washington, dc / northern virginia multifamily portfolio

Investment Summary
WASHINGTON, DC / NORTHERN VIRGINIA
MULTIFAMILY PORTFOLIO
Windsor at Fair Lakes
Waterside
Ellipse at Government Center
The Townes at Herndon Center
Westerly at Worldgate
TRANSWESTERN’S MID-ATLANTIC MULTIFAMILY GROUP, AS EXCLUSIVE AGENT, IS PLEASED TO PRESENT FOR SALE
THE WASHINGTON, DC / NORTHERN VIRGINIA MULTIFAMILY PORTFOLIO
5 PROPERTIES TOTALING 1,468 APARTMENTS
Ellipse at Government Center • Windsor at Fair Lakes • Waterside
The Townes at Herndon Center • Westerly at Worldgate
THE PROPERTIES MAY BE PURCHASED INDIVIDUALLY OR AS A PORTFOLIO
WASHINGTON, DC / NORTHERN
VIRGINIA MULTIFAMILY PORTFOLIO
Transwesterns’ Mid-Atlantic Multifamily Group, is pleased to present the Washington, DC/Northern Virginia Multifamily Portfolio,
consisting of 1,468 units within five properties with a blend of core quality presence and value-add potential assets in highly sought
after locations in Fairfax, Reston and Herndon, Virginia. Fairfax County, the second wealthiest county in the United States, is the most
populous county in the Washington, DC region with nearly 1.1 million residents, serving as the forefront of economic activity within
the nation’s strongest regional economy. The Properties are all well-established and appointed communities that offer a superior
opportunity for an investor to acquire a critical mass of multifamily investments positioned to appreciate increased rental revenue in
one of the most vibrant apartment markets in the Nation.
The properties can be purchased individually or as a portfolio
Property Name
City
ST
Year
Built
# of
Units
AVG.
Unit SF
AVG.
lease Rent*
AVG.
$ per SF
Total Net
Rentable SF
Ellipse at Government Center
Fairfax
VA
1989
404
974
$1,548
$1.59
393,302
Windsor at Fair Lakes
Fairfax
VA
1988
250
950
$1,640
$1.73
237,455
Waterside
Reston
VA
1984
276
847
$1,519
$1.79
233,872
The Townes at Herndon Center
Herndon
VA
2002
218
1,316
$2,007
$1.52
286,973
Westerly at Worldgate
Herndon
VA
1995
320
921
$1,485
$1.61
294,832
Portfolio Total/Average
-
-
1992
1,468
985
$1,613
$1.64
1,446,434
* Average lease rent as of 11/14/2012
The Portfolio represents an extremely rare opportunity to
acquire well preserved high quality assets in A+ locations poised
for continued growth in an expanding Washington, DC economy.
INVESTMENT HIGHLIGHTS
Exceptional Location
The Property locations are strategically positioned in close
proximity to major employment centers, retail destinations and a
strong transportation infrastructure that includes major roadway
arteries, METRO access and Dulles International Airport. When
combined with an exceptionally qualified workforce, top-quality
education system and a large, diversified and dynamic economy
to support strong investor demand.
Asset Preservation
Extensive capital improvements have been performed portfoliowide with several of the properties completing items such as; full
roof replacement, exterior façade, HVAC, common area, amenity
upgrades and in-unit renovations. Strong resident demand for
high-quality apartment homes has proven successful within the
portfolio generating superior returns from incremental capital
investments.
Value-Add Component
Townes at Herndon and Westerly at Worldgate located in
Herndon, Virginia with close proximity to Dulles Airport and
Reston Town Center offer an exceptional opportunity to add
value through a modest interior renovation. The Townes at
Herndon with predominately three level townhome style units
with attached garage designs and Westerly at Worldgate with
contemporary floor-plans with 9 foot ceilings situated perfectly
along the Dulles Corridor are well positioned for significant
rent growth and offer a rare opportunity to create value from
interior enhancements with return on investment. The remaining
unrenovated units at Ellipse at Government Center provide an inunit rehab opportunity with the ability to produce above-average
returns on investment.
Renewal increases portfolio wide average 6.3% based on the last
30 lease renewals for each property.
WASHINGTON, DC / NORTHERN
VIRGINIA MULTIFAMILY PORTFOLIO
Ellipse at Government Center
404-Units • Fairfax, Virginia
# Units
% of Mix
SF
Rent*
$/SF
1 Bedroom (1A)
2 Bedroom (2A)
Unit Type
118
286
29.2%
70.8%
780
1,053
$1,391
$1,613
$1.78
$1.53
Total/Average
404
100%
974
$1,548
$1.59
* Average lease rent as of 11/14/2012
Windsor at Fair Lakes
250-Units • Fairfax, Virginia
# Units
% of Mix
SF
Rent*
$/SF
1 Bedroom (A1)
2 Bedroom (B1)
3 Bedroom (C1)
Unit Type
103
96
51
41.2%
38.4%
20.4%
749
972
1,314
$1,422
$1,665
$2,034
$1.90
$1.71
$1.55
Total/Average
250
100%
950
$1,640
$1.73
* Average lease rent as of 11/14/2012
WASHINGTON, DC / NORTHERN
VIRGINIA MULTIFAMILY PORTFOLIO
Waterside
276-Units • Reston, Virginia
# Units
% of Mix
SF
Rent*
$/SF
1 Bedroom (1A)
2 Bedroom (2A)
2 Bedroom (2B)
3 Bedroom (3A)
Unit Type
114
81
69
12
41.3%
29.3%
25.0%
4.3%
700
887
988
1,173
$1,405
$1,518
$1,641
$1,903
$2.01
$1.71
$1.66
$1.62
Total/Average
276
100.0%
847
$1,519
$1.79
* Average lease rent as of 11/14/2012
The Townes at Herndon Center
218-Units • Herndon, Virginia
# Units
% of Mix
SF
Rent*
$/SF
2 Bedroom (2A)
3 Bedroom (3A)
3 Bedroom (3B)
Unit Type
161
55
2
73.9%
25.2%
0.9%
1,272
1,428
1,800
$1,951
$2,159
$2,315
$1.53
$1.51
$1.29
Total/Average
218
100.0%
1,316
$2,007
$1.52
* Average lease rent as of 11/14/2012
WASHINGTON, DC / NORTHERN
VIRGINIA MULTIFAMILY PORTFOLIO
Westerly at Worldgate
320-Units • Herndon, Virginia
Unit Type
# Units
% of Mix
SF
Rent*
$/SF
1 Bedroom (1A)
1 Bedroom (1BAF)
2 Bedroom (2A)
2 & 3 Bedroom (2B)
2 Bedroom (2BAF)
3 Bedroom (3AAF)
105
7
69
96 & 30
11
2
32.8%
2.2%
21.6%
39.4%
3.4%
0.6%
696
630
910
1,133
846
1,248
$1,322
$896
$1,509
$1,688
$1,033
$1,031
$1.90
$1.42
$1.66
$1.49
$1.22
$0.83
Total/Average
320
100.0%
921
$1,485
$1.61
* Average lease rent as of 11/14/2012
1
2
3
WASHINGTON, DC / NORTHERN
VIRGINIA MULTIFAMILY PORTFOLIO
Dynamic Employment Base
With a balanced and thriving economy, Fairfax County has
established itself as the primary economic engine for the greater
Washington metro area and the Commonwealth of Virginia. The
local economy is built around advanced information technology,
telecommunications, and professional and technical services for
both government and commercial markets. As a global business
center, the county is home to the headquarters of companies
that include; Booz Allen Hamilton*, Northrop Grumman, SAIC*,
CSC*, Freddie Mac*, General Dynamics*, Capital One Financial*,
ITT Exelis, Inova Health System, Navy Federal Credit Union,
NII Holdings*, Gannett Publishing* and other companies with
significant presence in the county include Accenture, BAE
Systems, Deloitte, Lockheed Martin and IBM.
* Fortune 500 Companies Headquartered in Fairfax County
Vibrant Apartment Market
Strong fundamentals including well-educated and compensated
workforce, robust population, rent growth, low vacancy and
concessions, transportation infrastructure and abundance of
top-tier employers, including numerous Fortune 500 corporate
headquarters, are the key drivers why these submarkets within
the portfolio are top performers in the Washington, DC region.
Widely regarded as one of the most stable commercial real
estate markets in the world, the Washington, DC region boasts a
vacancy rate of just 3.8% for all classes of apartments compared
to the national average of 4.8% in the 3rd quarter 2012. LongTerm rent growth for investment grade apartments has averaged
4.6% while specific submarkets such as Reston/Herndon and
Fair Oaks report rent growth of 5.2% and 4.8% respectively over
the past year.
Apartment Vacancy Rate
Major Apartment Markets
CLASS A Apartment Vacancy Rate
Washington Metro | Year-End 2005 - 2015
9.0%
7%
No VA
8.0%
Stabilized Vacancy Rate
Vacancy Rate (All Classes)
National Rate:
4.8%
7.0%
Sub MD
The District
6%
1/
6.0%
5.0%
4.0%
3.0%
5%
4%
3%
2%
1%
2.0%
0%
1.0%
0.0%
NY
Wash*
Phi*
LA
Chi
Balt*
DFW
Phx
Hou
Atl
The 57 largest apartment markets in the U.S.
* Mid-Year 2012 data except for Washington, Baltimore and Philadelphia which are as of third quarter 2012.
1/
Washington 2005
Metro
Vacancy 2.8%
2006
2007
2008
2009
2010
2011
2012*
2.3%
2.9%
3.6%
4.4%
3.6%
5.0%
5.6%
Source: Delta Associates, September, 2012
2013
5.9%
2014
2015
5.6%
5.4%
* Q3 2012 Class A Vacancy - 3.9%
LARGEST EMPLOYERS IN FAIRFAX COUNTY, VIRGINIA
CHANTILLY/CENTREVILLE/HERNDON
> Booz Allen Hamilton
> Cisco Systems
> CSC
> FBI
> L-3 Communications
> Lockheed Martin
> National Reconnaissance Office
> Northrop Grumman
> Quest Diagnostics
> TASC
RESTON
> BAE Systems
> L-3 Services
> Oracle
> Reston Hospital Center
> Scitor
> Serco
> Sprint
> Unisys
> U.S. Geological Survey
> Verisign
TOWN OF HERNDON
> Apex CoVantage
> Defense Contract Audit Agency
> Guident
> IECS
> ORI
> Software Catalysts
> Teligent
> Town of Herndon Government
> U.S. Department of the Interior
> Vovici
Note: 10 largest employers in each area are included on the basis of on-site employment and are listed alphabetically.
Source: Fairfax County EDA and other sources
FAIRFAX CENTER/OAKTON
> ArgonST
> AT&T
> Avaya
> CGI
> Fairfax County Government
> General Dynamics IT
> George Mason University
> Fair Oaks Hospital
> ManTech International
> SRA International
WASHINGTON, DC / NORTHERN
VIRGINIA MULTIFAMILY PORTFOLIO
HOME DEPOT CENTER
LOUDOUN
COUNTY
FAIRFAX
COUNTY
HERNDON MARKETPLACE
Herndon
Centennial
Golf Course
28
Santini’s
HERNDON CENTRE
SHOPPING CENTER
Stanton
Park
828
New York Style Deli
DULLES PARK SHOPPING CENTER
606
ELDEN STREET MARKETPLACE
THE SPECTRUM AT
RESTON TOWN CENTER
Sugarland
Run Stream
Valley Park
THE PINES CENTER
228
HERNDON
28
606
SILVER LINE
OPENING 2016
WATERSIDE
TOWNES
606
Reston
Hidden Creek
Country Club
174,700 SF
181,958 SF (Class A)
> 100% Occupied by Fannie Mae
> Est. # of Employees: 1,000
RESTON TOWN CENTER
228
1 - 211,500 SF
2 - 137,780 SF
3 - 146,482 SF
267
VERISIGN BUILDING
221,326 SF
WESTERLY
WORLDGATE CENTRE
sport&health
One Freedom Square - 447,384 SF
Two Freedom Square - 421,676 SF
SOMA at Reston Town Center A - 260,000 SF
SOMA at Reston Town Center B - 125,100 SF
SOMA at Reston Town Center C - 250,000 SF
One Fountain Square - 249,207 SF
Two Fountain Square - 225,723 SF
H
RESTON EXECUTIVE CENTER
Washington
Dulles
International
Airport
606
602
286
WORLDGATE 1 & 2
RESTON
HOSPITAL
CENTER
228
PLAZA AMERICA
RESTON
267
286
SILVER LINE
OPENING 2016
VILLAGE CENTER AT DULLES
657
SILVER LINE
OPENING 2016
267
228
RESTON TOWN CENTER
WOODLAND PARK
South Pointe I - 158,896
South Pointe II - 159,633
WOODLAND PARK
28
One Dulles Tower - 404,665 SF
> 100% Occupied
An Additional 625,00 SF of space
is planned in three buildings.
I - 167,285 SF
II - 214,460 SF
III - 193,138 SF
IV - 230,067 SF
SM
828
230,389 SF
> 100% Occupied
> Est. # of Employees: 445
Plaza Ridge I - 158,016
Plaza Ridge II - 167.133
WORLDGATE PLAZA
I - 83,330 SF
II - 80,582 SF
VOLKSWAGEN OF AMERICA
HEADQUARTERS
Northbridge I - 132,263 SF
Northbridge II - 126,216 SF
III - 80,580 SF
IV - 83,330 SF
U.S. CUSTOMS
AND BORDER
PROTECTION
184,747 SF
50
286
FAIRFAX TOWNE CENTER
ONE MONUMENT PLACE
221,538 SF
FAIR OAKS MALL
657
Dulles
Expo
H
CenterFAIR OAKS
ONE
National
Reconnaissance
Office
12490 Sunrise Valley Dr - 170,000 SF
12502 Sunrise Valley Dr - 170,000 SF
12524 Sunrise Valley Dr - 170,000 SF
MONUMENT AT WORLDGATE
WOODLAND PARK
WOODLAND PARK
CHANTILLY
214,214 SF
> 100% Occupied
FAIRFAX CENTER
INOVA
FAIR OAKS
HOSPITAL
PENDER VILLAGE CENTER
GREENWOOD PLAZA
657
50
FAIR OAKS
MEDICAL CENTER
FAIR LAKES CIRCLE
259,209 SF
84,750 SF
> 100% Occupied
286
645
WINDSOR
FAIR LAKES
FAIRFAX COURT
66
ARGON PLAZA
273,539 SF
12900 Federal Systems Park Dr
311,969 SF
> 100% Occupied
28
29
Fair Lakes 1 - 130,549 SF
Fair Lakes 2 - 183,622 SF
Fair Lakes 3 - 74,184 SF
Fair Lakes 4 - 75,336 SF
Fair Lakes 5 - 96,591 SF
Fair Lakes 7 - 152,507 SF
ELLIPSE
123
FAIRFAX JUNCTION
236
FAIRFAX CENTRE
LEE PLAZA
COSTCO PLAZA
URGENT CARE
CENTER
FAIRFAX
286
29
H
INOVA
29
50
FAIRFAX COUNTY
GOVERNMENT
CENTER
66
FAIR LAKES CENTER
CENTREVILLE
123
OAKTON
153,255 SF
28
66
SILVER LINE
OPENING 2013
WORLDGATE PLAZA
WEST
FAIRFAX
EAST MARKET AT FAIR LAKES
George Mason
University
50
355
Gaithersburg
WASHINGTON, DC / NORTHERN
VIRGINIA MULTIFAMILY PORTFOLIO
370
200
ICC
Rockville
MARY
LAND
VIRGIN
ICC
200
IA
355
MONTGOMERY
LOUDOUN
97
29
270
FAIRFAX
28
185
7
Sterling
WATERSIDE
Bethesda
Herndon
650
355
GWP
Reston
WASHINGTON D.C.
50
GWP
ARLINGTON
WINDSOR
Fair Lakes
Oakton
29
123
66
50
66
27
244
Fairfax
395
50
50
29
50
1
395
120
FAIRFAX
236
ELLIPSE
395
29
Arlington
29
50
66
Centerville
7
495
Alexandria
395
620
286
236
495
638
295
GWP
7
620
Reagan
National
Airport
D
Chantilly
D
RY C
LA
N
Tysons
Corner
286
28
1
495
M
50
29
267
WESTERLY
Washington Dulles
International Airport
C
390
495
TOWNES
495
A
267
95
Silver
Spring
95
123
1
Manassas
95
210
234
for property inquiries contact
CA / website access contact
210
641
242
VIR
MA GINI
RY
A
LA
N
DEAN SIGMON
ROBIN WILLIAMS
JUSTIN SHAY
PRINCE
Senior Vice President,610Director
Senior
Vice
President,
Director
Senior
Associate
WILLIAM
dean.sigmon@transwestern.net 663 robin.williams@transwestern.net
justin.shay@transwestern.net
D
C: 703.851.0126 • P: 301.896.9089 C: 301.922.8731 • P: 301.896.9070 C: 410.977.6308 • P: 301.896.9082
KATIE RUBINO
Marketing Associate
katie.rubino@transwestern.net
P: 301.896.9069
• F: 301.571.3423
PRINCE
GEORGES
227
123
3000
For more information on the Washington,
DC / Northern Virginia Multifamily Portfolio please visit our website at
3000
http://twmidatlanticmultifamily.listinglab.com/DC_NOVA_MF_Portfolio
640
2000
234
228
1
MID-ATLANTIC HEADQUARTERS
6700 Rockledge
Drive, Ste. 400-A
Potomac
Bethesda, MD 20817
River
PotomacF: 301.571.3423
P: 301.896.9020
River
229
227
227
301
The information contained herein was obtained from sources deemed reliable and, while believed correct, is offered subject to errors, price changes and prior sale or withdrawal without notice
Dumfries