AND THE FLATS Exclusive Student Housing Opportunity Located Directly Across the University of PRICE: TBD BY MARKET

a Berkshire Hathaway and Jefferies Financial Group company AND THE FLATS

INVESTMENT ADVISORS CAPITAL MARKET ADVISORS

ROBERTO PESANT JARET TURKELL YOAV YUHJTMAN BRAD WILLIAMSON Senior Managing Director Senior Managing Director Director Managing Director 305.975.5956 561.573.6140 786.853.5555 786.646.2580 [email protected] [email protected] [email protected] [email protected]

KEVIN LARIMER OMAR MORALES JOSE MOTA Senior Managing Director - Associate Senior Financial Analyst Student Housing 308.878.2278 561.609.4013 248.341.3305 [email protected] [email protected] [email protected] CONTENTS

EXECUTIVE SUMMARY 11 VALUATION ANALYSIS 25

INVESTMENT HIGHLIGHTS 15 MARKET OVERVIEW 31

PROPERTY OVERVIEW 19 LOCATION OVERVIEW 38

HOUSE 57 THE FLATS SITE OVERVIEW INTERIOR

Kitchen

Bathroom Living Room Garage Painting AMENITIES

Rooftop Jacuzzi

Bike Rack Entrance to Rooftop EXECUTIVE SUMMARY INTRODUCTION

Berkadia Real Estate Advisors, as exclusive advisor, is pleased to present the opportunity to acquire House 57 and The Flats (the “Property”) – a 16-unit, new construction student housing property containing 58 bedrooms amongst three buildings. The Properties were built in 2016 and 2018 and is located in the southwest quadrant created by SW 57th Ave and SW 62nd Street.

House 57 and The Flats represents a rare opportunity to acquire a high quality asset in the highly illiquid Coral Gables submarket. The asset has little direct competition and demonstrated resilience during the pandemic.

The Properties are located where South Miami and Coral Gables meet; two municipalities which are known for extremely High Barriers to Entry. Residents at House 57 and The Flats have convenient access to retail such as Sunset Place shopping center and a wide variety of grocery store chains such as Publix, Whole Foods and a Winn-Dixie. Furthermore, residents also have the luxury of being across the street from the . Lastly, the proximity to both South Dixie Highway and the South Miami Metro Rail Station, gives residents easy access to major employment hubs such as Downtown Miami, CBD, and .

PROPERTIES

Address 5710, 5728, 5730, 5740 SW 62nd Street, Miami, FL 33143

Year Built 2016 and 2018

Number of Units 16

Number of Bedrooms / Leases 58 Bed/Units Ratio 3.63x

Rentable SF 19,100 SF

Number of Buildings 3

Number of Stories 1 story (The Flats); 4 Stories (House 57)

Pro Forma Rents $4,344

Pro Forma Rents per Bed $1,086

Avg. SF 1,181

Rents PSF $3.77

Land Area Acres 0.74 HOUSE AND THE FLATS

Land Area SF 32,100

HOUSE 57 AND THE FLATS Executive Summary | 12

POINTS OF INTEREST 4. Ponce de Leon Middle School SHOPPING & ENTERTAINMENT TRANSPORTATION 9. The Shops at Sunset Place EDUCATION 5. South Miami Station 10. Shopping Mall 1. University of Miami 6. University Station 11. 2. Gulliver Prep Upper School Campus 7. Dadeland North Metrorail Station 12. 3. Coral Gables High School 8. Station 13. Miracle Mile

GROCERIES 14. Publix Super Market

NORTH 15. Whole Foods Market 16. Winn-Dixie

HEALTHCARE 17. South Miami Hospital 18. Baptist Hospital 19. Coral Gables Hospital

PARKS 20. Riviera Golf Course 21.

LIFESTYLE 22. Sushi Maki 23. Dr. Smood Café 24. Sawa Restaurant and Lounge 25. Yard House 26. Shake Shack 27. Chipotle 28. Cheesecake Factory 29. Equinox 30. Tap 42 31. The Salty Donut

HOUSE 57 AND THE FLATS Executive Summary | 14 INVESTMENT HIGHLIGHTS 1 UNIQUE STUDENT HOUSING PRODUCT

Boutique New Construction Apartment with high-quality modern finishes directly across from campus

House 57 and The Flats have a competitive advantage over on-campus housing. The unique and modern finishes provide students with a comfortable, yet affordable lifestyle conveniently located across the street from the University of Miami Campus.

Walk Time Rent per Bed

Average $1,555

< 10 Min Walk $1,719

10 - 20 Min Walk $1,435

HOUSE 57 AND THE FLATS INVESTMENT HIGHLIGHTS | 16 2 UNMATCHED LOCATION

High Barriers-to-Entry Location that Provides Students with Unique Lifestyle

House 57 and The Flats is conveniently located where the High Barrier-to-Entry metropolitan neighborhoods in South Miami and Coral Gables meet. This location is especially defenisve for the landlord as it places its tenants minutes away from the University of Miami, The University metrorail stop, multiple job centers as well as boutique shopping centers, institutional shopping malls, and various popular bars and restaurants.

Dadeland Mall

Shops at Sunset Place

Shops at Sunset Place

HOUSE 57 AND THE FLATS INVESTMENT HIGHLIGHTS | 17 3 STRONG, RESILIENT SUBMARKET

Submarket Demonstrated Resilience and Strength throughout the Global Pandemic

There are a limited number of purpose-built student housing near The under-supply of student housing in Coral Gables was especially the University of Miami campus, providing investors with both a evident during the pandemic, when occupancy near the University higher rent and steadier, consistent rent growth, when compared of Miami stayed above 90%. The strong occupancy during a global to traditional apartments. pandemic demonstrates both the strong demand and low supply of the student housing market in Coral Gables, especially when compared with traditional apartments.

Student Housing vs. Market Rate Student Housing vs. Market Rate Occupancy % Asking Rent Per Bed & Rent Growth OccupancyOccupancy %% 98.00% 2.000% $1,600 98.00% 96.00% 1.000% 96.00% $1,500 94.00% 0.000% 94.00% 92.00% -1. 000% $1,400 92.00% 90.00% -2. 000% 90.00% $1,300 88.00% -3. 000% 88.00% 86.00% -4. 000% $1,200 86.00% Rent Growth Rent Bed Per Rent -5. 000% 84.00%84.00% $1,100 -6. 000% 82.00%82.00% -7. 000% $1,000 80.00%80.00% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 20182018 20182018 20182018 20182018 20192019 20192019 20192019 2019 2020 2020 20202020 20202020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4 Q1 Q2Q2 Q3Q3 Q4Q4 Time Period StudentStudent Multi-FamilyMulti-Family

Student Rent per Bed Multi-Family Rent per Bed Student Rent Growth Multi-Family Rent Growth

Source: CoStar market research Source: CoStar market research

HOUSE 57 AND THE FLATS INVESTMENT HIGHLIGHTS | 18 PROPERTY OVERVIEW APARTMENT FEATURES

• Contemporary Style

• Bedrooms with their Own Private Bathroom, Lock and Key

• Secure Garage Parking

• Washer and Dryer in Each Unit

• Stainless Steel Kitchen Appliances

• Balconies on Select Units COMMUNITY FEATURES

• Steps from UM campus and Gables trolley

• Picnic and sunbathing area Jacuzzi, electric BBQ grills, study room at the House 57

• Close to restaurants, shopping, and entertainment

• Ease of access to South Dixie Highway

• Bike racks in a secured area PROPERTY DETAILS

BUILDING Year Built The Flats at House 57: 2018 / House57: 2016 Residential Units 16 units / 58 beds (House 57: 12 Units, 42 beds; The Flats at House 57: 4 Units, 16 beds) Residential SF 28,626 Sq Ft (House 57: 23,638 Sq. Ft; The Flats at House 57: 4,988 Sq. Ft.) Site Size 32,100 Sq. Ft. (House 57: 23,638 Sq. Ft. / The Flats at House 57: 16,050 Sq. Ft.) Floors The Flats: 1 / House57: 4 Zoning The Flats: RU-2 / House57: RU-4 Building Style The Flats: Duplex / House57: Multifamily Ceiling Height The Flats: 9'3" / House 57: 9'6"

MECHANICAL Heating Central (both) Air Conditioning Central (both) Water Heater House 57: Tankless Water Heaters, The Flats at House 57: Tank Water Heaters Electrical MC Cable (both) Plumbing / Supply Lines CPVC (both) Fire Protection House 57: Fire Sprinklers, Smoke Detectors and Fire Alarm; The Flats at House 57: Smoke Detectors Construction CBS (both) Framing Material Metal Track and Studs (both) Exterior Wall Finish Stucco (both) Roof Construction & Finishing Material House 57: Concrete Deck with Tapered Insulation and TPO # of Elevators House 57: 1 / The Flats at House 57: 0

FLOOD Zone No Flood Zone. Flood Insurance N/A

PARKING Total Garage Spaces House 57: 23 Spaces / The Flats at House 57: 8 Spaces ADA Parking Spaces House 57: 1 Space / The Flats at House 57: 0 Space Total Spaces 32 Spaces Ratio per Unit 2.0:1

UTILITIES Type Provider Paid By Electricity FPL Units: Tenant / Common Area: Landlord Water/Sewer Miami Dade Billback to Tenant on a Quarterly Basis Cable DirecTv LL pays for one (1) drop in the Living Room Trash Removal Waste Management LL

