CHASTAIN WOODS 90 Units | Atlanta, GA | Primed Value-Add Asset in Atlanta's Aerotropolis OFFERING TERMS Property Is Offered on an All-Cash Basis

CHASTAIN WOODS 90 Units | Atlanta, GA | Primed Value-Add Asset in Atlanta's Aerotropolis OFFERING TERMS Property is offered on an all-cash basis. TABLE OF CONTENTS DATA ACCESS Investment Summary ...... 01 Historical Financial and Property information is available at: multifamily.cushwake.com Property Description ...... 15

OFFERING PROCESS Location Overview ...... 19 Send offers via email to: Apartment Market ...... 25 CHRISTOPHER LYON [email protected] Financial Analysis . . . . .37 Offers should be in the form of a Letter of Intent (LOI) and at minimum include: Price, Earnest Money, Due Diligence Time Period, and Closing Period.

DIRECTIONS FROM AIRPORT Follow signs for Riverdale Rd./Camp Creek Pkwy.; get on GA-6/Camp Creek Pkwy.; turn right to merge onto I-285N; take exit 5A for GA-154/GA-166/ Langford Pkwy.; merge onto GA-154/ GA-166; take the Greenbriar Pkwy. exit toward Campbellton Rd.; turn left onto Campbellton Rd.; turn right onto Campbellton Rdl; turn left onto Harbin Rd.; turn left onto Landrum Dr. CONTACT US

ATLANTA PRIVATE CAPITAL TEAM

LEAD CHRISTOPHER LYON ASSOCIATE +1 404 442 5589 [email protected]

TYLER AVERITT EXECUTIVE MANAGING DIRECTOR +1 404 751 2673 [email protected]

WESLEY KENNEY ASSOCIATE +1 404 853 5220 [email protected]

NATHAN SWENSON SENIOR DIRECTOR +1 404 853 5246 [email protected]

EQUITY, DEBT & STRUCTURED FINANCE BLAKE COHEN SENIOR DIRECTOR +1 404 460 1283 [email protected]

1180 PEACHTREE ST, SUITE 3100 ATLANTA, GA 30309 PHONE: +1 404 875 1000 FAX: +1 404 875 4637 multifamily.cushwake.com CHASTAIN WOODS

INVESTMENT 90 SUMMARY UNITS 1973 YEAR BUILT

1,333 AVG UNIT SF

119,948 RENTABLE SF

100% 11 OCCUPANCY ACRES

$0.58 $772 AVG MKT RENT/SF AVG MKT RENT

Atlanta, GA 2929 LANDRUM DRIVE, 30311

1 INVESTMENT SUMMARY DAWSONVILLE

ADAIRSVILLE DAWSON COUNTY

BALL 75 GROUND

WALESKA BARTOW CHEROKEE GAINESVILLE COUNTY COUNTY 575

CANTON KINGSTON 985

CUMMING

FLOWERY BRANCH

HALL COUNTY

CARTERSVILLE FULTON COUNTY

FORSYTH COUNTY CHASTAIN WOODSBRASELTON

85 WOODSTOCK HIGHLIGHTS 75 OFFERING ALPHARETTA SUWANEE BARROW COUNTY ACWORTH 575 The Cushman & Wakefield Southeast Multifamily Advisory Group ATLANTA’S GROWTH CONTINUES ROSWELL is pleased to present the exclusive listing of the 90-unit Chastain Atlanta, the economic capital of the Southeast and AUBURN Woods apartment community located in south metropolitan DULUTH global business hub is one of the fastest growing KENNESAW 1 metros, with the 10th largest GDP in the U.S. Atlanta, Fulton County, Georgia. Strategically situated six miles DACULA 85 PAULDING PEACHTREE COUNTY northwest of Hartsfield-Jackson International Airport,CORNERS this HARTSFIELD-JACKSON AIRPORT asset benefits from numerous employment drivers in the rapidly NORCROSS LAWRENCEVILLE DUNWOODY With a $64.2B annual economic impact, the Atlanta MARIETTAexpanding75 Atlanta aerotropolis district. Built in 1973, Chastain GWINNETT airport is the largest jobCOUNTY producer in the state, Woods boasts the largest floor plans in the submarket (1,333 Avg. SANDY generating 63,300+ high-paying positions on-site and SPRINGS 2 COBB SF), and is a consistently well-occupied asset with proven value- 450,000+ metrowide. COUNTY DALLAS 285 add potential. DORAVILLE LILBURN CHAMBLEE PROXIMATE TO KEY ECONOMIC DRIVERS HIRAM

SMYRNA Chastain WoodsSNELLVILLE is embedded in Atlanta’s Southern 85 Crescent, which is the metro’s largest industrial LOGANVILLE POWDER 75 3 market with more than 266.5M SF of industrial space. SPRINGS

BUCKHEAD

MABLETON EXCELLENT SUBMARKET FUNDAMENTALS STONE WALTON MOUNTAIN The South Atlanta submarket offers favorableCOUNTY AUSTELL 285 dynamics, with a 36.5% growth in average effective DECATUR 285 MIDTOWN 75 DRUID HILLS DEKALB rent since 2010 and average effective rent of $831. AVONDALE COUNTY 4 85 ESTATES 20 DOWNTOWN ORGANIC GROWTH WITH REVENUE UPSIDE

DOUGLASVILLE Chastain Woods has seen significant organic growth VILLA RICA LITHONIA in average effective rent with almost 10% increases 20 20 5 on three-bedroom unit recent leases.

EAST POINT 285 MARKET-PROVENCONYERS VALUE ADD DOUGLAS COUNTY The subject’s in-place effective rents trail the market COLLEGE PARK

HARTSFIELD- leader by $294. A new owner can generate significant JACKSON INTERNATIONAL AIRPORT 6 upside by completing interior upgrades on 88 units. FOREST 20 PARK COVINGTON 675 ROCKDALE COUNTY CUSHMAN & WAKEFIELD 2

MORROW

FAIRBURN RIVERDALE

FULTON STOCKBRIDGE COUNTY CARROLL NEWTON 75 COUNTY CLAYTON COUNTY 85 COUNTY JONESBORO

TYRONE HENRY COUNTY

LOVEJOY McDONOUGH FAYETTEVILLE

FAYETTE COUNTY

PEACHTREE HAMPTON CITY

NEWNAN

LOCUST GROVE COWETA COUNTY SHARPSBURG BUTTS COUNTY SPALDING COUNTY JACKSON

85 FLOVILLA

GRIFFIN

GRANTVILLE 75

LUTHERSVILLE

MONROE COUNTY HOGANSVILLE MERIWETHER PIKE COUNTY COUNTY TROUP COUNTY LAMAR MILNER COUNTY

ZEBULON CONCORD CHASTAIN WOODS

1. ATLANTA’S GROWTH CONTINUES 2. HARTSFIELD-JACKSON INTERNATIONAL AIRPORT

8 Most-Traveled Moving Most City for Airport in the destination Affordable Availability of # World # in the nation # Big City # Internships 1 - Airports Council Int'l. 2018 1 - Penske 2018 1 - WalletHub 2018 1 - WalletHub 2018

ATLANTA MULTIFAMILY MARKET SNAPSHOT -CW Research Q3 2018 4.8% 3.8% 17% Vacancy Rate (Compared YOY Rent Projected Increase in Atlanta to 4.1% for the U.S.) Growth Effective Rent by 2023

ECONOMIC CAPITAL OF THE SOUTHEAST & GLOBAL BUSINESS HUB #5 #2 #2 #3 #1 Metro Area for Job City for Professional Metro Area for Economic Metro Area for Largest U.S. City for Startups that is Growth, Business Opportunities, Growth Potential, Increase in Population 2016- not New York or San Francisco, Facilities 2018 WalletHub 2018 Business Facilities 2018 2017 (89K), U.S. Census 2018 FitSmallBusiness.com 2018

3 INVESTMENT SUMMARY CHASTAIN WOODS

2. HARTSFIELD-JACKSON INTERNATIONAL AIRPORT

SUMMARY OF AIRPORT IMPACT 2009 2018* JOBS Direct On-Site Jobs 58,000 63,291 Total Indirect Jobs 376,400 385,405 TOTAL REGIONAL JOBS 434,400 448,696 DOLLAR IMPACT Total Metro Atl $ Impact $58.2B $64.2B Total GA $ Impact $68.3B $70.9B INCOMES Airport-Generated Avg Income N/A $65,870 Air Cargo Related Avg Income N/A $64,728 *Latest Data Available

63,300+ 450,000+ $64.2B+ Jobs on Site Regional Jobs Impact Metro Economic Impact

CUSHMAN & WAKEFIELD 4 CHASTAIN WOODS

2. HARTSFIELD-JACKSON INTERNATIONAL AIRPORT (CONTINUED)

IRREPLACEABLE AEROTROPOLIS IMPACT Chastain Woods is strategically located six miles northwest of Atlanta’s Aerotropolis district. Strategic development and targeted industries surrounding Hartsfield-Jackson International Airport elevate the area’s economic influence and quality of life.

NOTABLE AEROTROPOLIS HEADQUARTERS EXISTING MIXED-USE ECONOMIC CENTERS

• Delta Airlines - Georgia’s #1 private employer with 33,000 statewide; has added 1 GA International Convention Center (GICC) 6,800 employees since 2008 • Georgia’s newest (2009) and second-largest (400K SF) • Chick-fil-A: Atlanta-based chain w/2,000+ Restaurants Nationally convention center. • Porsche Cars North American HQ - 400 Employed • First U.S. convention center connected to airport via automated people mover (the ATL SkyTrain). • Airport Gateway Center: 1.1M SF mixed-use office/Marriott Hotel 5 -M campus next to GICC, opened in 2008. IL 8 E R A D IU S 2 Porsche North American HQ

• Anchors 122-acre redevelopment site (former Hapeville Ford 75 Plant) NW of airport. Open in 2015, the $100M campus employs 400 (100 new to Georgia). 285 • Includes Technical Training Center, Classic Car Restoration and 85 Display Area, Business Center, and Porsche Experience Center 6 with 1.6-mile test track 3 2 1 • Inspired by Crystal City near Reagan National Washington 4 5 Airport, Main Street Partner Group LLC is planning a $100M mixed-use “town center” next to Porsche. First phase will have 50K SF retail with a boutique grocer.

HARTSFIELD-JACKSON INTERNATIONAL AIRPORT

5 INVESTMENT SUMMARY CHASTAIN WOODS

EMERGING MIXED-USE DEVELOPMENTS IN AEROTROPOLIS FOOTPRINT

Since forming in 2014, the Aerotropolis Atlanta Alliance (aeroatl.org) has been the driving force behind the transformation of the area surrounding Hartsfield- Jackson. The Alliance’s new blueprint lays out a vision to transform the entire South Atlanta region into an expanded Aerotropolis with a corporate crescent, airport city, and green corridor of trails surrounding the airport.

3 Porsche Solis Hotel // 214 Rooms 4 Gateway Center // $230M Mixed-Use 5 Airport City // Mixed-Use At Airport Luxury Solis Hotel; first of its kind in Atlanta; 1.1M SF Class A Office/Marriott Hotel complex Planned 4-Star InterContinental hotel, Class A 6,500 SF of event space and 3,600 SF ballroom next to GICC; Renaissance Hotel Office, and Travel Plaza

6 The Pad On Harvard // $41M Mixed-Use 7 Fort Gillem // 1,500-Acre Former Base 8 Fort Mcpherson // 488-Acre Historic Base Transit-Oriented Complex with 109 Units, 50K SF 1,168-Acre Gillem Logistics Center 8M SF Master Plan Redevelopment Studies in Process; 330 acres to Retail, Aloft Hotel next to College Park MARTA includes new 1.2M SF Kroger distribution facility (2015) include $100M Tyler Perry Studios

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3. PROXIMATE TO KEY ECONOMIC DRIVERS

ATLANTA'S LARGEST DISTRIBUTION & LOGISTICS CORRIDOR Atlanta's Southern Crescent is a prolific "Savannah side" distribution submarket with 266.5M SF of space.

75 20 20 3 85

DEKALB AIRPORT/SOUTH COUNTY 285285 ATLANTA INDUSTRIAL 6 2 SUBMARKET FULTON INDUSTRIAL 2 5 (74.7M SF) DISTRICT 1 20 (88M SF; INCLUDES I-20 WEST) 4 675 UNION CITY 8 13 I-75 SOUTH INDUSTRIAL SUBMARKET

85 (54.6M SF) I-85 SOUTH INDUSTRIAL SUBMARKET (49.2M SF) 7 10 9 75

COWETA COUNTY 12 85 11

MAJOR SOUTHERN CRESCENT ECONOMIC DRIVERS

1. Hartsfield-Jackson Atlanta International Airport: world’s busiest 5. Gillem Logistics Center: 1,168-acre master plan includes 1.3M 10. Planned $150M Founders Studios, a second big Fayette film and airport and Southeast’s largest job base (63.3K+ direct, 450K+ Kroger, 1M SF HD Supply, and 850,000 SF Keuhne & Nagel and television complex, has grown to 200 acres. indirect) in midst of $6B expansion. JIT Packaging distribution facilities. 11. Peachtree City: 15,000-acre master-planned community includes 2. Aerotropolis / Airport City: Porsche North American HQ, GA 6. Camp Creek Marketplace: 720,000 SF destination retail center 2,200-acre Peachtree City Industrial Park (Panasonic, Sany International Convention Center, new 320-acre, $500M+ “Airport 7. Fayette Pavilion: 1.5M SF destination retail center Heavy Industry, NCR). City College Park” mixed-use development. 8. Atlanta Metro Studios & Union Station Business Center (former 12. Atlanta Motor Speedway: 840-acre NASCAR race track and 3. Fort McPherson: 330 acres home to new Tyler Perry Studios; 4M Shannon Mall site): 245,000 SF film & TV studio facility and multipurpose event facility SF mixed-use on 145 acres planned by McCauley. 988,000 SF distribution facility in Union City 13. Southlake Mall District: includes 1M SF mall (Macy's, H&M, Chime 4. Clayton State University: $275M annual impact, 6,555 enrolled 9. Pinewood Studios: 700-acre full-service film and entertainment Solutions Call Center w/1,100 jobs), Costco, The Home Depot, studio complex with 18 sound stages in Fayetteville Burlington, AMC Southlake 24, Best Buy, Barnes & Noble, etc.

7 INVESTMENT SUMMARY CHASTAIN WOODS

HARTSFIELD-JACKSON ATLANTA INTERNATIONAL AIRPORT

2 3 4

10 5 9

Y T R 11 E P O R P

M O R F

S E L I 8 1 M

CHASTAIN WOODS 7

MAJOR EMPLOYERS RETAIL POINTS OF INTEREST

1. AT&T, System 5 Electronics 3. Expando Distribution, Central 4. Wayfield, Furniture & Beyond 6. Kimberly Elementary School 9. Hamilton Holmes 2. Tyler Perry Studios & Fort Atlanta Props and Sets, Brenntag 5. Campbellton Plaza 7. Daniel McLaughlin Therrell Elementary School McPherson redevelopment site Mid South High School 10. Paul West Middle School 8. Campbellton Road 11. Alfred Tup Holmes Community Center Golf Course

CUSHMAN & WAKEFIELD 8 CHASTAIN WOODS

4. EXCELLENT SUBMARKET FUNDAMENTALS

REMARKABLE DEMAND FOR LIMITED THREE-MILE RADIUS HISTORICAL DELIVERIES SUPPLY IN SUBMARKET 1400 The South Atlanta submarket has seen a large 1200 drop in high density housing developments 8,980 Units delivered 3,000 during the last 40 years. This barriers-to-entry 1000 1960-1975 Units delivered environment will allow Chastain Woods to 1976-2018 compete near the top of the market. 800

Within a three-mile radius of the subject, only 3,000 600

units have delivered since 1975. With a limited Units Delivered development pipeline, vacancy has tightened and 400 rents have consistently increased. 200 Average effective rents within the submarket have risen every year since 2009 and vacancy is currently 0 averaging 5.7%. 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

SOUTH ATLANTA SUBMARKET EFFECTIVE RENT VS. VACANCY

$875 12.00% 5.7% $825 10.00% Submarket vacancy in 2018 $775 8.00% $725 6.00% $675 4.00%

$625 2.00% Vacancy Average 36.5%

Average Effective Rent $575 0.00% Effective rent 2009 2011 2013 2015 2017 2019 (P) 2021 (P) growth from 2010-2018 Effective Rent Vacancy

9 INVESTMENT SUMMARY CHASTAIN WOODS

PERIMETER CENTER BUCKHEAD

MIDTOWN

DOWNTOWN ATLANTA

Y T

R T E

R P

O P Y R T

R P

P Y M P T O

O M R

R E R

O P P

F R O

M S R F

O P E

S R L M

I E F O

L R

M I S F E

6 M L S

1 I E 2 IL 1 M M 8 6

CHASTAIN WOODS

CUSHMAN & WAKEFIELD 10 CHASTAIN WOODS

5. ORGANIC GROWTH WITH REVENUE UPSIDE

ASSET ARRIVES WITH EXCELLENT FUNDAMENTALS Chastain Woods has seen significant organic growth in average effective rent with almost 10% increases on three-bedroom unit recent leases.

EFFECTIVE RENT GROWTH TREND AVG IN-PLACE LEASES ON HIGHEST LEASE HIGHEST LEASE INCREASE UNIT TYPE SQUARE FEET AVG LEASED RENT ON LAST 10 RENT ROLL OF LAST 5 OVER IN-PLACE 2BR/1B 854 $688 N/A $725 +5.4% 1BR/1B 910 $564 $569 $600 +6.4% 2BR/2B 1,140 $687 N/A $710 +3.3%

2BR/1.5B 1,340 $702 $721 $760 +8.3%

3BR/2B 1,560 $766 $784 $840 +9.7%

UNIT MIX BREAKDOWN

17.78%

44.44% 1 Bedroom (16 Units) 2 Bedrooms (34 Units)

37.78% 3 Bedrooms (40 Units)

17.78% 17.78% 17.78%

44.44% 1 Bedroom (16 Units) 1 Bedroom (16 Units) 44.44% 1 Bedroom (16 Units) 44.44% 2 Bedrooms (34 Units) 2 Bedrooms (34 Units) 2 Bedrooms (34 Units) 37.78% 3 Bedrooms (40 Units) 37.78% 3 Bedrooms (40 Units) 37.78% 3 Bedrooms (40 Units)

11 INVESTMENT SUMMARY CHASTAIN WOODS

KEY CAPITAL IMPROVEMENTS: Garden Area • 10 of 12 roofs replaced • New property surveillance system • Seal & stripe parking lot • New community garden area • Picnic area • Half of gutters replaced • New landscaping

New Landscaping Grilling Area

CUSHMAN & WAKEFIELD 12 CHASTAIN WOODS

6. MARKET-PROVEN VALUE ADD

PROVEN VALUE ADD IN SUBMARKET CHASTAIN WOODS KITCHEN The subject’s average effective rent trails the market average by $106. A new owner can spend an average of $5K/unit on all units to bring all units to the value-add level.

A new owner can invest an average of $5K/unit to bring all unit interiors to the value-add level, which includes black appliances, faux-granite countertops, new plumbing/lighting fixtures, wood-style vinyl flooring throughout, and new cabinets

$5K 88 $106 Average per-unit Number Average amount cost of suggested of units to in-place rents trail upgrades upgrade submarket average

AVERAGE EFFECTIVE RENT COMPARISON

$925 $191 Premium from $875 In-Place to $825 Value-Add

$775

$725 Average Effective Rent Rent Effective Average $675 $824 $704 $747 $767 $771 $797 $808 $810 $895 $953 $625 Chastain Woods (In- Hidden Village Greenbriar Glen Centre Villa The Park at Hidden Cove Market Average Greenbriar Mill Chastain Woods Crystal at Cascade Place) Greenbriar (Value-Add)

13 INVESTMENT SUMMARY CHASTAIN WOODS

FULTON INDUSTRIAL BOULEVARD DISTRICT

1 11 2 5 7 4 10 8 6 3

Y T 13 9 R E P

O R P

O R 285 F

S E L I 12 M

CHASTAIN WOODS

EMPLOYERS RETAIL POINTS OF INTEREST

1. Piedmont Physicians at Cascade 4. Cascade Crossing Shopping 8. The Home Depot 10. Atlanta Public Library Southwest Branch 2. Expo Plus, Atlanta Boom Volleyball Center & Publix 9. Cascade Corners Shopping 11. Benjamin E. Mays High School 3. Kaiser Permanente Cascade Medical Center 5. Walmart Supercenter Center & Kroger 12. Young Middle School 6. Starbucks 13. Cascade Road Driving Range 7. Walgreens

CUSHMAN & WAKEFIELD 14 CHASTAIN WOODS

PROPERTY DESCRIPTION

15 PROPERTY DESCRIPTION CHASTAIN WOODS

PROPERTY SUMMARY Number of Units 90 Units Year Built 1973 Stories Two Stories Net Rentable Area 119,948 SF Average Unit Size 1,333 SF

SITE Address 2929 Landrum Drive, Atlanta, GA 30311 County Fulton County Size/Density 10.96 Acres / 8.21 Units per Acre North side of Landrum Dr., a quarter mile east of Childress Dr. and less than one half mile west of Dodson Dr. The property is 1 mile south of Cascade Rd. and one half mile Location NW of Campbellton Rd. Overall radius is 1.3 miles NE of the I-285/Langford Pkwy. interchange, 6 miles NW of Hartsfield- Jackson International Airport, and 6 miles SW of downtown Atlanta. Childress Dr. near Subject: 4,200 VPD Traffic Counts Cascade Rd. near Subject: 11,900 VPD Cambellton Rd. near Subject: 17,100 VPD

UTILITIES SERVICE/UTILITY SOURCE/COMPANY PAID BY* HVAC/Hot Water/Cooking Electric/Georgia Power Resident Water/Sewer City of Atlanta Landlord Trash Removal Waste Management Landlord Pest Control Terminix Landlord

UNIT MIX SUMMARY TYPE # UNITS % UNITS SIZE (SF)* 1BR-1BA, Gdn 16 18% 910 SF 2BR-1BA, Gdn 2 2% 854 SF 2BR-2BA, Gdn 8 9% 1,140 SF 2BR-1.5BA, Gdn 24 27% 1,340 SF 3BR-2BA, Gdn 40 44% 1,560 SF Total / Avg. 90 Units 100% 1,333 SF Avg. *Unit sizes are based on financials.

CUSHMAN & WAKEFIELD 16 CHASTAIN WOODS

COMMUNITY AMENITIES • Community Garden • Leasing/Business Office • MARTA Bus Line/Bus Stop • Picnic Area w/Grills • Property Surveillance System • Outdoor Amenity Area

UNIT FEATURES • Breakfast Bar • Ceiling Fans • Entry Foyer w/Closet • Extra Closet Space • Frost-Free Refrigerator • Fully Equipped Kitchens • Kitchen Window* • Laundry/Utility Closet • Patio or Balcony • Separate Dining Area • W/D Connections • Walk-In Closets • Window Blinds • Wood-Style Flooring

* Select Units

17 PROPERTY DESCRIPTION CHASTAIN WOODS

CUSHMAN & WAKEFIELD 18 CHASTAIN WOODS

METRO ATLANTA - CAPITAL OF SOUTHEAST REGION

LOCATION OVERVIEW

19 LOCATION OVERVIEW CHASTAIN WOODS

METRO ATLANTA - CAPITAL OF SOUTHEAST REGION

Atlanta, the economic capital of the Southeast and a global business hub, DOWNTOWN ATLANTA is the center of one of the fastest growing metros in the country and the 10th largest GDP in the U.S.

Atlanta’s highly charged critical mass of economic growth was ignited two decades ago when the city hosted the 1996 Summer Olympic Games, and that growth has not slowed since. In 2017, Atlanta’s population ranked as the third-fastest growing in the country. Per GSU Economic Forecasting, 262K jobs were added during 2014-2016 and 60K in 2017; 58K new jobs were projected for 2018. The region is expected to add 2.5M residents and an additional 1.5M jobs by 2040.

GAME-CHANGING ECONOMIC GROWTH

Atlanta is advancing toward a new cycle of economic prosperity and position thanks to a multitude of major corporate and technology commitments by firms such as Amazon, Facebook, Duracell, State Farm, Mercedes-Benz, Porsche, Kaiser Permanente, KPMG, Google, WorldPay, GE, NCR, Honeywell, and Anthem.

Dramatic developments are underway in healthcare and technology sectors. Film making has become big business in Georgia and Atlanta. Emerging technologies and the infrastructure to support start-up companies are another bright spot.

Atlanta is now a leader in mobile technology, supply chain management, internet security, healthcare IT, and payments processing, all growth industries. Technical and professional services will continue to be key employment generators, and the MAJOR SE CITIES JOB GROWTH 2012-2017 rebound in these high-wage industries is driving above-average income growth. MAJOR SE CITIES JOB GROWTH 2012-2017

30.0%

DIVERSE CORPORATE ANCHOR 25.0% h

t 20.0%

Atlanta’s legendary diverse and inherently resilient economic base is its ongoing w o r 15.0% G hallmark, and it ranks among the country’s Top 5 cities in Fortune 500 HQ. b o

J 10.0%

t n

e 5.0%

Twenty-five metro Atlanta headquartered firms are among America’s largest c r e corporations qualifying as the 2016 FORTUNE 1000, of which 16 rank among the 2016 P 0.0% FORTUNE 500: The Home Depot, UPS, The Coca-Cola Company, Delta Air Lines, The Southern Company, Genuine Parts Company, First Data, HD Supply Holdings, Inc., Veritiv, SunTrust Banks, AGCO Corporation, Asbury Automotive, Coca-Cola European Partners, NCR Corporation, PulteGroup, and Newell Brands. Source:* Source: Moody's US Analytics, Bureau March of 2017Labor Precis Statistics, Reports Moody’s Analytics

CUSHMAN & WAKEFIELD 20 CHASTAIN WOODS

ATLANTA’S STRONG INTELLECTUAL CAPITAL ATLANTA FINANCIAL CENTER, BUCKHEAD

Atlanta is a magnet for higher education, consistently ranking among the top 10 metro areas in educational achievement. Atlanta ranks in the Top five “U.S. Cities for Recent College Graduates,” per Bloomberg 2015. Georgia residents have access to the HOPE scholarship/grant program. Young, educated professionals are a major draw for new businesses coming into the region and also encourage entrepreneurship.

Fifty-seven metro colleges and universities enroll a total of 250K+ students regionally. Atlanta’s three largest public universities include the newly consolidated GA State University/GA Perimeter College (GSU), Kennesaw State University (KSU), and GA Institute of Technology.

Other public universities include Southern Polytechnic State, Clayton State, and the University of West GA. The Atlanta University Center (AUC) is home to Clark Atlanta University, Morehouse School of Medicine, Morehouse College, and Spelman College. Seven regional technical colleges have a combined total enrollment of nearly 60K students.

Emory University’s graduate programs in medicine, law, and business consistently rank among the nation’s highest rated. Atlanta’s Agnes Scott College, Mercer University, and Oglethorpe University are highly ranked private local institutions.

GEORGIA INSTITUTE OF TECHNOLOGY CAMPUS, MIDTOWN ATLANTA AT CORE OF STATE-WIDE TECH GROWTH

Georgia’s bioscience and health IT industries are responsible for almost $30 billion in annual reported revenue and 120K employees. The state’s health IT industry already leads the nation with 200+ companies, 15K employed, and $4B+ in annual reported revenue. With an annual economic impact of $23B, the state’s bioscience industry is also firmly rooted.

Powered by the strength of 13K+ technology companies, Atlanta has a long history of success in attracting and growing top high-tech firms and stands as one of the country’s most significant and innovative technology hubs.

Metro Atlanta has the 9th-largest employed technology talent pool in the U.S. with more than 135K related jobs. It has also produced the 3rd-fastest tech growth since 2012, adding 35K+ new tech jobs. Only Toronto and Charlotte produced more tech jobs during that period.

21 LOCATION OVERVIEW CHASTAIN WOODS

NOTABLE NEW ECONOMIC GROWTH

State Farm Porsche Jacoby Development - former OFS site

• State Farm’s new 2.2M-SF Perimeter Center • Anthem’s new 352K-SF Midtown Technology • Flexport Inc. will establish a 50K-SF sales/ campus will include three towers that will Center is under construction and will employ operations hub at Bank of America Plaza in house the southeastern operations for the 3K IT workers when complete. Midtown with 330 jobs. insurance company and 8K workers. • In 2016, General Electric Co. picked Atlanta • Staffing giantJackson Healthcare’s $100M (C&W represented landlord in transaction.) for a $3M global digital operations center — a expansion of its Alpharetta campus will • Kaiser Permanente’s 150K-SF, $20M info project that will create 250 jobs in Midtown. include 1.4K new employees. tech campus in Midtown will create 900+ • Shire Pharmaceuticals’ (fka Baxter) new $1.2B • Duracell plans to employ up to 800 at a jobs by 2019, bringing the company’s Georgia Stanton Springs plant (Newton County) is 874K-SF Core5 Logistics Center at Shugart presence to more than 4K employees and nearing completion and is hiring 1.6K workers. Farms in Fairburn/South Fulton County. physicians. • The Integral Group’s 165-acre “Assembly • Amazon’s 25K-SF Atlantic Station logistics opened • Porsche Cars North America, Inc. Yards” mini-city (fka GM Doraville plant) tech center opened in 2017. its $100M U.S. HQ in 2015 next to Hartsfield- will include 10M SF of mixed-use space. • In 2018, Facebook Inc. bought 416 acres for Jackson Airport and added 400 jobs. (C&W Capstone South’s “Third Rail Studios” is the represented Porsche.) a new $42B data center campus at Stanton first development. Springs (Newton County) and will create created 1K jobs with its • Mercedes-Benz USA • Jacoby and partners are planning to turn several hundred jobs. HQ move to Atlanta from NJ. 114 acres of Gwinnett’s OFS optic fiber • A $400M Phase I of the planned 70-acre new $10M Atlantic Station office manufacturing site into a 1.2M-SF • Worldpay’s Atlanta Quarry Yards next to Bankhead MARTA (2015) employs 1.2K. Media Campus and Studios (film school, station will include 575K SF office, 75K SF housing, hotel, etc.) • NCR opened new 750K-SF global HQ campus retail, a hotel, and 850 residential units. in Midtown in 2018. Their two towers near is creating 300+ jobs at • Alcon Laboratories • Thyssenkrupp is planning a new $200M Georgia Tech will employ 5K. its $275M Johns Creek campus. Atlanta beat North American HQ campus for its elevator Singapore and Germany for expansion. • Honeywell chose Midtown in 2017 for a division at The Battery at SunTrust Park, and software development center and HQ of • UPS is creating 1.3K jobs at a new 1.3M-SF, will employ 900+. $10B Home and Building Technologies unit $400M logistics hub next to Charlie Brown and will hire 830 during the next five years. Airport.

CUSHMAN & WAKEFIELD 22 CHASTAIN WOODS

RAPID POPULATION GROWTH CONTINUES Long reputed for its rapid growth, Metro Atlanta had the third highest population gain of any metro area in the country, adding nearly 90K new residents between 2016 and 2017 and bringing the total regional population to almost 5.9M residents.

Per recent Atlanta Regional Commission statistics, 78K of those new residents were in the core 10-county Atlanta area. Fulton County grew the most, adding 17.1K residents, just ahead of Gwinnett’s 16.9K. The city of Atlanta added 9.9K residents, up 2K from the prior year, an increase accompanied by a boom in multifamily housing.

INFRASTRUCTURE INVESTMENT THE ATLANTA BELTLINE

ATLANTA-REGION TRANSIT LINK AUTHORITY - “THE ATL” The Atlanta BeltLine is the most comprehensive revitalization effort ever undertaken in Atlanta and among the most wide-ranging urban Atlanta’s rapid growth requires major investment in infrastructure. In March redevelopment and mobility projects in the country. Conceived in 2018, GA passed landmark legislation that sets in place funding framework 1999 by a Georgia Tech graduate student, the BeltLine is creating a and a regional transit governing system for all of metro Atlanta. By 2023, new framework for sustainable regional growth and revitalizing under- the region’s transit systems will be folded into a single brand name — The performing areas of the city, increasing real estate value along its path. Atlanta Region Transit Link Authority, or The ATL. The ATL will be charged with transit planning across 13 metro counties, utilizing existing systems The BeltLine links a network of public parks, multi-use trails, and MARTA, CobbLinc, Gwinnett County Transit, and GRTA’s Xpress service. transit through historic railroad corridors that encircle downtown and interconnecting 45 neighborhoods. New multi-use trails will accompany Already planned MARTA expansion projects will infuse an estimated $5.2B the 22-mile transit loop, and 11 miles of additional trails will extend into into regional economy. Transit expansions are expected to create 45K jobs surrounding neighborhoods. and $116M in additional annual wages by 2040.

23 LOCATION OVERVIEW CHASTAIN WOODS

HARTSFIELD-JACKSON INTERNATIONAL AIRPORT (ATL) HARTSFIELD-JACKSON INTERNATIONAL AIRPORT

ATL is a dominant economic engine for the region and one of GA’s most critical assets. As the state’s largest job base (63.3K+ direct, 450K+ indirect jobs), ATL boasts a regional economic impact of $64.2B and $70.9B in Georgia. In 2017, for the 20th year in a row, ATL secured its “world’s busiest airport” title by serving 104M passengers. ATL also tops the world in aircraft movements, with 880K operations in 2017.

The airport is the anchor of a growing “Aerotropolis” economic district catalyzed by the new Porsche North American HQ. The Aerotropolis Atlanta Alliance’s new blueprint lays out a vision to transform the entire South Atlanta region into a thriving mixed-use Airport City submarket. The city of College Park is moving forward with plans for a 320-acre, $500M+ “Airport City College Park” mixed-use development with potential to create thousands of jobs.

ATLANTIC STATION

SMART GROWTH FUTURE

By focusing on improving transportation and connectivity issues, Atlanta is becoming one of the nation’s top Smart Growth cities. Planned expansions of MARTA, including a GA 400 corridor extension from the current North Springs terminus north to Alpharetta, a heavy rail line along I-20 East, and a light rail line from Lindbergh to Avondale, are expected to catalyze metro Atlanta’s smart growth future.

ATLANTIC STATION, MIDTOWN ATLANTA

As the initial catalyst of the rapid expansion of Atlanta’s West Midtown district, Atlantic Station is a national model for smart growth. Its stunning mix of low to high-rise buildings presents a modern architectural skyline and most buildings have LEED certification. Several of the region’s most notable banking and law firms have marquees at Atlantic Station, including Wells Fargo and BB&T. Sage Software established its North American HQ there, where 350 are employed.

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APARTMENT MARKET

25 APARTMENT MARKET CHASTAIN WOODS

RENT COMPARABLES SUMMARY

RENT COMPARABLES CHASTAIN WOODS

1 3

5 6

RENT COMPARABLES PROPERTY # UNITS YEAR BUILT OCCUPANCY AVG. SF MKT. RENT EFF. RENT* EFF. RENT/SF S Chastain Woods 90 1973 100% 1,333 $772 $704 $0.54 1 Hidden Village 180 1981 94% 1,221 $747 $747 $0.61 2 Crystal at Cascade 232 1972 98% 1,021 $953 $953 $0.93 3 Centra Villa 132 1953 98% 1,065 $796 $771 $0.72 4 Hidden Cove 164 1964 92% 847 $808 $808 $0.95 5 The Park at Greenbriar 209 1971 95% 1,019 $797 $797 $0.78 6 Greenbriar Glen 74 1987 98% 592 $767 $767 $1.30 71Greenbriar Mill 79 970 95% 1,090 $999 $824 $0.76 TOTAL / AVG 153 1971 96% 979 $838 $810 $0.83

* Based on April 2019 rent surveys. Effective rents reflect concessions, and also exclude values of any included services/utilities, where applicable.

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CUSHMAN & WAKEFIELD CHASTAIN WOODS CHASTAIN WOODS

CHASTAIN WOODS 2929 Landrum Drive UNIT MIX Atlanta, GA 30311 UNIT TYPE # UNITS SIZE (SF) MKT. RENT EFF. RENT EFF. RENT/SF Fulton County 1BR-1BA 16 910 $625 $564 $0.62 Total Units: 90 2BR-1BA 2 854 $725 $688 $0.81 Year Built: 1973 2BR-1.5BA 24 1,340 $775 $702 $0.52 Rentable Area (SF): 119,948 2BR-2BA 8 1,140 $725 $687 $0.60 Occupancy: 100% 3BR-2BA 40 1,560 $840 $766 $0.49 Managed by Chastain Properties TOTAL / AVG 90 1,333 $772 $704 $0.54 Management LLC

UNIT FEATURES COMMUNITY AMENITIES Breakfast Bar Bus Line / Bus Stop (MARTA) COMMENTS UTILITIES Ceiling Fans Community Garden TYPE PAID BY Entry Foyer w/Closet Grilling/Picnic Area Extra Closet Space Leasing/Business Office Electric Resident Frost-Free Refrigerator Outdoor Amenity Area Water and Sewer Property Fully Equipped Kitchens Surveillance System Natural Gas None Kitchen Window* Trash Removal Property Laundry/Utility Closet Patio or Balcony Separate Dining Area UNIT MIX BREAKDOWN W/D Connections Walk-In Closets Window Blinds 1 B R Wood-Style Flooring 18 % 3 B R * Select Units 44%

2 BR 38%

27 APARTMENT MARKET CHASTAIN WOODS CHASTAIN WOODS

1 HIDDEN VILLAGE 3041 Landrum Drive UNIT MIX Atlanta, GA 30311 UNIT TYPE # UNITS SIZE (SF) MKT. RENT EFF. RENT EFF. RENT/SF Fulton County 1BR-1BA 16 800 $670 $670 $0.84 Total Units: 180 2BR-2BA 58 1,032 $685 $685 $0.66 Year Built: 1981 2BR-2BA 58 1,286 $770 $770 $0.60 Rentable Area (SF): 219,820 3BR-2BA 48 1,512 $820 $820 $0.54 Occupancy: 94% TOTAL / AVG 180 1,221 $747 $747 $0.61 Managed by ROCO Real Estate

UNIT FEATURES COMMUNITY AMENITIES COMMENTS UTILITIES Cable & Internet Ready Laundry Facility No current upgrades. TYPE PAID BY Fully Equipped Kitchens Leasing/Business Office Electric Resident Kitchen Window* On-Site Parking Laundry/Utility Closet Swimming Pool Water and Sewer Resident Patio or Balcony Natural Gas Resident Walk-In Closets Trash Removal Resident Window Blinds

* Select Units UNIT MIX BREAKDOWN

1 B R 3 BR 9% 27%

2 B R 64%

CUSHMAN & WAKEFIELD 28 CHASTAIN WOODS CHASTAIN WOODS

2 CRYSTAL AT CASCADE 2900 Landrum Drive SW UNIT MIX Atlanta, GA 30311 UNIT TYPE # UNITS SIZE (SF) MKT. RENT EFF. RENT EFF. RENT/SF Fulton County 2BR-2BA 168 960 $925 $925 $0.96 Total Units: 232 3BR-2BA 64 1,180 $1,025 $1,025 $0.87 Year Built: 1972 TOTAL / AVG 232 1,021 $953 $953 $0.93 Rentable Area (SF): 236,800 Occupancy: 98%

Managed by Chaz Equities (Atl) COMMENTS UTILITIES Renovated units have wood-style flooring, TYPE PAID BY UNIT FEATURES COMMUNITY AMENITIES faux-granite countertops, black/stainless appliances. Electric Resident Black/Stainless Appliances* On-Site Parking Water and Sewer Resident Cable & Internet Ready Natural Gas Resident Ceramic Tile Tub Surround Chair Rail in Dining Area* Trash Removal Resident Exterior Storage Closet Faux-Granite Countertops* Fully Equipped Kitchens UNIT MIX BREAKDOWN Kitchen Pass-through Laundry/Utility Room Patio or Balcony 3 BR Recessed Lighting 28% Separate Dining Area

Walk-In Closets 2 B R Window Blinds 72% Wood-Style Flooring*

* Select Units

29 APARTMENT MARKET CHASTAIN WOODS CHASTAIN WOODS

3 CENTRA VILLA 1717 Centra Villa Drive SW UNIT MIX Atlanta, GA 30311 UNIT TYPE # UNITS SIZE (SF) MKT. RENT EFF. RENT EFF. RENT/SF Fulton County 1BR-1BA 11 715 $664 $663 $0.93 Total Units: 132 2BR-1BA 81 974 $779 $739 $0.76 Year Built: 1953 3BR-2BA 40 1,347 $866 $864 $0.64 Rentable Area (SF): 140,639 TOTAL / AVG 132 1,065 $796 $771 $0.72 Occupancy: 98%

Managed by R James Properties (Atl)

COMMENTS UTILITIES UNIT FEATURES COMMUNITY AMENITIES Some upgraded units have faux-granite TYPE PAID BY Cable & Internet Ready Bus Line / Bus Stop (MARTA) countertops, tile backsplash, wood-style flooring. Electric Resident Ceiling Fans* Leasing/Business Office Water and Sewer Resident Faux-Granite Countertops* On-Site Parking Fully Equipped Kitchens Playground Natural Gas None Kitchen Window* Trash Removal Resident Patio or Balcony Separate Dining Area Tile Backsplash* UNIT MIX BREAKDOWN W/D Connections (2 & 3BRs) Walk-In Closets Window Blinds 1 B R 8% Wood-Style Flooring* 3 B R 30%

* Select Units 2 B R 62%

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4 HIDDEN COVE 1900 Stanton Delowe Connector UNIT MIX East Point, GA 30344 UNIT TYPE # UNITS SIZE (SF) MKT. RENT EFF. RENT EFF. RENT/SF Fulton County 1BR-1BA 17 680 $700 $700 $1.03 Total Units: 164 2BR-1BA 132 860 $812 $812 $0.94 Year Built: 1964 3BR-1BA 15 920 $900 $900 $0.98 Rentable Area (SF): 138,880 TOTAL / AVG 164 847 $808 $808 $0.95 Occupancy: 92%

Managed by Meridian Management Group LLC / MMG COMMENTS UTILITIES UNIT FEATURES COMMUNITY AMENITIES Affordable Housing Community TYPE PAID BY Ceramic Tile Tub Surround Basketbal Court Electric Resident Faux-Granite Countertops* Bus Line / Bus Stop (MARTA) Water and Sewer Resident Fully Equipped Kitchens Clubhouse/Leasing Center Laundry/Utility Closet Fitness Center Natural Gas Resident W/D Connections Grilling/Picnic Area Trash Removal Resident Walk-In Closets On-Site Parking Window Blinds Playground Wood-Style Flooring* Swimming Pool UNIT MIX BREAKDOWN

* Select Units

3 BR 1 BR 9% 10 %

2 BR 8 1%

31 APARTMENT MARKET CHASTAIN WOODS CHASTAIN WOODS

5 THE PARK AT GREENBRIAR 3000 Continental Colony Parkwa UNIT MIX Atlanta, GA 30331 UNIT TYPE # UNITS SIZE (SF) MKT. RENT EFF. RENT EFF. RENT/SF Fulton County 1BR-1BA 25 700 $689 $689 $0.98 Total Units: 209 1BR-1.5BA, TH 24 800 $714 $714 $0.89 Year Built: 1971 2BR-1BA 45 940 $798 $798 $0.85 Rentable Area (SF): 213,040 2BR-1.5BA, TH 32 1,150 $799 $799 $0.69 Occupancy: 95% 2BR-2BA 53 1,060 $808 $808 $0.76 Managed by Meridian Management Group 3BR-2BA 14 1,150 $880 $880 $0.77 LLC / MMG 3BR-2.5BA, TH 16 1,560 $980 $980 $0.63 TOTAL / AVG 209 1,019 $797 $797 $0.78 UNIT FEATURES COMMUNITY AMENITIES Ceiling Fans Basketball Court Fenced Patio* Clubhouse/Leasing Center Fully Equipped Kitchens Fitness Center COMMENTS UTILITIES Gas Range/Oven On-Site Parking No current upgrades. Patio or Balcony* Playground TYPE PAID BY Separate Dining Area* Swimming Pool Electric Resident W/D Connections* Tennis Courts Water and Sewer Resident Window Blinds Natural Gas Resident Wood-Style Flooring* Trash Removal Resident

* Select Units

UNIT MIX BREAKDOWN

3 B R 1 BR 14 % 23%

2 BR 63%

CUSHMAN & WAKEFIELD 32 CHASTAIN WOODS CHASTAIN WOODS

6 GREENBRIAR GLEN 3030 Continental Colony Parkwa UNIT MIX Atlanta, GA 30331 UNIT TYPE # UNITS SIZE (SF) MKT. RENT EFF. RENT EFF. RENT/SF Fulton County 0BR-1BA, Studio 2 288 $608 $608 $2.11 Total Units: 74 1BR-1BA 66 576 $750 $750 $1.30 Year Built: 1987 2BR-1BA 2 864 $950 $950 $1.10 Rentable Area (SF): 43,776 2BR-2BA 4 864 $1,032 $1,032 $1.19 Occupancy: 98% TOTAL / AVG 74 592 $767 $767 $1.30 Managed by ELON Property Management

UNIT FEATURES COMMUNITY AMENITIES COMMENTS UTILITIES Breakfast Bar Laundry Facility TYPE PAID BY Built-In Bookshelves* Leasing/Business Office Electric Resident Ceiling Fans* On-Site Parking Cultured Marble Vanity Top* Water and Sewer Resident Extra Storage Natural Gas Resident Faux-Granite Countertops* Trash Removal Resident Patio Single Level Apartments Window Blinds UNIT MIX BREAKDOWN Wood-Style Flooring*

* Select Units 2 BR0 BR 8%3%

1 B R 89%

33 APARTMENT MARKET CHASTAIN WOODS CHASTAIN WOODS

7 GREENBRIAR MILL 3301 N Camp Creek Pkwy SW UNIT MIX Atlanta, GA 30331 UNIT TYPE # UNITS SIZE (SF) MKT. RENT EFF. RENT EFF. RENT/SF Fulton County 1BR-1BA 16 675 $880 $735 $1.09 Total Units: 79 2BR-1.5BA 51 1,160 $995 $824 $0.71 Year Built: 1970 3BR-1.5BA 6 1,345 $1,159 $929 $0.69 Rentable Area (SF): 86,100 3BR-2.5BA 6 1,345 $1,190 $959 $0.71 Occupancy: 95% TOTAL / AVG 79 1,090 $999 $824 $0.76 Managed by Crown Bay Group, LLC

UNIT FEATURES COMMUNITY AMENITIES COMMENTS UTILITIES Black or SS Appliances* Leasing/Business Office TYPE PAID BY Cable & Internet Ready On-Site Parking Electric Resident Ceiling Fans Ceramic Tile Tub Surround Water and Sewer Resident Cultured Marble Vanity Top* Natural Gas None Fully Equipped Kitchens Trash Removal Resident Granite-Look Countertops* Patio or Balcony Separate Dining Area* UNIT MIX BREAKDOWN W/D Connections Walk-In Closets Window Blinds 3 B R 1 BR Wood-Look Flooring* 15 % 20%

* Select Units

2 BR 65%

CUSHMAN & WAKEFIELD 34 CHASTAIN WOODS

SALES COMPARABLES SUMMARY

1 6

5 9 4

7 2

SALES COMPARABLES PROPERTY # UNITS YEAR BUILT SALE PRICE PRICE PER UNIT PRICE PER SF SALE DATE

Chastain Woods 90 1973 TBD TBD TBD TBD

1 The Greens at Cascade 160 1990 $10,400,000 $65,000 $55.32 5/26/2017 2 Park Walk Apartments 124 1985 $7,050,000 $56,855 $62.47 6/13/2017 3 Allen Hills 458 1969 $29,000,000 $63,318 $82.86 3/1/2018 4 Crystal at Cascade 232 1974 $12,500,000 $53,879 $51.81 3/7/2018 5 The Stations at Richmond Hill 181 1952 $10,226,500 $56,500 $34.50 4/16/2018 6 Sunny Cascade 216 1991 $12,910,000 $59,769 $63.99 4/24/2018 7 Biscayne Apartments 370 1972 $23,625,000 $63,851 $52.52 6/27/2018 8 Fulton Pointe 160 1971 $10,200,000 $63,750 $59.30 2/5/2019 9 Aspen Woods 218 1973 $13,352,000 $61,248 $53.16 3/29/2019 TOTAL / AVG 235 1975 $14,362,611 $60,463 $57.33

35 APARTMENT MARKET CHASTAIN WOODS

CUSHMAN & WAKEFIELD 36 CHASTAIN WOODS

CHASTAIN WOODS

FINANCIAL ANALYSIS

37 FINANCIAL ANALYSIS CHASTAIN WOODS

CHASTAIN WOODS

Address 2929 Landrum Drive Atlanta, GA 30311 CHASTAINCounty WOODSFulton County 2929Number Landrum of Drive Units 90 Units Atlanta,Year BuiltGeorgia 30311 1973 Fulton 2 BR Rentable Area 119,948 SF 38% Site Size 10.96 Acres 1 BR Units: 90 18% YearDensity Built: 8.21 Units per Acre 1972 TotalOccupancy* Area (SF): 100.0% 119,948 Site Size (Acres): 10.96 Gain/(Loss) to Lease* -8.7% Density (Units Per Acre): 8.21 3 BR 44% *AsOccupancy of April (As 9, of 2019 Apr 09, 2019): 100.0% Gain/(Loss) to Lease (As of Apr 09, 2019): -8.7% UNIT MIX MARKET RENT LEASE RENT MARKET RENT AFTER UPGRADES UNIT # OF SIZE TOTAL MARKET MARKET MONTHLY ANNUAL # UNITS LEASE VALUE-ADD VALUE-ADD MONTHLY ANNUAL LEASE RENT TYPE UNITS SQ. FT. SQ. FT. RENT RENT/SQ. FT. RENT RENT OCCUPIED RENT/SQ. FT. RENT RENT/SQ. FT. RENT RENT 1 BR / 1 BA 16 910 14,560 $625 $0.69 $10,000 $120,000 16 $564 $0.62 $725 $0.80 $11,600 $139,200 2 BR / 1 BA 2 854 1,708 $725 $0.85 $1,450 $17,400 2 $688 $0.81 $775 $0.91 $1,550 $18,600 2 BR / 2 BA 8 1,140 9,120 $725 $0.64 $5,800 $69,600 8 $687 $0.60 $850 $0.75 $6,800 $81,600 2 BR / 1.5 BA 24 1,340 32,160 $775 $0.58 $18,600 $223,200 24 $702 $0.52 $900 $0.67 $21,600 $259,200 3 BR / 2 BA 40 1,560 62,400 $840 $0.54 $33,600 $403,200 40 $766 $0.49 $975 $0.63 $39,000 $468,000

TOTALS / AVERAGES 90 1,333 119,948 $772 $0.58 $69,450 $833,400 90 $704 $0.54 $895 $0.67 $80,550 $966,600

VALUE-ADD ASSUMPTIONS & SUMMARY COMMENTS VALUE-ADD / CAPITAL NEEDS RENT PREMIUMS RETURN ON INVESTMENT The two 854 SF units were built out in 2016 and have upgraded interior finishes. Value Add Cost (88 units at $5000 / Unit) $440,000 1 BR Units $100 Monthly Premium $11,100 Additional Capital Needs $0 2 BR Units $121 Annual Premium $133,200 Total Cost $440,000 3 BR Units $135 ROI 30%

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4/17/20194:23 PM p1 CHASTAIN WOODS

MARCH 2019 MARCH 2019 CUSHMAN & WAKEFIELD T-12 ACTUAL T-3 INCOME / T-12 EXPENSES PRO FORMA TOTAL PER UNIT TOTAL PER UNIT TOTAL PER UNIT PER MONTH INCOME 1 Scheduled Market Rent $694,546 $7,717 $688,850 $7,654 $833,400 $9,260 $69,450 2 Pro Forma Upgrade Premium 0 0 0 0 66,600 740 5,550 3 Gain/(Loss) to Lease 0 0.0% 0 0.0% (4,500) -0.5% (375)

Total Gross Potential $694,546 $7,717 $688,850 $7,654 $895,500 $9,950 $74,625 4 Vacancy 0 0.0% 0 0.0% (44,775) -5.0% (3,731) 5 Non-Revenue Units 0 0.0% 0 0.0% (8,955) -1.0% (746) 6 Bad Debt/Write-Offs 0 0.0% 0 0.0% (22,388) -2.5% (1,866) 7 Concessions 0 0.0% 0 0.0% (8,955) -1.0% (746)

Net Rental Income $694,546 $7,717 $688,850 $7,654 $810,428 $9,005 $67,536 8 Water/Sewer Income 0 0 0 0 82,714 75% 6,893 9 Trash Income 0 0 0 0 5,130 57 428 10 Other Income 13,172 146 13,432 149 22,500 250 1,875

Total Other Income $13,172 $146 $13,432 $149 $110,344 $1,226 $9,195 Total Operating Income $707,719 $7,864 $702,282 $7,803 $920,771 $10,231 $76,731

EXPENSES Electric $21,066 $234 $21,066 $234 $21,487 $239 1,791 Water/Sewer 108,122 1,201 108,122 1,201 110,285 1,225 9,190 Trash Removal 12,001 133 12,001 133 12,241 136 1,020 Subtotal Utilities 141,189 1,569 141,189 1,569 144,013 1,600 12,001 11 Landscaping 27,979 311 27,979 311 11,250 125 938 12 Turnover 15,585 173 15,585 173 22,500 250 1,875 13 Repairs & Maintenance 136,257 1,514 136,257 1,514 29,250 325 2,438 Subtotal Repairs & Maintenance 179,821 1,998 179,821 1,998 63,000 700 5,250 14 Payroll & Burden 147,281 1,636 147,281 1,636 106,200 1,180 8,850 15 General & Administrative 50,193 558 50,193 558 36,000 400 3,000 16 Advertising 1,393 15 1,393 15 4,500 50 375 17 Property Management Fee 7,015 1.0% 7,015 1.0% 32,227 3.5% 2,686 18 Real Estate Taxes 46,405 516 46,405 516 84,953 944 7,079 19 Property Insurance 19,300 214 19,300 214 18,900 210 1,575 20 Capital Reserves 0 0 0 0 27,000 300 2,250

Total Operating Expenses $592,598 $6,584 $592,598 $6,584 $516,793 $5,742 $43,066

NET OPERATING INCOME $115,121 $1,279 $109,684 $1,219 $403,978 $4,489 $33,665

Unless otherwise noted on the footnotes page, Cushman & Wakefield Pro forma figures are based on a 2.0% increase over the respective March 2019 T-12 Actual figure.

