To the Community Development Agency of the City of...
Transcript of To the Community Development Agency of the City of...
SUCCESSOR AGENCY To the Community Development Agency of the City of Menlo Park
Oversight Board Meeting Date: October 15, 2012
Staff Report #: 12-006
Agenda Item #: 4
INFORMATION ITEM: Update on the Sale of Property Owned by the Agency
Located at 777-821 Hamilton Avenue BACKGROUND On August 8, 2012, the Oversight Board approved a listing agreement with Cassidy/Turley to represent the Successor Agency in the sale of properties located at 777, 785, 787, 791, 801, 811, and 821 Hamilton Avenue and approved proceeding with the disposition of the property. UPDATE Cassidy/Turley has developed marketing materials for the property (Attachment A – Executive Summary and Offering Memorandum) and is circulating them among prospective buyers, including well over 100 developers, the Silicon Valley brokerage community and on various online services. The marketing campaign for the property has generated substantial interest and the Community Development Department has addressed several questions regarding potential parking restrictions, zoning and potential densities. Cassidy/Turley representatives have also been in contact with the property owners adjacent to the Agency’s property, as well as their realtors, and have suggested that bids for the Agency’s property be accepted at approximately the same time as bids for the other properties in the area – October 18, 2012. Staff expects to return to the Oversight Board with information on the bids at a future meeting. The private owners on Hamilton Avenue have all expressed some interest in selling their properties. The Landauer/Siri/Allen site is listed with another brokerage company and, as noted above, will entertain bids this week. The eastern-most site (Paul Angelo) does want to sell and has a tentative agreement with a buyer. One property owner, Jim Calhoun, who owns a .4 acre parcel at 771 Hamilton Ave., in the center of the 7.6 acre strip, is not under contract with a realtor. Our representatives from Cassidy/Turley (and several prospective buyers) who have met with Mr. Calhoun feel that his expectations for the value of his property may be unrealistic and it is unknown at this time how his potentially not selling would impact eventual sale and development of the other parcels in the area.
Page 2 of 2 Staff Report #:12-006
IMPACT The development of the Hamilton Avenue East site was initially intended to address housing development requirements under the Redevelopment Implementation Plan. With the dissolution of the redevelopment agency, disposition of these properties is mandated. The actions described in this report will result in the eventual sale of the Hamilton Avenue East site, the proceeds of which will be forwarded to the County and distributed to other taxing agencies. ENVIRONMENTAL REVIEW The disposition of the property to a private party is not a project under CEQA. Following adoption of the updated Housing Element, the City has agreed to take all actions necessary to implement the rezoning necessary to comply with the updated Housing Element, as set forth in the Judgment Pursuant to Stipulation filed June 13, 2012 with the San Mateo County Superior Court (the “Settlement Agreement”). It is anticipated that rezoning of the Hamilton Avenue site will be exempt from CEQA since it is necessary to bring the City’s Housing Element and General Plan into compliance with state law. It is also anticipated that the environmental assessment performed for the Housing Element will cover the impacts and required mitigations for any project to be built so long as it is consistent with the updated Housing Element and rezoning, and that an Environmental Impact Review (EIR) would not be required. Report submitted by: Cherise Brandell Community Services Director PUBLIC NOTICE: Public Notification was achieved by posting the agenda, with this
agenda item being listed, at least 72 hours prior to the meeting. ATTACHMENTS
A: Marketing packet for 777-821 Hamilton Ave.
1950 University Avenue, Suite 220
East Palo Alto, CA 94303
ph: 650.852.1200 fx: 650.856.1098
Cassidy Turley Northern California
www.ctbt.com
Offering Memorandum 777-821 Hamilton Avenue, Menlo Park, CA
Jamie D’[email protected] #01299928
Sam [email protected] #01061071
SUBJECT PROPERTY
Hamilton Avenue
Will
ow R
oad
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Table of Contents
Section I: Investment OverviewInvestment Overview ................................................................................................3
City of Menlo Park Site Overview/Outlook from RFP .....................................................4
Housing Element Target Sites ...................................................................................6
Zoning Map .............................................................................................................8
Property Overview ....................................................................................................9
Section II: Location OverviewAerial Map ............................................................................................................10
Parcel Map ...........................................................................................................12
Demographics .......................................................................................................13
Demographics .......................................................................................................14
Section III: AppendixRecent Articles - ULI Emerging Trends 2012 ............................................................15
Recent Articles ......................................................................................................20
Assignment Overview Corporate Overview Asset Overview PricingMarketing Overview777-821 Hamilton Avenue, Menlo Park, CA
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Location• Strategic location in Menlo Park’s Belle Haven Neighborhood
• Proximate to Facebook’s new 1,034,000 SF Headquarters (plans to construct an
additional 440,000 SF / +-9,400 jobs)
• Adjacent to Facebook’s planned HQ expansion (across Dumbarton rail spur)
• Close proximity to Dumbarton Bridge and 101
• Minutes from over 2 Million SF of current & future Class A offi ce employment centers
Current Zoning / Potential Medium Density Housing Project Features• Currently zoned M1-Light Industrial
• Identifi ed by Housing Element Steering Committee as 1 of 14 sites for Medium
Density Housing
• City is targeting ±30 units per acre
• 15% BMR requirement anticipated if change in “base” zoning or “for-sale” product is
contemplated
Menlo Park Residential Market• City is pro-development for housing projects
• Extremely tight market (<3% vacancy)
• Severe housing shortage within city limits
• No new higher density multifamily construction within city limits over the past 15 years
• Menlo Park has assisted in the development or rehabilitation of +-200 rental units
OFFERING SPECIFICATIONS
Offered Unpriced
2.1 acres of land on 7 contiguous parcels
M1-Light Industrial Zoning / Potential medium density housing
development
Investment Overview
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Request for Proposals from Commercial Realtors for the
Sale of Vacant Land on Hamilton AvenueIssued July 5, 2012
Introduction
The City of Menlo Park (as Successor Agency to the former Menlo Park Housing Authority) is requesting proposals from commercial realtors to sell a 2.1 acre site (777, 785, 787, 791, 801, 811, and 821 Hamilton Avenue) as a result of the dissolution of the Community Development Agency (Agency) (see Attachment A for map). The City had intended the site for market rate housing development, anticipating that the additional light industrial properties adjacent to the City’s holding could expand the potential housing site to 7.1 acres. The housing development was expected to accommodate 35 to 40 homeownership and/or rental housing units per acre. The property was a significant part of the Community Development Agency’s multi-year program of improvements for the Belle Haven neighborhood.
The City/Successor Agency is seeking a very experienced commercial realtor to advise the City on appropriate pricing, marketing, and negotiations for the sale of the site.
Major Improvement Plan for the Belle Haven Neighborhood
The City of Menlo Park has undertaken an aggressive improvement program in the Belle Haven neighborhood since the early 1980’s. In the 1980’s the City created the Las Pulgas Redevelopment Project Area, which includes the Belle Haven neighborhood. The significant project for the 1980’s was development of 130 apartments for very low-income families. In the 1990’s, using new redevelopment bond funds, the Agency established a neighborhood shopping center, new senior citizens center, health clinic, child development center, refurbished the community center, enlarged a local park, constructed a public library, and made a major contribution to the construction of a facility for an employment training center (Opportunities Industrialization Center West or OICW). The Agency also rebuilt streets, storm drains, curbs, gutters and sidewalks. At the same time, the Agency facilitated the construction of a fire station near the proposed park and housing site. Also, a Boys and Girls Club facility in the neighborhood was remodeled with redevelopment assistance.
In recent years, the Agency prepared new streetscape plans for the major streets, implemented traffic calming measures, redesigned three six-way
City of Menlo Park Site Overview/Outlook from RFP
intersections into safer configurations, redesigned and rebuilt athletic fields and elementary school grounds, and acquired land for the Hamilton Park housing and park project completed in 2007, as well as relocated businesses located on the park and housing site. In conjunction with the Hamilton Park 42 unit housing development on Hamilton Avenue, the Agency implemented new streetscape plans for two major streets in Belle Haven. Significant streetscape improvements, including undergrounding utility lines, were completed for Hamilton Avenue, the street adjacent to the Hamilton Park housing project. The Agency also constructed a plaza on Ivy Drive connecting the elementary school and a City/school library with a child development center. The City also made 5to 10 loans each year to rehabilitate homes owned by low-income families and supports active drug-abatement and code enforcement programs in the area.
Additional improvements to the neighborhood include the construction of a policeand city services center, which is in progress.
The Hamilton Avenue site was projected to provide up to 240 rental or homeownership units with a Below Market Rate component of 15 percent of the total development. The City would still like to see the site developed in this fashion and will utilize land-use policies to direct the future development in that direction. With the addition of Facebook to the neighborhood, it is likely those interested in the purchase of this site will be interested in meeting the City’s goals. The current zoning for the site is light industrial (M1 in the City’s zoning code), but the City expects that the buyer would be interested in petitioning for a change to accommodate housing at 30 to 35 units per acre.
City Housing Policy
Below Market Rate Housing (BMR) Program. Menlo Park manages an inclusionary zoning program that requires the development of units for low- to moderate-income households in new private housing developments. The BMR Housing Program requires developers of residential housing in developments of 20 or more units to provide 15% of those units at below market prices. Thus far this program has resulted in the construction of 58 BMR units. Menlo Park requires housing units or commercial linkage fees from commercial developers as well. In addition, the City has a first-time homebuyer down payment assistance loan program.
Affordable Housing Production. The City of Menlo Park has assisted developers in the development and maintenance of affordable housing for over thirty years. The City has assisted several non-profit housing developers in developing and rehabilitating family and senior housing, and has contributed funds for temporary living facilities for homeless families. Altogether, Menlo Park has assisted financially in the development or rehabilitation of 192 rental apartments, mostly for low- or very low-income households. The Hamilton Park housing project consisted of 42 units, including 20 units of housing for low- to moderate-income
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households through the BMR program. The project concepts for the Hamilton Avenue East housing project are not expected to address affordable housing needs beyond the mandatory 15 percent BMR requirement.
The Site
The City purchased the 2.1 acre site in 2001 in an attempt to remove some undesirable uses from the site. The light industrial uses along Hamilton were zoned as such at that time to limit the types of uses that could be introduced to the neighborhood. It has long been the City’s intent to develop housing on the site. Discussions with adjacent landowners have indicated a willingness to sell for inclusion in broader development plans. The recent relocation of the Facebook headquarters to the former Sun Microsystems campus and purchase of what has been known as the “GM site” has sparked interest in redevelopment in the community, including future location of a transit center to service bus and train commuters, circulation improvements to the Belle Haven community and the surrounding industrial uses, and additional retail and restaurant facilities. A design charrette was held in March of 2011 to provide a vision for the Facebook campus and areas immediately adjacent to the Facebook campus, including the City’s housing site and the adjacent properties. Design concepts from the charrette are included as Attachment C. A recent appraisal of the site put the value at $2,925,000 to $3,240,000, depending on approved densities for the site.
Site Description
Surrounding uses and amenities. The housing site is located on the north side of a residential neighborhood, adjacent to residences and churches, and buffered by the railroad right-of-way from a site recently purchased by Facebook for future office expansion. See Attachment A for a map. Single-family houses are to the south across Hamilton Avenue. Light industrial uses are immediate neighbors on the east and west. Further to the east are commercial uses along Willow, along with income-qualified multifamily housing. The local transit agency, Samtrans, owns the proposed commuter railroad tracks that lie immediately to the north.
Streets. Hamilton Avenue, a collector, defines the south edge of the site. There are no through streets crossing the railroad tracks that bound the property on the north. Willow Road defines the neighborhood a block east of the City’s property.
Floodplain. The park and housing site, along with surrounding property, lies in the 100 year floodplain. Housing structures will require about one to four feet of fill.
Entitlements
The site is zoned for light industrial at this time, and is designated medium density residential in the General Plan. See Attachment D for zoning. The site is
City of Menlo Park Site Overview/Outlook from RFP
currently owned by the City, but funding was through the Community Development Agency. As a result of the dissolution of California redevelopment agencies, the City must sell the site. Any developer interested in putting housing on the site will be expected to apply for any zoning changes required for housing development, including the development of any Environment Impact Review (EIR) that such changes would require.
