www.svnoakrealty.com

Investment Highlights

Exceptional unit mix great for long-term tenants; featuring large two- and three-bed units.

The property is located within walking distance of the University of Arkansas – Little Rock (UALR), a university that has a student population of around 7,000.

Extensive capital improvements inside and out.

6310 Colonel Glenn Dr. Average household income of $57,264 and a Little Rock, AR 72204 median age of 34 within a five-mile radius. SUBMISSIONS

SVN OAK REALTY ADVISORS 4812 E. 81st St. Ste. 301 OAK REALTY ADVISORS Tulsa, OK 74137

OFFERING PROCEDURE Offers will be responded to upon receipt. Any initial offer should be submitted in the form of a non-binding letter dictating specific terms, including (1) purchase price, (2) amount of earnest money, (3) length of due diligence and (4) financing timeframe. Additionally, all offers must be accompanied with the purchasers’ qualifications to close the transaction.

Raymond Lord | Sr. Managing Director Garrett Huie | Associate Advisor P. 918-201-2005 P. 918-201-2005 DISCLAIMER/CONFIDENTIALITY STATEMENT The material contained in the offering memorandum is confidential, furnished solely for the purpose of considering the acquisition of M. 918-850-1779 M. 918-557-6897 the property described herein, and is not to be used for any other purpose or made available to any other person without the express [email protected] [email protected] written consent of SVN Oak Realty Advisors. The information contained herein has been obtained from sources that we deem to be reliable, and we have no reason to doubt its accuracy. However, neither the seller, broker or any related entity make any warranty or representation, expressed or implied, as the accuracy or completeness of the information contained herein, included but not limited to, Benjamin Davis | Managing Director Jason Turner | Associate Advisor financial information and projections, and any engineering and environmental information. Prospective purchasers should make their P. 918-201-2005 P. 918-201-2005 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 M. 918-740-6288 M. 918-284-1614 property and the existence or absence of any potential hazardous materials used in the construction or maintenance of the buildings or [email protected] [email protected] located at the land site, included but not limited to, lead-based products (for compliance with “target housing” regulation for multifamily housing constructed prior to 1978), asbestos, etc. Broker represents seller in this transaction and makes no representations, expressed or implied, as to the foregoing matters.

All Sperry Van Ness® offices are independently owned and operated. SVN Oak Realty 2 TABLE OF CONTENTS

Offering Summary 4 At-A-Glance | Area Map | Vicinity Map

Property Description 8 Property Details | Amenities | Unit Mix

Investment Summary 13 Investment Rationale | Capital Improvements

Rental Comparables 16 Rent Comp Map | Rent Comp Summary | Rent Comp Ranking

Sales Comparables 28 Sales Comp Map | Sales Comp Summary

Demographics and Market Summary 31 Business Summary | Demographics and Market Highlights | Top Employers

Marketing Team 37 Marketing Team

SVN Oak Realty 3 OFFERING SUMMARY

6310 Colonel Glenn Dr. Little Rock, AR 72204

YEAR BUILT NUMBER OF UNITS TOTAL NET RENTABLE SF OCCUPANCY MARKET OCCUPANCY 1967/2020 141 130,322 95% 91.2%

SVN Oak Realty 4 AT-A-GLANCE

Location Review • The property is located off Colonel Glenn Drive, a high-traffic road located in Little Rock, Arkansas. • The University of Arkansas – Little Rock is located less than one mile from the property. • Little Rock is the headquarters of Dillard’s, Windstream Communications, Acxiom, Stephens Inc., University of Arkansas for Medical Sciences, Heifer International, Winrock International and the Clinton Foundation. Other corporations, such as Dassault Falcon Jet, LM Wind Power, Simmons Bank, Euronet Worldwide, AT&T, and Entergy have large operations in the city. • State government is a large employer, with many offices downtown. Two major Interstate highways, Interstate 30 and Interstate 40, meet in Little Rock, with the Port of Little Rock serving as a shipping hub.

Key Factors • Recent capital improvements of over $1.4M have been invested in the property, which includes new roof, HVAC, flooring, and property sign and gate. • Average household income of $57,264 and a median age of 34 within a five-mile radius. • The overall community has received a large capital infusion during the current ownership addressing most of the major components from a construction and mechanical perspective.

Conclusion • With the above considerations, Bradford Estates is an excellent opportunity for an investor looking to capitalize on a property that has a terrific combination of value-add potential and stability.

SVN Oak Realty 5 AREA MAP

65

Kavanaugh Blvd. Reservoir Rd. 10 365 NORTH

A r

C k a a LITTLE ROCK n Cantrell Rd. n s t a E. 13th St. r s e ll R R i d v . e r

T r Evergreen Dr. a

il

Allsopp park

N. Mississippi St. 30 H St. AR K AN N. SA Rodne S y P Kavanaugh Blvd. RIV ar ER ha Ca m ntre 70 ll R R S. University Ave. d. d. Lee Ave. W. Markham St. 10 N. Van Buren St. W. Markham St. 708

W. Markham St. W. 3rd St. RIVER N. Hughes St. MARKET W. 7th St. LITTLE ROCK 630 W. 7th St.

Scott St.

W. 12th St. Cumberland St. E. 9th St. W. 12th St. S. Battery St. rk Rd. Pa W. 14th St.

le S. Pine St. 630 y o B Collge St. S. University Ave. Fair Park Blvd. S. Woodrow St. Boyle Park W. 28th St. Wright Ave. E. 17th St.

John Barrow Rd. Barrow John

S. Cedar St. 708 Asher Ave. Barber St.

S. Chester St. Main St. 708 30 E. Roosevelt Rd. W. 36th St.

5 S. Arch St. 365 Doctor M.L.K., Jr. Dr. Doctor M.L.K., Jr. 708 Pkwy. Mabelvale 440

SVN Oak Realty 6 C

a

n t re ll R d.

C ant rell Rd.

VICINITYBoyle Park MAP S. Pine St.

d. R k r a P

e l W. 28th St. y o B Fair Park Blvd.

708 N. University Ave. W. 3 6th S t .

5 Mabelvale Pkwy. Mabelvale

708

SVN Oak Realty 7 PROPERTY DESCRIPTION

SVN Oak Realty 8 PROPERTY DETAILS

Construction Tenant Qualifications

Exterior – Brick with siding Three-times income Roof – TPO 2015 – 2019 (with 15-year warranty) 12-month rental history Parking lot – Asphalt Employment verification Stories – 2 No prior judgments from previous landlords in the last five years Stairs – Steel with stone insert No prior evictions in the last five years (if on housing, approval if it was Landings – Concrete prior to being on housing and it was only for non-payment of rent) Background and credit to check for prior evictions and balances owed Mechanical to prior landlords as well as out-of-state background information

Electrical – Individually metered Staffing Water – Each unit has separate gas hot water heater (approximately nine units have been converted to electric) Full-time property manager HVAC – Each unit has separate gas furnace and separate Part-time assistant leasing agent electric condensers for air Full-time maintenance worker Gas – One meter for complex Property porter

Site Characteristics

Number of acres – 7.37 Net development density – 19.13 Number of buildings – 17 County – Pulaski Parcel ID – 44L-128-01-005-00

Billing

Electric – Owner Water – Owner Sewer – Owner Trash – Owner Gas – Owner

SVN Oak Realty 9 UNIT MIX

Unit Mix Detail Unit Rent Rates Type No Units Unit SF Total SF Average Rent Rent Per SF Monthly Annual 1 Bed/1 Bath 4 639 2,556 $678 $1.06 $2,712 $32,544 2 Bed /1 Bath 114 873 99,522 $635 $0.73 $72,390 $868,680 3 Bed/2.5 Bath 23 1,228 28,244 $857 $0.70 $19,711 $236,532 Total/Average 141 924 130,322 $672 $0.73 $94,813 $1,137,756

