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2007 UCONN REAL ESTATE CONFERENCE
Michael Stone MULTI-HOUSING MARKET NOVEMBER 8, 2007
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CT Fundamentals Stable Construction/Absorption and Vacancy
Source: REIS
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A New Era – Renters are Back
STRONG RENTAL DEMAND FORECASTED…… Increasing Household Formations Declining Homeownership Rates
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A New Era – Renters are Back
Echo Boomers are Nearing Prime Renting Age Source: National Multi Housing Council
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Change in Population Growth
A New Era – Renters are Back Change in Population Growth Age Group Source: U.S. Census
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A New Era – Renters are Back
1915 1967 2006 4.5 people / household 3.3 people / household 2.6 people / household Population 100 million Population 200 million Population 350 million Source: U.S. Census Bureau
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A New Era – Renters are Back
*As of 2Q07 Source: U.S. Census Bureau.
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A New Era – Renters are Back Strongest Rental Demand Since Early 1980s…
Increasing Household Formations: Echo Boomers = Prime Rental Ages Baby Boomers = Lifestyle Renters Shrinking Household Sizes Declining Homeownership Rates: Renting Still Cheaper & More Predictable Subprime Mess
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Credit Crunch National: Central CT.:
Going in Cap Rates bps – CORE MARKETS 25-50 bps– SECONDARY MARKETS Value % Central CT.: No major changes
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Glenbrook - Rocky Hill, Connecticut
Seller: Capital Properties Buyer: Robert Martin Company/Paredim Partners Units: 400 Price: $35,500, $88,750/unit
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Stony Brook Apartments- East Haven, CT.
Seller: HP Stony Brook LLC Buyer: Stony Brook Village LLC Units: 165 Price: $22,200,000 $134,545/unit Cap Rate: 6.27 %
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The Ledges - Groton, Connecticut
Seller: Groton Community LLC C/O GRP Realty Buyer: LCOR Groton Apartments LLC Units: 329 Units Price: $51,000,000 $155,015 /unit Cap Rate: 5.7 %
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Newbury Village - Meriden, Connecticut
Seller: Tarragon Corporation Buyer: Newbury Property LLC Units: 180 Price: $30,300,000 $168,333/unit Cap Rate 5.73 % Trailing-Twelve
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The Hawthorne at Gillette Ridge - Bloomfield, CT
Seller: CIGNA Realty Investors/Bozutto Group Buyer: Fairfield Residential Units: 246 Units Price: $52,500,000 $213,415/unit
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Tishman Speyer/Lehman Brothers
ARCHSTONE SMITH REIT Privatization Seller: REIT – Archstone Smith Buyers: Tishman Speyer & Lehman Brothers Units: 87,667 (359 Communities) Price: $22,200,000,000 ($253,231/unit) Largest ever apartment financing deal in Fannie May history (closed post credit crunch)
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50 Cent’s Mansion in Farmington, CT.
$18.5 Million Asking Price 48, 000 SF 18 Bedrooms 33 Bathrooms 5 Kitchens
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2007 UCONN REAL ESTATE CONFERENCE
Michael Stone MULTI-HOUSING MARKET NOVEMBER 8, 2007
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THANK YOU
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