Property Summary PDF

Transcription

PROPERTY SUMMARY
Plantation Apartments – Phase II, Mission/McAllen , Texas
GMI - 108 Mission, LP
The Plantation Apartments – Phase II
Table of Contents
SECTION I
SECTION II
EXECUTIVE SUMMARY
2
•Overview
•Rendering
3
3
PROPERTY AND MARKET INFORMATION
4
•Sharyland Plantation
History
Residential
Industrial
Commercial
Educational Opportunities
•Site Map, Location Map and Survey
Location Map
Aerial
Site Map 1
Site Map 2
Survey
•Demographics
SECTION III
DEVELOPMENT TEAM
•Developer
•General Contractor
•Architect
SECTION IV
SECTION V
5
5
6
7
8
9
10
11
12
13
14
15
19
20
21
22
FINANCIAL INFORMATION
25
•Development Cost Summary
•Cash Flow Summary
•Estimated Cost – Loan Request to Bank
•Sources and Uses
26
27
28
29
GENTRY MILLS CAPITAL – COMPANY OVERVIEW
30
This Property Summary is provided solely for the use of authorized broker-dealers, and may not be distributed to prospective investors. It is not intended to be used to
make an investment decision. This Property Summary describes certain aspects of the described offering and is not intended to be a description of all the material factors
an investor should consider before investing. This Property Summary is provided only for general information purposes concerning the described offering and may not be
used for any other purpose. It should not be considered as a prediction of results to be attained or a guarantee of future performance. Actual results may differ
materially from such information for any number of reasons. This Property Summary does not constitute an offer to sell any securities, which will only be made pursuant
to a duly authorized confidential Private Placement Memorandum. This Property Summary is confidential and may not be reproduced.
www.gentrymillscapital.com
Page 1
Executive Summary
Page 2
PLANTATION APARTMENTS – PHASE II
The Plantation Apartments – Phase II, “the Project”, is located within Sharyland Plantation, a vibrant 6,000-acre master
planned community located in the upper Rio Grande Valley, in the cities of Mission and McAllen, Hidalgo County, Texas.
The Plantation Apartments – Phase II will contain 108 garden apartment units, consisting of 48 one bedroom, 52 two
bedroom and 8 three bedroom units contained in 5 two and three-story buildings. The exterior will be stone and HardiPlank siding. The roofs will be pitched with concrete shingles.
The project will have 216 parking spaces including 16 detached garages and 36 architecturally complementary carports.
There will be storage units contained within the apartment complex.
The project will have a swimming pool with a large deck and lounging area, an abundance of irrigated green areas with lush
courtyards, palm trees, barbecue grills, picnic areas and palapas. The amenity pavilion will be approximately 2,100 square
feet containing a fitness facility, business center, clubroom and mailroom. The pavilion will also have a covered porch with
outdoor furniture overlooking the pool.
The interiors of the units will feature upscale, all electric appliances including smooth-top ranges, microwave vent hoods
and double door refrigerators with ice & water dispensers. The kitchen will also feature raised panel cabinetry plus twotone paint in selected areas. There will be 9-foot ceilings throughout with crown molding in the living, dining and kitchen
areas and ceiling fans in all bedroom and living areas. Bathrooms will contain framed vanity mirrors, garden tubs with tile
surrounds and upscale cabinetry and bath fixtures. All units will have washer/dryers. First floor units will feature faux wood
flooring.
UNITS
TYPE OF
UNIT
NO. OF
UNITS
UNIT
SQ. FT.
TYPE
SQ. FT.
RENT
RENT PER
SQ. FT.
RENT PER
TYPE
A1
1BR/1BA
24
611
14,664
$750
$1.227
$18,000
A2
1BR/1BA
24
754
18,096
$825
$1.094
$19,800
B
2BR/2BA
40
1,040
41,600
$1,050
$1.010
$42,000
B1
2BR/2BA
12
1,067
12,804
$1,075
$1.007
$12,900
C
3BR/2BA
8
1,433
11,646
$1,450
$1.012
$11.600
108
913
98,628
$966
$1.058
$104,300
TOTALS/AVGS:
Page 3
Property and Market Information
Sharyland Plantation,
Mission/McAllen, Texas
Page 4
SHARYLAND PLANTATION
History
Sharyland Plantation is a Hunt Valley Development. Hunt Valley Development is an affiliate of Dallas-based Hunt Realty
Investments, Inc. Hunt Realty serves as the centralized real estate investment management resource for the Ray L. Hunt
family.