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Affordable Housing Sites Analysis MEMO
Housing Element Target Sites
Prepared for Public Release on August 31, 2012
Overview and Purpose
In compliance with the Settlement Agreement related to the update of the City of Menlo Park Housing Element, the City is releasing a preliminary analysis of sites that could be made available for higher density residential use. The analysis is primarily composed of three components:
Table 1: Larger sites citywide for rezoning consistent with the Steering Committee’s Direction on August 27, 2012
Table 2: Sites within the boundary of the recently adopted El Camino Real/Downtown Specific Plan
Table 3: Sites adjacent to the boundary of the Specific Plan considered for infill at higher densities
As part of compliance with State law, the complete Adequate Sites and Inventory Analysis comprised of the three tables above plus tables detailing new units constructed since 1999 and development potential under existing zoning will be completed along with the rest of the Housing Element update.
The inclusion of a site on one of these tables indicates the City’s intention to study the site for possible rezoning; it does not reflect the City’s intent build housing nor does it reflect any imminent development plans.
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Table 1: Larger Citywide Sites for Rezoning
APN Site Name / Street Address House No. Street Name Zoning General Plan Designation Existing UseLot Area (Sq. Ft.)
Lot Area (Acres)
DU per Acre
Total Allowable
DUExisting DU
Net Potential DU
062103610 1200 Blk Mid-Peninsula's Gateway 1200 Willow Rd R3 Medium Density Residential Multifamily Residential 98,686 2.27 40 90 48 42
055383560 1300 Blk Mid-Peninsula's Gateway 1300 Willow Rd R3 Medium Density Residential Multifamily Residential 129,427 2.97 40 118 82 36
055398110 Hamilton Ave East Hamilton Ave M1 Limited Industry Light Industrial and Vacant 313,505 7.20 30 216 0 216
062470050 Veterans Affairs Clinic Willow Rd PF Public Facilities Hospital 81,239 1.87 32 60 0 60
062285300 555 Willow 555 Willow Rd R3 Medium Density Residential Restaurant 18,237 0.42 20 8 0 8
061382170 Corpus Christi 300 block Ravenswood Ave R2 Medium Density Residential Church 67,274 1.54 14 20 0 20
074311600 Rural Lane Rural Ln R1S Medium Density Residential Vacant Land 61,944 1.42 14 20 0 20
055170350 Haven Ave 3600 block Haven Ave M2 Limited Industry Light Manufacturing, Storage, and Vacant 674,999 15.50 30 464 0 464
062390170 401-445 Burgess Dr 401-445 Burgess Dr C1A Professional and Administrative Offices Office: Multi-Story 59,830 1.37 30 41 0 16
062421010 8 Homewood Pl 8 Homewood Pl C1 Professional and Administrative Offices Office: Multi-Story 87,417 2.01 30 60 0
062460060 St. Patrick's Seminary 300 block Middlefield Rd R1S Low Density Residential Educational Facility 87,984 2.02 30 61 0 60
062272640 125-135 Willow Rd 125-135 Willow Rd C1A Professional and Administrative Offices Office: Multi-Story 33,333 0.77 30 22 0
074262190 Sharon Park 1000 block Sharon Park Dr OSC Public / Quasi Public Park 116,153 2.00 30 60 0 60
055251120 Main Post Office 3875 Bohannon Dr M2 82,257 1.89 30 57 0 57
Total 1059
Housing Element Target Sites
055398110 Hamilton Ave East Hamilton Ave M1 Limited Industry Light Industrial and Vacant 313,505 7.20 30 216 0 216
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Zoning Map
ASSET OVERVIEW
June 26, 2012 Steering Committee Meeting #1 21 June 26, 2012 Steering Committee Meeting #121
Potential Higher Density Housing Locations Context for Reviewing Site Evaluation Criteria
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Property Overview
Details
Address 777-821 Hamilton Avenue
Menlo Park, CA
County San Mateo
APN 777,785,787,791,801,811
County Use Land
Improvements 8,345 sf (per city planning approval records)
Zoning M1-light industrial
Desired UseMedium density residential
±30 units/acre
Attributes
Land Area 2.1 Acres
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Aerial Map
ASSET OVERVIEWAssignment Overview Corporate Overview Asset Overview PricingMarketing OverviewRental & Offi ce Overview777-821 Hamilton Avenue, Menlo Park, CA Location Overview
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Aerial Map
ASSET OVERVIEWAssignment Overview Corporate Overview Asset Overview PricingMarketing Overview777-821 Hamilton Avenue, Menlo Park, CA Location Overview
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ASSET OVERVIEW
Parcel Map
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Demographics
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Demographics
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Recent Articles - ULI Emerging Trends 2012
ASSET OVERVIEW
Emerging Trends in Real Estate®
2012
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Recent Articles - ULI Emerging Trends 2012
ASSET OVERVIEW
EXHIBIT 3 1
Investment Prospects for Commercial/Multifamily Properties by Market
Source: Emerging Trends in Real Estate 2012 survey.