HOUSE 57 AND THE FLATS PROPERTY OVERVIEW | 22 HOUSE 57 TYPICAL FLOOR PLAN

4 Bedroom 4 Bedroom 1,236 SF 1,243 SF

BATH BATH

3 Bedroom 3 Bedroom 1,096 SF 1,126 SF

HOUSE 57 AND THE FLATS PROPERTY OVERVIEW | 23 THE FLATS FLOOR PLANS

4 Bedroom 1,197SF

HOUSE 57 AND THE FLATS PROPERTY OVERVIEW | 24 VALUATION ANALYSIS RENT ROLL SUMMARY

THE FLATS UNIT MIX

BUILDING NUMBER # OF UNITS # OF BEDS TOTAL OCCUPANCY SF PRO FORMA RENTS RENTS PER BED RENTS PSF ANNUAL RENTS

1 1 4 4 50% 1,197 $5,000 $1,250 $4.18 $60,000

1 1 4 4 75% 1,197 $5,000 $1,250 $4.18 $60,000

2 1 4 4 100% 1,197 $5,000 $1,250 $4.18 $60,000

2 1 4 4 100% 1,197 $5,000 $1,250 $4.18 $60,000

Average/Total 4 16 16 81% 1,197 $5,000 $1,250 $4.18 $60,000

HOUSE 57 UNIT MIX

UNIT TYPE NUMBER OF UNITS NUMBER OF BEDS TOTAL OCCUPANCY SF PRO FORMA RENTS RENTS PER BED RENTS PSF ANNUAL RENTS

3 Bedroom 6 3 18 100% 1,111 $3,450 $1,150 $3.11 $41,400

4 Bedroom 6 4 24 67% 1,240 $5,100 $1,275 $4.11 $61,200

Average/Total 12 42 42 81% 1,184 $4,393 $1,221 $3.71 $52,714

HOUSE 57 AND THE FLATS UNIT MIX SUMMARY

UNIT TYPE NUMBER OF UNITS NUMBER OF BEDS OCCUPANCY SF PRO FORMA RENTS RENTS PER BED RENTS PSF ANNUAL RENTS

3 Bedroom 6 18 100% 1,111 $3,450 $1,150 $3.11 $41,400

4 Bedroom 10 40 73% 1,223 $5,060 $1,265 $4.14 $60,720

Average/Total 16 58 81% 1,181 $4,456 $1,114 $3.77 $53,475

HOUSE 57 AND THE FLATS VALUATION ANALYSIS | 26 PRO FORMA

FINANCIAL INCOME AMOUNT % OF GPR PER UNIT PER BED PER SF FOOTNOTE

Current Market Rents $888,968 100.0% $55,561 $15,327 $47 1 Gain / Loss to Lease $0 0.0% $0 $0 $0 GROSS POTENTIAL RENT $888,968 100.0% $55,561 $15,327 $47

Less: Vacancy ($44,448) -5.0% ($2,778) ($766) ($2) 2 Less: Concessions $0 0.0% $0 $0 $0 Less: Collection Loss ($1,333) -0.2% ($83) ($23) ($0) 3 Base Rental Revenue $843,187 94.9% $52,699 $14,538 $45 Effective Rent $4,630 $1,277 PSF $4

Plus: Utility Reimbursements $40,800 4.6% $2,550 $703 $2 4 Plus: Other Income $24,000 2.7% $1,500 $414 $1 5 Plus: Parking $19,200 2.2% $1,200 $331 $1 5 OTHER INCOME $84,000 9.4% $5,250 $1,448 $4

EFFECTIVE GROSS INCOME $927,187 104.3% $57,949 $15,986 $49 Monthly Collections $77,266 $1,332

EXPENSES Repairs & Maintenance $48,000 5.4% $3,000 $828 $3 6 Contract Services $10,800 1.2% $675 $186 $1 7 Apartment Turnover $16,000 1.8% $1,000 $276 $1 8 Payroll $32,000 3.6% $2,000 $552 $2 9 Marketing & Promotion $12,000 1.3% $750 $207 $1 10 General & Administrative $14,000 1.6% $875 $241 $1 11 CONTROLLABLE EXPENSES $132,800 14.9% $8,300 $2,290 $7 Utilities $48,000 5.4% $3,000 $828 $3 12 Insurance $24,000 2.7% $1,500 $414 $1 13 Real Estate Taxes $151,515 17.0% $9,470 $2,612 $8 14 Management Fees $37,087 4.2% $2,318 $639 $2 15 Capital Reserves $3,200 0.4% $200 $55 $0 16 TOTAL EXPENSES $396,603 44.6% $24,788 $6,838 $21

NET OPERATING INCOME $530,584 59.7% $33,161 $9,148 $28

HOUSE 57 AND THE FLATS VALUATION ANALYSIS | 27 CASH FLOWS

EOY 1 EOY 2 EOY 3 EOY 4 EOY 5 EOY 6 EOY 7 EOY 8

Current Market Rents 888,968 915,637 943,107 971,400 1,000,542 1,030,558 1,061,475 1,093,319

Gain / Loss to Lease 0 0 0 0 0 0 0 0

Gross Potential Rent 888,968 915,637 943,107 971,400 1,000,542 1,030,558 1,061,475 1,093,319

Less: Vacancy (44,448) (45,782) (47,155) (48,570) (50,027) (51,528) (53,074) (54,666)

Less: Concessions 0 0 0 0 0 0 0 0

Less: Collection Loss (1,333) (1,373) (1,415) (1,457) (1,501) (1,546) (1,592) (1,640)

Rental Revenue 843,187 868,482 894,537 921,373 949,014 977,484 1,006,809 1,037,013

Plus: Other Income 64,800 66,744 68,746 70,809 72,933 75,121 77,375 79,696

Plus: Parking 19,200 20,160 21,168 22,226 23,338 24,505 25,730 27,016

Effective Gross Income 927,187 955,386 984,451 1,014,408 1,045,285 1,077,110 1,109,913 1,143,725

EXPENSES

Operating Expenses $356,451 $363,580 $370,852 $378,269 $385,834 $393,551 $401,422 $409,450

Management Fees $37,087 $38,215 $39,378 $40,576 $41,811 $43,084 $44,397 $45,749

Total Operating Expenses $393,538 $401,795 $410,230 $418,845 $427,645 $436,635 $445,818 $455,199

Net Operating Income $533,648 $553,591 $574,221 $595,563 $617,639 $640,475 $664,095 $688,526

less: Capital Reserves ($3,200) ($3,200) ($3,200) ($3,200) ($3,200) ($3,200) ($3,200)

less: Total Debt Service ($254,345) ($254,345) ($254,345) ($254,345) ($391,585) ($391,585) ($391,585)

Net Cash Flow $276,103 $296,046 $316,676 $338,018 $222,854 $245,690 $269,310

FORWARD ASSUMPTIONS EOY 1 EOY 2 EOY 3 EOY 4 EOY 5 EOY 6 EOY 7 EOY 8

Rent Growth 3.90% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Vacancy Loss 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

Concession Loss 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Management Fee 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%

Expenses Inflation 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

HOUSE 57 AND THE FLATS VALUATION ANALYSIS | 28 10. Marketing & Promotion FINANCIAL FOOTNOTES Berkadia projects a Marketing & Promotion expense of $750 per unit per year, which is in line with the Properties’ performance over the past twelve months.

INCOME 11. General & Administrative Berkadia projects a General & Administrative expense of $875 per unit per year, which is in 1. Current Market Rents line with the Properties’ performance over the past twelve months. Year 1 Current Market Rents are based on market rents per the House 57 and The Flats website. Additionally, rent is grown 3.90% in Year 1and 3.0% every year thereafter. Lastly, rent growth is 12. Utilities based on data provided by CoStar market research. Berkadia projects a Utilities expense of $3,000 per unit per year, which is in line with the 2. Vacancy Properties’ performance over the past twelve months. Berkadia has underwritten vacancy to 5.0% throughout the analysis as the Properties’ are 13. Insurance currently stabilized. However, the Properties’ have a strong history of leasing at full capacity pre-COVID-19. Berkadia projects an Insurance expense of $1,500 per unit per year, which is in line with current ownership across the Properties. Since insurance policies may fluctuate from 3. Collection Loss buyer to buyer, Berkadia recommends the prospective purchaser to do their own outreach Berkadia projects a Collection Loss of -0.2%, which is in line with the Properties’ performance for insurance indications. over the past twelve months. 14. Real Estate Taxes 4. Utility Reimbursements Miami-Dade County annually assesses taxes at the county level. A property’s appraised Utilities are currently back-billing actual water/sewer costs to the tenants. This amount is billed market value is typically determined using the sales comparable, income, and cost by semester in arears. Tenants are currently paying directly for electricity; and cable/internet approach. Taxes are paid in arrears with a 1% per month discount for taxes paid November is included in the rent amount. Berkadia assumes Utility Reimbursements will collect a 85% recapture rate. through February for a total possible discount of 4.0%, if paid in November. The table below reflects Berkadia’s Year 1 Real Estate tax estimate based on Berkadia’s opinion of 5. Other Income & Parking value and comparable tax reassessments in Miami-Dade County: Berkadia projects Other Income will grow by 3% relative to the Properties’ performance pre- COVID-19 when the property was 95%+ occupied. Proforma Real Estate Tax Assumptions EXPENSES Taxing Authority Miami-Dade 30-4025-035-0870; 30-4025-035-0860; Parcel ID# 6. Repairs & Maintenance 30-4025-035-0850 Berkadia projects a Repairs & Maintenance expense of $3,000 per unit per year, which is % of Purchase Price Assessed 80% in line with the Properties’ performance over the past twelve months. Total Millage Rate 17.65710 7. Contract Service Non-Ad Valorem Taxes $42.81 Berkadia projects a Contract Service expense of $675 per unit per year, which is in line Projected Year 1 Real Estate Taxes $151,651 with the Properties’ performance over the past twelve months.

8. Apartment Turnover 15. Management Fee Berkadia projects an Apartment Turnover expense of $1,000 per unit per year, which is in Due to the size of the asset, Berkadia has projected a Management Fee of 4.00% of line with the Properties’ performance over the past twelve months. Effective Gross Income.

9. Payroll 16. Capital Reserves Berkadia projects a Payroll expense of $2,000 per unit per year, which is in line with the Since the Properties newly developed, Berkadia projects capital reserves to be $200 per Properties’ performance over the past twelve months. unit per year.

HOUSE 57 AND THE FLATS VALUATION ANALYSIS | 29 IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia® and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia® employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions. © 2020 Berkadia Proprietary Holding LLC

Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. #00843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only.

HOUSE 57 AND THE FLATS VALUATION ANALYSIS | 30 MARKET OVERVIEW SALES COMPARABLES

PRICE PER PRICE PER PRICE PER DISTANCE PROPERTY NAME YEAR BUILT # OF UNITS # OF BEDS SALE PRICE SALE DATE SCHOOL AFFILIATION UNIT BED SF TO SCHOOL

House 57 and The Flats 2016 & 2018 16 58 - - - - - 0.1 Miles University of Miami

3117 Raymond Ave 2019 5 15 $3,565,000 $713,000 $237,667 $507 Oct-20 0.8 Miles University of Southern California

The Graymont 2018 8 32 $4,550,000 $568,750 $142,188 $248 Aug-20 0.7 Miles University of Arizona

Lofts on the Hill 2011 13 48 $15,375,000 $1,182,692 $320,313 $836 Jul-20 0.6 Miles University of Colorado

Mr. Flagstaff Apartments[1] 2015 9 9 $4,695,000 $521,667 $521,667 $335 Jun-20 0.3 Miles Northern Arizona Universal

Plaza One89 2018 12 42 $9,000,000 $750,000 $214,286 $200 Mar-20 0.4 Miles

The Bradford 2019 6 24 $2,625,000 $437,500 $109,375 $317 Feb-20 0.6 Miles Arizona State University