1 BED 3 BED 3% 16%

2 BED 81%

SVN Oak Realty 10 AMENITIES

COMMUNITY AMENITIES

• New on-site laundry facility • Gated community • Central courtyard garden • On-site leasing office • Covered parking • Walking distance to University of Arkansas – Little Rock

APARTMENT FEATURES

• Modern gray interior paint with white accents • Tiled tub surrounds • Vinyl flooring* • Stainless refrigerators • Dishwasher • Gas oven range • Carpet stairs in townhome units

*In some units.

SVN Oak Realty 11 SVN Oak Realty 12 INVESTMENTINVESTMENT SUMMARY SUMMARY

SVN Oak Realty 13 INVESTMENT RATIONALE

ACTUAL AND PROFORMA FINANCIAL ANALYSIS INVESTMENT ANALYSIS INCOME 2020 T-2 Annualized Per Unit Per SF % of Gross Annual Per Unit Per SF % of Gross PURCHASE PRICE Gross Potential Income 1,137,756.00 $8,069.19 $8.73 100.00% $1,137,756 $8,069.19 $8.73 100.00% Less Vacancy $(99,066.42) $(702.60) $(0.76) -8.71% $(56,888) $(403.46) -$0.44 -5.00% $6,500,000.00 Less Concessions $- $- $- 0.00% $(14,222) $(100.86) -$0.11 -1.25% Cap Rate Total Rental Income $1,005,056.46 $7,128.06 $7.71 88.34% $1,066,646 $7,564.87 $8.18 93.75% 8.62% Economic Occupancy 88.34% 93.75% FINANCING Other Income $33,633.12 $238.53 $0.26 2.96% $42,666 $302.59 $0.33 3.75%

Effective Gross Income $1,038,689.58 $7,366.59 $7.97 91.29% $1,109,312 $7,867.46 $8.51 97.50% Loan Amount $4,875,000.00 75% OPERATIONAL EXPENSES 2020 T-2 Annualized Per Unit Per SF % of Gross Annual Per Unit Per SF % of Gross Rate Administrative $41,547.58 $294.66 $0.32 4.00% $44,372 $314.70 $0.34 4.00% 2.90% Advertising $2,115.00 $15.00 $0.02 0.20% $24,000 $170.21 $0.18 2.16% Term / Amortization Contract Services $- $- $- 0.00% $32,000 $226.95 $0.25 2.88% 10 Year / 30 Year Payroll $109,465.80 $776.35 $0.84 10.54% $130,000 $921.99 $1.00 11.72% Repairs and Maintenance $41,366.70 $293.38 $0.32 3.98% $60,000 $425.53 $0.46 5.41% Interest Only Utilities $222,000.84 $1,574.47 $1.70 21.37% $90,000 $638.30 $0.69 8.11% 2 Years Insurance $21,600.00 $153.19 $0.17 2.08% $52,000 $368.79 $0.40 4.69% Debt Service Real Estate Taxes $33,992.64 $241.08 $0.26 3.27% $78,000 $553.19 $0.60 7.03% $243,494.52 Total Expenses $472,089 $3,348.15 $3.62 45.45% $510,372 $3,619.66 $3.92 46.01% Cash After Debt NET OPERATING INCOME $566,601 $4,018.45 $4.35 54.55% $598,940 $4,247.80 $4.60 53.99% $ 316,670.48 19.50% Replacement Reserves $38,775 $275 $0.30 3.73% $38,775 $275 $0.30 3.50% Equity Requirement

Net Cash Flow After Reserves $527,826 $3,743.45 $4.05 50.82% $560,165 $3,972.80 $4.30 49.23% $ 1,625,000.00 25%

Neither the Owner or SVN OAK Realty Advisors, LLC, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.

