1187 W Wilson St Green Meadows Apartments 150 Unit Apartment Building Batavia, Illinois - Fox River Valley Neighborhood

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1187 W Wilson St Green Meadows Apartments 150 Unit Apartment Building Batavia, Illinois - Fox River Valley Neighborhood Underwriting Report 1187 W Wilson St Green Meadows Apartments 150 Unit Apartment Building Batavia, Illinois - Fox River Valley Neighborhood PREPARED BY Robert Petrich 1187 W Wilson St - Green Meadows Apartments SUBJECT PROPERTY Property Details 2 RENT COMPS Map & List 7 Photo Comparison 9 Rent Comps Details 11 Unit Mix Summary 30 Ranking Chart By Bedroom 31 Changes in Rent Comps 34 Rent Trend Charts 37 Rent Trend Data 43 CONSTRUCTION Overall Construction Map & Summary 45 Under Construction Map & List 46 Under Construction Details 48 Deliveries Past 12 Months Map & List 49 Delivered Property Details 51 Construction Summary 54 SALE COMPS Map & List 60 Sale Comp Details 62 Sales Volume 66 Sales Pricing 67 Cap Rates 69 Top Buyers & Sellers 70 DEMOGRAPHICS Overview 73 Age & Education 74 Ethnicity 75 SUBMARKET OVERVIEW Fox River Valley Overview 76 MARKET OVERVIEW 5/25/2017 Bob Petrich Boardwalk Commercial Real Estate 708-917-3333 1187 W Wilson St - Green Meadows Apartments Chicago Overview 95 5/25/2017 Bob Petrich Boardwalk Commercial Real Estate 708-917-3333 Subject Property 1187 W Wilson St - Green Meadows Apartments Batavia, Illinois - Fox River Valley Neighborhood PROPERTY PROPERTY MANAGER No. of Units: 150 Napro Management LTD - Green Meadows A… Stories: 2 (630) 879-8300 Avg. Unit Size: 849 SF Type: Apartments - All Rent Type: Market OWNER Year Built: 1978 Nancy Protter Parking: 225 Spaces; 1.5 per Unit Purchased Feb 2004 Distance to Transit: - $11,800,000 ($78,667/Unit) ASKING RENTS PER UNIT/SF VACANCY 12 MONTH NET ABSORPTION Current: $1,107 $1.30 /SF Current: 2.0% 3 Units Current: 1 Unit Last Quarter: $1,107 $1.30 /SF Last Quarter: 2.0% 3 Units Competitor Total: (4) Units Year Ago: $1,080 $1.27 /SF Year Ago: 2.7% 4 Units Competitor Avg: (0.2) Units Competitors: $1,092 $1.28 /SF Competitors: 5.9% 181 Units Submarket Total: (48) Units Submarket: $1,228 $1.30 /SF Submarket: 5.1% 201 Units Submarket Avg: (1.0) Units UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 703 68 45.3% 1 1.5% $951 $1.35 $951 $1.35 0.0% 2 1.5 915 60 40.0% 2 3.3% $1,150 $1.26 $1,150 $1.26 0.0% 3 1.5 1,120 22 14.7% 0 0.0% $1,476 $1.32 $1,476 $1.32 0.0% Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 703 68 45.3% 1 1.5% $951 $1.35 $951 $1.35 0.0% All 2 Beds 915 60 40.0% 2 3.3% $1,150 $1.26 $1,150 $1.26 0.0% All 3 Beds 1,120 22 14.7% 0 0.0% $1,476 $1.32 $1,476 $1.32 0.0% Totals 849 150 100% 3 2.0% $1,107 $1.30 $1,107 $1.30 0.0% Estimate Updated May 15, 2017 SITE AMENITIES Clubhouse Laundry Facilities Maintenance on site Playground Pool Property Manager on Site Storage Space Sundeck Tennis Court UNIT AMENITIES Air Conditioning Cable Ready Carpet Ceiling Fans Dining Room Dishwasher Disposal Heating High Speed Internet Access Kitchen Range