NNN Emberwood Apartments, LLC
Available for ยง1031 exchange w llc investment
Offering Purchase Price: $25,570,000
Offering Price Per SF: $86,385
- Purchase Date: 4th Quarter 2007
- Offering LTV: 62.77%
- Offering Price Cap Rate: 6.29%
- 1st Year Cash Flow: 6.14%
Emberwood Apartments is a 296-unit apartment community in Lafayette, Louisiana. Located on more than 14 landscaped acres, the approximately 267,000-square-foot property includes 24 two-story residential buildings and a leasing center.
Available for ยง1031 exchange w llc investment
Community amenities include a childrenโs playground, sports court, barbecue and picnic area and two swimming pools. Emberwood Apartments provides an average unit size of approximately 900 square feet
Property Summary
Emberwood Apartments is a 296-unit apartment community in Lafayette, Louisiana. Located on more than 14 landscaped acres, the approximately 267,000-square-foot property includes 24 two-story residential buildings and a leasing center. Community amenities include a childrenโs playground, sports court, barbecue and picnic area and two swimming pools. Emberwood Apartments provides an average unit size of approximately 900 square feet, and offers many high-end features, including private washers and dryers, ceiling fans, dishwashers, individual water heaters, wood-burning fireplaces, and private patios or balconies. The property is within close proximity to Interstate 10, the primary east-west thoroughfare connecting Houston and New Orleans. Built in 1985 and renovated in 2006 and 2007, Emberwood Apartments is currently 94 percent occupied and features a generous parking ratio of 1.96 spaces per unit.
Property Information
- Address: 100 South Meyers Drive Lafayette, LA 70508
- Building Type: Multifamily
- Year Built: 1985, renovated 2006 – 2007
- Total SF: 266,768
- Total Apt. Units: 296
- % Leased: 94%
TIC Offering
- Offering Size: $9,520,000
- Price Per 1% Ownership: $95,200 equity and $160,500 assumed debt
- Minimum Investment per SPE: 3.00% = $285,600 equity and $481,500 assumed debt for a total purchase price of $767,100
- Suitability: Accredited Investors Only
LLC Offering
- Offering Size: $476,000
- Price Per Unit: $5,000
- Minimum Investment: $25,000
- Suitability: Accredited investors only
Business Plan
- Preserve the capital investment.
- Realize income through the acquisition, operation and sale of the
property. - Make monthly distributions, which may be partially tax-deferred as a result of depreciation and amortization expenses.
- Within approximately eight years, profitably sell the property based on the value added through effective management and operation of the property.
- There can be no assurances that the property manager will be able to renew expiring leases or lease vacant spaces in the property.ย
- Neither the manager nor the property manager have real estate experience in Louisiana.ย
- The Property may require capital improvements that could negatively affect cash flow.
- The valuation of the property may be inaccurate due to a lack of availability of recent sales comparables for the property.
Location Information
Consisting of Lafayette Parish and St. Martin Parish, Lafayette Metropolitan Statistical Area is located 222 miles east of Houston, 129 miles northwest of New Orleans, 52 miles west of Baton Rouge, and 35 miles north of the Gulf of Mexico. With an efficient railway system and a regional airport, Lafayette offers access to major cities such as Houston, Dallas, Memphis, and Atlanta. Situated at the intersection of Interstates 10 and 49, Lafayette provides its residents quick and convenient access in and out of the area. Historically energy based, Lafayette has developed into a well diversified economy in the last decade, with major sectors in healthcare, education, construction, manufacturing, retail, finance, information technology, transportation and distribution. With the recent medical boom in the region, โLafayette is further cementing its role as a regional health center, attracting specialized treatment centers, and along with them, preeminent physicians, researches and scientists.โ
Office Market
- The Acadiana Apartment Association, which monitors apartment trends in Lafayette and its surrounding parishes, has reported the market vacancy has decreased to 1.8 percent as of the first quarter of 2007, from 2.4 percent in fourth quarter of 2006.ย
- Lafayette Metro has a population of approximately 253,813, and according to the U.S. Census Bureau and Claritas, it is expected to reach almost 260,000 by year 2012.
- According to the Department of Labor, Bureau of Labor Statistics, unemployment for August, 2007 in the Lafayette, Louisisana area was 2.8 percent, well under the national average.
ABOUT Triple Net Properties, LLC
Triple Net Properties, LLC has time-tested experience in real estate syndications, acquisitions, development, construction, leasing and property management. Triple Net currently manages a growing portfolio of over 34 million square feet of property in 28 states valued at more than $4.6 billion. Although past performance is no guarantee of future results, Triple Net Properties, LLC has an unparalleled track record and has acquired 249 properties to date. Triple Net and affiliates have sold 90 properties for over $2.0 billion since 2000.
Triple Net Properties, LLC is a wholly-owned subsidiary of NNN Realty Advisors, Inc., a nationwide commercial real estate asset management and services firm.