39 FINANCIAL ANALYSIS 4/17/20194:23 PM p2 CHASTAIN WOODS

HISTORICAL & PRO FORMA INCOME FOOTNOTES HISTORICAL & PRO FORMA EXPENSE FOOTNOTES 11 Landscaping 1 Scheduled Market Rent The pro forma Landscaping expense is assumed to be $125/unit. The Scheduled Market Rent of $833,400, or $69,450 per month, is based on the current market rent shown on the Rent Roll dated 4-9-19. 12 Turnover The pro forma Turnover expense of $250/unit is based on an average turn of $500 and 2 Pro Forma Upgrade Premium 50% annual turnover. The pro forma assumes the property will begin upgrades in Year 1. Proposed upgrades are expected to take approximately 2 years to complete. The anticipated gain through 13 Repairs & Maintenance rent premiums for the upgrades is expected to be around $66,600/year throughout the The pro forma Repairs & Maintenance expense is assumed to be $325/unit. course of the upgrade period. 14 Payroll & Burden 3 Gain/(Loss) to Lease PAYROLL ANNUAL PAY/BONUS BURDEN TOTAL Property Manager $40,000 $7,200 $47,200 The pro forma assumes Gain/(Loss) to Lease to be -0.5% of Scheduled Market Rent. Subtotal Office/Leasing $47,200 4 Vacancy The pro forma assumes vacancy equivalent to -5.0% of the Gross Potential Income. Maintenance Tech $35,000 $6,300 $41,300 Part-Time Maintenance $15,000 $2,700 $17,700 5 Non-Revenue Units Subtotal Maintenance $59,000 The pro forma assumes Non-Revenue Units equivalent to -1.2% of the Gross Potential Total $90,000 18% $106,200 Income or approximately 1 unit. Total/Unit $1,180 6 Bad Debt/Write-Offs 15 General & Administrative The pro forma assumes Bad Debt/Write-Offs of -2.5% of pro forma Gross Potential Income. The pro forma General & Administrative expense is assumed to be $400/unit. 7 Concessions 16 Advertising Pro forma assumes concessions of -1.0% of Gross Potential Income. The pro forma Advertising expense is assumed to be $50/unit. 8 Water/Sewer Income 17 Property Management Fee The pro forma Water/Sewer Income is based on a typical figure of 75% of Water/Sewer The pro forma Management Fee is 3.5% of Total Operating Income. Expense. 18 Real Estate Taxes 9 Trash Income PROPERTY TAXES The pro forma Trash Income is based on a monthly fee of $5/unit/mo, adjusted for pro State Georgia 2018 Tax Value $2,518,400 forma occupancy. County Fulton Assessed Value $1,007,360 10 Other Income City Unincorporated Millage Rate 41.400 mills The pro forma assumes Other Income of $250/unit. Real Property Tax $41,705 Tax Assessment Ratio 40% Stormwater Fees $0 Tax Parcel ID Number(s) 14-0217-LL-152-0 Property Tax Rebate $0 Personal Prop/Bus Tax $0 2018 Total Property Taxes $41,705 19 Property Insurance The pro forma Property Insurance is assumed to be $210/unit. 20 Capital Reserves The pro forma Capital Reserves are based on a typical $300/unit.

CUSHMAN & WAKEFIELD 40 CUSHMAN & WAKEFIELD’S SOUTHEAST MULTIFAMILY ADVISORY GROUP

CONFIDENTLY GLOBAL, EXPERTLY LOCAL. The Cushman & Wakefield Southeast Multifamily Advisory Group has built a reputation as one of the most dynamic, professional, and hands-on multifamily teams in the industry. With offices located throughout the Southeast, our team is strategically positioned to serve clients across the spectrum of multifamily investments, from institutional to professional equity to private capital investors. Our long- standing super regional approach to the 9 states and 33 markets ensures the team’s coverage and execution model provides clients greater market intelligence and wider market exposure when selling their assets.

$5.4 BILLION MOST 31.6% CLOSED IN 2018 +12.8% #1 ACTIVE #1 MARKET SHARE $17 BILLION YOY GROWTH SOUTHEAST SOUTHEAST 2018-YE IN LAST 4 YEARS IN SALES VOLUME FIRM 2014-2018*

*Market share reflects property count percent of broker-attributed sales reported to CoStar for AL, Northwest FL, GA, KY, LA, MS, NC, SC and TN

REGIONAL LEADERS

SOUTHEAST ATLANTA GULF STATES INSTITUTIONAL PROFESSIONAL EQUITY JIMMY ADAMS MARC ROBINSON MIKE KEMETHER EXECUTIVE MANAGING DIRECTOR VICE CHAIR VICE CHAIR CRAIG HEY CHRIS SPAIN JOSHUA GOLDFARB DIRECTOR VICE CHAIR VICE CHAIR JOSH JACOBS ROBERT STICKEL TRAVIS PRESNELL DIRECTOR EXECUTIVE MANAGING DIRECTOR DIRECTOR ALEX BROWN KENTUCKY SENIOR DIRECTOR ATLANTA PRIVATE CAPITAL MIKE KEMETHER TYLER AVERITT VICE CHAIR NORTH & SOUTH EXECUTIVE MANAGING DIRECTOR CRAIG COLLINS CAROLINAS NATHAN SWENSON EXECUTIVE VICE PRESIDENT COMMERCIAL KENTUCKY, INC. JORDAN MCCARLEY SENIOR DIRECTOR EXECUTIVE MANAGING DIRECTOR LOUISIANA WATSON BRYANT GEORGIA REGIONAL LOCATIONS EXECUTIVE DIRECTOR MIKE KEMETHER TAYLOR BIRD ATLANTA • BIRMINGHAM • CHARLOTTE VICE CHAIR TAI COHEN SENIOR ASSOCIATE CHARLESTON • LOUISVILLE • NASHVILLE • NEW ORLEANS • RALEIGH DIRECTOR LARRY SCHEDLER PRINCIPAL TENNESSEE LARRY G. SCHEDLER & ASSOCIATES, INC. ROBBIE O’BRYAN DIRECTOR CONFIDENTIALITY STATEMENT This Offering Memorandum (OM) was prepared by Cushman & Wakefield (Broker) and has been reviewed by the Owner. The OM is confidential, furnished solely for the purpose of considering the acquisition of the Property described herein, and is not to be used for any other purpose or made available to any other person without the express written consent of Broker. An opportunity to inspect the Property will be made available to qualified prospective purchasers.

The information contained herein has been obtained from sources deemed reliable, and we have no reason to doubt its accuracy. However, no warranty or representation, expressed or implied, is made by the Owner or Broker or any related entity as to the accuracy or completeness of the information contained herein, including but not limited to financial information and projections, and any engineering and environmental information. Prospective purchasers should make their own investigations, projections, and conclusions. It is expected that prospective purchasers will conduct their own independent due diligence concerning the Property, including such engineering inspections as they deem necessary to determine the condition of the Property and the existence or absence of any potentially hazardous materials used in the construction or maintenance of the building(s) or located at the land site, including but not limited to lead-based products (for compliance with “Target Housing” regulation for multifamily housing constructed prior to 1978), asbestos, etc.

The Owner and Broker expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any party at any time with or without notice. The Owner shall have no legal commitment or obligation to any purchaser unless a written agreement for the purchase of the Property has been delivered, approved, and fully executed by the Owner, and any conditions to the Owner’s obligations thereunder have been satisfied or waived. Broker is not authorized to make any representations or agreements on behalf of the Owner. Broker represents the Owner in this transaction and makes no representations, expressed or implied, as to the foregoing matters. The depiction of any persons, entities, signs, logos, or properties (other than Broker’s client and the Property) is incidental only and not intended to connote any affiliation, connection, association, sponsorship, or approval by or between that which is incidentally depicted and Broker or its client.

This OM is the property of Cushman & Wakefield and may be used only by parties approved in writing by Broker. The information is privately offered and, by accepting this OM, the party in possession hereon agrees (i) to return it to Cushman & Wakefield immediately upon request of Broker or the Owner and (ii) that this OM and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this OM may be copied or otherwise reproduced and/or disclosed to anyone without the written authorization of Broker and Owner. The terms and conditions set forth above apply to this OM in its entirety.

©2018 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE. multifamily.cushwake.com