VILLA SIENA // WILDOMAR // 170 APPROVED APARTMENT UNITS · VILLA SIENA APARTMENTS // WILDOMAR 6...

VILLA SIENA // WILDOMAR // 170 APPROVED APARTMENT UNITS

WD Land // 94 Discovery // Irvine, CA 92618 // (949) 789-4555 // BRE Lic No. 01211887

EXCLUSIVE OFFERING MEMORANDUM

PRIELIPP RD

CLINTON KEITH RD

ELIZA

BETH

LN

VILLA SIENA APARTMENTS // WILDOMAR

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TABLE OF CONTENTS //TABLE OF CONTENTS //

EXECUTIVE SUMMARY

Villa Siena Apartments 4

DEVELOPMENT OVERVIEW

Development Highlights 6

Site Plan 8

Renderings 11

Maps & Aerials 13

Photos 17

MARKET INFORMATION

Rental Comparables Map 19

Rental Comparable Analysis 20

Attractions Map 24

Demographics 25

Schools 26

OFFERING GUIDELINES

Offering Guidelines 28

Disclosures 30

E X E C U T I V E S U M M A R YV i l l a S i e n a , W i l d o m a r, C A


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EXECUTIVE SUMMARY //

VILLA SIENA APARTMENTS

Villa Siena Apartments provides a unique opportunity to develop a high quality project within the dynamic hub where the 15 and 215 freeways meet. The subject site received approvals from the City of Wildomar for a 170 unit Class A apartment project that is designed by ADKVAS Group.

THE OPPORTUNITY

• Prime location with convenient access to the 15 and 215 freeways via Clinton Keith Rd.

• Tight Submarket - Multi-family vacancy rate of less than 5% on competing projects in the immediate area.

• 6% year over year rental rate growth in SW Riverside County

• Excellent proximity to numerous shopping, dining, entertainment and other lifestyle amenities.

• Fully entitled development project

• Excellent transportain access to job centers.

• Close proximity to the Inland Valley Medical Center

• The project is designed with two and three story garden walk up product accompanied by deck or patio spaces.

D E V E L O P M E N T O V E R V I E W V i l l a S i e n a , W i l d o m a r, C A


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DEVELOPMENT OVERVIEW // DEVELOPMENT HIGHLIGHTS

PROJECT DESCRIPTION

The subject property is entitled for 170 apartment units across 9 buildings and consists of the rental units in three-story construction and the clubhouse in two-story on-grade garden walk up construction.

LOCATION/ACCESS

Site is located at 36485 Jana Lane, located on the north side of Prielipp Road between Elizabeth Lane and Jana Lane.

PROJECT SIZE

10.02 ± acres

APN

380-290-029

NUMBER OF LOTS/UNITS

170

ZONING

R-3 (General Residential)

COST TO COMPLETE

Total Cost to Complete with Fees: $64,298Fees Total: $28,161*CTC included in due diligence, buyer to verify fees.

TAX RATE

±1.014%

PARKING

368 Total Parking Spaces173 Enclosed Garage99 Covered Carports96 Open Parking

AMENITIES

Onsite amenities, including a club house, pool and spa, laundry in units, children’s play area, and community garden.

CFD

There is no project specific CFD

PROJECT DENSITY

17 DU/Acre

IMPROVEMENT PLANS

Buyer will be responsible for the design and submittal of improvement plans post closing.

ENTITLEMENT

Approved EIR, General Plan 13 Amendment. Change of Zone and Plot Plan No. 13-0089 for 170 Unit Apartment Project.

AFFORDABLE

There is no affordable requirement for this project.


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DEVELOPMENT OVERVIEW // DEVELOPMENT HIGHLIGHTS

ENGINEER

Pacific Coast Land Consultants, Inc. 951-698-1350

ARCHITECT

ADKVAS Group949-240-6591

EIR

First Carbon Solutions

IMPROVEMENT COSTS

Buyer to Determine

TOTAL RENTABLE SF

180,336 SF

UNIT MIX

UNIT TYPE UNIT LSFDECK/PATIO QTY TOTAL SF

Plan A 812 106 34 9181 Bedroom1 BathPlan B 1,083 123 102 1,2062 Bedroom2 BathPlan C 1,243 114 34 1,3573 Bedroom2 Bath

TOTAL 170


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DEVELOPMENT OVERVIEW // SITE PLAN


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DEVELOPMENT AND VICINITY OVERVIEW // SITE PLAN


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DEVELOPMENT OVERVIEW // SITE PLAN


