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UNICORN LAKEVIEW - LoopNet · PDF file 2017-07-12 · Unicorn Lakeview Development Team Unicorn Partners, LLC: Managing partner, Abraham Philips has vast experience building and...

Jul 17, 2020

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  • www.kwcommercial.com

    KW COMMERCIAL 2434 Lillian Miller Parkway Denton, TX 76205

    CARL SELLERS Director 214.608.9492 [email protected] TX #0533504

    PHILLIP SURLES Associate 972.400.1814 [email protected] TX #0677052

    We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

    PROPERTY HIGHLIGHTS

    PROPERTY OVERVIEW This proposed Class A, five-story lakefront property will be a modern urban community with access to Denton's unique lifestyle for local professionals. The current concept is a mixed use property requiring no SUP. Demand for multi-family continues to grow in Denton, properties in the immediate area are collecting premium rent rates and operating with high occupancy. The Unicorn Lakeview project will be the crown jewel of upscale multi-family developments in the area.

    Premium Lake Front Mixed Use Project Area Rents Averaging $1.50 - $1.60 PSF Five-story facility with 218 units Private parking garage 10,000 SF retail space Modern lifestyle amenities within short walking distance No SUP required for current concept New FM 2499 Extension and I35E Expansion will allow quick and easy access to all of D/FW

    Unicorn Lake Blvd, Denton, TX 76210

    UNICORN LAKEVIEW

    LAND FOR SALE

    Price: $3,950,000

    Lot Size: 3.01 Acres

    APN #: 469655

    Zoning: NRMU

    http://www.kwcommercial.com

  • www.kwcommercial.com

    KW COMMERCIAL 2434 Lillian Miller Parkway Denton, TX 76205

    CARL SELLERS Director 214.608.9492 [email protected] TX #0533504

    PHILLIP SURLES Associate 972.400.1814 [email protected] TX #0677052

    We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

    Unicorn Lake Blvd, Denton, TX 76210

    PROJECT LAYOUT

    LAND FOR SALE

    http://www.kwcommercial.com

  • www.kwcommercial.com

    KW COMMERCIAL 2434 Lillian Miller Parkway Denton, TX 76205

    CARL SELLERS Director 214.608.9492 [email protected] TX #0533504

    PHILLIP SURLES Associate 972.400.1814 [email protected] TX #0677052

    We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

    Unicorn Lake Blvd, Denton, TX 76210

    AERIAL OVERVIEW (TO BE REPLACED WITH DRONE PHOTO)

    LAND FOR SALE

    http://www.kwcommercial.com

  • www.kwcommercial.com

    KW COMMERCIAL 2434 Lillian Miller Parkway Denton, TX 76205

    CARL SELLERS Director 214.608.9492 [email protected] TX #0533504

    PHILLIP SURLES Associate 972.400.1814 [email protected] TX #0677052

    We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

    Unicorn Lake Blvd, Denton, TX 76210

    UNICORN LAKEVIEW

    LAND FOR SALE

    http://www.kwcommercial.com

  • City of Denton On-system Projects Update: November 2016 4

    Current Activity:

     PS&E: Final 100% bid set was submitted in May 2014.

     Utilities: All utilities are clear in Phase 1. NGG and Charter are the

    remaining utilities on Phase 2. NGG relocations are complete.

    Charter has approved plans but has not begun relocation. Charter has

    begun relocating and estimates completion in mid-November 2016.

     Funding: This project is fully funded with Regional Toll Revenue.

     Construction: The project let on July 8, 2014. The contract was

    awarded to Webber, LLC, in the amount of $34,857,000.00, which

    was 3% over the estimate. The contract calls for 505 working days

    and 24 months of barricades. Construction began on April 20, 2015.

    See attached TxDOT construction report. The project is being

    constructed in two phases. Phase I is from FM 2181 north to

    Robinson, and Phase II is Robinson to IH-35E.  Other: Continuous six-foot sidewalks on both sides of the roadway,

    as well as outside rider shared-use lanes, are planned.

    FM 2499, Section 5

    CSJ: 2681-01-012

    Limits (From): FM 2181

    (To): IH-35E

    Length: 2.97 miles

    Construction Cost: $34,857,000

    Description: Construct six-lane divided urban roadway

    Firm: Halff Associates

    Key Contact: Mike Romanowski

    FONSI: November 3, 2010

    Environmental Re-Eval: April 25, 2014

    100% PS&E: January 2012

    ROW Complete: February 2014

    Utilities Relocated: Phase I completed March 2015; Phase II complete by

    December 2016

    Project Tracker Let Date: July 8, 2014

    Construction Complete: November 2017

    FM 2181

    IH-35E

  • Project:

    Location

    Year of Construction: 2017

    Effective Age: 0 Years

    Total Number of Rentable Units: 218

    Number of Residential Buildings: 1

    Net Rentable Area:

    Multifamily 176,239 SQ FT

    Retail 10,000 SQ FT

    Average Size Unit:

    Multifamily 808 SQ FT

    Usable Land Area: 3.01 Acres

    Comparable Market Rent/SF/Month:

    Multifamily 1.50 /SQ FT

    Electricity & Water Paid By: Tenant

    Estimated Total Expenses:

    Multifamily & Retail $31,050,743.00

    Cost / SQ Ft $166.73

    Occupancy (Stabilized): 95%

    Approach to Value As Is

    Date of Value May 24, 2017

    Land Value 3,950,000.00$

    Summation Approach 31,050,743.00$

    As Stabilized

    Estimated Stabilized Income: 3,313,146.00$

    Estimated Expenses: 1,308,000.00$

    NOI (Stabilized): 2,331,858.00$

    Effective Cap Rate 7.51%

    Future Sale Cap Rate: 5.75%

    Future Sale Price 40,554,052.17$

    Equity 9,503,309.17$

    Projected 5yr IRR 23.89%

    (Proposed)

    Market Rent

    Unicorn Lakeview

    Denton, TX

    Summary of Salient Facts

    Unicorn Lakeview

    (60 Yrs Econ. Life)

    Unicorn Lake Blvd, Denton TX 76210

  • www.kwcommercial.com

    KW COMMERCIAL 2434 Lillian Miller Parkway Denton, TX 76205

    CARL SELLERS Director 214.608.9492 [email protected] TX #0533504

    PHILLIP SURLES Associate 972.400.1814 [email protected] TX #0677052

    We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

    Unicorn Lake Blvd, Denton, TX 76210

    FINANCIAL - EXECUTIVE SUMMARY

    LAND FOR SALE

    http://www.kwcommercial.com

  • www.kwcommercial.com

    KW COMMERCIAL 2434 Lillian Miller Parkway Denton, TX 76205

    CARL SELLERS Director 214.608.9492 [email protected] TX #0533504

    PHILLIP SURLES Associate 972.400.1814 [email protected] TX #0677052

    We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions,