TAMPA-ST. PETE DEVELOPMENT CONFERENCE Nicholas Husak Engler Financial Group.
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Transcript of TAMPA-ST. PETE DEVELOPMENT CONFERENCE Nicholas Husak Engler Financial Group.
TAMPA-ST. PETE DEVELOPMENT CONFERENCE
Nicholas HusakEngler Financial Group
2
Overview
2012 TAMPA ST. PETE DEV CONFERENCE
EFG Introduction
Investment Sales Update
Sourcing JV Development Equity
Raising JV Development Equity
DEVELOPER EQUITY PARTNER
2012 TAMPA ST. PETE DEV CONFERENCE
JV Development Update
2012 TAMPA ST. PETE DEV CONFERENCEInvestment Sales
Update4
Investment Sales ActivityTampa, FL
2012 TAMPA ST. PETE DEV CONFERENCEInvestment Sales
Update5
Seneca at Cypress CreekTampa, FL
6
DEAL SPECIFICS
Broker
Sale Date
Year Built
No. of Units
Average Sq. Ft.
In Place Effective
Rent
Rent/Sq. Ft.
Price/Unit
Cap Rate (T3 Inc./T12
Exp.)
EFG
Sept 2012
2010
451
1059
$1,134
$1.07
$138,027
5.35%
Investment SaleSeneca at Cypress Creek
Tampa, FL
2012 TAMPA ST PETE DEV CONFERENCEInvestment Sales
Update
2012 TAMPA ST. PETE DEV CONFERENCEInvestment Sales
Update7
Investment SaleVillas at GatewaySt. Petersburg, FL
8
DEAL SPECIFICS
Broker
Sales Date
Year Built
No. of Units
Average Sq. Ft.
In Place Effective
Rent
Rent/Sq. Ft.
Price/Unit
Cap Rate (T3 Inc./T12
Exp.)
EFG
Nov 2012
2004
300
994
$1078
$1.08
$120,000
5.25%
Investment SaleVillas at GatewaySt. Petersburg, FL
2012 TAMPA ST PETE DEV CONFERENCEInvestment Sales
Update
2012 TAMPA ST. PETE DEV CONFERENCEInvestment Sales
Update9
Investment SaleEstates at Countryside
Clearwater, FL
10
DEAL SPECIFICS
Broker
Sales Date
Year Built
No. of Units
Average Sq. Ft.
In Place Effective
Rent
Rent/Sq. Ft.
Price/Unit
Cap Rate (T3 Inc./T12
Exp.)
EFG
Nov 2012
1998
320
1000
$865
$0.86
$92,187
5.40%
Investment SaleEstates at Countryside
Clearwater, FL
2012 TAMPA ST PETE DEV CONFERENCEInvestment Sales
Update
2012 TAMPA ST. PETE DEV CONFERENCE
JV Development Update
11
Pier HouseDeveloped by Related Group of Florida
Tampa, FL
2012 TAMPA ST. PETE DEV CONFERENCE
JV Development Update
12
Bayway ApartmentsDeveloped by MCRTSt. Petersburg, FL
2012 TAMPA ST. PETE DEV CONFERENCE
JV Development Update
13
Broadstone Hyde ParkDeveloped by Alliance Residential
Tampa, FL
2012 TAMPA ST. PETE DEV CONFERENCE
JV Development Update
14
JV DEVELOPMENT EQUITYMarket Terms
Southeast US Q 4 2012
Return on Cost
Debt
Equity
Coinvestment (Dev
Equity)
Returns / Promotes
6.5 - 7.75%
55 - 70%
30 - 45%
5 - 20%
8 – 10% Pref
70 / 30 to a 15-
17%
60 / 40 to a 17-
20%
50 / 50 thereafter
2012 TAMPA ST. PETE DEV CONFERENCE
JV Development Update
15
JV DEVELOPMENT EQUITYMarket Terms
Southeast US Q 4 2012
Put / Call
Completion Guarantee
Post Completion Guarantees
Development Fees
GC Fees
Management Fees
Yes
Yes
Yes
3-5%
5-6%
3%