303 UNIVERSITY DRIVE Springs, CO 80910 4 UNITS | BUILT 1965

OFFERING MEMORANDUM

PRICE: $550,000 PRICE / UNIT: $137,500 PRICE / SF: $123.37

A Division of Unique Properties, Inc. INVESTMENT SALES CONTACTS CONFIDENTIALITY & CONDITIONS MARC LIPPITT Principal All materials and information obtaining and reading applicable 303.321.5888 received or derived from Greystone documents and reports and Unique Apartment Group its directors, consulting appropriate independent [email protected] officers, agents, advisors, affiliates professionals. Greystone Unique and /or any third party sources are Apartment Group makes no KEVIN HIGGINS provided without representation warranties and/or representations or warranty as to completeness, regarding the veracity, completeness, Managing Director veracity, or accuracy, condition of or relevance of any financial data 303.512.2730 the property, compliance or lack or assumptions. Greystone Unique [email protected] of compliance with applicable Apartment Group does not service governmental requirements, as a financial advisor to any party TABLE OF CONTENTS developability or suitability, financial regarding any proposed transaction. PHILIP DANKNER performance of the property, All data and assumptions regarding projected financial performance of financial performance, including 4 Managing Director the property for any party’s intended that used for financial modeling INVESTMENT OVERVIEW 303.931.0793 use or any and all other matters. purposes, may differ from actual [email protected] data or performance. Any estimates 6 PROPERTY ANALYSIS Neither Greystone Unique Apartment of market rents and /or projected Group its directors, officers, agents, rents that may be provided to a 8 Property Summary ELLIOTT POLANCHYCK advisors, or affiliates makes any party do not necessarily mean 9 Aerial representation or warranty, express that rents can be established at or Director Associate or implied, as to accuracy or increased to that level. Parties must 303.645.4785 completeness of any materials or evaluate any applicable contractual 10 FINANCIAL ANALYSIS [email protected] information provided, derived, or and governmental limitations as 12 Unit Mix and Rent Schedule received. Materials and information well as market conditions, vacancy from any source, whether written factors and other issues in order 13 Net Operating Income WILLIAM MCCAULEY or verbal, that may be furnished to determine rents from or for the Director Associate for review are not a substitute for a property. 14 party’s active conduct of its own due COMPARABLE PROPERTIES 303.512.1167 diligence to determine these and Legal questions should be discussed 16 Comparable Rental Properties Summary [email protected] other matters of significance to such by the party with an attorney. Tax 17 Comparable Rental Properties Map party. Greystone Unique Apartment questions should be discussed by Group will not investigate or verify the party with a certified public 18 Comparable Rental Properties By Floor Plan any such matters or conduct due accountant or tax attorney. Title 20 Comparable Sale Properties Summary diligence for a party unless otherwise questions should be discussed by the agreed in writing. party with a title officer or attorney. 21 Comparable Sale Properties Map Questions regarding the condition EACH PARTY SHALL CONDUCT ITS OWN of the property and whether the 22 LOCATION OVERVIEW INDEPENDENT INVESTIGATION AND DUE property complies with applicable DILIGENCE. governmental requirements should 24 Community Profile be discussed by the party with 27 Colorado Springs, CO Any party contemplating or appropriate engineers, architects, under contract or in escrow for a contractors, other consultants and A Division of Unique Properties, Inc. transaction is urged to verify all governmental agencies. information and to conduct their own inspections and investigations All properties and services are GREYSTONE UNIQUE APARTMENT GROUP including through appropriate third marketed by Greystone Unique 400 South Broadway party independent professionals Apartment Group in compliance with selected by such party. all applicable fair housing and equal , CO 80209 All financial data should be opportunity laws. www.uniqueprop.com verified by the party including by INVESTMENT HIGHLIGHTS ■ Value-Add Opportunity INVESTMENT OVERVIEW ■ 4 Attached Garages ■ Spacious Units ■ Close Proximity to the Greystone Unique Apartment Group is pleased to present to qualified and Various Attractions investors, the opportunity to purchase 303 University Drive, a 4-unit multifamily property located in Colorado Springs, CO. Built in 1965, the property consists of three two-bedroom units and one three-bedroom unit. This property presents a value-add opportunity to improve the property and raise rents to market rate. 303 University Drive is in close proximity to the Colorado Springs Airport and other attractions in the area such as the Valley Hi Golf Course. PROPERTY ANALYSIS 8 303 UNIVERSITY DRIVE Property Road Name

PROPERTY SUMMARY LOCATION MAP

303 University Drive is a four-unit apartment property located in Colorado Springs in El Paso County, CO. Built in 1965, the property is situated on 0.2 acres and is improved with a single, two-story building housing a mix of two- and three-bedroom units. 303 University Drive is well located just off the northwest corner of Airport Road and Academy Boulevard, both of which are arterial commuter thoroughfares and retail corridors for the city. The property is within walking distance of Valley Hi Golf Course and is convenient to © Mapbox, © OpenStreetMap area retail, employers, and recreation.

303 University Drive Property Road Name Address: Colorado Springs, CO 80910 County: El Paso APN: 64154-01-030 Units: 4 Buildings: 1 Stories: 2 Y.O.C.: 1965 Net Rentable SF: 3,325 Gross Bldg SF: 4,458 Lot Size: 0.20 Acres

Property Road Name Name Road Road Property Property AMENITIES

303 Property Road Name UNIVERSITY DRIVE ■ Newer Carpet ■ New Fixtures ■ Balcony ■ Dishwasher © Mapbox, © OpenStreetMap Property Road Name Map Data, © 2020 Google FINANCIAL ANALYSIS 12 303 UNIVERSITY DRIVE 303 UNIVERSITY DRIVE 13

UNIT MIX AND RENT SCHEDULE PRICING

# OF CURRENT AVERAGE AVERAGE RENT MONTHLY UNIT LOWEST HIGHEST OFFERING PRICE TYPE UNITS RENT RENT SIZE / SF PRO FORMA SIZE RENT RENT 2 Bed / 2 Bath 3 $2,525 $842 800 $1.05 $1,000 2,400 $775 $950 Price $550,000 3 Bed / 2 Bath 1 $850 $850 925 $0.92 $1,150 925 $850 $850 TOTAL / AVG 4 $3,375 All Units--> $4,150 3,325 SF Down Payment $137,500 (25%) ANNUALIZED TOTAL $40,500 $49,800

NET OPERATING INCOME Loan Amount $412,500 INCOME CURRENT PER UNIT PRO FORMA PER UNIT Interest Rate / Amortization 3.75% / 30 Years Scheduled Rent Income 40,500 49,800 See Other Income Detail 2,446 2,446 Scheduled Gross Income 42,946 10,736 52,246 Current NOI / Pro Forma NOI $21,970 / $30,230 Vacancy Allowance (2,025) (506) (2,490) Effective Gross Income 40,921 10,230 49,756 12,439 CURRENT / PRO FORMA ANALYSIS EXPENSES Debt Service ($22,924) Taxes, Property Real 1,658 1,658 414 1,658 1,658 414 Net Cash Flow After Debt Service $-954 / $7,306 Insurance Property 3,564 3,564 891 3,564 3,564 891 -0.69% / 5.31% Management Off-Site 3,299 3,299 825 3,299 3,299 825 Principal Reduction $7,585 Utilities Electric 359 359 Total Return $6,631 / $14,891 Gas 495 495 Trash Collection 548 548 4.82% / 10.83% Water & Sewer 3,146 4,548 1,137 3,146 4,548 1,137 Cap Rate 3.99% / 5.50% Repairs & Maintenance Appliances 600 600 GRM 13.58 / 11.04 Carpet / Floor Replacement 529 529 Janitorial 1,380 1,380 Price / Unit $137,500 Other 2,282 2,282 Plumbing 190 190 Price / SF $123.37 Snow Removal 900 5,881 1,470 900 5,881 1,470 Marketing & Promotion Leasing Commissions 575 575 144 575 575 144 Disclaimer: The pro forma is delivered only as an accommodation and neither Seller, Greystone Unique Apartment Group, nor any of their respective affiliates, agents, Total Expenses 19,526 4,881 19,526 4,881 representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such NET OPERATING INCOME 21,395 5,349 30,230 7,558 valuation. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in this valuation. COMPARABLE PROPERTIES 16 303 UNIVERSITY DRIVE 303 UNIVERSITY DRIVE 17

COMPARABLE RENTAL PROPERTIES SUMMARY COMPARABLE RENTAL PROPERTIES MAP PROPERTY NAME UNITS AVG SF YEAR BUILT RENT RENT / SF 303 University Drive 303 University Drive 4 831 1965 $844 $1.01 Colorado Springs, CO 80910 1. 350 Vehr Drive 350 Vehr Drive 1 810 1972 $950 $1.17 Colorado Springs, CO 80910 2. 4025 Ruskin Way 4025 Ruskin Way 4 900 1972 $1,050 $1.17 4 1625 N Colorado Springs, CO 80910 MURRAY BLVD 3. 1011 Mazatlan Circle 1011 Mazatlan Circle 4 800 1984 $1,000 $1.25 Colorado Springs, CO 80910 4. 1625 N Murray Blvd 1625 N Murray Boulevard 200 1,040 1968 $1,250 $1.20 Colorado Springs, CO 80916 4025 RUSKIN WAY TOTAL / AVG 52 888 1974 $1,063 $1.20

AVERAGE RENT COMPARISON 303 UNIVERSITY DRIVE $1,400 $1.25 $1.40 $1.20 $1.17 $1.17 $1.20 $1,200 $1.01 $1.20 $1,000 $1.00 1 $800 $0.80 RENT 2 $600 $0.60 RENT / SF $400 $0.40 $200 $0.20 3 $844 $844 $950 $950 $1,250 $1,250 $1,050 $1,050 $1,000 $1,000 $1,063 1011 MAZATLAN 350 $0 $0.00 CIRCLE VEHR DRIVE Survey Average 303 350 4025 1011 1625 © Mapbox, © OpenStreetMap University Drive Vehr Drive Ruskin Way Mazatlan Circle N Murray Blvd 18 303 UNIVERSITY DRIVE

COMPARABLE RENTAL PROPERTIES BY FLOOR PLAN

TWO-BEDROOM PRO FORMA PRO FORMA PROPERTY NAME BED BATH UNITS SF RENT RENT / SF RENT RENT / SF 303 University Drive 2 1 3 800 $842 $1.05 $1,000 $1.25

1. 350 Vehr Drive 2 1 4 810 $950 $1.17

2. 4025 Ruskin Way 2 1 4 900 $1,050 $1.17

3. 1011 Mazatlan Circle 2 1 4 800 $1,250 $1.56

TOTAL / AVG 4 837 $1,083 $1.30

THREE-BEDROOM PRO FORMA PRO FORMA PROPERTY NAME BED BATH UNITS SF RENT RENT / SF RENT RENT / SF 303 University Drive 3 2 1 925 $850 $0.92 $1,150 $1.29

1. 1625 N Murray Drive 3 2 200 1,040 $1,250 $1.20

TOTAL / AVG 200 1,040 $1,250 $1.20 20 303 UNIVERSITY DRIVE 303 UNIVERSITY DRIVE 21

COMPARABLE SALE PROPERTIES SUMMARY COMPARABLE SALE PROPERTIES MAP YEAR TOTAL CLOSED SALE PRICE PRICE CAP PROPERTY NAME BUILT UNITS SF DATE PRICE / UNIT / SF RATE 303 University Drive 303 University Drive 1965 4 4,458 On Market $550,000 $137,500 $123.37 3.99% Colorado Springs, CO 80910 1. 3702 Airport Road 3702 Airport Road 1969 4 3,240 9/10/2020 $445,000 $111,250 $137.35 6.70% Colorado Springs, CO 80910 2. 4060 Airport Road 4060 Airport Road 1971 4 3,008 7/16/2020 $432,000 $108,000 $143.62 4.60% 303 UNIVERSITY DRIVE Colorado Springs, CO 80910 3. 357 Gahart Drive 357 Gahart Drive 1972 4 4,164 12/22/2020 $550,000 $137,500 $132.08 5.45% 357 GAHART Colorado Springs, CO 80916 DRIVE 4. 1137 Mazatlan Circle 1137 Mazatlan Circle 1984 4 3,077 5/15/2020 $480,000 $120,000 $156.00 6.25% 3702 AIRPORT Colorado Springs, CO 80910 ROAD 3 TOTAL / AVG 1974 4 3,372 $476,750 $119,188 $142.26 5.75% 1 2

AVERAGE SALE COMPARISON $150,000 $200.00

$150.00 4 $100,000

$100.00

$50,000 $50.00 1137 MAZATLAN CIRCLE 4060 AIRPORT $137,500 $137,500 $108,000 $120,000 $111,250 ROAD $0 $0.00 303 3702 4060 357 1137 SALE PRICE / UNIT University Drive Airport Road Airport Road Gahart Drive Mazatlan Circle © Mapbox, © OpenStreetMap SALE PRICE / SF LOCATION OVERVIEW 24 303 UNIVERSITY DRIVE 303 UNIVERSITY DRIVE 25

DAILY CONVENIENCES SHOPPING AND DINING DEMOGRAPHICS A sampling of conveniences within walking distance or in The Citadel Mall close proximity to the property are: ■ One of Southern Colorado’s largest retail centers 123,913 ■ 1.1 million square feet of retail space with over 130 Residents specialty stores 3-Mile Radius ■ Dillard’s Clearance Center; JCPenney; Burlington; and Sportsman’s Warehouse as major tenants

271,634 Citadel Crossing Residents ■ Located adjacent to Citadel Mall 5-Mile Radius ■ Office Depot; Dollar Tree; Lowe’s Home Improvement; COLORADO SPRINGS, CO Petsmart; Guitar Center, Barnes & Noble; Picture Show COMMUNITY PROFILE Hair and beauty salons, fitness centers, gas stations, auto at Citadel Crossing 35 repair shops and parts supply stores, insurance services, Avg Age of Residents 303 University Road is well located in Colorado Springs just off the northwest and medical clinics are also nearby. 3-Mile Radius corner of Airport Road and Academy Boulevard, both principal retail corridors Eateries providing quick access to neighborhood conveniences and major employment ■ El Rey Taco such as Downtown Colorado Springs, UCHealth Memorial Hospital Central, ■ Pueblo Viejo Mexican and the U.S. Olympic & Paralympic Training Center. Nearby Interstate 25 ■ Shin Sa Dong $43,571 facilitates easy commutes to the region’s major economic, education, ■ Woody’s Bar & Grill Median Household Income and recreation hubs. The University of Colorado – Colorado Springs, Colorado ■ Saigon Grill 3-Mile Radius Springs Airport, and Downtown Colorado Springs are within a 10- to 15-minute ■ Popeye’s Louisiana Kitchen commute and the city’s premier attractions such as the ■ Wingstop and are also a short drive from the property. ■ Dunkin 346,465 ■ Burger King Total Labor Force ■ Taco Bell Colorado Springs MSA ■ Safeway The subject is within walking distance of the Valley Hi Golf Course and in close proximity to daily $360,000 conveniences and major employment centers. Median Sale Price Colorado Springs MSA 26 303 UNIVERSITY DRIVE 303 UNIVERSITY DRIVE 27