Tub/Shower Walk-In Closets Washer/Dryer Washer/Dryer Hookup 5/25/2017 Bob Petrich Boardwalk Commercial Real Estate Page 2 708-917-3333 Subject Property RECURRING EXPENSES Dog Rent $15 Cat Rent $0 Free Water, Trash Removal, … ONE TIME EXPENSES Dog Fee $400 Cat Fee $400 Application Fee $50 PET POLICY Cats Allowed - $0/Mo, 2 Maximum, Maximum Weight 20 lb, One-Time Fee: $400 Restrictions: 400 fee per pet. Dogs Allowed - $15/Mo, 1 Maximum, Maximum Weight 17 lb, One-Time Fee: $400 Restrictions: $400 fee per pet. 5/25/2017 Bob Petrich Boardwalk Commercial Real Estate Page 3 708-917-3333 Subject Property Primary Buiding Buiding Buiding 5/25/2017 Bob Petrich Boardwalk Commercial Real Estate Page 4 708-917-3333 Subject Property Interior Interior Interior Buiding 5/25/2017 Bob Petrich Boardwalk Commercial Real Estate Page 5 708-917-3333 Rent Comparables 1187 W Wilson St Green Meadows Apartments 150 Unit Apartment Building Batavia, Illinois - Fox River Valley Neighborhood PREPARED BY Robert Petrich Rent Comparables Summary 1187 W Wilson St - Green Meadows Apartments No. Rent Comps Avg. Rent Per Unit Avg. Rent Per SF Avg. Vacancy Rate 17 $1,092 $1.28 5.9% RENT COMPS LOCATIONS RENT COMPS SUMMARY STATISTICS Unit Breakdown Low Average Median High Total Units 31 179 208 336 Studio Units 0 2 0 33 One Bedroom Units 0 76 46 224 Two Bedroom Units 16 86 84 200 Three Bedroom Units 0 15 0 124 Property Attributes Low Average Median High Year Built 1964 1980 1975 2017 Number of Floors 2 3 2 11 Average Unit Size 612 SF 853 SF 876 SF 1,040 SF Vacancy Rate 0.9% 5.9% 5.9% 46.7% Star Rating 2.9 5/25/2017 Bob Petrich Boardwalk Commercial Real Estate Page 7 708-917-3333 Rent Comparables Summary 1187 W Wilson St - Green Meadows Apartments Property Size Asking Rent Per Month Per Unit Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF Lake View Residences 1 - 1972 97 612 $900 $1,000 $1,400 - $1.73 1037 Howell Pl Park Shore Apartments 2 - 1964 160 767 - $1,084 $1,244 $1,549 $1.59 1000-1100 Geneva Rd Springs at Orchard Road … 3 - 2017 60 947 $1,191 $1,365 $1,727 $1,849 $1.59 1801 Oak St The Village at Mill Creek 4 - - 31 941 $890 $1,260 $1,638 - $1.53 39W250 Herrington Blvd Prairie Pointe Apartments 5 - 1972 228 843 - $1,070 $1,257 - $1.46 1820 Wessel Ct Butterfield Oaks 6 - 2001 336 877 - $1,167 $1,427 - $1.44 2288 Oakmeadow Dr Ashford St Charles 7 - 1988 208 933 - $1,260 $1,326 - $1.40 1690 Covington Ct Autumn Run Apartments 8 - 1986 320 767 - $967 $1,275 - $1.38 1627 Country Lakes Dr Green Meadows Apartments - 1978 150 848 - $951 $1,150 $1,476 $1.30 1187 W Wilson St Charleston Park Apartments 9 - 1974 71 984 - $946 $1,470 $1,642 $1.30 1815-1821 Howard St Courtyards Village West 10 - 1975 216 753 - $915 $1,095 - $1.28 844 Staghorn Ln Fox Run 11 - 1973 220 876 - $975 $1,276 $1,362 $1.21 145 Walnut Dr Lorlyn of Batavia 12 - 1975 253 798 - $849 $968 - $1.17 1034 Lorlyn Cir St. Charles Place Apartme… 13 - 1975 126 834 - $861 $990 - $1.14 201 N 15th St Butterfield Trails Apartments 14 - 1969 96 702 - $736 $822 - $1.11 102 Laurel Dr Stone Crossing Apartments 15 - 1970 240 909 - $781 $1,002 $1,240 $1.10 1240 Nantucket Rd Fox Pointe Apartments 16 - 2000 248 1,039 - - $978 $1,087 $0.99 2074 Fox Pointe Cir Colony West Apartments 17 - 1975 132 944 - $760 $860 $1,072 $0.90 685 Laurel Dr 5/25/2017 Bob Petrich Boardwalk Commercial Real Estate Page 8 708-917-3333 Rent Comparables Photo Comparison 1187 W Wilson St - Green Meadows Apartments 1 Lake View Residences 2 Park Shore Apartments 3 Springs at Orchard Road 1037 Howell Pl 1000-1100 Geneva Rd 1801 Oak St 97 Units / 11 Stories 160 Units / 3 Stories 60 Units / 2 Stories Rent/SF $1.73, Vacancy 7.2% Rent/SF $1.59, Vacancy 7.5% Rent/SF $1.59, Vacancy 46.7% Owner: Margaret McSheehey Owner: Steadfast Capital Markets G… Owner: Continental Properties Com… 4 The Village at Mill Creek 5 Prairie Pointe Apartments 6 Butterfield Oaks 39W250 Herrington Blvd 1820 Wessel Ct 2288 Oakmeadow Dr 31 Units / 3 Stories 228 Units / 3 Stories 336 Units / 2 Stories Rent/SF $1.53, Vacancy 12.9% Rent/SF $1.46, Vacancy 2.2% Rent/SF $1.44, Vacancy 12.5% Owner: ShoDeen Group, LLC Owner: Axiom Properties Owner: RMK Management Subject Property 7 Ashford St Charles 8 Autumn Run Apartments Green Meadows 1690 Covington Ct 1627 Country Lakes Dr 1187 W Wilson St 208 Units / 2 Stories 320 Units / 2 Stories 150 Units / 2 Stories Rent/SF $1.40, Vacancy 6.3% Rent/SF $1.38, Vacancy 3.1% Rent/SF $1.30, Vacancy 2.0% Owner: The RADCO Companies Owner: - Owner: Nancy Protter 5/25/2017 Bob Petrich Boardwalk Commercial Real Estate 708-917-3333 Page 9 Rent Comparables Photo Comparison 1187 W Wilson St - Green Meadows Apartments 9 Charleston Park 10 Courtyards Village West 11 Fox Run 1815-1821 Howard St 844 Staghorn Ln 145 Walnut Dr 71 Units / 2 Stories 216 Units / 3 Stories 220 Units / 4 Stories Rent/SF $1.30, Vacancy 5.6% Rent/SF $1.28, Vacancy 0.9% Rent/SF $1.21, Vacancy 2.3% Owner: Napro Management LTD Owner: Prairie Management & Deve… Owner: Windy City RE 12 Lorlyn of Batavia 13 St. Charles Place 14 Butterfield Trails 1034 Lorlyn Cir 201 N 15th St 102 Laurel Dr 253 Units / 3 Stories 126 Units / 2 Stories 96 Units / 2 Stories Rent/SF $1.17, Vacancy 2.0% Rent/SF $1.14, Vacancy 11.9% Rent/SF $1.11, Vacancy 6.3% Owner: Austin Highland - Briargate … Owner: St Charles Place Properties … Owner: Anthony Konopacki 15 Stone Crossing 16 Fox Pointe Apartments 17 Colony West Apartments 1240 Nantucket Rd 2074 Fox Pointe Cir 685 Laurel Dr 240 Units / 2 Stories 248 Units / 2 Stories 132 Units / 3 Stories Rent/SF $1.10, Vacancy 7.5% Rent/SF $0.99, Vacancy 1.6% Rent/SF $0.90, Vacancy 0.8% Owner: The Ferndale Property Man… Owner: New Directions Housing Cor… Owner: Globe Management Inc 5/25/2017 Bob Petrich Boardwalk Commercial Real Estate 708-917-3333 Page 10 Rent Comparables 1187 W Wilson St - Green Meadows Apartments 1 1037 Howell Pl - Lake View Residences Aurora, Illinois - Southeast Aurora Neighborhood PROPERTY PROPERTY MANAGER Property Size: 97 Units, 11 Floors Pinnacle - Lakeview Apartments Avg.
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