RENDERING OF RESIDENTIAL SITE ­– PLANNING AREA I
FOR SALE
SAND CANYON ROAD AT LOST CANYON ROAD
SANTA CLARITA, CA
•
±9.55 Acres Fully Entitled for Development of 344 Residential Units
•
Planning Area I of a 185 Acre Multi-Phase Master Planned Transit-Oriented Community
•
For more information, please visit: www.cbredealflowvistacanyon.com
OFFER DUE DATE:
Friday, March 11, 2016 by 5:00pm Pacific Time
LAURIE LUSTIG-BOWER
Executive Vice President
Lic. 00979360
+1 310 550 2556
laurie.lustig-bower@cbre.com
www.cbre.com/laurie.lustig-bower
KAMRAN PAYDAR
Senior Sales Director
Lic. 01242590
+1 310 550 2529
kamran.paydar@cbre.com
www.cbre.com/kamran.paydar
CRAIG R. PETERS
Executive Vice President
Lic. 00906542
+1 818 907 4616
craig.peters@cbre.com
www.cbre.com/craig.peters
LOCATION MAP
5
14
VISTA
CANYON
405
170
2
134
101
110
10
VISTA CANYON SANTA CLARITA, CA
Downtown
Los Angeles
60
2
VISTA CANYON SITE PLAN
OFFERING
PLANNING
AREA II
PLANNING
AREA III
Metrolink Station/
Bus Transfer Station
VISTA CANYON SANTA CLARITA, CA
3
CLICK HERE TO WATCH THE VIDEO:
https://vimeo.com/153564134
Metrolink Station/
Bus Transfer Station
VISTA CANYON SANTA CLARITA, CA
METROLINK TO DOWNTOWN LOS ANGELES
4
TABLE OF CONTENTS
1. EXECUTIVE SUMMARY
7
The Opportunity
Investment Highlights
2. PROJECT OVERVIEW
11
The Site
Project Timeline
The Project / Planning Area 1
The Project / Planning Area 2
The Project / Planning Area 3
3. MARKET OVERVIEW
27
Multifamily Overview of Santa Clarita Valley
Rental Comps
Santa Clarita Valley overview
4. THE MASTER OWNER
59
The Principals
VISTA CANYON SANTA CLARITA, CA
VISTA CANYON RETAIL RENDERING
5
VISTA CANYON SANTA CLARITA, CA
6
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
VISTA CANYON: THE OPPORTUNITY
CBRE is pleased to present the exceptional opportunity to purchase ±9.55 acres of
entitled land to build 344 multi-housing units at Vista Canyon, Los Angeles County’s
premier new master planned community development. Located in the Santa Clarita
Valley in North Los Angeles County, Vista Canyon is a ±185 acre mixed use, transitoriented development that will benefit from a new Metrolink Station which will
be incorporated into the heart of what will soon be a vibrant new community.
Vista Canyon will offer retail, office, hospitality and various housing types such as
apartments, townhomes and single family residences to this burgeoning area.
This offering is specific to Planning Area I which consists of 344 multihousing units
and represents the first new product to be delivered to the market since 2004.
The Vista Canyon Specific Plan is fully approved by the City of Santa Clarita for
a wide range of uses on approximately 90 acres of developable land. Along with
a certified final Environmental Impact Report (EIR), the site has approvals for the
following, which is divided into three planning areas:
PLANNING AREA III (NOT PART OF THIS OFFERING)
•
± 41 Total Acres
•
Up to 322 residential for-sale lots
•
Oak Park (to be built by the Master Owner; owned and operated by the City of
Santa Clarita)
Over 50% of the 185-acre project site will be preserved as open space/recreation.
The project also includes over four miles of trails, including significant extensions
of the City’s Santa Clara River Trail.
Planning Area I will be delivered with infrastructure improvements including the
grading of the super pad to accommodate the multi-housing residences and
accompanying parking areas. Additionally, Planning Area I will be delivered with
the extension of Lost Canyon Road and Jakes Way into the Property, and the
installation of buried bank stabilization (flood protection) along both sides of the
Santa Clara River.
PLANNING AREA I (OFFERING PORTION)
•
± 9.55 Buildable acres
•
Entitled for Multifamily Residential – 344 units as part of this offering
•
Water Reclamation Plant (to be built by the Master Owner; owned and
operated by the City of Santa Clarita on separate parcel)
PLANNING AREA II (NOT PART OF THIS OFFERING)
•
± 32 Total Acres
•
Retail – up to 164,000 square feet
•
Office – up to 646,000 square feet
•
Hotel – up to 200 Rooms
•
Up to 300 multi-family units
•
Transit Station (Metrolink and Bus Transfer Station - to be built by the City of
Santa Clarita)
•
Community Garden and Town Green
VISTA CANYON SANTA CLARITA, CA
OFFERING
PLANNING
AREA II
PLANNING
AREA III
Metrolink Station/
Bus Transfer Station
8
EXECUTIVE SUMMARY
INVESTMENT HIGHLIGHTS
LIVE/WORK/PLAY
LOCATION
Vista Canyon will be a desirable, sustainable destination community with high
visibility from Antelope Valley Freeway (SR14). This “Live/Work/Play” development
will be a walkable community featuring a combination of residential and commercial
uses (retail, office and hotel) and open space that contains an 11-acre park with
trails. This community, designed by the well-renowned architectural firm Johnson
Fain, will offer residents a lifestyle that is unique in the suburban Santa Clarita
Valley.
Vista Canyon is ideally located for its entitled uses. This is a unique opportunity to
take advantage of the demand in eastern Santa Clarita Valley for quality housing
and supporting amenities along with improved transportation. There are no other
projects consisting of approximately 90 acres of infill developable land in north
Los Angeles County offering the amenities and land use that Vista Canyon offers.
Additionally, Vista Canyon will have 1.25 miles of freeway frontage.
BARRIERS TO ENTRY
Current ownership has been pursuing entitlements since 2006 and has navigated
through a very complicated entitlement process with the City of Santa Clarita.
Excluding Vista Canyon, no other mixed-use multifamily project has been approved
in the City of Santa Clarita in the last decade.
Vista Canyon’s approved specific plan provides a superb competitive advantage in
the marketplace. With no immediate competitive supply to be delivered in the near
future (no major apartment entitlement projects are currently pending in the City),
coupled with continued population growth, Vista Canyon is poised to deliver units
at a most opportune time.
ENTITLEMENTS
RENDERING OF VISTA CANYON RETAIL
TRANSIT ORIENTED DEVELOPMENT
With the approved Vista Canyon Specific Plan, accessory entitlements and a final
EIR, entitlement risk for this project is completely eliminated. Additionally, the
Specific Plan provides a great deal of flexibility, giving the developer significant
creative control.
Concept Illustration
Bill Tosetti
One of the many alluring attributes of the Vista Canyon development is the new
Metrolink and Bus Transfer Station. The station will be built and owned by the City
of Santa Clarita and is scheduled to begin construction in conjunction with Planning
Area 1, and will replace the current station located at Via Princessa, approximately
two miles away. This station will “link” access to the expanding Los Angeles transit
system, a regional effort to plan, design, improve and maintain the most modern
and cost-efficient rapid transit system in the country.
NEW METROLINK BUS TRANSFER STATION
VISTA CANYON SANTA CLARITA, CA
9
EXECUTIVE SUMMARY
INVESTMENT HIGHLIGHTS
Vista Canyon & the santa Clarita Vall
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NEW DISNEY CAMPUS
Located approximately 2 miles south of Vista Canyon, Disney | ABC Studios at The
Ranch (www.studiosattheranch.com) is in the process of building a $250 Million
production center. The project received final approval in January, 2014, giving
Disney the go-ahead to begin construction on up to 510,000 SF of new studio
space. Located on a 44-acre portion of Disney’s 890-acre Golden Oak Ranch,
the project is slated to include 8 to 12 sound stages, production offices, talent
bungalows, administration offices and production shops/storage. Once completed,
Disney | ABC Studios at The Ranch will create over 2,800 jobs and generate $533
Million in Annual Economic Activity throughout Los Angeles County.
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RENDERING OF NEW DISNEY CAMPUS
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RENDERING OF NEW DISNEY CAMPUS
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VISTA CANYON SANTA CLARITA, CA
10
PROJECT OVERVIEW
THE SITE
OFFERING
Vicinity Map
VISTA CANYON SANTA CLARITA, CA
12
THE SITE
OFFERING
PLANNING
AREA II
PLANNING
AREA III
Metrolink Station/
Bus Transfer Station
VISTA CANYON SANTA CLARITA, CA
13
THE SITE
Metrolink Station/
Bus Transfer Station
METROLINK TO DOWNTOWN LOS ANGELES
RENDERING OF RESIDENTIAL SITE - PLANNING AREA I
VISTA CANYON SANTA CLARITA, CA
14
PROJECT OVERVIEW
THE SITE – PLANNING AREA I
Initial development in Planning Area I of Vista Canyon will include 344 multifamily
residential units.
The Vista Canyon Specific Plan and architectural schematic plans for surface
parked construction are available for review. Please contact CBRE for access to the
online document center.
The ultimate design will be at the buyer’s description subject to the requirements
of the Vista Canyon Specific Plan.
VISTA CANYON PARKING: ECONOMIC BENEFIT
The Vista Canyon Specific Plan requires only 1.5 parking spaces per apartment
unit compared to the City of Santa Clarita requirement of 2.5 spaces per unit
(required guest parking spaces for the apartment units will be included in a
parking structure in the town center area that will be shared with adjacent
commercial uses). For Vista Canyon’s 344 residential units (Planning Area I)
this translates into 516 required parking spaces which is 344 fewer spaces
than would otherwise be required elsewhere in Santa Clarita.
This reduction in parking translates into more efficient land use and
meaningful economic benefit to the developer. Allocating 350 square feet
per parking space for 344 (fewer) spaces yields 2.76 acres of land area, a
29% efficiency increase based on the eight buildable acres in this portion of
Planning Area I.
Economically, assuming $5,000 per parking space for 344 fewer spaces, the
developer receives a $1,720,000 cost savings benefit due to Vista Canyon’s
lower parking requirement.
Ownership envisions a high-end luxury product. One benefit of the Specific Plan is
that it allows for a wide range of flexibility as to the project’s final layout and offers
the developer creative control over specific design elements.
It is estimated that the Builder Impact Fees for this project will be approximately
$23,000 per unit. For a detailed breakdown of these fees, please contact CBRE
for access to the online document center.
Master infrastructure improvements, including pad preparation, major roadways,
and buried bank stabilization, will be completed by the Master Owner, Vista Canyon
Ranch LLC. Specifically, these improvements include three separate pads for the
multi-family development. The buried bank stabilization of the Santa Clarita River
will provide flood protection for the property, and the extensions of Jakes Way and
Lost Canyon Road, along with the construction of the Vista Canyon Road Bridge
with Planning Area 2, will provide multiple access ways in and out of Vista Canyon.
Planning Area I will also include the construction of a water reclamation plant,
which will serve the entire project.
VISTA CANYON WATER RECLAMATION PLANT – PERMITTING
SUMMARY
The Vista Canyon project includes the construction of a water reclamation plant
(WRP). The WRP was approved by the City of Santa Clarita City Council as part of
project approvals issued for Vista Canyon in May 2011. Upon completion, the City
will own and operate the plant.
Two other public agencies, besides the City, are involved in the construction of the
WRP. They include the Regional Water Quality Control Board, Los Angeles Region
(Regional Board) and the State Department of Health, Division of Drinking Water
(DDW). Both agencies review the plans and reports to ensure that the recycled
water generated by the WRP meets all of the applicable State requirements. The
Regional Board has issued a draft permit for the WRP with final approval expected
in April/May 2016. DDW issued its approval on December 1, 2015 for the WRP and
transmitted that approval to the Regional Board.
Building plans for the WRP are presently in design and the issuance of a building
permit by the City of Santa Clarita is expected in July/August 2016. Construction
of the WRP will be complete in August 2017.
VISTA CANYON SANTA CLARITA, CA
15
PROJECT OVERVIEW
THE SITE – PLANNING AREA I
CONCEPTUAL SITE PLAN
BUILDING / UNIT MIX
The Vista Canyon Specific Plan entitlements set
forth the design guidelines for Planning Area I
multifamily development. The conceptual site plan
below describes a potential 344 unit project and
is presented as an example of site layout, building
configuration and unit mix.
PROJECT SUMMARY
BLDG. DEST
TYPE
QTY.
STUDIO
1 BDRM
S1
A1
2 BDRM
A2
A3
B1
3 BDRM
B2
B3
B4
TOTAL UNIT
TOTAL ATTACHED GARAGE
25
C1
1
V
1
0
26
0
9
12
8
0
6
0
61
2
I
1
0
3
0
2
4
0
3
3
0
15
9
3
I
1
0
3
0
2
4
0
3
3
0
15
9
4
II
1
4
16
0
12
9
4
0
6
0
51
24
5
I
1
0
3
0
2
4
0
3
3
0
15
9
6
III
1
0
35
0
21
0
0
0
3
3
62
21
27
7
IV
1
4
20
0
0
21
8
0
6
0
59
8
I
1
0
3
0
2
4
0
3
3
0
15
9
9
II
1
4
16
0
12
9
4
0
6
0
51
24
125
0
62
67
24
12
39
344
157
100%
–
SUB-TOTAL
-
9
12
TOTALS
-
9
12
187
142
3
3
%
-
-
3%
54%
41%
1%
DATA
DWELLING UNITS
344
TOTAL SITE AREA
9.55
UNITS
AC
DENSITY
36.0
DU/AC
%
QTY.
PARKING SUMMARY TOTAL REQUIRED
TOTAL PARKING PROVIDED
TOTAL GARAGE
29%
157
TOTAL OPEN STALLS
41%
205
CARPORTS
19%
102
TOTAL TANDEM (GARAGE APRON)
16%
86
100%
550
TOTAL PROVIDED PARKING
PARKING TO UNIT RATIO
1.60/DU
PARKING SUMMARY TOTAL PROVIDED
UNIT TYPES
UNITS
RATIO
STUDIO UNITS
12
1.5
18
1 BDRM UNITS
187
1.5
281
2 BDRM UNITS
142
1.5
213
3 BDRM UNITS
3
1.5
5
344
-
517
-
-
TOTAL UNITS
GUEST (Parking Structure Across Street)
TOTAL REQUIRED PARKING
VISTA CANYON SANTA CLARITA, CA
QTY.
517
16
Lot Area (Acres)
No. of Units
Density (du/acre)
Average Unit SF
Rentable Sq. Ft.
Levels Above Ground
Levels Below Ground
No. of Parking Spaces [1]
Average Unit Rent per SF
Average Unit Rent
9.55
344
36
874
300,715
4
0
521
$2.40
$2,096
PROJECT OVERVIEW
THE SITE – PLANNING AREA I
Unit Type
Studio
One Bedroom
Two Bedroom
Three Bedroom
Totals/Averages
No. of Units
16
164
160
4
344
Unit Mix
5%
48%
47%
1%
100.0%
Unit Sq. Ft.
550
725
1,050
1,300
874
Monthly Rent
$1,660
$1,900
$2,320
$2,880
$2,096
Rent/Sq. Ft.
$3.02
$2.62
$2.21
$2.22
$2.40
CONCEPTUAL UNIT MIX AND PROJECTED RENTS
Unit Mix
1%
5%
46%
Studio
48%
One Bedroom
Two Bedroom
Three Bedroom
Location
City, State, Zip
Assessor Parcel Numbers
Zoning
Lot Area (SF)
Lot Area (Acres)
No. of Units
Density (du/acre)
Average Unit SF
Rentable Sq. Ft.
Levels Above Ground
Levels Below Ground
No. of Parking Spaces [1]
Average Unit Rent per SF
Average Unit Rent
Unit Type
Studio
One Bedroom
Two Bedroom
Three Bedroom
Totals/Averages
[1] Includes guest parking per the Vista Canyon Specific Plan
All size information is approximate.
No. of Units
16
164
160
4
344
Sand Canyon Rd at Lost Canyon Rd
Santa Clarita, CA 91387
2840-004-021
Specific Plan
415,998
9.55
344
36
874
300,715
4
0
521
$2.40
$2,096
Unit Mix
5%
48%
47%
1%
100.0%
Unit Sq. Ft.
550
725
1,050
1,300
874
Monthly Rent
$1,660
$1,900
$2,320
$2,880
$2,096
Rent/Sq. Ft.
$3.02
$2.62
$2.21
$2.22
$2.40
[1] Includes guest parking per the Vista Canyon Specific Plan
All size information is approximate.
Unit Mix
Additional information about the above Planning Area I proposed conceptual unit mix and projected rents
is contained in the complete Robert Charles Lesser Company Report dated January 2016. Please contact
1%
CBRE for access to the online Document Center.
5%
46%
Studio
48%
One Bedroom
Two Bedroom
Three Bedroom
VISTA CANYON SANTA CLARITA, CA
17
PROJECT OVERVIEW
THE PROJECT –
PLANNING AREA II
THE PROJECT –
PLANNING AREA III
(NOT BEING SOLD WITH THIS OFFERING)
(NOT BEING SOLD WITH THIS OFFERING)
Planning Area II includes the extension of all required utilities for the pads in
PA-2, or the Town Center area, which will consist of approximately 810,000 square
feet of office and retail, and up to 200 hotel rooms.
The Planning Area III work will include graded pads for approximately 322 salable
single family lots. Lost Canyon Road will be extended through the project site
and will connect with the easterly terminus of the existing Lost Canyon Road. All
required utilities and storm drains will be extended to pads in
•
± 32 Total Acres
•
Retail – up to 164,000 square feet
•
Office – up to 646,000 square feet
•
Hotel – up to 200 Rooms
•
Approximately 300 multi-family units
•
Transit Station (Metrolink and Bus Transfer Station - to be built by the City of
Santa Clarita)
•
± 41 Total Acres
Community Garden and Town Green
•
Up to 322 For Sale residences
•
Oak Park (to be built by the Master Owner; owned and operated by the City of
Santa Clarita)
•
RENDERING OF TOWN CENTER BUILDINGS (PLANNING AREA II)
VISTA CANYON SANTA CLARITA, CA
Planning Area III. Planning Area III also includes the construction of the Vista
Canyon Road Bridge over the Santa Clara River connecting Soledad Canyon
Road via an existing undercrossing of SR-14. Lastly, Planning Area III will include
the landscaping and improvements for the “Oak Park,” an approximately 11-acre
neighborhood park including the River Education Center, tot lot, parking lot, and
various trails and walkways.
RENDERING OF RIVER EDUCATION CENTER (PLANNING AREA III)
18
RENDERING OF PLANNING AREA II VIEWED FROM THE FREEWAY, HIGHWAY 14
PLANNING
AREA II
PLANNING
AREA III
HOTEL
CORPORATE OFFICE
CORPORATE OFFICE
PLANNING
AREA I
MAIN STREET
(SHOPS, RESTAURANTS & OFFICES)
VISTA CANYON ROAD BRIDGE
VISTA CANYON SANTA CLARITA, CA
19
PROJECT OVERVIEW
VEHICULAR ACCESS POINTS
5
2
3
1
1.
Westerly Lost Canyon Road within Fair Oaks Ranch, which will be extended to
Vista Canyon, connecting with Jake’s Way (Leads to Highway 14-Via Princessa on/
off ramps).
2.
Jakes Way, which will be extended easterly from its present terminus to Lost
Canyon Road.
3.
Lost Canyon will traverse easterly through Vista Canyon and terminate at the new
Vista Canyon Road.
VISTA CANYON SANTA CLARITA, CA
4
4.
Secondary Access: The easterly terminus of Lost Canyon Road near existing La
Veda Avenue will provide secondary access to and from Vista Canyon.*
5.
Soledad Canyon Road, via the new Vista Canyon Road Bridge, to the north.*
*Accessible to Sand Canyon/Highway 14 on/off ramps.
Note: Roadways in residential area (Planning Area III) are subject to change.
20
PROJECT OVERVIEW
METROLINK
WITH 7-BAY CITY BUS TRANSFER STATION
The Vista Canyon development will have a new Metrolink station that will be built
in conjunction with the project and will replace the current station located at Via
Princessa, approximately two miles away. The construction will be incorporated
seamlessly into the Vista Canyon transit-oriented development and will provide
more parking and amenities than currently exist at Via Princessa. The City of
Santa Clarita is spearheading the development of the new station via grants from
numerous sources.
METROLINK STATION
Funding for the design of the transit station has been approved by the City
and Metrolink and design will commence in early 2016. Furthermore, Metro has
approved funding in the amount of $2.8 million for the initial component of the
station (bus transfer station) and $3.2 million for the station platform and track
work, both awards as part of its “Call for Projects” grant process.
Los Angeles is currently expanding its public transit network and is spurring
higher-density, transit oriented development throughout the region. Vista
Canyon’s proximity to future Metrorail and bus lines is a distinctive feature
that will attract tenants and warrant rent premiums of approximately 5% over
comparable projects.
The following chart shows approximate travel times from the new Vista Canyon
Metrolink Station:
From Vista Canyon Station (currently Via Princessa)
Average Transportation Time to Station
SAN FERNANDO VALLEY (SYLMAR)
26 minutes
BURBANK
40 minutes
UNION STATION/DOWNTOWN LOS ANGELES
63 minutes
VISTA CANYON SANTA CLARITA, CA
21
VISTA CANYON RETAIL RENDERING
PROJECT OVERVIEW
METROLINK
WITH 7-BAY CITY BUS
TRANSFER STATION
OFFERING
PLANNING
AREA II
PLANNING
AREA III
Metrolink Station/
Bus Transfer Station
RENDERING OF NEW BUS TRANSFER STATION
VISTA CANYON SANTA CLARITA, CA
22
RENDERING OF FUTURE METROLINK TRAIN STATION PLAZA
VISTA CANYON SANTA CLARITA, CA
23
PROJECT OVERVIEW
To Lancaster
METROLINK ROUTE MAP
metro.net
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Amtrak & Metrolink
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LAX FlyAway
LAX Shuttle (free)
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San Clemente
San Clemente Pier
(Limited Service)
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VISTA CANYON SANTA CLARITA, CA
SAN DIEGO
COUNTY
Free Metro parking
Paid Metro parking
Bike parking
Parking is available at all Metrolink stations
except CSULA.
Long Beach
JUN 2013
Subject to Change
Map not to scale
14-0320 ©2013 LACMTA
San Juan Capistrano
24
PROJECT OVERVIEW
COMMUNITY FACILITIES DISTRICTS SUMMARY
In addition to standard property taxes and other City-wide assessments, the Vista
Canyon project will include the following assessments:
Vista Canyon Ranch, LLC (“Vista”) and the Sulphur Springs School District
have completed a Community Facilities District (“CFD”) satisfying a majority of
the project’s elementary school fee obligation. The Sulphur Springs CFD would
generate a minimum of $19 million in bond proceeds. The Sulphur Springs CFD will
result in annual initial assessment of approximately $515 per apartment unit.
Vista is also working with the City of Santa Clarita on a CFD which will fund the
first parking structure and partially fund the second parking structure; the first
structure will be built concurrently with Phase I and will provide guest parking
spaces for the apartments in Planning Area 1, as well as parking for Main Street
office and retail tenants and patrons. The City of Santa Clarita CFD is expected to
generate bond proceeds of approximately $19 million. The City CFD is expected
to result in an initial annual assessment of approximately $670 per apartment unit.
VISTA CANYON SANTA CLARITA, CA
The City of Santa Clarita is completing a project-wide landscape maintenance
district (“LMD”). This LMD will fund the ongoing maintenance of parkways,
medians, slope landscaping, open space areas and public recreational areas within
the project. The estimate for the initial annual assessment is approximately $167
per unit.
The City of Santa Clarita is completing a fee district for the Vista Canyon Water
Reclamation Plant.
This fee district will fund the ongoing maintenance and
operation of the Water Reclamation Plant. The estimate for the initial annual
assessment is approximately $640 per unit.
An exhibit outlining the full schedule of assessments can be viewed in the property
website data room via www.cbredealflowvistacanyon.com
25
PROJECT OVERVIEW
PROJECT TIMELINE
VISTA CANYON PRELIMINARY SCHEDULE
START
END
Litigation (Filed 2011)
6/10/2011
12/18/2014
Planning Area 1 (West Side) Grading Plan/ Permit
11/20/2012
3/31/2015
Bank Stabilization Plan/Permit
11/20/2012
3/31/2015
Large Lot Parcel Map
3/13/2014
4/1/2015
Environmental Mitigation (Phase 1 Land Development)
12/1/2014
4/1/2015
Water Reclamation Plant Building Permit
4/4/2014
9/1/2016
4/25/2014
7/1/2015
Rough Grading (Planning Area 1)
7/1/2015
12/31/2015
Bank Stabilization Construction
7/1/2015
12/31/2015
Building Pads (Planning Area 1)
7/1/2015
12/31/2015
Planning Area 1 - Pad Purchases
1/15/2016
6/15/2016
Water Reclamation Plant Grading/Construction
7/1/2015
8/31/2017
Planning Area 3 (East Side) - Development
2/1/2016
8/1/2018
Planning Area 2 (Project Center) – Development
2/1/2016
12/31/2021
Planning Area 1 Unit Map
VISTA CANYON SANTA CLARITA, CA
26
MARKET OVERVIEW
MARKET OVERVIEW
SANTA CLARITA VALLEY MULTIFAMILY OVERVIEW
There is already a strong demand for multi-housing units in the Santa Clarita area,
as documented in the Robert Charles Lesser Company (RCLCO), report dated
January 2016.*
The high occupancy rate coupled with continued yearly improvement in
occupancy, and the fact that no new product has been or is in the entitlement
pipeline to be delivered, puts Vista Canyon in a strong position to capitalize on
this tightening residential market.
VISTA CANYON RANCH, LLC
VISTA CANYON RANCH, LLCExhibit III-2
VISTA CANYON RANCH, LLC
According to RCLCO, there are currently approximately 16,250 units available in the
Santa Clarita Valley market, of which 96.5% are leased and occupied, representing
Exhibit III-2
INVENTORY AND OCCUPANCY RATE TRENDS
the fourth straight year of improvement.
Exhibit III-2
SANTA
SUBMARKET
INVENTORY
ANDCLARITA
OCCUPANCY
RATE TRENDS
2000-3Q
2015
SANTA
CLARITA
SUBMARKET
INVENTORY AND OCCUPANCY RATE TRENDS
2000-3Q SUBMARKET
2015
SANTA CLARITA
2000-3Q 2015
14,283
97.0%
96.1%
12,921 14,283
97.0%
14,283
96.1%
12,921
97.0%
96.1%
12,921
2000
2000
2001
2001
2000
2001
SOURCE: Reis, Inc.
SOURCE: Reis, Inc.
14,548
15,101
15,101
15,701
15,701
15,692
15,692
15,869
15,869
15,869
15,869
15,869
15,869
16,089
16,089
16,089
16,089
16,089
16,089
16,089
16,089
16,089
16,089
16,089
16,089
15,869
15,869
15,869
15,701
15,692
14,548
96.1%
95.8%
95.1%
95.0% 15,101
94.5%
94.3%
14,548
93.6%
93.3%
96.1%
95.8%
92.5%
92.5%
95.1%
95.0%
91.9%
94.5%
94.3%
93.6%
96.1%
93.3%
95.8%
95.1%
92.5%
92.5%
95.0%
94.5%
91.9%
94.3%
93.6%
93.3%
92.5%
92.5%
91.9%
2002
2003
2004
2005
2006
2007
2002
2003
2004
2005
Inventory2007
(Units)
2006
2002
2003
2004
2005
2006
2007
Inventory (Units)
Inventory (Units)
2008
2009
2010
2011
2012
16,246
16,246
16,246
16,246
16,246
16,246
16,246
16,246
96.5%
96.0%
94.7%
94.7%
94.7%
2013
16,246
96.0%
96.5%
96.0%
96.5%
2014
3Q 2015
2008 Occupancy
2009 Rate2010
2011
2012
2013
2014
3Q 2015
2008
2009Rate 2010
Occupancy
2011
2012
2013
2014
3Q 2015
Occupancy Rate
SOURCE: Reis, Inc.
* For complete Robert Charles Lesser Company Report, please contact CBRE for access to the online Document Center.
VISTA CANYON SANTA CLARITA, CA
28
Exhibit III-2
MARKET OVERVIEW
SANTA CLARITA MULTI-HOUSING RENTAL MARKET
VISTA CANYON RANCH, LLC
Based on the Robert Charles Lesser Company Report (RCLCO) dated January, 2016*, the weighted average proforma rents are $2.40 per square foot, at a weighted average
unit size of ±875 SF.
VISTA CANYON RANCH, LLC
Exhibit I-1
Exhibit I-1
SUMMARY OF CONCLUSIONS AND RECOMMENDATIONS
SUMMARY OF CONCLUSIONS AND RECOMMENDATIONS
VISTA CANYON
VISTA CANYON
2015
2015
344-UNIT PROGRAM (constant $2015)
344-UNIT PROGRAM (constant $2015)
UNIT TYPE
UNIT TYPE
TOTAL
PCT.
UNITS TOTAL
MIX
STUDIO
ONE-BEDROOM
STUDIO
TWO-BEDROOM
ONE-BEDROOM
THREE-BEDROOM
16
164
160
4
TOTAL/WTD. AVG.
344
TWO-BEDROOM
THREE-BEDROOM
TOTAL/WTD. AVG.
1
UNITS
5%
16 48%
47%
164
1%
160
100%
4
344
AVG
PCT.
SIZE
(SF)
MIX
550
725
5%
1,050
48%
1,300
47%
875
1%
100%
BASE RENT 1
PER SF BASE
AVG
TOTAL
SIZE (SF)
$1,600
$1,840
550
$2,250
725
$2,810
1,050
$2,030
1,300
TOTAL
$2.91
$2.54
$1,600
$2.14
$1,840
$2.16
$2,250
$2,810
$2.32
875
$2,030
AVERAGE RENT
2
1
RENT
TOTAL
PER SF
PER SF
$1,660
$1,900
$2.91
$2,320
$2.54
$2,880
$3.02
$2.62
$2.21
$2.22
$2,100
$2.40
$2.14
$2.16
$2.32
2
AVERAGE RENT
TOTAL
PER SF
$1,660
$1,900
$2,320
$2,880
$3.02
$2.62
$2.21
$2.22
$2,100
$2.40
Base rent for units on the first residential floor with no garage (from Exhibit I-2).
2
Average rent includes a $50 garage fee and the following floor premiums for a four-story project: $5 per floor for one-bedroom units, $10 per
floor for two-bedroom units, and $15 per floor for three-bedroom units.
1
Base rent for units on the first residential floor with no garage (from Exhibit I-2).
SOURCE: RCLCO
2
Average rent includes a $50 garage fee and the following floor premiums for a four-story project: $5 per floor for one-bedroom units, $10 per
floor for rents
two-bedroom
$15 per
floor forRCLCO
three-bedroom
To establish recommended
for the units,
Vistaand
Canyon
project,
profiledunits.
3. The Townhomes at Lost Canyon opened in Spring 2013 and the development
the following six relatively newer apartment communities (built 1999 and after) in
reached a stabilized occupancy rate of 95% in January 2014 (leaseup pace
Canyon Country and SOURCE:
Valencia: RCLCO
of about 17 units per month). The community is currently 97% occupied. The
development only offers three-bedroom units with anaverage size of 1,472
1. The Colony I and III, built in 2004 and 2005, offers two- and three-bedroom
square feet. Average effective rent is $2,735, or $1.86 per square foot.
units averaging 1,164 square feet. Average rent at the Colony is $2,120 or $1.82
per square foot. The community is approximately 97% occupied.
4. The three comparable properties in Valencia, Montecito, Madison, and
Bridgeport, feature studios, one-, two-, and three-bedroom units with average
2. The Oaks Apartments, built in 1999, features one-, two- and three- bedroom
sizes between 838 square feet and 1,212 square feet and average rents between
units averaging 958 square feet. Monthly rents for currently available units
$1,930 and $2,240. Occupancy rates for these properties range from 97% to
at The Oaks averages $1,960, or $2.05 per square foot. Occupancy for the
98%.
development is 97%.
* For complete Robert Charles Lesser Company Report, please contact CBRE for access to the online Document Center.
VISTA CANYON SANTA CLARITA, CA
Exhibit I-1
U1-11043.09
Printed: 12/28/2015
29
MARKET OVERVIEW
ACHIEVABLE RENTS METHODOLOGY
The pricing data from the aforementioned six competitive projects were used
as the foundation to establish recommended rents for Vista Canyon. The pricing
methodology reflects the following (see table below from the RCLCO Report dated
January 2016 for details):
1.
Using each market comparable’s effective rent to size relationship and our
industry experience to arrive at a pricing slope, we made lease rate adjustments
to the competitive developments reflecting planned unit sizes at Vista Canyon.
Valencia based in part on the demographics of Valencia versus Canyon County,
but above the location of other Canyon Country apartments due to the project
concept envisioning a walkable commercial and residential district generated
by the on-site transit connection. Accordingly, we gave Vista Canyon a 15% rent
deduction in relation to the projects in Valencia and a 5% premium over projects
in Canyon Country.
VISTA CANYON RANCH, LLC
2. An age premium was added to the market comparables to acknowledge that
Vista Canyon would represent new construction (modern design and amenities)
and would therefore merit higher rents.
4. A 5% premium was added for transit, which represents the premium associated
with transit-oriented developments (Based on the literature review from
RCLCO’s 2014 study – see Exhibit I-7.
BASE RENT
(EFFECTIVE)
SUBJ
SITE
SIZE ADJ. SIZE ADJ.
SUBJ. SITE SUBJ. SITE
EQUIV1
$/SF
COMPARABLE
YEAR
COMP
PROPERTY
BUILT
SIZE
RENT
$/SF
SIZE
1999
2003
2005
1999
491
788
761
747
656
$1,592
$1,768
$1,661
$1,650
$1,657
$3.24
$2.24
$2.18
$2.21
$2.53
550
550
550
550
550
$1,828
$1,498
$1,435
$1,441
$1,610
MONTECITO APARTMENTS
MADISON AT TOWN CENTER
1999
2003
764
788
$1,859
$1,768
$2.43
$2.24
725
725
BRIDGEPORT COAST
THE OAKS APARTMENTS
AVERAGE
2005
1999
761
747
763
$1,661
$1,650
$1,733
$2.18
$2.21
$2.27
MONTECITO APARTMENTS
MADISON AT TOWN CENTER
1999
2003
1,135
1,149
$2,537
$2,160
BRIDGEPORT COAST
THE COLONY I & III
2005
2004
1,074
1,056
THE OAKS APARTMENTS
AVERAGE
1999
1,090
1,106
MONTECITO APARTMENTS
1999
MADISON AT TOWN CENTER
BRIDGEPORT COAST
2003
2005
UNIT
ADJUSTMENTS
2
AGE
TYPE
LOCATION
TRANSIT
$3.32
$2.72
$2.61
$2.62
$2.93
5.0%
5.0%
2.5%
5.0%
$0.14
0.0%
-2.5%
-2.5%
-2.5%
($0.04)
-15.0%
-15.0%
-15.0%
5.0%
($0.29)
$1,877
$1,749
$2.59
$2.41
5.0%
5.0%
0.0%
0.0%
725
725
725
$1,681
$1,690
$1,750
$2.32
$2.33
$2.41
2.5%
5.0%
$0.11
$2.23
$1.88
1,050
1,050
$2,467
$2,121
$2.35
$2.02
$2,106
$1,983
$1.96
$1.88
1,050
1,050
$2,141
$2,045
$1,930
$2,120
$1.77
$1.92
1,050
1,050
$1,934
$2,110
1,422
$3,077
$2.16
1,300
1,496
1,334
$2,638
$2,480
$1.76
$1.86
1,300
1,300
2004
1999
1,344
1,335
$2,370
$2,440
$1.76
$1.83
Apr. 2013
1,472
1,387
$2,705
$2,589
$1.84
$1.87
3
PLACE-
3
SUBJ. SITE
EFFECTIVE
SUBJ. SITE
EFFECTIVE
4
4
MAKING
TOTAL
BASE RENT
BASE $/SF
WEIGHT
5.0%
5.0%
5.0%
5.0%
$0.15
0.0%
0.0%
5.0%
5.0%
$0.05
95.0%
92.5%
95.0%
117.5%
$1,737
$1,385
$1,364
$1,693
$1,600
$3.16
$2.52
$2.48
$3.08
$2.91
40%
25%
10%
25%
100%
-15.0%
-15.0%
5.0%
5.0%
0.0%
0.0%
95.0%
95.0%
$1,783
$1,662
$2.46
$2.29
25%
25%
0.0%
0.0%
$0.00
-15.0%
5.0%
($0.17)
5.0%
5.0%
$0.12
5.0%
5.0%
$0.06
97.5%
120.0%
$1,639
$2,028
$1,840
$2.26
$2.80
$2.54
10%
40%
100%
5.0%
5.0%
0.0%
0.0%
-15.0%
-15.0%
5.0%
5.0%
0.0%
0.0%
95.0%
95.0%
$2,344
$2,015
$2.23
$1.92
20%
20%
$2.04
$1.95
2.5%
5.0%
0.0%
0.0%
-15.0%
5.0%
5.0%
5.0%
5.0%
5.0%
97.5%
120.0%
$2,088
$2,453
$1.99
$2.34
10%
10%
$1.84
$2.01
5.0%
$0.10
0.0%
$0.00
5.0%
($0.10)
5.0%
$0.10
5.0%
$0.06
120.0%
$2,321
$2,250
$2.21
$2.14
40%
100%
$2,976
$2.29
5.0%
0.0%
-15.0%
5.0%
0.0%
95.0%
$2,827
$2.17
15%
$2,457
$2,563
$1.89
$1.97
5.0%
2.5%
0.0%
0.0%
-15.0%
-15.0%
5.0%
5.0%
0.0%
5.0%
95.0%
97.5%
$2,334
$2,499
$1.80
$1.92
15%
10%
1,300
1,300
$2,427
$2,518
$1.87
$1.94
5.0%
5.0%
0.0%
0.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
120.0%
120.0%
$2,912
$3,022
$2.24
$2.32
10%
40%
1,300
1,300
$2,513
$2,572
$1.93
$1.98
0.0%
$0.08
0.0%
$0.00
5.0%
($0.06)
5.0%
$0.10
5.0%
$0.07
115.0%
$2,890
$2,810
$2.22
$2.16
10%
100%
STUDIO
Vista Canyon; Santa Clarita Valley 2015
Rent Adjustment Table For RCLCO Reccommended Program
Based on Market-wide Comparable Apartments
Exhibit I-2
5. A 5% premium was included for place-making, which is created by the mixeduse nature of the project, which provides employment, retail services, and
RENT ADJUSTMENT TABLE FOR RCLCO RECOMMENDED PROGRAM
3. An adjustment for location was made to reflect the desirability of each
recreational APARTMENTS
opportunities within close walking distance of the apartment units.
BASED ON MARKET-WIDE COMPARABLE
comparable project’s surrounding neighborhoods with respect to the subject
VISTA CANYON; SANTA CLARITA VALLEY
site. It was assumed that the location of Vista Canyon would be rated below
2015
MONTECITO APARTMENTS
MADISON AT TOWN CENTER
BRIDGEPORT COAST
THE OAKS APARTMENTS
AVERAGE
ONE-BEDROOM
TWO-BEDROOM
THREE-BEDROOM
THE COLONY I & III
THE OAKS APARTMENTS
THE TOWNHOMES AT LOST CANYON
AVERAGE
3. Transit/Place-making incorporates premiums associated with proximity to transit and place-making created by the combination
1. Size adjustment reflects the following deductions to comp size for deck/balcony space: 50 square feet for studios and oneof Metrolink station and commercial uses.
bedrooms, 75 square feet for two-bedrooms, and 100 square feet for three-bedrooms. Size adjustment also incorporates the
1 Size adjustment reflects the following deductions to comp size for deck/balcony space: 50 square feet for studios and one-bedrooms, 75 square feet for two-bedrooms, and 100 square feet for three-bedrooms. Size adjustment also
following price slopes: 60%
for one bedrooms, 80% for two bedrooms, and 100% for three bedrooms.
4. Base rent represents units on the first residential floor with no garage.
incorporates the following price slopes: 60% for one bedrooms, 80% for two bedrooms, and 100% for three bedrooms.
2. Location adjustment reflects
desirability of each comparable project’s respective neighborhood.
2
Location adjustment reflects desirability of each comparable project's respective neighborhood.
SOURCE: RCLCO
3
Transit/Place-making incorporates premiums associated with proximity to transit and place-making created by the combination of Metrolink station and commercial uses.
Base rent represents units on the first residential floor with no garage.
VISTA CANYON SANTA CLARITA, CA
4
SOURCE: RCLCO
30
Valencia and a 5% premium over projects in Canyon Country.

We also added a premium for transit, which represents the premium associated with transit-oriented developments. Based on the literature review
MARKET OVERVIEW
from our 2011 study, we concluded that the transit-oriented development premium for apartments would be 5% (Exhibit I-7).
ACHIEVABLE RENTS
Finally, we included a 5% premium for place-making, which is created by the mixed-use nature of the project, providing employment, retail services,
and recreational opportunities within close walking distance of the apartment units.
It is expected that the proposed Vista Canyon apartments would have
a luxury orientation, featuring high-quality finishes and amenities. In
addition, the project would benefit from its proximity to transit and
Our expectation
that the
theproject
proposed
Canyon
integration of commercial
uses. Asissuch,
shouldVista
compete
a luxury
orientation,
featuringin higheffectively andapartments
be priced would
abovehave
newer
apartment
communities
Canyon Country.
quality finishes and amenities. In addition, the project would
benefit from its proximity to transit and integration of
Reflecting the previously described rental rate methodology, the
uses. As would
such, have
the project
should
compete
proposed Vistacommercial
Canyon apartments
an overall
average
effectively
priced
newer
apartment
effective base rent
(average and
rent forbe
units
situatedabove
on the first
residential
floor, which represent
the lowest
pricedCountry.
units) of $2,030 equivalent to
communities
in Canyon
$2.32 per square foot. The chart on this page represents the rent to unit
size relationships for the subject property in relation to the competitive
Reflecting the previously described rental rate methodology,
properties used in the analysis.
the proposed Vista Canyon apartments would have an overall
1. Average effective
rents
range base
from rent
$1,660
($3.20 rent
per square
foot)
average
effective
(average
for units
situated
for a 550-square
foot
studio
unit
to
$2,880
($2.22
per
square
foot)
on the first residential floor, which represent the lowest priced
for a 1,300-square foot three-bedroom unit.
units) of $2,030, equivalent to $2.32 per square foot. Figure 3
represents
the rent
unit sizeagents
relationships
for the subject
2. Derived from
discussions
withto leasing
at comparable
properties inproperty
the region,
we alsotoincluded
floor premiums
of: $5
perin the
in relation
the competitive
properties
used
higher floor for one-bedroom units, $10 per higher floor for twoanalysis.
bedroom units, and $15 per higher floor for three-bedroom units.
Achievable Rents
Price (Rent to Size Comparison)
Vista Canyon and Competitive Apartments
Figure 3
Effective Base Rent

$3,200
$3,000
$2,800
$2,600
$2,400
$2,200
$2,000
$1,800
$1,600
$1,400
400
600
800
MONTECITO APARTMENTS
BRIDGEPORT COAST
THE OAKS APARTMENTS
VISTA CANYON
1,000
1,200
Unit Size (SF)
1,400
1,600
1,800
MADISON AT TOWN CENTER
THE COLONY I & III
THE TOWNHOMES AT LOST CANYON
NOTE: The Madison at Town Center is in the process of being converted to ownership condominiums.
Page 6
U1-11043.09
January 2016
VISTA CANYON SANTA CLARITA, CA
31
RENT COMPARABLES
Vista Canyon
1
Montecito Apartments
2
Madison at Town Center
3
The Colony I & III
4
Bridgeport Coast
5
The Townhomes at Lost
Canyon
6
The Oaks Apartments
Layout ID:L01
4
5
1
2
3
6
MapId:1920874
© 2014 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by
either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such
steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.
VISTA CANYON SANTA CLARITA, CA
32
VISTA CANYON RANCH, LLC
RENT COMPARABLES
Exhibit II-3A
PROJECT CHARACTERISTICS
MONTECITO APARTMENTS
VALENCIA, CA
2015
MONTECITO APARTMENTS
24640 Town Center Dr
Valencia, CA 91355
(866) 915-2347
MAP KEY
1
YEAR BUILT
CLASS
STORIES
1999
A
3
MANAGEMENT COMPANY
Greystar
TOTAL UNITS
VACANT UNITS
OCCUPANCY
210
4
98%
GARAGE FEE
No garage for one-bedroom and studios
$75 per month garage rental fee
TYPE
Studio
1B/1b
1B/1b
1B/1b
2B/2b
2B/2b
3B/2.5b
TOTAL/AVG
1
1
GROSS
AVG.
AVG.
BASE
EFFECTIVE
BASE
AVG.
AVG.
#
UNIT
SIZE 1
RENT
$/SF
RENT
$/SF
RENT
$/SF
32
40
41
41
22
22
12
210
491
730
717
844
1,119
1,151
1,422
838
$1,636
$2,043
$1,856
$2,056
$2,525
$2,756
$3,501
$2,155
$3.33
$2.80
$2.59
$2.44
$2.26
$2.39
$2.46
$2.57
$1,592
$1,814
$1,762
$2,001
$2,472
$2,601
$3,077
$2,030
$3.24
$2.48
$2.46
$2.37
$2.21
$2.26
$2.16
$2.42
$1,636
$2,043
$1,856
$2,056
$2,525
$2,756
$3,501
$2,155
$3.33
$2.80
$2.59
$2.44
$2.26
$2.39
$2.46
$2.57
Concessions: None
Includes balcony space
SOURCE: REIS, Inc; RCLCO report dated January 2016.
Exhibit II-3A
U1-11043.09
Printed: 12/28/2015
VISTA CANYON SANTA CLARITA, CA
33
VISTA CANYON RANCH, LLC
RENT COMPARABLES
Exhibit II-3B
PROJECT CHARACTERISTICS
MADISON AT TOWN CENTER
VALENCIA, CA
2015
MADISON AT TOWN CENTER
24555 Town Center Dr
Valencia, CA 91355
(661) 222-7384
MAP KEY
YEAR BUILT
CLASS
STORIES
2003
A
3
MANAGEMENT COMPANY
Decron Properties
TOTAL UNITS
VACANT UNITS
OCCUPANCY
189
6
97%
GARAGE FEE
No garages
2
2
GROSS
AVG.
AVG.
BASE
EFFECTIVE
BASE
AVG.
AVG.
TYPE
UNIT
SIZE 1
RENT
$/SF
RENT
$/SF
RENT
$/SF
1B/1b
1B/1b
1B/1b
2B/2b
2B/2b
2B/2b
2B/2b
3B/2b
3B/2b
3B/2b
3B/2b
TOTAL/WTD AVG
788
845
866
1,188
1,192
1,261
1,182
1,496
1,447
1,608
1,505
1,216
$1,793
N/A
N/A
N/A
$2,245
N/A
N/A
$2,689
N/A
N/A
N/A
$2,242
$2.28
N/A
N/A
N/A
$1.88
N/A
N/A
$1.80
N/A
N/A
N/A
$1.94
$1,768
N/A
N/A
N/A
$2,195
N/A
N/A
$2,638
N/A
N/A
N/A
$2,200
$2.24
N/A
N/A
N/A
$1.84
N/A
N/A
$1.76
N/A
N/A
N/A
$1.90
$1,793
N/A
N/A
N/A
$2,245
N/A
N/A
$2,689
N/A
N/A
N/A
$2,242
$2.28
N/A
N/A
N/A
$1.88
N/A
N/A
$1.80
N/A
N/A
N/A
$1.94
Concessions: None
NOTE: 341 total units, 189 are apartments. The 189 apartment units are currently in the process of being converted to ownership condominiums.
1
Includes balcony space
SOURCE: REIS, Inc; RCLCO report dated January 2016.
Exhibit II-3B
U1-11043.09
Printed: 12/28/2015
VISTA CANYON SANTA CLARITA, CA
34
VISTA CANYON RANCH, LLC
RENT COMPARABLES
Exhibit II-3D
PROJECT CHARACTERISTICS
THE COLONY I & III
CANYON COUNTRY, CA
2015
THE COLONY I & III
17621 Pauline Ct
Canyon Country, CA 91387
(866) 449-8574
MAP KEY
YEAR BUILT
CLASS
STORIES
2004 & 2005 MANAGEMENT COMPANY
A
3
TOTAL UNITS
VACANT UNITS
OCCUPANCY
448
13
97%
34
GARAGE FEE
All units include two-car garage
TYPE
2B/2.5b
2B/2.5b
2B/2.5b
3B/2.5b
TOTAL/WTD AVG
GROSS
AVG.
AVG.
BASE
EFFECTIVE
BASE
AVG.
AVG.
#
UNIT
SIZE 1
RENT
$/SF
RENT
$/SF
RENT
$/SF
125
126
126
71
448
1,056
1,154
1,179
1,344
1,164
$2,017
$2,061
$2,121
$2,404
$2,120
$1.91
$1.79
$1.80
$1.79
$1.82
$1,983
$2,048
$2,108
$2,370
$2,098
$1.88
$1.77
$1.79
$1.76
$1.80
$2,017
$2,061
$2,121
$2,404
$2,120
$1.91
$1.79
$1.80
$1.79
$1.82
Concessions: None
3
4
1
Includes balcony space
SOURCE: REIS, Inc; RCLCO report dated January 2016.
Exhibit II-3D
U1-11043.09
Printed: 12/28/2015
VISTA CANYON SANTA CLARITA, CA
35
VISTA CANYON RANCH, LLC
RENT COMPARABLES
Exhibit II-3C
PROJECT CHARACTERISTICS
BRIDGEPORT COAST
SANTA CLARITA, CA
2015
BRIDGEPORT COAST
24100 Newhall Ranch Rd
Santa Clarita, CA 91350
(661) 253-2794
MAP KEY
YEAR BUILT
CLASS
STORIES
2005
A
3
MANAGEMENT COMPANY
BRE Properties
TOTAL UNITS
VACANT UNITS
OCCUPANCY
188
5
98%
GARAGE FEE
No garage for one-bedroom units
43
TYPE
34
Studio
1B/1b
1B/1b
1B/1b
1B/1b
2B/2b
2B/2b
2B/2b
3B/2b
TOTAL/WTD AVG
GROSS
AVG.
AVG.
BASE
EFFECTIVE
BASE
AVG.
AVG.
#
UNIT
SIZE 1
RENT
$/SF
RENT
$/SF
RENT
$/SF
14
21
21
22
22
25
25
26
12
188
557
645
759
760
764
1,052
1,071
1,096
1,334
896
N/A
N/A
$1,537
$1,661
$1,677
$2,140
N/A
$2,206
$2,513
$1,927
N/A
N/A
$2.03
$2.19
$2.20
$2.03
N/A
$2.01
N/A
$2.05
N/A
N/A
$1,537
$1,661
$1,677
$2,005
N/A
$2,206
$2,480
$1,898
N/A
N/A
$2.03
$2.19
$2.20
$1.91
N/A
$2.01
$1.86
$2.02
N/A
N/A
$1,537
$1,661
$1,677
$2,140
N/A
$2,206
$2,513
$1,927
N/A
N/A
$2.03
$2.19
$2.20
$2.03
N/A
$2.01
$1.88
$2.05
Concessions: None
1
Includes balcony space
SOURCE: REIS, Inc; RCLCO report dated January 2016.
Exhibit II-3C
U1-11043.09
Printed: 12/28/2015
VISTA CANYON SANTA CLARITA, CA
36
VISTA CANYON RANCH, LLC
RENT COMPARABLES
Exhibit II-3F
PROJECT CHARACTERISTICS
THE TOWNHOMES AT LOST CANYON
SANTA CLARITA, CA
2015
THE TOWNHOMES AT LOST CANYON
18179 W. Terra Verde Pl
Santa Clarita, CA 91387
(661) 250-8700
MAP KEY
YEAR BUILT
CLASS
STORIES
2013
A
2
MANAGEMENT COMPANY
Resmark
TOTAL UNITS
VACANT UNITS
OCCUPANCY
157
5
97%
GARAGE FEE
All units include two-car garage
56
TYPE
3B/2.5b
3B/2.5b
3B/2.5b
TOTAL/WTD AVG
#
N/A
N/A
N/A
UNIT
SIZE
1,331
1,436
1,649
1,472
GROSS
AVG.
AVG.
RENT
$/SF
$2,560
$2,675
$2,970
$2,735
$1.92
$1.86
$1.80
$1.86
BASE
RENT
$2,525
$2,640
$2,950
$2,705
EFFECTIVE
BASE
AVG.
$/SF
RENT
AVG.
$/SF
$1.90
$1.84
$1.79
$1.84
$1.92
$1.86
$1.80
$1.86
$2,560
$2,675
$2,970
$2,735
Concessions: Move-ins during October receive a month free of rent
65
SOURCE: REIS, Inc; RCLCO report dated January 2016.
Exhibit II-3F
U1-11043.06
Printed: 12/28/2015
VISTA CANYON SANTA CLARITA, CA
37
VISTA CANYON RANCH, LLC
RENT COMPARABLES
Exhibit II-3E
PROJECT CHARACTERISTICS
THE OAKS APARTMENTS
SANTA CLARITA, CA
2015
THE OAKS APARTMENTS
27105 Silver Oak Lane
Santa Clarita, CA 91387
(866) 915-6967
MAP KEY
65
YEAR BUILT
CLASS
STORIES
1999
A
2
MANAGEMENT COMPANY
Equity Residential
TOTAL UNITS
VACANT UNITS
OCCUPANCY
520
15
97%
GARAGE FEE
Every unit comes with garage parking,
some attached, some detached
TYPE
6
5
1B/1b
1B/1b
1B/1b
1B/1b
2B/2b
2B/2b
2B/2b
2B/2b
2B/2b
2B/2b
3B/2b
3B/2b
TOTAL/WTD AVG
#
UNIT
SIZE
46
46
46
46
46
48
48
48
48
49
24
25
520
661
714
747
812
972
1,013
1,021
1,028
1,113
1,128
1,225
1,335
958
GROSS
AVG.
AVG.
RENT
$/SF
$1,290
N/A
$1,413
$1,408
$1,588
$1,510
$1,615
$1,655
$1,620
$1,560
$1,850
$2,125
$1,603
$1.95
N/A
$1.89
$1.73
$1.63
$1.49
$1.58
$1.61
$1.46
$1.38
$1.51
$1.59
$1.67
BASE
RENT
$1,535
N/A
$1,650
$1,680
$1,980
N/A
N/A
$1,925
$1,935
$1,930
$2,070
$2,440
$1,905
EFFECTIVE
BASE
AVG.
$/SF
RENT
AVG.
$/SF
$2.32
N/A
$2.21
$2.07
$2.04
N/A
N/A
N/A
$1.74
$1.71
$1.69
$1.83
$1.99
$2.33
N/A
$2.30
$2.13
$2.07
N/A
N/A
N/A
$1.77
$1.75
$1.84
$1.88
$2.05
$1,540
N/A
$1,715
$1,730
$2,010
N/A
N/A
$1,980
$1,965
$1,970
$2,250
$2,505
$1,963
Concessions: None
SOURCE: REIS, Inc; RCLCO report dated January 2016.
Exhibit II-3E
U1-11043.09
Printed: 12/28/2015
VISTA CANYON SANTA CLARITA, CA
38
MARKET OVERVIEW
VISTA CANYON AND
SANTA CLARITA VALLEY
OVERVIEW
Population Gain / Santa Clarita Valley
people
1998 - 2018
16,000
14,000
12,000
10,000
8,000
Located just 30 miles north of downtown Los Angeles, the Santa Clarita
Valley is one of Southern California’s premier destinations to live, work and
play. The area boasts one of the best quality of life ratings in California
and offers:
•
Award winning public schools and colleges
•
A well-educated and highly skilled workforce
•
A clean and amenity-rich environment offering a variety
of shopping and recreational opportunities
•
A bustling and diverse local economy led by the primary industry clusters of
Digital Media/Entertainment, Aerospace/Defense, BioMed, and Technology
companies
•
One of the safest areas in the Nation (FBI Total Crime Index)
POPULATION
The above attributes are attracting both new residents and employers to the
Santa Clarita Valley. The Santa Clarita Valley has been recognized by CNN Money
Magazine as “one of the best places to live in California.” Santa Clarita Valley’s
population has grown by nearly 35% over the past decade to over 278,000 and is
projected to grow an additional 6.77% over the next five (5) years. The increase is
largely due to higher in-migration and the natural increase, as well, remains positive.
New migrants are generally workforce age adults and their families.
Greater new job creation in the Santa Clarita Valley will attract more people into
the region, increasing housing demand. Projections on population growth, show
that the Santa Clarita Valley is on pace to add another 30,000 people by 2018.
6,000
4,000
2,000
0
-2,000
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
Source: California Economic Forecast
Total Population / Santa Clarita Valley
thousands
of people
1998 - 2018
300
275
250
225
200
175
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
Source: California Economic Forecast
VISTA CANYON SANTA CLARITA, CA
39
CRAIG PETERS
POPULATION MAP
30 MILES
ANTELOPE VALLEY
±475,000
SANTA CLARITA VALLEY
±275,000
VISTA CANYON
30 MILES
30 MILES
SAN FERNANDO VALLEY
±1,800,000
30 MILES
DOUG SONDEREGGER
Executive Vice
President
Executive
VISTA
CANYON SANTA
CLARITA,Vice
CA President
Lic. 00906542
Lic. 00827505
T+1 818 907 4616
T+1 818 907 4607
CBRE, INC.
Broker Lic. 00409987
111 Universal Hollywood Drive
27th Floor
40
MARKET OVERVIEW
CALIFORNIA STATE
ROUTE 14 (SR 14)
Vista Canyon
LOCAL MAJOR ACCESS AND TRANSPORTATION
INFRASTRUCTURE
The Antelope Valley Freeway (SR14) begins in the Santa Susana Mountains
at the Newhall Pass interchange by splitting from the Golden State Freeway
(Interstate 5). This area is the busiest portion of the route with an annual
average daily traffic count of 169,000 vehicles per day. From Santa Clarita,
travel time is about a 35 minute drive to Lancaster and a 35 minute drive
to West Los Angeles.
Future predictions call for continued growth along the Route 14 corridor,
including predictions of a tripling Palmdale population by 2030. In
response, multiple government agencies have proposed adding more
transportation arteries between Los Angeles and the Antelope Valley, as
well as expanding the capacity of the existing Route 14 and rail corridors.
Several proposals have been made to bypass the Antelope Valley Freeway
by boring a tunnel underneath the San Gabriel Mountains and extending
the Glendale Freeway through it to the Antelope Valley. In 2003, Caltrans
published a map showing potential improvements to the transportation
infrastructure of Southern California. The proposal showed both the unconstructed portion of Route 14, as well as new routes over or under
the mountains to Antelope Valley. In 2005, the idea was advanced as a
combination toll tunnel and surface highway. Preliminary studies estimated
costs around $3 billion and suggested charging a varying toll, adjusted for
the time of day, averaging around $8 for one way passage.
State Route 14
DRIVE TIMES FROM VISTA CANYON
VISTA CANYON SANTA CLARITA, CA
San Fernando Valley:
10 minutes
Burbank Airport:
20 minutes
Glendale:
25 minutes
Downtown LA:
35 minutes
LAX:
45 minutes
41
AREA AMENITIES
Walmart
VISTA CANYON
(1.2 Million SF Regional Mall)
(165,000 SF of Retail)
Sam’s
Club
Walmart
(600K SF Retail Center)
Walmart
Valencia Marketplace
(750,000 SF Retail Center)
5
CRAIG PETERS
VISTA CANYON SANTA CLARITA, CA
Executive Vice President
Lic. 00906542
T+1 818 907 4616
craig.peters@cbre.com
DOUG SONDEREGGER
Executive Vice President
Lic. 00827505
T+1 818 907 4607
doug.sonderegger@cbre.com
CBRE, INC.
Broker Lic. 00409987
111 Universal Hollywood Drive
27th Floor
Universal City, CA 91608
42
AMENITIES MAP
Vista Canyon
1
The Westfield Valencia Town
Center
2
Six Flags Magic Mountain &
Hurrican Harbor
3
Placerita Canyon State Park
4
Robinson Ranch Golf Club
5
Santa Clarita Performing Arts
Center
6
2
1
4
5
Old Town Newhall
6
3
Layout ID:L01
MapId:1908051
© 2014 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by
either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such
steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.
VISTA CANYON SANTA CLARITA, CA
43
MARKET OVERVIEW
NEARBY AREA AMENITIES
1. The Westfield Valencia Town Center and its new outdoor district, The Patios, as
well as the adjacent Town Center Drive offer shoppers over two million square feet
of pedestrian-friendly shopping, dining and entertainment destinations within the
heart of Santa Clarita. The nearby Valencia Auto Center features an outstanding
array of brands to choose from, including luxury nameplates like Acura, Mercedes
Benz, BMW, Lexus and Infiniti.
2. The Santa Clarita Valley reigns as the “rollercoaster capital of the world”, with the
Six Flags Magic Mountain theme park and the Six Flags Hurricane Harbor water
park attracting more than three million visitors annually.
Other major shopping destinations in the Santa Clarita Valley include The Plaza at
Golden Valley with 619,000 square feet of highly visible retail space and over 10
restaurants; the parklike Bridgeport Marketplace lifestyle center; and the Centre
Pointe Marketplace, which contains Sam’s Club, WalMart, and Dick’s Sporting
Goods, anchor to the 240-acre master planned Centre Pointe Business Park.
A lifestyle destination offering year-round sunshine and activities, the Santa Clarita
Valley is filled with entertainment options ranging from world renowned theme
parks and championship-style golf courses to historic points of interest, spectacular
open space recreational areas and a growing arts community.
VISTA CANYON SANTA CLARITA, CA
44
MARKET OVERVIEW
NEARBY AREA AMENITIES
3. Placerita Canyon State Park is a picturesque canyon featuring cool, shaded
oak groves, a willow and sycamore-lined seasonal stream, sandstone formations
and numerous other interesting plant and animal communities. The site is home
to California’s original gold discovery in 1842 and has been designated as a State
Historic Landmark. The park is approximately 6 miles from Vista Canyon and is
comprised of a Nature Center, remnants of a historic ranch and a network of selfguiding nature, history and hiking trails which radiate out into the park from the
Center. Longer hikes lead to a seasonal waterfall and to the top of the Santa Clarita
Divide. Situated in the transition zone between the San Gabriel Mountains and
the Mojave Desert, the park’s location provides significant linkages connecting the
Angeles National Forest, the Santa Susana Mountains, the Simi Hills and the Santa
Monica Mountains.
4. Robinson Ranch Golf Club, less than 1 mile from Vista Canyon, is surrounded by
the spectacular Angeles National Forest. The golf club offers two 18-hole courses
on par with any world-class private club, yet they are open to the public. Designed
by Ted Robinson, ASGCA, the Mountain course has a 72.1 course rating and the
Valley course has a 74.5 course rating. The two courses sit on over 400 acres of
unspoiled, unpretentious beauty and meander through untouched stands of the
sage and chaparral, gorgeous waterfalls, California Sycamores and Coastal Live
Oaks.
VISTA CANYON SANTA CLARITA, CA
45
MARKET OVERVIEW
NEARBY AREA AMENITIES
The area also boasts some of California’s most sought after championship golf
courses, with three of the top ten courses in Los Angeles County. Those with active
lifestyles will also appreciate the 52 miles of scenic trails for bikers, joggers and
hikers, the world-class Aquatic Center and opportunities for hockey and figure
skating at the Ice Station Valencia.
5. The $18 million Santa Clarita Performing Arts Center features a spectacular 900
seat theater with a state-of-the-art sound system, showcasing professional and
community entertainment.
6. Old Town Newhall, recently revitalized, brings together a small town feel and
cosmopolitan appeal. This new arts and entertainment district brings together
boutique shopping, fine and casual dining and cultural and civic amenities to create
a distinctive downtown experience.
VISTA CANYON SANTA CLARITA, CA
46
VISTA CANYON AREA EMPLOYMENT MAP
IAC
COMMERCE
CENTER
VISTA
CANYON
VISTA CANYON SANTA CLARITA, CA
47
MARKET OVERVIEW
EMPLOYMENT
In addition to the population growth, major corporations are moving to the
Santa Clarita Valley in record numbers. Industry leaders such as Princess Cruises,
Quest Diagnostics, Woodward HRT (formerly H.R. Textron), Advanced Bionics,
Pharmavite, Aerospace Dynamics International, ITT Aerospace Controls, AMS
Fulfillment, Arvato Digital Services, Wesco Aircraft, TA Manufacturing, Remo Drum,
Contractors Wadrobe, Remo Inc., Shield Healthcare and Flextronics call the area
home. Sunkist recently relocated from Los Angeles, purchased a building, and
moved into 50,000 square feet of space in late Fall, 2014. Major expansions by
existing SCV companies continue in the area including Disney, who is building a
new $250M studio complex in close proximity to Vista Canyon, and Aerospace
Dynamics International, who is completing a new 140,000 SF building, their 7th
building in the area.
Job growth rebounded in 2011 and continues to accelerate despite the low
vacancies in the area. The Santa Clarita Valley’s labor market has now rebounded,
producing more jobs in 2013 than in the previous five years. The creation of jobs
will continue to accelerate this year, and the unemployment rate will decline further.
MAJOR AREA EMPLOYERS
2013
COMPANY
LOCATION
Six Flags Magic Mountain
Valencia
2,230
William S. Hart Union School District
Santa Clarita Valley
2,988
Saugus Union School District
Santa Clarita
1,900
College of the Canyons
Valencia
1,603
Princess Cruises
Valencia
1,625
Henry Mayo Newhall Memorial Hospital
Santa Clarita
1,356
U.S. Postal Service
Santa Clarita
1,564
Quest Diagnostics
Valencia
850
Newhall School District
Valencia
854
The Master’s College
Santa Clarita
841
(HEADCOUNT OF
EMPLOYEES)
The strong job growth has reduced the local area unemployment rate to 5.2% as
compared to 8.5% for Los Angeles County, 7.4% for California and 6.1% for the
Nation, further reflecting the strong local economy with all sectors adding jobs.
Source: California Economic Forecast and the Santa Clarita Valley Business Journal
VISTA CANYON SANTA CLARITA, CA
48
MARKET OVERVIEW
MAJOR NEW
EMPLOYMENT CENTERS
Vista Canyon & the santa Clarita Valley
Vista Canyon
disney|aBC studios at the ranch
located
than
2 miles
south
of Canyon,
Vista Canyon
In additionless
to the
commercial
areas
of Vista
several major employment
centers are in planning and scheduled to break ground later this year including:
Disney
& ABC Studios
at The
Ranch, located AT
approximately
2 miles south of Vista
DISNEY
| ABC
STUDIOS
THE RANCH
Canyon, is in the process of building a multi-hundred-million-dollar production center
Located
approximately
2 miles
south
of Vista
Canyon,
Disney
| ABC mill
Studios
at The
for
ABC Studios,
complete
with
a dozen
sound
stages,
offices,
shops,
writer
Ranch will be constructed on a 56-acre portion of the property, which accounts
bungalows and a commissary. Once Completed, Disney | ABC Studios at The Ranch
for approximately 6% of the entire 890-acre Golden Oak Ranch property. The
Will
Create$250M
Over 2,800
Jobs
Generate
$533 Million
in Annual Economic
Activity
estimated
project
willand
provide
development
of state-of-the-art
studio uses
throughout
the
County.
The
Disney
|
ABC
Studios
at
The
Ranch
project
will
bring
and associated film and television production facilities on the westernmost portion
of the Ranch.and
Specifically,
the proposed
project
provide
to 12 soundstages,
soundstages
new production
facilities
to will
Golden
OakupRanch,
complementing
production offices, a warehouse, writers/producers bungalows, a commissary with
the areas television and motion picture production business. As a result, Disney |
associated amenities and an administration building. Build out of the proposed
ABC
Studios at The Ranch will create thousands of new jobs and energize business
project would total approximately 510,000 square feet. The project is fully approved
throughout
Los Angeles
County
and the
city2014.
of Santa Clarita.
and construction
is planned
to begin
in late
Disney / ABC
Studios
Disney
Studios
at the
the Ranch
Ranch
at
IMPACT: DURING CONSTRUCTION
»ECONOMIC
6 pairs of soundstages
| ABC Studios
»Disney
Production
officesat The Ranch will generate during construction:
»• 3,152
Talent
bungalows
jobs
» Administration offices
• $522 million in direct economic activity throughout Los Angeles
» Production shops
FULL
»ECONOMIC
ProductionIMPACT:
Storage - AT
props,
sets,BUILDOUT
costumes, etc.
Disney | ABC Studios at The Ranch will generate at full buildout:
• 2,854 of permanent
and part-time
jobs
economic
impact:fullduring
Consturction
•
$533 million in annual economic activity throughout
•
$26 million in new annual revenues to the state of California
Disney
| ABC Studios at The Ranch will generate during construction:
Los Angeles County
» 3,152 jobs
• $1.3 million in new annual revenues to Los Angeles County
» $522 million in direct economic activity throughout Los Angeles
Once completed, Disney | ABC Studios at The Ranch will create over 2,800 jobs
and generate $533 Million in Annual Economic Activity throughout Los Angeles
County, including $200,000 in new annual revenues to the City of Santa Clarita.
economic impact: at full Buildout
Disney | ABC Studios at The Ranch will generate at full buildout:
»VISTA2,854
of permanent full and part-time jobs
CANYON SANTA CLARITA, CA
» $533 million in annual economic activity throughout Los Angeles County
» $1.3 million in new annual revenues to Los Angeles County
Golden Oak Ranch is located within what is known as the “Thirty Mile Zone” (or “The
Zone”), which encompasses the largest concentration of studio-related activities
and most popular film locations in California. With the addition of new soundstages
and production facilities, The Disney | ABC Studios at The Ranch project will
complement the area’s television and motion picture production business. As a
result, Disney |ABC Studios at The Ranch will create thousands of new jobs and
energize business throughout Los Angeles County and the City of Santa Clarita.
49
MARKET OVERVIEW
MAJOR NEW EMPLOYMENT CENTERS
IAC COMMERCE CENTER
IAC Commerce Center is a planned 75 acre business park which will add
approximately 1.3 million square feet of new technology and industrial buildings to
the area. The business park will be located at the terminus of Witherspoon Parkway
along the western edge of the existing Witherspoon Parkway in the Valencia
Commerce Center. The project is situated one mile west of Interstate 5 at Hasley
Canyon Exit and 1.5 miles north of Highway 126 at Commerce Center Drive Exit. The
project is currently scheduled to break ground in the 3Q of 2014.
IAC COMMERCE CENTER | A 9 BUILDING | 1.3 MILLION SQUARE FOOT DEVELOPMENT
IAC Commerce Center
Site Plan
www.iaccommercecenter.com
CRAIG PETERS
Executive Vice President
Lic. 00906542
T+1 818 907 4616
craig.peters@cbre.com
VISTA CANYON SANTA CLARITA, CA
DOUG SONDEREGGER
Executive Vice President
Lic. 00827505
T+1 818 907 4607
doug.sonderegger@cbre.com
CBRE, INC.
Broker Lic. 00409987
111 Universal Hollywood Drive
27th Floor
Universal City, CA 91608
50
MARKET OVERVIEW
MAJOR NEW EMPLOYMENT CENTERS
NEEDHAM RANCH
Located approximately 5 miles from Vista Canyon, Needham Ranch is scheduled to
break ground by 2014 on the first phase of approximately 50 acres. Full build-out of
the site under the current plan would involve the development of approximately 160
acres with office, technology and industrial uses. This acreage would accommodate
up to 4.2 million square feet of industrial space.
Vicinity Map
north
SITE
Needham Ranch
Legend
Site Plan
OFFICE
north
Conceptual Site Plan
WAREHOUSE
DRIVE THRU DOOR
Haven Capital Partners
Santa Clarita, CA
VISTA CANYON SANTA CLARITA, CA
January 04,2012 / Job #12370
Scheme 1
51
MARKET OVERVIEW
EDUCATION
Located either in or near the City of Santa Clarita are four well-known colleges
whose total enrollment exceeds 58,000 students.
College of the Canyons is the fastest growing community college within California.
The public two-year college campus is located on 153.4 acres of rolling, tree-dotted
hills in the incorporated City of Santa Clarita in northern Los Angeles County,
California. Over 100 programs are offered that lead to certificates, degrees, and
transfer preparation in the areas of the arts, sciences and career technical education.
According to the most recent California Community Colleges Chancellors Office
‘Student Success Scorecard’, College of the Canyons achieved the highest student
completion rate among the 21 community college campuses located in Los
Angeles County. The class of 2014 represented the largest number of students
who petitioned for graduating in school history, roughly a two percent increase
from the prior year and the average GPA was 3.06. The campus features a 926-seat
performing arts center, built in partnership with the City of Santa Clarita that offers
academic, community and professional productions. In 2007, the college opened a
Canyon Country campus on a 70-acre site.
University Center details:
https://www.canyons.edu/Offices/UniversityCenter/Pages/information.aspx
The California Institute of the Arts, colloquially called CalArts, is a private university
located in Valencia, California. The campus occupies 60 acres on hills overlooking
the incorporated City of Santa Clarita, which encompasses the towns of Valencia,
Newhall, Saugus and Canyon Country. The center of the campus is a sprawling
five-level, 500,000-square-foot building. The school was founded and created by
Walt Disney in the early 1960s and was created specifically for students of both
the visual and the performing arts. It is authorized by the Western Association of
Schools and Colleges (WASC) to grant Bachelor of Fine Arts and Master of Fine
Arts in the visual, performing, and literary arts. The Herb Alpert School of Music
was accredited in 2009 to grant a Doctorate of Musical Arts.
VISTA CANYON SANTA CLARITA, CA
52
MARKET OVERVIEW
EDUCATION
The Master’s College is a private non-denominational, conservative Christian
liberal arts college located in Santa Clarita. Established in 1927, the college has
been ranked second in the West as one of America’s Best Colleges by U.S. News &
World Report (2006-2007 & 2008 editions) in the category of Best Comprehensive
Baccalaureate Colleges. This marks the eighth year in a row that The Master’s
College was listed in the top tier of Western Region Baccalaureate Colleges.
Located approximately a twenty minute drive south from Santa Clarita is
California State University, Northridge (CSUN). CSUN is a vibrant, diverse university
community of over 36,000 students and more than 4,000 faculty and staff, sited
on a 356-acre campus in the heart of Los Angeles’ San Fernando Valley. Cal State
Northridge is committed to the educational and professional goals of students,
and to extensively servicing the community. With nine colleges, CSUN offers 64
baccalaureate degrees, 58 master’s degrees, 2 professional doctorate degrees, 55
teaching credential programs in the field of education, and various opportunities in
extended learning and other special programs.
SANTA CLARITA AREA EDUCATIONAL INSTITUTIONS
COLLEGE
ENROLLMENT
California Institute of the Arts
1,441
The Master’s Collage
1,198
College of the Canyons–2 Campuses
20,000
California State University, Northridge
36,070
TOTAL
58,709
VISTA CANYON SANTA CLARITA, CA
Santa Clarita’s population is well-educated with 65 percent of adults at least 25
years of age having an undergraduate college degree or higher. People in the City
are more educated when compared to the Los Angeles County average, in which
only 54 percent have attained some college or higher. This indicates a greater
likelihood for professionals and technical employees to reside in the City.
53
MARKET OVERVIEW
SANTA CLARITA VALLEY SINGLE FAMILY RESIDENTIAL MARKET
Vista Canyon is located in the Canyon Country Community within the City of Santa
Clarita. The exhibit below shows the average sales price of homes sold between
January 1 and December 23, 2015 as reported by MLS. The average price for a single
family home sold in Canyon Country during this time period was approximately
$459,000. Along Sand Canyon Road, located in Canyon Country and less than a
mile to the east of Vista Canyon, homes in some of the exclusive neighborhoods
to the south approaching Placerita Canyon Road are valued anywhere from
approximately $1M to nearly $3M according to Zillow.com. In neighboring Valencia
and Stevenson Ranch and Newhall, also communities within Santa Clarita City with
master planned communities similar to Vista Canyon, MLS reports that sold homes
averaged approximately $594,000, $716,000, $527,000 respectively.
Saugus
$458,786 AVG
VISTA CANYON
$593,692 AVG
Valencia
Fair Oaks
Ranch
Newhall
Road
nyon
Sand C a
$715,975 AVG
$710,400 AVG
$527,392 AVG
VISTA CANYON SANTA CLARITA, CA
54
MARKET OVERVIEW
LOS ANGELES
The Property is located within Los Angeles County, which is the economic center
of Southern California. Overall, the dynamic Southern California market has
consistently outperformed the state over the last several years and is expected
to continue to do so for years to come. With 10.4 million residents, Los Angeles is
not only the largest county in the country, but also leads the entire southwestern
United States in multiple economic indices. In fact, the Los Angeles County/Orange
County MSA Gross Domestic Product of $797.7 billion (2014) is the second largest
metropolitan GDP in the U.S., only to be exceeded by New York City’s GDP.
VISTA CANYON SANTA CLARITA, CA
Such productivity is accomplished through the efforts of one of the largest and
most qualified work forces in the country. Los Angeles, with its coveted lifestyle and
vast network of educational facilities, is able to attract and train some of the most
talented workers in the world. Nearly 5 million people, including approximately 1
million college graduates, comprise the network of Los Angeles workers that drive
the area’s economy.
55
MARKET OVERVIEW
LOS ANGELES FREEWAYS
•
The Los Angeles County transportation network is dominated by an extensive
freeway system. The existing approximate 1,700 mile network of freeways
provides convenient access to most areas within greater Los Angeles.
•
The Property is adjacent to Highway 14, the primary North-South thoroughfare
through the Western United States, and is in close proximity to the 101, 5, 405,
118, and 210 freeways, which provide unparalleled access to the entire Los
Angeles area, as well as Southern and Northern California.
Lancaster
Palmdale
Castaic
Valencia
Fillmore
Simi
Valley
Thousand
Oaks
Santa Clarita
VISTA CANYON
Chatsworth
Woodland Van Nuys Burbank
Hills
Glendale
Sherman
Oaks
Encino
Pasadena
Los Angeles
Beverly Hills
Brentwood
Malibu
VISTA CANYON SANTA CLARITA, CA
Santa Monica
56
MARKET OVERVIEW
LOS ANGELES
Hub, Los Angeles has constructed a vast infrastructure of freeway and rail systems,
six airports and two shipping ports to accommodate the extensive needs of
the vibrant economy. The people, educational facilities, attractive climate and
infrastructure have enabled Southern California and Los Angeles County to emerge
as a leading business, trade and cultural center.
AIRPORTS
•
Los Angeles International Airport (LAX), located 50 minutes south of the
Property, is the sixth busiest airport in the world and third busiest in the
United States, offering 680 daily flights to 96 domestic cities and 910 weekly
nonstop flights to 59 cities in 30 countries on 60 commercial air carriers. It
ranks 14th in the world and fifth in the U.S. in air cargo tonnage processed. In
2013, LAX served over 66.6 million passengers, processed over 1.9 million tons
of air cargo valued at over $86.9 billion (expected to grow at 4.3% annually
for the next fifteen years), and handled 614,917 aircraft operations (landings
and takeoffs). With its increasingly expanding air cargo system, LAX is a
commerce leader, benefiting from modern facilities and excellent land, sea and
air links.
•
Bob Hope Airport in Burbank, located approximately 25 minutes south of
the Property, is arguably the best location for access to and from the San
Fernando Valley, Los Angeles, Ventura County and the Santa Clarita Valley.
Situated midway between Los Angeles and Santa Clarita Valley, Bob Hope
Airport is approximately 23 miles from the Property. Hosting commercial
airline carriers such as Alaska Airlines, Jet Blue and Southwest Airlines, Bob
Hope Airport provides convenient access to nearby business centers and
commercial markets.
VISTA CANYON SANTA CLARITA, CA
57
MARKET OVERVIEW
LOS ANGELES
PORTS
•
The ports of Long Beach and Los Angeles, located approximately 1 hour
south of the Property comprise the third largest port complexes in the World
(“Hub of the Pacific Rim”). One third of all U.S. waterborne international trade
depends on these ports to reach the market. The ports are expected to double
their current cargo load, valued at more than $157 Billion annually by 2020.
The ports and their related trade activities form a cornerstone of the Los
Angeles economy.
•
The $2.4 Billion Alameda Corridor is completed. This 20-mile rail freight
corridor extends from the ports of Los Angeles and Long Beach to the
transcontinental rail yard in downtown Los Angeles. It will create over 80,000
jobs directly and indirectly throughout California over the next four years. The
Alameda Corridor can deliver containers from the ports of Los Angeles and
Long Beach to its rail yard terminus in 15 minutes.
RAIL SERVICES
•
The Metrolink Commuter Rail connects the Santa Clarita Valley with
downtown Los Angeles, the Burbank Airport and numerous other important
stops along the way. Vista Canyon will be home to one of these stations (one
of the three) in the Santa Clarita Valley.
VISTA CANYON SANTA CLARITA, CA
58
THE MASTER OWNER
THE MASTER OWNER/ THE PRINCIPALS
Jim currently serves as Chairman of the Board of Directors of the SCV Chamber of
Commerce for 2014 and has served as a member of the Executive Committee for
the past five years. He was founding President, has been a Board member since
inception, and currently serves as President of the SCV Education Foundation, a
nonprofit foundation dedicated to improving public education in the Santa Clarita
Valley. He is a long-time board member and former President of the Foundation
for Children’s Dental Health, a non-profit organization committed to providing
dental care to children of low-income working families. In 2013, his love of baseball
and involvement with his kids’ activities allowed him to lead the redevelopment of
infrastructure and the new Canteen for William S. Hart Baseball & Softball, which
celebrated its 60th anniversary in 2014.
After growing up in Omaha, Nebraska, Jim graduated from Stanford University
with a degree in History and earned his MBA from the Anderson School of Business
at UCLA.
(From Left to Right: Glenn Adamick, Steve Valenziano, Jim Backer)
Purchased in 2006, the property is owned and controlled by Vista Canyon Ranch,
LLC (“Ownership”). The primary principals behind the project are three experienced
and well respected real estate professionals who have lived and worked in the
Santa Clarita Valley for most of their professional careers: James Backer, former
top executive at Newhall Land, Glenn Adamick, former entitlement executive at
Newhall Land, and Steve Valenziano, former managing director at Jones Lang
LaSalle.
JIM BACKER
Jim Backer has thirty years of experience in commercial/industrial real estate with
a strong background in development, sales and marketing. Prior to launching JSB
Development in 2000, Jim was an executive with Newhall Land, owners of the
planned community of Valencia in California. He had a major role in the planning
and development of the Valencia Commerce Center and Valencia’s Town Center
Drive.
After leaving Newhall Land, Jim developed a 670-acre business park in West
Sacramento and the 240-acre Centre Pointe Business Park in Santa Clarita, the first
significant employment center outside of Valencia to serve the Santa Clarita Valley
region. Under his leadership, JSB Development has developed 45 buildings totaling
1.2 million square feet. The company received approval in 2011 for development of
Vista Canyon, a new 185-acre transit oriented community in Santa Clarita, California.
VISTA CANYON SANTA CLARITA, CA
GLENN ADAMICK
Glenn Adamick has been instrumental in obtaining the entitlements and various
permits for Vista Canyon. With over 23 years of experience in planning and
development, Mr. Adamick began his career with the City of Santa Clarita where he
progressed professionally to become the City point person on various City promoted
projects including the Downtown Newhall Redevelopment Project. While also at
the City, Mr. Adamick worked as the lead planner on several significant projects
including Robinson Ranch (residential and 36-hole golf course community) and
Valencia Town Center (over 3,000,000 square feet of commercial, hospitality, and
residential uses).
After joining Newhall Land in late 2000, Glenn was responsible for obtaining final
entitlements for projects within the Valencia Master Plan such as the Valencia
Commerce Center (approximately 12 million square feet of light industrial/
commercial uses), West Creek (2,500 residential units and approximately 250,000
square feet of commercial uses), River Village (1,100 residential units), and Soledad
Village (400 residential units). Glenn was also the lead for obtaining entitlements
for the first two villages of the approved Newhall Ranch Specific Plan.
Glenn grew up in the Santa Clarita Valley and is currently the President of the Santa
Clarita Valley Foundation for Children’s Dental Health.
60
THE MASTER OWNER/ THE PRINCIPALS
STEVE VALENZIANO
JSB DEVELOPMENT
Steve Valenziano is a 35-year real estate veteran with a wide and diverse array of
experience that ranges from brokerage to consulting to real estate development.
Prior to joining JSB, Mr. Valenziano was a managing director for Jones Lang
LaSalle, an international real estate services firm, within the company’s prestigious
Strategic Consulting Group. At Jones Lang LaSalle, he was a key consultant to high
profile companies such as Disney, Cigna, Capital One Bank, the BBC, Microsoft,
and Boeing. Steve has also held executive positions at several major brokerages
including Cushman & Wakefield, Grubb & Ellis, Langdon Reider, and Knight Frank
Faulkner Baillieu. Steve’s major brokerage assignments include the following: Delta
Dental Plan of California (500,000 square feet), Mitsui Fudosan (300,000 square
feet), Dataproducts Corporation (Hitachi) (200,000 square feet), First Interstate
Bank of California (200,000 square feet), The Boeing Company (200,000 square
feet), and Ogilvy & Mather (65,000 square feet). With a strong background on
the tenant rep side of the business, Steve was a major catalyst in moving Princess
Cruises from Century City to Santa Clarita.
With a highly respected track record of developing well thought out, community
friendly projects, JSB has been able to attract a literal “Who’s Who” of limited
partners including a former CEO of a NYSE development company responsible for
over 30,000 housing units and 20 million square feet of commercial space, a former
CEO of several large development companies responsible for over 5 million square
feet of commercial development, an independent real estate owner responsible
for over 5 million square feet of development, and several high level executives
from four different international real estate companies responsible for advising a
diversified list of mid-sized to multi-national corporations in various strategic real
estate decisions.
VISTA CANYON SANTA CLARITA, CA
61
sPonsorshiP
OWNERSHIP
OWNERSHIP
PROJECTS
SANTA
CLARITA
VALLEY
sponsor
Projects
in IN
santa
Clarita
Valley
MaP legend
N
0
1
2mi
VISTA CANYON SANTA CLARITA, CA
Johnson capital | jsb dEVELOPMENT
SpoNSoR pRojeCtS
Interstate Highways
State Roads
Major Roads
Secondary Roads
Planned Roads
Enterprise Zone
City of Santa Clarita
Business Parks
Business Parks - Planned
Residential/Mixed Use - Planned
City of Los Angeles
Points of Interest
EMovie Ranches/Studios
Transportation Centers
financing memorandum: vista
62
canyon / 25
sPonsorshiP
OWNERSHIP
sponsor
Projects
in INsanta
OWNERSHIP
PROJECTS
SANTAClarita
CLARITA Valley
VALLEY*
•
6
•
7
• • • •
• •• •
•
•
•
•
•
•
5
2
3
4
12
10
14
13
15
11
1
17
9
•
18
8
16
N
0
1
2mi
1.
NewHaLL RaNCH: 20,000
units, 12,000 acres, 6.0 million SF
of commercial
2.
VaLeNCia CommeRCe
CeNteR: 1500 acres, 12 million
SF, 25,000 employees
3.
eNtRata: 100 acres of
residential and commercial
development
4.
VaLeNCia iNduStRiaL
CeNteR: 1500 acres, 10 million
SF, 20,000 employees
5.
6.
7.
Rye CaNyoN BuSiNeSS
paRk: location for NorthPark
Community Church campus,
various other projects
8.
VaLeNCia maRketpLaCe:
Power Center of 1.0 MM SF with
Wal-Mart, Sports Chalet, Toys
‘R Us
NV-2 aNNexatioN:
Creekside development with
1,500 residential units, related
commercial, several parks
9.
SeCo/CoppeRHiLL: Blessed
Kateri Catholic Church and two
(2) shopping centers totalling
50,000 SF
10. VaLeNCia CoRpoRate
CeNteR: 54-acre project that
includes 1.0 MM SF of office and
medical office uses
tpC VaLeNCia/weStRidge:
18-hole private championship golf
course with surrounding 1,500
residential uses
11. VaLeNCia towN CeNteR: 1.0
MM SF regional shopping center
and Town Center Drive, a “Main
Street” with over 800,000 SF of
commercial and 600 apartment
units, 244 room Hyatt Regency
and Conference Center
12. VaLeNCia auto CeNteR: over
24 dealerships and Wm S. Hart
Baseball & Softball (10 fields)
13. NV-1 aNNexatioN: Bridgeport
lake development with 2,000
residential units, related
commercial, several parks
14. RiVeR ViLLage/SoLedad:
1,500 residential units over 695
acres
15. CeNtRe poiNte BuSiNeSS
paRk: 240-acre business
park with over 3.0 MM SF of
commercial and industrial space
16. dowNtowN NewHaLL: Old
Town portion of the community
with Metrolink Station and
redeveloped “Main Street”
17. ViSta CaNyoN
18. RoBiNSoN RaNCH: Two (2) 18hole championship golf courses
with surrounding residential
*Projects completed in part while ownership was at Newhall Land
VISTA CANYON SANTA CLARITA, CA
Johnson capital | jsb dEVELOPMENT
financing memorandum: vista
63
canyon / 26
CBRE, Inc. operates within a global family of companies with many subsidiaries and/
or related entities (each an “Affiliate”) engaging in a broad range of commercial real
estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At
times different Affiliates may represent various clients with competing interests in
the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other,
Affiliates may express an interest in the property described in this Memorandum (the
“Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that
neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you
the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the
transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any
other offeror or prospective offeror, but rather will conduct its business in a manner
consistent with the law and any fiduciary duties owed to the client(s) it represents in
the transaction described in this Memorandum.
This is a confidential Memorandum intended solely for your limited use and benefit
in determining whether you desire to express further interest in the acquisition of the
Property.
This Memorandum contains selected information pertaining to the Property and does
not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the
information which prospective investors may require to evaluate a purchase of real
property. All financial projections and information are provided for general reference
purposes only and are based on assumptions relating to the general economy, market
conditions, competition and other factors beyond the control of the Owner and CBRE,
Inc. Therefore, all projections, assumptions and other information provided and made
herein are subject to material variation. All references to acreages, square footages,
and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and
other materials, are described in summary form. These summaries do not purport to
be complete nor necessarily accurate descriptions of the full agreements referenced.
Interested parties are expected to review all such summaries and other documents of
whatever nature independently and not rely on the contents of this Memorandum in
any manner.
VISTA CANYON SANTA CLARITA, CA
Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied,
as to the accuracy or completeness of this Memorandum or any of its contents, and
no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and
inspections of the Property in evaluating a possible purchase of the real property.
The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of
review of this Memorandum. The Owner shall have no legal commitment or obligation
to any entity reviewing this Memorandum or making an offer to purchase the Property
unless and until written agreement(s) for the purchase of the Property have been fully
executed, delivered and approved by the Owner and any conditions to the Owner’s
obligations therein have been satisfied or waived.
By receipt of this Memorandum, you agree that this Memorandum and its contents
are of a confident nature, that you will hold and treat it in the strictest confidence and
that you will not disclose this Memorandum or any of its contents to any other entity
without the prior written authorization of the Owner or CBRE, Inc. You also agree that
you will not use this Memorandum or any of its contents in any manner detrimental to
the interest of the Owner or CBRE, Inc.
If after reviewing this Memorandum, you have no further interest in purchasing the
Property, kindly return this Memorandum to CBRE, Inc.
64
CAPITAL MARKETS | MULTI-HOUSING
FOR SALE
SAND CANYON ROAD AT LOST CANYON ROAD
SANTA CLARITA, CA
•
±9.55 Acres Fully Entitled for Development of 344 Residential Units
•
Planning Area I of a 185 Acre Multi-Phase Master Planned Transit-Oriented
Community
•
For more information, please visit: www.cbredealflowvistacanyon.com
OFFER DUE DATE:
Friday, March 11, 2016 by 5:00pm Pacific Time
EXCLUSIVELY REPRESENTED BY:
LAURIE LUSTIG-BOWER
Executive Vice President
Lic. 00979360
+1 310 550 2556
laurie.lustig-bower@cbre.com
www.cbre.com/laurie.lustig-bower
KAMRAN PAYDAR
Senior Sales Director
Lic. 01242590
+1 310 550 2529
kamran.paydar@cbre.com
www.cbre.com/kamran.paydar
CRAIG R. PETERS
Executive Vice President
Lic. 00906542
+1 818 907 4616
craig.peters@cbre.com
www.cbre.com/craig.peters