Offering Memorandum · 2020. 9. 22. · PROPERTY SUMMARY OFFERING SUMMARY PROPOSED FINANCING First...

EDISON OAKS APARTMENTS3405 Hidden Oak Ct • Sacramento, CA 95821

Offering Memorandum

1

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and

should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified

information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due

diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the

future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or

asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any

tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable;

however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters

and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of

the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

SPECIAL COVID-19 NOTICE

All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary,

especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on

behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus &

Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other

professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma

financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections,

analyses, and decision-making.

Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name

is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or

commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

EDISON OAKS APARTMENTS

Sacramento, CA

ACT ID ZAB0030239

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TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01Offering Summary

Regional Map

Local Map

Aerial Photo

FINANCIAL ANALYSIS 02Rent Roll Summary

Rent Roll Detail

Operating Statement

Notes

Pricing Detail

Acquisition Financing

MARKET COMPARABLES 03Sales Comparables

Rent Comparables

MARKET OVERVIEW 04

Market Analysis

Demographic Analysis


3


4

INVESTMENT

OVERVIEW


#

EXECUTIVE SUMMARY

OFFERING SUMMARY

MAJOR EMPLOYERS

EMPLOYER # OF EMPLOYEES

Mercy General Hospital 3,000

Apexcare Inc 2,000

Resource Staffing Group 1,883

Sacramento State Sponsored RES 1,856

American River College 1,820

Mercy General Hospital Bus Off 1,600

California Expo & State Fair 1,506

Windsor Sacramento Estates 1,356

Sutter Hlth Scrmnto Sierra Reg 1,265

Lyon Real Estate 1,066

Crown Building Maintenance Co 1,052

Disbursements and Support 1,000

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles

2020 Estimate Pop 13,322 125,490 334,710

2010 Census Pop 12,562 117,668 314,336

2020 Estimate HH 5,923 50,163 132,339

2010 Census HH 5,508 46,320 122,368

Median HH Income $39,269 $46,597 $55,145

Per Capita Income $27,748 $27,219 $32,385

Average HH Income $62,342 $67,620 $81,369

UNIT MIX

NUMBEROF UNITS

UNIT TYPEAPPROX.SQUARE FEET

4 1 Bed 1 Bath 650

6 2 Bed 1 Bath 825

2 3 Bed 2 Bath 950

12 Total 9,450

VITAL DATA

Price $2,200,000 CURRENT YEAR 1

Loan Amount $1,210,000 CAP Rate 4.81% 5.22%

Loan Type Proposed New GRM 13.02 11.75

Interest Rate / Amortization 2.95% / 30 YearsNet Operating Income

$105,834 $114,931

Price/Unit $183,333Net Cash Flow After Debt Service

4.55% / $45,008 5.47% / $54,105

Price/SF $232.80 Total Return 7.12% / $70,482 8.12% / $80,341

Number of Units 12

Rentable Square Feet 9,450

Year Built / Renovated 1973 / 2019

Lot Size 0.55 acre(s)

5


OFFERING SUMMARY

▪ Recently Renovated

▪ New Roof

▪ New Air Conditioning Units

▪ Nine of 12 Units Renovated

▪ Located at the End of a Cul-de-sac

▪ Low Turnover

INVESTMENT HIGHLIGHTS

Marcus & Millichap is pleased to exclusively list for sale a multifamily (garden/low-rise) asset with a total of 12 units. The market generally classifies the subject as a

standard investment property. The subject consists of one-bedroom, two-bedroom, and three-bedroom units. The most notable physical strength of the subject is its steady

rental collections. Investors would be most attracted to the subject due to its low vacancy rate.

The property is in an established area of Sacramento, California. The subjects market area is anticipated to have growth in the upcoming few years. Residential uses

present in the subjects immediate area include both single-family and multi-family development. Retail and commercial development are located in the immediate area along

major thoroughfares such as Edison Avenue, Auburn Boulevard, and Fulton Avenue. The subject is well located within its neighborhood and within Sacramento, with respect

to the neighboring highways.

INVESTMENT OVERVIEW

6


#

OFFERING SUMMARY

PROPERTY OVERVIEW

Marcus & Millichap is pleased to present 12 units in the Sacramento area made up of four one-bed/one-bath units,

six two-bed/one-bath units, and two three-bed/two-bath units. Recently renovated in 2019/2020 and tucked away

in a quaint cul-de-sac.

There are a number of parks, golf courses, and other recreational facilities in the area including Seely Park,

Bohemian Park, and Howe Community Park. The Allister Mackenzie Golf Course, Haggin Oaks Golf Court, and

Del Paso County Club are also located within close proximity to the subject. The Arcade Library is located

approximately one mile south of the subject. The closest United States Post Office is located just south of the

before-mentioned library. It is noted that Kaiser Permanente Medical Offices are located along Morse Avenue and

Cottage Way and is located approximately three miles south of the subject. The subject property has access to

Interstate Business 80, Interstate 80, and State Route 160. It is noted that several bus stops are available along

Marconi Avenue within walking distance to the subject. The Sacramento International Airport is located in the

northern portion of Sacramento just north of Interstate 5 approximately 18 miles northwest of the subject property

77


PROPERTY SUMMARY

OFFERING SUMMARY

PROPOSED FINANCING

First Trust Deed

Loan Amount $1,210,000

Loan Type Proposed New

Interest Rate 2.95%

Amortization 30 Years

Loan Term 30 Years

Loan to Value 55%

Debt Coverage Ratio 1.74

THE OFFERING

Property Edison Oaks Apartments

Price $2,200,000

Property Address 3405 Hidden Oak Ct, Sacramento, CA

SITE DESCRIPTION

Number of Units 12

Year Built/Renovated 1973

Rentable Square Feet 9,450

Lot Size 0.55 acre(s)

Type of Ownership Fee Simple

8

REGIONAL MAP


9

LOCAL MAP


10

AERIAL PHOTO


11

Marcus & Millichap closes

more transactions than any other

brokerage firm.

12


12

PROPERTY PHOTO

Marcus & Millichap closes

more transactions than any other

brokerage firm.

12


13

PROPERTY PHOTO


14

FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS


RENT ROLL SUMMARY

15

FINANCIAL ANALYSIS


16

RENT ROLL DETAIL

FINANCIAL ANALYSIS


OPERATING STATEMENT

17

FINANCIAL ANALYSIS


PRICING DETAIL

18

MARCUS & MILLICHAP ADVANTAGE

MARCUS & MILLICHAP CAPITAL

CORPORATION CAPABILITIES

MMCC—our fully integrated, dedicated financing arm—is committed to

providing superior capital market expertise, precisely managed execution, and

unparalleled access to capital sources providing the most competitive rates and

terms.

We leverage our prominent capital market relationships with commercial banks,

life insurance companies, CMBS, private and public debt/equity funds, Fannie

Mae, Freddie Mac and HUD to provide our clients with the greatest range of

financing options.

Our dedicated, knowledgeable experts understand the challenges of financing

and work tirelessly to resolve all potential issues for the benefit of our clients.

Optimum financing solutions to

enhance value

Enhanced control through

investor qualification support


MMCC’s ability to qualify

investor finance contingencies


MMCC’s ability to monitor

investor/due diligence and

underwriting to ensure timely,

predictable closings

Enhanced control through quickly

identifying potential debt/equity

sources, processing, and closing

buyer’s finance alternatives

WHY MMCC?

National platform

operating

within the firm’s

brokerage offices

$ 7.18 billion

total national

volume in 2019

Access to more

capital sources

than any other

firm in the

industry

Closed 1,994

debt and equity

financings

in 2019

19



20

MARKET

COMPARABLES


SALES COMPARABLES MAP

21


(SUBJECT)

683 El Camino Ave

5500 Walnut Ave

656-670 Bowles St

2313 Villanova Circle

2755 El Caprice Drive

4050 Palm Ave

317 Pleasant Street

1044 Sonoma Ave

SALES COMPARABLES

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2

3

4

5

7

8

6

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1

rentpropertyaddress1

rentpropertyname1


rentpropertyname1


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SALES COMPARABLES

Units Unit Type

Offering Price: $2,200,000 4 1 Bed 1 Bath

Price/Unit: $183,333 6 2 Bed 1 Bath

Price/SF: $232.80 2 3 Bed 2 Bath

CAP Rate: 4.81%

GRM: 13.02

Total No. of Units: 12

Year Built: 1973

Underwriting Criteria

Income $177,414 Expenses $71,580

NOI $105,834

EDISON OAKS APARTMENTS3405 Hidden Oak Ct, Sacramento, CA, 95821

1

Units Unit Type

Close Of Escrow: 8/23/2019 8 2 Bdr 1 Bath

Sales Price: $1,100,000

Price/Unit: $137,500

Price/SF: $204.61

CAP Rate: 6.39%


Year Built: 1958

683 EL CAMINO AVE683 El Camino Ave, Sacramento, CA, 95815

Units Unit Type




Price/SF: $196.75

CAP Rate: 4.37%

GRM: 12.64


Year Built: 1964

2

5500 WALNUT AVE5500 Walnut Ave, Sacramento, CA, 95841

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


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SALES COMPARABLES

Units Unit Type




Price/SF: $146.27

CAP Rate: 7.00%


Year Built: 1959

3

656-670 BOWLES ST656-670 Bowles St, Sacramento, CA, 95815

4

Units Unit Type




Price/SF: $212.36

CAP Rate: 5.38%


Year Built: 1971

2313 VILLANOVA CIRCLE2313 Villanova Circle, Sacramento, CA, 95825

Units Unit Type


Sales Price: $1,580,000 8 2 Bdr 1 Bath


Price/SF: $148.08

CAP Rate: 6.80%


Year Built: 1972

5

2755 EL CAPRICE DRIVE2755 El Caprice Drive , Rancho Cordova , CA, 95670

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


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SALES COMPARABLES

Units Unit Type




Price/SF: $158.28

CAP Rate: 5.77%


Year Built: 1964

6

4050 PALM AVE4050 Palm Ave, Sacramento, CA, 95842

7

Units Unit Type


Sales Price: $980,000 4 2 Bdr 1 Bath


Price/SF: $235.75


Year Built: 1964

317 PLEASANT STREET317 Pleasant Street , Roseville, CA, 95678

Units Unit Type


Sales Price: $1,100,000 6 2 Bdr 1 Bath


Price/SF: $197.34

CAP Rate: 5.19%


Year Built: 1965

8

1044 SONOMA AVE1044 Sonoma Ave, Sacramento, CA, 95815

8


RENT COMPARABLES MAP


(SUBJECT)

3615 Morse Avenue

Casa Lido Apartments

Pope Cottages

Fairway Apartments

3701 Morse Ave

Citadel 29

4

7

8

9

11

20

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14

15

16

17

13

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10

4

1

2

3

5

6

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PROPERTY NAME

MARKETING TEAM


RENT COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


26

YEAR BUILT: 1973

rentpropertyname1rentpropertyaddress1

Unit Type Units SF Rent Rent/SF

1 Bed 1 Bath 4 650 $914 $1.41

2 Bed 1 Bath 6 825 $1,254 $1.52

3 Bed 2 Bath 2 950 $1,450 $1.53

Total/Avg. 12 788 $1,173 $1.49

EDISON OAKS APARTMENTS3405 Hidden Oak Ct, Sacramento, CA, 95821

YEAR BUILT: 1987

1


2 Bdr 1 Bath 9 800-1,000$1,175-$1,395

$1.43

Total/Avg. 9 900 $1,285 $1.43

3615 MORSE AVENUE 3615 Morse Avenue, Sacramento, CA, 95821

2

YEAR BUILT: 1958


1 Bdr 1 Bath 20 500 $890 $1.78

Total/Avg. 20 500 $890 $1.78

CASA LIDO APARTMENTS3425-3429 Edison Ave, Sacramento, CA, 95821

PROPERTY NAME

MARKETING TEAM


RENT COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


27

YEAR BUILT: 1987

3


1 Bdr 1 Bath 9 725 $1,100 $1.52

Total/Avg. 9 725 $1,100 $1.52

POPE COTTAGES 2810 Pope Ave, Sacramento, CA, 95821

YEAR BUILT: 1962

4


1 Bdr 1 Bath 32 500 $950 $1.90

2 Bdr 1 Bath 4 850 $1,110 $1.31

Total/Avg. 36 539 $968 $1.80

FAIRWAY APARTMENTS3709-3711 Morse Ave, Sacramento, CA, 95821

5

YEAR BUILT: 1957


2 Bdr 1 Bath 6 615 $1,050 $1.71

Total/Avg. 6 615 $1,050 $1.71

3701 MORSE AVE3701 Morse Ave, Sacramento, CA, 95821

PROPERTY NAME

MARKETING TEAM


RENT COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


28

YEAR BUILT: 1968

6


Studio 1 Bath 4 560 $995 $1.78

1 Bdr 1 Bath 76 660 $1,095 $1.66

2 Bdr 1 Bath 8 1,000 $1,300 $1.30

Total/Avg. 88 686 $1,109 $1.62

CITADEL 29 2929 Edison Ave, Sacramento, CA, 95821


29

MARKET

OVERVIEW


30

SACRAMENTO METRO AREA

Healthcare Services Provide Framework for Economic Growth;

Buyer Competition Pressures Asset Values

Collection of demand drivers prolong stretch of robust rent growth. Sacramento’s populace grew by

100,000 people over the past four years, drawn by the area’s comparatively lower cost of living. During 2020,

the metro continues to welcome a collection of new residents, many of whom will accept positions in the

expanding healthcare sector. This industry is delivering strong growth following the completion of several

large medical office buildings and the upcoming delivery of Centene’s 68-acre campus in Natomas, which will

employ up to 5,000 people. An additional campus for Kaiser Permanente is planned for the Railyards District,

an infill site that will also house a soccer stadium for Sacramento Republic FC. With economic expansion and

steady household growth on the horizon, an uptick in multifamily deliveries is warranted. Of the 1,400

completions slated for finalization this year, most are located in Sacramento or Folsom. New supply targeted

in areas with high rental demand will allow overall absorption of apartments to slightly outpace the metro’s

growing inventory. The resulting decline in unit availability will push up the average effective rent, with

Sacramento ranking as the top West Coast metro for rate growth in 2020.

Escalating rents and catalysts for economic expansion bolster investor confidence. Opportunities to

acquire properties of various sizes will attract a diverse buyer pool of in-state buyers this year. Those looking

to deploy less than $5 million per transaction target buildings in Sacramento’s downtown, where well-located

assets remain available at high-4 to 6 percent cap rates. Investors willing to place more capital will

concentrate on Arden/Arcade, Carmichael and other close-in suburbs, where sub-$150,000 per unit pricing

and 5 to 6 percent-plus first-year yields remain frequent. Properties in Folsom and other affluent suburbs are

coveted by investors as these areas are experiencing metro-leading rent growth, yet opportunities to acquire

complexes in these locales should remain sparse, driving asset values moving forward.

* Estimate; ** Forecast

Sources: Marcus & Millichap Research Services; BLS; CoStar Group, Inc.


31

SACRAMENTO METRO AREA

2020 Market Forecast

Health-related job creation remains strong as the overall hiring velocity with

11,000 jobs falls below last year’s 1.8 percent gain.

Delivery volume surpasses the 1,000-unit mark for a third consecutive

period, with roughly half of the apartments located in the city of Sacramento.

Net absorption eclipses 1,500 units in 2020, lowering metro vacancy to 3.1

percent amid an increase in supply additions.

The average effective rent rises at a rapid pace, reaching $1,582 per month.

Last year the average rent grew by 6.5 percent.

Owners that have executed recent value-add conversions in close-in

submarkets could reevaluate their portfolio as California’s new rent

regulation law could impact their current investment strategy.

* Estimate; ** Forecast

Sources: CoStar Group, Inc.; RealPage, Inc.; Real Capital Analytics

Employment

up 1.1%

Construction

1,400 units

Vacancy

down 10 bps

Rent

up 5.1%

Investment

PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS

Source: © 2019 Experian

Created on September 2020

POPULATION 1 Miles 3 Miles 5 Miles

▪ 2025 Projection

Total Population 13,292 126,712 338,009

▪ 2020 Estimate


▪ 2010 Census


▪ 2000 Census


▪ Daytime Population

2020 Estimate 11,606 155,021 374,479

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

▪ 2025 Projection

Total Households 5,946 50,755 133,995

▪ 2020 Estimate


Average (Mean) Household Size 2.23 2.47 2.49

▪ 2010 Census


▪ 2000 Census


Growth 2015-2020 0.39% 1.18% 1.25%

HOUSING UNITS 1 Miles 3 Miles 5 Miles

▪ Occupied Units

2025 Projection 5,946 50,755 133,995

2020 Estimate 6,382 52,835 137,176

Owner Occupied 2,051 20,928 63,124

Renter Occupied 3,871 29,235 69,215

Vacant 459 2,672 4,837

▪ Persons In Units

2020 Estimate Total Occupied Units 5,923 50,163 132,339

1 Person Units 38.60% 33.54% 32.10%

2 Person Units 30.58% 29.89% 30.76%

3 Person Units 13.78% 14.60% 14.87%

4 Person Units 9.03% 10.72% 11.12%

5 Person Units 4.61% 5.78% 5.68%

6+ Person Units 3.41% 5.47% 5.46%

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

▪ 2020 Estimate

$200,000 or More 2.82% 3.22% 5.79%

$150,000 - $199,000 5.09% 4.73% 5.52%

$100,000 - $149,000 9.65% 11.48% 13.27%

$75,000 - $99,999 9.48% 11.56% 12.22%

$50,000 - $74,999 13.94% 16.07% 17.10%

$35,000 - $49,999 13.25% 13.31% 12.78%

$25,000 - $34,999 13.16% 11.87% 9.94%

$15,000 - $24,999 13.97% 11.50% 9.88%

Under $15,000 18.66% 16.26% 13.49%

Average Household Income $62,342 $67,620 $81,369

Median Household Income $39,269 $46,597 $55,145

Per Capita Income $27,748 $27,219 $32,385

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population By Age

2020 Estimate Total Population 13,322 125,490 334,710

Under 20 22.55% 25.23% 24.88%

20 to 34 Years 21.02% 23.45% 23.09%

35 to 39 Years 7.03% 6.76% 6.54%

40 to 49 Years 12.17% 11.54% 11.40%

50 to 64 Years 20.85% 18.44% 18.44%

Age 65+ 16.37% 14.56% 15.68%

Median Age 39.55 35.91 36.48

▪ Population 25+ by Education Level

2020 Estimate Population Age 25+ 9,591 85,479 228,820

Elementary (0-8) 5.84% 5.39% 4.51%

Some High School (9-11) 8.86% 7.93% 7.15%

High School Graduate (12) 25.56% 26.24% 24.62%

Some College (13-15) 26.63% 26.34% 24.51%

Associate Degree Only 9.16% 8.90% 8.94%

Bachelors Degree Only 14.27% 15.24% 17.49%

Graduate Degree 8.00% 7.71% 10.57%

▪ Population by Gender

2020 Estimate Total Population 13,322 125,490 334,710

Male Population 47.91% 48.21% 48.21%

Female Population 52.09% 51.79% 51.79%

32

Income

In 2019, the median household income for your selected geography is

$39,269, compare this to the US average which is currently $62,990.

The median household income for your area has changed by 20.46%

since 2000. It is estimated that the median household income in your

area will be $44,388 five years from now, which represents a change

of 13.04% from the current year.

The current year per capita income in your area is $27,748, compare

this to the US average, which is $34,935. The current year average

household income in your area is $62,342, compare this to the US

average which is $90,941.

Population

In 2019, the population in your selected geography is 13,322. The

population has changed by 7.16% since 2000. It is estimated that the

population in your area will be 13,292.00 five years from now, which

represents a change of -0.23% from the current year. The current

population is 47.91% male and 52.09% female. The median age of the

population in your area is 39.55, compare this to the US average

which is 38.21. The population density in your area is 4,235.47 people

per square mile.

Households

There are currently 5,923 households in your selected geography. The

number of households has changed by 10.88% since 2000. It is

estimated that the number of households in your area will be 5,946

five years from now, which represents a change of 0.39% from the

current year. The average household size in your area is 2.23

persons.

Employment

In 2019, there are 5,037 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

59.16% of employees are employed in white-collar occupations in this

geography, and 40.21% are employed in blue-collar occupations. In

2019, unemployment in this area is 6.53%. In 2000, the average time

traveled to work was 29.00 minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as follows:

60.85% White, 11.12% Black, 1.07% Native American and 5.31%

Asian/Pacific Islander. Compare these to US averages which are:

69.84% White, 12.88% Black, 0.20% Native American and 5.75%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 25.35% of the current year

population in your selected area. Compare this to the US average of

18.38%.

PROPERTY NAME

MARKETING TEAM


Housing

The median housing value in your area was $292,954 in 2019,

compare this to the US average of $221,068. In 2000, there were

2,200 owner occupied housing units in your area and there were 3,142

renter occupied housing units in your area. The median rent at the

time was $479.

Source: © 2019 Experian

DEMOGRAPHICS

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DEMOGRAPHICS

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Offering Memorandum · 2020. 9. 22. · PROPERTY SUMMARY OFFERING SUMMARY PROPOSED FINANCING First...

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