PULLMAN Santa Rosa Modern Urban Apartments Santa Rosa, California - Phoenix Development Company
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
PULLMAN Santa Rosa
Modern Urban Apartments
Santa Rosa, California
Proprietary and protected information of Pullman Lofts First Phase, LLC
TABLE OF CONTENTS
3 LOCATION
8 DEVELOPMENT OVERVIEW
15 MARKET INFORMATION
19 TEAM OVERVIEW
Proprietary and protected information of Pullman Lofts First Phase, LLC 2
PULLMAN LOCATION OVERVIEW
LOCATION PULLMAN Santa Rosa
701 Wilson Street, Santa Rosa, CA
Proprietary and protected information of Pullman Lofts First Phase, LLC 4
LOCATION PULLMAN Santa Rosa
Proprietary and protected information of Pullman Lofts First Phase, LLC
LOCATION PULLMAN Santa Rosa
Proprietary and protected information of Pullman Lofts First Phase, LLC 6
LOCATION PULLMAN Santa Rosa
Pullman is located in the West End neighborhood and is only blocks from
downtown and Railroad Square which is Santa Rosa’s “Old Town”. Numerous
other shopping options are accessible within minutes along Highway 101.
Highlighted below are some of the more notable local amenities from the map:
1) DeTurk Round Barn Park, a short walk from Pullman, the West End Farmer’s
Market sets up here on Sundays, selling local produce, baked goods, cheeses,
and more.
2) Light Rail Station is located only 3.5 blocks away. The new Sonoma-Marin
Area Rail Transit (SMART) Light Rail System is the Bay Area’s newest
passenger rail service providing a safe, reliable and congestion-free
transportation option for Marin and Sonoma counties. SMART’s system also
includes a bicycle and pedestrian pathway along the rail corridor.
3) Historic Railroad Square a short walk south from Pullman, is a destination
for entertainment, dining and shopping. This charming, historic area hosts
numerous outdoor events throughout the year. One of the Wine County’s most
historic properties, the Hotel La Rose has anchored Santa Rosa’s Railroad Square
since 1907. Other hotels in Railroad Square include Hyatt Regency Sonoma Wine
Country, Courtyard by Marriott, and the AC Santa Rosa Downtown by Marriott.
4) Santa Rosa Plaza is the premiere shopping destination in Sonoma
County, offering unparalleled choice and shops found nowhere else in the
North Bay. Anchored by Macy's, Home Interiors Furniture and Forever 21,
Santa Rosa Plaza features over 120 stores including Apple, Lush Cosmetics,
Kay Jewelers, Michael Kors, Pacific Sunwear, Sunglass Hut & Victoria's Secret.
5) Prince Memorial Greenway along Santa Rosa Creek. This biking and walking
trail extends for 0.6 miles with the south side culminating at Olive Park and
connecting to the Santa Rosa Creek Trail, which runs another 2+ miles to Laguna
Santa Rosa.
6) Coddingtown Mall is an indoor mall that features over 40 specialty shops and
is anchored by Macy's, JCPenney, Whole Foods, Target and Nordstrom Rack. In
addition, visitors can grab a bite to eat at BJ's Restaurant and Brewhouse,
Chipotle, or Sea Noodle Bar.
Proprietary and protected information of Pullman Lofts First Phase, LLC 7
PULLMAN DEVELOPMENT OVERVIEW
DEV ELOPMENT OV ERVIEW PULLMAN Santa Rosa
Project Highlights
The Pullman site is situated on a 1.83-acre parcel and is a two-phase development. The first phase broke ground in spring of
2021 and will provide 74 modern urban apartments with high end finishes. The second phase will include 32 additional units
and is anticipated to be fully entitled fall of 2021.
Desirable Location. Pullman is located in the West End neighborhood and is only blocks from
downtown and Railroad Square which is Santa Rosa’s “Old Town.” With a central location and
community-rich atmosphere, the subject is within blocks of dozens of restaurants & shops, the farmer’s
market, SMART light rail, parks, and entertainment.
High-End Residence Features. The units feature 9’ ceilings, tankless water heaters, and in-unit washer
& dryers. Tenants will also enjoy high-speed internet (up to one gigabit), telephone, and TV
connection. All units shall have energy-efficient forced-air heating and refrigerated air conditioning
systems. The kitchens shall feature designer cabinetry with Caesar Stone or granite countertops and
gourmet appliances with select units having even higher-level finishes. Bathrooms shall feature
oversized tile in running bond pattern with large custom mirrors and granite counters. All units have
private balconies or recessed private patios with high quality insulation and dual glazed windows that
provide energy savings and year-round comfort.
