WALNUT HILLS 100 UNITS | MACON, GA Room to Grow Rents via Multiple Value-Add Opportunites Near Revitalized Downtown Macon

CHAPMAN’S RETREAT 82 UNITS | SPRING HILL, TN OFFERING SUMMARY Upside Potential Via Efficient Operations: Walnut Hills has been operating below 30% occupancy, while average occupancy for Macon is 92%. New ownership has the opportunity to significantly increase NOI by bringing occupancy back up to a normal market level.

SITE CONSTRUCTION & UTILITIES Room to Grow Rents: Nearby properties with similar vintage have been renovated and are achieving over $200 more in rent per unit for 2 and 3 bed units. Number of Units 100 Exterior Brick / Siding

Rentable Square Feet 92,800 Roof Pitched / Shingles Value-Add via Interior Upgrades: New Ownership has the potential to increase rents at Walnut Hills by renovating the unit interiors with upgraded: Average SF Per Unit 928 Parking Surface Asphalt • Flooring Year Built 1970 Electricity Power • Countertops • Appliances Property Address 2050 Meriwood Drive Water / Sewer Macon Water Authority • Cabinetry

UNIT BREAKDOWN Value-Add via Amenities Upgrades: Additional value-add opportunities exist at the property by either utilizing existing green space to build a dog park or constructing an Type Units Rent Unit SF Total SF additional amenity such as a grilling area. 2BD/1BA 72 $550 750 54,000 Partnerships to Revitalize the City: 3BD/1BA 28 $650 965 27,020 Macon is being transformed by multiple partnerships between Bibb County government, , and a variety of Total/Avgs 100 $578 810 81,020 for-profit and nonprofit organizations that are working to attract new businesses, create new housing & infrastructure, and revitalize the downtown area. A few examples include: • The Second Street Corridor project is a $13 million project to improve the area from East Macon through downtown • A series of mixed-use buildings featuring ground-floor retail with student housing above and Mercer Landing, a building encompassing office and retail space, apartments for undergraduates, and a 95-room Marriott TownPlace Suites hotel • The College Hill Master Plan received $5 million in grant funding and has since WALNUT HILLS been leveraged into nearly $200 million in economic development activity • Job Growth in Macon is expected to be 34.97% in the next 10 years

Close Proximity to Macon’s Largest Demand Drivers: Walnut Hills provides its tenants convenient access to some of the area’s largest demand drivers, including: MACON • Mercer University - A private university with 8,600+ students enrolled, Mercer University has been an active partner in rebuilding Macon and is located less than 5 miles from the property • Robins Air Force Base (16,000 jobs), GEICO (5,200 jobs), and Navicent Health (4,600 jobs) • The Shoppes at River Crossing - 750,000 SF shopping center with over 80 retail stores anchored by Dillard’s and Belk • North Macon Plaza - 166,465 SF shopping center planned to be opened in 2019, anchored by Marshall’s/Homegoods, Michaels, Beall’s Outlet, Old Navy, Five Below, Famous Footwear and Lifeway Christian Resources

4 5 EXTERIOR PHOTOS

6 7 INTERIOR PHOTOS

8 9 MARKET SUMMARY

MACON, THE HEART GEORGIA OF GEORGIA

With 152,555 residents, Macon is the 4th-largest city in Georgia. A part of the Macon-Warner Robins CSA, a total of 417,473 people live in the area. Nicknamed “The Heart of Georgia”, Macon is home to numerous historical sites & museums and boasts strong education, healthcare, agriculture, and defense industries. Macon is a center of commerce and culture in central Georgia, and recent job growth (1.4%) and home price increase (2.6%) demonstrate the steady and constant growth of the market.

With Mercer University, Middle Georgia State University, and all located within city limits, Macon is a hub of education in Central Georgia. Mercer, along with Georgia Tech, University of Georgia, and Emory University, is one of the only schools in the state to crack US News & World Report’s list for top National Universities. Mercer boasts a full array of colleges & majors as well as a Division 1 athletics program. Middle Georgia State has ~8,000 students and ~700 employees, while Wesleyan College was the frst women’s college in the state of Georgia as well as the birthplace of the frst collegiate sororities. Healthcare is another strong suit of Macon. Navicent Medical Center is a top 10 hospital in the state of Georgia according to US News & World Report and has over 600 licensed beds. Coliseum Medical Center, across the from Downtown Macon, also provides 300+ beds.

12 13 MARKET SUMMARY LIFESTYLE

Despite its size, there is plenty to do in and around Macon. The Museum of Aviation at Robins AFB is the largest tourist attraction in the state outside of Atlanta. The Hay House downtown, the Allman Brothers Band EMPLOYMENT Museum, and Ocmulgee National Monument are all popular historic attractions. Amerson River Park, Ocmulgee The largest employer in the area, by far, is Robins Air Force Base, with 24,500 jobs on site (16,000 Heritage Trail, and Lake Tobesofkee provide outdoor activities. Athletics are also popular in Macon, as the city civilian jobs). Following Robins is GEICO (5,200), Navicent (4,600 employees), Coliseum Health is home to the Georgia Sports Hall of Fame. Mercer University participates in Division 1 athletics, while there Systems (1,400), Mercer (937), YKK Inc. (600), Ricoh USA (575), Georgia Farm Bureau Federation are also minor league hockey and baseball teams in the area. The International Cherry Blossom Festival lasts (525), Boeing Manufacturing (518), Haeco Manufacturing (410), and Bass Pro Shops Distribution 10 days each March and brings visitors from around the country to Macon. Music fans have several venues in (400). Tractor Supply Company, Kohl’s, Ryder, and Trane Company also have facilities in Macon. the area, including (9,252 capacity), Macon City Auditorium (2,688), and The Grand Opera According to Sperling’s Best Places, Job Growth in Macon is expected to hit 34.97% in the next House (2,418). 10 years.

34.97% EXPECTED JOB GROWTH IN THE NEXT 10 YEARS SPERLING’S BEST PLACES

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RENT COMPARABLES FEES & UTILITIES FEES Deposit Admin Fee App Fee Pet Fee Pet Rent Apartment Community PROPERTY YEAR UNITS SF RENT RENT / SF (ref) (non-ref) (per person) (non-ref) (monthly)

A Walnut Hills 1970 100 810 $578 $0.72 Walnut Hills 1 Month's Rent None $15 $200 $10 Creekside at Macon None $200 - $530 $35 $250 $10 B Creekside at Macon 1968 92 1088 $540 $0.50 The Oaks $545-$595 None $25 No Pets Allowed N/A C The Oaks 1974 98 943 $566 $0.60 Overlook Gardens $250-1 Month's Rent None $60 $300 $15 D Overlook Gardens 1988 184 1034 $736 $0.73 Glenwood Village $150-$300 None $35 $300 $15 E Glenwood Village 1987 80 512 $635 $1.39 The Cliffs None $250-1 month's rent $50 No Pets Allowed N/A

F The Cliffs 1969 142 1083 $813 $0.76 Pine Ridge $300 None $25 $500 None Cherry Tree Hill Unable to Verify Unable to Verify $45 $200 Unable to Verify G Pine Ridge 1969 83 960 $578 $0.62 Raintree $200 None $30 No Pets Allowed N/A H Cherry Tree Hill 1983 152 734 $518 $0.72 Highland Hills $200-$400 $100 - $400 $25 $300 $10 I Raintree 1972 152 530 $470 $0.89 The Retreat at Ragan Park $200 $100 $50 $300 $10 J Highland Hills 1971 241 1353 $720 $0.55 River Park $250 None $50 $300 $10

K The Retreat at Ragan Park 1973 144 1139 $656 $0.58

L River Park 1977 232 1043 $676 $0.66

UTILITIES Apartment Community Water/Sewer Gas Trash Electricity

Walnut Hills Included with Rent/Landlord Pays None Included with Rent Tenants Pay Creekside at Macon Included with Rent/Landlord Pays None Included with Rent Tenants Pay The Oaks Included with Rent/Landlord Pays Tenants Pay Included with Rent Tenants Pay Overlook Gardens Tenants Pay/Metered None Tenants Pay Tenants Pay Glenwood Village Tenants Pay/Flat Rate None Tenants Pay Tenants Pay The Cliffs Included with Rent/Landlord Pays None Included with Rent Tenants Pay Pine Ridge Included with Rent/Landlord Pays None Included with Rent Tenants Pay Cherry Tree Hill Included with Rent/Landlord Pays None Included with Rent Tenants Pay Raintree Included with Rent/Landlord Pays None Tenants Pay Tenants Pay Highland Hills Included with Rent/Landlord Pays None Included with Rent Tenants Pay The Retreat at Ragan Park Included with Rent/Landlord Pays None Included with Rent Tenants Pay River Park Included with Rent/Landlord Pays Tenants Pay Included with Rent Tenants Pay

32 33 5141 Virginia Way, STE 320 | Brentwood, TN T: 615.690.3001 | F: 615.523.4990