2014 ULI/Butcher Multifamily Housing Forum--Drew Ades
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Drew Ades, President and CEO, Housing Partnership Equity Trust
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2014 ULI/Butcher Multifamily Housing Forum--Drew Ades
- 1. 2000 Illinois, Aurora, IL Background • Originally constructed in 1974 • Located 40 miles west of Chicago • 128 units total: 104 one-bedroom, 24 two-bedroom • Rents currently below market rate and local area comparables, making it “naturally affordable” • Tenants pay for electricity, which includes air conditioning • 1/3-1/2 of replacement cost Acquisition Sources & Uses HPET Line Financing HPET Equity Member Equity Total Sources of Funds $ % of Total $4,434,757 60.3% $2,550,649 34.7% $367,653 5.0% $7,353,059 100.0% $ / Unit $34,647 $19,927 $2,872 $57,446 Property Acquisition Capital Expenditures at Closing Fees Total Uses $5,200,000 $1,547,527 $605,532 $7,353,059 $40,625 $12,090 $4,731 $57,446 70.7% 21.0% 8.2% 100.00% Historical and Pro Forma Rent Data Historical Operations Annualized 2012 Average Rents $699 Change Year-over-Year (%) 1.77% Year 1 $754 7.86% Rehab Year 2 $785 4.09% Year 3 $817 4.07%
- 2. Woodside Court, Fairfield, CA Background • Originally constructed in 1985 • Located 40 miles northeast of San Francisco and 35 miles southwest of Sacramento • 129 units total: 25 one-bedroom, 104 two- bedroom • Rents restricted by the 60% AMI tax credit levels • Tenant pays all utilities except water, sewer and trash • 1/3-1/2 of replacement cost Acquisition Sources & Uses Existing Debt HPET Equity Member Equity Total Sources of Funds $ % of Total $8,858,000 68.48% $3,431,279 26.52% $646,804 5.00% $12,936,083 100.00% $ / Unit $68,667 $26,599 $5,014 $100,280 Property Acquisition Capital Expenditures at Closing Fees Total Uses $12,000,000 $294,000 $642,083 $12,936,083 $93,023 $2,279 $4,977 $100,280 92.76% 2.27% 4.96% 100.00% Historical and Pro Forma Rent Data Historical Operations Annualized 2012 Average Rents $903 Change Year-over-Year (%) 2.13% Year 1 $926 1.93% Year 2 $944 1.67% Year 3 $960 1.98%
- 3. Woodmere Trace, Norfolk, VA Background • Originally constructed in 1974 • Located in the central portion of the City of Norfolk, 15-20 minutes from downtown Norfolk, Virginia Beach and the Virginia Peninsula • 300 units total: 124 one-bedroom and 176 two-bedroom • Tenant pays for electricity, water is rubbed currently but will be changed to a direct bill • 1/2 of replacement cost Acquisition Sources & Uses HPET Line Financing HPET Equity Member Equity Total Sources of Funds $ % of Total $12,791,970 61.75% $6,887,984 33.25% $1,035,787 5.00% $20,715,741 100.00% $ / Unit $42,640 $22,960 $3,453 $69,052 Property Acquisition Capital Expenditures at Closing Fees Total Uses $15,250,000 $3,993,090 $1,472,650 $20,715,741 $50,833 $13,310 $4,909 $69,052 73.62% 19.28% 7.11% 100.00% Historical and Pro Forma Rent Data Historical Operations Annualized 2012 Average Rents $779 Change Year-over-Year (%) 1.77% Rehab Year 1 $803 7.86% Stabilzation Year 2 Year 3 $829 $817 4.09% 4.07%