Phase I Environmental Site Assessment Report

PHASE I ENVIRONMENTAL SITE ASSESSMENT REPORT Landmark at Courtyard Villas 2200 North Belt Line Road Mesquite, Texas 75150 Regulatory Date: June 22, 2017 Assessment Date: July 5, 2017 Report Date: July 18, 2017 Partner Project No. 17-190442.1 Prepared for Dwight Capital, LLC New York, NY 10019 Engineers who understand your business July 18, 2017 Mr. Duncan Mendelsohn Dwight Capital, LLC 250 West 55th Street, 30th Floor New York, NY 10019 Subject: Phase I Environmental Site Assessment Landmark at Courtyard Villas 2200 North Belt Line Road Mesquite, Texas 75150 Partner Project No. 17-190442.1 Dear Mr. Mendelsohn: Partner Assessment Corporation (Partner) is pleased to provide the results of the Phase I Environmental Site Assessment (Phase I ESA) report of the abovementioned address (the “subject property”). This assessment was performed in general conformance with the scope and limitations as detailed in the ASTM Standard Practice E1527-13 Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process and the Multifamily Accelerated Processing (MAP) Guide dated January 29, 2016 (Effective Date May 28, 2016). This assessment included a site reconnaissance on July 5, 2017 as well as research and interviews with representatives of the public, property ownership, site manager, and regulatory agencies. The regulatory assessment activities were initiated on June 22, 2017. An assessment was made, conclusions stated, and recommendations outlined. We appreciate the opportunity to provide environmental services to Dwight Capital, LLC. If you have any questions concerning this report, or if we can assist you in other matter, please contact me at (443) 455- 1637. Sincerely, Bradley K. Fountain National Client Manager www.PARTNEResi.com 800-419-4923 www.PARTNEResi.com EXECUTIVE SUMMARY Partner Assessment Corporation (Partner) has performed a Phase I Environmental Site Assessment (ESA) in general accordance with the scope of work and limitations of ASTM Standard Practice E1527-13, the Environmental Protection Agency Standards and Practices for All Appropriate Inquiries (AAI) (40 CFR Part 312) and the Multifamily Accelerated Processing (MAP) Guide dated January 29, 2016 (Effective Date May 28, 2016) for the property located at 2200 North Belt Line Road in the City of Mesquite, Dallas County, Texas (the “subject property”). The Phase I Environmental Site Assessment is designed to provide Dwight Capital, LLC with an assessment concerning environmental conditions (limited to those issues identified in the report) as they exist at the subject property. Property Description The subject property is located on the east side of North Belt Line Road and the south side of East Tripp Road within a mixed commercial and residential area of Mesquite, Texas. Please refer to the table below for further description of the subject property: Subject Property Data Address: 2200 North Belt Line Road, Mesquite, Texas Additional Addresses: 2204, 2208, 2212, 2216, 2220, 2302, 2306, 2310, 2314, 2318, 2322 North Belt Line Road, Mesquite, Texas Property Use: Multi-Family Residential Land Acreage (Ac): 17.17 Ac Number of Buildings: 12 Total; 1 - Office/Clubhouse Building and 11 - Apartment Buildings Number of Floors: One (1) –Story, Office/Clubhouse and Three (3)-Story, Apartments Gross Building Area (SF): 286,874 SF (Total) Net Rentable Area (SF): 223,360 SF (Total) Date of Construction: 1999 Assessor’s Parcel Number (APN): 38143000010050000 Type of Construction: Stucco/Wood-Framed Number of Units: 256, which includes one non-revenue unit Current Tenants: Landmark at Courtyard Villas Apartment HUD Project Type: 223(f) Site Assessment Performed By: Marci Magaw of Partner Site Assessment Conducted On: July 5, 2017 The subject property is currently occupied by Landmark at Courtyard Villas Apartment Homes for multifamily residential use. Onsite operations consist of residential leasing and general maintenance activities. The subject property is comprised of 11 apartment buildings and a leasing office/clubhouse building. Property amenities include a fitness center, laundry room, business center, a playground and exercise station, a dog park, and a swimming pool. In addition to the current structures and amenities, the subject property is also improved with covered parking spaces, rentable garages, concrete-paved parking areas, and landscaped areas. Phase I Environmental Site Assessment Project No. 17-190442.1 July 18, 2017 Page i According to available historical sources, the subject property was formerly agricultural land within the southern portion and undeveloped land within the northern portion as early as 1942 and developed with the current structures in 1999. Tenants on the subject property include various residential tenant listings