Villagio at La Scala - LoopNet · The Villagio at La Scala is approved for 248 units and is...

Villagio at La Scala±28.85-ACRE ZONED RALEIGH GARDEN DEVELOPMENT SITE

confidential offering memorandum

CALEB TROOPInvestment Sales Advisor

direct: 314.607.3481office: 800.746.3175 ext. 725email: [email protected]

RON CORRAOSenior Advisor


ERIC LIEBICHInvestment Sales Advisor


INVESTMENT RATIONALE 7

executive summaryinvestment highlights

nearby amenitiesncdot capital boulevard expansion project

MARKET OVERVIEW 15

area attractionspopulation & job growth

employers

APARTMENT MARKET 21

comparable salesrental competitors

offering details

VILLAGIO AT LA SCALA4

Property Details

10728 Star Rd A DDRESS

Wake Forest, NC CIT Y/STATE

GR10/HB ZONING & EN TITLEMEN T

1739677070 1739760570 1739662623

PA RCEL IDs

±28.85 (16.37/6.65/5.83)

ACRE AGE

248 Units POTEN TI A L DENSIT Y

RESEARCH TRIANGLE PARK

NC STATE UNIVERSITY

RALEIGH

DURHAMWAKE FOREST

KEY CONTACTSCIVIL ENGINEERING

Patrick Perez Civil Engineer Calyx Engineering

phone: 919.836.4800

ARCHITECTURE

Tate Holt Architect Planworx

phone: 919.486.8100

CITY OF WAKE FOREST

Jennifer Currin Development Services Manager

email: [email protected] phone: 919.435.9517

CAPSTONE LAND SALES 5

Parcel View

Capital Blvd± 48,000 VPD

28.85± TOTAL ACRES

5.83± ACRES OPTIONAL PHASE II (REZONE NEEDED)

23.02± ACRES 248 UNITS BY RIGHT

v

INVESTME NT R ATIONALE

executive summarydevelopment highlights

nearby amenitiesncdot capital boulevard expansion project


Executive Summary

Capstone Land Sales is pleased to present the Villagio at La Scala Development Site: a zoned, ±28.85-acre garden multi-family site in the robust Wake Forest

submarket of northeast Raleigh currently approved for 248 units by right. With direct access and visibility from Capital Boulevard and proven demand for new

construction product, the site is primed for an institutional quality development. The site was fully approved for a HUD 221 D-4 development in 2017 and has

support from the Town of Wake Forest for the project. The project is surrounded by Class-A retail and provides convenient access to Downtown Raleigh and

the Research Triangle corridor.

Existing Value Propositions:

» Multi-Family Zoning in Place; Fully Completed Civil Set and Third Party Reports

» Within 25 Minutes of Downtown Raleigh, Research Triangle, and Raleigh-Durham International Airport

» One Mile from Walmart, Harris Teeter, and a New Wegmans

» Triangle Region—#2 Real Estate Market in U.S.


Development Highlights

MULTI-FAMILY ZONING IN PLACE

The Villagio at La Scala is approved for 248 units and is appropriately zoned for multi-family development on 23 of the 28.85± total acres available. Additionally,

all relevant and needed due diligence has been completed including the following: Survey, Geotech, Soil Borings, Phase 1, DENR approval, and a full civil set.

The site had a fully approved HUD 221 (D)(4) application in February of 2017 but is available to be purchased via conventional financing.

The adjacent 5.83-acre tract is not zoned for multi-family use; however, the future development team can expect a straightforward approval process that will

allow the site to support an additional 50–100 multi-family units as the town of Wake Forest is fully on board with the development project. Current ownership

would entertain selling the multi-family zoned sites separately as well.


23.02± ACRES 248 UNITS BY RIGHT

5.83± ACRES OPTIONAL PHASE II (REZONE NEEDED)

28.85± TOTAL ACRES

15,000 SQ FT CITY OF RALEIGH OFFICE BUILDING TO BE BUILT

(IN PERMITTING) CLICK HERE FOR LINK TO PLANS

https://www.wakeforestnc.gov/sites/default/files/uploads/planning/drb_meeting_packet_october_2019.pdf



HIGHLY ACCESSIBLE SITE WITH HIGHWAY VISIBILITY

Located along Capital Blvd (48,000 VPD), the future development project will

provide excellent visibility for a built-in marketing advantage and also provide

quick accessibility to Wake Forest, Raleigh, and the greater Triangle area.

EXCELLENT PROXIMITY TO CLASS-A RETAIL

The Villagio at La Scala is ideally located within one mile of highly desirable,

Class-A retail. Popular neighborhood amenities include Starbucks, Harris Teeter,

Walmart Supercenter, ALDI, The Factory shopping mall, and the Marquee

Cinemas—all within a two-minute drive. In September, New York chain

Wegman's announced it will break ground on a grocery store five

minutes from the site (click here for news article).

Additionally, the Rex Healthcare of Wakefield facility is located within one mile

of the development site. The facility offers an abundance of services including

cancer care, urgent care, mammography services, surgery, and much more.

Triangle Town Center is also located eight minutes from the Villagio at La

Scala, providing residents with nearby high-end retail. Moreover, this area is

a major retail corridor for the Triangle region as it features a Lifetime Fitness,

Target, Best Buy, Hobby Lobby, Chipotle, Panera Bread, and more surrounding

Triangle Town Center.

WAKE POINTE AND WAKEFIELD COMMONS

POYNER PLACE

TRIANGLE TOWN CENTER AND PLANTATION POINT

https://wakeweekly.com/stories/town-annexes-land-to-make-way-for-future-wegmans-store,189419?




Nearby Amenities

540

POYNER PLACE

TRIANGLE TOWN CENTER

WAKEMED NORTH HOSPITAL

WAKEFIELD ELEMENTARY

WAKE TECHNICAL COMMUNITY COLLEGE

WAKEFIELD MIDDLE SCHOOL

VILLAGIO AT LA SCALA

WAKEFIELD HIGH SCHOOL

DOWNTOWN WAKE FOREST

CAPITAL BLVD

± 48,000 VPD

PLANTATION POINT

DURANT NATURE PRESERVE

GREEN HILLS COUNTY PARK

FOREST RIDGE PARK

WAKEFIELD COMMONS

REX HEALTHCARE OF WAKEFIELD

RALEIGH 7.5± MILES

WAKE POINTE



STRONG MULTI-FAMILY MARKET FUNDAMENTALS

PricewaterhouseCoopers and the Urban Land Institute recently released its Emerging Trends in Real Estate 2020, which contained stellar praise for the Triangle MSA

and North Carolina region as the Triangle ranked #2 for the top real estate market in the Unites States. Additionally, North Carolina had the third highest

domestic net migration from 2010–2018 by adding 402,000 people to the state.

According to CoStar, the Raleigh metro consistently outpaces the national average for job growth, largely fueled by its strong presence in the technology field. The metro

provides a low cost of living even though it’s one of the wealthiest and fastest growing areas in the Southeast. Current demand for multi-family units is so high that the

Raleigh market is experiencing a 6.6% vacancy rate, which includes properties that are still in lease-up. Absorption is outpacing supply as over the last 12 months

as 3,589 units have been absorbed while 2,637 units have been delivered. Additionally, rents have increased 4.2% over the past 12 months in the metro.

80,000

60,000

50,000

40,000

30,000

20,000

10,000

0

1880

853

74,663

(2045 EST)

(2025 EST)

59,674

45,264

30,818

14,228

5,5813,1483,7041,5361,443

1900 1920 1940 1960 1980 2000 2020 2040 2060

WAKE FOREST POPULATION GROWTH (1890–2018)

218%Population Growth

(2000–2018)

Source: Office of State Budget and Management, US Census Bureau, and Wake Forest Planning Department



NCDOT Capital Boulevard Expansion Project

NCDOT has funded an estimated $465 million project to improve traffic congestion and travel times by converting Capital Boulevard into a controlled-access road

between I-540 in Raleigh and Purnell Road in Wake Forest. The first phase of a four phased project is slated to begin in 2022; the project will significantly improve

commutes to and from Raleigh to the development site as ramps at interchanges will provide entry onto Capital Boulevard, cross streets will have overpasses, and

private driveway connections will not be allowed. The section of Capitol Boulevard fronting the Villagio at La Scala is slated for phase three of four (Section C),

with land acquisition scheduled for 2022 and construction completion around 2025. Construction will work its way north from the 540 interchange.

RALEIGH

WAKE FOREST

YOUNGSVILLE

540

1

401

Purnell Rd

STUDY AREA



Click Link Click Link


https://www.ncdot.gov/news/public-meetings/Documents/U-5307_PHM_PSH_3.pdf

https://www.ncdot.gov/projects/capital-boulevard-upgrade/Pages/default.aspx

https://www.ncdot.gov/news/public-meetings/Documents/U-5307_PHM_PSH_3.pdf

https://www.ncdot.gov/projects/capital-boulevard-upgrade/Pages/default.aspx

v

M ARKE T OVE RVIE W

area attractionspopulation & job growth

employment

#1PLACE PEOPLE ARE MOST

SATISFIED RENTING

Adobo

#2AMERICA'S FASTEST GROWING METRO

Forbes

#3BEST CITY FOR JOB SEEKERS

USA Today

#3BEST LARGE CITY

TO LIVE IN

RCLCO & Capridge Partners

#4BEST PLACE

TO LIVE

U.S. News

RALEIGH


Area Attractions

Raleigh is the capital of North Carolina and the state’s second largest city.

Located in the central Piedmont region of the state, it is conveniently located

just over two hours’ drive from Charlotte, the Atlantic coast, and two national

forests; thereby, providing residents with access to a wide array of entertainment,

employment, and cultural opportunities.

Raleigh has plenty to offer its residents and visitors alike, including award-winning

hotels and spas; culinary delights for every taste; and cultural experiences

including university gardens, historical landmarks, and breathtaking performing

arts venues. Outdoor enthusiasts can find 180 miles of greenway trails along with

Jordan Lake and two major state parks: Eno River and William B. Umstead. These

attractions offer bike trails, picnic areas, hiking trails, swimming, playgrounds,

running trails, and more.

TOP AREA ATTRACTIONS

NORTH CAROLINA STATE MUSEUMS

Known as the Smithsonian of the South, Raleigh is home to many state museums

including NC Museum of Natural Science, NC Museum of History, NC

Museum of Art, Marbles Kids Museum, North Carolina State Capitol, and

Contemporary Art Museum.

CITY MARKET

Opened more than a century ago, this public market houses several shops and

boutiques, restaurants and bars, and a seasonal farmer's market.

PULLEN PARK

North Carolina's first public park, which sees thousands of visitors each year and

is listed on the National Register of Historic Places.

PNC ARENA

Hosting sports, tours, shows, and concerts: this venue sees more than 1.5 million

guests each year at over 150 events.

ARBORETUM AT NC STATE

This internationally-acclaimed garden boasts over 6,000 different plants, including

both a rose garden and butterfly garden.

WILLIAM B. UMSTEAD STATE PARK

Features over 22 miles of hiking paths, and 13 miles of mountain biking trails;

home to 6,000 acres of recreation area that offers camping, canoing, and fishing.


Population & Job Growth

POPULATION

Raleigh’s demographic trends in the current cycle have consistently outperformed

the national average, and growth is expected to continue in the immediate term.

With growth projected to be nearly three times the national average, Raleigh

is expected to hold its rank as one the nation’s fastest growing major metros.

JOB GROWTH

As home to the renowned Research Triangle, there are a plethora of medical

and technology firms based in Raleigh. Graduates from the metro’s local

universities create a consistent pipeline to the city's workforce. High-paying

pharmaceutical and tech jobs are abundant in the area, and the metro’s

business costs average roughly 18% below the national figure. Together, a

diversified economy and low business costs have contributed to one of the

nation’s strongest recoveries from the recession.

