T H E E X E T E R T E A M P R E S E N T A T I O N Providence - - PowerPoint PPT Presentation

T H E E X E T E R T E A M P R E S E N T A T I O N

Providence Innovation District - Parcel 28

PROVIDENCE, RI MARCH 27, 2019

E X E C U T I V E S U M M A R Y

T H E E X E T E R T E A M V A L U E P R O P O S I T I O N – Uniquely experienced, well capitalized team – Market leading planning and design from one of the global thought leaders in New Urbanism – Expansive resume of multifamily development, large scale PPP’s and collaborative development – Deep knowledge and national focus on Meds & Eds driven markets – Assured Performance; Long and proven track record of Developer/Architect team

A B O U T E X E T E R

A B O U T E X E T E R

E P G U R B A N / E X E T E R ( “ E X E T E R ” )

– Real estate private equity operator founded in 2006 – Headquartered in Conshohocken, PA with 150 employees worldwide – Serving over 100 institutional investors around the globe from 18 offjces in North America and 8 in Europe – Total Equity under management exceeds $6 billion across several asset classes and geographies – High degree of transparency, accountability and alignment of interests – In-house controls ensure consistency and discipline in fjnancial underwriting, budgeting and accounting – Management team, led by Ward Fitzgerald and Tim Weber, has worked together for over 15 years – Principals and senior stafg have extensive experience with large-scale, mixed use projects and PPPs

O R G A N I Z A T I O N A L O V E R V I E W

L O C A L I Z E D R E A L E S TAT E O P E R AT O R E X P E R T I S E , P A I R E D W I T H G L O B A L P L AT F O R M

– National and local deal sourcing of one-ofg and small portfolio transactions builds institutional scale from the ground up – Directly efgectuate business plans through local leasing, development and property operations – Superior insight into market ineffjciencies, tenant, resident and broker preferences, and building design Atlanta Dallas Chicago South Florida Memphis Philadelphia Washington, DC Columbus Indianapolis San Francisco Los Angeles Mexico City Phoenix Charlotte EXETER OFFICES Houston Seoul Seattle Salt Lake City

• St. Louis

UNITED KINGDOM SPAIN POLAND ITALY IRELAND GERMANY FRANCE CZECH REPUBLIC LUX NETHERLANDS BELGIUM SLOVAKIA HUNGARY AUSTRIA

LONDON DUBLIN PARIS DŰSSELDORF LUXEMBOURG WARSAW BIRMINGHAM

SWITZERLAND

EXETER OFFICES AMSTERDAM

O R G A N I Z A T I O N A L O V E R V I E W

Ward Fitzgerald CEO Acquisition Associates (6) Accounting Brad Reed Mike Miller John Mobley Tim Weber CFO Legal Brian Fogarty Property Mgmt. & Due Diligence Jason Borrelli Kelly Delozier Global Tenant Accounts Bob Waitkus Dennis Durkin

• Develop. & Constr.

Jason Honesty John Warren Investor Relations and Reporting Rayenne Chen Kate Giordano North America Regional Offices Henry Steinberg - Northeast Todd Carter – Southeast Barney Sinclair – South Steve Stein – Midwest Tom Wang - West Tom Theobold–Canada Ricardo Serrano - Mexico U.S. Industrial & Office Value Add Rob Jones Matt Brodnik Fred Knapp Debt Brian Ford 25 Regional Offices: Acquisitions, Development, Leasing & Asset Management, Property Management U.S. Core & Managed Accounts James Hoeland Kevin Shea Tom Meehan Ryan Roberts Europe Regional Offices Kim Farley – UK Mark Nolan – Ireland Patrick Rebel – France Roniek Bannink –Netherlands Niko Gedaze, Bernhard Scheer – Germany Waldemar Grabka – Poland Katarzyna Pyś – CEE Europe Industrial Value Add Paul Rubincam John Toukatly Philadelphia/London/Luxembourg: Centralized Operations and Controls Europe Core & Managed Accounts George Fraser-Harding Acquisition Associates JonoMackie Angelo Ruggiero Accounting Piotr Andrzejewski Catherine Lane Beni Ntamutumba Paul Collin Legal Jim Golunski Property Mgmt. & Due Diligence Robert Kerr

• Develop. & Constr.

Rhodri Davies Dominik Mueller Investor Relations and Reporting Jamie Lee Debt & Finance Jim Stretton Compliance & Risk Barry Breen Mark Cunneen Shared: U.S. Multi-Family Bryan Lamb Jeremy Small Gianni Parente

O R G A N I Z A T I O N A L O V E R V I E W

T O P I N V E S T M E N T P A R T N E R S A L L I N V E S T M E N T P A R T N E R S

1199 SEIU Healthcare Employee Pension Fund American Electric Power Retirement Trust American Institute for Research American Value Partners Aviva Battelle Pension Management and Investment Council Bucknell University Commonfund Chicago Laborers Credit Suisse Dartmouth College Ford Motor Company Pension Fund GCM Grosvenor Gilder Family Government of Singapore Investment Corp. Group Health Cooperative Pension Fund IAM National Pension Fund Kansas Public Employees Retirement System Korea Teachers Credit Union Los Angeles Fire and Police Pension Mercer Private Investment Parties Merit Energy Metropolitan Real Estate Partners Michigan Laborers’ Pension Fund Micigan Municipal Employees’ Retirement System Missouri PSRS/PEERS MN - Pensioenfonds Metaal & Techniek (PMT) MN - Pensioenfonds van de Metalektro (PME) Morgan Stanley Alternative Investment Partners Morgan Stanley Investment MPC Real Estate Opportunity Partners Nationwide Mutual Insurance Company Nationwide Pension Fund New Hampshire Retirement System New Jersey Department of Investment New York City Retirement Systems Morgan Stanley Alternative Investment Partners Northern States Power Pension Fund NPS of Korea Ohio Carpenters’ Pension Fund Ohio Laborers’ District Council Pension Fund Ohio Police and Fire Pension Fund Partners Group Penn Square PA Public School Employees’ Retirement System Perella Weinberg Partners Philadelphia Public Employees’ Retirement System Portfolio Advisors Producer-Writers Guild of America Pension Plan Reynolds American Pension Fund Rhode Island Employees’ Retirement System Rutgers, The State University of New Jersey Sanabil San Antonio Fire and Police Pension Fund Siguler Gufg Portfolio Advisors Strategic Capital Management (SCM) State of New Mexico State Investment Council StepStone Talanx Asset management Tema Development Tennessee Consolidated Retirement System Texas Employees’ Retirement System The Children’s Hospital of Philidelphia Foundation The Cultural Institutions Pension Pland and Trust The Fisher Group The Norinchukin Bank Trinity Health System United Nations Joint Stafg Pension Fund University at Bufgalo University of Florida University of North Carolina University of Wisconsin Verdis Real Estate Partners Wheels Common Investment Fund William Blair Company Xcel Energy Pension

T H E E X E T E R M U L T I F A M I L Y P L A T F O R M

E X E T E R M U LT I F A M I LY

– Exeter ofgers a highly experienced and dedicated multifamily team with a $1.6 billion track record of development and redevelopment totaling nearly 6,000 residential units over the past 15 years – National footprint and extensive experience with public private partnerships, ground leases, RFP’s and creative acquisition techniques leads to premium, (largely) non-brokered

• pportunities

– Difgerentiated focus on high job growth “Meds and Eds” submarkets provides a renewable source of renter demand and protection in an economic downturn – Sustained demographic trends throughout the US and demand for urban lifestyle continue to make multifamily an attractive long-term opportunity – Through development and select value-add opportunities, the EPG Urban team can generate stabilized yields that are 150 – 200 basis points above core market cap rates

R E L E V A N T E X P E R I E N C E

T H E S T. J A M E S P H I L A D E L P H I A , P A $ 1 3 0 M I L L I O N T O TA L B U D G E T, 3 0 7 U N I T S P A C I F I C B E A C O N S A N D I E G O , C A $ 3 5 2 M I L L I O N T O TA L B U D G E T, 1 ,1 9 9 U N I T S 3 7 2 0 C H E S T N U T P H I L A D E L P H I A , P A $ 1 5 6 M I L L I O N T O TA L B U D G E T, 4 0 5 U N I T S T H E C L A R E N D O N A R L I N G T O N , V A $ 6 2 M I L L I O N T O TA L B U D G E T, 2 9 2 U N I T S

A B O U T T O R T I G A L L A S + P A R T N E R S

24

Nationalities

$75B

Construction

20

Languages

1M+

People Housed

100+

Experience

100+ Cities • 36 States 15 Countries

1800+

Communities

94

LEED Platinum

65

Years

Culture of Learning

100+

Awards

National + International

A B O U T T O R T I G A L L A S + P A R T N E R S

A B O U T T O R T I G A L L A S + P A R T N E R S

– Established in Silver Spring, MD in 1953 – 5 offjces in the United States and 1 in Asia ofger global reach – Among the largest planning and architecture fjrms in the US dedicated to New Urbanism – Designed 485,000 new residential units world-wide – Holistic, ‘SPECTRUM’ approach unites Natural Systems, Built Environment and People

W E S T M I N S T E R N E W D O W N T O W N W E S T M I N S T E R , C O C L A R E N D O N C E N T E R A R L I N G T O N , V A T H E B A R T L E T T A R L I N G T O N , V A

A B O U T T O R T I G A L L A S + P A R T N E R S

P A R K V A N N E S S W A S H I N G T O N , D C

P R O V I D E N C E A N D T H E I N N O V A T I O N D I S T R I C T

T H E I N N O V A T I O N D I S T R I C T O P P O R T U N I T Y

P R O V I D E N C E P O T E N T I A L

–

Generational opportunity to build upon the years of thought, planning and hard work of the State of Rhode Island, City of Providence and 195 Commission –One of the most dense yet under appreciated concentrations of Higher Education, Health Care and Research in the United States –World class planning, design and development expertise can collaborate with and expand upon the vision of the master plan, the City Walk plans and the larger housing efgorts of the City –Deliver a meaningful amount of high quality, market rate and fully amenitized housing to one of the few US markets that has not already seen an oversupply of housing –Set the bar for the future growth of the District – through which we all hope to benefjt

T H E I N N O V A T I O N D I S T R I C T O P P O R T U N I T Y

M E D S & E D S M U LT I F A M I LY S T R AT E G Y

– Job growth drives the multifamily sector, and Meds and Eds jobs have grown at 3x the rest of the economy for the last 25 years; this trend is projected to continue for at least another decade – Medical and educational facilities tend to co-locate due to interdependence

• f workforce and research, creating vibrant, dynamic nodes (often just
• utside the traditional city center)

– This job growth, co-location and facilities boom has created a large and rapidly expanding pool of natural, predisposed renters – Sustained demographic trends including historically low homeownership rates and a millennial population boom driving the renter pool to an all-time high make multifamily a highly attractive asset class – Ongoing urbanization has dramatically increased the demand for multifamily assets in walkable locations with 24-hour activity – EPG Urban’s difgerentiated strategy focuses solely on providing customized, purpose-built product to this high growth, Meds and Eds renter population

University City, Philadelphia Illinois Medical District, Chicago

C O N C E P T U A L D E S I G N

V I E W F R O M T H E S O U T H

VieW FRom soUth

G R O U N D L E V E L F L O O R P L A N

20 40 80

N

Flex Units 10,000 sf on 2 levels Amenities 5,400 sf Parking & Loading 30 Spaces 15,500 sf Retail 1,400 sf Restaurant 3,300 sf Retail 3,600 sf Yoga 2,000 sf ConvenienCe RetAiL AnChoR 9,500 SF Bar & Cafe 2,900 sf Lobby 1,200 sf

Convenience elevator

Loading Utilities

Exeter Proposed Program Unit Count 246 Studios 61 1 Bedrooms 157 2 Bedrooms 20 Flex Townhomes 8 Retail Square Feet 22,700 Onsite Parking 30 Total Gross Square Feet 256,724 Stories 5/6

U P P E R L E V E L F L O O R P L A N

20 40 80

N

L2 Garden 4,800 sf (49’ x 98’) L2 Garden 6,000 sf (60’ x 98’) L1 Garden 1,500 sf (47’ x 40’)

T E R R A C E ( L E V E L 5 ) F L O O R P L A N

20 40 80

N

Lounge 1,800 sf Roof terraces 7,200 sf

C O N C E P T U A L S E C T I O N

Top of Parapet 93’-0” (79’-0” Above Street) Level 6 78’-0” Top of Stair Parapet 85’-0” Level 5 67’-0” Top of Terrace Parapet 72’-0” (73’-0” Above Street) Level 4 56’-0” Level 4 56’-0” Level 3 45’-0” Level 3 45’-0” Level 2 34’-0” Ground Level 14’-0” F.F.L. 8’-0” F.F.L. 10’-0” F.F.L. 6’-0” Level 2 34’-0” Level 1 (Mezzanine) 23’-0” Ground Level 0’-0”

Fitness / Amenity Lobby Feature Retail

Court Parking (N.I.C.) Richmond St.

Retail

Retail (N.I.C.) Chestnut St. “9 Lofts” (N.I.C.)

Retail Terrace Terrace Terrace Terrace Retail Apartments Apartments Apartments Apartments

V I E W F R O M T H E S O U T H E A S T

VieW FRom soUtheast

V I E W F R O M T H E E A S T

VieW FRom east

E X E C U T I O N P L A N

S I T E 2 8 D E V E L O P M E N T & C O N S T R U C T I O N S C H E D U L E

2018 2019 2020 2021 2022 Item Start End Mos. Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 5 Q 6 Q 6 Q 8 Q 9 Q 10 Q 11 Q 12 Q 13 Q 14 Q 15 Q 16 Total 7/1/2018 5/31/2022 47 Due Diligence & Pre Dev. 7/1/2018 10/31/2018 4.0 RFP Response 11/30/2018 12/31/2018 2.0 RFP Exentsion 1/1/2019 2/28/2019 2.0 Presentation 3/27/2019 3/27/2019 1.0 Commission Review/Award 4/1/2019 4/30/2019 1.0 Level 1 Submission 5/1/2019 5/15/2019 0.5 Level 1 Pres/Rev/OK 5/16/2019 6/16/2019 1.0 LOI Negotitation & Execution 6/16/2019 6/30/2019 0.5 Design to Permit Set 6/16/2019 12/31/2020 6.5 City/Commssion Design Reviews 7/1/2019 8/31/2019 2.0 Level 2 Submission 9/1/2019 9/15/2019 0.5 Level 2 Pres/Rev/OK 9/16/2019 9/30/2019 0.5 Neg./Execution PSA & Subsidies 9/1/2019 9/30/2019 1.0 Permit Review & Approval 1/1/2020 2/28/2020 2.0 Final Docs & Mobilization 1/1/2020 4/30/2020 4.0 Construction 5/1/2020 2/28/2022 22.0 Close Out & Turnover 3/1/2022 5/31/2022 3.0

S U M M A R Y E C O N O M I C S

Program Total Gross FAR SF of Residential 218,524 Gross SF of Retail 22,700 Residential Parking (30 Spaces) 15,500 Total Built Square Footage 256,724 Unit Count (Total) 246 GSF/Unit 842 NSF/Unit 722 Return on Cost 6.4%

Q U E S T I O N S

C O N T A C T : B R Y A N L A M B E P G U R B A N B L A M B @ E P G U R B A N . C O M 2 4 0 . 6 3 8 . 6 6 7 3