RECREATION / ENTERTAINMENT HIGHER EDUCATION COLORADO SPRINGS, CO EL PASO COUNTY LARGEST EMPLOYERS

Located at the base of the majestic Rocky Mountains, - This private liberal arts college Colorado Springs is the largest city by area in Colorado and is the county seat and the most EMPLOYER EMPLOYEES Colorado Springs is a popular destination for locals enrolls approximately 2,000 undergraduates at its 90- populous municipality of El Paso County. Colorado Springs is situated along Fountain Creek and 34,411 and tourists alike. Biking; hiking; golfing; rock climbing; acre campus in Colorado Springs. The college offers 42 is located in the east-central portion of the state, approximately 60 miles south of Denver. white-water rafting; skiing; fat-biking; and snowshoeing majors and 33 minors and has recently been ranked by The city has a 2020 estimated population of 487,333 residents, making it the second most- 8,730 are some area’s numerous recreational activities. Forbes as one of the best private colleges in Colorado populous city in the state, behind Denver. The Colorado Springs metro area, or Pikes Peak Region, Air Force Academy UCHealth Memorial The area is home to a wide array of performing arts venues; and ranked #27 by U.S. News & World Report on its list of is comprised of El Paso County and the less-populated Teller County and is home an estimated 6,575 Health System renowned restaurants; historic sites; museums; farmers’ National Liberal Arts Colleges. population of 765,830 residents. Colorado Springs is included in the Front Range Urban Corridor markets; art walks and galleries; and unique events. – a growing area situated along the Front Range of the Rocky 6,391 The University of Colorado, Colorado Springs (UCCS) Mountains in Colorado and Wyoming with over 4.8 million residents. 5,089 ■ Garden of the Gods Park ■ Gossage Youth Ranked among the “Best Universities West” by U.S. News #1 School District #11 - & Nature Center Sports Complex & World Report, UCCS is part of the University of Colorado The aerospace, aviation, and defense industry service sectors are 3,937 ■ ■ Pulpit Rock Park / and is the lead university in the Space Education Most Desirable Colorado Springs’ top economic engines. Colorado Springs’ culture Colorado Springs ■ School District #20 - Cave of the Winds Austin Bluffs Consortium, which has attracted close to $1.0 billion in and economy are heavily influenced by the military and a significant 3,373 Place To Live Air Academy ■ Pikes Peak Center for the ■ ProRodeo Hall of Fame NASA research since 2010. UCCS has an enrollment of number of defense corporations and bases located within the Penrose-St. Francis Performing Arts ■ Rocky Mountain 12,200 students and generates state-wide economic U.S. News & World Report, area. The city is home to Fort Carson and the United States Air Force 3,300 ■ Health Services Colorado Springs Fine Motorcycle Museum impact of $600 million. 2019 Academy, the county’s top two largest employers with a total of Arts Center 43,141 jobs supported. There are over 240 aerospace and defense City of Colorado Springs 2,800 ■ Millibo Art Theatre AIRPORT companies in the area that have the world’s most advanced El Paso County 2,497 technologies in global positioning, cybersecurity, and satellite communications. Significant HEALTH CARE Colorado Springs Airport (COS) – COS offers 13 non-stop investments have been made in the city by major corporations such as Northrop Grumman flights with five major airlines. Service to Seattle; Corporation; Aerospace Corporation; Boeing; Raytheon; Science Applications International Penrose-St. Francis Health Services – Named one of San Antonio; Minneapolis-Saint Paul; and San Jose began Corporation; and Lockheed Martin. “America’s 50 Best Hospitals” for 10 consecutive years, this in 2018. Sources: Greystone Research; Colorado full-service, 522-bed acute care facility includes Penrose Department of Local Affairs; U.S. Bureau of COLORADO SPRINGS CITY COLORADO SPRINGS MSA Hospital and St. Francis Medical Center. Labor; Wikipedia; CoStar Analytics; Google Maps; City of Colorado Springs; El Paso County; Pike’s Peak Association of Realtors; 487,333 194.5 765,830 751.6 Colorado Springs Chamber & EDC; Council for People Square Miles People Square Miles Community and Economic Research; U.S. News & World Report. . 2,505.6 1,018.9 People / Square Mile People / Square Mile 303 UNIVERSITY DRIVE Colorado Springs, CO 80910 4 UNITS | BUILT 1965

PRESENTED BY:

MARC LIPPITT KEVIN HIGGINS PHILIP DANKNER Principal Managing Director Managing Director 303.321.5888 303.512.2730 303.931.0793 [email protected] [email protected] [email protected]

ELLIOTT POLANCHYCK WILLIAM MCCAULEY Director Associate Director Associate 303.645.4785 303.512.1167 [email protected] [email protected]

Copyright ©2021 Greystone & Co. II LLC. All Rights Reserved. Although the information contained herein has been obtained from sources deemed reliable, Greystone Unique Apartment Group, LLC makes no express or implied guaranty, warranty, or representation that the information is complete or accurate. Further, any projections, opinions, assumptions, or estimates used or offered herein are for the purpose of example only and do not and A Division of Unique Properties, Inc. cannot be deemed to represent the present or future performance of the subject property. Accordingly, Greystone Unique Apartment Group, LLC recommends that you conduct your own investigation of the property in order to reach your own conclusions or opinions as to value of the property. Physical condition of the property, including without limitation the potential presence of mold, asbestos, lead based paint, and hazardous materials may affect the property, its value, and may, if present, pose health risks. The property should be independently examined by experts selected by you. Any recipient of these materials from Greystone Unique Apartment Group, LLC should not and may not rely on these materials for any purpose beyond general introductory information concerning the property.