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DEVELOPMENT OVERVIEW // TYPICAL BUILDING


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DEVELOPMENT OVERVIEW // POOL HOUSE


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DEVELOPMENT OVERVIEW // REGIONAL MAP

VILLA SIENA


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DEVELOPMENT OVERVIEW // LOCAL MAP

VILLA SIENA


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DEVELOPMENT OVERVIEW // VICINITY AERIAL

CLINTON KEITH RD

VILLA SIENA

INLA

ND

VA

LLEY

DR

BEAR CREEK VILLAGE CENTER

THE SHOPS AT CLINTON KEITH

RENAISSANCE PLAZA

PRIELIPP RDInland ValleyMedical Center


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DEVELOPMENT OVERVIEW // LOW AERIAL

CLINTON KEITH RD

PRIELIPP RD ELIZA

BETH

LN


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DEVELOPMENT OVERVIEW// PHOTOS

Street front view on Prielipp Road at Elizabeth Lane

Street front view on Prielipp Road at Jana Lane

M A R K E TV i l l a S i e n a , W i l d o m a r, C A


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MARKET // RENTAL COMPARABLES MAP

MURRIETA HOT SPRIN

GS RD

WH

ITE

W

OOD RD

CLINTON KEITH RD

WASHINGTON AVE

CALI

FORNIA

OAKS R

D

VENETO

2. Camden Vineyards

3. Silverado

4. Gables Oak Creek

5. Vista Pointe

6. Oak Springs Ranch

1. Pacific Landing

7. Santa Rosa

8. The Arbors

9. Crescent Heights

10. The Waterstone


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MARKET // RENTAL COMPARABLE ANALYSIS

2. CAMDEN VINEYARDS 24323 Jackson Avenue, Murrieta Submarket: SW Riverside

Property Size: 264 Floors: 3 Current Asking Rent: $1,600 Year Built: 2002 Vacancy Rate: 3.4% 1bd: 116 2bd: 32 3bd: 116

Floor Plan Bed Bath SF Avg Rent Avg Rent/SF

1 1 1 817 $1,609 $1.96

2 2 2 1,093 $1,707 $1.54

3 3 2 1,395 $2,529 $1.81

3. SILVERADO 25100 Vista Murrieta, Murrieta Submarket: SW Riverside

Property Size: 492 Floors: 3 Current Asking Rent: $1,534 Year Built: 2007/2015 Vacancy Rate: 0.6% 1bd: 120 2bd: 256 3bd: 116


1 1 1 679 $1,450 $2.16

2 2 2 1,032 $1,725 $1.67

3 3 2 1,107 $1,850 $1.67

1. PACIFIC LANDING 36125 Creighton Ave, Murrieta Submarket: SW Riverside



The Gledhill 1 1 807 $1,445 $1.79

The Stow 1 1 818 $1,440 $1.76

The Steedman 2 2 1,077 $1,938 $1.79

The Acacia 1 1 1,068 $1,970 $1.84

The Presidio 2 2 1,048 $1,983 $1.89

The Mission 3 2 1,263 $2,105 $1.66


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5. VISTA SPACE POINTE 40680 Walsh Center Dr, Murrieta Submarket: SW Riverside



1 1 1 772 $1,500 $1.94

2 2 2 1,076 $1,995 $1.85

3 3 2 1,107 $2,200 $1.98

6. OAK SPRINGS RANCH 24055 Clinton Keith Rd, Wildomar Submarket: SW Riverside



1 1 1 869 $1,580 $1.82

2 2 2 1,121 $1,955 $1.60

3 3 2 1,621 $2,520 $1.55

4. GABLES OAK CREEK 24875 Prielipp Rd, Wildomar Submarket: SW Riverside



2 2 2 1,043 $1,822 $1.75

3 3 2 1,261 $2,150 $1.70


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8. THE ARBORS AT CALIFORNIA OAKS 24375 Jackson Ave, Murrieta Submarket: SW Riverside

Property Size: 460 Floors: 3 Current Asking Rent: $1,291 Year Built: 2007 Vacancy Rate: 6.1% 1bd: 260 2bd: 200


1 1 1 650 $1,171 $1.83

2 2 2 1000 $1,384 $1.38

9. CRESCENT HEIGHTS 40800 Sunflower Rd, Murrieta Submarket: SW Riverside Property Size: 184 Floors: 2 Current Asking Rent: $1,499 Year Built: 2003 Vacancy Rate: 0.5% 1bd: 57 2bd: 107 3bd: 20


1 0 1 518 $1,259 $2.40

2 1 2 664 $1,381 $2.05

3 2 2 1,005 $1,520 $1.49

4 3 2 1,334 $1,862 $1.37

7. SANTA ROSA 36491 Yamas Dr, Wildomar Submarket: SW Riverside Property Size: 318 Floors: 2 Current Asking Rent: $1,626 Year Built: 2008 Vacancy Rate: 4.7% 1bd: 95 2bd: 157 3bd: 66


1 1 1 751 $1,792 $2.39

2 2 2 1,018 $2,234 $2.19

3 3 2 1,215 $2,511 $2.06


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10. THE WATERSTONE AT MURRIETA 24850 Hancock Ave, Murrieta Submarket: SW Riverside

Property Size: 419 Floors: 2 Current Asking Rent: $1,374 Year Built: 1990/2014 Vacancy Rate: 2.1% 1bd: 100 2bd: 319


1 1 1 610 $1,293 $2.09

2 2 2 855 $1,455 $1.70


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MARKET // ATTRACTIONS MAP


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MARKET // DEMOGRAPHICS


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DONALD GRAHAMELEMENTARY | K-5Great Schools: 535450 Frederick StreetWildomar, CA 92595

ELSINOREHIGH | 9-12Great Schools: 621800 Canyon Drive Wildomar, CA 92595

DAVID A BROWNMIDDLE | 6-8Great Schools: 521861 Grand Avenue Wildomar, CA 92595

MARKET // SCHOOLS

VILLA SIENA

O F F E R I N G G U I D E L I N E SV i l l a S i e n a , W i l d o m a r, C A


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OFFERING GUIDELINES //

PRICE

Submit offer.

OFFER PREPARATION

Submit a Letter of Intent (“LOI”) outlining the terms and conditions under which Buyer proposes to acquire the property. Proposals should be expressed in terms of “as-is” price

TERMS

All cash at the close of escrow preferred.

FEASIBILITY PERIOD

Buyer will have 60 days from a signed LOI to complete a feasibility investigation of the property and 14 days from the receipt of a draft from Seller to sign the Purchase and Sale Agreement.

DUE DILIGENCE

Due diligence information is available to a buyer by clicking the Villa Siena Due Diligence

DEPOSITS

Buyer to open escrow with a refundable deposit of 3% of Purchase Price. Upon approval of the feasibility period the deposit shall be increased to 10% (20% if the seller develops) of the purchase price, which shall become non-refundable and applicable to the purchase price.

CLOSE OF ESCROW

Close of escrow will be within 30 days after approval of the Feasibility Period.

SELLER

Golden Siena Eagle

https://www.dropbox.com/sh/2af2tv3iwamolzp/AAC39fZYBBhQbY0lEqpdZvT4a?dl=0

D I S C L O S U R E SV i l l a S i e n a , W i l d o m a r, C A


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GENERAL DISCLOSURE

This sales information package and contents hereof, is provided for informational purposes only. Nothing contained herein is deemed to constitute an offer of sale or to impose upon Seller, or any of their affiliates, any obligation to negotiate the sale of any parcel or property, and all offers to purchase this property must be accepted by the Seller in writing. No representation or warranty, expressed or implied, is made regarding the information set forth herein, the factual accuracy or completeness of any such information or other materials contained herein. Seller reserves the right to make changes from time to time to any of the information contained or referred to herein, to change the price and/or terms and may withdraw the property from the market all without any obligations to notify the recipients of this sales information package.

Any party which may enter into any written agreement to purchase the subject property shall make its own independent investigation regarding all aspects of the subject property and the development contemplated thereon without complete reliance upon the materials contained herein. Nothing contained herein is intended in any way to limit or mitigate the need for any independent investigation, which a prudent buyer would be required to undertake in order to determine all facts which could have any effect upon the acquisition or development of the subject property. Any prospective buyers (“Buyer”) are strongly advised to investigate the condition and suitability of all aspects of the property and all matters affecting the value or desirability of the property, including but not limited to the following items: size, lines, access and boundaries; zoning and land use; any conditions of approval, cost and fees to develop the site; utilities and services; environmental hazards; geological conditions; natural hazard zone; property damage; neighborhood, area and property conditions; common interest subdivisions and owner associations; and, specialty tax. If Buyer does not exercise these rights, Buyer is acting against the advice of WD Land. Buyer understands that although conditions are often difficult to locate and discover, all real property contains conditions that are not readily apparent and that may affect the value or desirability of the property. Buyer and Seller are aware that WD Land does not guarantee, and in no way will assume responsibility for, the condition of the property. WD Land has not and will not verify any of items listed above, unless otherwise agreed to in writing.

This sales information package is subject to changes or withdrawals without notice and does not constitute a recommendation, endorsement or advice as to the value of the subject property by WD Land or the Seller.

This sales information package is the absolute property of WD Land and may only be used by parties approved by WD Land. No portion of this sales information package may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of WD Land and Seller

DISCLOSURE AND CONSENT FOR REPRESENTATION OF MORE THAN ONE BUYER OR SELLER (Excerpt from C.A.R. Form DA)

C.A.R. Form DA, 11/06 A real estate broker, whether a corporate, partnership or sole proprietorship, (“Broker”) may represent more than one buyer or seller provided the Broker has made a disclosure and the principals have given their consent. This multiple representation can occur through an individual licensed as a broker or through different associate licensees acting for the Broker. The associate licensees may be working out of the same or different office locations.

Broker (individually or through its associate licensees) may be working with many prospective buyers at the same time. These prospective buyers may have an interest in, and make offers of, the same properties. Some of these properties may be listed with Broker and some may not. Broker will not limit or restrict any particular buyer from making an offer on any particular property whether or not Broker represents other buyers interested in the same property.

Buyer and Seller understand that Broker may represent more than one buyer or seller and even both buyer and seller on the same transaction.

If Seller is represented by Broker, Seller acknowledges that Broker may represent prospective buyers of Seller’s property and consents to Broker acting as dual agent for both Seller and Buyer in that transaction.

If Buyer is represented by Broker, Buyer acknowledges that Broker may represent sellers of property that Buyer is interested in acquiring and consents to Broker acting as a dual agent for both Buyer and Seller with regard to that property.

In the event of dual agency, Seller and Buyer agree that: (a) Broker, without prior written consent of the Buyer, will not disclose to Seller that the Buyer is willing to pay a price greater than the offer price; (b) Broker, without prior written consent of the Seller, will not disclose to the Buyer that Seller is willing to sell property at a price less than the listing price; and (c) other than as set forth in (a) and (b) above, a Dual Agent is obligated to disclose known facts materially affecting the value or desirability of the property to both parties.

NON CONFIDENTIALITY OF OFFERS: Buyer is advised that Seller or Listing Agent may disclose the existence, terms, or conditions of Buyer’s offer unless all parties and their agent have signed a written confidentiality agreement. Whether any such information is actually disclosed depends on factors, such as current market conditions, the prevailing practice in the real estate community, the Listing Agent’s marketing strategy and the instructions of the Seller.

Seller and/or Buyer acknowledges reading and understanding this Disclosure and Consent for Representation of More than One Buyer or Seller and agree to the dual agency possibility disclosed.

QUALIFICATIONS AND DISCLAIMER //


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EXHIBIT A: DISCLOSURE (as required by the Civil Code)DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIP

When you enter into a discussion with a real estate agent regarding a real estate transaction, you should from the outset understand what type of agency relationship or representation you wish to have with the agent in the transaction.

SELLER’S AGENT - A Seller’s agent under a listing agreement with the Seller acts as the agent for the Seller only. A Seller’s agent or a subagent of that agent has the following affirmative obligations:

To the Seller: A fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Seller.

To the Buyer and the Seller: (a) Diligent exercise of reasonable skill and care in performance of the agent’s duties. (b) A duty of honest and fair dealing and good faith. (c) A duty to disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or within the diligent attention and observation of, the parties. An agent is not obligated to reveal to either party any confidential information obtained from the other party that does not involve the affirmative duties set forth above.

BUYER’S AGENT - A selling agent can, with a Buyer’s consent, agree to act as agent for the Buyer only. In these situations, the agent is not the Seller’s agent, even if by agreement the agent may receive compensation for services rendered, either in full or in part from the Seller. An agent acting only for a Buyer has the following affirmative obligations

To the Buyer: A fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Buyer.

To the Buyer and the Seller: (a) Diligent exercise of reasonable skill and care in performance of the agent’s duties. (b) A duty of honest and fair dealing and good faith. (c) A duty to disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or within the diligent attention and observation of, the parties. An agent is not obligated to reveal to either party any confidential information obtained from the other party that does not involve the affirmative duties set forth above.

AGENT REPRESENTING BOTH SELLER AND BUYER - A real estate agent, either acting directly or through one or more associate licensees, can legally be the agent of both the Seller and the Buyer in a transaction, but only with the knowledge and consent of both the Seller and the Buyer. In a dual agency situation, the agent has the following affirmative obligations to both the Seller and the Buyer: (a) A fiduciary duty of utmost care, integrity, honesty and loyalty in the dealings with either the Seller or the Buyer. (b) Other duties to the Seller and the Buyer as stated above in their respective sections. In representing both Seller and Buyer, the agent may not, without the express permission of the respective party, disclose to the other party that the Seller will accept a price less than the listing price or that the Buyer will pay a price greater than the price offered.

Buyer understands Broker (individually or through its associate licensees) may represent more than one prospective buyer at the same time who may have an interest in, and make offers on, the same properties.

The above duties of the agent in a real estate transaction do not relieve a Seller or Buyer

from the responsibility to protect his or her own interests. You should carefully read all agreements to assure that they adequately express your understanding of the transaction. A real estate agent is a person qualified to advise about real estate. If legal or tax advice is desired, consult a competent professional.

Throughout your real property transaction, you may receive more than one disclosure form, depending upon the number of agents assisting in the transaction. The law requires each agent with whom you have more than a casual relationship to present you with this disclosure form. You should read its contents each time it is presented to you, considering the relationship between you and the real estate agent in your specific transaction.

AGENCY DISCLOSURE //


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POSSIBLE REPRESENTATION OF MORE THAN ONE BUYER OR SELLER DISCLOSURE AND CONSENT (Excerpt from C.A.R. Form PRBS, 11/14)

A real estate broker (Broker), whether a corporation, partnership or sole proprietorship, may represent more than one buyer or seller. This multiple representation can occur through an individual licensed as a broker or salesperson or through different individual broker’s or salespersons (associate licensees) acting under the Broker’s license. The associate licensees may be working out of the same or different office locations.

Multiple Buyers: Broker (individually or through its associate licensees) may be working with many prospective buyers at the same time. These prospective buyers may have an interest in, and make offers on, the same properties. Some of these properties may be listed with Broker and some may not. Broker will not limit or restrict any particular buyer from making an offer on any particular property whether or not Broker represents other buyers interested in the same property.

Multiple Sellers: Broker (individually or through its associate licensees) may have listings on many properties at the same time. As a result, Broker will attempt to find buyers for each of those listed properties. Some listed properties may appeal to the same prospective buyers. Some properties may attract more prospective buyers than others. Some of these prospective buyers may be represented by Broker and some may not. Broker will market all listed properties to all prospective buyers whether or not Broker has another or other listed properties that may appeal to the same prospective buyers.

Dual Agency: If Seller is represented by Broker, Seller acknowledges that broker may represent prospective buyers of Seller’s property and consents to Broker acting as a dual agent for both seller and buyer in that transaction. If Buyer is represented by Broker, buyer acknowledges that Broker may represent sellers of property that Buyer is interested in acquiring and consents to Broker acting as a dual agent for both buyer and seller with regard to that property.

In the event of dual agency, seller and buyer agree that: (a) Broker, without the prior written consent of the Buyer, will not disclose to seller that the Buyer is willing to pay a price greater than the offered price; (b) Broker, without the prior written consent of the seller, will not disclose to the buyer that seller is willing to sell property at a price less than the listing price; and (c) other than as set forth in (a) and (b) above, a dual agent is obligated to disclose known facts materially affecting the value or desirability of the property to both parties.

Offers not necessarily confidential: Buyer is advised that seller or listing agent may disclose the existence, terms, or conditions of buyer’s offer unless all parties and their agent have signed a written confidentiality agreement. Whether any such information is actually disclosed depends on many factors, such as current market conditions, the prevailing practice in the real estate community, the listing agent’s marketing strategy and the instructions of the seller.

Buyer and seller understand that Broker may represent more than one buyer or more than one seller and even both buyer and seller on the same transaction and consents to such relationships.

DISCLOSURE AND CONSENT //

VILLA SIENA // CITY OF WILDOMAR

www.wdland.com

CONTACT US FOR MORE INFORMATION

DAVID HARBOURLand Broker

949.789.4555, x [email protected] Lic No. 01344587

CURT CRANDALLPartner

[email protected] Lic No. 01376475

VILLA SIENA // WILDOMAR // 170 APPROVED APARTMENT UNITS · VILLA SIENA APARTMENTS // WILDOMAR 6...

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