1 Washington, D.C. 6.93
2 Austin 6.92
3 San Francisco 6.92
4 New York City 6.85
5 Boston 6.60
6 Seattle 6.60
7 San Jose 6.58
8 Houston 6.46
9 Los Angeles 6.30
10 San Diego 6.17
11 Denver 6.16
12 Dallas/Fort Worth 6.10
13 Northern New Jersey 6.10
14 Orange County, CA 6.01
15 Raleigh/Durham 5.96
16 San Antonio 5.83
17 Miami 5.81
18 Portland, OR 5.81
19 Westchester, NY/Fairfield, CT 5.74
20 Charlotte 5.58
21 Chicago 5.57
22 Honolulu/Hawaii 5.47
23 Phoenix 5.45
24 Philadelphia 5.44
25 Baltimore 5.44
26 Minneapolis/St. Paul 5.38
27 Nashville 5.32
28 Inland Empire, CA 5.30
29 Orlando 5.19
30 Salt Lake City 5.17
31 Pittsburgh 5.16
32 Virginia Beach/Norfolk 4.93
33 Tampa/St. Petersburg 4.79
34 Indianapolis 4.76
35 Kansas City 4.73
36 Atlanta 4.65
37 Oklahoma City 4.61
38 New Orleans 4.54
39 St. Louis 4.48
40 Jacksonville 4.48
41 Albuquerque 4.43
42 Milwaukee 4.33
43 Memphis 4.22
44 Tucson 4.21
45 Providence 4.20
46 Sacramento 4.20
47 Columbus 4.03
48 Cincinnati 3.97
49 Las Vegas 3.91
50 Cleveland 3.48
51 Detroit 2.88
generally good fair generally poor
EXHIBIT 3 2
Development Prospects for Commercial/Multifamily Properties by Market
Source: Emerging Trends in Real Estate 2012 survey.
1 Washington, D.C. 6.41
2 New York City 6.16
3 San Francisco 6.16
4 Austin 6.04
5 San Jose 5.86
6 Houston 5.81
7 Seattle 5.81
8 Boston 5.68
9 Dallas/Fort Worth 5.42
10 Los Angeles 5.27
11 Denver 5.23
12 Westchester, NY/Fairfield, CT 5.19
13 San Diego 5.18
14 San Antonio 5.09
15 Raleigh/Durham 5.07
16 Northern New Jersey 5.01
17 Orange County, CA 4.92
18 Nashville 4.91
19 Portland, OR 4.87
20 Salt Lake City 4.71
21 Charlotte 4.66
22 Baltimore 4.54
23 Minneapolis/St. Paul 4.54
24 Honolulu/Hawaii 4.39
25 Chicago 4.31
26 Miami 4.22
27 Inland Empire, CA 4.22
28 Philadelphia 4.21
29 Pittsburgh 4.15
30 Orlando 4.08
31 Virginia Beach/Norfolk 4.04
32 Oklahoma City 3.92
33 Indianapolis 3.91
34 Albuquerque 3.90
35 Tampa/St. Petersburg 3.86
36 Kansas City 3.80
37 New Orleans 3.65
38 Milwaukee 3.62
39 Memphis 3.58
40 Providence 3.49
41 Jacksonville 3.48
42 Tucson 3.40
43 Phoenix 3.39
44 St. Louis 3.31
45 Atlanta 3.30
46 Columbus 3.26
47 Cincinnati 3.20
48 Sacramento 3.08
49 Cleveland 2.77
50 Las Vegas 2.48
51 Detroit 2.26
EXHIBIT 3 3
For-Sale Homebuilding Prospects
Source: Emerging Trends in Real Estate 2012 survey.