Lofts North End 2017 16 16 $9,034,000 $564,625 $564,625 $452 Jan-20 1.9 Miles Illinois State University

5545 Hardy Ave 2017 5 16 $4,125,000 $825,000 $257,813 $397 Nov-19 0.3 Miles San Diego State University

1136 W 36th St 2019 9 33 $7,700,000 $855,556 $233,333 $451 Aug-19 0.2 Miles University of Southern California

The Compound Luxury Student Housing 2013 6 7 $3,120,000 $520,000 $445,714 $202 Oct-18 1.2 Miles University of Arizona

Prisma Luxury Apartments 2018 8 44 $6,000,000 $750,000 $136,364 $533 Oct-18 0.2 Miles San Diego State University

California Polytechnic State ICON SLO[1] 2016 7 24 $6,400,000 $914,286 $266,667 $325 Jul-18 0.5 Miles University

50 N Mountain Ave[1] 2015 4 24 $2,850,000 $712,500 $118,750 $297 Mar-18 0.5 Miles University of Arizona

Total/Average 108 334 $731,843 $236,644 $392

[1]Sale was part of a 1031 exchange

HOUSE 57 AND THE FLATS MARKET OVERVIEW | 32 SALE COMPARABLES HIGHLIGHTS

3117 RAYMOND AVE PLAZA ONE89 5545 HARDY AVE 1136 W 36TH ST ICON SLO

3117 is a 5-unit very efficient Plaza One89 is a 12-unit and Hardy Ave is the new 1136 W 36th St is located Icon SLO is modern chic 15-bed student housing deal 42-bed student housing home to the Delta Upsilon only a few blocks away from student housing property located minutes away from property located directly Fraternity House. The three- USC’S West Campus Entry. that was completed in 2016 the University of Southern across from Clemson story building of 5-units was The property was built in 2019 and is walking distance away California. The property was University. The property completed in 2017 and sold and offers a diverse unit mix from California Polytechnic built in 2019 and has high- traded in March of 2020 for $4,125,000 in November that facilitates any student’s University. The property end modern finishes in which for $9,000,000, or $750,000 of 2019, or $825,000 per lifestyle. The property also contains 7 units that provides achieved a $5,400 market per unit and $214,286 per unit and $257,813 per door. offers an attached garage with 24 beds and does include rent per unit at time of sale. bedroom. The property is one The property is located on parking available. Lastly, the retail space on the ground Although the unit mix is of Clemson University’s more Fraternity Row and is located property contains 9-units and floor. The highly luxurious primarily three bedroom by luxurious off-campus housing on the southwest section of 33 beds. 1136 W 36th St sold in unit interior finishes and unit three and a half bathrooms, and is was built in 2018. the campus. August of 2019 for $7,700,000, amenities provides students the spacious 1,500 square or $855,556 per unit and an unparalleled lifestyle in foot units were occupied $233,333 per bed. campus while attending as six-bedroom units. The school. The property sold in property sold during peak- July of 2018 for $6,400,000, or COVID-19 in October of 2020 $914,286 per unit and $266,667 for $3,565,000, or $713,000 per per bed. unit and $237,667 per bed.

HOUSE 57 AND THE FLATS MARKET OVERVIEW | 33 RENT COMPARABLES

4 6 1 2 7

5 3

S. House 57 and The Flats 3. Commons 6. Identity Miami NORTH 1. 109 Tower 4. 4th St. Commons 7. The One at University City 2. Club Prado 5. Residences at Thesis

HOUSE 57 AND THE FLATS MARKET OVERVIEW | 34 RENT COMPARABLES

PROPERTY NAME OCCUPANCY PROPERTY TYPE YEAR BUILT UNITS AVG. UNIT SIZE RENTS RENTS PER BED RENTS PSF

House 57 + The Flats 81.0% Student Housing 2016 & 2018 16 1,181 $4,456 $1,229 $3.77

109 Tower 72.0% Student Housing 2014 149 1,150 $3,147 $916 $2.74

Club Prado 94.0% Multifamily 2016 196 907 $2,237 $1,414 $2.47

Red Road Commons 84.0% Multifamily 2009 404 850 $2,013 $1,167 $2.37

4th St. Commons 90.0% Student Housing 2015 208 973 $1,898 $703 $1.95

Residences at Thesis 77.0% Multifamily 2020 204 865 $2,756 $2,286 $3.19

Identity Miami 90.0% Student Housing 2019 303 1,404 $3,754 $1,832 $2.67

The One at University City 94.0% Student Housing 2020 886 735 $2,052 $1,037 $2.79

Total/Weighted Average 2,350 914 $2,397 $1,264 $2.62

4th Street Commons Club Prado Identity Miami

Red Road Commons Residences at Thesis The One at University City 109 Tower

House 57 and The Flats rents are based on Pro Forma rents.

