recently delivered, core multifamily opportunity in high
TRANSCRIPT
EXECUTIVE SUMMARY
287 UNITS | TAMPA, FLRecently Delivered, Core Multifamily Opportunity in High Growth, Dynamic Tampa Submarket
2 | Jefferson Westshore Flyer
Ken DelVillarManaging DirectorJLL Capital Markets+1 407 745 [email protected]
INVESTMENT ADVISORS DEBT ADVISORS
Zach NolanSr. DirectorJLL Capital Markets+1 813 387 [email protected]
Jay BallardManaging DirectorJLL Capital Markets+1 407 745 [email protected]
Elliott ThroneSr. Managing DirectorJLL Capital Markets+1 305 421 [email protected]
Drew JenneweinDirectorJLL Capital Markets+1 813 387 [email protected]
Matt MitchellSr. Managing DirectorJLL Capital Markets+1 813 387 [email protected]
Jesse WrightDirectorJLL Capital Markets+1 305 448 [email protected]
Jarrod SmithAssociateJLL Capital Markets+1 813 387 [email protected]
Bailey SmithAnalystJLL Capital Markets+1 813 387 [email protected]
JLL | 3
Executive Summary
Jones Lang La Salle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Tapestry Town Center (the “Property”), a 287-unit, recently delivered four-story surface-parked multifamily community located in Brandon, a dynamic and rapidly growing submarket of Tampa, Florida. The Property is strategically located immediately adjacent to the entrance of the Selmon Expressway (66,000 AADT), which provides direct access to Downtown Tampa (77,000 jobs) within a 10 minute drive, and is also next to the Westfield Brandon Town Center, which offers a plethora of retail concepts including Dick’s Sporting Goods, Apple, P.F. Chang’s, and Sephora among other options. Delivered in August 2020, Tapestry Town Center has enjoyed an extremely rapid lease-up (46 signed leases in a single month) and continues to experience increased demand and accelerating rental rates as it approaches stabilization.
Artfully designed with a modern aesthetic, the four-story, elevator served Tapestry Town Center offers a luxurious amenity package to compliment its stylish interiors. The Property encompasses two distinct phases, with each offering a salt-water pool, fire pit, BBQ grills, a dog park, and a mail center. Additional amenities include a fitness studio, with free weights and cardio machines, a yoga/spin studio with on demand fitness, a club room with billiards and a premium coffee bar, a business center with iMac & PC computers, and a dog spa, among other features. These community amenities, coupled with the Property’s sophisticated, well-appointed interiors, help Tapestry Town Center stand out among its surrounding competition.
Tapestry Town Center’s strategic location also allows it attract residents seeking an affordable alternative to downtown Tampa, as well as those who work within the Brandon submarket, which itself is home to many large suburban office campuses and well-known employers including as Citi (5,000 jobs), USAA (3,600 jobs, Progressive (2,400 jobs), Spectrum (2,000 jobs), plus two major hospitals (2,715 jobs). While suburban in nature, Brandon is also one of Tampa’s top destinations for shopping and entertainment. The Property is in close proximity to attractions such as TopGolf, The Seminole Hard Rock Casino (which just completed a $1.5B expansion), MidFlorida Amphitheater (which host big name acts throughout the year), and millions of square feet of retail and restaurants.
With its excellent, strategic location in an accelerating submarket projected to realize unprecedented rent growth, Tapestry Town Center represents a solid investment that is positioned to deliver strong cash flow and attractive returns.
4 | Tapestry Town Center
Investment Highlights
Differentiated Asset with Luxurious Amenities and
Stylish Interiors
Burgeoning Submarket with Accelerating
Demand & Significant Rent Growth
Compelling Value Proposition Relative to
Downtown Tampa
Extremely Rapid Lease-up and Quickly
Rising Rental Rates
Walkable to Westfield Town Center and Plethora of Nearby Retail Options
Proximate to some of Tampa’s Largest Employers
and Entertainment Destinations
Adjacent to Selmon Expressway, which puts Downtown Tampa only
10 minutes away.
JLL | 5
OVERVIEWProperty
287UNITS
1,003 SFAVG. UNIT SIZE
Four-story frame with 52 detached garages and 16 attached garages
CONSTRUCTION TYPE
650 Tapestry LaneTampa, FL 33511
ADDRESS
79.1% / 95.5%OCCUPANCY/PRE-LEASED
2020YEAR BUILT
* As of 6/8/21 Rent Roll
392 Parking Spots 324 Surface Spots & 68 Attached/ Detached Garages
PARKING RATIO
$1,669 / $1.66 PSFAVERAGE MARKET RENT*
6 | Tapestry Town Center
UNIT MIXDescription Count Sq. Ft. Manager's Ask Rent PSF % of Unit Mix
The Coronado - 0 bed / 1 bath 22 573 $1,282 $2.24 7.7%
The Arta - 1 bed / 1 bath 24 698 $1,453 $2.08 8.4%
The Aden Alt - 1 bed / 1 bath 4 748 $1,420 $1.90 1.4%
The Aden - 1 bed / 1 bath 52 823 $1,519 $1.85 18.1%
The Alexander - 1 bed / 1 bath 12 825 $1,528 $1.85 4.2%
The Bonavista - 2 bed / 2 bath 54 1,019 $1,706 $1.67 18.8%
The Botany - 2 bed / 2 bath 16 1,091 $1,723 $1.58 5.6%
The Bristol - 2 bed / 2 bath 47 1,172 $1,755 $1.50 16.4%
The Biscay - 2 bed / 2.5 bath 20 1,291 $1,912 $1.48 7.0%
The Hudson - 3 bed / 2 bath 36 1,370 $2,021 $1.48 12.5%
TOTAL/AVERAGE 287 1,003 $1,669 $1.66 100.0%
UNIT MIX BREAKDOWN
8%
32%
41%
7%
12%
0x1 1x1 2x2 2x2.5 3x2
JLL | 7
• Two Resort-style Saltwater Pools w/Sun Shelf
• Fitness Studio w/Free Weights & Cardio Machines with
Personal Viewing Stations
• Yoga/Spin Studio with Fitness on Demand
• Resident Club Room with Billiards & Premium Coffee Bar
• Business Center with IMac & PC
• Pool Side Porch with Flat Screen TV and Soft Seating
• Outdoor Kitchen with Grilling & Dining Terrace
• Fire Pits with Seating
• Pet Friendly
• Dog Spa
• Two Pet Parks
• Detached & Attached Garages w/Storage
• Elevators & Stairwell access
Property Amenities
8 | Tapestry Town Center
Standard Unit Features• Chef Inspired Kitchens with Quartz Countertops
• 9’ Airy Ceilings
• Subway Tiled Kitchen Backsplash
• 42” Flat Panel Artic Cabinetry
• Brushed Nickel Hardware
• GE Stainless Steel Appliances
• Kitchen Islands and Pendant Lighting
• Goose neck faucet with attached sprayer
• Weathered Barnwood Designed Plank Flooring
• Ceiling Fan in Living Rooms
• 2” Blinds
• Spacious Closets & Pantries
• Vanities with Double Sinks*
• Tiled Walk-In Showers with Glass Doors*
• In-Home Laundry Rooms complete with Washer & Dryer
• Screen Patios & Balconies
*In select apartment homes
JLL | 9
S. Gornto Lake Road - 43,500 AADS. Gornto Lake Road - 43,500 AAD
143,500 AAD143,500 AAD
-66,000 AAD
-66,000 AAD
Town Center Blvd.
Town Center Blvd.
(544 jobs)
(3,600 jobs)DOWNTOWN TAMPA
10.5mm sf of Office Space, 77,000 Employees
PORT TAMPA BAY 85,000 indirect & direct jobs;
900k passengers use as point of entry annually
1,010 bed facility; 8,000+ jobs
10-minute Drive to Downtown Tampa
10 | Tapestry Town Center
S. Gornto Lake Road - 43,500 AADS. Gornto Lake Road - 43,500 AAD
143,500 AAD143,500 AAD
-66,000 AAD
-66,000 AAD
Town Center Blvd.
Town Center Blvd.
(544 jobs)
(3,600 jobs)DOWNTOWN TAMPA
10.5mm sf of Office Space, 77,000 Employees
PORT TAMPA BAY 85,000 indirect & direct jobs;
900k passengers use as point of entry annually
1,010 bed facility; 8,000+ jobs
10-minute Drive to Downtown Tampa
JLL | 11
Lettuce Lake Park
Tampa Int'l Airport
MacDill Air Force Base
Tampa Executive Airport
St Pete-ClearwaterInt'l Airport
Tampa
Pinellas Park
Westchase
Citrus Park
Temple Terrace
Nowatney
Ybor City
West Tampa
UV580
£¤92
£¤41
£¤301
£¤301
£¤92
£¤92
£¤41
Old Tampa Bay
Hillsborough Bay
Tampa Bay
§̈¦275
§̈¦75
§̈¦4
§̈¦75
Hillsborough
Pinellas
132,000 AADT143,500 A
AD
T
50,5000 AA
DT
���
CITI REGIONAL HEADQUARTERSEmploys 5,000
PORT TAMPA BAY85,000 indirect & direct jobs;
900k passengers use
DOWNTOWN TAMPA 10.5mm sf of Office Space, 77,000 Employees
BRANDON REGIONAL HOSPITAL428 Bed Hospital; Employs 1,785
USAA REGIONAL HEADQUARTERS
Employs 3,600
TAMPA GENERAL HOSPITAL BRANDON HELTHPLEX
20-Bed ER; 6-Bed Surgery Center
PROGRESSIVE INSURANCE Employs 2,400
SPECTRUM Employs 2,000
ADVENTHEALTH SITE 22-Acre Site Purchased in June 2020;
Plans for 360,000 SF Hospital & 100,000 SF of Medical Office
FORD CREDIT Employs 350
GROW FINANCIAL CREDIT UNION Employs 544
SEMINOLE HARDROCK CASINO Recently underwent $720mm Expansion
ST. JOSEPH'S HOSPITAL SOUTH840+ Employees & 190-Beds;
Undergoing 210k sf Expansion
TECO BIG BEND POWER STATIONSUndergoing $850mm Renovation
66,000 AADT
10-minute Drive to Downtown Tampa
PROXIMITY TO SEVERAL MAJOR EMPLOYERS
12 | Tapestry Town Center
Brandon Regional Hospital
MidFlorida Credit Union Amphitheatre
TopGolf Tampa
Buckhorn Springs Golf & Country Club
Seminole HardRock Casino
USAA Headquarters
Grow Financial Corporate Headquarters
Sydney Dover Trails
Westfield Brandon Mall
JLL | 13
14 | Tapestry Town Center
Conditions of Offering - Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than JLL, and neither owner nor JLL, nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser. JLL and owner disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2021. Jones Lang LaSalle IP, Inc. All rights reserved.
Tours - All tours must be scheduled in advance by contacting Matt Mitchell. In lieu of an in-person tour, JLL will conduct live video tours via FaceTime/Skype if investors are unable to travel. In addition, a video of the Property and Matterport Virtual Tour links are below.
JLL | 15
401 E. Jackson St., Suite 1100 | Tampa, FL 33602
www.us.jll.com/capitalmarkets
Jones Lang LaSalle Americas, Inc. (“JLL”), a licensed real estate broker
Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than JLL, and neither Owner nor JLL, nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser. JLL and owner disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2020. Jones Lang LaSalle IP, Inc. All rights reserved.
Elliott ThroneSr. Managing DirectorJLL Capital Markets+1 305 421 [email protected]
Drew JenneweinDirectorJLL Capital Markets+1 813 387 [email protected]
INVESTMENT ADVISORS DEBT ADVISORS
JLL Capital Markets
Zach NolanSr. DirectorJLL Capital Markets+1 813 387 [email protected]
Bailey SmithAnalystJLL Capital Markets+1 813 387 [email protected]
Ken DelVillarManaging DirectorJLL Capital Markets+1 407 745 [email protected]
Matt MitchellSr. Managing DirectorJLL Capital Markets+1 813 387 [email protected]
Jarrod SmithAssociateJLL Capital Markets+1 813 387 [email protected]
Jay BallardManaging DirectorJLL Capital Markets+1 407 745 [email protected]
Jesse WrightDirectorJLL Capital Markets+1 305 448 [email protected]