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Home My WebLink AboutGATEWAY APARTMENTS - PDP230001 - SUBMITTAL DOCUMENTS - ROUND 1 - PARKING STUDY Parking Analysis for an Institutional Rental Community in Fort Collins, CO Report Prepared for Rockefeller Group July 13, 2022 DRAFT EXHIBIT 1BPOSITIONING - ABSOLUTE RENTCOMPETITIVE MARKET AREAJULY 2022Project Averages (Size and Base List Rent)OverallBase Concession Studio One-Bed Two-Bed Three-BedYearUnit MixUnit Rent% of Unit Rent Unit Rent Unit Rent Unit RentProject NameElev. Units Built Occ. 0 1 2 3+ Size $ $/sf $ Base Size $ $/sf Size $ $/sf Size $ $/sf Size $ $/sfFort Collins281 Willow5s 197 2022 0% 46% 35% 20% 0% 543 $1,746 $3.22 $0 0.0% 414 $1,539 $3.71 542 $1,579 $2.91 840 $2,516 $2.99 --- --- ---Old Town Flats5s 94 2015 89% 17% 57% 26% 0% 691 $1,783 $2.58 $85 4.8% 450 $1,545 $3.43 637 $1,731 $2.72 973 $2,059 $2.12 --- --- ---The Trails at Timberline2s 314 2013 94% 6% 46% 48% 0% 918 $2,133 $2.32 $0 0.0% 552 $1,700 $3.08 730 $1,855 $2.54 1,140 $2,449 $2.15 --- --- ---Cycle Apartments4s 405 2017 91% 15% 60% 25% 0% 833 $1,890 $2.27 $0 0.0% 599 $1,537 $2.56 777 $1,796 $2.31 1,109 $2,333 $2.10 --- --- ---Copperleaf Place3s 94 2018 98% 6% 77% 17% 0% 691 $1,536 $2.22 $59 3.8% 504 $1,300 $2.58 657 $1,519 $2.31 911 $1,703 $1.87 --- --- ---Max Flats5s 64 2014 92% 6% 47% 41% 6% 801 $1,753 $2.19 $92 5.3% 647 $1,531 $2.37 648 $1,624 $2.51 939 $1,853 $1.97 1,205 $2,300 $1.91Bucking Horse Apartments 3s 322 2019 96% 0% 35% 47% 17% 1,001 $2,143 $2.14 $0 0.0% --- --- --- 756 $1,769 $2.34 1,050 $2,196 $2.09 1,368 $2,760 $2.02Mason Street Flats5s 51 2014 94% 18% 47% 27% 8% 739 $1,568 $2.12 $0 0.0% 596 $1,379 $2.31 616 $1,432 $2.33 834 $1,725 $2.07 1,466 $2,254 $1.54The Vibe Apartments3s 276 2017 96% 10% 47% 43% 0% 873 $1,817 $2.08 $0 0.0% 536 $1,570 $2.93 771 $1,705 $2.21 1,059 $1,992 $1.88 --- --- ---Crowne at Old Town North 4s 304 2020 92% 0% 35% 54% 12% 1,075 $2,105 $1.96 $0 0.0% --- --- --- 807 $1,838 $2.28 1,159 $2,193 $1.89 1,491 $2,500 $1.68The Wyatt3s 368 2019 92% 0% 51% 46% 3% 951 $1,861 $1.96 $0 0.0% --- --- --- 774 $1,746 $2.26 1,121 $1,955 $1.74 1,357 $2,350 $1.73Timnath Trail at Riverbend Apartment Homes3s 258 2019 95% 0% 45% 38% 17% 1,018 $1,817 $1.79 $0 0.0% --- --- --- 734 $1,532 $2.09 1,127 $1,941 $1.72 1,516 $2,286 $1.51Crowne at Timberline 3s 310 2016 97% 0% 37% 53% 10% 1,168 $2,012 $1.72 $0 0.0% --- --- --- 848 $1,687 $1.99 1,263 $2,120 $1.68 1,832 $2,635 $1.44Ridgewood Hills Apartments 2s 146 2021 88% 0% 41% 45% 14% 964 $1,615 $1.68 $0 0.0% --- --- --- 764 $1,443 $1.89 1,087 $1,706 $1.57 1,159 $1,830 $1.58Total/Weighted Average: 3,203 2018 88% 7% 46% 41% 6% 923 $1,913 $2.07 $6 0.3% 504 $1,542 $3.06 746 $1,709 $2.29 1,109 $2,121 $1.91 1,470 $2,464 $1.68Excluding Lease-Up: 3,006 94%Units to Lease-Up (@95% Occ): 187LovelandLake Vista3s 303 2010 94% 4% 40% 47% 9% 915 $2,191 $2.39 $0 0.0% 583 $1,700 $2.92 794 $1,991 $2.51 996 $2,325 $2.34 1,193 $2,621 $2.20Pinyon Pointe3s 166 2017 98% 22% 43% 29% 6% 831 $1,812 $2.18 $0 0.0% 567 $1,565 $2.76 776 $1,655 $2.13 1,004 $1,998 $1.99 1,344 $2,937 $2.19Springs at 2534 2s 212 2018 95% 11% 34% 43% 12% 989 $2,123 $2.15 $0 0.0% 603 $1,577 $2.62 816 $2,065 $2.53 1,123 $2,212 $1.97 1,372 $2,486 $1.81Railway Flats 3s 240 2019 95% 20% 52% 26% 2% 884 $1,875 $2.12 $0 0.0% 595 $1,535 $2.58 838 $1,797 $2.14 1,162 $2,229 $1.92 1,256 $2,627 $2.09Johnstown Plaza 4s 252 2022 25% 10% 41% 44% 5% 892 $1,846 $2.07 $0 0.0% 596 $1,550 $2.60 772 $1,782 $2.31 1,016 $1,918 $1.89 1,389 $2,345 $1.69The Bend at Highland Meadows 2s 160 2022 18% 0% 28% 56% 16% 1,002 $2,021 $2.02 $0 0.0% --- --- --- 725 $1,707 $2.36 1,033 $2,020 $1.96 1,389 $2,589 $1.86Rise at 2534 4s 236 2019 93% 0% 55% 40% 6% 920 $1,847 $2.01 $0 0.0% --- --- --- 724 $1,616 $2.23 1,126 $2,081 $1.85 1,367 $2,450 $1.79The Greens at Van de Water 3s 252 2012 93% 5% 43% 48% 5% 935 $1,860 $1.99 $0 0.0% 581 $1,555 $2.68 764 $1,693 $2.22 1,088 $1,998 $1.84 1,291 $2,300 $1.78Cortland at 2534 3s 254 2015 94% 0% 48% 47% 5% 965 $1,850 $1.92 $0 0.0% --- --- --- 769 $1,625 $2.11 1,126 $2,037 $1.81 1,346 $2,271 $1.69Bristol Pointe 2s 220 2015 95% 11% 36% 45% 7% 945 $1,779 $1.88 $13 0.7% 515 $1,550 $3.01 827 $1,636 $1.98 1,085 $1,866 $1.72 1,300 $2,300 $1.77Fossil Ridge Apartments 3s 518 2019 97% 0% 42% 53% 5% 933 $1,534 $1.64 $0 0.0% --- --- --- 758 $1,363 $1.80 1,031 $1,600 $1.55 1,403 $2,300 $1.64Mountain View Apartments at RainDance3s 525 2022 96% 0% 40% 58% 2% 978 $1,596 $1.63 $0 0.0% --- --- --- 751 $1,421 $1.89 1,122 $1,699 $1.51 1,336 $2,150 $1.61Total/Weighted Average: 3,338 2018 86% 5% 42% 47% 6% 936 $1,813 $1.94 $1 0.0% 578 $1,563 $2.70 773 $1,643 $2.13 1,075 $1,917 $1.78 1,336 $2,450 $1.83Excluding Lease-Up: 2,926 95%Units to Lease-Up (@95% Occ): 300LongmontClovis Point3s 207 2020 94% 13% 52% 29% 6% 865 $2,140 $2.47 $0 0.0% 564 $1,769 $3.14 746 $1,917 $2.57 1,125 $2,535 $2.25 1,296 $2,962 $2.29Union Pointe3s 256 2019 97% 4% 59% 33% 5% 914 $1,992 $2.18 $0 0.0% 512 $1,500 $2.93 785 $1,819 $2.32 1,134 $2,235 $1.97 1,315 $2,870 $2.18Watermark at Harvest Junction 3s 276 2019 99% 0% 48% 39% 13% 1,002 $2,182 $2.18 $0 0.0% --- --- --- 813 $1,906 $2.35 1,095 $2,277 $2.08 1,415 $2,914 $2.06Farm Haus3s 280 2022 7% 0% 47% 45% 8% 955 $2,077 $2.17 $173 8.3% --- --- --- 751 $1,745 $2.32 1,092 $2,240 $2.05 1,413 $3,175 $2.25Springs at Sandstone Ranch 2s 240 2018 96% 10% 40% 40% 10% 991 $2,147 $2.17 $0 0.0% 623 $1,673 $2.69 836 $1,854 $2.22 1,141 $2,405 $2.11 1,382 $2,760 $2.00South Main Station4s 253 2020 93% 14% 64% 23% 0% 860 $1,830 $2.13 $0 0.0% 568 $1,780 $3.14 840 $1,678 $2.00 1,097 $2,290 $2.09 --- --- ---Alpine Prairie Village3s 126 2021 93% 0% 56% 35% 10% 979 $2,026 $2.07 $0 0.0% --- --- --- 809 $1,687 $2.09 1,137 $2,409 $2.12 1,394 $2,600 $1.87Cimarron Apartments 2s 112 2016 99% 0% 50% 38% 13% 794 $1,519 $1.91 $0 0.0% --- --- --- 605 $1,325 $2.19 963 $1,675 $1.74 1,039 $1,825 $1.76Firestone Meadows 3s 264 2017 98% 0% 38% 47% 15% 989 $1,716 $1.73 $0 0.0% --- --- --- 788 $1,450 $1.84 1,060 $1,825 $1.72 1,279 $2,050 $1.60Gateway North Apartments 3s 405 2018 100% 0% 40% 53% 7% 946 $1,593 $1.68 $0 0.0% --- --- --- 758 $1,375 $1.82 1,031 $1,675 $1.63 1,403 $2,250 $1.60Total/Weighted Average: 2,419 2019 86% 4% 48% 40% 8% 938 $1,918 $2.04 $20 1.0% 575 $1,721 $3.00 782 $1,688 $2.16 1,082 $2,083 $1.93 1,341 $2,567 $1.91Excluding Lease-Up: 2,013 97%Units to Lease-Up (@95% Occ): 25022200.01 Reccomps_7.6.2022: PerfThe Concord Group7/134DRAFT EXHIBIT 2SELECT INSTITUTIONAL PARKING INVENTORYCOMPETITIVE MARKET AREAJULY 2022ParkingSurface Garage BlendedUnitsUnit Total Cost/MoRatio As BuiltParking Parking ParkingParking Occ./AssignedProject NameTotal Beds Occ % (1) Size Spaces Surface Garage Per Unit Per Bed Occ. Occ. Occ.Per Unit (2)Per Bed (2)Unit Occ. (2) Space Y/NDescriptionTypeFort CollinsRidgewood Hills Apartments146 252 88% 964 300 $0 $0 2.05 1.19 90% 0% 90% 2.10 1.22 0.98 NNo reserved guest spots. No Garage. SurfaceBucking Horse Apartments322 586 96% 1,001 680 $0 $150 2.11 1.16 90% 100% 95% 2.09 1.15 1.01 YFree Surface. 112 Garage spots, waitlist (99.7% occ.). 0 guest spots. TH have attached garages (18 garages). Free st. parking.Surface, Detached GarageTimnath Trail at Riverbend Apartment Homes258 445 95% 1,018 553 $10 $150 2.14 1.24 78% 95% 87% 1.94 1.13 1.10 N493 uncovered parking. 60 Garage. 4 guest spots.Surface, Detached GarageCrowne at Timberline310 537 97% 1,168 620 $0 $0 2.00 1.15 100% 87% 94% 1.93 1.12 1.03 NOpen surface parking. TH have detached garages (70 spaces). No guest spots reserved. 310 covered, 310 surfaceSurface, Detached GarageThe Trails at Timberline314 448 94% 918 630 $0 $95 2.01 1.41 85% 95% 90% 1.92 1.34 1.05 NFree surface parking. 315 surface,190 carport, 125 Garage spots. 0 reserved guest spots. Off street parkingSurface, Detached GarageCycle Apartments 405 445 91% 833 752 $25 $99 1.86 1.69 91% 91% 91% 1.85 1.69 1.00 NNot assigned but permit req. 223 garage ($99-150/mo), assigned depending on occupants, if garage then can't have uncovered permit. 0 guest spots but public parking on Stanford RdSurface, Detached GarageCrowne at Old Town North304 538 92% 1,075 513 $0 $175 1.69 0.95 78% 100% 89% 1.64 0.92 1.03 NFree Surface (2/unit). 152 carports, $50/mo (usually 1/unit). 44 Garage spots. 0 Guest spots. Surface, Carport, Detached GarageThe Vibe Apartments276 369 96% 873 426 $0 $0 1.54 1.15 100% 90% 95% 1.53 1.15 1.01 N1 garage spot/unit (in lease, no adt'l cost). No permits for surface parking, currently working on it bc demand is high (will evaluate if garage occupancy goes up). Surface, Detached GarageThe Wyatt368 560 92% 951 570 $8 $125 1.55 1.02 77% 100% 89% 1.50 0.98 1.03 NSurface parking 1/leaseholder, digital parking pass req. 110 garage. No reserved guest spots, but $3 per night. Surface, Detached GarageCopperleaf Place 94 104 98% 691 128 $0 $125 1.36 1.23 100% 100% 100% 1.39 1.26 0.98 NFree Surface.Can purchase multiple garage permits, 24 garage units.3 guest spotsSurface, Detached GarageMax Flats64 94 92% 801 66 $55 $85 1.03 0.70 100% 100% 100% 1.12 0.76 0.92 Y50 under building, 16 uncovered. 3 prosp. tenant spaces, 4 retail only (mixed-use building). TOD = less parking req.Surface, Detached GarageOld Town Flats94 102 89% 691 94 $55 $85 1.00 0.92 100% 100% 100% 1.12 1.03 0.89 Y1/2 under building, 1/2 uncovered.TOD = less parking req.Surface, Detached GarageMason Street Flats 51 64 94% 739 37 $55 $100 0.73 0.58 100% 100% 100% 0.77 0.61 0.94 Y30 underground garage, 7 surface.TOD = less parking req.Surface, Detached Garage(1)281 Willow197 146 0% 543 158 $50 $100 0.80 1.08 0% 0% 0%--- --- 0.00 YParking still in construction/building in lease-up (0% occupancy). Will have about 1/3 parking covered. 18 street parking spots in front. Surface3,203 4,690 94% 923 5,527 $12 $96 1.79 1.20 89% 95% 92% 1.75 1.18 1.02Implied Parking Ratio22200.01 Reccomps_7.6.2022: ParkingThe Concord Group7/136DRAFT EXHIBIT 3ACURRENT INSTITUTIONAL APARTMENT PARKING INDICATORSFORT COLLINS SUBMARKETJULY 2022Note: Graphs exclude properties in lease-up0.00.30.50.81.01.31.51.82.0Ridgewood HillsApartmentsCrowne atTimberlineThe VibeApartmentsThe Trails atTimberlineCopperleaf Place Bucking HorseApartmentsCrowne at OldTown NorthThe Wyatt Timnath Trail atRiverbendApartment HomesCycle Apartments Max Flats Old Town Flats Mason Street FlatsParking Ratio (Spaces per Unit)0.00.30.50.81.01.31.51.8Ridgewood HillsApartmentsCrowne atTimberlineThe VibeApartmentsThe Trails atTimberlineCopperleaf Place Bucking HorseApartmentsCrowne at OldTown NorthThe Wyatt Timnath Trail atRiverbendApartment HomesCycle Apartments Max Flats Old Town Flats Mason Street FlatsParking Ratio (Spaces per Bed)Wtd. Avg. 1.2Wtd. Avg. 1.7922200.01 Reccomps_7.6.2022: Graphs Ft CollinsPage 1 of 2the concord GROUP7/139DRAFT EXHIBIT 3ACURRENT INSTITUTIONAL APARTMENT PARKING INDICATORSFORT COLLINS SUBMARKETJULY 2022Note: Graphs exclude properties in lease-up0.00.30.60.91.21.51.82.1Ridgewood HillsApartmentsCrowne atTimberlineThe VibeApartmentsThe Trails atTimberlineCopperleaf Place Bucking HorseApartmentsCrowne at OldTown NorthThe Wyatt Timnath Trail atRiverbendApartment HomesCycle Apartments Max Flats Old Town Flats Mason Street FlatsImplied Parking Ratio Per Unit88%97%96%94%98%96%92%92%95%91%92%89%94%90%94%95%90%100%95%89%89%87%91%100%100%100%0%20%40%60%80%100%Ridgewood HillsApartmentsCrowne atTimberlineThe VibeApartmentsThe Trails atTimberlineCopperleaf Place Bucking HorseApartmentsCrowne at OldTown NorthThe Wyatt Timnath Trail atRiverbendApartment HomesCycle Apartments Max Flats Old Town Flats Mason Street FlatsApartment vs Parking OccupanyColored by Type:Red=Apartment OccupancyDark Red= Parking OccupancyWtd. Avg. 1.7522200.01 Reccomps_7.6.2022: Graphs Ft CollinsPage 2 of 2the concord GROUP7/1310DRAFT