Interior Value-Add Opportunity
New ownership will have the opportunity to add value to the properties by updating the interiors, such as new flooring, countertops, appliances or updated cabinets
Amenities Value-Add Opportunity
Each property has plenty of open space for new ownership to improve the amenities package, such adding picnic/grilling areas, updating/adding a playground, or updating the pool deck (all properties have in-ground pools)
Below Market Rents
The Rainbow City and Gadsden Portfolio sits below market rent of nearby assets allowing new ownership the potential to increase NOI through rent increases. Submarket rents are anticipated to grow by over 7.5% year-over-year in 2022 and 4.6% in 2023 according to CoStar projections.
National Recognition in Manufacturing Industry
The state of Alabama has garnered national attention for its recent success in the Manufacturing industry, ranking in the Top 10 in several relevant categories. Investments by international companies in Alabama’s largest cities are evidence of this:
Mercedes Benz (Tuscaloosa) – Recently invested $1 Billion in its Tuscaloosa plant and created more than 600 jobs, and is slated to complete a $53 million expansion that will create over 370 new jobs in 2022.
Airbus (Mobile) – Added 600 new jobs in 2019, and projecting 275 more throughout 2021.
Toyota/Mazda (Huntsville) – Invested $1.6 billion in 2018, expanded to $2.4 billion in 2020, creating and hiring for a plant that will employ up to 4,000 workers.
Local Economic Drivers
Proximity to Major Markets
Residents of Gadsden and Rainbow City reap the benefits of being within a 90-minute drive of 3 thriving Southeast markets, surrounding the area with significant job markets and rapidly-growing cities:
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 Rainbow City / Gadsden Portfolio (“Property”) located in Rainbow City / Gadsden, Alabama. 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: