HomeMy WebLinkAboutDocumentation_Special Meeting_Tab 02_06/30/2010 THE PR ESERVE MEN f! mn �m� No WIN In � IN son 223 VILLAGE BLVD,TEQUESTA, FL OFFERING MEMORANDUM • a SI 1 1 C —m-dal RW Estate Se,A— ry�t Y '✓. r$ .� i i Y's, .' a i L Y yy THIS IS A CONFIDENTIAL MEMORANDUM intended sole) for our own limited use to determine whether Y y ou wish to Y Y express any further interest in the Property. 4}e l l� rF This confidential memorandum contains brief, selected information pertaining to the business & affairs of the Property and has been prepared by Abood Wood -Fay Real Estate Group, LLC d /b /a Colliers Abood Wood -Fay, primarily from informa- tion supplied by the Owner. Although this confidential memorandum has been reviewed by representatives of the Owner, it ati4; does not propose to be all- inclusive, nor does it contain all the information which a prospective purchaser may require or desire. Neither the Owner, nor any of its officers, directors, employees or agents, nor Abood Wood -Fay Real Estate Group, LLC d/ 2 - ", b/a Colliers Abood Wood -Fay, makes any representation or warranty, expressed or implied, as to the accuracy or complete- o_ ness of this confidential memorandum or any of its contents, and no legal liability is assumed or is to be implied by any of the r `n aforementioned with respect thereto. Prospective offerors are advised to verify the information independently. The Owner reserves the right to change the price or any information in this Memorandum, or to withdraw the Property from the market at any time, without notice. .x This confidential memorandum shall not be deemed an indication of the state of affairs of the Property or the Owner, nor shall it constitute an indication that there has been no change in the business or affairs of the Property or the Owner since r sa��S the date of preparation of this memorandum. t By your receipt of this confidential memorandum, you agree that the information contained herein is of a confidential nature <i k and you will not disclose this memorandum or any part of the contents to any other person, firm or entity without prior authorization from Abood Wood -Fay Real Estate Group, LLC d /b /a Colliers Abood Wood -Fay. t OFFERING PROCEDURE y �S, F " Gan,se,tW IOdI [wbfa�ite a 95 Merrick Way • Suite 380 • Miami, Florida 33134 Kevin G. Kowalski Jeff Resnick }w r Senior Vice President Commercial Associate kkowalski @colliersawf.com iresnick @colliersawf.com 305.446.0011 305.446.0011 THE PRESERVE ATTEQUESTA Table of Contents I. Executive Summary Property Profile Neighborhood Description Investment Highlights II. Property Description 3 Zoning Summary Maps n 0 Building Images u Survey & Proposed Site Plan Cost to Complete ILF III. Market Overview Closed Sales Senior Living Facilities Closed Sales Apartment Buildings Closed Sales SLF Land Closed Sales Apartment Building Land Competing Senior Facilities Top 10 States with Senior Facilities Top Operators of Senior Facilities in Florida x a Executive Summary PROPERTY PROFILE: The Preserve at Tequesta can best be described as a partially improved parcel of land located along Old Dixie Highway in Tequesta, a city in Palm Beach County, Florida. The entire parcel measures ±9.33 acres and was intended to be developed in