HOUSE 57 AND THE FLATS MARKET OVERVIEW | 35 THREE-BEDROOM REGRESSION ANALYSIS

PROPERTY NAME NO. OF UNITS AVG. SF RENTS RENTS PER BED RENTS PSF

HOUSE 57 AND THE FLATS 6 1,111 $3,450 $1,150 $3.11

Club Prado 18 1,370 $2,574 $858 $1.88

Red Road Commons 23 1,298 $2,586 $862 $1.99

Residences at Thesis 15 1,489 $4,879 $1,626 $3.28

The One at University City 125 1,106 $3,180 $1,060 $2.88

Total / Weighted Average (Excl. Subject) 181 1,188 $3,185 $1,062 $2.68

THREE-BEDROOM REGRESSION ANALYSIS Three-Bedroom Regression Analysis

Residences at Thesis $4,490

$3,990 Rents House 57 and The Flats $3,490 The One at University City

$2,990

Red Road Commons Club Prado

$2,490 1,095 1,145 1,195 1,245 1,295 1,345 1,395 1,445 1,495 Avg. SF

HOUSE 57 AND THE FLATS MARKET OVERVIEW | 36 FOUR-BEDROOM REGRESSION ANALYSIS

PROPERTY NAME NO. OF UNITS AVG. SF RENTS RENTS PER BED RENTS PSF

HOUSE 57 AND THE FLATS 10 1,223 $5,060 $1,265 $4.14

109 Tower 107 1,297 $3,556 $889 $2.74

4th St. Commons 102 1,284 $2,171 $543 $1.69

Identity Miami 95 1,330 $2,896 $724 $2.18

The One at University City 123 1,408 $4,240 $1,060 $3.01

Total / Weighted Average (Excl. Subject) 427 1,333 $3,275 $819 $2.46

FOUR-BEDROOM REGRESSION ANALYSIS Four-Bedroom Rent Regression $5,500

$5,000 House 57 and The Flats

$4,500 The One at University City

$4,000

109 Tower Rents $3,500

$3,000

Identity Miami $2,500 4th St. Commons

$2,000 1,200 1,250 1,300 1,350 1,400 1,450 Avg. SF

HOUSE 57 AND THE FLATS MARKET OVERVIEW | 37 LOCATION OVERVIEW UNIVERSITY OF MIAMI UNIVERSITY OF MIAMI

First-Time Freshmen

UM enrolled 2,359 new freshmen in the fall of 2020, equating to a 7.1% annual increase - University of Miami

INTRODUCTION Established in 1925, the University of Miami (UM) has matured into a major research institution and academic health system. UM is a private not-for-profit university and has been classified by the Carnegie Commission as a Doctoral University with Highest Research Activity Off-Campus Housing Demand (R1). The university consistently ranks among the best colleges in the county by U.S. News & World Report and is listed as the top private Over 14,117 students at the University of Miami chose to live off campus university in by Niche. In the fall of 2020, UM welcomed 17,809 for the fall 2020 semester students, of which 2,359 were first-time freshmen, the largest first-time - University of Miami undergraduate class in at least 15 years. The university also has a strong alumni base, of which more than 53,000 reside in Miami-Dade County.

The University of Miami also plays a key role in the regional economy. According to the most recent report published, the university generates an annual economic impact of more than $5.6 billion on Miami-Dade County, supporting over 40,600 direct and indirect jobs. UM's main High Research Activity campus in Coral Gables employs 4,880 faculty and staff members, UM's research and sponsored program expenditures totaled $308.2 contributing approximately $1.4 billion to the local economy each year. million in FY 2020 - University of Miami

BERKADIA UNIVERSITY OVERVIEW HOUSE 57 AND THE FLATS LOCATION OVERVIEW | 40 UNIVERSITY OF MIAMI

FACILITIES

UNIVERSITY UNIVERSITY OF MIAMI 7 OF MIAMI 5.2k residential communities on-campus housing capacity

The University of Miami’s main campus encompasses 240 acres in Coral UM MAIN CAMPUS Gables. The campus houses 120 buildings totaling 5.3 million square feet of academic space and nearly 1.4 million square feet in structured parking.

On-campus housing at the University of Miami is distributed across seven residential communities, Eaton, Hecht, Mahoney, Pearson, Stanford, Lakeside Village, and University Village. Overall, the university boasts an on-campus housing capacity of 5,157, leaving more than 12,650 students in need of off-campus housing options. For the fall 2020 semester, 14,117 students chose to live off campus, highlighting a greater demand for off- campus living options. UM recently completed the construction of the $155 million Lakeside Village, which provide 1,100 beds for students. The university is investing an additional $260 million into Centennial Village, a multiyear project that will replace the Hecht, Stanford, and Eaton residential facilities by 2025.

HOUSEBERKADIA 57 AND THE FLATS LOCATIONUNIVERSITY OVERVI OVERVIEWEW | 41 UNIVERSITY OF MIAMI

ACADEMICS AND RESEARCH

UM - ACADEMICS UM - RESEARCH

$380.2 million 11 Research Expenditures Schools and Colleges in FY 2020

28 347 Research Centers Total Degrees Offered and Institutes

The University of Miami is organized into 11 academic schools and colleges, UM is one of only 115 institutions classified by the Carnegie Commission including the Miami Herbert Business School, College of Arts and Sciences, as a Doctoral University with Highest Research Activity (R1). The university and College of Engineering. Overall, UM offers 135 bachelors, 146 masters, engaged in $380.2 million in research and sponsored program expenditures and 66 doctoral degrees in a wide range of disciplines. Of the university's in fiscal year 2020, a 5.9% increase from one year prior. The University of Miami 1,155 full-time faculty members who serve as mentors to the 17,809 enrolled Miller School of Medicine received a record $149.5 million in research grants students, 97% hold a doctorate or other terminal degree. The university from the National Institutes of Health (NIH) in fiscal year 2019, ranking No. 1 provides an intimate class setting with 50% of undergraduate classes in Florida and No. 39 nationally among 142 institutions. The university hosts containing 15 students or less. UM has 40-plus academic honors societies, 28 centers and institutes that research, investigate, and explore some of and more than 800 undergraduate students participate in the Foote Fellows the world’s most perplexing societal problems and health issues. Scheduled Honors Program. The university also offers dual-degree programs combining for completion in 2020, the $60 million Frost Institute of Chemistry and undergraduate and graduate study in biochemistry and molecular biology, Molecular Science (FICMS) will provide a space for renowned scientists as exercise physiology, law, and many more. well as students to conduct collaborative research. BERKADIA UNIVERSITY OVERVIEW HOUSE 57 AND THE FLATS LOCATION OVERVIEW | 42 UNIVERSITY OF MIAMI

ENROLLMENT

UNIVERSITY OF MIAMI FIRST-TIME ENROLLMENT 17.8k FRESHMEN 2.4k for the fall 2020 semester for the fall 2020 semester

The University of Miami resumed in-person classes for the fall 2020 semester UNIVERSITY OF MIAMI following the campus closure in spring due to the coronavirus pandemic. Of FALL ENROLLMENT 18,000 the 17,809 UM students who enrolled at the start of the 2020 academic year, 11,334 were undergraduate students and 6,475 were seeking graduate or professional degrees. Culturally diverse by nature, UM's students come from 49 states, three U.S. territories, and 121 other countries from around the globe. 17,000

The university received 40,132 new freshman applications for the fall 2020 semester, which resulted in 13,281 admissions, equating to a 33% acceptance 16,000 rate. Of those who were admitted, 2,359 enrolled at UM for the start of the fall 2020 semester, making it the university's largest first-time undergraduate class in at least 15 years. 15,000 16,774 16,847 16,801 17,003 17,331 17,811 17,809 14,000 Fall '14 Fall '15 Fall '16 Fall '17 Fall '18 Fall '19 Fall '20 Enrollment

HOUSEBERKADIA 57 AND THE FLATS LOCATIONUNIVERSITY OVERVI OVERVIEWEW | 43 UNIVERSITY OF MIAMI

HOUSING RATES

AVERAGE $ UNIVERSITY ANNUAL ENROLLMENT ROOM RATE 8,315 per semester 5,157 (29%)

12,652 Live-on Requirement: First-year undergraduate students who are enrolled (71%) full-time are required to live in on-campus housing.

Off-Campus Students On-Campus Students

ON-CAMPUS ROOM RATES**

Hecht and Stanford Double Room $4,400 Small Single $5,870 Lakeside Village LSV Double (2/1 or 3/1*) $5,975 Double as Single* (Suites) *contains four occupants $6,570 *single occupant LSV Single (3/1*) $8,225 *contains four occupants Eaton, Mahoney, LSV Single (2/1) $8,725 Double Room $4,450 and Pearson LSV Efficiency $9,575 Standard Single $6,900 Lakeside Village Merrick (4/2) $8,650 Cane (Apartments) University Village $6,310 (4 bedrooms/2 bathrooms) Gables (2/1) $9,200 Villager (4/4) $6,820 Mangrove (4/2) $9,275 Lake (4/4) $6,950 Banyan (3/1) $9,525 Palm (2/2) $7,440 Cypress (2/1) $9,750 Ibis (1/1) $10,320 Ocean (4/2) $9,800

**rates are per semester, meal plan not included BERKADIA UNIVERSITY OVERVIEW HOUSE 57 AND THE FLATS LOCATION OVERVIEW | 44 UNIVERSITY OF MIAMI

HOUSING RATES

AVERAGE $ UNIVERSITY ANNUAL ENROLLMENT ROOM RATE 8,315 per semester 5,157 (29%)

12,652 Live-on Requirement: First-year undergraduate students who are enrolled (71%) full-time are required to live in on-campus housing.

Off-Campus Students On-Campus Students

ON-CAMPUS ROOM RATES** UNIVERSITYHecht and Stanford OF MIAMIDouble Room $4,400 Small Single $5,870 Lakeside Village LSV Double (2/1 or 3/1*) $5,975 Double as Single* (Suites) *contains four occupants $6,570 *single occupant LSV Single (3/1*) $8,225 *contains four occupants HOUSING RATES Eaton, Mahoney, LSV Single (2/1) $8,725 Double Room $4,450 and Pearson LSV Efficiency $9,575 ON-CAMPUS ROOM RATES** Standard Single $6,900 Lakeside Village Lakeside Village Merrick (4/2) $8,650 Sunset StudioCane $2,956 (Apartments) (Apartments)University Village $6,310 (4 bedrooms/2Tropical (2/1) bathrooms) $10,250 Gables (2/1) $9,200 SawgrassVillager Studio (4/4) $10,450$6,820 Mangrove (4/2) $9,275 OsceolaLake (1/1) (4/4) $11,000$6,950 Banyan (3/1) $9,525 OakPalm (1/1) (2/2) $11,650$7,440 Cypress (2/1) $9,750 Ibis (1/1) $10,320 Ocean (4/2) $9,800

**rates are per semester, meal plan not included BERKADIA UNIVERSITY OVERVIEW

**rates are per semester, meal plan not included

HOUSEBERKADIA 57 AND THE FLATS LOCATIONUNIVERSITY OVERVI OVERVIEWEW | 45 UNIVERSITY OF MIAMI

CONSTRUCTION AND DEVELOPMENT

FROST INSTITUTE OF CHEMISTRY AND MOLECULAR SCIENCE $60 million Investment

90,000 SF Facility

Construction on the University of Miami's Frost Institute of Chemistry and Molecular Science (FICMS) is ahead of schedule and is expected to open in the summer of 2022. The $60 million facility will be located at the institution's main campus in Coral Gables. Spanning 90,000 square feet, the structure will feature imaging and science research laboratories, administrative and research offices, a lecture hall, a multipurpose gathering space, and associated building support spaces. This project is the first of multiple planned interdisciplinary research centers under the Frost Institutes for Science and Engineering.

