/2.5 BA 2,030 $5,772
• Residents pay for electric; property pays for water and trash removal.
• Common area amenities include a business center, clubhouse, controlled access, and rooftop access.
• Unit amenities include a washer/dryer, fireplace, vaulted/high ceilings, wall-to-wall carpeting, and a renovated kitchen/bath.
• Management sets rent levels.
No. Units 164
Occupancy 70%
Year Built 2016
Managed by QuadCo Mgt Solutions
No. Units 59
Occupancy 83%
Year Built 1997
Managed by Sundance Square Management
LINCOLN TRINITY BLUFF701 E. Bluff StreetFort Worth, TX 76102
UNIT TYPE SF ASKING RENT
EFF 1,000 $1,163
1 BDR/1 BA 1,200 $1,422
2 BDR/2 BA 1,500 $1,779
3 BDR/2 BA 1,800 $2,136
• Residents pay a $50 application fee, a $49 security deposit, and a $100 move-in fee.
• Residents pay for all utilities.• Common area amenities include a fitness center,
business center, clubhouse, and swimming pool.• Unit amenities include a washer/dryer, vaulted/high
ceilings, dual-pane glass, and a fireplace.• Management utilizes third party pricing software to
set rent levels.
No. Units 304
Occupancy 93%
Year Built 2007
Managed by Lincoln Property Company
THE HENDERSON1000 Henderson StreetFort Worth, TX 76102
UNIT TYPE SF ASKING RENT
1 BDR/1 BA 770 $1,343
1 BDR/1 BA/Den 894 $1,524
2 BDR/2 BA 1,115 $1,653
• Residents pay a $99–$200 application fee and a $500, or less depending on credit security deposit.
• Residents pay for all utilities.• Common area amenities include a business center,
clubhouse, fitness center, swimming pool, and on-site laundry facilities.
• Unit amenities include vaulted/high ceilings, a washer/dryer, fireplace, and garage parking.
• Management sets rent levels.
No. Units 194
Occupancy 94%
Year Built 1998
Managed by Greystar Management
No. Units 106
Occupancy 95%
Year Built 1996
Managed by Capstone RE Services
HISTORIC ELECTRIC BUILDING410 W. 7th StreetFort Worth, TX 76102
UNIT TYPE SF ASKING RENT
1 BDR/1 BA 733 $1,400
2 BDR/1 BA 1,070 $2,400
2 BDR/2 BA 1,425 $2,600
2 BDR/2.5 BA 1,903 $6,000
1 BDR/1 BA/Loft 620 $1,200
• Residents pay a $35 application fee and a $500 security deposit.
• Residents pay for electric and water; property pays for gas and trash removal.
• Common area amenities include a business center, clubhouse, swimming pool, and on-site laundry facilities.
• Unit amenities include a washer/dryer, vaulted/high ceilings, and a fireplace.
• Management sets rent levels.
THE DEPOT555 Elm StreetFort Worth, TX 76102
UNIT TYPE SF ASKING RENT
EFF 570 $1,180
1 BDR/1 BA 736 $1,315
1 BDR/1 BA/Loft 842 $1,510
2 BDR/2 BA 1,063 $1,803
2 BDR/2 BA/Loft 1,193 $1,890
• Residents pay for all utilities.• Common area amenities include a fitness center,
clubhouse, business center, and swimming pool.• Unit amenities include a washer/dryer, vaulted/high
ceilings, monitored security available, and high speed internet.
• Management sets rent levels.
No. Units 210
Occupancy 96%
Year Built 2004
Managed by JMG Realty
© 2016 The Greysteel Company LLC. All rights reserved.
The report below features a sampling of properties sold within the last 18 months in Fort Worth, Texas. Please note the different locations and adjust comparisons accordingly. Also note that sales comparables provide a snapshot of recent transactions and are not a perfect predictor of future market movement and behavior.
Spotlight | Sales Comparables August 2016
HILLSIDE APARTMENTS300 Crump StreetFort Worth, TX 76102
HISTORIC ELECTRIC BUILDING410 W. 7th StreetFort Worth, TX 76102
THE KRESS BUILDING604 Main StreetFort Worth, TX 76102
Close Date: June 2016Units: 106Year Built: 1929
Seller: Local Real Estate Investment Firm
Buyer: Regional Real Estate Investment Company
Close Date: February 2015Units: 26Year Built: 1936
Seller: Local Private Investor
Buyer: Local Private Investor
Close Date: May 2015Units: 172
Year Built: 1997
Seller: National Real Estate Investment Company
Buyer: Government Agency
© 2016 The Greysteel Company LLC. All rights reserved.
Spotlight | Exclusive Offering August 2016
ROYAL LANEDALLAS, TX
HULEN HOUSEFORT WORTH, TX
INVESTMENT HIGHLIGHTS
• 99% historical occupancy reinforces the desirability of the asset and the local submarket’s high demand
• $108,000 of passive NOI growth from renewing leases in line with higher rental rates achieved with 20 most recent leases
• Significant upside potential, with renovated properties charging $75–$100 per month higher rents
LOCATION HIGHLIGHTS
• Less than five miles north of Dallas Southwestern Medical District (workforce over 29,000) and recently completed $1.3 billion Parkland Hospital
• Located near Preston Hollow Village mixed-use project which will become a major economic stimulus in the immediate area
• Half a mile from the Royal Lane Station of the Dallas Area Rapid Transit (DART) Green line rail system
INVESTMENT HIGHLIGHTS
• Rent premiums can be increased $200 on average for efficiency units, $400 for one-bedroom units, and $500 for two-bedroom units with a premium renovation program
• Major exposure at the corner of two of Fort Worth’s most heavily trafficked thoroughfares, Hulen Street and Camp Bowie Boulevard.
• This opportunity is being offered free-and-clear of debt; contact the Greysteel Debt and Structured Finance team to benefit from today’s historically low interest rates
LOCATION HIGHLIGHTS
• Within minutes of the two biggest employment centers in Tarrant County, Downtown Fort Worth and the Near Southside Fort Worth Medical District
• Convenient access to three major institutions of higher education with Texas Christian University, Texas A&M Law, and UNT Health Science Center all within a few miles of Hulen House
• Resides in one of the most sought after neighborhoods in Fort Worth, the Cultural District, home to world famous museums and convenient access to prime nightlife and shopping
© 2016 The Greysteel Company LLC. All rights reserved.
inve
10000 N. Central Expressway, Suite 750
Dallas, TX 75231
P. 469.518.5040
TX License No: 9003023
SALESBoyan Radic
Managing Director
P. 469.518.5041
FINANCEJohn Marshall Doss
Finance Associate
469.518.5037
Andrew Mueller
Senior Director
P. 469.518.5033
INVESTMENT SALES DEBT & STRUCTURED FINANCE TRANSACTION SERVICES
Doug BanerjeeSenior Director
Anton MattliSenior Director
Ari Firoozabadi**Co-Founder
Duerk BrewerManaging Director
Yassi FarzanehProduction Director
Andy StiefMarketing Director
Ryan HillInvestment Associate
Zach GhormleyFinance Associate
Max GrossSenior Analyst
Anne Elizabeth MartinSenior Production Associate
Julianna DietzDesigner
Andrew HansonInvestment Associate
**For more information or to inquire about Greysteel, please contact Ari Firoozabadi, co-founder ([email protected] | 202.417.3873)*Corporate Headquarters and Transaction Services CenterLos Angeles Washington, D.C.* Baltimore Philadelphia Dallas Fort Worth
