CHAMPIONS VUE APARTMENTS – 326 CLASS “A” LUXURY APARTMENTS

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Champions Vue Apartment Community will consist of attractively priced apartments with resort style amenities on the site which is located only minutes to most of the area’s largest employers.

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The primary objective of the project is to build and operate a new upscale, multi-use Apartment Community in Davenport, Florida to target projected demand for rental community in this region. The proposed, multi-use development, set to break ground in 2015 in the Orlando- adjacent, Polk County town of Davenport, Florida. This Project is designed as a response to rapid residential and commercial development in the county over the past decade, with the largest growth occurring in Davenport and the nearby Haines City.

 

 

CHAMPIONS VUE APARTMENTS DEAL SUMMARY

PROJECT NAME CHAMPIONS VUE APARTMENTS (Fully Permitted)
ASSET CLASS 326 unit Class A luxury apartments
PROPERTY LOCATION Southeast corner of US 27 & Bella Citta, west of Champions Gate Development. 5 miles south of Disney attractions
PROJECT SUMMARY Class A luxury apartments, consisting of wood-frame construction with hardie board siding, 6 large buildings and 8 smaller townhome villa, 4 stories with elevators. 170-1BR units, 132-2BR units, 24-3BR units. 100 garages spaces in the building.
PROJECT OWNER Champions Vue Apartments, LLC
PROJECT SPONSOR Mr. Suresh Gupta, Founder & CEO Park Square Homes CEO, SunPark Company
PROJECT DEVELOPERS SUNPARK COMPANY, LLC
PROJECT ARCHITECT Slocum Platts Architects
PROJECT CIVIL ENGINEER LandSmart Consultants
CONSTRUCTION MANAGER NVision Development Services
MANAGEMENT COMPANY Lincoln Properties Management (2nd largest management company)
LANDSCAPE ARCHITECT FOSTER CONANT ASSOCIATES
PROJECT GENERAL CONTRACTOR ROGER B. KENNEDY CONSTRUCTION
TOTAL PROJECT COST $47.02M
SENIOR BANK LOAN $29.71M at 63.2% Loan To Cost
TOTAL EQUITY REQUIRED $17.30M

CAPITAL STACK SUMMARY

SPONSOR CONTRIBUTION

$4.9m

 Funded

PRIVATE EQUITY INVESTOR

$11.18m

 Needed

 

 BANK LOAN

 29.5m

 Approved/Commitment

 

PREFERRED RETURN ON INVESTOR’S CAPITAL:  22%

 

TOTAL ESTIMATED INVESTOR IRR    25.16%               

 

 

 

 

PROFORMA AVG RENT/SQ. FT $1.31/rentable square foot with a 3% annual Escalation
ESTIMATED CONSTRUCTION DURATION 16 Months
ESTIMATED LEASE-UP/STABILIZATION PERIOD 12 Months (pre-lease begins 3 months before first building’s CO)
ESTIMATED NOI AFTER RESERVES $3.5M at Year 3 (stabilization)
ESTIMATED RETURN ON PROJECT COST 7.8%
PROJECT SALE CAP RATE 5.75%
ESTIMATED PROJECT SALE VALUE $63.08M (Year 3)
PROFORMA TOTAL PROFIT SPLIT 50/50

 

FULL PROJECT OVERVIEW

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