Multifamily Market Overview HUNTSVILLE, ALABAMA
Presented to:
13th Annual CCIM North Alabama Commercial Real Estate Symposium May 17, 2019 By: David Oakley and David Wilson, MAI
TOPICS TO COVER ยง Market Fundamentals ยง New Construction ยง Renovations ยง Transaction Activity
TOPICS TO COVER
ALABAMA MAJOR MARKET SUMMARY CoStar Data Total Units in Survey
12 Mo Delivered Units
12 Mo. Absorption Units
Occupancy Rate
12 Mo. Asking Rent Growth
Birmingham
55,617
262
274
92.1%
3.4%
Huntsville
26,577
260
497
93.8%
6.4%
Montgomery
19,391
0
220
89.8%
2.8%
Mobile / Baldwin County
19,963
130
-25
89.5%
4.2%
121,548
652
966
Market
Total
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ALABAMA MAJOR MARKET SUMMARY AxioMetrics Data Effective Rent per Unit
Effective Rent per SF
Effective Rent Growth Annually
Birmingham
$988
$0.98
4.2%
94.9%
0.3%
Huntsville
$855
$0.89
4.1%
94.2%
-2.4%
Montgomery
$813
$0.78
2.3%
91.8%
-0.3%
Mobile / Baldwin County
$820
$0.84
2.0%
92.8%
-1.1%
Market
Occupancy Change Annually Occupancy Rate
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MARKET FUNDAMENTALS
Huntsville Area Rent & Occupancy Trends Since 2010
Effective Rent
1Q19
4Q18
3Q18
2Q18
1Q18
4Q17
3Q17
2Q17
1Q17
4Q16
3Q16
2Q16
1Q16
4Q15
3Q15
2Q15
1Q15
4Q14
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
4Q12
80% 3Q12
$475 2Q12
84%
1Q12
$550
4Q11
88%
3Q11
$625
2Q11
92%
1Q11
$700
4Q10
96%
3Q10
$775
2Q10
100%
1Q10
$850
Occupancy Rate
Most Recent Survey Attributes Total Properties: 115 Total Units: 24,026 Average Year Built: 1991 Average Unit Size (SF): 932 Source: AxioMetrics
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Huntsville Area Rent & Occupancy Trends 1Q15 to 1Q19
Effective Rent
1Q19
4Q18
3Q18
2Q18
1Q18
4Q17
80% 3Q17
$475 2Q17
84%
1Q17
$550
4Q16
88%
3Q16
$625
2Q16
92%
1Q16
$700
4Q15
96%
3Q15
$775
2Q15
100%
1Q15
$850
Occupancy Rate
Most Recent Survey Attributes Total Properties: 115 Total Units: 24,026 Average Year Built: 1991 Average Unit Size (SF): 932 Source: AxioMetrics
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New Product | Rent & Occupancy Trends Huntsville Metro Apartment Market 1Q15 1Q18 Properties Built to 2015 and Newer $1,150
100%
$1,100
96%
$1,050
92%
$1,000
88%
$950
84%
$900
80%
$850
76%
$800
72%
$750
68% 1Q10
3Q10
Source: CoStar
1Q11
3Q11
1Q12
3Q12
1Q13
3Q13
1Q14
3Q14
Effective Rent
1Q15
3Q15
1Q16
3Q16
1Q17
3Q17
1Q18
3Q18
1Q19
Occupancy
Most Recent Survey Attributes Total Properties: 17 Total Units: 4,093 Average Year Built: 2015 Average Unit Size (SF): 1,082 Source: AxioMetrics
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Huntsville Area Concession Trends Since 2010 50%
$50
40%
$40
30%
$30
20%
$20
10%
$10
Percent Offering Concessions
1Q19
4Q18
3Q18
2Q18
1Q18
4Q17
3Q17
2Q17
1Q17
4Q16
3Q16
2Q16
1Q16
4Q15
3Q15
2Q15
1Q15
4Q14
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
4Q12
3Q12
2Q12
1Q12
4Q11
3Q11
2Q11
1Q11
4Q10
3Q10
2Q10
$0 1Q10
0%
Concession Value
Most Recent Survey Attributes Total Properties: 115 Total Units: 24,026 Average Year Built: 1991 Average Unit Size (SF): 932 Source: AxioMetrics
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Huntsville Area Concession Trends 1Q15 to 1Q19
50%
$50
40%
$40
30%
$30
20%
$20
10%
$10
Percent Offering Concessions
1Q19
4Q18
3Q18
2Q18
1Q18
4Q17
3Q17
2Q17
1Q17
4Q16
3Q16
2Q16
1Q16
4Q15
3Q15
2Q15
$0 1Q15
0%
Concession Value
Most Recent Survey Attributes Total Properties: 115 Total Units: 24,026 Average Year Built: 1991 Average Unit Size (SF): 932 Source: AxioMetrics
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Huntsville Area Employment Trends
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Huntsville Area | CoStar 1Q2019 Stats Property Class
Units
Vacancy Rate
Asking Rent
Effective Rent
4 & 5 Star
7,770
4.20%
$ 1,0639
$ 1,063
3 Star
14,031
6.40%
$ 748
$ 738
1 & 2 Star
4,776
8.80%
$ 587
$ 580
Overall Market
26,577
6.20%
$ 819
$ 811
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Huntsville Area | CoStar 1Q2019 Stats 12 Month Change Vacancy
-1.0%
Net Absorption
497 Units
Net Deliveries
260 Units
Rent Growth
6.40%
Effective Rent Growth
7.50%
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Huntsville Area | CoStar Submarkets
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Huntsville Area | CoStar Sample Submarket Inventories (1Q2019) #
Submarket
Properties
Units
% Metro
1
Central
15
1,396
5.3%
2
Limestone County
16
1,200
4.5%
3
Madison/Airport
32
6,907
26.0%
4
Outlying Madison County
16
1,007
3.8%
5
South Madison County
25
4,431
16.7%
6
Southwest
56
3,215
12.1%
7
University/Research Park
39
8,421
31.7%
199
26,577
TOTALS
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Huntsville Area | CoStar Stats Submarket Rents (1Q2019) Asking Rents
Effective Rents
#
Submarket
Per Unit
Annual Growth
Per Unit
Per SF
Annual Growth
Concessions
1
Central
$1,088
8.9%
$1,081
$1.14
9.9%
0.6%
2
Limestone County
$654
6.3%
$651
$0.68
6.5%
0.3%
3
Madison/Airport
$953
7.1%
$943
$0.89
7.6%
1.0%
4
Outlying Madison County
$663
3.1%
$660
$0.74
3.3%
0.5%
5
South Madison County
$768
4.8%
$761
$0.78
5.9%
1.0%
6
Southwest
$542
3.9%
$536
$0.72
4.5%
1.2%
7
University/Research Park
$837
7.2%
$828
$0.87
9.2%
1.1%
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Conclusion - Market Fundamentals §
Best Apartment Market Fundamentals in Over 25 Years
§
Highest Sustained Occupancy Pattern – 94%+ for 2 Years Running §
§
§
Best Performance Since Records Have Been Kept (25 Years)
Record-Setting Effective Rent Growth §
Sustained High Growth for Past 2 Years (Over 6% Each Year)
§
Highest in 25 Years
Low Concession Usage
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NEW CONSTRUCTION
New Unit Delivery History | Huntsville/Madison
Source: David Wilson, MAI, Berkadia
Source: David Wilson, MAI a Ber kshi r e Hat haw ay and J ef f r i es Fi nanci al Gr ou p
Under Construction as of May 2019 Project Name COMPLETED AND IN LEASE-UP 1 Palladian at Promenade **
HUNTSVILLLE AREA PIPELINE Actively Under Construction or Recently Completed In Lease-Up as of May 6, 2019 Previously Units Under Delivered Construction Submarket Location
Comments
Madison - north
Off Hwy 72 in Madison
110
0
1 and 2-story with direct-access garages
464
64
Class B, 3-story
ACTIVELY UNDER CONSTRUCTION 1
Limestone Creek **
West Huntsville
I-565 at Greenbriar Road
2
Heights at Monte Sano **
SE Huntsville - Big Cove
Highway 431 South
0
172
Class A, 3-story, Adjacent to Hampton Falls
3
Watermark at Bridge Street ** West Huntsville
BridgeStreet Town Center
0
244
Class A, 4-sty elevator, surface park, no retail
4 5
Virtuoso Living ** The Station at Town Madison
West Huntsville Madison - South
Dry Creek Rd near Providence Town Madison/ I-565
0 0
400 274
1-story modular, duplex and detached Class A, 4-sty elevator, surface park, no retail
6
Legacy at Jones Farm, I and II
SE Huntsville
Cecil Ashburn/Jones Valley
248
173
Class A, 4-sty elevator, surface park, no retail
7
The Avenues Madison
Madison - South
Sullivan Street near downtown
0
190
Class A, 4-sty elevator with retail wings
8
The Collins
West Huntsville
Enterprise Way near TopGolf
0
260
Class A, 2 and 3-story, adjoins Research Park
9
Villas at Kelly Springs
West Huntsville
Hwy 53 at Research Park Blvd
0
108
1-story, Hwy 53 and Research Park Blvd
712
1,885
TOTAL UNDER CONSTRUCTION **Actively in Lease-Up Source: David Wilson, MAI, Berkadia Real Estate Advisors
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In Lease-Up | Madison PALLADIAN AT PROMENADE
Pace of Absorption – 15+- Units Per Month (slowed by winter months and delivery pace) Should stabilize by end of Summer
Developer
Gateway Dev. (Florence, AL)
Location
Highway 72 corridor (Madison city)
1st Deliveries
November 2018 (46 Units)
Completion
January 2019
Units
110
Unit Mix
2 and 3 bedrooms
Avg Unit Size
1,888 sf
Average Rent
$1,596
Avg Rent / SF
$0.85 ($0.81 effective)
Occupancy
70% - 75%
Interior Unit Amenities
Hardwood-Style Flooring 17’ Ceilings Ceramic Tile Backsplash Direct Access Garages (100%) Private Patios
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In Lease-Up & Under Construction | West Huntsville WATERMARK AT BRIDGE STREET TOWN CENTRE
Pace of Absorption – 20+- Units Per Month Over 50% Leased in 2 months
Developer
Watermark Residential (Indiana)
Location
Bridge Street Town Centre
1st Deliveries
March 2019 (122 units; Building 1)
Completion
July 2019 (122 units; Building 2)
Units
244
Unit Mix
1, 2 and 3 bedroom
Avg Unit Size
936 sf
Average Rent
$1,429
Avg Rent / SF
$1.44
Occupancy
33% on Delivered Units 56% Leased on Delivered Units
Interior Unit Amenities
Urban Elevator Surface Parking 9-Foot Ceilings (10’ Ground Floor) Granite Countertops Stainless Appliances 50 Detached Garages
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In Lease-Up & Under Construction | West Huntsville VIRTUOSO LIVING
All One-Story – “Housements” Some Fully Detached Houses; Some “Duplex” Style Modular Construction with Class A Finishes
Developer
Nashville developer
Location
Across Creek from Village at Providence
1st Deliveries
10+- units in February 2019
Completion
To be Determined – Likely 2021
Units
400 total
Unit Mix
1 and 2 bedroom
Unit Sizes
1 bedrooms – 700 to 800 sf 2 bedrooms – 900 to 1,300 sf
Rental Rates
$1,300 to $2,250 range
Rent / SF
$1.70 to $1.90 range
Occupancy
Effectively 100% on delivered units
Features
Back or Side Door to Patio/Porch Front and Back Yards Fenced Yards (optional) Clubhouses. Pools, Fitness Operates as Apartments a Ber kshi r e Hat haw ay and J ef f r i es Fi nanci al Gr ou p
In Lease-Up & Under Construction | SE Huntsville THE HEIGHTS AT MONTE SANO
Adjacent to sister property Hampton Falls 10 minutes from Huntsville Hospital
Developer
Sealy Realty (Huntsville/Tuscaloosa)
Location
Highway 431 (Over the Mountain)
1st Deliveries
40 units on May 6, 2019
Completion
August 2019
Units
172
Unit Mix
Studios, 1, 2 and 3 bedroom
Avg Unit Size
893 sf
Average Rent
$937
Avg Rent / SF
$1.05
Occupancy
Nominal – just opened
Interior Unit Amenities
9-Foot Ceilings (Some Cathedral) Granite Countertops Stainless Appliances Vinyl Plank Flooring (Living Areas) Mountain Views
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Under Construction | Southeast Huntsville LEGACY AT JONES FARM – PHASE 2
Total Units
173
Location
Jones Valley
Type
Suburban Elevator (open-air corridor)
Parking
Surface
1st Deliveries
October 2019
Final Completion
January 2020
Avg “Base” Rent
$1.15 to $1.55 psf (range) $995 to $1,750 per mo (range)
Cool Features
Elevators Best-in-Class Pool (both pools) Key Fob Entries (SmartPhone control) USB Charging built-in Two-Story Fitness Facility Great Views
Developer
Jones family (Huntsville)
Phase 1 is 176 Units completed in 2015 Best-In-Class Quality/Finishes
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Mixed-Use Projects §
Town Madison – Madison South
§
CityCentre - Downtown
§
Constellation - Downtown
§
MidCity – West Huntsville
§
Clift Farm – Madison North
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Under Construction – Part of Town Madison THE STATION AT TOWN MADISON
Part of 500-Acre Mixed-Use Site
Total Units
274
Location
I-565, between Zeirdt Road and Wall Triana Hwy
Type
Urban Elevator
Parking
Surface
Start
May/June 2018
1st Deliveries
Late-2019
Avg Rent
Confidential
Cool Features
Expansive Pool Courtyard
Master Developer
Louis Breland
Multifamily Developer
Tynes Development (Birmingham)
Retail/Restaurants, Office, Hotels, Multifamily, Single-family, Baseball Stadium, Parks a Ber kshi r e Hat haw ay and J ef f r i es Fi nanci al Gr ou p
Progress Photo Station at Town Madison (May 2019)
Conclusion โ Active Construction ยง
ยง
ยง
Five Properties in Lease-Up ยง
Two Finishing-up (Limestone Creek and Palladian at Promenade)
ยง
Two Just Getting Started (Virtuoso and Heights at Monte Sano)
ยง
One Well Underway (Watermark BridgeStreet)
New Construction Deliveries Have Been at Slow Pace ยง
Allowing for Strong Rent Growth Setting New Limits for Achievable Rents
ยง
Fewer Concessions Due to Healthy Conditions and Limited New Supply
The Active New Construction Is Diverse ยง
Some Fringe Locations
ยง
One Class B Project (Limestone Creek)
ยง
One Modular Project (Virtuoso Living)
ยง
One Duplex Project (Palladian at Promenade)
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Future Starts HUNTSVILLLE AREA PIPELINE Future Starts - Conventional as of May 6, 2019 Project Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
City Centre at Big Spring Constellation Mid-City, Phase I Avondale Cottages at Watercress, II Town Madison Big House, I and II Chase Creek Villas at Nature Walk, Phase III Clift Farm 2 (Name TBD) Clift Farm 1 (Name TBD) Arbor of River Landing Alexandria CocaCola Site Project (Name TBD)** Confidential Confidential Confidential
Source: David Wilson, MAI, Berkadia Real Estate Advisors
Submarket
Units
Downtown Huntsville Downtown Huntsville West Huntsville West Huntsville West Huntsville Hampton Cove East Huntsville West Huntsville Madison - North Madison - North West Huntsville West Huntsville Downtown Huntsville West Huntsville West Huntsville Confidential TOTAL
280 222 298 252 42 600 370 50 270 300 348 258 280 200 180 300 4,250
Comments Class A urban; Part of mixed use Class A urban; Part of mixed use Class A urban; Part of mixed use McCrary Road, behind Weston Ranch Apts Mostly 1-story with garages Class A, 2-story - 2 Phases 300-units each Hwy 72 East at Moores Mill (Chase Creek) Class A, 1-story, Martin Road near Zierdt Road Class A, 3-story walk-up, Balch Road/Hwy 72 Class A 3-story elevator, Hwy 72/Wall Triana Class A, 3-story, expected start in 3Q2019 Class A, 3-story, Balch Road, south of Hwy 72 Class A urban; Part of mixed use Class A, part of mixed-use (size approx./fluid) Class A with structured parking Class A, 3-story walk-up
Developer Kevin Fitzpatrick (Florida) Master Developer is Scott McLain RCP Companies & Confidential Partner Charlie Sealy, III (Huntsville) Lew Barlett & Bo Bailey (Huntsville) Louis Breland (Huntsville) Edward Rose & Son, Michigan Louis Breland (Huntsville) Confidential Ingram Tynes (Birmingham, AL) Gross Builders (Ohio) James Bobo (Florence, AL) Rocket Development Partners (New York) Confidential Confidential Confidential
** Unit count for Coca Cola site project is a rough guess for Phase 1
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Mixed-Use – Downtown Huntsville CITY CENTRE
AC Marriott Hotel Opened April 2019
Apartment Units
280
Location
Williams Avenue Across From Embassy Suites
Type
Urban Elevator
Parking
Structured
Start
To Be Determined
1st Deliveries
To Be Determined
Avg Rent
Confidential – Pushing $2.00/sf
Cool Features
Great Views of Big Spring Park Very Walkable to Publix
Master Developer
RCP Companies (Huntsville)
Multifamily Developer
Spring Bay Property Co. (FL)
Retail/Restaurants, Office, Hotel, Multifamily a Ber kshi r e Hat haw ay and J ef f r i es Fi nanci al Gr ou p
Mixed-Use – Downtown Huntsville CONSTELLATION
Total Units
222
Location
Memorial Parkway / Clinton Ave
Type
Urban Elevator
Parking
Structured
Start
To Be Determined
1st Deliveries
To Be Determined
Avg Rent
Confidential
Cool Features
Edgy Architecture Rooftop Pool & Amenity Area
Master Developer
Scott McLain, CCIM
Part of 19-Acre Site Retail/Restaurants, Office, Hotels, Multifamily
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Mixed-Use – Adjacent to Research Park MIDCITY – 140+- ACRES
Apartment Units
298 (Phase 1)
Location
University Drive / Research Park Boulevard
Type
Urban Elevator
Parking
Structured
Start
2019
1st Deliveries
2020
Avg Rent
Pushing $2.00/sf
Cool Features
Best-in-Class Finishes Great Views Super Walkable
Master Developer
RCP Companies (Huntsville)
Retail/Restaurants, Music Venues, Office, Hotels, Multifamily, Residential Condos, 38-Acre Park with 8,500- Multifamily Developer Seat Amphitheater
RCP Companies & Partners
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Progress Photo MidCity (May 2019)
Side Note – Single-Family Fundamentals §
Severe Housing Shortage
§
1,252 Homes in MLS Inventory as of 1Q 2019 (all areas within Madison County) §
Lowest Level in 20 Years
§
A 30% Decline Since 1Q 2018
§
2.4-Month Inventory – 4 to 7 Months is Typical
§
Average Days on Market – 55 Days (99 Days had Been 5-Year Average)
§
2,700 Single-Family Starts in 2018 for all Areas in Madison County §
§
Up 12% from 2,415 Starts in 2017 and 2,203 Starts in 2016
Average Sale Price is at All-Time High ($235,816) – up 8.3% since 1Q 2018
Source: Alabama Center for Real Estate (ACRE.com)
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Conclusion – New Construction §
New Apartment Unit Deliveries in 2018 Were at a 6-Year Low (142 units) §
Led to Boost in Occupancy and Very Strong Rent Growth due to Strong Demand
§
800 Units Forecast to be Delivered for 2019, per our Analysis
§
2020 Deliveries Should be at Least 1,200 Units (1,035 Units Are Already Underway)
§
New Deliveries in 2021 Could Be 20-Year High - But So Should Job Growth
§
Single-Family Housing Inventory is at 20-Year Low – Good for Multifamily; Very Strong Housing Demand
§
Rising Construction Costs, Rising Interest Rates and New Deliveries Will Throttle Pace of Starts
§
History Will Hold True - The Robust Pipeline Will Take Years to Come to Market, and Some Won’t
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RENOVATIONS
Significant Renovations
RENOVATION EVERYWHERE TOO MANY TO TALK ABOUT
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TRANSACTIONS
Sales Summary | 2018 and 2019 Property Name
Area
Units
Built
Average Unit Size Date of Sale
Sale Price
Price Per Unit
Price Per SF
Cap Rate
Huntsville Place (student)
West
84
2008
1,250
2/21/19
$12,600,000
$150,000
$120.00
6.5%
Governors House
West
146
1979
894
2/21/19
$9,200,000
$63,014
$70.52
5.5%
Arlington Park
Madison
50
1995
860
11/13/18
$2,500,000
$50,000
$58.14
n/a
Moderne at Providence
West
300
2017
998
9/12/18
$44,700,000
$149,000
$149.30
5.3%
Park at Bellingham & Park at Summerhill
West
376
1985
862
6/1/18
$14,500,000
$38,564
$44.71
n/a
Chaney Place
SE
80
2015
1,350
1/30/18
$9,300,000
$116,250
$86.12
6.0%
Millstream
SW
79
1986
450
1/25/18
$2,100,000
$26,582
$59.07
n/a
Malibu
SE
241
1965/1971
769
1/11/18
$13,700,000
$56,846
$73.90
5.2%
$108,600,000
$80,088
$88.23
Totals/Averages
1,356
908
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Moderne at Providence
RECENT SALE
30 Gates Mill St NW Huntsville, AL 35806
Year Built Number of Units Average Unit SF Sale Date Sale Price PPU PPSF CAP
2017 300 998 9/12/2018 $44,700,000 $149,000 $149.30 5.3%
CLASS A – West Huntsville Highest Price/Unit for Huntsville a Ber kshi r e Hat haw ay and J ef f r i es Fi nanci al Gr ou p
RECENT SALE
Governors House
4611 Governors House Dr SW Huntsville, AL 35805
Year Built Number of Units Average Unit SF Sale Date Sale Price PPU PPSF CAP
1978 146 891 2/21/2019 $9,200,000 $63,014 $70.52 5.5%
CLASS C – West Huntsville Major Deferred New Siding, Windows, Roofs Planned a Ber kshi r e Hat haw ay and J ef f r i es Fi nanci al Gr ou p
The Park at Bellingham & The Park at Summerhill 5001 Galaxy Way NW Huntsville, AL 35816
Year Built Number of Units Average Unit SF Sale Date Sale Price Per Unit Per SF
4515 Bonnell Drive NW Huntsville, AL 35816
1986 152 842
06/2018 $5,780,000 $38,026 $45.12
1985 224 838
RECENT SALE - PORTFOLIO
Major Renovation Underway
06/2018 $8,750,000 $39,062 $46.59
The Park at Summerhill The Park at Bellingham
CLASS C – West Huntsville (Sparkman Drive) a Ber kshi r e Hat haw ay and J ef f r i es Fi nanci al Gr ou p
Conclusion – Transactions §
Lowest Transaction Volume in 10 Years (10-20 Sales Per Year is Typical)
§
Record-Setting Prices §
Breaking the $145,000/Unit Barrier
§
Previously Haven’t Had The New Product Come To Market
§
Aggressive Capital Chasing Few Deals in Economy Gaining Momentum
§
Investor Interest in Huntsville is Very Strong and Growing
§
A Great Time to Sell
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THE ALABAMA TEAM MORTGAGE BANKING
INVESTMENT SALES
DAVID OAKLEY DAVID WILSON, MAI
Senior Managing Director
Senior Director
JAY BRILEY
Associate Director
ABE MADDOX
CALEB FRIZZELL
Associate Director
Associate Director
TOM GENETTI
Berkadia Mortgage
ALABAMA SUPPORT TEAM CHRISTINA MCDONALD Project Manager
JESSICA DUCKETT Financial Analyst
AMY LYNTON
Transaction Manager
a Ber kshi r e Hat haw ay and J ef f r i es Fi nanci al Gr ou p
a Berkshire Hathaway and Jeffries Financial Group company ALBUQUERQUE, NM
DC METRO
MIAMI, FL
SAN DIEGO, CA
AMBLER, PA
DENVER, CO
MIDVALE, UT
SAN FRANCISCO, CA
ATLANTA, GA
DETROIT, MI
NASHVILLE, TN
SCOTTSDALE, AZ
AUSTIN, TX
EL SEGUNDO, CA
NEW YORK, NY
SEATTLE, WA
BAKERSFIELD, CA
FRESNO, CA
NEWPORT NEWS, VA
SHREWSBURY, NJ
BATON ROUGE, LA
HOUSTON, TX
OKLAHOMA CITY, OK
ST. LOUIS, MO
BIRMINGHAM, AL
IRVINE, CA
ONTARIO, CA
TACOMA, WA
BOCA RATON, FL
JACKSON, MS
ORLANDO, FL
TAMPA, FL
BOSTON, MA
JACKSONVILLE, FL
PASADENA, CA
TEMECULA, CA
CAMAS, WA
KANSAS CITY, MO
PHILADELPHIA, PA
TEMPE, AZ
CAPISTRANO BEACH, CA
LAS VEGAS, NV
PHOENIX, AZ
THE PLAINS, VA
CHARLESTON, SC
LEAWOOD, KS
PORTLAND, OR
TROY, MI
CHATTANOOGA, TN
LENOX, MA
RALEIGH, NC
TUCSON, AZ
CHICAGO, IL
LOS ANGELES, CA
RICHMOND, VA
TULSA, OK
CLEARWATER, FL
MANCHESTER, MO
SACRAMENTO, CA
WAUKESHA, WI
COLORADO SPRINGS, CO
MARBLEHEAD, MA
SALT LAKE CITY, UT
WOODLAND HILLS, CA
DALLAS, TX
MEMPHIS, TN
SAN ANTONIO, TX
HYDERABAD - INDIA