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v ari ous clie n t s t e l e v is i o n
to view our television and sales videos, go to www.propeladvisor.com/tvr.html S p r in t
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TRAVEL CERTIFICATE This Certificate is issued by Teton Springs Lodge & Spa, Victor, Idaho to the following adventurers Gail & Steve Inch The above recipients are entitled to a 20% discount off our published rates, on future bookings. This certificate can be used by family or friends, if the original recipient endorses ti on the reverse. When using this certificate, please advise reservations of the number imprinted below, at the time of booking. This discount applies only to reservations made directly with the Teton Springs Lodge & Spa by email to dsordahl@tetonspringslodge.com, or by phone: 877-787-8757. Number: 444-09 Signed: (Th is ce r t if icat e e x pire s J u ne 30th, 2009)
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The Targhee Steakhouse presents
Wine Sampler Dinner January 14th, 2006 The Targhee Steakhouse is proud to present a five star evening of wine tasting and gourmet food pairings specially prepared by our Executive Chef William Benner. $39. Please join us for a most memorable experience. (Complete Steakhouse menu is also available.) Please call 353-2300, Ext. 1368 for menu and matching wine selections.
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p ac ific c o mp an ie s When was the last time an affordable housing developer put both the investor and community’s needs first?
fin an c in g b ro c hure
We do. Every day.
An Affordable Housing Investment Proposal from The Pacific Companies.
RODEO DRIVE MEADOWS V I C T O R V I L L E ,
S A N
B E R N A R D I N O
M A R K E T
C O U N T Y ,
E X E C U T I V E
C A L I F O R N I A
V I C TO R V I L L E P O P U L AT I O N I S
S U M M A R Y
The Pacific Companies is pleased to present you with a Low Income Housing Tax Credit investment opportunity in Victorville, California: Rodeo Drive
•
With a mix of 16 two-bedroom units, 24 three-bedroom units and 8 four-bedroom units, the proposed project will target families who are low income and senior renter households earning up to 60% of the area median income for San Bernardino County.
HER PRESCHOOL •
Intersection of Rodeo Drive and Pebble Beach Drive in Victorville, San Bernardino County, California 92392.
•
65 miles northeast of Los Angeles and 165 miles southwest of Las Vegas, Nevada. 1.5 miles west of Mojave Narrows Regional Park.
•
Immediate neighborhood includes residential neighborhoods, a municipal golf course and park, and vacant land. Most nearby single-family homes are ranch and mobile homes built in the 1980’s and 2000’s and are in average to below average condition. Most homes contain 600 to 2,000 square feet of living space, 2 to 4 bedrooms, 1 or 2 baths, and sell for $100,000 to $200,000.
DAU G H T E R PA I N T E D A PICTURE OF THE FA M I LY O N T H E I R •
•
Neighborhood commercial facilities are generally well-maintained, independent stores that opened in the 1980’s and 1990’s. P R O J E C T
— Caleb Roope CEO, The Pacific Companies
Rodeo Drive Meadows will be a gated rental apartment complex located in six two-story walk-up structures and one single-story community building that will have lap exteriors, uniform elevations and concrete tile roofs.
•
The project’s common amenities, security features and tenant services will include a community room, playground, on-site manager, computer room, exercise room, picnic area, swimming pool, spa/Jacuzzi, common kitchen, central laundry facility and limited access gate.
•
Each unit will have central air conditioning, blinds, carpet, washer/dryer connections, a storage closet, coat closet, patio/balcony, frost-free refrigerator, stove/oven, dishwasher, disposal and microwave. The following chart lists the project’s proposed unit distribution by type, size, income restriction and rent:
No. of Units
2 BR/1BA 2 BR/1BA
2
Approx. Square Footage
892
14
892
% of Median Income
Maximum Gross Monthly Rent
50% 60%
$748 $898
Utility Allowance
$71 $71
Maximum Net Rent
Pro Forma Rent
$677 $827
$677 $772
3 BR/2BA
2
1,214
50%
$865
$87
$778
$778
3 BR/2BA
21
1,214
60%
$1,038
$87
$951
$878
4BR/2BA
1
1,383
50%
$966
$111
$855
$855
4BR/2BA
7
1,383
60%
$1,159
$111
$1,048
$984
3BR/2BA
When RDM enters the market there will be an annual demand for 1,116 units. Including the project, 335 units are planned or under construction in the market area.
COMPETITORS ARE
•
RDM will need to capture 4.3% of the annual renter housing demand within its price range to fill its proposed units.
&
S I T E
YEARS, ARE IN ABOVE
THROUGHOUT THE
•
The primary market area, which has an overall vacancy rate of 5.4%, is gaining 381 renter households per year. It should add 762 tenants by the time Rodeo Drive Meadows opens in 2010.
AVERAGE CONDITION,
•
Projected renter household growth is sufficient to absorb the PMA’s existing 38 surplus vacant units, as well as the 335 units in the development pipeline, including RDM.
•
Over the long-term, RDM will not have difficulty attracting tenants because it will be the newest LIHTC property in the area and will offer superior amenities to most other surveyed projects, allowing it to compete effectively for tenants.
•
Additionally, waitlists at surveyed LIHTC properties indicate that there may be a shortage of highquality, affordably-priced units in the area, similar to those proposed by Rodeo Drive Meadows.
•
Rodeo Drive Meadows’ age and condition, unit and project amenities, and three and fourbedroom unit sizes are superior to most surveyed projects.
•
PWC’s proposed rents are at least 14% below its apartment market rents and at least 37% below its single-family market rents and provide a good value to potential tenants (refer to chart below).
— Caleb Roope
C H A R A C T E R I S T I C S
M A R K E T
CEO, The Pacific
The site has very good access and drive-by exposure.
•
The site is located within walking distance to public transportation and the community park.
•
The subject is near a well-maintained golf course, providing recreational and employment opportunities.
Companies
1
1,214
M A R K E T
A R E A
•
Victorville is a blue-collar, bedroom community that provides shelter for residents who work in Victorville, Hesperia, Apple Valley or commute to the Los Angeles metro area for employment. Eastern Victorville is north of Bear valley Road and east of Interstate 15. The local government offers basic municipal services to residents of Victorville. Public school students attend classes in the Victor Valley School District, which serves the city of Victorville and surrounding communities. The portions of Victorville south of Bear Valley Road and west of Interstate 15 are typically more affluent areas. Rodeo Drive Meadows is in the Reis-defined Victorville apartment submarket, which covers the cities of Victorville, Hesperia and Apple Valley. Local rental properties appeal to tenants who live in Victorville and other nearby High Desert communities who work in Victorville at service, retail and manufacturing occupations, or commute to the northern Los Angeles metro area for employment and have annual incomes of $10,000 to $50,000. The income-restricted units that cater to our target market attract residents who live in Victorville, Hesperia or Apple Valley and work at service and retail occupations in Victorville, or commute to the northern portions of the Los Angeles metro area and earn between $10,000 and $35,000 per year. Our primary market area (PMA) includes the Mountain View neighborhood, which is directly west of Interstate 15 with a total of 57,061 inhabitants.
C E N S U S T R AC AC T MEDIAN F FA A M I LY LY I N CO M E : $ 3 2 , 6 6 7,
R I V E R S I D E - SA N B E R N A R D I N O M SA
Manager’s Unit
Our comparable project survey included 18 market-rate and LIHTC apartment complexes and single-family homes with a total of 2,065 units. Rodeo Drive Meadows (RDM) will compete indirectly with market-rate projects that were built between the 1960’s and 1980’s, are in average to above average condition, with comparable to slightly more desirable locations, fewer in-unit amenities, fewer project amenities and comparable tenant utility costs. These products had an average vacancy level of 7.5%.
T H E
•
The subject will also compete with market-rate single-family rentals that were typically built or renovated between the 1990’s and 2007 and are in average to above average condition. Compared to RDM, these homes have generally comparable to more desirable locations, larger unit sizes, comparable to inferior unit amenities, no project amenities and higher tenant utility costs.
•
We were not able to locate three comparables for each unit type within one mile of the subject. Therefore, we used other comparable properties, that are within 2.5 miles of RDM, but within the primary market area for our analysis.
COMPETITIVE A
C O N C L U S I O N S *
•
Rodeo Drive Meadows will be in a market area that is gaining 381 renter household per year, has a shortage of affordable rental units and has an overall vacancy rate of 5.4%.
•
The market area can accommodate RDM, as well as all other units in the development pipeline without affecting the occupancy rates of existing apartments in the area.
•
RDM’s larger than average three and four-bedroom unit sizes, and superior amenities will give it a slight competitive advantage over its primary LIHTC competitors.
•
The PMA’s continued population and renter household growth, in addition to the 97% occupancy and waitlists of existing LIHTC projects, indicate a need for additional rental housing targeted to low-income households.
•
Over the long-term, Rodeo Drive Meadows, given its characteristics and good value rents, is feasible based on the lease-up experience of recently completed LIHTC projects in the PMA and the PMA historic absorption of LIHTC units.
•
The lease-up experience of recently completed LIHTC projects in the PMA, coupled with the number of units in the development pipeline, suggests that RDM will fill approximately 25 units per month and be fully occupied within two months. Concessions will not be necessary during its initial operating period.
•
After it completes lease-up, it should match the overall market and sustain an average stabilized occupancy rate of 95%, have an average annual turnover rate of 20%, and have average annual rent increases of approximately 2%.
*Source: Housing Market Study of Rodeo Drive Meadows, Victorville, California prepared by Prior & Associates, Denver, Colorado on May 14, 2008.
S U M M A R Y
O F
C A P I T A L
I N V E S T M E N T
&
T A X
%AMI
2 Bedroom
C O M P A R A B L E S *
• •
P A C I F I C
F A C T O R S
50%
Pro Forma Rent
$677
$ 22,808,978
$
87,021
2010
$ 22,808,978
$
87,021
Solar Tax Credits Received
-$
2,808,978
-$
2,808,978
Federal Tax Savings From Real Estate
$
87,021
$
87,021
$
87,021
$
87,021
2011
--
$
87,021
$
2,808,978
--
$
87,021
$
87,021
--
$
87,021
$
2,808,978
--
$
87,021
$
87,021
2013
--
$
87,021
$
2,808,978
--
$
87,021
$
87,021
2014
--
$
87,021
--
$
87,021
$
87,021
2015
--
$
87,021
--
--
$
87,021
$
87,021
2016
--
$
87,021
--
--
$
87,021
$
87,021
2017
--
$
87,021
--
--
$
87,021
$
87,021
2018
--
$
87,021
--
--
$
87,021
$
87,021
2019
--
$
87,021
--
--
$
87,021
$
87,021
$
87,021
2020
--
--
--
$
87,021
$
87,021
2021
--
--
--
--
$
87,021
$
87,021
2022
--
--
--
--
$
87,021
$
87,021
2023
--
--
--
--
$
87,021
$
87,021
2024
--
--
--
--
$
87,021
$
87,021
$
87,021
$
2025
--
--
--
--
2026
--
--
--
--
2027 Totals
--
--
$ 22,808,978
$ 22,808,978
--
87,021 --
--
--
--
--
$ 22,808,978
$ 22,808,978
$ 22,808,978
$ 22,808,978
Total Cash Invested
$ 22,808,978
Total Cash Returned (Taxes Saved):
$ 22,808,978
Cash on Cash Return:
54.98%
Internal Rate of Return (After-Tax):
9.58%
Internal Rate of Return (Pre-Tax):
14.73%
--
60%
$772
$895
-13.7%
--
--
50%
$778
$1,083
-28.2%
--
--
3 Bedroom
60%
$878
$1,083
-18.9%
--
--
4 Bedroom
50%
$855
--
--
$1,561
-45.2%
4 Bedroom
60%
$984
--
--
$1,561
-37.0%
Source: Analysis by Prior & Associates
C MP CO MPAR AR R ABLE AB B L T ENANT UT T IL ILIT ITY IT Y COST CO O ST S S. T THE AV V ER R AG AGE E VACA VA A C NCY RATE E OF O F TH THES ESE E UNIT UN ITS, S, 2 2.9 .9%, %, I S LESS THAN THE AVERAGE FOR TH ALL SURVEYED UNITS.”*
RODEO DRIVE MEADOWS
*Source: Housing Market Study of Rodeo Drive Meadows, Victorville, California prepared by Prior & Associates, Denver, Colorado on May 14, 2008.
•
S T A N D
F O R
•
“O U R F O C U S :
WHILE DOING GOOD FOR THE PEOPLE AND CO M M U N I T I E S W E S E R V E .”
