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Michael Stone MULTI-HOUSING MARKET

2007 UCONN REAL ESTATE CONFERENCE. Michael Stone MULTI-HOUSING MARKET. NOVEMBER 8, 2007. CT Fundamentals. Stable Construction/Absorption and Vacancy. Source: REIS. STRONG RENTAL DEMAND FORECASTED…… Increasing Household Formations Declining Homeownership Rates.

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Michael Stone MULTI-HOUSING MARKET

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  1. 2007 UCONN REAL ESTATE CONFERENCE Michael StoneMULTI-HOUSING MARKET NOVEMBER 8, 2007

  2. CT Fundamentals Stable Construction/Absorption and Vacancy Source: REIS

  3. STRONG RENTAL DEMAND FORECASTED…… Increasing Household Formations Declining Homeownership Rates A New Era – Renters are Back

  4. A New Era – Renters are Back Echo Boomers are Nearing Prime Renting Age Source: National Multi Housing Council

  5. A New Era – Renters are Back Change in Population Growth Age Group Source: U.S. Census

  6. A New Era – Renters are Back 1915 1967 2006 Source: U.S. Census Bureau

  7. A New Era – Renters are Back *As of 2Q07 Source: U.S. Census Bureau.

  8. Increasing Household Formations: Echo Boomers = Prime Rental Ages Baby Boomers = Lifestyle Renters Shrinking Household Sizes Declining Homeownership Rates: Renting Still Cheaper & More Predictable Subprime Mess A New Era – Renters are BackStrongest Rental Demand Since Early 1980s…

  9. National: Going in Cap Rates 0-25 bps – CORE MARKETS 25-50 bps– SECONDARY MARKETS Value 2-10% Central CT.: No major changes Credit Crunch

  10. Seller: Capital PropertiesBuyer: Robert Martin Company/Paredim Partners Units: 400 Price: $35,500,000 $88,750/unit Glenbrook - Rocky Hill, Connecticut

  11. Stony Brook Apartments- East Haven, CT. • Seller: HP Stony Brook LLC • Buyer: Stony Brook Village LLC • Units: 165 • Price: $22,200,000 • $134,545/unit • Cap Rate: 6.27 %

  12. Seller: Groton Community LLC C/O GRP Realty Buyer: LCOR Groton Apartments LLC Units: 329 Units Price: $51,000,000 $155,015 /unitCap Rate: 5.7 % The Ledges - Groton, Connecticut

  13. Seller: Tarragon CorporationBuyer: Newbury Property LLC Units: 180 Price: $30,300,000 $168,333/unit Cap Rate 5.73 % Trailing-Twelve Newbury Village - Meriden, Connecticut

  14. Seller: CIGNA Realty Investors/Bozutto Group Buyer: Fairfield Residential Units: 246 Units Price: $52,500,000 $213,415/unit The Hawthorne at Gillette Ridge - Bloomfield, CT

  15. Seller: REIT – Archstone Smith Buyers: Tishman Speyer & Lehman Brothers Units: 87,667 (359 Communities) Price: $22,200,000,000 ($253,231/unit) Largest ever apartment financing deal in Fannie May history (closed post credit crunch) Tishman Speyer/Lehman Brothers ARCHSTONE SMITH REIT Privatization

  16. 50 Cent’s Mansion in Farmington, CT. $18.5 Million Asking Price • 48, 000 SF • 18 Bedrooms • 33 Bathrooms • 5 Kitchens

  17. 2007 UCONN REAL ESTATE CONFERENCE Michael StoneMULTI-HOUSING MARKET NOVEMBER 8, 2007

  18. THANK YOU

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