associated with an apartment complex (1999-Present). The immediately surrounding properties consist of Prosperity Bank then East Tripp Road to the north; an office building and vacant land with a creek to the south; vacant land to the east; and religious institution, vacant land, single-family residences and commercial areas to the west across North Belt Line Road. According to the Texas Water Development Board’s Groundwater Database and topographic map interpretation, the depth and direction of groundwater in the vicinity of the subject property is inferred to be approximately 10 to 20 feet below ground surface (bgs) and flow toward the south. Findings – ASTM Items Report ASTM Items Further Action REC* CREC* HREC* EI* Section Required? 3.0 Historical Background N X 4.0 Federal, State, Local, Tribal Database N Listings, Vapor Intrusion 5.0 User Provided information N 6.0 Onsite Reconnaissance N 6.1 General Site Characteristics N 6.2 Potential Environmental Hazards N 6.3 Non-ASTM N 6.4 Adjacent Properties N A recognized environmental condition (REC) refers to the presence or likely presence of any hazardous substances or petroleum products in, on, or at a property: due to release to the environment; under conditions indicative of a release to the environment; or under conditions that pose a material threat of a future release to the environment. Partner did not identify recognized environmental conditions during the course of this assessment. A controlled recognized environmental condition (CREC) refers to a REC resulting from a past release of hazardous substances or petroleum products that has been addressed to the satisfaction of the applicable regulatory authority, with hazardous substances or petroleum products allowed to remain in place subject to the implementation of required controls. Partner did not identify controlled recognized environmental conditions during the course of this assessment. A historical recognized environmental condition (HREC) refers to a past release of any hazardous substances or petroleum products that has occurred in connection with the property and has been Phase I Environmental Site Assessment Project No. 17-190442.1 July 18, 2017 Page ii addressed to the satisfaction of the applicable regulatory authority or meeting unrestricted use criteria established by a regulatory authority, without subjecting the property to any required controls. Partner did not identify historical recognized environmental conditions during the course of this assessment. An environmental issue refers to environmental concerns identified by Partner, which do not qualify as RECs; however, warrant further discussion. The following was identified during the course of this assessment: A portion of the subject property parcel was historically used for agricultural purposes. Based upon the historic agricultural activity on the subject property, the past on-site usage of pesticides is presumed. In general, however, it has been Partner’s experience that there is a low potential for soil contamination at concentrations in excess of regulatory thresholds as a result of the past use of persistent pesticides from normal crop application. Significant pesticide contamination is more commonly associated with farm headquarters or maintenance facilities and crop dusting airstrips where the repeated mixing and rinsing of chemical application equipment may have occurred. The subject property was not developed with any structures associated with the farm headquarters or maintenance facilities. In addition, no records of environmental concerns at the subject property were identified during the regulatory database review. Based on these reasons, Partner concludes that the former use of agricultural chemicals is not expected to represent a significant environmental concern. Findings – HUD HEROS and Compliance Items Report HUD HEROS and Compliance Items Formal Compliance Section Compliance Steps Determination or Mitigation Required? 7.1 Coastal Barriers - Coastal Barrier Resources Act, as N amended by the Coastal Barrier Improvement Act of 1990 [24 CFR 50.4(c)(1)) 7.2 Coastal Management Zone - Coastal Zone N Management Act (24 CFR 50.4(c)(2)) 7.3 Y (1) Floodplain Management - Executive Order 11988, particularly Section 2(a); 24 CFR Part 55 (Flood Insurance) (24 CFR 50.4(b)(1) and (2)) 7.4 Historic Preservation - National Historic Preservation N Act of 1966, particularly Sections 106 and 110; 36 CFR Part 800 (24 CFR 50.4(a)) 7.5 Noise Analysis - Noise Control Act of 1972, as N amended by the Quiet Communities Act of 1978 (24 CFR Part 51 Subpart B) 7.6 Hazardous Industrial Operations - 24 CFR Part 51 N Subpart C; Acceptable Separation Distance Phase I Environmental Site Assessment Project No. 17-190442.1 July

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