1 Washington, D.C. 5.99
2 Austin 5.76
3 New York City 5.51
4 San Francisco 5.40
5 Houston 5.31
6 San Jose 5.27
7 Seattle 5.21
8 Dallas/Fort Worth 5.19
9 San Antonio 5.14
10 Boston 5.05
11 Westchester, NY/Fairfield, CT 4.91
12 Northern New Jersey 4.68
13 San Diego 4.64
14 Orange County, CA 4.58
15 Raleigh/Durham 4.54
16 Denver 4.51
17 Los Angeles 4.50
18 Portland, OR 4.41
19 Salt Lake City 4.37
20 Nashville 4.29
21 Honolulu/Hawaii 4.29
22 Baltimore 3.99
23 Philadelphia 3.96
24 Charlotte 3.92
25 Orlando 3.87
26 Minneapolis/St. Paul 3.87
27 Oklahoma City 3.86
28 Chicago 3.75
29 Miami 3.75
30 Pittsburgh 3.73
31 Virginia Beach/Norfolk 3.61
32 Indianapolis 3.53
33 Kansas City 3.49
34 Providence 3.37
35 Milwaukee 3.35
36 Inland Empire, CA 3.35
37 Jacksonville 3.34
38 Memphis 3.32
39 St. Louis 3.27
40 Tampa/St. Petersburg 3.26
41 Albuquerque 3.24
42 Tucson 3.19
43 New Orleans 3.17
44 Phoenix 3.03
45 Cincinnati 3.00
46 Columbus 2.94
47 Atlanta 2.93
48 Sacramento 2.69
49 Cleveland 2.46
50 Las Vegas 2.37
51 Detroit 2.02
generally good fair generally poor generally good fair generally poor
3 San Francisco 3 San Francisco
4 San Francisco
5 San Jose
6 San Jose
7 San Jose
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Recent Articles - ULI Emerging Trends 2012
ASSET OVERVIEW
Source: Emerging Trends in Real Estate 2012 survey.
EXHIBIT 3-5
Metro Area Investment Prospects by Population
Source: Emerging Trends in Real Estate 2012 survey.
Note: Overall rank is in parentheses.
Metro Areas with 3 Million or More Population 1 Washington, D.C. (1) 6.93
2 San Francisco (3) 6.92
3 New York City (4) 6.85
4 Boston (5) 6.60
5 Seattle (6) 6.60
6 Houston (8) 6.46
7 Los Angeles (9) 6.30
8 San Diego (10) 6.17
9 Denver (11) 6.16
10 Dallas/Fort Worth (12) 6.10
11 Northern New Jersey (13) 6.10
12 Orange County, CA (14) 6.01
13 Miami (17) 5.81
14 Westchester, NY/ Fairfield, CT (19) 5.74
15 Chicago (21) 5.57
16 Phoenix (23) 5.45
17 Philadelphia (24) 5.44
18 Baltimore (25) 5.44
19 Minneapolis/St. Paul (26) 5.38
20 Inland Empire, CA (28) 5.30
21 Atlanta (36) 4.65
22 Detroit (51) 2.88
Metro Areas with 2 to 2.99 Million Population 1 San Jose (7) 6.58
2 San Antonio (16) 5.83
3 Portland, OR (18) 5.81
4 Orlando (29) 5.19
5 Pittsburgh (31) 5.16
6 Tampa/St. Petersburg (33) 4.79
7 Kansas City (35) 4.73
8 St. Louis (39) 4.48
9 Sacramento (46) 4.20
10 Cincinnati (48) 3.97
11 Cleveland (50) 3.48
Metro Areas with Less than 2 Million Population1 Austin (2) 6.92
2 Raleigh/Durham (15) 5.96
3 Charlotte (20) 5.58
4 Honolulu/Hawaii (22) 5.47
5 Nashville (27) 5.32
6 Salt Lake City (30) 5.17
7 Virginia Beach/Norfolk (32) 4.93
8 Indianapolis (34) 4.76
9 Oklahoma City (37) 4.61
10 New Orleans (38) 4.54
11 Jacksonville (40) 4.48
12 Albuquerque (41) 4.43
13 Milwaukee (42) 4.33
14 Memphis (43) 4.22
15 Tucson (44) 4.21
16 Providence (45) 4.20
17 Columbus (47) 4.03
18 Las Vegas (49) 3.91
generally good fair generally poor
1 San Jose (7)
2 San Francisco (3)
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Recent Articles - ULI Emerging Trends 2012
ASSET OVERVIEW
Source: Emerging Trends in Real Estate 2012 survey.
EXHIBIT 3-7
U.S. Apartment Buy/Hold/Sell Recommendations by Metro Area
0% 20% 40% 60% 80% 100%
Philadelphia
Atlanta
Chicago
Phoenix
Miami
Dallas/Fort Worth
Houston
Denver
Washington, D.C.
New York City
Boston
San Diego
Seattle
Los Angeles
San Francisco 77.78 11.11 11.11
70.92 19.86 9.22
70.64 20.64 8.73
70.00 21.67 8.33
67.72 19.69 12.60
67.54 17.54 14.91
61.18 15.79 23.03
60.98 24.39 14.63
60.36 26.13 13.51
54.76 26.98 18.25
54.21 36.45 9.35
45.90 31.97 22.13
45.22 37.39 17.39
36.30 37.67 26.03
35.42 51.04 13.54
Buy Hold Sell
San Francisco
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Recent Articles - ULI Emerging Trends 2012
ASSET OVERVIEW
Source: Emerging Trends in Real Estate 2012 survey.
EXHIBIT 3-9
U.S. Office Buy/Hold/Sell Recommendations by Metro Area
0% 20% 40% 60% 80% 100%
Chicago
Philadelphia
Atlanta
Phoenix
Dallas/Fort Worth
Miami
Los Angeles
Washington, D.C.
Denver
San Diego
Houston
New York City
Boston
Seattle
San Francisco 64.66 23.31 12.03
62.83 30.09 7.08
59.52 32.54 7.94
54.55 31.41 14.05
49.02 26.47 24.51
45.00 47.00 8.00
44.95 44.04 11.01
43.67 29.11 27.22
40.95 45.67 13.39
40.00 47.78 12.22
39.47 38.60 21.93
26.36 40.00 33.64
22.06 57.35 20.59
20.69 55.17 24.14
20.35 58.41 21.24
Buy Hold Sell
San Francisco
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The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. 20Northern California’s Source for Apartment Brokerage Services
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ASSET OVERVIEW
Silicon Valley apartment rents spikeSilicon Valley / San Jose Business Journal
October, 20, 2011
Silicon Valley apartment rents are racing ahead of the rest of the Bay Area and the country, according to a new report on Thursday.
Realfacts.com said the average rent in Santa Clara County rose 12.9 percent from last year to $1,792 a month.
The average in San Mateo County was reportedly up 10.7 percent to $1,866.
Elsewhere in the Bay Area, average rents rose in Alameda County by 8.7 percent to $1,490 and in Contra Costa County by 7 percent to $1,342.
On a city-by-city basis, Apple’s home town of Cupertino saw the biggest jump, up 17.9 percent to $2,249, followed by Google’s home town of Mountain View, up 16.3 percent to
$1,876.
Assignment Overview Corporate Overview Asset Overview PricingMarketing OverviewMarket OverviewAsset OverviewTeam & Company Info777-821 Hamilton Avenue, Menlo Park, CA Appendix