Once part of the La Lomita Spanish mission, John Shary purchased the area known as Sharyland in 1914. Shary planted
thousands of acres of citrus trees and the grapefruits and navel oranges drew people to the area like gold to California. By
the 1950s, citrus groves dotted every corner of the land and everyone benefited from the success. Sharyland farmers
developed the Ruby Red Grapefruit, varieties of which remain recognized as the highest-quality grapefruit produced in the
United States. However, strong competition with Florida and California and an unusual freeze in the 1980s slowed the
market and the landscape began to change.
Today, Sharyland’s growth is largely a result of the economic changes spawned by the North American Free Trade
Agreement (NAFTA). The region is also popular among professionals working in McAllen and Mission, the third fastest
growing metropolitan area in the United States. Ongoing residential, industrial and commercial development continues to
shape Sharyland Plantation.
Residential
A diverse array of single family neighborhoods in a variety of styles designed to appeal to families, couples and singles of all
ages.
•1,830 homes already built ranging from $180,000 to over $2 million; approximately 6,000 residents
•5 model homes open daily: 9 diverse neighborhoods
•Sharyland Visitor Center: Open daily to provide maps and information on the community.
•Community Center & Pool: A premier swimming facility available to residents. Facilities include two recreational pools,
toddler pool, aqua slides, splash jets and a water playground.
•Acres of Open Space: Provides residents miles of hike-and-bike trails with lakes, parks and green common areas at their
doorstep.
•A Community Association: Preserves the amenities and aesthetic integrity of Sharyland Plantation. All residential property
owners are automatically members of the Sharyland Residential Community Property Owners Association.
Page 5
Industrial
The “Class A”, Sharyland Business Park, directly adjacent to the Anzalduas International Crossing, connects to the most efficient
and modern distribution route between Mexico, United States and Canada. The strategic location and alliance with its crossborder counterpart, uniquely positions the development to accommodate manufacturers, suppliers and logistics companies.
With more than 4 million square feet of industrial space, the multi-national Business park is represented by global companies
and industry leaders such as: Bissell, Black and Decker, G. E., Emerson Electric, Celestica, Sharp, Andrew Corporation,
Panasonic, Jabil Circuit, Spring Industries and Motorola, to name a few.
With an international metro population of more than 1.5 million, Sharyland Business Park is strategically located at the center
of North America’s population growth corridor. Just across the border in Reynosa, Tamaulipas, industrial parks with over 200
manufacturing operations are Sharyland Business Park’s Mexican neighbors.
With the state-of-the art Anzalduas International Trade Bridge, businesses have access to the most efficient distribution route
through the U. S.-Mexico border and the shortest route between Monterrey and the expanding I-69 (NAFTA highway) with
primary distribution arteries throughout the U.S. and into Canada. The new Anzalduas Highway will directly connect the Port of
Entry to Expressway 83.
The Business Park features world-class infrastructure and Class A investment grade facilities. The development is fully
landscaped with impeccably maintained common areas and 40’ to 43’ wide concrete boulevards for a smoother traffic flow.
Architectural and construction quality controls create added value to real estate investments.
Page 6
Commercial
Sharyland Plantation’s 55-acre town center is home to 240,000 square feet of professional offices, financial services,
medical services, a community amphitheatre, a sports recreation facility, a hotel, apartments and many other
conveniences.
•Hawthorn Suites, LTD: 102 all-suites tropically landscaped extended stay resort.
•Las Misiones: A mixed-use development with 118 elegant luxury apartment homes and retail/executive suites by Domit Construction.
•San Pedro Apartments: 270 elegant luxury apartment homes currently leasing.
