A 17-UNIT APARTMENT BUILDING in the CAPITOL HILL NEIGHBORHOOD 01 Executive Summary 02 Market Overview for MORE INFORMATION, PLEASE CONTACT

A 17-UNIT APARTMENT BUILDING IN THE CAPITOL HILL NEIGHBORHOOD 01 Executive Summary 02 Market Overview FOR MORE INFORMATION, PLEASE CONTACT:

EXCLUSIVE AGENT Robert Bratley 541.729.9667 [email protected] 03 DEBT & STRUCTURED Financial Analysis FINANCE Craig Branton 303.583.2029 [email protected]

01 Executive Summary

The Offering CBRE is pleased to offer for sale 1010 Emerson Street, a 17-unit apartment building located in the Capitol Hill neighborhood.

PROPERTY ADDRESS 1010 Emerson St. Denver, CO 80218

YEAR BUILT 1965

TOTAL BUILDING AREA 8,979 Square Feet

NUMBER OF APARTMENTS 17

AVERAGE UNIT SIZE 528 SF

PRICE $3,250,000

PRICE PER UNIT $191,176

PRICE PER SQUARE FOOT $361.96

AVG. MARKET RENT $1,225

AVG. MARKET RENT PER SF $2.32

6 - 1010 EMERSON STREET Investment Highlights Fifteen (15) of the 17 units at 1010 Emerson Street are renovated and include updated plank flooring and carpet, new cabinets and countertops, stainless steel appliances including microwaves and dishwashers, disposals, ceiling fans, updated tiling and vanities in the bathrooms, and more. In addition, all units have their own air conditioning units.

The property has a light value-add component with two units left to be renovated to increase the rents to achieve maximum returns. Nevertheless, 1010 Emerson Street has substantial capital improvements including upgraded electrical and a newer boiler, roof and windows.

1010 Emerson Street has a laundry room on-site with secured bike storage. The property also includes 18 storage units and five off-street parking spaces with additional income potential.

The property is in the highly desirable Capitol Hill neighborhood. With an 84 Walkscore and 90 Bikescore or Biker’s Paradise, all the concert venues, coffee shops, restaurants, bars, and boutique shops in Cap Hill are minutes away.

In the first quarter 2019 the Capitol Hill submarket had anaverage vacancy rate of 3.6% in buildings with nine to 50 units. This is well below the metro Denver average of 5.4%. This high demand increased the average rents by 3.7% over the previous quarter to $1,226 per month.

1010 Emerson Street is located less than five minutes from downtown Denver and 133,500 jobs. The property is also close to Denver Health and St. Joseph Hospital which account for 6,323 healthcare jobs.

*Source: AAMD Q1 2019 Vacancy & Rent Survey

7 - Executive Summary PROPERTY DETAILS

ADDRESS 1010 Emerson St. Denver, CO 80218

UNITS 17

TOTAL SQUARE FEET 8,979 Square Feet

ZONING G-RH-3

LOT SIZE 6,250 Square Feet

CONSTRUCTION DETAILS

CONSTRUCTION TYPE Exterior Walkup

FOUNDATION Concrete

SIDING Brick

ROOFING Flat

UTILITIES

ELECTRICITY Individually metered

GAS Master metered

WATER, SEWER & TRASH Master metered

PARKING

OFF-STREET PARKING SPACES 5

PARKING RATIO 0.29

LEASING DETAILS

APPLICATION FEE $50

PET RENT $25

PET FEE $250

OFF-STREET PARKING $60

8 - 1010 EMERSON STREET Community Amenities ◊ Near multiple RTD bus stops ◊ Blocks to bars, restaurants and entertainment on 13th, 14th, and Colfax Avenues ◊ Steps from The Park Tavern, Potiger, Snarf’s Sandwiches, Sexy Pizza, Barricuda’s, and more ◊ Proximity to Cheesman Park, Governors Park, and Trader Joe’s

◊ Two blocks from King Soopers, Starbucks, Dazbog Coffee, Whole Body ◊ Less than five minutes to downtown Denver Barre, and A Pet’s Paradise

9 - Executive Summary BRIGHTON 36 LOUISVILLE 470 INTERSTATE 25 THORNTON BROOMFIELD SUPERIOR

287 NORTHGLENN

WESTMINSTER DENVER 470 INTERNATIONAL AIRPORT

36 ARVADA

COMMERCE CITY

INTERSTATE 70 WHEAT

INTERSTATE RIDGE GOLDEN DENVER 70 INTERSTATE 6 70 6 INTERSTATE INTERSTATE 70 25 LAKEWOOD

ENGLEWOOD

EVERGREEN GREENWOOD 470 VILLAGE

470 LITTLETON

285

HIGHLANDS RANCH parker

85 INTERSTATE 10 - 1010 EMERSON STREET 25 RINO

DIA

UNION STATION

CITY PARK GOLF COURSE

DOWNTOWN DENVER ZOO DENVER

ST. JOSEPH'S HOSPITAL CITY PARK REDEVELOPMENT

RESTAURANT ROW

CHEESMAN PARK & DENVER BOTANIC GARDENS DENVER HEALTH

CHERRY CREEK SHOPPING CENTER

11 - Executive Summary DOWNTOWN DENVER 133,500 EMPLOYEES

ST. JOSEPH'S HOSPITAL REDEVELOPMENT

COLORADO STATE CAPITOL

CIVIC CENTER PARK

CHEESMAN PARK

DENVER HEALTH

DON’S CLUB TAVERN, ANGELO’S 6TH AVENUE TAVERNA, TABLE 6, RETAIL CORRIDOR SAFEWAY, UNO MAS TAQUERIA, FRUITION

12 - 1010 EMERSON STREET 13 - Executive Summary 02 Market Overview

Market Overview

CAPITOL HILL

As Denver’s most densely populated neighborhood, and one of its oldest, there is always something going on in Capitol Hill. The proximity to the Colorado State Capitol and downtown Denver makes this a highly desirable area for millennials and employees wanting a short commute every day. The neighborhood is a great mixture of history and hip, filled with beautiful late 18th-century mansions like the Molly Brown House and great nightlife spots such as The Black Box, Pub on Penn, Hudson Hill and Stoney’s. Great coffee shops and restaurants are popular gathering spots for locals and can be found scattered throughout the neighborhood including Pablo’s Coffee, City O’ City, Capitol Hill Tavern, Bang Up To The Elephant, The Network Coffee House, The Corner Beet, Thump Coffee and many more.

16 - 1010 EMERSON STREET CHEESMAN PARK

Centrally located between Capitol Hill and Congress Park, this 80-acre park is one of the most-popular parks in Denver. The park includes beautiful flower beds, picnic areas, The Pavilion, jogging path, scenic views, and a playground. The Denver Botanic Gardens is attached to the park as well and hosts a variety of events year-round, including a summer concert series, corn maze in the fall and Blossoms of Light in the winter. The Cheesman Park neighborhood is quieter than Capitol Hill and is lined by bounded by large, historic mansions. COLFAX AVENUE

Over the past several years, Colfax Avenue has emerged as one of central Denver’s strongest retail corridors. Dozens of new restaurants, coffee shops, bars and retailers have moved to East Colfax as the area continues to redevelop and improve. However, many historic establishments remain a staple for local residents. Many of Denver’s best are within walking distance of 1010 Emerson Street including Sassafras, Prohibition, 1up Colfax, Fillmore Auditorium, Ogden Theatre, Alpine Dog Brewing Company, Irish Snug, and Voodoo Doughnuts.

17 - Market Overview DENVER HEALTH

Founded in 1860, Denver Health Medical Center is one of the primary teaching hospitals in Denver and has affiliations to University of Colorado-Denver, Children’s Hospital Colorado and the Veteran’s Affairs Hospital at Fitzsimons. With 555 beds and 4,331 healthcare employees, Denver Health is one of the largest hospitals in metro Denver. With a central location in Denver, this facility serves more than 220,000 individuals a year. Denver Health delivers preventative, primary and acute services, including the Rocky Mountain Level 1 Trauma Center, Rocky Mountain Poison and Drug Center, Rocky Mountain Center for Medical Response to Terrorism, Mass Casualties and Epidemics, and family health and substance abuse centers.

18 - 1010 EMERSON STREET JOSEPHINE ST CITYCITY 42 PARK PARK YORK ST

GAYLORD ST

41 VINE ST 40 39

38 RACE ST E. 20TH AVE E. HIGH ST

E. 23RD AVE E. WILLIAMS ST 37 36 WEST CITY PARKWEST CITY PARK 35

E. 16TH AVE 16TH E. GILPIN ST E. 22ND AVE E. 34 33 32 E. 17TH AVE E. FRANKLIN ST 31 30 29

27 28 HUMBOLDT ST 26 E. 21ST AVE E. E. 18TH AVE E. 25 WARWICK HOTEL WARWICK GRAND HYATT INN & SUITES HAMPTON THE BROWN PALACE THE BROWN DOWNTOWN YMCA DOWNTOWN ORANGE THEORY FITNESS 9ROUND CITY SURF AVENUE THEATER AVENUE VIENNA CLEANERS SAMADHI CENTER YOGA DOGG URBAN 24 LAFAYETTE ST 23 1 1 1 3 3 2 2 4 4 3 2 4 FITNESS HOTELS RETAIL MARION ST Redevelopment St. Joseph's Hospital

DOWNING ST 22 PARK AVENUE WEST view

OGDON ST ver 21 O

EMERSON ST 20 arket E. 20TH AVE E. HILL E. 22ND AVE E. E. 23RD AVE E. CLARKSON ST CAPITOL CAPITOL 19 E. 19TH AVE E. WASHINGTON ST 19 - M

4 WASHINGTON ST 18

STR 10 4 2 24TH 17 PEARL ST 9 16 12

PARK AVENUE WEST

15 PENNSYLVANIA ST 8 11 14 7 13 2 6 1 STONEY’S UPTOWN JOINT UPTOWN STONEY’S BROTHERS WAFFLE CAFE THE DENVER BICYCLE BISTRO THE DISTRICT MARYÍS HAMBURGER THE WHITE PIE FISH WINE FARM HUMBOLDT TAQUERIA SANTOS DOS OLIVE AND FINCH PIZZA PAXTI’S MONK THIRSTY NEXT DOOR LOUNGE BREAD-N-BUTTER 17 SUSHI BAY CAFE THE WEATHERVANE BOCAZA MEXICAN GRILLE THAI CHADA THE THIN MAN HOUSE MARKS COFFEE ST. PUB & BREWERY VINE STREET TEQUILA WHISKEY TACOS

E. 18TH AVE E. LOGAN ST 3 3 31 41 33 37 32 35 23 27 34 25 39 42 22 36 38 24 30 26 29 28 40 2 E. 17TH AVE E. GRANT ST FIVE POINTSFIVE POINTS ST 5

4 SHERMAN ST 22ND 21ST ST 4 UPTOWN E. 16TH AVENUE E.

1 LINCOLN ST W. COLFAX AVENUE COLFAX W.

BROADWAY 1 2

3 TREMONT PL TREMONT 19TH ST ST

1 18TH ST

20TH 70

COURT PL COURT WELTON ST WELTON

16TH STREET FREE MALL RIDE CURTIS ST CURTIS

17TH ST PL GLENARM FREE METRO RIDE ST STOUT DOWNTOWN GOLDEN GOLDEN TRIANGLE WATERCOURSE FOODS WATERCOURSE COFEEHOUSE ILLEGAL GROUNDS ACE STEUBEN’S GRILL THE AVENUE + BOTTLE BEAST PARK & CO. & PARK PRIDE AND SWAGGER MARGS WILLIAMS TAVERN WALTER’S PIZZERIA WALTER’S LAS DELICIAS FLUID COFFEE BAR FLUID COFFEE D BAR COPERTA LOUNGE THE HORSESHOE WAHOO'S BELLA VISTA

15TH ST GUARD AND GRACE TRINITY GRILLE RANDOLPHÍS

14TH ST

ARAPAHOE ST ARAPAHOE CALIFORNIA ST CALIFORNIA 1

3 7 5 2 4 9 6 8 11

13 17 15 21 12 14 16 19 18 10 20 CHAMPA ST CHAMPA

RESTAURANTS RESTAURANT ROW RESTAURANT ST. JOSEPH HOSPITAL REDEVELOPMENT

The $700 million St. Joseph’s hospital redevelopment broke ground in 2011 and is one of the largest redevelopments in Denver to date. The main building will be an 826,000-square foot, 348-bed building in the middle of the campus that opened in 2015. The redevelopment also includes a new Children’s Hospital Uptown location and one of the last pieces of the redevelopment is the former nurse’s dormitory. This eight-story building will be converted into 49 age- restricted apartments and is slated for completion in 2020.

CARLA MADISON REC CENTER & DOG PARK

This state-of-the-art, $44 million building opened in January 2018. The 67,000-square foot facility has 28 amenities including two pools, a climbing wall, spin studio, weight and cardio rooms, gymnasium, rooftop event space and a dog park. Memberships start at just $30 per month.

20 - 1010 EMERSON STREET DOWNTOWN DENVER

Located less than five minutes northwest of 1010 Emerson Street, downtown Denver is thriving. Employment has reached 133,500 which is an all-time high and a 2.5% increase year-over-year. There are currently $2.8 billion in developments going into downtown Denver which includes 2.5 million square feet of office space, 1,000 hotel rooms and 5,000 residential units.

21 - Market Overview 03 Financial Analysis

Executive Summary

PROPERTY OVERVIEW YEAR ONE OPERATING SUMMARY NUMBER OF UNITS 17 Per Unit Total

YEAR BUILT 1965 EFFECTIVE GROSS INCOME $15,692 $266,756

PRICE $3,250,000 LESS: OPERATING EXPENSES 4,561 77,534

PRICE PER UNIT $191,176 LESS: CAPITAL RESERVES 250 4,250

PRICE PER SQUARE FOOT $361.96 NET OPERATING INCOME $10,881 $184,972

NET RENTABLE SQUARE FEET 8,979 LESS: DEBT SERVICE 4,999 84,988

AVERAGE SQUARE FEET PER UNIT 528 NET CASH FLOW (AFTER DEBT SERVICE) $5,881 $99,984

AVERAGE PROFORMA RENT PER UNIT $1,225

AVERAGE PROFORMA RENT PER SF $2.32

FINANCING ASSUMPTIONS FINANCIAL RETURNS PROPOSED NEW LOAN TRAILING 12 MONTH CAP RATE 4.63% INITIAL EQUITY $1,114,632

PROFORMA CAP RATE 5.69% PROPOSED NEW LOAN AMOUNT $2,135,368

PROFORMA CASH-ON-CASH RETURN 8.80% LOAN-TO-VALUE 66%

LEVERAGED IRR INTEREST RATE 3.98%

5 YEAR HOLD 14.62% LOAN TERM 5 Years

10 YEAR HOLD 13.50% AMORTIZATION 12 Months I/O & 30 Yrs. Thereafter

ALL CASH IRR ANNUAL PAYMENT (AMORTIZED) $122,040

5 YEAR HOLD 8.22% LOAN CONSTANT (AMORTIZED) 5.72% DEBT SERVICE COVERAGE RATIO 10 YEAR HOLD 8.14% 1.20 (TRAILING 3 MONTHS)

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

24 - 1010 EMERSON STREET Historical Analysis Trailing 12 Months, May 2019 Trailing 3 Months May 2019 Year One Proforma INCOME ASSUMPTIONS GROSS SCHEDULED RENT $235,097 $234,634 3.0% $257,397

LESS: GAIN/LOSS-TO-LEASE 0.0% 0 0.0% 0 (1.0%) (2,574)

GROSS POTENTIAL INCOME $235,097 $234,634 $254,823

LESS: VACANCY (4.3%) ($10,108) (6.4%) ($15,091) (5.0%) ($12,870)

LESS: CONCESSIONS (2.8%) (6,600) (2.8%) (6,600) 0.0% 0 TOTAL RENTAL INCOME 92.9% $218,389 90.8% $212,943 94.0% $241,953 PLUS: OTHER INCOME $233 $3,962 $248 $4,212 $453 $7,703

PLUS: UTILITY INCOME 20 345 72 1,220 684 11,628

PLUS: PARKING & STORAGE INCOME 75 1,280 93 1,580 322 5,472

EFFECTIVE GROSS INCOME $223,976 $219,956 $266,756

EXPENSES ¹ PER UNIT ACTUAL PER UNIT TRAILING 12 MO. PER UNIT PROFORMA EXP. REPAIRS & MAINTENANCE $257 $4,377 $257 $4,377 $500 $8,500

CONTRACT SERVICES 109 1,854 109 1,854 200 3,400

TURNOVER COSTS 118 2,008 118 2,008 200 3,400

PAYROLL 614 10,441 614 10,441 200 3,400

ADMINISTRATIVE 35 589 35 589 200 3,400

MARKETING 0 0 0 0 50 850

UTILITIES 972 16,532 972 16,532 900 15,300

TOTAL VARIABLE EXPENSES $2,106 $35,801 $2,106 $35,801 $2,250 $38,250

TAXES 1,024 17,400 1,024 17,400 1,048 17,813

INSURANCE 214 3,644 214 3,644 400 6,800

MANAGEMENT FEE 5.5% 12,413 5.6% 12,413 5.5% 14,672 TOTAL OPERATING EXPENSES $4,074 $69,258 $4,074 $69,258 $4,561 $77,534 CAPITAL RESERVES 250 4,250 250 4,250 250 4,250 TOTAL EXPENSES $4,324 $73,508 $4,324 $73,508 $4,811 $81,784 NET OPERATING INCOME $150,468 $146,448 $184,972 EXPENSE-TO-INCOME RATIO 33% 33% 31%

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. Unit Mix

Monthly Monthly Annual Monthly Unit Number of Unit Square Proforma Actual Rent/ % Type Proforma Proforma Proforma Actual Rent Total SF Description Units Feet Rent/SF SF Rents Rent Total Rent Total Total

1 Bed / 1 Bath 17 100.0% 528 $1,225 $2.32 $20,825 $249,900 $965 $1.83 8,979 Total/Average 17 100.0% 528 $1,225 $2.32 $20,825 $249,900 $965 $1.83 8,979

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

26 - 1010 EMERSON STREET Service, Other Income & Payroll

Trailing 12 Months, May 2019 Trailing 3 Months May 2019 Year One Proforma

SERVICE AND OTHER INCOME

APPLICATION FEES $17 $283 $4 $60 $31 $521

NSF & LATE FEES 29 500 0 0 30 515

OTHER INCOME 0 0 0 0 147 2,500

MONTH-TO-MONTH FEES 49 830 70 1,193 50 855

LAUNDRY & VENDING INCOME 65 1,105 68 1,159 67 1,138

NON-REFUNDABLE PET FEE 26 450 35 600 29 491

MONTHLY PET RENT 47 794 71 1,200 99 1,683

TOTAL SERVICE AND OTHER INCOME $233 $3,962 $248 $4,212 $453 $7,703

UTILITY INCOME

UTILITY INCOME $20 $345 $72 $1,220 $684 $11,628

TOTAL SERVICE AND OTHER INCOME $20 $345 $72 $1,220 $684 $11,628

PARKING & STORAGE INCOME

PARKING INCOME $75 $1,280 $93 $1,580 $201 $3,420

STORAGE INCOME $0 $0 $0 $0 $121 $2,052

TOTAL SERVICE AND OTHER INCOME $75 $1,280 $93 $1,580 $322 $5,472

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

27 - Financial Analysis Tax Analysis

DENVER COUNTY, JUNE 2019

Parcel Mill Levy Full Cash Value Assessment Ratio Assessed Value Tax

2018 Taxes Payable 2019*

0502243008000 0.077365 $3,197,800 7.20% $230,242 $17,813

$3,197,800 $230,242 $17,813

Valuation Per Unit: $188,106 Taxes Per Unit: $1,048

2019 Taxes Payable 2020 & 2020 Taxes Payable 2021**

0502243008000 0.077365 $3,087,500 7.20% $222,300 $17,198

$3,087,500 $222,300 $17,198

Valuation Per Unit: $181,618 Taxes Per Unit: $1,012

*2018 Taxes Payable 2019 are based on the Assessor’s Appraised Value of $188,106 per unit. Seller has already submitted a tax protest and a reduced Assessed Value is expected.

**2019 Taxes Payable 2020 & 2020 Taxes Payable 2021 are based on a sales price of $191,176 per unit discounted to 95% and the assumption that the Mill Levy and Assessment Ratio will remain the same as in 2018.

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

28 - 1010 EMERSON STREET 29 - Financial Analysis Sales Comparables # PROPERTY ADDRESS UNITS YEAR BUILT SF SALE PRICE $/UNIT $/SF SALE DATE

S 1010 Emerson St. 17 1965 8,979 $3,250,000 $191,176 $361.96 ---

1 66 S. Clarkson St. 12 1959 6,936 $2,740,000 $228,333 $395.04 Jul-18

2 1258 Marion St. 12 1960 7,345 $2,650,000 $220,833 $360.79 Jun-17

3 2633 W. 25th Ave. 18 1961 11,301 $3,920,000 $217,778 $346.87 Oct-16

4 245 Bannock St. 15 1963 10,095 $3,250,000 $216,667 $321.94 Mar-17

5 1300 Adams St. 18 1960 13,857 $3,839,000 $213,278 $277.04 Dec-17

6 410 Delaware St. 17 1966 9,810 $3,600,000 $211,765 $366.97 Apr-17

30 - 1010 EMERSON STREET 3

5 2

6 1010 Emerson St.

1 66 S. Clarkson St. 4 2 1258 Marion St.

3 2633 W. 25th Ave. 1 4 245 Bannock St. 5 1300 Adams St. 6 410 Delaware St.

31 - Financial Analysis Rent Comparables MARKET MARKET EFFECTIVE EFFECTIVE UNIT # PROPERTY ADDRESS SF RENT RENT/SF RENT RENT/SF TYPE

S 1010 Emerson St. 528 $1,225 $2.32 $1,225 $2.32 1BR/1BA

1 961 Marion St. 590 $1,350 $2.29 $1,350 $2.29 1BR/1BA

2 960 Grant St. 523 $1,340 $2.56 $1,340 $2.56 1BR/1BA

3 910 Downing St. 550 $1,302 $2.37 $1,302 $2.37 1BR/1BA

4 1010 E. 13th Ave. 502 $1,295 $2.58 $1,295 $2.58 1BR/1BA

32 - 1010 EMERSON STREET Rent Comparables MARKET MARKET EFFECTIVE EFFECTIVE UNIT # PROPERTY ADDRESS SF RENT RENT/SF RENT RENT/SF TYPE

5 1234 Clarkson St. 440 $1,259 $2.86 $1,259 $2.86 1BR/1BA

6 1220 Pearl St. 440 $1,250 $2.84 $1,250 $2.84 1BR/1BA

7 1461 Logan St. 515 $1,250 $2.43 $1,250 $2.43 1BR/1BA

8 1071 Marion St. 460 $1,250 $2.72 $1,250 $2.72 1BR/1BA

9 1345 High St. 461 $1,240 $2.69 $1,240 $2.69 1BR/1BA

AVERAGE 498 $1,282 $2.57 $1,282 $2.57 7

4 6 5

2 1 1010 Emerson St. 3

1 961 Marion St. 2 960 Grant St. 3 910 Downing St. 4 1010 E. 13th Ave. 5 1234 Clarkson St. 6 1220 Pearl St. 7 1461 Logan St. 8 1071 Marion St. 9 1345 High St.

34 - 1010 EMERSON STREET AFFILIATED BUSINESS DISCLOSURE

CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgment of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

CONFIDENTIALITY AGREEMENT

Y our receipt of this Memorandum constitutes your acknowledgment that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

DISCLAIMER

This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers.Y ou are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner. PMStudio_June2019 DENVER, COLORADO 80218 DENVER, COLORADO

FOR MORE INFORMATION, PLEASE CONTACT:

EXCLUSIVE AGENT DEBT & STRUCTURED FINANCE Robert Bratley Craig Branton 541.729.9667 303.583.2029 [email protected] [email protected]