two segments. The north segment measures roughly ±4.22 acres and the southern segment measures roughly ±5.1 I acres. The entire parcel was segmented based on proposed use, with the north segment planned to be developed as an assisted living facility (ALF) and the south segment to be developed as an independent living facility (ILF). Development of the ALF on the northern segment was cancelled, and the partially completed building was 4 demolished soon after. Plans for the site were changed to allow for the devleopment of 59 townhomes in nine buildings. Currently, the north segment has only been partially developed. The sites for the 59 townhomes have been staked and stubbed with approximately 75% of the infrastructure already completed per the most recent 3 inspection (May 2010). Infrastructure includes water, sewer, paving, drainage and other utilities. The southern segment contains a partially completed (70% - 80%), ±115,400 sq ft, three story, 84 -unit independent living facility (ILF). The building is in shell condition and is lacking almost all interior finishes. Portions of the building contain drywall finished units while others contain only wall studs and minor electrical. The windows on the first floor have been boarded up to weather proof it and limit vandalism. a NEIGHBORHOOD DESCRIPTION: The subject is located in the City of Tequesta, a small city in north Palm Beach County located just south of the Martin County line. The immediate neighborhood is characterized primarily as low- density residential, with only a few garden -style apartment buildings /condos located to the south of The Preserve at Tequesta along Old Dixie Highway. The property is located blocks from the Atlantic Ocean and northwest of the mouth of the Loxahatchee River, a major arterial waterway in the County. INVESTMENT HIGHLIGHTS • Bank owned foreclosure • Growing geriatric demographics • Superior location • Dixie Highway Frontage ti . ti• Pr operty Descri • SITE DESCRIPTION Location: 223 Village Boulevard Tequesta, Florida Building Size (SF): 115,400 Building Units: 84 Undeveloped Townhome Sites: 59 Land Size: ±9.33 Acres s a Folio Number: 60- 43- 40- 30 -46- 002 -0000 v Note: Please note that the parcel, although developed in - segments, has not legally been separated. The 59 townhome lots have not been platted to identify a clear legal delineation from the ILF and the proposed improvements on the north segment of the parcel. Additionally, because of the amount of time that has elapsed from the original date of construction, all approvals on both projects have expired. New approvals may be necessary from the Village of Tequesta. Current permitting and entitlements have expired but conversations with the lender and city indicate there may be an opportunity for an applicant to reinstate all approvals. • 1:1' �'ia Pro pe rty D esc ri pti on ASSESSMENT INFORMATION 2009 Assessed Value: $2,006,000 Assessed Value per Acre: $215,005 Assessed Value per SF: $4.95 2009 Property Taxes: $43,093 PROPOSED TOWNHOME COMMUNITY 6 a Project Name: The Preserve at Tequesta 0 Total Units: 59 - 0 Total # of Models: Three Average Model SF: 2,012 SF Model # Bed(s) Bath(s) Total SF A 18 2 2.5 1,861 B 18 2 3.5 2,064 C 23 2 2.5 +loft 2,112 Total 59 1 19,226 YtiidllliflNMr Pro p - rty D es c ri pti • PARTIALLY COMPLETED INDEPENDENT LIVING FACILITY Project Name: The Crossings Total Units: 84 Total Square Feet: 1 15,400 SF Total Stories: Three *% Complete Detail: First Floor - 65% -75% Second Floor - 45% -55% 7 Third Floor - 10% -20% Average Estimate of Completion - 45% -55% MM • p - rty D es c ri pti • ZONING DESCRIPTION - ORIGINAL APPROVAL ZONING SUMMARY Current Zoning MU, Mixed Use District Legally Conforming Yes Uses Permitted Mixed -use, "village center' concept with commercial uses limited to small scale, speciahy retail sobs & service, with business & professional services designed to service the residential neighborhood; and, residential uses, raging from low -to- high density residential that not only accommodates vehicular traffic, but provides for efficient movement of pedestrian and bicycle traffic. Zoning Change Not likely Category Zoning Requirement e Minimum Lot Size 3,200 Sq. Ft. o Minimum Lot Frontage 40 feet Minimum Lot Coverage 62% residential; 60% commercial, single lot or 70% two or more uses ° Minimum Landscaped /Open Space 25.0% Maximum Density IS dwelling units per acre Maximum Height 6 stories or SA feet above finish grade Maximum Floor Area Ratio N/A Minimum Front Yard Setback 10 feet residential and -0- feet commercial Minimum Side Setback -0- feet, 1 side residential, 7 feet remaining side; -0- feet commercial abutting commerical and 7 feet commercial abutting residential Minimum Rear Setback 10 feet residential; -0- feet commercial abutting commercial and 7 feet commercial abutting residential Minimum Parking Mixed -use parking shall be the sum of the requirements of the various uses. Residential uses require 2 spaces per unit Source: Town of Tequesto Planning & Zoning Dept. �t o - fi F1FWrY N 1 /`pWrl K7".r _ 0' .1, A ` Q}r�3nyipOOM4S8N _ ►' /��.0 / I' /' /�!'!` t .11 o rs O ff• p r �°� 'i7 SPoontasp, rT4� pa MOMM J y� y �1 f evil 'S teil fyd,r - , ..+Spb- _gjoll r i i� ulabP!21'MBO ` "� a L t _PAIBIII! °v '�yi �'P �+(► ".'a SON t. N P.+ ogieN y � " - a + + �eey A #1z :. � lS liessna oR�1S IlsYSna F i. a J7 #ate. -� �Id Ielseo3el3Ul ♦ i f sul� `+ P , r lea s 1�e9�a.r " ♦ ..� C. o • y0 I Iv I o ♦ ■� N ���d P°OM�PIa L ` o ♦ z CL Property Description We 3 LA i , r e m `r ♦♦ a 25 I J, 1101 0 _ OP esnAladoid iiT � <S,Pa m4�eH u 1 abP!21;1�0 ' P_IH aae(MA � ♦ ■ ^ PN ir�dod f�� A �� 1 � ■�ri ti ,oa�µ ' ■■ 1 .rr � p1j�N sold �t�ut50`t is � �s�a o is u�ma Id le(seo�e,lu�,� � ■ lSoBu� ■■ �, r� i pmlr� • p - rty D es c ri p ti • BUILDING IMAGES I ilia v v v o W In as mm m � ME■ ■ON ■ /� ONE on �.. on M/■ on • pe rty D es c ri pti • BUILDING IMAGES s --ago-, v. ,F. .2 ■■ ■■■ ONO ■.E gas ; u 9 r k:t s rRy ° IN1R' /!o Ni 1111 III B 1m mm Pr operty Desc o SITE SURVEY SKETCH OF PROPERTY ( THIS IS NOT A SURVEY VIU AiW OF T QWSrA P. ix C. SE CORNER OF NN 114 CF AN f/A SECT�DN 3Q TxP 40 R�wS ate' SCALE: L` - !!0' R Q. 527. 76' AwIr 00• M .l93. 86' 5. i OF NM J11 OF w 1/4 f 13 �rNS A =` o 'f1 c Q h 120 00 0. E S -s. L _ WD 9. 333 ACRES Q '3 M i / ! EMEN A 06 ga 828. � � " d-p3' lN' S6• 25. Ode A-250. � iff`22'iO' DAI LEY VILLAGE BOULF1 f#!3'f J�: K °.' "� l a "`r'". nouc� ftWMM „ai!! fan, a JWJ0. P9, reol 1 . Pope: Ent) 7M.9414 DATE' WIRI s E"QT Y OF 2 .WO *a.: v2- 217 -'7 • T. f �, ReMrwf y rO of ro n r., r < A Tj I!1 Pv '•. w9 :1! M uyM[ a� O T ,af n' y`> sE e:• C'+rle q ° 3 Neil bMed ld Pvr[xme v f n af g r P 6> �a3 VI n yn � a[M1I m CIUb VI , a , q � I g 4 Rr ynn S 7 c Rd ,^, AW H[+6, n aaYVvw V s { Y _ Ci 4 ' K 00 1 C7 � nd nooanue � a �'� n ID �'N �y5x50 � i A' 0 '3 GultawmA � v j` s 9 a ay St Sou5lraa[e Ur NiWUUr IN SE PernwoadP n rp eluaPr ] mNllk-10, k Numcsvvud Aar My sO 0 SE M1wrnley O § 4 y , r6nni y Rarrn c 6 se tlarua or $ o � X a f; c N Ne Or B h � 3 471 35 § q x — aar'� s � parG•nsl Pnvrra cnaF n^ ' anrwnlur _ N yS OV F k C o Riu[>Na 3 Nt oReW 3i pl S� Jude Sf Id Rd m g y Rd n[t•M1 � E � � [ Nd r ,C P'A 0•\Il ry Pvr hi71 r• 0 Iay Rd i ^+ THE A x n r E Mara AVe PS�� f .Iklll oa ks Dr ^Aav s Rw'oN $ rp wom OO NUaH4FwaYl IspN \�M^ �Y d � � 2 • F se.rbwxe c Q a� ie «•eS a O A � S F Psy n Isy,ar9 g rn Halm Rd S Ptl4 Ra9 �� e8 b fs � O V s na ,O 3 e o o D x o _ N z • � D uondwsaCl Auadoid y P s � Market Overview MAP OF CLOSED SALES OF SENIOR LIVING FACILITIES TGrscaloosa O 1 Alabama o Summerville Auburn O Macon 0 aon 0 0 Georgia Beautorto Chadeston 11 0 O Montgomery Columbus +j Bran.�on Mendian 0 - O HiRon Head Albany _ Savannah Island 0 O Hatbesbwg Dothan r, -; 0 O Bruns -mck Mobile , - -- �} VAIfbOBtfl ort L�I �Talleliassee- O 0 Beach GkOpo" m ew eans O Pensfleola0 0 0 0 FV O Jacksonville Panama CAA Gainesville ach 3 OOla B ¢ana O 0 A S rin_ Clrtando0 T , a p 9 O 0 i.ri.=.vdlP f issimmee 0 y} Bay g Laro E Florida Sarasotao Port Port S H . . Charlotte ter O Lehigh A"Ps. West palm Cape.. cofaiG 0 Beach de rII 0 WestonO O Naples Lauderdale Miam O 0 Homestead Nassau 0 Comp Address County Date Units Year Land Built (AC) Price in $ $ /Units A 6700 102nd Ave N Pinellas Sep -09 104 1981 4.12 $5,500,000 $52,885 B 497 Village PI Seminole Jun -09 245 1986 29 $29,218,400 $119,259 C 6982 Pine Forest Rd Escambia Mar -09 114 2004 $10,200,000 $89,474 D 6700 102nd Ave N Pinellas Jul -08 104 1981 4.12 $4,500,000 $43,269 E 1550 N Lawnwood Cir Saint Lucie Sep -07 S8 2000 4.17 $7,550,000 $130,172 F 3300 US 19 Alt S Pinellas Sep -07 138 1949 $6,710,000 $48,623 G 3855 Upper Creek Dr Hillsborough Jun -07 110 1989 $9,000,000 $81,818 H 100 Devonshire Way N Palm Beach Apr -07 328 1999 19.21 $76,925,283 $234,528 1 300 W Airport Blvd Seminole Mar -07 94 1984 13.42 $6,400,000 $68,085 Market Overview MAP OF CLOSED SALES OF APARTMENT BUILDINGS �iKeeci:uuce: O • : ,a o c Lucie O 451uart Hobe Sound O OJuprter "aIT Palm Beach R w"era rt +nyers G Gardens each o. aLr: O ��: O o Clewiston Belle Glade Grand. O Lehigh ° Wellington— West Palm ° i3ahame O Acres [ Beach Bo, F reep °" ,San Carlos Beach i Park Olmmokelee o Bonita — A —z V ompano arv Springs Coral O acts Ib OGolden Spnngs 3 Fort Gate _ -_ -._. _ es0 PlanlatronO O d Lauderdale ° `la:;les Miami '•ta' f, Big Cypress Gar f K oll ood marej National Hial ,1 Island Preserve Tamiam H M Kenda o iami >oucri B � uth Mwni o He•.ghts O Homestead Bverg ales Na: cnal Park Key Lanai. -: O _ _ Icla rv•r:rara O Comp Address County Date Units Year Land Built (AC) Price in $ $ /Units A 500 N Congress Ave Palm Beach Jan -08 148 1998 18.53 $16,725,000 $113,007 B 2859 NE 4th St Miami /Dade Nov -08 107 2007 21.655 $6,425,000 $60,047 C 624 SW 1st Ave Miami /Dade May -10 60 2009 0.49 $6,189,360 $103,156 D 8187 NW 8th St Miami /Dade Oct -09 48 2000 1.36 $5,900,000 $122,917 E 3500 Oaks Clubhouse Dr Broward Jan -08 55 2008 5.76 $4,145,200 $75,367 F 2236 Laurel Way Palm Beach Mar -08 62 1983 4.91 $3,831,000 $61,790 G 5600 NW 6th St Miami /Dade Jan -08 32 1997 0.72 $3,500,000 $109,375 H 10805 SW 86th St Miami /Dade Apr -09 29 1997 0.858 $2,400,000 $82,759 1 1560 W 42nd St Miami /Dade Nov -08 30 1984 1.4 $2,220,000 $74,000 J 933 NW 4th St Miami /Dade Jan -10 41 1981 1.0331 $2,166,500 $52,841 K 1940 Biarritz Dr Miami /Dade Jan -09 30 1997 0.43 $2,000,000 $66,667 • 1 ' Market Overview MAP OF CLOSED SALES OF SENIOR LIVING FACILITY LAND GainesvilleO Paletxao Palm Coast 0 �1` O T Daytona 0 r., Beach 0 0 El Ocala De la'.d O New� Smyrna Beach Ilona O G a Ov»edc Spring Hillo O o OTitusville Orlando merrm _ Palm Harb 0 or 8 Kissimmee 0Island O Ta 0 0Palm Bay Clearwatero Lakeland St PetersburgO Florida 17 3 OBradenton Port St Osarasota LuOae O Port o A ven�ceo Charlotte st:. � o O Jupder Eng.e..eod North Fort Palm Beach o Myers Gardens O 'Nest Palm rei Beach Cape CoralO Lehigh Coral D o Q Bonita 0 Acres Springs .ca Raton import Springs o 0 Fort Naples Pembrokeo Lauderdale Pines OMiami KendaliO O E: =ra'aa Homestead Na* oral =ark 4 OKey argr. Land Comp Address County Date Land (SF) (AC) Price in $ $ /AC A Indian Creek Pkwy & Central Blvd Palm Beach Dec -09 304,920 7.00 $3,900,000 $557,143 B 813 -815 W Horatio St Hillsborough Oct -09 82,764 1.90 $3,400,000 $1,789,474 C Hooks St & Excalibur Rd Lake Oct -07 390,298 8.96 $1,344,000 $150,000 D 855 S Federal Hwy Palm Beach May -07 93,654 2.1S $16,050,000 $7,465,116 r Market Overview MAP OF CLOSED SALES OF MEDIUM DENSITY RESIDENTIAL LAND a - Lake Plaeie Jensen aT �+rCedra ot. Okee0obee �uciet0 Geoch FTJ Placid o stual takes HcG ul" i + ttF 'D71prter !1 nda ah ;..ea Palm Beach , 'v era - t Myers ° Gardens o Beach ,ho'es oLabeile p O C, oe-mston Belle Glade p Grand F Ayerso * Lehigh ° Wellington* West Palm o r39ham& ': '': a =' I. ape — •al o Acres Boyn Beach e400rt 1 " O San Ca nos Bea ° f'afN Olm mokalee Bonita le Springs Cor Pompano a ° Beach ❑ Naples* ©gate: Fort F$, Planta ° Lauderdale Miami f Big Cypress Gardens Mar cu National H eah ° Hollywood Island Preserve Tam o rn a I O M iami Ker E a, C o c� irahts Hornesteao 4 Everq ades Na' cnal Bark e•, irgc t;I Comp Address County Date Land (SF) Land (AC) Zoning Price in $ $ /AC A N New River Cor Broward Jun -08 394,218 9.05 B -3 $1,375,200 $151,956 B Gramercy Square Dr Palm Beach Dec -08 179597 4.12 R $2,886,939 $700,207 C 716 -788 NW 9th St Miami /Dade Jul -09 174,240 4.00 R -4 $2,040,000 $510,000 D SW 19th Ave / E of 1 -95 Broward Oct -09 388,642 8.92 RD -15 $6,000,000 $672,496 E Silver Palm East Miami /Dade Mar -10 183,823 4.22 RU -3M $4,292,000 $1,017,063 F Center St & W Indiantown Rd Palm Beach Aug -08 549,570 12.62 R1, CG & C2 $6,053,999 $479,852 G 16400 -16500 SW 137th Ave Miami /Dade May -09 560,050 12.86 RU -3M $10,988,800 $854,695 H 14973 SW 40th St Miami /Dade Jun -09 213,047 4.89 RU -3M $2,280,000 $466,173 1 11101 -11161 SW 87th Ct Miami /Dade Apr -09 148,975 3.42 EU -S $2,100,000 $614,036 J SW 87th Ave Miami /Dade Jul -09 228,690 5.25 R $1,550,000 $295,238 K 22631 SW 105th Ave Miami /Dade Mar -10 169,884 3.90 res $1,229,500 $315,256 L W Oakland Park Blvd Broward Sep -08 357,758 8.21 R $4,406,032 $536,471 M 11350 NW 4th St Broward Apr -10 295,693 6.79 RS -1EP $2,400,000 $353,556 fr Cd..•.....d IW f.u. G+..•.. Market Overview PARTIAL L I S T O F COMPARABLE SENIOR LIVING FACILITIES H C3rlett State t Area S ,f I P.Ach Nap Satellite H.brld Trrr3111 : "rldlf V 9 Wage Palm Beach North Palm Gardens Beach Lake Park + Riviera 1 akecl Beach Royal Palm Q yq1 Beach West Palm Beach 7DD O LoxAhatchee Golden BD Groves LAke ya; -'i O Afellrngton K J R - t.Akeclarke � sFeores acres �Yp North 1 9 V 9 n8dzn m JE Z;D sor f e Kings Pont Rr:,wr Fd'n1 r92N Ghee Area - HigMVAnA Hamplons at Beach ter Boca Ralo Areas ( 27 25, Sandalfoot Bo G , 3torl Cove De H Parklana Bea Senior Facility Name Address City / State Type of Care Classic Residence by Hyatt 22601 Camino Del Mar Boca Raton ILF /ALF Homewood Residence at Boca Raton 9591 Yamato Road Boca Raton ALF / Alzheimer's Emeritus at Boynton Beach 8220 Jog Road Boynton Beach ILF /ALF Emeritus at Boynton Village 1935 South Federal Highway Boynton Beach ALF / Alzheimer's Homewood Residence at Boynton Beach 2400 South Congress Avenue Boynton Beach ALF / Alzheimer's The Pointe at Newport Place 4733 NW 7th Court Boynton Beach ALF / Alzheimer's Emeritus at Deer Creek 2403 W. Hillsboro Blvd Deerfield Beach ALF / Alzheimer's Praxis of Deerfield Beach 1450 Southwest I Ith Way Deerfield Beach ILF Homewood Residence at Delray Beach 8020 West Atlantic Avenue Delray Beach ALF / Alzheimer's Arbor Oaks at Greenacres 3400 Jog Road Greenacres ALF / Alzheimer's Lake Worth Gardens 3927 Hadies Drive Lake Worth ILF Atria Meridian 3061 Donnelly Drive Lantana ILF /ALF Classic Residence by Hyatt 2792 Donnelly Drive Lantana ILF /ALF The Carlisle Palm Beach 450 East Ocean Avenue Lantana ILF /ALF Prosperity Oaks 1 1381 Prosperity Farms Road Palm Beach Gardens ILF /ALF The Inn and Nursing Center at La Posada 3600 Masterpiece Way Palm Beach Gardens ALF / Alzheimer's Classic at West Palm Beach 6100 Common Circle West Palm Beach ILF / ALF Heron's Run 2939 South Haverhill Road West Palm Beach ALF Savannah Court of The Palm Beaches 2090 North Congress Avenue West Palm Beach ALF / Alzheimer's Market Overview RANK OF STATES WITH LARGEST CONCENTRATION OF SENIOR FACILITIES / Rank State Facilities Medicare Medicaid Medicare Medicaid Non -Cert Total Total Bed / 1K Beds Population People 1 TX 1,165 22,648 4,672 97,924 3,740 128,984 24,782,302 5.20 2 NY 640 167 233 118,580 2,789 121,769 19,541,453 6.23 3 CA 1,250 4,496 9,462 107,442 340 121,740 36,961,664 3.29 4 IL 791 9,495 28,113 58,209 6,056 101,873 12,910,409 7.89 5 OH 961 1,390 172 91,474 300 93,336 11,542,645 8.09 6 PA 711 4,110 3,842 80,877 0 88,829 12,604,767 7.05 zo 7 FL 676 7,748 2,375 71,459 305 81,887 18,537,969 4.42 3 8 IN 504 5,677 2,802 40,424 8,547 57,450 6,423,113 8.94 0 9 MO 513 2,479 5,685 43,869 3,328 55,361 974,989 56.78 10 NJ 360 2,630 1,101 47,428 0 51,159 8,707,739 5.88 £ mm. SAMPLE OF LARGEST SENIOR LIVING FACILITY OPERATORS S j T�jDjC� 7 Communities SFNI( LIVING'' 1 71 Communities B R O O K D A L E SENIOR LIVING zi 3 m 48 Communities � EMERITUS Capital I Community Senior Living Corporation 5 Communities a SENIOR LIVING GROUP f 1 CrTwnr