Embed Size (px)
Citation preview
RIVERBEND100 Units | Gadsden, AL
Riverbend is a 100-unit multifamily community located in Gadsden,
AL, roughly 60 miles northeast of Birmingham. Current ownership has
invested significant capital into both the property’s interiors and exteriors,
including interior renovations as units turn. Roughly 80 of the units have
been renovated and are achieving a significant rent premium, leaving new
ownership a proven value-add model. New ownership will also have the
potential to add value to the property by enhancing its amenities package
and bringing one unit online.
RIVERBEND
SUMMARY & LOCATION
UNIT BREAKDOWNType Units Unit SF Total SF
1BD/1BA 20 710 14,200
2BD/2BA 60 850 51,000
3BD/2BA 20 1,121 22,420
Total/Avgs 100 876 87,620
SITENumber of Units 100
Rentable Square Feet 87,620
Average SF Per Unit 876
# of Apartment Buildings 5
Year Built 1978
Acreage 8.20
Density (Units Per Acre) 12.20
Property Address 950 Riverbend Drive
Please see OM for all information.
SIGNIFICANT INVESTMENT IN PROPERTY RENOVATION: Recent property improvements include Upgraded Interiors, Re-built Pool Area, Upgraded Grilling Area, Clubhouse Upgrades, Fire Pit & Decks, and New Roofs (in progress)
MARKET-PROVEN VALUE-ADD OPPORTUNITY: Roughly 80% of Riverbend’s units have been renovated, and these units are achieving up to a $125 premium. Due to the success of these renovations, new ownership can complete the value-add initiative to strengthen the property’s long-term returns. Additional value-add opportunities exist by constructing an additional amenity on-site, such as a Fitness Center, and bringing an additional unit online.
NATIONAL RECOGNITION IN MANUFACTURING INDUSTRY: The state of Alabama has garnered national attention for its recent success in the Manufacturing industry, ranking in the Top 10 in several relevant categories. Investments by international companies in Alabama’s largest cities are evidence of this:• Mercedes Benz (Tuscaloosa) - Recently invested $1 Billion in its Tuscaloosa plant and is expected to create more than 600 jobs• Airbus (Mobile) - A production ramp-up could mean 600 new jobs• Honda (Birmingham) - Moving forward with a $54 Million expansion• Toyota/Mazda (Huntsville) - Recently announced $1.6 Billion plant that will employ up to 4,000 workers
LOCAL ECONOMIC DRIVERS: Gadsden and its surrounding areas are home to several large employers, retailers, schools, hospitals, and recreational opportunities including:• Goodyear Tire & Rubber - 1,698 jobs• Gadsden Mall - 502,591 SF anchored by Belk, JCPenney, Sears, & Premiere Cinema 16• Big Box Retailers - Walmart, Old Navy, PETCO, Ross, Ulta, Kirkland’s, Hobby Lobby• Gadsden State Community College - 2,513 students / 742 jobs• Gadsden Regional Medical Center - 346 beds / 1,142 jobs• Riverview Regional Medical Center - 281 beds / 600 jobs• Twin Bridges Golf Club - 257-acre golf course• Noccalula Falls - one of “America’s most stunning natural wonders” by The Weather Channel
PROXIMITY TO MAJOR MARKETS: Residents of Riverbend reap the benefits of being within a 90-minute drive of 3 thriving Southeast markets, surrounding Gadsden with significant job markets and rapidly-growing cities:• Birmingham (60 minutes) - The Birmingham MSA supports roughly 400,000 jobs• Chattanooga (90 minutes) - Chattanooga has the Highest Growth Rate among Tennessee’s 4 biggest cities, as evidenced by its 5.1% population growth since 2010• Huntsville (90 minutes) - Huntsville ranks #1 in all of the following categories: • America’s Fastest-Growing Tech City • Smartest City in AL
• Fastest Growing Large Alabama City
VALUE-ADDOPPORTUNITIESNew Ownership will have the opportunity to continue the value-add
approach that current ownership has been using to potentially provide
additional income to the property. Additionally, Riverbend has a large
fenced in blacktop area that could be converted into a fitness center
or playground. New ownership can also potentially bring the existing
maintenance supply closet (Unit 42) online for additional revenue.
2
3
CONSTRUCT ADDITIONAL AMENITYRiverbend has a large fenced in blacktop area that could potentially be converted into a
fitness center or playground, enhancing Riverbend’s existing amenities package.
BRING UNIT 42 ONLINEUnit 42, a 2BD unit, is currently being used
for maintenance storage. New ownership
could potentially construct a maintenance
shed elsewhere on the property and bring
Unit 42 online. At Riverbend’s current 2BD
market rate of $645, this could create an
annual NOI increase of $7,440.
+$7,440NOI
INCREASE
COMPLETE RENOVATION PROGRAMCurrent ownership has been renovating unit interiors as
tenants turn over. New ownership will have the opportunity
to complete the renovation program and charge up to
a $125 premium. Depending on how many units have not
been renovated at the time of sale, new ownership has the
potential to increase annual NOI by up to $30,000.
CURRENT BLACKTOP AREAVALUE ADD OPTION:PLAYGROUND
VALUE ADD OPTION:FITNESS CENTER
1+$30,000
NOIINCREASE
TKC ALABAMA TRANSACTION TEAM:
Eric HardestyManaging Partner [email protected](205) 225-7000
William KirklandManaging [email protected]
MORE INFORMATION ON RIVERBEND CAN BE FOUND IN THE OFFERING MEMORANDUM -PLEASE VISIT THEKIRKLANDCO.COM/LISTINGS TO FILL OUT A CA.
thekirklandco.com5141 Virginia Way, STE 320Brentwood, TN 37027
