Bay Area Developer Forum 11/30/2011 Bay Area Developer Forum 11/30/2011
Garrison Development: The Preserve at Alafia is part of a master planned development which includes Alafia Crossing retail center (60,000 sf) and a 115 room Holiday Inn Express which is in the pipeline for completion in
Bill Diffenderfer, Managing Partner * 2.2 million square feet of office, * 1.5 million square feet of retail * 1,795 hotel rooms * 19,600 multifamily residential units * Georgia Institute of Technology Bachelor of Science, Management Minors - Building Construction Accounting * Georgia licensed real estate broker * Florida licensed real estate broker * Certified Public Accountant * Certified Financial Planner
Scott Baad, Partner * Director of Property Management * 25 years of Property Management experience. * Former Division Vice President for Archstone * 32 properties - 10,000 apartment units throughout Florida * University of South Florida Bachelor of Science, Mechanical Engineering * Certified Property Manager - IREM * Florida State Certified General Contractor
Patriot Residential Management Services * Southeast Focus *Current presence in Tampa, Orlando, Fort Lauderdale and Jacksonville.
Property Details: 351 units Mix of Garden and Mid-Rise Product One, two and three bedroom floor plans Direct Riverfront on Alafia River Garage and Carports included HUD 221 D4 loan
Unit Mix: 56 (16%) – 805sf 96 (27%) – 861sf 16 (5%) – 1040sf 103 (29%)– 1045sf 72 (20%) – 1211sf 8 (3%) – 1359sf
Lease-up Statistics: Pre-leasing in temp office in May. Leasing Center opened in June. First Move-ins occurred in July. Currently 61% leased. Expect stabilization in May, 2012.
Absorption: Temp leasing office opened in May. Total units leased thus far = 220 Absorption has averaged 31 units per month.
Market Rents: 1/1805sf$1,135$1.41/sf 1/1861sf$1,345$1.56/sf 2/11040sf$1,455$1.40/sf 2/21045sf$1,355$1.30/sf 2/21211sf$1,675$1.38/sf 3/21359sf$1,815$1.33/sf Rents include garage and carport charges.
Concessions: Concessions vary by floor plan and average 1-2 months.
Demographics: Professional57% Skilled27% Military 3% Retired 9% Other 4% Median Household Income = $57,678
Questions???