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MARKETING FLYER 312 UNITS | VALUE-ADD OPPORTUNITY | 1991 YOC | ENGLEWOOD, CO EXECUTIVE SUMMARY PRICING SUMMARY Silver Cliff is offered unpriced to the market and free and clear of any existing debt. INVESTMENT HIGHLIGHTS INCLUDE: • Demonstrated Value-Add Potential • Surrounded by Dynamic Retail • Excellent Access to Transit OFFERING SUMMARY Address Year Built Total Units Total SF Average Unit Size Average Market Rent/Unit* Average Market Rent/SF* Occupancy* Site Size Parking Ratio Number of Buildings *As of January 3, 2017 Rent Roll 5109 S Delaware St Englewood, CO 80110 1991 312 254,400 ±815 SF $1,227 $1.50 95% ±10.83 AC 491 Spaces ±1.08 per Bedroom 9 residential, 2 leasing/clubhouse • Strong Property-Level Performance • Limited Competition from New Supply HFF is pleased to present Silver Cliff, a 312-unit apartment community located in Englewood, Colorado just west of the intersection of South Broadway and Belleview Avenue. Originally completed in 1991, Silver Cliff is among the newest assets in an established area of metro Denver and is conveniently located near major employment centers, retailers, and public transit. Bounded by two of the region’s most affluent suburbs, Greenwood Village and Littleton, Silver Cliff offers a full suite of amenities not available at many properties in the immediate submarket including covered parking, a fitness center, and pool with sweeping mountain views. Current ownership has renovated approximately 40% of the apartment homes and has achieved in-place rent premiums averaging more than $150 per month, offering a new investor a demonstrated road map to capturing higher rents and enhanced yields. Silver Cliff is located in proximity to numerous parks, major retailers including a new Sprouts Farmers Market, downtown Littleton, the South Broadway corridor and RTD Light Rail. These amenities, as well as the lack of available development land and subsequent constraint on new supply, combine to create a compelling investment opportunity in one of metro Denver’s most desirable locations. I N V E S T M E N T H IG H L IG H T S DEMONSTRATED VALUE-ADD POTENTIAL STRONG PROPERTY-LEVEL PERFORMANCE SUPERIOR ACCESS TO RETAIL AMENITIES LIMITED COMPETITION FROM NEW SUPPLY Current ownership has established a proven interior renovation program on 117 of the 312 units, with 195 units remaining in their original condition. Upgrades completed include granite countertops, black appliances, modern lighting and hardware fixtures, new cabinetry, and plank vinyl flooring in wet areas. Rental premiums for completing these unit upgrades are anticipated to continue to range from $125 - $175 per month over non-renovated units. Additionally, significant potential remains from upgrading common area amenities and re-purposing one of the two clubhouses, which should further enhance yields and position the property to compete for years to come. Residents of Silver Cliff enjoy easy access to numerous retail amenities. Just east of the property at the intersection of South Broadway and Belleview Avenue is the Brookridge Shopping Center, home to numerous restaurants and retailers including Sprouts Farmer’s Market, Kmart, Sears, Walgreens, and Starbucks. Located 1.5 miles west of Silver Cliff is the Columbine Square Shopping Center, home to King Soopers, 24 Hour Fitness, The Home Depot, and more. Further, the River Point at Sheridan Shopping Center is located 2 miles northwest of Silver Cliff. This 135-acre shopping center is home to ±600,000 square feet of retail space including Costco, Target, Chick Fil-A, and Michael’s. Silver Cliff’s location provides residents with superior access to some of the world’s most notable restaurants and retailers. PROXIMATE TO LIGHT RAIL Located just one mile west of the RTD’s Littleton/Downtown Park-n-Ride Station, Silver Cliff offers residents quick access to the C & D Light Rail lines. The C & D Lines, which stretch approximately 14 miles through southwest Denver, provides passengers with direct access to Downtown Denver, including stops at Sports Authority Field, the Pepsi Center and Union Station. Opened in 2000, the C & D Light Rail lines are tremendously successful, serving more than 27,000 passengers daily. The Littleton/Downtown Park-n-Ride also offers 361 parking spaces and 28 bike racks to riders. Through this Light Rail station, residents of Silver Cliff have access to Downtown Denver’s urban attractions as well as Denver International Airport. Silver Cliff has averaged approximately 95% occupancy over the past six months, while rental revenue increased by 11.9% from January 2016 until December 2016. These stats prove Silver Cliff’s desirability in the market and signal the ability to further implement a comprehensive renovation program. Over the past decade, only three market rate projects have been delivered within two miles of Silver Cliff, and no market rate properties are currently under construction in the same radius. This extreme lack of competition positions Silver Cliff to realize continued strong performance, and will enhance the value added by a comprehensive renovation plan. VA L U E-A D D O PPO R T U N I T Y Silver Cliff offers investors the opportunity to complete a comprehensive renovation to unit interiors and common area spaces. Current ownership has recently installed granite countertops, black appliances including stoves, refrigerators, dishwashers, and range hoods, in 117 apartment homes. Limited new supply is under construction in the submarket, positioning Silver Cliff as the prime opportunity to capitalize on the high demand for housing in a desirable location. It is anticipated that rental premiums will continue to average approximately $150 per month and the suggested upgrades include: 1. Granite Countertops 5. Updated lighting & Hardware Fixtures 2. Reface/Upgrade Cabinetry & Hardware 6. Six-Panel Doors 3. Deep Single or Double-bowl Stainless Steel Sinks 7. Black or Stainless Steel Appliances 4. Vinyl Wood Plank Flooring Unit Type 1x1 2x2 Total/Average Total Units 168 144 312 Rehabbed Units 59 58 117 Classic Units 109 86 195 Proposed Premiums $125 $175 $148 Annualized Premium Potential $163,500 $180,600 $344,100 5 5 2 2 6 3 7 1 7 4 3 1 6 4 Downtown Denver CBD 10 miles from Silver Cliff RIVERPOINT Overland Golf Course Light Rail Line 25 PLATT PARK NEIGHBORHOOD Craig Hospital 700 Employees eD ta F n ENGLEWOOD CITY CENTER Ch y wa Rotolo Park Clayton Elementary School Belisle Reservoir Cherry Hills Country Club er ad ro ne il Li t Ra h g Li ENGLEWOOD RECREATION CENTER SB S Sa 11,800 STUDENTS | 3,830 STAFF Swedish Medical Center 2,000 Employees r Broken Tee Golf Course University of Denver 4 miles from Silver Cliff ry Hi Cherrelyn Elementary School lls Vi lla $1-$5+ Million Home Values ge Duncan Park Belleview Park Denver Tech Center 4 miles from Silver Cliff Pirates Cove Family Fun Aquatic Center W Belleview Ave Progress Park Big Dry Creek Trail INVESTMENT SALES INQUIRIES DEBT FINANCING INQUIRIES CHRIS WHITE JOSH SIMON JEFF HAAG DIRECTOR REAL ESTATE ANALYST REAL ESTATE ANALYST SENIOR MANAGING DIRECTOR MANAGING DIRECTOR 303.515.8010 [email protected] 303.515.8004 [email protected] 303.515.8078 [email protected] 303.515.8031 [email protected] 303.515.8001 [email protected] 303.515.8002 [email protected] MANAGING DIRECTOR MACK NELSON ERIC TUPLER JORDAN ROBBINS