SVN Oak Realty 14 CAPITAL IMPROVEMENTS

• New roofs (with 15-year warranty) added from 2015 – 2019 • New sign • New HVAC units on all buildings • Major plumbing repairs and upgrades • New floorings from 2015 – 2019 • General remodels (paint, floors, remodels and parking lot) • Substantial tree removal • Appliances • Gate repairs

SVN Oak Realty 15 RENTAL COMPARABLES

SVN Oak Realty 16 Kavanaugh Blvd.

A r

C k a a RENTAL COMPARABLES10 MAP n Cantrell Rd. n s t a 365 E. 13th St. r s e ll R R i NORTH d v . e

Reservoir Rd. Reservoir r

T r

N. Mississippi St. LITTLE ROCK Evergreen Dr. a

il

H St. Allsopp Park AR K 30 AN N. SA LOCATIONS Rodne S y P Kavanaugh Blvd. RI ar VER ha Ca m ntre 70 ll R R S. University Ave. d. 1. BIG COUNTRY CHATEAU d. Lee Ave. W. Markham St. 10 N. Van Buren St. W. Markham St. 708 2. SOUTH OAKS 5 W. Markham St. 3. VILLAGE GREEN APARTMENTS W. 3rd St.

7 N. Hughes St. RIVER W. 7th St. LITTLE ROCK MARKET 4. THE CANOPY 630 W. 7th St. Scott St. 5. GEORGETOWN APARTMENTS

Cumberland St. W. 12th St. E. 9th St. 6. WESTPARK MEADOWS W. 12th St. 4 6 S. Battery St. rk Rd. Pa W. 14th St. 7. APARTMENTS

le S. Pine St. 630 y 9 o B Collge St. S. University Ave. Fair Park Blvd.

S. Woodrow St. 8. SPRING VALLEY 10 Boyle Park W. 28th St. Wright Ave. E. 17th St. 9. TRINITY VILLAGE TOWNHOMES

John Barrow Rd. Barrow John

S. Cedar St. 708 Asher Ave. Barber St. 10. WESTBRIDGE APARTMENTS S. Chester St. Main St. 30 2 708 11. ROSEWOOD E. Roosevelt Rd. W. 36th St. 21

5 S. Arch St. 365 Doctor M.L.K., Jr. Dr. Doctor M.L.K., Jr. 708 Mabelvale Pkwy. Mabelvale 440

W. 65th St. 11

3 8

SVN Oak Realty 17 RENTAL COMPARABLES SUMMARY

1 BIG COUNTRY CHATEAU 6200 Asher Ave. | Little Rock, AR

151 UNITS BUILT IN 1965 69% OCCUPANCY

______Number Bed/Bath SF Rent $/SF 9______7 1/1 622 $650 $1.05 ______49 2/1 788 $750 $0.95 ______4 3/1 1,018 $850 $0.83 ______1 4/2 1,576 $950 $0.60 ______151 1,001 $800 $0.86

2 SOUTH OAKS 3401 Fair Park Blvd. | Little Rock, AR

204 UNITS BUILT IN 1986 93% OCCUPANCY

______Number Bed/Bath SF Rent $/SF 2______4 Studio 540 $525 $0.97 ______120 1/1 650 $635 $0.98 ______60 2/2 850 $730 $0.86 ______204 680 $630 $0.94