RECENT ECONOMIC DEVELOPMENT

Pendo: adding 590 new jobs to existing employment will more than triple this firm's

presence in the metro.

Root Insurance: the information technology firm is expanding their current facility

to add over 460 jobs.

LabCorp: a new operations center for the clinical lab

management company will create 422 new jobs.

Amazon: a new distribution center in Garner is expected

to add 1,500 jobs in the coming years.

POPULATION

2014 2015 2016 2017 2018

Wake Forest (Town)

36,620 38,122 40,156 42,157 44,046

Raleigh (MSA)

1,241,236 1,271,196 1,303,845 1,334,342 1,362,540

North Carolina (State)

9,933,944 10,033,079 10,156,679 10,270,800 10,383,620

3.1%UNEMPLOYMENT RATE

(OCT 2019)

15.5%POPULATION GROWTH

(2010–2018)

3.0%YOY JOB GROWTH FOR 5 CONSECUTIVE YEARS


Employment

STRONG ECONOMIC OUTLOOK BODES WELL

FOR EMPLOYMENT

With a combination of higher education, medical, government, and technology

jobs, Raleigh’s employment growth has out outpaced a majority of the country

as well as other North Carolina MSAs. Employment in the region has increased

by 2.7%, and unemployment has remained consistently below state and

national averages; therefore, fueling population growth in the region.

RESEARCH TRIANGLE PARK (RTP)

As one of the largest continuously operating advanced science and technology

parks in North America, RTP is home to more than 170 companies and 50,000

jobs. Located at the epicenter of Raleigh-Durham, the site is a world-renowned

R&D campus and a major economic demand driver for the region. Working

alongside three huge local and regional universities, RTP is a hotbed for

innovation, investors, entrepreneurs, and multi-national companies.

MAJOR JOB ANNOUNCEMENTS

Several firms are expected to make major contributions to the metro’s job market

in the coming quarters, including software developer Pendo’s addition of 590

jobs after accepting roughly $10.7 million in incentives. Pendo is already a

sizable employer in downtown Raleigh, but these changes will more than triple

the firm’s occupancy in the metro. Additionally, Amazon is expected to add more

than 1,500 jobs in Garner in the coming years at the new distribution center.

RALEIGH TOP EMPLOYERS

The downtown employment base is primarily comprised of jobs in healthcare,

technology, and government-related employment. Many of the employers

below have a strong presence in downtown Raleigh—just a 13-mile commute

from the Villagio at La Scala development site.

TOP EMPLOYERS IN WAKE COUNTY

COMPANY EMPLOYMENT

Duke University and Health System 38,591

State of North Carolina 24,083

Wake County Public School System 19,845

Wal-Mart 16,135

IBM Corporation 10,000

WakeMed Health & Hospitals 9,105

North Carolina State University 9,069

Target 8,000

UNC Rex Healthcare 7,400

SAS Institute, Inc. 5,632

Cisco Systems, Inc. 5,000

Harris Teeter 5,000

Blue Cross and Blue Shield NC 4,700

NC Department of Health & Human Services 3,800

Fidelity Investments 3,700

Xylem 3,691

City of Raleigh 3,673

Conduent Incorporated 3,300

GlaxoSmithKline 3,000

v

APARTME NT M ARKE T

comparable sales—landrental competitors


Comparable Sales—Land

NAME CITY/STATE ACRES UNITS PURCHASE PRICE PRICE PER UNIT SALE DATE

Villagio at La Scala Wake Forest, NC 28.85 - - - -

Royal Creek Apartments Fuquay Varina, NC 10.00 250 Under Contract - Q1 2020

Signature Dev Site Fuquay Varina, NC 26.90 265 $3,810,000 $14,377 8/20/18

Andorra Holly Springs, NC 19.40 288 $3,850,000 $13,368 9/6/17

Exchange at Holly Springs Holly Springs, NC 10.10 316 $4,200,000 $13,291 11/23/16

Averages 16.60 261 $3,953,333 $13,679

ANDORRA

EXCHANGE AT HOLLY SPRINGS

ROYAL CREEK APARTMENTS

SIGNATURE DEV SITE



Rental Competitors

NAME ADDRESS UNITS OCCUPANCY YOC ACRES DEVELOPER RENT/SF RENT/UNIT

Villagio at La Scala 10728 Star Rd - - - 28.85 - -

Legacy Wake Forest 1421 Legacy Falls Dr 298 91.6% 2017 26.68 GCI Residential $1.19 $1,507

Luxury Apartments at Foxwood 6701 Fox Rd 472 86.0% (Lease-Up) 2018 45.95 KDM Development Corp. $1.25 $1,350

Capital Creek at Heritage 1910 Capital Creek Dr 214 96.7% 2016 21.98 TWO Capital Partners, LLC $1.16 $1,277

Bloomfield at 5401 7740 Midtown Market Ave 192 42.2% (Lease-Up) 2019 Commercial Properties Realty Trust $1.41 $1,196

Maystone at Wakefield 11100 Beckstone Way 360 86.7% 2016 52.53 The Carroll Companies $1.08 $1,150

Clairmont at Perry Creek 8430 Perry Pines Dr 328 90.9% 2016 19.15 Kotarides $1.09 $1,118

Averages 311 90.4% 2017 33.26 $1.20 $1,266

LEGACY WAKE FOREST

MAYSTONE AT WAKEFIELD CAPITAL CREEK AT HERITAGE

BLOOMFIELD AT 5401

CLAIRMONT AT PERRY CREEK

LUXURY APARTMENTS AT FOXWOOD



Rental Competitors

RENT PER SF

$1.20

$1.19

$1.25

$1.16

$1.41

$1.08

$1.09

$0.00 $0.50 $1.00 $1.50

AVERAGE

Legacy Wake Forest

Luxury Apartments at Foxwood

Capital Creek at Heritage

Bloomfield at 5401

Maystone at Wakefield

Clairmont at Perry Creek

RENT PER UNIT

$1,266

$1,507

$1,350

$1,277

$1,196

$1,150

$1,118

$0 $500 $1,000 $1,500 $2,000

AVERAGE

Legacy Wake Forest



Bloomfield at 5401



OCCUPANCY

90.4%

91.6%

86.0%

96.7%

42.2%

86.7%

90.9%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

AVERAGE

Legacy Wake Forest



Bloomfield at 5401



YEAR OF CONSTRUCTION

2017

2017

2018

2016

2019

2016

2016

2014 2015 2016 2017 2018 2019 2020

AVERAGE

Legacy Wake Forest



Bloomfield at 5401



(Lease-Up)

(Lease-Up)


Rental Competitors

LEGACY WAKE FOREST

DESCRIPTION

Address 1421 Legacy Falls Dr

City/State Wake Forest, NC

Management GCI

Year Built 2017

# of Units 298

Occupancy 91.6%

Acres 26.68

Utilities None Included

FEATURES & AMENITIES

» Swimming Pool

» Basketball Court

» Fitness Center

» Dog Park

» Garage Parking

» Quartz Countertops

» Wood-Style Floors

» W/D Connections

RENTAL RATES & UNIT MIX SUMMARY

UNIT TYPE # UNITS SF/UNIT TOTAL SF RENT/UNIT RENT/SF1 BR/1 BA 12 819 9,828 $1,265 $1.54

1 BR/1 BA 24 929 22,296 $1,372 $1.48

1 BR/1 BA 58 1,073 62,234 $1,333 $1.24

2 BR/2 BA 105 1,328 139,440 $1,473 $1.11

2 BR/2 BA 39 1,343 52,377 $1,560 $1.16

3 BR/2 BA 60 1,525 91,500 $1,805 $1.18

Totals/Averages 298 1,267 377,675 $1,507 $1.19


Rental Competitors

LUXURY APARTMENTS AT FOXWOOD

DESCRIPTION

Address 6701 Fox Rd

City/State Raleigh, NC

Management Foxwood Apts Mgmt

Year Built 2018

# of Units 472

Occupancy 86.0% (Lease-Up)

Acres 45.95



» Swimming Pool

» Fitness Center

» Picnic/Grilling Area


» Ceiling Fans

» Granite Countertops

» Walk-in Closets

» W/D in Unit



1 BR/1 BA 22 885 19,470 $1,126 $1.27

1 BR/1 BA 66 1,044 68,904 $1,245 $1.19

2 BR/2 BA 30 1,074 32,220 $1,325 $1.23

2 BR/2 BA 58 1,178 68,324 $1,448 $1.23

2 BR/2 BA 132 1,200 158,400 $1,495 $1.25

2 BR/2 BA 18 1,235 22,230 $1,490 $1.21

3 BR/2 BA 30 1,315 39,450 $1,585 $1.21

3 BR/2 BA 18 1,334 24,012 $1,655 $1.24

Totals/Averages 472 1,083 511,410 $1,350 $1.25


Rental Competitors

CAPITAL CREEK AT HERITAGE

DESCRIPTION

Address 1910 Capital Creek Dr

City/State Wake Forest, NC

Management Waypoint

Year Built 2016

# of Units 214

Occupancy 96.7%

Acres 21.98



» Gated Community

» Swimming Pool

» Fitness Center

» Dog Park

» Car Care Center

» Patio/Balcony

» Walk-in Closets

» W/D in Unit



1 BR/1 BA 3 759 2,277 $1,064 $1.40

1 BR/1 BA 30 833 24,990 $1,100 $1.32

1 BR/1 BA 2 839 1,678 $1,249 $1.49

1 BR/1 BA 26 846 21,996 $1,146 $1.35

1 BR/1 BA 10 859 8,590 $1,279 $1.49

1 BR/1 BA 12 970 11,640 $1,256 $1.29

2 BR/2 BA 30 1,195 35,850 $1,270 $1.06

2 BR/2 BA 3 1,219 3,657 $1,367 $1.12

2 BR/2 BA 34 1,283 43,622 $1,325 $1.03

2 BR/2 BA 20 1,308 26,160 $1,404 $1.07

3 BR/2 BA 2 1,486 2,972 $1,572 $1.06

3 BR/2 BA 22 1,493 32,846 $1,520 $1.02

3 BR/2 BA 6 1,500 9,000 $1,596 $1.06

Totals/Averages 214 1,101 235,596 $1,277 $1.16


Rental Competitors

BLOOMFIELD AT 5401

DESCRIPTION

Address 7740 Midtown Market Ave


Management Greystar

Year Built 2019

# of Units 192

Occupancy 42.2% (Lease-Up)



» Swimming Pool

» Fitness Center


» Community Garden


» Ceiling Fans

» Granite Countertops

» Walk-in Closets

» W/D in Unit



1 BR/1 BA 48 775 37,200 $1,066 $1.38

1 BR/1 BA 24 847 20,328 $1,305 $1.54

1 BR/1 BA 24 850 20,400 $1,174 $1.38

2 BR/2 BA 48 1,084 52,032 $1,415 $1.31

Totals/Averages 192 846 162,408 $1,196 $1.41


Rental Competitors

MAYSTONE AT WAKEFIELD

DESCRIPTION

Address 11100 Beckstone Way


Management RE Carroll

Year Built 2016

# of Units 360

Occupancy 86.7%

Acres 52.53



» Gated Community

» Swimming Pool

» Fitness Center

» Dog Park

» Car Care Center

» Patio/Balcony


» W/D Connections


UNIT TYPE # UNITS SF/UNIT TOTAL SF RENT/UNIT RENT/SF1 BR/1 BA 90 802 72,180 $985 $1.23

2 BR/2 BA 90 1,065 95,850 $1,155 $1.08

2 BR/2 BA 90 1,096 98,640 $1,175 $1.07

3 BR/2 BA 90 1,311 117,990 $1,285 $0.98

Totals/Averages 360 1,069 384,660 $1,150 $1.08


Rental Competitors

CLAIRMONT AT PERRY CREEK

DESCRIPTION

Address 8430 Perry Pines Dr


Management KPM

Year Built 2016

# of Units 328

Occupancy 90.9%

Acres 19.15



» Swimming Pool


» Fitness Center

» Movie Theater

» Patio/Balcony

» Crown Molding

» Quartz Countertops

» W/D in Unit


UNIT TYPE # UNITS SF/UNIT TOTAL SF RENT/UNIT RENT/SF1 BR/1 BA 108 784 84,672 $961 $1.23

1 BR/1 BA 24 798 19,152 $990 $1.24

2 BR/2 BA 88 1,166 102,608 $1,195 $1.02

2 BR/2 BA 84 1,174 98,616 $1,195 $1.02

3 BR/2 BA 24 1,339 32,136 $1,405 $1.05

Totals/Averages 328 1,028 337,184 $1,118 $1.09


Offering Details

Capstone Land Sales, LLC has been engaged as the exclusive listing Broker representative of the Owner for the sale of this property. No contact shall be made by any prospective purchaser or agents to the Owner, its executives, staff, personnel, tenants, or related parties.

This Investment Offering Memorandum is a confidential solicitation of interest, and the information provided herein is provided for the sole purpose of considering the purchase of the Property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property or to terminate discussions with any entity at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Investment Offering Memorandum or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Purchase Agreement on terms acceptable to the Owner. By receipt of this Offering Memorandum, prospective purchaser will be deemed to have acknowledged the foregoing and agrees to release the Owner from any and all liability with respect hereto.

The enclosed materials are being provided solely to facilitate the prospective purchaser’s own due diligence for which the purchaser shall be fully and solely responsible. All information contained herein is confidential in nature, and recipient agrees not to photocopy, duplicate, forward, distribute, or solicit third party interest without written permission and consent from Owner or Capstone Land Sales, LLC.

Neither Capstone Land Sales, LLC nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied upon as a promise or representation as to the future performance of the Property.

OFFER SUBMISSION

Offers should be presented in the form of a non-binding Letter of Intent,

spelling out all significant terms and conditions of Purchaser’s offer

including, but not limited to, (1) asset pricing, (2) due diligence and closing

timeframe, (3) deal structure and each party’s rights and responsibilities

(as applicable), (4) earnest money deposit, and to include (5) a resume of

previous multi-family ownership experience, as well as (6) qualifications

to close, and (7) details of debt and equity financing.

OFFERS DUE

Thursday: January 23, 2020

ASKING PRICE AND TERMS

TBD by Market

Offered free and clear

SOURCES

CoStar, DiscoverWakeForest.com, NCDOT.gov, and U.S. Census

Bureau. Images provided by: Margot DeBarmore (pp. 1, 8), Rodney

Scot Media Group (pp. 2–3, 6–7, 20–21), James Willamor (pp. 14–15),

ESB Professional (p. 16) Bz3rk (p. 17), StockRocket (p. 18 [L]),

StartupStockPhotos (p. 18 [M]), Martin Lopez(p. 18 [MR]), NCDOT

Communications (pp. 18 [R], 33) CoStar (pp. 26–31), via Shutterstock.

com, CreativeCommons.org and Public Domain licensing.

Capstone-Companies.com

CALEB TROOPInvestment Sales Advisor

direct: 314.607.3481office: 800.746.3175 ext. 725

[email protected]

RON CORRAOSenior Advisor

direct: 757.749.6994office: 800.746.3175 ext. 712

[email protected]

ERIC LIEBICHInvestment Sales Advisor

direct: 248.225.3706office: 800.746.3175 ext. [email protected]

BROKERAGE TEAM

Villagio at La Scala - LoopNet · The Villagio at La Scala is approved for 248 units and is...

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