CONSTRUCTION AND DEVELOPMENT

KNIGHT RECITAL HALL $27 million 200 Investment Seat Recital Hall

25,435 350+ SF Facility Annual Performances

The world-renowned Frost Music School at the University of Miami has grown into a national music leader in higher education, presenting over 350 performances each year. The university recently embarked on creating a new facility that will be able to accommodate a wider range of performances. Currently in the planning stage, the 25,435-square-foot venue will feature modern indoor and outdoor event spaces with picturesque views of Lake Osceola, additional rehearsal rooms, a state-of-the-art sound recording control booth, and an ensemble hall. The $27 million project is slated for completion in 2022.

HOUSEBERKADIA 57 AND THE FLATS LOCATIONUNIVERSITY OVERVI OVERVIEWEW | 46 UNIVERSITY OF MIAMI

LIFESTYLE AND ENTERTAINMENT

DOWNTOWN ULTRA MUSIC MIAMI 320+ FESTIVAL 165k restaurants attendees

Greater Miami is known around the globe for its beautiful beaches and DOWNTOWN MIAMI resorts along the Atlantic Ocean shoreline. In addition, the region has amazing attractions, a burgeoning arts scene, exciting nightlife, fascinating museums, great shopping, eclectic restaurants, and sporting events.

Encompassing miles of white-sand beaches, Miami offers abundant water activities including surfing, fishing, diving, stand-up paddle boarding, and snorkeling. As the "Cruise Capital of the World," PortMiami welcomes over five million cruise vacationers each year and offers a variety of sailing and boating. In addition, the region is home to more than 20 spectacular golf courses and is the birthplace of New World Cuisine, offering a wide variety of international flavors at restaurants run by world-known chefs.

Miami has a vibrant nightlife scene and cultural lifestyle with some of the nation's hippest nightclubs featuring live music and dancing. In addition to 's Ibiza—the hottest nightspot in the world—popular nightlife corridors include Ocean Drive, Collins and Washington Avenues, and . Concerts, comedy, and theater performances are available at several venues. Miami hosts the annual with 165,000 attendees from all over the world.

HOUSEBERKADIA 57 AND THE FLATS LOCATIONUNIVERSITY OVERVI OVERVIEWEW | 47 UNIVERSITY OF MIAMI

ATHLETICS

MIAMI HARD ROCK HURRICANES 16 STADIUM 65.3k varsity teams across 12 sports seating capacity

The University of Miami sponsors 16 men's and women's varsity teams across 12 sports. Known as the , UM's intercollegiate athletic teams compete in the Coastal Division of the Atlantic Coast Conference (ACC) at the Division I level of the National Collegiate Athletic Association (NCAA). Overall, the University of Miami has captured 21 national team championships and numerous individual national titles.

UM boasts one of the top baseball programs in the country, with four national championships, 25 trips to the College World Series, and 46 NCAA tournament appearances, producing nearly 300 Major League Baseball (MLB) draft picks. The Miami Hurricanes are also among the most storied and decorated football programs in NCAA history, attaining five national championships. The 65,326-seat Hard Rock Stadium has served as the football team's home since 2008. The baseball team hosts its home games at Alex Rodriguez Park at Mark Light Field, while the men's and women's basketball teams play their home games at the 200,000-square-foot, 7,972- seat Watsco Center.

Sources: Berkadia; University of Miami; Google; Getty Images; Wikipedia; National Center for Education Statistics

HOUSEBERKADIA 57 AND THE FLATS LOCATIONUNIVERSITY OVERVI OVERVIEWEW | 48 DISCLAIMER

The material contained in this document is confidential, furnished solely for the purpose of considering investment in the property described therein and is not to be copied and/ or used for any purpose or made available to any other person without the express written consent of Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In accepting this, the recipient agrees to keep all material contained herein confidential.

This information package has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of interest in the property described herein. It does not, however, purport to present all material information regarding the subject property, and it is not a substitute for a thorough due diligence investigation. In particular, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not made any investigation of the actual property, the tenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property, including but not limited to any potential environmental problems that may exist and make no warranty or representation whatsoever concerning these issues. The information contained in this information package has been obtained from sources we believe to be reliable; however, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Any pro formas, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future performance of the property.

Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. and Seller strongly recommend that prospective purchasers conduct an in-depth investigation of every physical and financial aspect of the property to determine if the property meets their needs and expectations. We also recommend that prospective purchasers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent consequences of ownership.

All parties are advised that in any property the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the health of some individuals. Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. recommend, if prospective buyers have questions or concerns regarding this issue, that prospective buyers conduct further inspections by a qualified professional.

The Seller retains the right to withdraw, modify or cancel this offer to sell at any time and without any notice or obligation. Any sale is subject to the sole and unrestricted approval of Seller, and Seller shall be under no obligation to any party until such time as Seller and any other necessary parties have executed a contract of sale containing terms and conditions acceptable to Seller and such obligations of Seller shall only be those in such contract of sale.

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