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WESTOVER STATION 805 ROAM COURT I NEWPORT NEWS, VA

OFFERING MEMORANDUM CAPITAL MARKETS I INVESTMENT PROPERTIES INVESTMENT HIGHLIGHTS • LIHTC extended-use period ends in 2025 WESTOVER STATION • Current spread to market rate rents of $50-75 per unit

805 ROAM COURT • Fully occupied with room to increase in-place rents • Buyer may place new financing on the asset NEWPORT NEWS, VA 23605

Price: $8,500,000 PROPERTY FEATURES Units: 108 • A mix of one- and two-bedroom units feature walk-in closet{s), a dishwasher, Price per unit: $78,704 garbage disposal, air conditioning, and in-unit washer and dryer connections with rentals available Rentable square feet: 85,572 • Community amenities include a barbecue and picnic area and a leasing Price per square foot: $99 office • Recent property updates include a complete roof replacement in April 2018 and parking lot resurfacing in August 2019 LIHTC - Family

Year O cap rate: 5.91% DESIRABLE LOCATION

10-year leveraged IRR: 20.18% • Situated just off of Mercury Boulevard, a major commercial artery that has over two dozen chain restaurants and retailers within a five minute drive from 10-year average cash-on-cash: 11 .60% the property • Less than 15 minutes from the City Center district of Newport News, which houses several major employers including Jefferson Lab and Sentara Port Year built: 1991 Warwick Initial TCCP ended: 2005 • Only two miles east of Huntington Park, which includes a picturesque public beach, boat ramp, Rose Garden, tennis center, picnic area, and the Final year of LIHTC restrictions: 2025 War Museum • Transit bus route #104 stops at the edge of the property, facilitating an easy commute to the Newport News Transfer Center

WESTOVER STATION I 4 EXECUTIVE SU M MARY AFFORDABLE RESTRICTIONS

We stover Station currently operates under the Section 42 Low Income NEWPORT NEWS COUNTY, VA Housing Tax Credit {LIHTC) program, and has the following restrictions. (VIRGINIA BEACH-NOR FOLK-NEWPORT NEWS, Buyer must agree to maintain the affordable restrictions through the VA-NC HUD METRO FMR AREA) extended use period, including operating the property in compliance 2019 4-PERSON AMI: $79,300 with state and federal regulatory agreements. 2019 INCOME 60% AMI 80% AMI 1 person $ 33,360 $44,480 INITIAL TCCP ENDED : 2005 2 people $38,100 $50,800 FINAL YEAR OF RESTRICTIONS: 2025 3 people $42,840 $57,120 • LIHTC LURA: Restricts 1 00% of units at 60% AMI 4 people $47,580 $63,440 5 people $51,420 $68,560 • VHDA LURA: Restricts 20% of units at 80% AMI 6 people $55,200 $73,600 • 67% of units are occupied by tenants utilizing Section 8 Vouchers

PROPERTY DETAILS

YEAR BUILT 1991 RENTAL WASHERS/DRYERS Yes NUMBER OF BUILDINGS 9 WATER Waterworks I Not individually metered NUMBER OF UNITS 108 ELECTRIC Dominion Virginia Power I Individually metered NUMBER OF STORIES 3 GAS None PARCEL NUMBER 274000720 TELEPHONE Cox Communications ZONING R8 FOUNDATION Concrete slab LOT SIZE 5.51 acres FRAMING Wood DENSITY 19.60 units/acre EXTERIOR Brick veneer and vinyl siding PARKING SPACES 155 uncovered PARKING SURFACE Asphalt PARKING RATIO 1.44 spaces/unit ROOF Asphalt shingles LANDSCAPING Trees, shrubs, and grass AGE OF ROOF 2 years TOPOGRAPHY Flat PLUMBING PVC IN-UNIT WASHER/DRYER No HVAC Heat pump WASHER/DRYER Yes WIRING Copper CONNECTIONS

WESTOVER STATION I 5 EXECUTIVE SUMMARY

AERIAL MAP

REGIONAL MAP NEWPORT NEWS

'HAMPTON 0 WESTOVER STATION Rescue

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Living Room .----,

ONE BEDROOM I ONE BATH Bedroom 661 SQUARE FEET 36 UNITS

Dining +-' a., V'I 0 kitchen

Living Room

TWO BEDROOM I ONE BATH 858 SQUARE FEET Bedroom 72 UNITS D

WESTOVER STATION I 7 ----- COMMUNITY AMENITIES Barbecue and picnic area Leasing office

UNIT AMENITIES Walk-in closet(s) Dishwasher Garbage disposal Air conditioning In-unit washer and dryer connections with rentals available NETCENTER BUSINESS CENTER .. LOCAL MAP

WALMART SUPERCENTER Q Q THE PLAZA AT NEWMARK

un mgton@ Park @ TOM- & ANN HUNNICUT FAMILY YMCA N WESTOVER STATION

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SCHOOLS » HILTON ELEMENTARY SCHOOL (2.6 MILES) » ALTON LINDSAY MIDDLE SCHOOL (2.6 MILES) » HERITAGE HIGH SCHOOL (1.0 MILE) » THOMAS NELSON COMMUNITY COLLEGE (5.0 MILES) » CHRISTOPHER NEWPORT UNIVERSITY (5.0 MILES) Newport News is situated on the banks of the Hampton Roads harbor in southeastern Virginia. The city has a population of nearly 180,000 GROCERY STORES people, making it the fifth-largest city in the state. Just west of the » FOOD LION (0.4 MILE) property is Huntington Park Beach, which can be reached within a five­ » DOLLAR GENERAL (0.7 MILE) minute drive. Less than six miles north of the property is the Virginia » ALDI (3.9 MILES) » SAVE A LOT (4.1 MILES) Living Museum, which includes a botanical garden, aquarium, and zoo. Norfolk, one of the largest cities in Virginia, is conveniently located under 30 miles south of WestoverStation. NEIGHBORHOOD AMENITIES » UNITED STATES POST OFFICE (0.3 MILE) » VIRGINIA DEPARTMENT OF MOTOR VEHICLES (0.8 MILE) NEIGHBORHOOD HIGHLIGHTS » MAIN STREET LIBRARY (2.3 MILES) » RIVERSIDE REGIONAL MEDICAL CENTER (4.9 MILES) • Conveniently located within 15 minutes of several major shopping » VIRGINIA LIVING MUSEUM (5.4 MILES) and entertainment hubs, including City Center at Oyster Point, Hampton Towne Centre, and PARKS AND RECRE ATION • Abundant recreational opportunities include Huntington Heights » TOM & ANN HUNNICUTT FAMILY YMCA (1.3 MILES) Park, just two miles away, and Huntington Park Beach, which offers » NORTH NEWPORT NEWS COMMUNITY CENTER (1.3 MILES) free parking and a playground » HUNTINGTON PARKBEACH (1.4 MILES) » BRIARFIELD PARK (2.1 MILES) • Less than a mile away from several grocery stores such as a Dollar General and Food Lion RETAIL AND RESTAURANTS » NEWMARKET SOUTH SHOPPING CENTER (0.4 MILE) FOOD LION, POPEYES LOUISIANA KITCHEN, RENT-A-CENTER, LOCATION HIGHLIGHTS FASHION USA, RAINBOW SHOPS, THE DUMP FURNITURE OUTLET » THE PLAZAAT NEWMARKET (0.7 MILE) • Just 1 .5 miles from the Newport News train station, which services ROSES DISCOUNT STORE, MCDONALD'S, STARBUCKS, DOLLAR TREE, the Amtrak Thruway Connector and the Northeast Regional rail line FOOT LOCKER, GAMESTOP, TACO BELL, KFC, PIZZA HUT, WAWA, CATO FASHIONS, SALLY BEAUTY, BUDDY'S HOME FURNISHINGS • Within a 10-minute walk from a major retail intersection that has » WALMART SUPERCENTER (1.0 MILES) more than a dozen fast food restaurants, several chain stores, and » PENINSULA TOWN CENTER (3.6 MILES) TARGET, JCPENNEY, BARNES & NOBLE, FLOOR & DECOR, PETSMART, a WalmartSupercenter ASHLEY STEWART, GAMESTOP, BUFFALO WILD WINGS, H&M, OUTBACK STEAKHOUSE, FIVE GUYS, BATH & BODY WORKS, LOFT • , located less than a 20-minute drive from the property, features national chain stores such as Bath and Body Works, Champs Sports, Yankee Candle, JCPenney, and Chipotle TRANSPORTATION » BUS STOP I ROUTE 104 (0.1 MILE) • Newport News/Williamasburg International Airport is less than 20 » NEWPORT NEWS TRAIN STATION (1.5 MILES) minutes from the property, offering daily non-stop flights to Atlanta, » NEWPORT NEWS/WILLIAMSBURG Charlotte, and Philadelphia INTERNATIONAL AIRPORT (13.5 MILES) WESTOVER STATION I 9 HAMPTON ROADS Westover Station is less than 40 miles from both Virginia Beach and Norfolk, the two largest cities in Virginia. In combination with seven surrounding municipalities, these cities belong to the Hampton Roads region, a thriving metropolitan area that blends Southern charm, urban bustle, and picturesque coastlines. There is something for everyone, from art connoisseurs to nature lovers. Travel + Leisure magazine named Norfolk "America's Favorite City" thanks to its cleanliness and friendly people, and WalletHub ranked Virginia Beach the #1 "Best Big City to Live In" last year due to its affordability, education, healthcare, and safety.

SHIPPING & PORTS

As a waterfront city, Norfolk's ports are a major trade artery in international shipping, with millions of tons of cargo passing through its waters each year. The Port of Virginia, the third-largest port on the East Coast by total volume, is located in Norfolk. The port is currently undergoing $670 million in improvements that will expand its capacity by 40%. Shipping and shipbuilding are paramount to Norfolk's economy; numerous locals are employed by BAE Systems, a ship repair company. In addition, most major shipping lines have a presence in Norfolk. In Virginia Beach, the coastline has made it the perfect landing location for two major data cables constructed by the world's largest internet companies, serving the entire East Coast and connecting the city to Bilbao, Spain, and Rio De Janerio, Brazil. The region's coastline also creates a strong tourism sector, thanks to its seaside attractions and rich history.

ARTS & HISTORY Hampton Roads has an active performing arts scene. Residents can enjoy shows at the Veteran's United Home Loan Amphitheater, The NorVA, Scope Arena, or the Sandler Center for the Performing Arts. There are festivals almost every weekend at waterfront venues like Town Point Park and the Virginia Beach Oceanfront. The arts flourish in traditional settings like the Harrison Opera House, Chrysler Museum of Art, and Virginia Museum of Contemporary Art (MOCA). Norfolk's NEON district and Virginia Beach's VIBE district, SANDLER CENTER FOR■■ THE PERFORMING■ ARTS both longstanding art hubs, have recently become officially-designated arts districts. I l!ll l rra.l•=: ·■ Throughout both cities, mermaid and dolphin statues pay homage to the region's maritime roots. In addition to First Landing State Park, where

the first English colonists arrived in America, history buffs can peruse the Hermitage Museum, the Military Aviation Museum, or the Nauticus Maritime Museum, which features the USS Wisconsin-one of the last battleships ever built.

OUTDOORS The region is focused on environmental sustainability, in collaboration with community partners like the "Keep Norfolk Beautiful" volunteer cleanup initiative. In addition to two city park systems that encompass over 200 parks, the Virginia Zoo and Norfolk Botanical Garden offer a taste of the wild in the midst of a metropolitan. Other than its famous boardwalk, Virginia Beach is home to the and Marine Science Center, as well as the Back Bay National Wildlife Refuge. Surrounded by water, residents can explore the area's picturesque rivers and coastline by kayak or cruise ship.

RETAIL Bustling downtown Norfolk and Virginia Beach are major dining and shopping destinations. Food­ lovers can enjoy everything from seafood to traditional Southern fare at retail centers such as the Waterside District and Virginia Beach Town Center, home to both dining and shopping offerings. The region has a growing craft beer scene, which is showcased at the annual Virginia Beer Festival. There are numerous shopping centers within an hour of the property including MacArthur Center at the heart of downtown Norfolk, , , and the .

WESTOVER STATI ON I 10 � FOR MORE INFORMATION, PLEASE CONTACT THE LISTING BROKERS BELOW:

.- CBRE AFFORDABLE HOUSING � ► 1420 FIFTH AVENUE,SUITE 1700 � SEATTLE,WA98101 --I C/)

� + 1 206 664 9324 � LIC. 131372 � [email protected] m

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7J m + 1 206 826 5778 ;;o --i LIC. 26360 m (/) [email protected]

CBRE RICHMOND 1802 BAYBERRY COURT, SUITE 201 RICHMOND, VA 23236

+ 1 804 401 4017 UC. 225224365 PEYTON.C OX@CBRE. COM

FOR UNDERWRITING QUESTIONS, PLEASE CONTACT:

+ 1 206 826 5688 [email protected]

TO SCHEDULE YOUR TOUR OF THE PROPERTY, PLEASE CONTACT:

+ 1 206 826 5637 [email protected]

CBRE