NNN LANDING APARTMENTS, LLC

Available for §1031 exchange w llc investment

Offering Purchase Price: $14,800,000

Offering Price Per SF: $77.00

  • Purchase Date: Fourth Quarter, 2005
  • Offering LTV: 65.54%
  • Offering Price Cap Rate: 6.09%
  • 1st Year Cash Flow: 6.25%
  • Offering Price Per Unit: $74,000

The Landing Apartments is a 200-unit multi-family community located in Durham, North Carolina. The Property is located approximately 8 miles northwest of Durham’s central business district.

Available for §1031 exchange w llc investment

The Property has certain items of maintenance and would benefi t from the upgrades described below. The Master Tenant intends to use proceeds
from the Loan held in escrow by the Lender to fund replacement of certain siding, sheetrock exterior,

Property Summary

The Landing Apartments is a 200-unit multi-family community located in Durham, North Carolina. The Property is located approximately 8 miles northwest of Durham’s central business district. The Property has 12 two- and three-story buildings, a clubhouse, fi tness center, laundry facility, three playgrounds, two tennis courts and a pool. The Property is approximately 93% occupied.

PROPERTY INFORMATION

  • Address: 18 Weather Hill Circle Durham, NC 27705
  • Building Type: Multi-Family
  • Year Built: 1986
  • Total SF: 192,200
  • % Occupied: 93%

TIC Offering

  • Offering Size: $5,100,000
  • Price Per 1% Ownership: $51,000 cash and $97,000 assumed debt.
  • Minimum Investment per SPE: 3.000% = $153,000 equity, $291,000 assumed debt for a total purchase price of $444,000
  • Suitability: Accredited Investors Only

LLC Offering

  • Offering Size: $51,000
  • Price Per Unit: $5,000
  • Minimum Investment: $25,000
  • Suitability: Accredited investors only

Business Plan

  • It is the intent of the Master Tenant to provide stable cash flow with potential for capital appreciation through a Master Lease agreement.
  • Maintain the high occupancy that currently exists in the property and increase rental revenues through aggressive marketing while controlling operating expenses. w Make monthly distributions to investors from the rent derived from the master lease.
  • Market the property for sale in approximately 5-10 years to realize potential capital appreciation, based on improving market conditions and terms of the Master Lease.
  • There is no guarantee that the business plan will be successfully executed the property’s value will be enhanced or the property will be sold in the time period described above.
  • No assurance can be given that the rent will be paid during the entire term of the Master Lease. w Overbuilding of multi-family units in many areas of the nation has materially and adversely impacted the vacancy rate and economic performance of many properties.

UNIT INFORMATION

  • Wall-to-wall carpet
  • Frost-free refrigerators
  • Washer/dryer connections
  • Private patios/balconies
  • Spacious bathrooms
  • Smoke alarms
  • Central heat and air conditioning
  • Garbage disposal
  • Dishwashers

The Property has certain items of maintenance and would benefi t from the upgrades described below. The Master Tenant intends to use proceeds from the Loan held in escrow by the Lender to fund replacement of certain siding, sheetrock exterior, HVAC units, roofs, playground equipment, to resurface the tennis courts, to purchase new fi tness center equipment and refurbish the clubhouse, and make general interior improvements, on an as needed basis (as determined by the Master Tenant, in its sole discretion). The upgrades are intended to add value to the Property.

Location Information

Durham County has evolved from an agricultural and manufacturing economy to achieve world-class status in the areas of medicine, research and high technology. In the process, it has become one of the country’s most desirable places to live. Raleigh, the state capital of North Carolina together with the cities of Durham and Chapel Hill, and the Town of Cary comprise the Research Triangle area of North Carolina. The internationally known Research Triangle Park is home to more than 50 major research and development organizations including IBM, Ciba Geigy, Glaxo-Wellcome and NorTel. Durham is a single-city county of nearly 227,034 residents. Known as the”CITY OF MEDICINE, USA,” Durham is also home to Duke and North Carolina Central Universities.

ABOUT Triple Net Properties, LLC

Triple Net Properties, LLC has time-tested experience in real estate syndications, acquisitions, leasing and property management. Triple Net currently manages a growing portfolio of over 39 million square feet of real estate in 29 states valued in excess of $5.4 billion. Although past performance is no guarantee of future results, Triple Net Properties, LLC has an unparalleled track record and has acquired 293 properties to date. Triple Net and affiliates have sold 107 properties for more than $2.5 billion since 2000.

Triple Net Properties, LLC is a wholly-owned subsidiary of Grubb & Ellis Company, a nationwide commercial real estate asset management and investment firm.