Modern Community Amenities. Community amenities include an approximate 500 square foot
state-of-the-art fitness center overlooking the pool area. The courtyard will provide an outdoor
children’s play area, Zen garden, BBQ, gas fire pit and clubhouse/community room. In addition,
tenants will have a dog wash station and dog relief area, ample bike storage and dedicated bicycle
repair station.
Supply Constrained & Solid Fundamentals. According to the City of Santa Rosa, there are
four multifamily projects approved for development in the greater Santa Rosa market
area. None of the 4 properties are expected to have an impact on the subject, due to their
age restrictions, smaller size, or distance from the subject.
Well Capitalized, Experienced Sponsors. Collectively, the Sponsors have 95 years experience in
all aspects of real estate, including development, investment, & management. They have
extensive experience with residential & multifamily projects, as well as redeveloping and
repositioning once neglected buildings in urban infill areas. The sponsors have secured
construction financing and the project is currently under construction.
Proprietary and protected information of Pullman Lofts First Phase, LLC 9
DEV ELOPMENT OV ERVIEW PULLMAN Santa Rosa
Project Entitlement Status
Entitlement Status
The City of Santa Rosa approved the Pullman project entitlements on
September 07, 2017 via Resolution No., 17-964. The zoning is TB-R-SA(Transit
Village – Residential, Station Area) and under the General Plan as a Transit
Village Medium Density Project. The project received its City of Santa Rosa
permit ready status as of December 20, 2018 for 74-units in Building A and B.
Since then, the Developer has received an increase in the approved
dwelling unit count. The developer is finalizing an additional 32 units to be
added onto the entitlements for Building C. The development team
was able to break ground on Buildings A and B while permitting Building C.
Land Status
The site is now owned by the Developer and broke ground in March 2021.
Construction & Lease-up Timeline
2016-2020 2021-2022 2022 2023
Entitlement Construction LEASE-UP Stabilization
The project went through a 36- Project has a 14-month The project pre-leasing will Project achieves stabilized
month entitlement period construction schedule for A&B commence in the first quarter occupancy around the Fourth
and is now permit ready. The and 8 months of Building C, of 2022 for Buildings A & B and Quarter of operations in 2023.
land was acquired in late 2020. with substantial completion for for Building C in the third The project will be held or sold
Buildings A & B occurring in Q2 quarter of 2022. pending market conditions.
2022, Building C in Q4 of 2022.
Proprietary and protected information of Pullman Lofts First Phase, LLC 10ARCHITECTURE PULLMAN Santa Rosa
Unit Mix and Space Summary
Phase 1 - Buildings A & B Mix
Area SF Area SF Rent Rent Rent Rent Rent
Type Type # Units %
Per Unit Unit Total $/mo/Unit $/yr/Unit $/mo/SF $/yr/SF $/yr Total
2 Bedroom / 2 Bathroom A 10 1,110 11,100 16.0% $2,803 $33,636 $2.53 $30.30 $336,360
2 Bedroom / 2 Bathroom B 9 1,110 9,990 14.4% $2,978 $35,736 $2.68 $32.19 $321,624
2 Bedroom / 2 Bathroom C 9 1,110 9,990 14.4% $3,054 $36,348 $2.75 $33.02 $329,832
2 Bedroom / 2 Bathroom D 9 1,110 9,990 14.4% $3,278 $39,336 $2.95 $35.44 $354,024
1 Bedroom / 1 Bathroom A 10 760 7,600 11.0% $2,429 $29,148 $3.20 $38.35 $291,480
1 Bedroom / 1 Bathroom B 9 760 6,840 9.9% $2,279 $27,348 $3.00 $35.98 $246,132
1 Bedroom / 1 Bathroom C 9 760 6,840 9.9% $2,529 $30,348 $3.33 $39.93 $273,132
1 Bedroom / 1 Bathroom D 9 760 6,840 9.9% $2,574 $30,888 $3.39 $40.64 $277,992
74
Phase 2 - Building C Mix
Area SF Area SF Rent Rent Rent Rent Rent
Type Type # Units %
Per Unit Unit Total $/mo/Unit $/yr/Unit $/mo/SF $/yr/SF $/yr Total
