Studio Conversion To 1BD Units: Current ownership has converted a number of large Studio units into 1BD units, and recent leases on those units are receiving a roughly $85 premium over recent leases on Studios. New ownership will have the opportunity to convert the remaining 80 large Studio units and potentially increase NOI.
Office & Model Unit Conversion: New ownership will have the option to convert the current Leasing Office and Model Unit into leased units to increase revenue.
Recent Capital Expenditures: Current ownership has spent roughly $560,000 on capital expenditures. Highlights from this spend include new roofs, a new resurface & overlay of the parking lot, and improvements to the patios/balconies.
Premier Huntsville Location: Some of Huntsville’s largest demand drivers are within minutes of VUE at Rocket City and include:
Massive Huntsville Corporate Developments: Mazda Toyota Manufacturing is investing $2.311 billion in a state of the art automaking facility that is under construction and will support up to 4,000 employees. The FBI is under construction on a $1 billion outpost viewed as HQ2 that will support over 5,000 jobs upon completion. The Air Force recently selected Huntsville for the US Space Command headquarters and will bring at least 1,600 jobs.
MidCity District: Located roughly 3 miles from VUE at Rocket City, the MidCity Huntsville District is a $500 million, 100-acre multi-use development that is slated to include 350,000 SF of retail, 400,000 SF of office, 1,400 residential units, and 650 hotel rooms once completed.
Exploding Huntsville Market: Huntsville is the fastest growing metropolitan area in Alabama and is expected to become the largest MSA in the state by 2022. According to CoStar, a range of economic drivers, such as low business and living costs, favorable tax incentives, high in-migration, and the presence of Redstone Arsenal, have attracted a diverse group of businesses to the area.
Located in Opportunity Zone: VUE at Rocket City is located in an opportunity zone, providing a future road map for continued development.
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 VUE at Rocket City (“Property”) located in Huntsville, 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: