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Bay Area Developer Forum 11/30/2011

Bay Area Developer Forum 11/30/2011. Garrison Development: The Preserve at Alafia is part of a master planned development which includes Alafia Crossing retail center (60,000 sf) and a 115 room Holiday Inn Express which is in the pipeline for completion in 2012-2013.

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Bay Area Developer Forum 11/30/2011

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  1. Bay Area Developer Forum 11/30/2011
  2. Garrison Development: The Preserve at Alafia is part of a master planned development which includes Alafia Crossing retail center (60,000 sf) and a 115 room Holiday Inn Express which is in the pipeline for completion in 2012-2013.
  3. Bill Diffenderfer, Managing Partner * 2.2 million square feet of office, * 1.5 million square feet of retail * 1,795 hotel rooms * 19,600 multifamily residential units * Georgia Institute of Technology Bachelor of Science, Management Minors - Building Construction Accounting * Georgia licensed real estate broker - 1995 * Florida licensed real estate broker - 2005 * Certified Public Accountant - 1993 * Certified Financial Planner - 1993
  4. Scott Baad, Partner * Director of Property Management * 25 years of Property Management experience. * Former Division Vice President for Archstone * 32 properties - 10,000 apartment units throughout Florida * University of South Florida Bachelor of Science, Mechanical Engineering * Certified Property Manager - IREM * Florida State Certified General Contractor
  5. Patriot Residential Management Services * Southeast Focus * Current presence in Tampa, Orlando, Fort Lauderdale and Jacksonville.
  6. Property Details: 351 units Mix of Garden and Mid-Rise Product One, two and three bedroom floor plans Direct Riverfront on Alafia River Garage and Carports included HUD 221 D4 loan
  7. Unit Mix: 56 (16%) – 1/1 @ 805sf 96 (27%) – 1/1 @ 861sf 16 (5%) – 2/1 @ 1040sf 103 (29%)– 2/2 @ 1045sf 72 (20%) – 2/2 @ 1211sf 8 (3%) – 3/2 @ 1359sf
  8. Lease-up Statistics: Pre-leasing in temp office in May. Leasing Center opened in June. First Move-ins occurred in July. Currently 61% leased. Expect stabilization in May, 2012.
  9. Absorption: Temp leasing office opened in May. Total units leased thus far = 220 Absorption has averaged 31 units per month.
  10. Market Rents: 1/1 805sf $1,135 $1.41/sf 1/1 861sf $1,345 $1.56/sf2/1 1040sf $1,455 $1.40/sf 2/2 1045sf $1,355 $1.30/sf 2/2 1211sf $1,675 $1.38/sf 3/2 1359sf $1,815 $1.33/sf Rents include garage and carport charges.
  11. Concessions: Concessions vary by floor plan and average 1-2 months.
  12. Demographics: Professional 57% Skilled 27% Military 3% Retired 9% Other 4% Median Household Income = $57,678
  13. Questions???
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