1 Bedroom / 1 Bathroom A 6 557 3,342 22.57% $1,950 $23,400 $3.50 $42.01 $140,400
1 Bedroom / 1 Bathroom B 6 557 3,342 22.57% $1,950 $23,400 $3.50 $42.01 $140,400
0 Bedroom / 1 Bathroom A 10 406 4,060 27.43% $1,600 $19,200 $3.94 $47.29 $192,000
0 Bedroom / 1 Bathroom B 10 406 4,060 27.43% $1,600 $19,200 $3.94 $47.29 $192,000
32
Proprietary and protected information of Pullman Lofts First Phase, LLC 11PULLMAN Santa Rosa
Floor Layouts
Proprietary and protected information of Pullman Lofts First Phase, LLCPULLMAN Santa Rosa
Elevations
Proprietary and protected information of Pullman Lofts First Phase, LLCPULLMAN Santa Rosa
Elevations
Proprietary and protected information of Pullman Lofts First Phase, LLCPULLMAN Santa Rosa
PULLMAN
MARKET
INFORMATION
Proprietary and protected information of Pullman Lofts First Phase, LLCMARKET INFORMATION PULLMAN Santa Rosa
Traffic Count
Information taken from March 2019 Co-Star Reporting
Proprietary and protected information of Pullman Lofts First Phase, LLC 16MARKET INFORMATION PULLMAN Santa Rosa
SMART – Light Rail
Proprietary and protected information of Pullman Lofts First Phase, LLC 17MARKET INFORMATION PULLMAN Santa Rosa
Demographics
Information captured online at www.datausa.io/profile/geo/santa-rosa-ca
Proprietary and protected information of Pullman Lofts First Phase, LLC 18PULLMAN Santa Rosa
PULLMAN
TEAM
OVERVIEW
Proprietary and protected information of Pullman Lofts First Phase, LLCDEV ELOPMENT TEAM PULLMAN Santa Rosa
General Partner – Phoenix Development Company
About the Company Loren Brueggemann
Principal
Formed in 1997, Phoenix Development has facilitated the For over forty years, Loren E. Brueggemann
adaptive reuse of blighted urban real estate throughout has been developing multi-family housing,
the country. Collectively, we have over 50 years of institutional housing and commercial real
experience in the creative and resourceful development estate on a national basis. During his
of housing, commercial and mixed-use properties. Loren career, Loren has been responsible for over
Brueggemann, our principal, has been instrumental in the $600,000,000 in urban improvements.
development of over 2,000 units, of which, 900 were
affordable rental units and income-restricted for-sale
For the last 20 years, Loren has dedicated
units. Those served were at all levels of income, ranging
himself to multifamily housing, emphasizing
from below 30% to 80% of the median income.
the use of both affordable and market
Many of our projects have included such mixed-uses as rate housing as a tool for reinvigorating neighborhoods. An
adult education, women and family shelters and innovator in the use of multi-source financing mechanisms, his
community centers. We specialize in the use of: Tax approach layers resources to help achieve the redevelopment
Exempt Bonds, Section 42 Tax Credits (4% and 9%), HOME goals of the community. His work has often resulted in award-
Funds, Affordable Housing Trust Funds, NSP HUD Credit winning affordable housing projects.
Enhancing and Financing (including 236
Decoupling), 221 D4 and 223 F Direct Bond Purchase Loren has worked with: Tax Increment Financing, Tax Exempt
Placements, and Tax Increment Financing. Bonds, HUD 221 D4, 223F and 236 decoupling loan programs,
CRA Driven Mortgage Debt, 236 Decoupling with IRP strip out,
Phoenix is also involved with the Dutton Flats Agency Loans and Grants, HOME Funds, Recycled CDBG funds,
affordable development in Santa Rosa, CA and the Freddie Mac, Collateralized Debt Obligations, Neighborhood
rollout of BB Housing; which acquires existing dilapidated Stabilization Program, Pension Funds, Bank Debt, Securitized
apartment buildings and renovates for affordable Debt, Interest Rate Derivatives and SWAPS, 4% and 9% LIHTC,
housing. Cleanup grants, Sandwich Leases to incorporate any and all of
the aforementioned resources.
Proprietary and protected information of Pullman Lofts First Phase, LLC 20DEV ELOPMENT TEAM PULLMAN Santa Rosa
Developer – partial experience list
Rice Street Flats Greenway Heights
Saint Paul, Minnesota Minneapolis, Minnesota
41 affordable units 42 affordable units
Pre-leasing Spring 2021 Completed and fully occupied
Dutton Flats Track 29
Santa Rosa, California Minneapolis, Minnesota
41 affordable units 198 market rate units
Pre-leasing Summer 2021 Completed and fully occupied
Atwell Grove LeSuer Meadows Central Avenue Lofts
Minneapolis, Minnesota Minneapolis, Minnesota
Waite Park, Minnesota
40 affordable units 64 mixed income units
138 affordable units
Value Add, in renovation
Guardian Angels Block Phalen Senior Lofts
Minneapolis, Minnesota Minneapolis, Minnesota
Ortiz Plaza 32 affordable units 73 affordable units
Santa Rosa, California
30 affordable units Bottineau Commons Boulevard Apartments
Minneapolis, Minnesota Minneapolis, Minnesota
Completed and fully occupied
119 mixed income units 235 affordable units
SloHi Flats Bottineau Lofts Highland Apartments
Sloan Lake, Colorado Minneapolis, Minnesota Minneapolis, Minnesota
44 affordable units 34 affordable units 150 Section-8 Units
Completed and fully occupied
River Run Apartments East Phillips Commons
Minneapolis, Minnesota Minneapolis, Minnesota
74 mixed income units 30 affordable units
Proprietary and protected information of Pullman Lofts First Phase, LLC 21CONFIDENTIALITY AGREEMENT & DISCLAIMER PULLMAN Santa Rosa
This Overview Presentation (the “Presentation”) is submitted on a confidential basis for use solely by prospective capital providers in connection with their
evaluation of a possible capital contribution (the “Transaction”) to an entity sponsored by Phoenix Development (the “Company”). By accepting this
Presentation, the recipient agrees that this Presentation and the information set forth herein will be kept strictly confidential, that it will not be distributed,
reproduced or used for any other purpose without the express written consent of the Company and that, upon request, the recipient will promptly return all
material received from the Company (including this Presentation) without retaining any copies thereof. If the recipient does not agree with the foregoing,
please immediately return this Presentation to the Company.
Important Notice
The information, statements and opinions contained in this document do not constitute a public offer under any applicable legislation or an offer to sell or
solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial
instruments.
Forward Looking Statements
This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and
Section 27A of the US Securities Act of 1933, as amended, with respect to certain Company plans and its current Development goals and expectations
relating to its future financial condition and performance. The Company cautions readers that no forward-looking statement is a guarantee of future
performance and that actual results could differ materially from those contained in the forward-looking statements. These forward-looking statements can
be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as “may”, “will”,
“seek”, “continue”, “aim”, “anticipate”, “target”, “projected”, “expect”, “estimate”, “intend”, “plan”, “goal”, “believe”, “achieve” or other words of similar
meaning. Examples of forward-looking statements include, among others, statements regarding the Company’s current Development future financial
position, business strategy, capital ratios, leverage, payment of dividends, projected levels of growth, projected costs, commitments in connection with the
financings, estimates of capital expenditures and plans and objectives for future operations and other statements that are not historical fact.
By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, including, but not limited to
US and Global macroeconomic and business conditions, the effects of continued volatility in credit markets, market related risks such as changes in interest
rates and foreign exchange rates, effects of changes in valuation of credit market exposures, changes in valuation of issued notes, the policies and actions
of governmental and regulatory authorities, changes in legislation, capital rules applicable to past, current and future periods, evolving practices with regard
to the interpretation and application of standards, the outcome of current and future legal proceedings, the success of a future acquisition, disposals and
other strategic transactions and the impact of competition, a number of such factors being beyond the Company’s control. As a result, the Company’s
actual future results may differ materially from the plans, goals, and expectations set forth in the Company’s forward-looking statements.
Any forward-looking statements made herein speak only as of the date they are made. Except as required by the applicable law, Company expressly
disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any
change in Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. The
reader should, however, consult their own legal, accounting, or financial representative in making their own decision regarding the offering.
Proprietary and protected information of Pullman Lofts First Phase, LLC 22You can also read
