OFFERING MEMORANDUM 18-UNIT REDEVELOPMENT MULTIFAMILY OPPORTUNITY | INTOWN TABLE OF CONTENTS

Scott K. Spalding, CCIM DISCLAIMER 3 V.P. The Apartment Group EXECUTIVE SUMMARY 4 [email protected] PROPERTY INFORMATION 5 404-876-1640 x156 LOCATION MAPS 6 PHOTOS 7 Marina Janjic SALE COMPS 9 V.P. The Apartment Group 10 [email protected] RENT COMPS 404-876-1640 x157 IN THE AREA 11 AVENUE REDEVELOPMENT 12 Bull Realty, Inc. ABOUT THE AREA 15 50 Glenlake Parkway, Suite 600 TEAM PROFILE 17 Atlanta, GA 30328 BullRealty.com

Exclusively listed by Bull Realty, Inc. 18-Unit Redevelopment Multifamily Opportunity | Intown Atlanta | Page 2 of 17 DISCLAIMER 18-UNIT REDEVELOPMENT MULTIFAMILY OPPORTUNITY | INTOWN ATLANTA

Bull Realty has been retained as the exclusive listing broker to arrange the sale of the Subject Property.

This Offering Memorandum contains selected information pertaining to the Property but does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may require. All financial projections are provided for general reference purposes only and are based upon assumptions relating to the general economy, competition and other factors, which therefore, are subject to material change or variation. Prospective purchasers may not rely upon the financial projections, as they are illustrative only. An opportunity to inspect the Property will be made available to qualified prospective purchasers.

In this Offering Memorandum, certain documents, including financial information, are described in summary form and do not purport to be complete or accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to review independently all documents.

This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement, suitability or advice as to the value of the Property by Bull Realty Inc. or the current Owner/Seller. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.

Owner/Seller expressly reserve the right, at its sole discretion, to reject any or all expressions of interest or offers and/or to terminate discussions with any party at any time with or without notice. Owner/Seller shall have no legal commitment or obligation to any purchaser reviewing this Offering Memorandum or making an offer on the Property unless a written agreement for the purchase of the Property has been fully executed, delivered and approved by the Owner/Seller and any conditions to the purchaser's obligations therein have been satisfied or waived. The Owner/Seller reserves the right to move forward with an acceptable offer prior to the call for offers deadline.

This Offering Memorandum may be used only by parties approved by the Broker. The Property is privately offered, and by accepting this Offering Memorandum, the party in possession hereof agrees (i) to return it if requested and (ii) that this Offering Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Bull Realty, Inc. The terms and conditions set forth above apply to this Offering Memorandum in its entirety and all documents, disks and other information provided in connection therewith.

Page 3 of 17 EXECUTIVE SUMMARY 18-UNIT REDEVELOPMENT MULTIFAMILY OPPORTUNITY | INTOWN ATLANTA

SALE DESCRIPTION HIGHLIGHTS

Bull Realty is pleased to present 762 Fraser Street, a value-add, 18-unit apartment • 18-unit, value-add/ rehab apartment complex complex, located in the revitalizing Summerhill neighborhood. All of the units are 2 bedroom/1 bath. • All units are 2 bedroom/1 bath • 13,210 SF and situated on 0.41 acres This property is currently 100% vacant and in need of renovation (interiors and exteriors.) Rezoning required to accommodate multifamily housing - being sold as • Unoccupied and ideal opportunity for redevelopment is. With building #2 currently gutted and #3 gutted and under framing construction, the • Strong rental demand in the area proposed redevelopment for this site also includes the reframing and rough-in electric and plumbing of building #1. • Located minutes from the new Georgia State Stadium, Mercedes-Benz Stadium and The Georgia State Stadium as well as Summerhill neighborhood, filled with many • Rezoning required for multifamily use different restaurants, shops and entertainment, are both located less than one mile away. The Garnett Marta Station is located less than one mile north of the property, and the Allene Ave BeltlLine entrance is located less than 2 miles south. PRICE | $1,170,000

Page 4 of 17 PROPERTY INFORMATION 18-UNIT REDEVELOPMENT MULTIFAMILY OPPORTUNITY | INTOWN ATLANTA

Property Address: 762 Fraser St, Atlanta, GA 30315 County: Fulton Total Building Size: 13,210 SF No. Buildings: 3 No. Units: 18 Unit Mix: 2 BR / 1 BA Site Size: 0.41 Acres Parcel ID: 14-0054-0004-109-1 Zoning: C Year Built: 1961 Number Of Stories: 2 Parking Spaces: Off-street

Utilities: Available Occupancy: Currently Vacant Sale Price: $1,170,000

Page 5 of 17 LOCATION MAPS 18-UNIT REDEVELOPMENT MULTIFAMILY OPPORTUNITY | INTOWN ATLANTA

Page 6 of 17 PHOTOS 18-UNIT REDEVELOPMENT MULTIFAMILY OPPORTUNITY | INTOWN ATLANTA

Building One

Building One Building One

Page 7 of 17 PHOTOS 18-UNIT REDEVELOPMENT MULTIFAMILY OPPORTUNITY | INTOWN ATLANTA

Building Two

Building Three Building Three

Page 8 of 17 SALE COMPS 18-UNIT REDEVELOPMENT MULTIFAMILY OPPORTUNITY | INTOWN ATLANTA

1 4 5

2

3

# ADDRESS SALE PRICE YEAR BUILT BUILDING NO. PRICE/UNIT PRICE/SF CAP SOLD CLASS UNITS RATE DATE 762 Fraser Street, Atlanta, GA 30315 $1,170,000 1961 - 18 $65,000 $88.57 - - 1 379 Elm St Nw., Atlanta, GA 30314 $1,220,000 1958 C 9 $135,555 $208.55 5.75% 11/2019 2 419 Chamberlain St SE., Atlanta, GA 30312 $5,434,000 1969 B 30 $181,133 $343.75 6.5% 9/2019 3 1145 Lucile Ave., Atlanta, GA 30310 $911,500 1965 C 8 $113,937 $81.83 6.95% 7/2019 4 221-235 NE Lampkin St., Atlanta, GA 30312 $2,768,670 1960 C 17 $288,498 $197.76 - 3/2019 5 658 NE John Wesley Dobbs Ave., Atlanta, GA 30312 $965,870 1961 C 7 $198,333 $197.76 - 3/2019

Page 9 of 17 RENT COMPS 18-UNIT REDEVELOPMENT MULTIFAMILY OPPORTUNITY | INTOWN ATLANTA

2 1

3

# ADDRESS UNIT MIX AVG. RENT SF PRICE/SF OCCUAPANCY %

762 Fraser Street, Atlanta, GA 30315 2 BR / 1 BA - - - 0% 1 419 Chamberlain St SE., Atlanta, GA 30312 2 BR / 1 BA $1,424 750 SF $1.90 100% 2 221-235 NE Lampkin St., Atlanta, GA 30312 2 BR / 1 BA $1,600 1,050 SF $1.52 93% 3 29 Little Street SE., Atlanta, GA 30315 2 BR / 1 BA $1,200 700 SF $1.71 92%

Page 10 of 17 IN THE AREA 18-UNIT REDEVELOPMENT MULTIFAMILY OPPORTUNITY | INTOWN ATLANTA

Page 11 of 17 GEORGIA AVENUE REDEVELOPMENT 18-UNIT REDEVELOPMENT MULTIFAMILY OPPORTUNITY | INTOWN ATLANTA

Page 12 of 17 GEORGIA AVENUE REDEVELOPMENT 18-UNIT REDEVELOPMENT MULTIFAMILY OPPORTUNITY | INTOWN ATLANTA

GEORGIA AVENUE REDEVELOPMENT

Georgia Avenue is an assemblage of 34 parcels benefiting from a strategic location within a large-scale, master-planned redevelopment. Unlike other in-town Atlanta commercial nodes such as those in Virginia Highlands, , and Westside, Georgia Avenue has convenient interstate access to I-75/85 and I-20, is the closest to downtown Atlanta’s tourist base, borders future mass transit, and shares the site with the institutional strength and stability of the State of Georgia’s largest academic institution.

Through the addition of ground-floor restaurants and shops with offices and residences above, Georgia Avenue’s street frontage will become a vibrant, walkable, commercial corridor connecting the Turner Field redevelopment to Grant Park. The combination of the new and existing street front commercial buildings will create an accessible, human-scale place rarely found in Atlanta. Georgia Avenue will be an interlocked web of tree-lined streets with garden courtyards, street-front cafes, art installations, offices and nightlife with urban residences integrated throughout.

Restaurants opened in 2019 and townhomes expected to open 2020.

* Source: https://www.summerhillatl.com/georgiaavenue

Page 13 of 17 GEORGIA STATE STADIUM 18-UNIT REDEVELOPMENT MULTIFAMILY OPPORTUNITY | INTOWN ATLANTA

GEORGIA STATE STADIUM

Turner Field, the former home of the , has been transformed into a modern football stadium with reconfigured seating, 25,000 seats, new locker rooms and new concession options. The venue can also host concerts and other major public events.

Georgia State University, along with the Carter, Oakwood Development and Healey Weatherholtz joint venture, finalized the acquisition of the Turner Field site Jan. 5, 2017.

Georgia State and Carter proposed a mix of housing, retail, and athletic and academic space on the 68-acre site, as well as the conversion of the stadium into the new home for Panthers football.

Within the new ownership structure, Georgia State will control 38 acres, including the stadium and the Blue Lot, formerly the Atlanta Fulton County Stadium. The Carter-led joint venture is purchasing 16 acres and ground-leasing an additional 13.5 acres from Georgia State.

The stadium conversion began in February 2017, and a future phase of Georgia State’s portion of the redevelopment is planned to include a new baseball park at the site where Atlanta Fulton County Stadium once stood.

The Carter-led private development team will immediately commence plans for private student housing, market-rate multi-family and retail.

The Atlanta Fulton County Recreation Authority, which owned Turner Field, agreed in August to sell the property for $30 million. The University System of Georgia Board of Regents approved the sale in November 2016.

* Source: news.gsu.edu/2017/01/05/Georgia-state-private-development-venture-finalize-acquistion-of-turner-field-site/

Page 14 of 17 ABOUT THE AREA 18-UNIT REDEVELOPMENT MULTIFAMILY OPPORTUNITY | INTOWN ATLANTA

SUMMERHILL

Summerhill begins at the Olympic rings and unfolds along 19 blocks of vibrant streetscapes with rooftop gardens, intimate courtyards, and hand-painted murals – knitting together culture, academics, entertainment and commerce in a dense, but human-scaled, setting. As one of Atlanta’s oldest neighborhoods, Summerhill’s redevelopment celebrates Atlanta’s collective past and reconnects adjacent historic neighborhoods. Casting a vision for a place with all the authentic ingredients to support this long-term, organic project, Summerhill allows for the extension of Atlanta’s cultural and commercial center and vaults the Downtown area to the global stage.

Summerhill, which sits within the halo of Downtown Atlanta’s tourism and hospitality core, is accessible by mass transit, two major interstates, and is fewer than eight miles to the world’s busiest airport. In addition to its connectivity, Summerhill prioritizes pedestrians with comfortable sidewalks, dedicated bike lanes, and an authentic streetscape that is desired by current residents and future office tenants alike. Summerhill’s master plan encompasses a rich and diverse collection of stadiums, homes, shops, and restaurants that serve as the walkable foundation of a world-class office ecosystem. As a model for urban resiliency and sustainability, Carter, Oakwood, and Healey Weatherholtz Properties created a framework within the existing community fabric for global companies and independent entrepreneurs alike to collaborate with a leading research university in the district’s evolution.

Summerhill is an incremental development beginning with the preservation and rehabilitation of Georgia Avenue; Summerhill’s five-block soul that respectfully links higher-density buildings with the bungalows of historic Grant Park. Student and for-sale housing is underway, and the fully evolved “village within a city” will realize Atlanta’s aspirations for development at scale.

* Source: https://www.summerhillatl.com/about

Page 15 of 17 ABOUT THE AREA 18-UNIT REDEVELOPMENT MULTIFAMILY OPPORTUNITY | INTOWN ATLANTA

AATLANTTLANTAA

Atlanta is an exciting destination with world-class restaurants, a festive nightlife, several major league sports teams and an abundance of cultural attractions. Atlanta’s arts and culture scene is complemented by in-town neighborhoods that give the city even more depth. These locations are in the neighborhoods of Midtown, Virginia-Highland, and Inman Park - a short cab ride away.

Home to the busiest and most efficient airport in the world, Hartsfield-Jackson Atlanta International Airport, and the Maynard H. Jackson International Terminal, getting to Atlanta is easy. With a variety of transportation options throughout the city, our guides, maps, shuttles, tours and Atlanta Ambassadors make getting around Atlanta easy too.

Encompassing $304 billion, the Atlanta metropolitan area is the eighth-largest economy in the country and 17th-largest in the world. Corporate operations comprise a large portion of the Atlanta’s economy, with the city serving as the regional, national or global headquarters for many corporations. Atlanta contains the country’s third largest concentration of Fortune 500 companies, and the city is the global headquarters of corporations such as The Coca-Cola Company, The Home Depot, Delta Air Lines, AT&T Mobility, UPS, and Newell-Rubbermaid. Over 75 percent of Fortune 1000 companies conduct business operations in the Atlanta metropolitan area, and the region hosts offices of about 1,250 multinational corporations. Many corporations aredrawn to Atlanta on account of the city’s educated workforce; as of 2010, nearly 43% of adults in the city of Atlanta have college degrees, compared to 27% in the nation as a whole and 41% in Boston.

Page 16 of 17 TEAM PROFILE 18-UNIT REDEVELOPMENT MULTIFAMILY OPPORTUNITY | INTOWN ATLANTA

Scott K. Spalding, CCIM Michael Bull V.P. The Apartment Group Broker [email protected]

404-876-1640 x156

Kaley Richard Marketing

Marina Janjic Scott Jackson V.P. The Apartment Group Analyst [email protected]

404-876-1640 x157

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