Allora 168 and
Apartminium Developments by Metonic & Apogee
Congratulations on your investment with Metonic. Metonic is focused on providing housing that matches consumer preference. The Apartminium provides a new lane of choice, and is a solution to the housing shortage that challenges submarkets like Gretna and Elkhorn.
We are especially proud of the Metonic and Apogee teams’ diligence through the pre-construction process. Through diligence, the expectations for investor returns have consistently improved.
Apogee innovated each development including a first of its kind partnership with Habitat for Humanity at Capriana and the integration of commercial pad lots at Allora. The Apogee team tirelessly worked to value engineer and improve each development to limit the impacts of inflationary pricing. The Metonic finance team preserved flexibility by extending construction loan terms to 7 years, allowing a finance following stabilized occupancy to occur later in the hold period if elected. The loan to value on the combined projects has reduced to approximately 68% as a result of the team’s effort. Additionally, the Apartminium portfolio appraised at $114M, which is 10% above expectation.
We thank you for your trust. We strongly believe in developing housing consumers demand. Apartminiums with well-crafted design and amenity-rich features provide residents with a desirable community they are proud to call home. Our entire team is ready to build and looks forward to keeping you updated on the progress.
Both developments reside in high occupancy markets:
- Gretna vacancy of 1.2% among 16 stabilized competitors
- This equates to only 45 of 3,695 stabilized homes unoccupied
- Elkhorn vacancy of 1.4% among 19 stabilized competitors
- This equates to only 51 of 3,604 stabilized homes unoccupied
stabilized market appraisal
Stabilized Market Appraisal
exceeding rent growth
The 2nd phase Ravello, a similar project located at 192nd and Pacific, is showing strong leasing trends as lease rates have exceeded underwriting by 9% and are averaging $2,213 as of June 1, 2022.
Rent growth in the Elkhorn & Gretna submarkets is at 6%, doubling our initial underwritten assumption.
single family market
We assume starter home pricing at roughly 80% of the current average existing home with a 10% down payment, a 30-year fixed mortgage, and a 680-699 credit score upon mortgage application.
We are currently in a period of the worst housing affordability since 1991, excluding the global financial crisis period of 2007-2008.
By all the above measures, house prices are elevated and unaffordable.
We believe our Apartminium product fills the gap between those who:
- Don’t want to or can’t purchase a home
- Don’t want to live in traditional garden style apartments
As a result of increased market demand, we have chosen to strengthen the amenity set and Apartminium finishes.
Some of our innovative common area amenities will include electric vehicle charging stations and package lockers, as well as a resort-style pool and dog park.
Plans for the interior of the clubhouse include a private leasing office, a large community room with a kitchenette and games, along with ample co-working space and a state-of-the-art fitness studio.
commercial pads & partnerships
Both Allora 168 and Capriana Homes have unique advantages in regards to commercial and non-profit partnerships.
Allora 168 will feature two commercial pad lots for sale. The future tenants will complement the resident experience at Allora.
Capriana Homes will partner with Habitat for Humanity to build 11 single-family homes for those in need. Homes will range in size from 1,200 – 1,700 SF and cost an average of $200k.