CEO, The Pacific Companies
The Pacific Companies are a group of firms specializing in the development, design, construction, and operation of affordable workforce housing throughout the western United States. With particular emphasis on the use of the affordable housing tax credit as well as federal, state, and local resources including HOME Funds, Community Development Block Grants (CDBG), and redevelopment agency financing, the companies develop and rehabilitate multi-family and senior citizen housing in California, Arizona, New Mexico, Colorado, Utah, Nevada, Wyoming, Montana, Idaho, Oregon, and Washington. The Pacific Companies is comprised of Pacific West Communities, Pacific West Builders, Pacific West Architecture and Pacific West Capital Markets Group all working in harmony to exceed investor and local community goals.
•
PACIFIC WEST COMMUNITIES, INC. (PWC) — is a real estate and financing firm specializing in the development and ownership of affordable workforce housing throughout the western U.S. PWC employs specialty project management staff to coordinate the development activities associated with multi-family properties. The project management team coordinates the work of architects, engineers, infrastructure service providers, and contractors in order to insure developments promptly complete the entitlement processes in accordance with strict time frames governed by financings, weather, and/or local agency requirements. The project management team views the planning and entitlement process as a partnership with local government, ensuring that all agency staff and local elected leaders are satisfied with PWC’s residential communities. • The ultimate success of any real estate venture rests not only in its ability to be completed on time and within budget, but also in its long term economic performance and acceptance within a community. PWC employs staff in its asset management division exclusively committed to insuring that this principle is consistently adhered to. Properties are visited on a quarterly basis at a minimum, with significant attention devoted to their outward appearance as well as ensuring that the development continues to maintain a positive local image. The same level of excellence that influences each property’s physical condition is also applied to those seeking residency. Applicants are evaluated based upon their credit profile, their criminal history, and their previous housing references in an effort to certify that only truly responsible individuals become members of the community.
A R E
PACIFIC WEST BUILDERS, INC. (PWB) — is a licensed and bonded general contractor and construction management firm specializing in multi-family, single-family, and modular construction of affordable housing. PWB is committed to successfully building energy-efficient affordable homes and providing an opportunity for a better quality of life for families and the elderly. By working with an extensive network of experienced regional and local subcontractors, PWB has a greater ability to insure that each affordable community is built to quality standards that exceed expectations. Under the direction of executives with a combined sixty years of experience, the PWB team is intimately familiar with the desired design criteria, required level of quality expected, and has proven and reliable experience with the successful construction of multi-unit and single-family affordable housing.
•
PACIFIC WEST ARCHITECTURE (PWA) — is a group of highly skilled professionals who provide the architectural and engineering components of the real estate development process. PWA architects work closely with dozens of civil engineering firms to craft an integrated design program that produces quality and sustanable workforce housing developments. PWA’s philosophy is to embrace local architectural preferences first while designing facilities that fully meet development needs, are cost effective to construct and maintain, energy efficient to operated, responsive to environment and site conditions, and are aesthetically pleasing to the natural landscape and surrounding land uses.
A R E
•
MAXIMIZING I N V E STO R R E T U R N
W E
W E
•
C H A L L E N G E
A lack of affordable housing for our nation’s workforce, the growing senior population and rising unemployment in challenging economic times continue to pose an economic and social threat to the fabric of nearly every community in America. The Pacific Companies was formed to take on this challenge and become part of the solution for our local communities in need. W H O
— Caleb Roope
RETURN ON INVESTMENT
W E
their dreams. Our joy comes from building a business with meaning — helping financially struggling families and senior citizens to discover a better way of life.
Total Cash Return On Investment
2012
--
--
2 Bedroom
We are there for the people in our communities when times are tough. We are passionate about doing the right thing by others. Our success comes from helping those who are working hard, striving to live
T H E
2009
State Tax Credits Received
-24.4%
% Difference
3 Bedroom
W H O
Federal Tax Credits Received
Single-Family Market Rent
AMEN AM ENITIE IES S AN ND
C O M P A N I E S
W H A T
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Capital Invested
FEWE FE WER R IN IN-U -UNI NIT A MEN N IT ITIE IES S,
% Difference
$895
TO SLIGHTLY MORE DESIRABLE LOCATIONS,
B E N E F I T S
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Year
Apartment Market Rent
WITH COMPARABLE
F WE FE WER R P ROJ OJEC ECT
The monthly homeownership expenses in the market area ($1,154) exceed Rodeo Drive Meadows’ highest proposed rent ($984), indicating that homeownership will not compete significantly with the project. However, the minimum annual income required to purchase a home, $49,456, is within the income range of members of Rodeo Drive Meadows’ target market, indicating that some homeownership may compete with the project. Unit Type
RODEO DRIVE MEADOWS INTEGRATED
32.7% LESS THAN
IN THE LAST TEN
Surveyed LIHTC projects had an overall vacancy rate of 2.9% and all maintained waitlists with wait times between six months and three years depending on unit type and income threshold.
CO M M U N I T Y.”
C O M M U N I T Y
LIHTC UNITS BUILT
•
VIBRANT SENSE OF
Source: Project Sponsor, HUD, San Bernardino County Housing Authority - Market Study & Analysis by Prior & Associates
F E A S I B I L I T Y
MEADOWS’ PRIMARY
•
D E S C R I P T I O N
•
•
Unit Type
Employment in the Riverside-San Bernardino MSA has been rising 3.7% per year since 1998, and is projected to increase 2.4% annually through 2014.
This capture rate is attainable because:
PEBBLE BEACH DRIVE
•
“RODEO DRIVE
•
A P P R O P R I AT E LY
S I T E TO C R E AT E A
Nearest multifamily projects are adjacent to the west of Rodeo Drive Meadows. These multiple dwellings are generally well-maintained, modes quality products built in 1979 with rents ranging from $650 for a one-bedroom unit to $770 for a two-bedroom unit.
P L AY G R O U N D. A N D S H E WAS S M I L I N G .”
RODEO DRIVE
“ YO L A N DA SA I D
WILL BE ORIENTED
L O C A T I O N
Proposed 48-unit rental new construction project located on a 3.18-acre parcel of vacant land to be developed through the Low Income Housing Tax Credit (LIHTC) program.
F E A S I B I L I T Y *
When Rodeo Drive Meadows (RDM) enters the market in 2010, it can attain its required market share because:
“THE BUILDINGS
is expected to take about 9 months, placing the completion date during January, 2011. With lease-up of the units beginning just prior to project S I T E
I N T E G R A T I O N
10 4 , 8 8 1
Meadows (RDM). The proposed project is anticipated to start construction by April 1, 2010, with all related loan closings occurring at this time. Construction
completion and lasting into April, 2011, the stabilization of the project and conversion of the tax-exempt bond loan is expected to occur in July, 2011. •
A R C H I T E C T U R A L
The thoughtful architectural design of Rodeo Drive Meadows is both unique in its clarity of vision and integration with surrounding land uses.
•
THE CAPITAL GROUP (TCG) — is focused on securing financing partnerships with leading financial, insurance, and syndication firms in addition to strategic investment plans for private investors and lending institutions exclusively targeting Pacific West Communities’ affordable housing projects.
•
KEY PRINCIPAL — The Pacific Companies was founded and is under the stewardship of Caleb Roope who has proudly managed the development and construction of over 80 projects during the past decade. Caleb’s experience includes all facets of the real estate development and financing process with special expertise in site acquisition, financing, and feasibility evaluations. Caleb holds the philosophy that the successful development of affordable housing requires the skills and experience of capable and talented people in every sector fo the industry — from non-profit organizations and local governments, to private investors and lending institutions. This “partnership approach” has served The Pacific Companies will over the years and is one of the primary reasons that Caleb and his team are able to manage the planning, development, and cosntruction of over 25 projects at any given time.
•
At The Pacific Companies, we firmly believe in addressing the overwhelming need for affordable housing. We have the expertise, experience, and willingness to commit to the the challenge off building builildi ding safe, safe f quality, quality affordable homes for those who need them most. By working closely with government agencies, non-profit organizations, and other developers, we will continue to bring enviable housing choices to communities across the western United States.
C R E A T I N G
Affordable Housing Finance Magazine’s
C H O I C E S
TO P 5 0
TO P 5 0
A F F O R DA B L E H O U S I N G
A F F O R DA B L E H O U S I N G
D E V E LO P E R S
OWNERS
WWW.TPCHOUSING .COM
The Pacific Companies 430 E. State Street, Suite 100 Eagle, Idaho 83616 208.461.0022 p 208.461.3267 or 208.461.0033 f www.tpchousing.com
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