Page 7
Educational Opportunities
•Sharyland Independent School District (SISD) renowned for excellence
•Ruben Hinojosa Elementary School, located in Sharyland Plantation
•Harry Shimotsu Elementary School, located in Sharyland Plantation
•B. L. Gray Junior High, located in Sharyland Plantation
•Sharyland High School, just 5 minutes away
•South Texas College – McAllen, TX – www.southtexascollege.edu
Enrollment – 22,000
•University of Texas Pan American – Edinburg, TX – www.utpa.edu
Enrollment – 17,000
Sharyland Plantation has been designed with an emphasis on educational enrichment. To meet the needs of children
residing in Sharyland Plantation, the community welcomes B. OL. Gray Junior High, Sharyland Plantation’s first middle
school, which opened its doors in the fall of 2008. The schools in our community are part of the acclaimed Sharyland
Independent School District.
Additional Educational Opportunities
•Agape Christian School
•South Texas Vo-Tech
•Plantation Child Care & Development Center
•Sharyland ISD Receives Top Financial Rating – The Texas Education Agency has rated the district’s financial
management as “Superior Achievement” (the highest rating) for the 8th consecutive year.
•Ten individual Sharyland ISD campuses were rated “Exemplary” by T.E.A. These campuses include all the
elementary schools and both junior highs. Sharyland High School was rated as “Recognized”.
•The T.E.A.’s Division of NCLB Program Coordination recognized 9 Sharyland ISD schools as “distinguished”
campuses for their outstanding academic performance over the last three years.
•Sharyland ISD Schools Made National List of Higher Performing Schools
•Sharyland Junior Highs Nominated for 2011 Blue Ribbon Honors (honors schools for academic excellence)
Page 8
Location Maps
Aerial, Site Maps
And Survey
Page 9
Page 10
Page 11
SITE
Page 12
SITE
Page 13
Page 14
Page 15
Page 16
Page 17
Page 18
Development Team
Developer
General Contractor
Architect
Page 19
Developer
Sage Properties Corporation
The Project is being developed by Gentry Mills Capital’s development partner, Sage Properties Corporation (“Sage”) through
its affiliate, 192 Mission GP LLC (the “Developer”), the general partner of the Project Partnership. Sage was incorporated in
1968 and functions as a real estate investment and advisory company specializing in the development, acquisition,
rehabilitation and disposition of multifamily properties. Sage is based in Houston, Texas with most of its properties located
in Texas and the southeast United States. James P. Charnquist has served as President of Sage since its inception. While
concentrating most of his efforts on multifamily rental properties, Mr. Charnquist has also built shopping centers, office
complexes, townhomes and condominiums. Individually, Mr. Charnquist has been responsible for the construction of over
8,800 multifamily units.
Below are samples of multifamily projects built by Sage Properties Corporation.
Hunter’s Cove, Waxahachie, Texas (Just 20 minutes south of Dallas, Texas)
Ingleside Plantation, Ingleside, Texas (Between Corpus Christi and Aransas Pass close to Corpus Christi Bay)
Villa Lago, Fort Worth, Texas
Page 20
GENERAL CONTRACTOR
BBL Builders
Recipient of the 2009 Gold Level Safety Training and Evaluation Process (STEP) award from the Associated Builders and
Contractors, Inc. (ABC)
As part of The Bette Companies, one of the most diversified General Contractors and leading providers of construction
services in the entire construction industry, our clients benefit from our expertise in project planning, cost reduction and
control procedures, project scheduling and management.
Being a leader in the construction industry, BBL Builders ranks among the top 20 in the Multifamily Executive “Top 50
Multifamily Builders,” and placed among the top 60 in Professional Builder’s “Giant 400.”
proven one; to provide quality construction services that will exceed each and every one of our client’s needs.
Our mission is a simple and
Why BBL Builders
As a leader in Sustainable Green Building, BBL Builders and The Bette Companies have constructed numerous LEED
Certified projects. Our sustainable building practices significantly reduce a buildings negative effect it can have on the
environment, maximizing the overall experience of the building occupants.
At BBL Builders, all of our Project Managers are LEED certified. We take pride in employing only the highest construction
standards and practices, as well as the most energy efficient principles in all of our building projects. Our project team is
committed to collaborating closely with clients in order to deliver a complete, responsible and sustainable solution and will
pursue LEED Certification whenever necessary.
The goal of BBL Builders is to provide added value to our clients by making sustainability make sense both environmentally
and financially through the knowledge and expertise gained by being a leader in sustainable building.
Page 21
Architect
Morgan Spear Associates, Inc.
MORGAN SPEAR
President, Registered Architect
Education:
Bachelor of Architecture, 1957 – University of Texas, Austin, Texas
Registrations:
Architect, State of Texas – 1961 Registration Number 2694
Architect, State of New York – 1988 registration Number 019120
National Council of architectural Registration Boards Certificate Number 30404
Interior Designer, State of Texas 1993 Registration Number 5845
MORGAN
SPEAR
ASSOCIATES
INC.
AIA
ARCHITECTS
PLANNERS
Responsibilities: Morgan Spear is President and Principal-in-Charge of Morgan Spear Associates, Inc., and has 49 years of professional
architectural experience throughout the State of Texas. His duties cover the full range of the firm’s work, including feasibility studies,
renovation of existing facilities, rehabilitation of significant structures, and new construction.
His primary responsibilities are pre-contractual problem solving and design. He takes an active role in the Schematic Design and Design
Development phases of all projects. Morgan S[ear oversees the Contract Document production and ensures continuity and consistency
within the firm.
Morgan Spear, staff and high technology lend tremendous horsepower to the large projects we produce and allow for extremely detailed
attention to both large and small projects. Our Architects have been responsible for multi-awards for Architectural Excellence in design.
They have completed every type of project from renovations to additions, single-family residences to multi-family residences, commercial
to public, social to recreational, military to correctional, worship center to mid-rise and high-rise office buildings, with construction cost
ranging from $100,000 to $60,000,000.
CAD Capabilities: Morgan Spear, AIA Architect was one of the first Archcitectural firs in South Texas to make the commitment to Computer
Aided Drafating in 1986. Since then we have become totally computer oriented in our project production.
Architectural Team Capabilities include:
1. Auto CADE Architecture 2008
2. Revit Architecture 2008
3. Microsoft Office 2007 Including Word and Excel
4. Microsoft Management Software
5. Microsoft Power Point and Microsoft publisher Presentation Software
6. Adobe Creative Suite including Photoshop, Illustrator and InDesign
7. Google Sketchup
We do not believe in assigning highly technical, exacting drafting and specifications tasks to junior, inexperienced “operators”. Instead, ou
rregistered architects and project managers all work directly on the computers and in most cases actually do most of the design and
construction documents.
Accessibility for the Disabled:
All of our team recognizes the value of creating facilities that are accessible to users with disabilities. We feature design support that has
helped all our clients meet the accessibility needs of all Americans by designing their new facilities around these need and studying their
existing facilities to plan for the needs.
Page 22
Sharyland Plantation Apartments
Morgan Spear, AIA Architect has been honored with several design awards including the United States Tennis Association Facility Award
for Outstanding Tennis Facility in 1982, the H. E. Butt Tennis Center in Corpus Christi; the Casa De Oro high-rise retirement complex; and
Awards of Merit for the Hulen Hunt residence and Parkdale State Bank, both in Corpus Christi. The firm has designed over 300 projects
and has been responsible for the design of many major buildings in Corpus Christi and South Texas including the Regional Post Office
Facility, Corpus Christi; One shoreline Plaza, Corpus Christi; TRICO Manufacturing Facility, Brownsville; the former Wayward lady Floating
Restaurant, Corpus Christi; and the Oscar Wyatt residence, Hebbronville. The firm has designed schools, single and multi-family
residential, financial, commercial, industrial, manufacturing, low-rise and high-rise office buildings, shopping centers, DOD, detention and
healthcare facilities.
Mr. Spear’s current experience includes:
New Zapata county Courthouse, Zapata, TX
Jim Hogg County Courthouse Remodeling & Additions, Hebbronville, TX
One shoreline Plaza, Corpus Christi, TX
Church of the Good Sheppard Memorial Chapel, Corpus Christi, TX
Kleberg County jail, Kingsville, TX
Nueces county Juvenile Justice Center, Corpus Christi, TX
Miradores Del Mar, Corpus Christi, TX
Aransas County ISD, Rockport, TX
Zapata County Community Center, Zapata, TX
Esplanade Gardens, Converse, TX
Refugio County Public Library, Refugio, TX
Nueces county Multi-Party Courtroom, Corpus Christi, TX
Calhoun County Anne3x Remodel, Port Lavaca, TX
Driscoll Middle School, Corpus Christi, TX
Calk/Windsor Park elementary, Corpus Christi, TX
Duval County Jail Addition, San Diego, TX
Brooks County ISD, Falfurrias, TX
Refugio County Community Center, Refugio, TX
Zapata County Jail Additions, Zapata, TX
Esplanade Gardens, Corpus Christi, TX
Grand Court, Corpus Christi, TX
Mr. Spear’s takes an active role in the schematic design and deign development phases of all projects. His experience in land planning of
large developments keeps his knowledge current on all restrictions and code related items.
Professional and Civic Awards
American Institute of Architects
Texas Society of Architects
Corpus Christi Chapter, AIA
Honors and Awards
U. S. Tennis Association for H. e. Butt Tennis Center
Casa De Oro High Rise Retirement Complex (HUD)
Architectural Award of Merit for Hulen Hunt Residence
Architectural Award of Merit for Parkdale State Bank
Professional and Civic Involvement:
Past President of AIA, Corpus Christi, TX
Active Member of the Chamber of Commerce
Page 23
R. David Pursley
Designer/Space Planning
Education:
Master of Science – Corpus Christi State University, Corpus Christi, TX
Associate of Arts in Interior Design – El Centro college, Dallas, TX
Bachelor of Find Arts – University of Texas, Austin, TX
MORGAN
MORGAN
SPEAR
SPEAR
ASSOCIATES
ASSOCIATES
INC.
INC.
AIA
AIA
ARCHITECTS
ARCHITECTS
PLANNERS
PLANNERS
Experience:
David Pursley has been with Morgan Sp[ear Associates, Inc. for more than 25 years, and is the firm’s lead Designer. His experience
includes family dwellings, assisted living, facility renovations, educational buildings, civic buildings, low-rise office buildings, high-rise office
buildings, and correctional centers.
Responsibilities:
David Pursley’s primary responsibilities are Design, Space Planning, and Design Development. He is the initial contact person for our
clients and starts the process of understanding and developing the Client’s desires and requirements. David Pursley takes an active role in
the Schematic Design and Design Development Phase of a project. He is in control of a project’s material choices, color selections.
Accomplishments:
National Council of Interior Design Qualification 1981
Page 24
Financial Information
Page 25
Page 28
Page 29
Company Overview
Page 30
About Gentry Mills Capital
Gentry Mills Capital, LLC, previously known as Gentry Mills Consulting, LLC, was originally formed in 1997. Gentry Mills
Consulting, LLC was formed and operated as a consulting entity and as the owner and manager of commercial real estate
investments.
In June of 2006, we filed to change the name of the firm to Gentry Mills Capital, LLC. The purpose of the name change was to
broaden the original intent of the firm to allow it to become the sponsor of a series of securities offerings involved in the
ownership and or financing of commercial real estate. Gentry Mills Capital offerings will be sold exclusively through FINRA
registered Broker Dealer firms.
Team Members
Gentry Mills Capital is very proud of the talented team of real estate professionals it has been able to assemble. GMC team
members have total team experience that extends beyond 75 years.
William P. “Billy” Glass, Partner
Mr. Glass has been involved in the Commercial Real Estate business for more than 30 years.
Mr. Glass began his career with Hank Dickerson & Company, a Dallas based commercial real
estate Brokerage and Development Company, where he received extensive training in all
facets of the commercial real estate industry and quickly became one of the firm’s sales
leaders. It was while working at Hank Dickerson & Company that Mr. Glass was first exposed
to the utilization and structure of Real Estate Partnerships.
In the fall of 1983, Mr. Glass started his own commercial real estate company, raising capital
for income-producing, commercial real estate projects as well as land development. He
completed 60 real estate related joint ventures and raised in excess of $30,000,000 before
selling the firm in 1989 to a publicly traded company based in Atlanta, Georgia.
In 1990, Mr. Glass began working as an external wholesaler and consultant, raising equity and debt capital for business
enterprises and commercial real estate developments located throughout the United States. Between 1990 and 2006 Mr. Glass
raised in excess of $250,000,000 through the broker dealer community via Regulation D, Private Placement Offerings.
In 2006, Gentry Mills Consulting, LLC, originally formed in 1996, was renamed Gentry Mills Capital, LLC. Gentry Mills Capital is a
real estate investment firm whose purpose is to seek out, package and provide quality commercial real estate investment
opportunities to investors represented by investment professionals in the financial services industry.
Mr. Glass serves on the Board of Directors for Special Olympics of Texas as well as Champions for Life Prison Ministries. Mr.
Glass attended Baylor University, is a licensed Real Estate Broker and holds several FINRA Securities License designations. Mr.
Glass resides in Southlake, Texas with his wife Laura. They have three grown children.
Page 31
Sharyland Plantation Apartments
Robert S. “Scott” Palmer, Partner
Mr. Palmer began his career as a real estate salesman for Hank Dickerson
and Company for eight years and then spent another ten years as Mr.
Dickerson’s partner in an entity focusing on opportunistic real estate
investments until Mr. Dickerson’s death in 1996. Mr. Palmer then spent
the next nine years at Macfarlan Real Estate Services specializing in
opportunistic acquisitions while also serving on Macfarlan’s Investment
Committee. Mr. Palmer left Macfarlan in July, 2006 to form Gentry Mills
Capital with Mr. Glass, where his focus is creating value through the
innovative structure of real estate acquisitions and dispositions. Mr.
Palmer attended the University of Texas and is a Dallas native where he
lives with his wife and two daughters.
Rebecca L. Welch, Sr. Vice President - Marketing
Rebecca Welch joined Gentry Mills Capital in June of 2006 as Sr. Vice
President-Marketing and has 28 years of experience in the commercial
real estate industry coupled with 18 years experience working with Reg D
offerings (Alternative Investments). She holds a Series 63 and Series 22
Securities License.
Ms. Welch entered the commercial real estate industry in 1983 with the
Henry S. Miller Company. She left the commercial real estate industry to
pursue a career in the securities industry in 1993 with Sovereign Credit
Corporation where she managed the “back-office” procedures of the
Investor Relations Department (investor database, correspondence,
reporting, distributions, customer service and sales assistance).
Prior to joining Cawley Partners, Ms. Welch served as the Investor
Relations Sales Manager at Macfarlan Investment Management (October
2003 to June 2006) where she managed the “back office” procedures of
the Investor Relations Department–specializing in providing sales
assistance and customer service to financial advisors and their clients. Ms.
Welch was also responsible for closing all 1031 exchange purchases.
Ms. Welch lives in Waxahachie, Texas and has one grown daughter. Ms.
Welch attended Cedar Valley College, is a member of the Frontier
Cowboy Church of Ellis County and is very active in the American Cancer
Society’s Relay for Life fund-raising program.
Page 32
Contact Information
17330 Preston Road, Suite 210 B
Dallas, Texas 75252
Main: (972) 759-8725 Fax: (972) 759-8490
William P. Glass “Billy” – Partner
Direct Line:
(972) 759-7705
bglass@gentrymillscapital.com
Cell Phone:
(817) 454-7555
Robert S. Palmer “Scott” – Partner
Direct Line:
(972) 759-7709
spalmer@gentrymillscapital.com
Cell Phone:
(214) 616-7900
Rebecca L. Welch, Sr. VP
Direct Line:
(214) 759-7706
bwelch@gentrymillsfinance.com
Cell Phone:
(214) 723-3911
Investor Relations Associate
Direct Line:
(972) 759-8725
investorrelations@gentrymillscapital.com
Page 33

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