Premier Class A Asset: New ownership will have the opportunity to acquire one of the newest apartment communities in Mooresville.
Loss-to-Lease Burnoff: New ownership has the opportunity to take advantage of organic NOI growth through loss-to-lease burnoff. Recent leases on average among the 5 floor plans are currently renting for over $90 per unit more than in-place leases.
Room to Grow Rents: Asking Rents for nearby properties range up to $1,250+ per unit higher than North Main Village. Submarket rents are anticipated to grow by 7.9% in 2022 and 4.8% in 2023 and have had annual growth of 12.9% in the past year, according to CoStar. In addition, North Main has scheduled rent increases for both July and September.
Access to Mooresville Demand Drivers: North Main Village provides convenient access to nearby demand drivers, including:
Iredell County Development: Sherwin-Williams recently announced a $324 million investment in Iredell County that will bring more than 180 jobs to the area. In addition, BestCo has recently invested $177 million in Iredell creating 390+ jobs and giving a boost to the already thriving local economy.
Massive Corporate Developments: Charlotte has recently had multiple announcements of corporate investment and development, bringing unprecedented growth to the area in job numbers and GDP. Massive companies like Centenne, Red Bull and Rauch, Ball Corp., and Amazon have continued and begun new investments in the surrounding area.
Proximity to Charlotte: Mooresville residents benefit from being only 30 minutes from Charlotte via I-77;the MSA is the largest in the state of North Carolina with over 2.5 million people. In addition, the area has 25+ companies with over 1,000 employees. Notable employers include:
Charlotte, NC is a Top 5 City: Charlotte ranks in the top 5 in multiple categories including:
THIS CONFIDENTIALITY AGREEMENT (“Agreement”) is made and agreed to by The Kirkland Company (“Broker”), exclusive listing broker for the Property, and (“Buyer”) regarding the sale of the property known as North Main Village (“Property”) located in Mooresville, North Carolina. The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of the Broker’s listing agreement with the Owner.
BUYER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner of the property has instructed Broker to deliver information concerning the Property, much of which is highly confidential, only to those potential purchasers who sign this Agreement. To receive an Offering Memorandum (“Offering Memorandum”) please read, sign and return this Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation.
THEREFORE, THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows:
In connection with your interest in a potential, negotiated acquisition of those certain properties listed in Exhibit A hereto (individually or collectively as the context may require, the “Property”) from [Seller] (individually or collectively as the context may require, the “Company”), you have requested certain information concerning the Property from the Company and its affiliates and its and their respective directors, officers, members, partners, employees, representatives, agents and/or advisors (including without limitation, attorneys, accountants, consultants and financial advisors) (individually or collectively as the context may require, the “Company’s Representatives”). In consideration of furnishing you with the Evaluation Material (as defined herein), the Company requests your agreement to the following: