Bentwood Apartments

BENTWOOD APARTMENTS 93 Units | Value Add Opportunity | Gainesville, FL OFFERING MEMORANDUM 6929 W University Ave, Gainesville, FL 32607 CONFIDENTIALITY AGREEMENT BENTWOOD APARTMENTS

This is a confidential Offering Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest into the acquisition of the Subject Property.

This Offering Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner or the Property, to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition, and other factors beyond the control of the Owner or Franklin Street Real Estate Services, LLC. Therefore, all projections, assumptions, and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to all interested and qualified prospective purchasers. Neither the Owner or Franklin Street Real Estate Services, LLC. , nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Offering Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Offering Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing

COLLABORATION this Offering Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered, and approved by the Owner and any obligations therein have been satisfied or waived.

INTEGRITY By receipt of the Offering Memorandum, you agree that this Offering Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Offering Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or the Franklin Street Real Estate Services, LLC. HARD WORK Furthermore, you agree not to use this Offering Memorandum or any of its contents in a manner detrimental to the interest of the Owner or Franklin Street Real Estate Services, LLC. In this Offering Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily ACCOUNTABILITY accurate descriptions of the full agreements referenced. Interested parties are so advised and expected to review all such summaries and other documents of whatever nature independently and not to rely on the contents of this Offering Memorandum in any manner.

Disclaimer: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Franklin Street has not verified, and will not verify, any of the information contained herein. All potential buyers must take appropriate measures to verify all of the information set through the due diligence period. BENTWOOD APARTMENTS | GAINESVILLE | FLORIDA

REGIONAL MAP

BENTWOODBentwood Apartments APARTMENTS

TABLE OF CONTENTS

EXECUTIVE SUMMARY PRESENTED BY: 4

DARRON KATTAN (LEAD) ZACH AMES PROPERTY DETAILS Managing Director Senior Director 6 813.658.3355 813.288.6676 [email protected] [email protected] 21 FINANCIAL ANALYSIS AVERY JORDAN MARK SAVARESE Senior Associate Investment Associate 813.577.3826 813.577.3837 RENT & SALE COMPARABLES [email protected] [email protected] 25 13 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET 36 AREA OVERVIEW Visit us at: FranklinSt.com EXECUTIVE SUMMARY 4 OFFERING MEMORANDUM Bentwood Apartments | Gainesville, FL BENTWOOD APARTMENTS 93 Units | Gainesville, FL 6929 W University Ave, Gainesville, FL 32607

Sale Price: $6,975,000 Price Per Unit: $75,000 Building Size: 50,328 SF Number of Units: 93 Number of Buildings: 11 Year Built: 1982

INVESTMENT HIGHLIGHTS INVESTMENT SUMMARY

• Stable Asset with Low Historic Turnover Bentwood Apartments is a 93-unit multifamily community located in Gainesville, FL - in Ala- • Gainesville Experiencing Rapid Growth & Major Job Increases chua county. The property is comprised of 11 one-story buildings that were built in 1982. Each building features wood frame construction with pitched asphalt roofs. The property features a • Located 4.8 Miles From the University of Florida - Ranked 7th-Best Pub- strong unit mix that includes 20 Studio Apartments (288 SF), 67 1 Bed 1 Bath Units (576 SF) lic University in the US & 8th-Largest Public University in the US with and 6 2 Bed 1 Bath units (864 SF). Over 54,000 Students Enrolled in the Fall 2018 Semester Bentwood Apartments is a quiet & serene community surrounded by nature and nestled be- • Hospital (Within 2 Miles) is Undergoing a $110+ Million Dollar Reno- neath a canopy of lush native Florida trees. Residents enjoy a variety of amenities including vation/Expansion, Creating Over 100 New Jobs in the Next 5 Years & on-site laundry facilities, private entrances, washer/dryer connections in select units, mail Increasing the Need for Nearby Housing and package storage, private patios, storm doors, double-pane widows, laminate wood floor- ing, lighted attic storage and trash collection. Residents are only a short drive to shopping, • UF Health Opening a 139,000 SF Medical Facility at the Oak’s Mall award-winning schools, local museums, state parks and major employment centers, including (Within 2 Miles) in Early 2020 - Expected to Bring Over 70 New Jobs to the University of Florida. the Area Bentwood Apartments offers an investor the opportunity to acquire an upgraded, stable, high • Nearly 20% of Current Residents Are Employed in the Medical/Health- occupancy asset in one of Gainesville’s most prime locations. North Florida Regional Medical care Industry & Would Have the Ability to Absorb Further Rent Increases Center (1.7 miles from property) is currently undergoing a $110+ million dollar expansion. Based On Their Annual Income vs Annual Rent Spend Nearly 20% of current residents are employed in the Medical/Healthcare industry and their annual income vs annual rent spend is between 5%-20% compared to the average norm of • Lack of Workforce Housing in Gainesville Leading to Strong Rent Growth 25%-30%. This could be a positive indicator of the current & future medical residents’ ability • Assumable Financing in Place to absorb further rent increases, resulting in a profitable opportunity for an investor.

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 5 PROPERTY DETAILS 6929 W University Ave, Gainesville, FL 32607

LOCATION INFORMATION PROPERTY DETAILS

Address 6929 W University Ave Primary Property Type Multifamily Zip 32607 Zoning R-3 City Gainesville Lot Size 5.0 Acres State Florida APN# 06655-058-000 County Alachua Number of Units 93 Units Submarket Gainesville Building Size (SF) 50,328 SF Property Name Bentwood Apartments Occupancy % 96% Nearest Highway I-75 Year Built 1982 Nearest Airport Gainesville Regional Airport Rentable Area (SF) 49,536 SF Number of Buildings 11

BUILDING INFORMATION PARKING & TRANSPORTATION

Number of Floors 1 Number of Parking Spaces 100 Average Unit Size (SF) 533 SF Parking Type Surface Framing Wood Frame Traffic Count Frontage (FT) 90,500 AADT Roof Pitched; Asphalt/Composition Shingle Traffic Count Street I-75 Walls Drywall HVAC PTAC Units AMENITIES

Amenities See page 17 for full list of amenities

LOCATION OVERVIEW LOCAL MAP 6929 W University Ave, Gainesville, FL 32607

IMMEDIATE LOCATION OVERVIEW 19 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET Residents of Bentwood Apartments are just minutes away from popular entertainment, dining, retail, education, recreation and several unique destinations. Across the street from the property is The Oaks Mall (1.7 Mi), a popular shopping destination with over 119 stores. Located just 5 miles away are both Butler Plaza and Celebration Pointe, two of Gainesville’s most massive retail spaces totaling over 3,000,000 SF of dining, class-A office space, entertainment, and retail - featuring national brands like Trader Joes, Whole Foods, Sam’s Club, Publix, Walmart and Lowe’s. Students have convenient access to Santa Fe Community College (3.4 Mi) and the University of Florida (4.8 Mi) with over 54,000 annual students. Entertainment and recreation are plentiful including the nearby Ben Hill Griffin Stadium (5.5 Mi), 8 local National Parks and the Florida Museum (6.7 Mi). Several huge employers in the area include the North Florida Regional Medical Center & Medical Campus (1.7 Mi), UF Health - Shands Hospital (7.8 Mi) and the University of Florida (6.1 Mi). Transportation is easy with Interstate 75 located less than a mile away which provides convenient access to Downtown Gainesville (7.2 Mi) and Gainesville Regional Airport (10.9 Mi).

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 7 MACRO VIEW 6929 W University Ave, Gainesville, FL 32607

REGIONAL MAP JACKSONVILLE TALLAHASSEE BENTWOOD APARTMENTS

GAINESVILLE

ORLANDO

TAMPA

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 8 POINTS OF INTEREST MAP 6929 W University Ave, Gainesville, FL 32607

GAINESVILLE MAP

1,650 Acres & 141,000+ 6,300+ Students On A Passengers in 2018 366 Acre Campus

Brand New 139,000 SF Medical Facility BEN HILL GRIFFIN STADIUM 12th Largest Stadium in Ranked 78th-Best Public THE OAKS MALL College Football University in the US With 88,000+ Seats With 54,000+ Students

267 Acres & 100+ Stores & Residences BENTWOOD APARTMENTS DOWNTOWN GAINESVILLE

SHANDS HOSPITAL 1,232 Beds & 9,000+ Nurses & Physicians

CELEBRATION POINTE 200,000+ Annual Visitors 1,000,000+ SF of Dining, Entertainment, Shopping, Class-A Office Space, Hospitality, Apartments & Townhomes

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 9 POINTS OF INTEREST MAP 6929 W University Ave, Gainesville, FL 32607

LOCAL MAP

NORTH FLORIDA REGIONAL MEDICAL CENTER & MEDICAL CAMPUS INTERSTATE 75 AADT: 90,500

NEWBERRY RD AADT: 50,000

MYRA TERWILLIGER ELEMENTARY SCHOOL

BENTWOOD APARTMENTS THE OAKS MALL Brand New 139,000 SF Medical Facility

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 10 BIRD’S EYE VIEW 6929 W University Ave, Gainesville, FL 32607

AERIAL MAP

BENTWOOD APARTMENTS INTERSTATE 75 AADT: 90,500

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 11 AERIAL - LOOKING NORTH-EAST 6929 W University Ave, Gainesville, FL 32607

THE OAKS MALL Brand New 139,000 SF Medical Facility 119-STORE SHOPPING MALL

432-BED HOSPITAL UNDERGOING A $110+ MILLION EXPANSION

AADT: 90,500

BENTWOOD APARTMENTS

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 12 AERIAL - LOOKING WEST 6929 W University Ave, Gainesville, FL 32607

W UNIVERSITY AVE

BENTWOOD APARTMENTS

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 13 PROPERTY PHOTOS - EXTERIOR 6929 W University Ave, Gainesville, FL 32607

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 14 PROPERTY PHOTOS - INTERIOR 6929 W University Ave, Gainesville, FL 32607

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 15 PROPERTY PHOTOS - AMENITIES & FACILITIES 6929 W University Ave, Gainesville, FL 32607

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 16 AMENITIES 6929 W University Ave, Gainesville, FL 32607

PROPERTY AMENITIES

• Online Payment Portal • 24-Hour Emergency Maintenance • Abundant Parking • On-Site Laundry Facilities • On-Site Maintenance • Mail & Package Receiving • Pet Friendly • Public Transportation at Entrance • Routine Pest Control Included • Quiet & Serene Community INTERIOR AMENITIES

• Flat-Rate Water Fee (Studio - $30, 1Bdr - $35, 2Bdr - $40) • Bonus Room with Washer/Dryer Connections Included in All 1Bdr & 2Bdr Floor Plans • Additional Storage • Air Conditioner • Ceilings Fans • Ceiling to Floor Bookcases in Select Units • Dishwashers in Select Units • Double-Pane Windows • Lighted Attic Storage • Private Patios • Single Story Construction • Storm Doors • Trash Collection Included

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 17 FLOOR PLANS 6929 W University Ave, Gainesville, FL 32607

GOLD PLATINUM STUDIO 1 BEDROOM - 1 BATHROOM 288 SF 576 SF

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 18 FLOOR PLANS 6929 W University Ave, Gainesville, FL 32607

DIAMOND 2 BEDROOM - 1 BATHROOM 864 SF

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 19 SITE MAP 6929 W University Ave, Gainesville, FL 32607

LEGEND

BENTWOOD OFFICE MAIL APARTMENTS SITE MAP LAUNDRY TRASH

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T 93 A: 533 767 144 814 153 611 2 B 1 B 645 C M P F M G P R S 2151 G P R 71305 75665

C A P F A G P R 1 B 1 B G P R 7204 855660 907980

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 22 INCOME & EXPENSE SUMMARY 6929 W University Ave, Gainesville, FL 32607

T2 I A A 19 S 19 T12 E O P F 18 S 19 P U T P U T I 9,0 855660 9, 907980 0 5 14507 0 5 14507 5 30072 30072 05 50 4658 05 50 4658 T 5 55 32970 55 32970 T 9 82207 905 82207 10085 937867 10647 990187 E L 5 33092 500 45399 40042 00 95 18160 09 7620 09 8100 T 944 868 80753 789 771 71659 E G I EGI 9216 857114 9877 918528 E T 9 9 76182 ,95 120444 5 14031 9 95 27418 0 37919 0 37919 5 30095 30095 05 34703 34703 32210 00 95 36741 0 ,5 103689 9 ,5 103689 A 0 9 23168 5 9 23168 09 00 9323 0 00 9323 50 23250 5 50 23250 T E 4487 4135 384569 4864 4804 446748 N O I NOI 5081 472545 5073 471780 T A 9 9 09 T ,55,59 A 09 0 T 0 09 D T 5,50,000 A T ,0 D

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 23 PRICE RANGES & CASH FLOW ANALYSIS 6929 W University Ave, Gainesville, FL 32607

L P P 6975000 P P U 5,000 P P S F 0 A D I D A ,000,000 A ,000,000 50 A 0 D 09 T L I T D T ,000,000 T ,95,000

T2 I A A 19 S 19 T12 E O 18 S 19 P F

N O I 472545 471780

C F A D 0,000 0,000 D A D ,55 ,0 90 900 0 0 T ,55 ,0 T 90 900

I 5

SUBJECT PROPERTY 6929 W University Ave | Gainesville, FL 32607

1 VILLAS AT ASHTON SQUARE 6933 W University Ave Gainesville, FL 32607

2 HARBOR COVE 6815 W University Ave Gainesville, FL 32607

3 REFLECTIONS 205 SW 75th St Gainesville, FL 32607

4 HAMPTON FOREST 7301 W University Ave Gainesville, FL 32607

5 HOLLY HEIGHTS 604 SW 70th Terrace Gainesville, FL 32607

42 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET

1 2 SUBJECT PROPERTY VILLAS AT ASHTON SQUARE HARBOR COVE 6929 W University Ave | Gainesville, FL 32607 6933 W University Ave | Gainesville, FL 32607 6815 W University Ave | Gainesville, FL 32607

Bldg Size: 49,536 SF Year Built: 1982 Space Size: 69,200 SF Bldg Size: 64,504 SF Space Size: 208,528 SF Bldg Size: 256,048 SF Lot Size: 5.0 AC No. Units: 93 Year Built: 2001 Lot Size: 5 AC Year Built: 2001 Lot Size: 16.46 AC Avg. Rent/SF: $1.44 Avg. Size: 532 SF No. Units: 66 Avg. Rent/SF: $0.83 No. Units: 208 Avg. Rent/SF: $0.98 Avg. Rent: $766 Occupancy: 96.0% Avg. Size: 1,048 SF Avg. Rent: $873 Avg. Size: 1,002 SF Avg. Rent: $977 Occupancy: 97% Occupancy: 100%

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

Studio 20 21.5 288 $635 $2.20 2 Bdr 2 Bath 50 75.8 1,000 $849 $0.85 1 Bdr 1 Bath 48 23.1 718 $839 $1.17 1Bdr 1Bath 67 72.0 576 $795 $1.38 3 Bdr 2 Bath 16 24.2 1,200 $949 $0.79 2 Bdr 2 Bath 96 46.2 990 $929 $0.94 2Bdr 1Bath 6 6.5 864 $890 $1.03 TOTAL/AVG 66 100% 1,048 $873 $0.83 3 Bdr 2 Bath 48 23.1 1,167 $1,119 $0.96 4 Bdr 3 Bath 16 7.7 1,438 $1,265 $0.88 TOTAL/AVG 93 100% 532 $766 $1.44 Laundry: Connections in Units Utilities: All Utilities Paid by Tenant TOTAL/AVG 208 100% 1,002 $977 $0.98 Amenities: Pet Friendly Laundry: Machines in Units Utilities: All Utilities Paid by Tenant Amenities: Pool, Playground, Fitness Center, BBQ Area

43 PROPERTY INFORMATION LOCATION OVERVIEWBENTWOOD APARTMENTS FINANCIAL ANALYSIS SALE COMPARABLES EXECUTIVERENT COMPARABLES SUMMARY | PROPERTYFRANKLIN DETAILS STREET | FINANCIALS | COMPARABLES | AREA OVERVIEW 27 RENT COMPARABLES BENTWOOD APARTMENTS | GAINESVILLE6929 W University| FLORIDA Ave, Gainesville, FL 32607 RENT COMPS

3 4 5 REFLECTIONS HAMPTON FOREST HOLLY HEIGHTS 205 SW 75th St | Gainesville, FL 32607 7301 W University Ave | Gainesville, FL 32607 604 SW 70th Terrace | Gainesville, FL 32607

Space Size: 319,896 SF Bldg Size: 458,952 SF Space Size: 118,440 SF Bldg Size: 120,565 SF Space Size: 201,200 SF Bldg Size: 201,200 SF Year Built: 1990 Lot Size: 21.78 AC Year Built: 1977 Lot Size: 9.33 AC Year Built: 1980 Lot Size: 12.08 AC No. Units: 288 Avg. Rent/SF: $0.91 No. Units: 152 Avg. Rent/SF: $1.04 No. Units: 280 Avg. Rent/SF: $0.98 Avg. Size: 1,110 SF Avg. Rent: $1,009 Avg. Size: 779 SF Avg. Rent: $810 Avg. Size: 718 SF Avg. Rent: $706 Occupancy: 97% Occupancy: 98% Occupancy: 97%

UNIT TYPE # UNITS % OF SIZE SF MIN MAX RENT/SF UNIT TYPE # UNITS % OF SIZE SF MIN MAX RENT/SF UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

1 Bdr 1 Bath 72 25 771 $880 $974 $1.21 1 Bdr 1 Bath 36 23.7 600 $731 $761 $1.24 1 Bdr 1 Bath 160 57.1 650 $660 $1.02 2 Bdr 1 Bath 108 37.5 1,107 $881 $1,008 $0.85 2 Bdr 1 Bath 56 36.8 765 $799 $831 $1.07 2 Bdr 1 Bath 76 27.1 700 $755 $1.08 3 Bdr 3 Bath 108 37.5 1,341 $1,035 $1,216 $0.84 2 Bdr 2 Bath 60 39.5 900 $831 $861 $0.94 2 Bdr 1.5 Bath - TH 40 14.3 1,000 $790 $0.79

TOTAL/AVG 288 100% 1,110 $938 $1,077 $0.91 TOTAL/AVG 152 100% 779 $795 $826 $1.04 2 Bdr 2 Bath 4 1.4 1,000 $790 $0.79

Laundry: Connections in Units; On-Site Facility Laundry: On-Site Facility; W/D In Select 2 Bdr 2 Bath Units TOTAL/AVG 280 100% 718 $706 $0.98 Utilities: All Utilities Paid by Tenant (Rent then increased to $891) Laundry: Connections in Units Amenities: Pool, Fitness Center, Sports Courts, Playground Utilities: All Utilities Paid by Tenant Utilities: Water/Sewer/Trash Included in Rent Amenities: Pool Amenities: Private Balconies, Private Patios, Fenced Yards

44 BENTWOOD APARTMENTSPROPERTY INFORMATION LOCATION OVERVIEWEXECUTIVE FINANCIALSUMMARY |ANALYSIS PROPERTYSALE DETAILS COMPARABLES | FINANCIALS |RENT COMPARABLES COMPARABLES | AREA OVERVIEWFRANKLIN STREET28 BENTWOOD APARTMENTS | GAINESVILLE | FLORIDA RENT COMPARABLES SUMMARY 6929 W University Ave, Gainesville, FL 32607 RENT COMPS SUMMARY

LOCATION RENT/SF RENT/UNIT BLDG SF # OF UNITS OCCUPANCY %

Bentwood Apartments 6929 W University Ave $1.44 $766.72 49,536 SF 93 96.0% Gainesville, FL 32607

LOCATION RENT/SF RENT/UNIT BLDG SF # OF UNITS OCCUPANCY %

Villas at Ashton Square 1 6933 W University Ave $0.83 $873 64,504 SF 66 97% Gainesville, FL 32607

Harbor Cove 2 6815 W University Ave $0.98 $977 256,048 SF 208 100% Gainesville, FL 32607

ReEections 3 205 SW 75th St $0.91 $1,009 458,952 SF 288 97% Gainesville, FL 32607

Hampton Forest 4 7301 W University Ave $1.04 $810 120,565 SF 152 98% Gainesville, FL 32607

Holly Heights 5 604 SW 70th Terrace $0.98 $706 201,200 SF 280 97% Gainesville, FL 32607

RENT/SF RENT/UNIT BLDG SF # OF UNITS OCCUPANCY % Totals/Averages $0.95 $875.45 220,254 SF 198.8 97.8%

45 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET

SUBJECT PROPERTY 6929 W University Ave | Gainesville, FL 32607

1 THE VILLAS AT ASHTON SQUARE 6933 W University Ave Gainesville, FL 32607

2 POINT WEST APARTMENTS 500 SW 34th St Gainesville, FL 32608

3 SILVER CREEK APARTMENTS 3009 SW Archer Rd Gainesville, FL 32608

4 SW COTTAGES 1902 SW 14 Terrace Gainesville, FL 32608

5 TIPTON TERRACE 1626 SW 14th St Gainesville, FL 32608

36 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET

SUBJECT PROPERTY 6929 W University Ave | Gainesville, FL 32607 Sale Price: $6,975,000 Year Built: 1982 Building SF: 49,536 SF Price PSF: $140.81 No. Units: 93 Price / Unit: $75,000 Occupancy: 96.0%

1 THE VILLAS AT ASHTON SQUARE 6933 W University Ave | Gainesville, FL 32607

Sale Price: $5,461,700 Lot Size: 5 AC Year Built: 2001 1 Building SF: 64,504 SF Price PSF: $84.67 No. Units: 66 Price / Unit: $82,753 Sale Date: 06/10/2019

2 POINT WEST APARTMENTS 500 SW 34th St | Gainesville, FL 32608

Sale Price: $13,225,000 Lot Size: 5.97 AC Year Built: 1969 2 Building SF: 170,456 SF Price PSF: $77.59 No. Units: 146 Price / Unit: $90,582 Sale Date: 06/06/2019

37 PROPERTY INFORMATION LOCATION OVERVIEWBENTWOOD FINANCIALAPARTMENTS ANALYSIS SALE COMPARABLES EXECUTIVERENT COMPARABLES SUMMARY | PROPERTY FRANKLIN DETAILS STREET | FINANCIALS | COMPARABLES | AREA OVERVIEW 32 SALE COMPARABLES BENTWOOD APARTMENTS | GAINESVILLE6929 W University| FLORIDA Ave, Gainesville, FL 32607 SALE COMPS

3 SILVER CREEK APARTMENTS 3009 SW Archer Rd | Gainesville, FL 32608

Sale Price: $8,000,000 Lot Size: 5.7 AC Year Built: 1982 3 Building SF: 64,584 SF Price PSF: $123.87 No. Units: 90 Price / Unit: $88,888 Sale Date: 03/04/2019

4 SW COTTAGES 1902 SW 14 Terrace | Gainesville, FL 32608

Sale Price: $2,650,000 Lot Size: 2.32 AC Year Built: 1963 4 Building SF: 23,049 SF Price PSF: $114.97 No. Units: 38 Price / Unit: $69,736 Sale Date: 11/30/2018

5 TIPTON TERRACE 1626 SW 14th St | Gainesville, FL 32608

Sale Price: $1,775,000 Lot Size: 0.69 AC Year Built: 1978 5 Building SF: 13,770 SF Price PSF: $128.90 No. Units: 18 Price / Unit: $98,611 Sale Date: 10/31/2018

38 BENTWOOD APARTMENTSPROPERTY INFORMATION LOCATION OVERVIEWEXECUTIVE FINANCIAL SUMMARY ANALYSIS | PROPERTY SALEDETAILS COMPARABLES | FINANCIALS | RENT COMPARABLES COMPARABLES | AREA FRANKLINOVERVIEW STREET33 BENTWOOD APARTMENTS | GAINESVILLE | FLORIDA SALE COMPARABLES SUMMARY 6929 W University Ave, Gainesville, FL 32607 SALE COMPS SUMMARY

LOCATION PRICE BLDG SF PRICE/SF PRICE/UNIT # OF UNITS

Bentwood Apartments 6929 W University Ave $6,975,000 49,536 SF $140.81 $75,000 93 Gainesville, FL 32607

LOCATION PRICE BLDG SF PRICE/SF PRICE/UNIT # OF UNITS SALE DATE

The Villas at Ashton Square 1 6933 W University Ave $5,461,700 64,504 SF $84.67 $82,753 66 06/10/2019 Gainesville, FL 32607

Point West Apartments 2 500 SW 34th St $13,225,000 170,456 SF $77.59 $90,582 146 06/06/2019 Gainesville, FL 32608

Silver Creek Apartments 3 3009 SW Archer Rd $8,000,000 64,584 SF $123.87 $88,888 90 03/04/2019 Gainesville, FL 32608

SW Cottages 4 1902 SW 14 Terrace $2,650,000 23,049 SF $114.97 $69,736 38 11/30/2018 Gainesville, FL 32608

Tipton Terrace 5 1626 SW 14th St $1,775,000 13,770 SF $128.90 $98,611 18 10/31/2018 Gainesville, FL 32608

PRICE BLDG SF PRICE/SF PRICE/UNIT # OF UNITS SALE DATE Totals/Averages $6,222,340 67,273 SF $106.00 $86,114.41 71.6

39 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 34 BENTWOOD APARTMENTS | GAINESVILLE | FLORIDA SALE COMPARABLES CHARTS 6929 W University Ave, Gainesville, FL 32607 SALE COMPS CHART

40 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 35 AREA OVERVIEW 36 OFFERING MEMORANDUM Bentwood Apartments | Gainesville, FL AREA OVERVIEW 6929 W University Ave, Gainesville, FL 32607

GAINESVILLE AREA OVERVIEW TOP EMPLOYERS Gainesville is the county seat and largest city in Alachua County, Florida and the COMPANY EMPLOYEES principal city of the Gainesville metropolitan statistical area. The US Census Bureau University of Florida 27,870 estimated Gainesville’s population at 133,857 in 2018, a 7.4% increase from 2010. UF Health 12,000 Gainesville is the largest city in the North Central Florida region. The Gainesville Alachua County School Board 4,200 metropolitan statistical area had an estimated population of 288,212 in 2018. North FL/South GA Veteran’s Health 3,500 System Gainesville is home to the University of Florida, the nation’s eigth-largest university City of Gainesville 2,270 campus by enrollment. Gainesville residents enjoy world-class performing arts, mu- Publix Supermarkets 2,160 seums, festivals, restaurants, craft breweries and live music on dozens of stages. North FL Regional Medical Center 2,100 Gator Dining Services 1,200 There are 8 state parks to explore with several crystal-blue freshwater springs and Nationwide Insurance Company 950 more than for biking and hiking. 100 miles of trails Walmart Stores 910 Alachua County 780 Santa Fe College 750 133,857 8 288,212 Walmart Distribution Center 520 Gainesville 2018 Local State Parks Alachua County Dollar General Distribution Center 500 Population 2018 Population RTI Surgical 500

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 37 AREAUNIVERSITY OVERVIEW OF FLORIDA OVERVIEW 6929 W University Ave, Gainesville, FL 32607

The University of Florida is the 8th largest single campus university in the US by enrollment with 54,906 students enrolled in the fall 2018 semester.

4.8 15 3rd Miles Minutes Largest FL From Property From Property University

123 76 41 Master’s Programs Doctoral Programs National Championships

2,000 16 150+ Acre Campus Academic Colleges Research Centers

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 38 AREAPOINTS OVERVIEW OF INTEREST 6929 W University Ave, Gainesville, FL 32607

CELEBRATION POINTE BUTLER PLAZA THE OAKS MALL

13 5.9 1,000,000+ 10 5.1 1,950,000+ 8 1.7 119 Minutes Miles Retail SF Minutes Miles Retail SF Minutes Miles Stores • More than one million square feet of dining, • More than 1,950,000 SF of retail space and • 906,104 SF of retail space and 119 stores. entertainment, shopping, Class-A office over 100 stores & services. • Achors include Belk, 2 Dillard’s Stores, space, hospitality, luxury apartments & • The largest retail power center in Florida. JCPenney and University of Florida Health. townhomes. Features 6 unique areas: • Anchor stores include: Lowe’s, Walmart, Best • UF Health announced plans for a 20 year • City Walk Promenade - Shops, Restaurants, Buy, Sam’s Club and 2 Publix Supermarkets. lease and renovation of the space to contain Bass Pro Shop & Regal Cinemas. • Other retailers include: CVS Pharmacy, its ophthamology and otolaryngology depart- • Tech Park - Landscaped park with free wifi. Bonesfish Grill, Chilli’s Grill & Bar, Pier 1 Im- ments. • The Shops - A mix of retailers including: Azu- ports, OfficeMax, Michaels, PetSmart, Butler lene Day Spa, Gadget Guys, & Liquid Ginger. Plaza Animal Hospital, Trader Joes, Tuesday • The Commons - Neighborhood center featur- Morning, AT&T Wireless, Outback Steak- ing a Starbucks and a WaWa. house, Jo-Ann Fabric & Crafts, Pollo Tropical, • City Place - Class-A apartment homes. Texas Roadhouse, Total Wine & More, Olive • The Vue - 86 townhome units neighboring Garden, Culver’s, Bahama Breeeze, Whole 700 acres of conservation, hiking & bike Foods and more. trails.

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 39 POINTS OF INTEREST 6929 W University Ave, Gainesville, FL 32607

GAINESVILLE UF HEALTH DOWNTOWN GAINESVILLE REGIONAL AIRPORT SHANDS HOSPITAL

19 6.8 100,000+ 27 10.9 505,000+ 18 7.8 1,000+ Minutes Miles Retail SF Minutes Miles Annual Passengers Minutes Miles Beds • Historic Downtown Gainesville has a wide • More than 505,000 annual passenger traffic • UF Health Shands Hospital is a teaching range of music venues, sporting events, in 2019. hospital of the University of Florida. It is one businesses, retail, shops and restuarants. • Top destinations inlude Atlanta, GA, Char- of seven hospitals in the University of Florida • Several redevelopment projects have taken lotte, NC, Miami, FL, and Dallas, TX. Health system and one of two campuses for place downtown to update the city’s look and • The airport covers 1,650 acres and has 2 UF’s Health Science Center, the other being feel. asphalt runways and a 3-gate terminal. UF Health at Jacksonville. • 450 condos and hotel units and 98,000 SF • Terminal features a full-restaurant and bar • Shands Hospital is a 996-bed tertiary care of retail space, covering 3 city blocks on 3.4 services plus a wide selection of souvenirs & facility with 241 intensive care beds. acres have been added to downtown Gaines- gifts. • Shands Hospital is a level 1 trauma center ville. and a leading organ-transplant center. • Home of many famous historic buildings • Shands Hospital recently opened the Uni- including: Bailey Plantation House (1854), versity of Florida Cancer Hospital adjacent Colson House (1905), Seagle Building (1926) to Shands Hospital. The new facility was and Epworth Hall (1884). estimated to cost $388 million and is over 500,000 square feet.

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 40 POINTS OF INTEREST 6929 W University Ave, Gainesville, FL 32607

FL MUSEUM OF NORTH FL SANTA FE NATURAL HISTORY REGIONAL MEDICAL CENTER COMMUNITY COLLEGE

18 6.7 200,000 6 1.7 432 10 3.4 50+ Minutes Miles Annual Visitors Minutes Miles Beds Minutes Miles Programs • The Florida Museum of Natural History • North Florida Regional Medical Center • Santa Fe College was established by the is Florida’s official state-sponsored and (NFRMC) is a 432-bed, full-service medical state government in 1965 to offer wide chartered natural-history museum with over and surgical acute care center serving North access to quality higher education. 200,000 annual visitors. Central Florida and offering comprehensive • Santa Fe College is home to a planetarium, • The museum features many different exhibits cardiovascular care, oncology, orthopedics, nationally-recognized teaching zoo, geologi- including: The Butterfly Rainforest, a Man- neurosciences, minimally-invasive lapa- cal (underground caves) field laboratory and grove Boardwalk Gallery, Natural Habitats roscopic and robotic surgery, weight loss state-of-the-art fine arts hall, and annually Center, an Underwater Walk-Through, surgery and treatment, senior care, women’s produces the Spring Arts Festival, the largest Archaeology Exhibits, Florida Wildflower health and wound therapy, among other cultural and arts event in Alachua County, Exhibits, Northwest Florida Waterways & services. FL. Wildlife, and South Florida’s Native American • Santa Fe College has more than 50 accredit- Legacy Gallery. ed technology and applied sciences pro- • The Univeristy of Florida vertebrate collec- grams, most which are two-year degrees. tion is housed at the museum and currently contains around 385,000 specimens.

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 41 NORTH FLORIDA REGIONAL MEDICAL CENTER EXPANSION 6929 W University Ave, Gainesville, FL 32607

NORTH FLORIDA REGIONAL MEDICAL CENTER $110+ MILLION EXPANSION PROJECT • The hospital will spend $70 million to expand its south tower, • The south tower’s 3-floor expansion will enhance the hospital’s $20 million to modernize its north tower, $17.5 million for a new neonatal, adult-intensive care, specialized orthopedic services parking garage and $3 million to renovate its emergency room. and add over 100 new beds. • The project will be funded by the hospital’s ownership group, • The expansion will help create more than 100 new jobs over the Hospital Corporation of America. next 5 years. • The 4,000 SF of added space will include a new lab, an elec- • Currently, the hospital has more than 3,300 physicians, nurses trocardiogram testing machine, a new waiting room and 5 new and volunteers. patient bays to improve the efficiency of patient processing. • When all construction is complete, the hospital will have spent • The new parking garage will have 5 stories and 895 new park- more than $200 million in renovations over the last 10 years. ings spaces for patients, visitors and staff.

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 42 UF HEALTH OPENING 3 SPECIALTY PRACTICES AT THE OAKS MALL 6929 W University Ave, Gainesville, FL 32607

UF Health (Shand’s Hospital) will be opening a new medical facility at Oak’s Mall which will feature 3 specialty practices. UF Health “The Oaks” will have ophthalmology, otolaryngology and audiology services in the new 139,000 square-foot facility. The new facility, which will fill the former Sears space, will also have an outpatient surgical center to support surgical procedures. The new facility includes 500 parking spaces and will bring over 70 jobs to the area. The facility’s close proximity to Interstate 75 makes it easily accessible for patients and staff. President of UF Health, David S. Guzick, M.D., Ph.D., says, “This makes our faculty expertise and other vital health resources more accessible to residents and creates an environment that combines the latest in technology with warm, attentive service. This new, expanded facility also reflects the markedly increasing demand for faculty services in ophthalmology and otolaryngology shown by residents of our community and region.” The project is expected to be completed by early 2020.

• UF Health Opens New 139,000 SF Medical Facility With 500 Parking Spots and 3 Speciality Departments • The Facility Will Bring Over 70 New Jobs to the Area, Increasing Housing Demand • UF Health Plans to Finish Construction in Early 2020

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 43 OFFICE LOCATIONS 6929 W University Ave, Gainesville, FL 32607

ATLANTA 3384 Peachtree Road NE Suite 650 Atlanta, GA 30326 Phone: 404.832.1250 Fax: 404.842.1755 CORPORATE JACKSONVILLE 7751 Belfort Parkway HEADQUARTERS Suite 110 Jacksonville, FL 32256 Phone: 904.271.4120 Fax: 904.899.5890 ORLANDO TAMPA 20 N. Orange Ave. 1311 North Westshore Blvd. Suite 200 Suite 610 Orlando, FL, 32801 Tampa, FL 33609 Phone:407.458.5400 Fax:407.264.8160

Phone: 813.839.7300 FT. LAUDERDALE Fax: 813.839.7330 900 S Pine Island Road Suite 310 Plantation, FL 33324 Phone: 954.640.1100 [email protected] Fax: 954.640.1101 MIAMI 2332 Galiano Street Second Floor Coral Gables, FL 33134 Phone: 786.292.3188 Fax: 786.269.2318

BENTWOOD APARTMENTS EXECUTIVE SUMMARY | PROPERTY DETAILS | FINANCIALS | COMPARABLES | AREA OVERVIEW 44 OFFERING MEMORANDUM BENTWOOD APARTMENTS CONTACT A TEAM MEMBER FOR MORE INFORMATION COLLABORATIVE REAL ESTATE SERVICES DARRON KATTAN ZACH AMES AVERY JORDAN MARK SAVARESE Visit us at FranklinSt.com Managing Director Senior Director Senior Associate Investment Associate 813.658.3355 813.288.6676 813.577.3826 813.577.3837 [email protected] [email protected] [email protected] [email protected]