The 24 at Auburn

Presents...

Luke Mooney, Claudia Garcia, Abby Sheehy, Brandon Williams, Carly Perrmann

Inspiration

2810 Stratford Avenue Apartments In a similar market Capitalizing on Rapid UC Student growth Using Similar Development Techniques

Cost Analysis of 2810 Stratford Land Costs: $1 million ● ●

Bought in 2017 Two parcels with homes on them

Construction Costs: $5 million ●

25 Units and clubhouse

Soft Costs: ~1.5 million

Total Costs:

$7.5 million

Assumptions From Trusted Research Methods

Land Acquisition Cost Hamilton County auditor’s website

Operation Expenses Analyzed comparables in our market through Yardi.

Projected Revenue Researched comparables through Yardi and CoStar. Met with developers and industry professionals.

Design ArcGIS was used for site analysis and SketchUp was used to design our product.

Market Research

MARKET DEMAND - 3 mile radius

University of Cincinnati

1

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Record enrollment Demand for student housing

Medical Students

2

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3

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~1 mile to UC Med 1/4 mile to Christ

Hub for Young Professionals

More affordable option Central to hospitals & businesses

Demographics - 3 mile radius Population…………………………………………129,499 5 year projection……………………………..133,801 Density (sq. mile)..................................4,733

Median Household Income……………..$37,000 Number of Single People………………...64,770 …………………50%

Number of people in household structures with: ● 2-49 units……………………..29,521 .……………………..50.9% ● 50+ Units……………………….9,508 ……………………….16.4% Number of Car Transportation……...45,000 ………65.6%

Location Benefits ● Walking Score: 93 (Walker’s Paradise) ○ Inwood Park..…………………….5 Mins ○ Kroger..……………………………...5 Mins ○ Calhoun & Short Vine.........10 Mins ○ UC Uptown Campus............12 Mins ○ UC Med Campus...................18 Mins

Location Benefits ● Major Highway Access ○ I-71 ○ I-75 ○ Columbia Parkway ○ I-74

Land Specs

Address

Zoning

The 24 at Auburn is situated in a growing area.

We expect to spend 6 Months in City of Cincinnati Zoning.

Four Parcels located at 2427-2439 Auburn Ave

Currently Zoned: OG Rezoning Efforts: PD

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Expected Acquisition Cost: $1.8M 1.14 Acres -> 49,000 SF 2 Street access (E McMillan St & Auburn Ave)

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We are expecting to gain approval given previous projects in the same zone have been given same approval

Site Analysis

Site Grade and Elevation ● ●

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We are in higher elevation in the city Should provide viewshed of Mount Auburn, CUF, and Corryville area We will be using the site grade to our advantage

Infrastructure On-Site ● ● ●

Easy sanitary sewer tie-ins Urban stormwater runoff Multiple manholes and hydrants

Transportation ● ●

7 Bus Stops 3 Main Bus Routes

Site Profiles

~10ft

~12ft

~29ft

~21ft

The Property

Facility ●

50 Units ○

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5 Floor Plans, 1BR, 2BR (2), 3BR, 4BR

91 Parking Spots Club House Area Included Wifi Outdoor Courtyard Fitness Center

In-Unit ● ● ● ● ● ●

Balconies Washer & Dryer Granite Countertops Full Kitchen Full Bathrooms Living Area TV

Unit Mix Analysis

QUEEN’S RETREAT

OSCAR’S O’VARSITY DOWN THE THE CLUB O’VARSITY DRIVE BEARCAT

One Bedroom

Two Bedroom

Two Bedroom

Three Bedroom

Four Bedroom

One Bathroom

One Bathroom

Two Bathrooms

Two Bathrooms

Four Bathrooms

625 Sq. Feet

925 Sq. Feet

1,033 Sq. Feet

1,277 Sq. Feet

1,431 Sq. Feet

Unit/Cost Breakdown Comparables ● ● ●

Averaged unit sizes and rent Considered the % of units and occupancy Occupancy is 98% or higher in the last 5 years

The 24 at Auburn Unit Breakdown ● What will be our use for land? ○ Multifamily commercial use ○ Apartment style living ○ Mid-rise: 50 units ○ Parking under building ○ Amenities: turfed courtyard, clubhouse and gym area

Financial Analysis

Funding The 24 at Auburn ● TIF ○ Qualifying for TIF ■ 20% of population is below the poverty line ■ TIF district ■ Bringing more affordable housing to an area that the community will benefit from ● Private Equity Funding

Cost Analysis Land Costs: $1.8 million ● ●

Bought in 2015 for $980,000 Buying at appreciated value

Construction Costs: $11 million ●

Overestimated due to increased prices of current material

Soft Costs: ~2.7 million

Total Costs:

$15.55 million

Rent Roll & Operating Income

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5% vacancy $250/unit Cap X Impound Additional Income: ○ Parking spots ○ Application fees

Total Cost & NOI After Interest ● ●

2% NOI growth Escrow accounts deducted Terminal Value

Depreciation, ROE, & IRR

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9.4% discount rate

Timeline

Construction & Lease-Up Period 1 Year Lease-Up Market through construction

1 Year Construction August ‘22-August ‘23 Move in ready at completion 6 Months in City Zoning

Thank you!

Any questions?