88 West Apartments, LLC
50 Main Street Suite 355 White Plains, NY 10606
Total Cost $39,275,000
Price Per Bed $49,589
- Price Per Square Foot $117.36
- Rentable Square Footage: 334,632
- Current Occupancy: 90.00%
- Year Built 2007
88 West Apartments (“88 West”) is a 240 unit, 792 bed luxury apartment complex serving the student population of the University of Illinois at Urbana-Champaign (“UIUC”) and Parkland College (“Parkland”).
50 Main Street Suite 355 White Plains, NY
Newly built for the 2007-2008 school year, 88 West offers two (2), three (3), and four (4) bedroom floor plans ranging from 1,002 to 1,664 square feet.
PROPERTY SUMMARY
88 West Apartments (“88 West”) is a 240 unit, 792 bed luxury apartment complex serving the student population of the University of Illinois at Urbana-Champaign (“UIUC”) and Parkland College (“Parkland”). Newly built for the 2007-2008 school year, 88 West offers two (2), three (3), and four (4) bedroom floor plans ranging from 1,002 to 1,664 square feet. Each bedroom has its own bathroom and the units are available both furnished and unfurnished. Construction was delivered late for the Fall of 2007 and the property only leased to 90.00% as a result.
PROPERTY INFORMATION
PROPERTY INFORMATION
- Year Built 2007
- Rentable Beds 792
- Total Cost $39,275,000
- Price Per Bed $49,589
- Price Per Square Foot $117.36
- Rentable Square Footage 334,632
- Current Occupancy 90.00%
THE OFFERING
- $39,275,000 Total Offering with 57.29% LTV
- $16,775,000 in investor equity interest
- $500,000 mininim investment
- Year 1 Projected Return of 6.78% (7 Year Average of 6.58%)
- $22,500,000 John Hancock loan; 6.50% fixed rate loan for 10 years, interest only payments for the first two years with 30 year amortization of principal thereafter
- Non-recourse financing with no personal liability
- Investors on title and receive deed for their interest
PROPERTY AMENITIES
- Resort Style Swimming Pool
- Sand Volleyball Court / Indoor Basketball Court
- Fitness Center & Computer Lab
- Game Room & Picnic Area with BBQ Grills
- Private Balconies / Patio Areas
- Private Bathrooms / Full Washer & Dryer
- Fully Furnished
PROJECTED SALE ANALYSIS
- 2014 Projected NOI 3,131,962
- Projected Cap Rate 6.50%
- Projected Sale Price 48,184,034
- (Less Outstanding Loan Balance) (21,185,277)
- (Less Closing Costs) (522,125)
- (Less Prepayment Penalty) (300,000)
- (Less Sales Commission of 4.50%) (2,168,282)
- Net Sale Proceeds 24,008,350
ABOUT WOODLARK CAPITAL LLC
50 Main Street Suite 355
White Plains, NY 10606
Ph: (914) 285 4133 Fax: (914) 285-4925
Email: info@wlfund.com