SVN Oak Realty 18 RENTAL COMPARABLES SUMMARY

3 VILLAGE GREEN APARTMENTS 7601 N. Chicot Rd. | Little Rock, AR

172 UNITS BUILT IN 1985 97% OCCUPANCY

______Number Bed/Bath SF Rent $/SF 10______2 1/1 618 $580 $0.94 ______70 2/2 831 $692 $0.83 ______172 725 $636 $0.89

4 THE CANOPY 9201 Kanis Rd. | Little Rock, AR

240 UNITS 93% OCCUPANCY

______Number Bed/Bath SF Rent $/SF 138______1/1 647 $626 $0.97 ______102 2/1 917 $720 $0.79 ______240 782 $673 $0.88

SVN Oak Realty 19 RENTAL COMPARABLES SUMMARY

5 GEORGETOWN APARTMENTS 18 Nottingham Rd. | Little Rock, AR

156 UNITS BUILT IN 1970/2001 93% OCCUPANCY

______Number Bed/Bath SF Rent $/SF 58______1/1 687 $668 $0.97 ______98 2/1 1,017 $741 $0.73 ______156 852 $705 $0.85

6 WESTPARK MEADOWS 1701 Westpark Rd. | Little Rock, AR

250 UNITS BUILT IN 1972 82% OCCUPANCY

______Number Bed/Bath SF Rent $/SF 16______1/1 636 $636 $1.00 ______108 2/1 881 $696 $0.79 ______46 2/1.5 1,088 $802 $0.74 ______56 2/2 1,044 $762 $0.73 ______6 3/2 1,273 $962 $0.76 ______6 3/2.5 1,592 $982 $0.62 ______8 3/2.5 1,632 $1,022 $0.63 ______4 4/3.5 2,388 $1,273 $0.53 ______250 1,317 $892 $0.72

SVN Oak Realty 20 RENTAL COMPARABLES SUMMARY

7 BRIARWOOD APARTMENTS 801 S. Rodney Parham Rd. | Little Rock, AR

280 UNITS BUILT IN 1972/2017 90% OCCUPANCY

______Number Bed/Bath SF Rent $/SF 128______1/1 736 $544 $0.74 ______152 2/2 1,036 $767 $0.74 ______280 886 $656 $0.74

8 SPRING VALLEY 1701 Westpark Rd. | Little Rock, AR

245 UNITS BUILT IN 1974/2005 86% OCCUPANCY

______Number Bed/Bath SF Rent $/SF 1______1/1 500 $442 $0.88 ______60 1/1 657 $499 $0.76 ______61 1/1 672 $550 $0.82 ______40 2/1 851 $560 $0.66 ______41 2/1 906 $565 $0.62 ______1 2/1 1,356 $762 $0.56 ______40 2/2 958 $625 $0.65 ______1 3/1 2,072 $875 $0.42 ______245 997 $610 $0.67

SVN Oak Realty 21 RENTAL COMPARABLES SUMMARY

9 TRINITY TOWN VILLAGE TOWNHOMES 1600 John Barrow Rd. | Little Rock, AR

156 UNITS BUILT IN 1974 86% OCCUPANCY

______Number Bed/Bath SF Rent $/SF 104______2/1.5 985 $675 $0.69 ______52 3/1.5 1,100 $750 $0.68 ______156 1,043 $713 $0.68

10 WESTBRIDGE APARTMENTS 2123 Labette Manor Dr. | Little Rock, AR

180 UNITS BUILT IN 1979 98% OCCUPANCY

______Number Bed/Bath SF Rent $/SF 48______1/1 774 $575 $0.74 ______116 2/1.5 1,104 $726 $0.66 ______16 3/2 1,274 $756 $0.59 ______180 1,051 $686 $0.66

SVN Oak Realty 22 RENTAL COMPARABLES SUMMARY

11 ROSEWOOD 6600 Lancaster Rd. | Little Rock, AR

100 UNITS BUILT IN 1965 69% OCCUPANCY

______Number Bed/Bath SF Rent $/SF 7______2 2/1 850 $531 $0.62 ______28 3/1 1,014 $601 $0.59 ______100 932 $566 $0.61

GROUP STATISTICS

______Total Units Occupancy Built SF Rent $/SF ______Low 100 69% 1965 850 $531 $0.59 ______Average 194 87% 1974 932 $566 $0.61 ______High 280 98% 1986 1,014 $601 $0.62 ______Totals 2,134

SVN Oak Realty 23 RENTAL COMPARABLES RANKINGS

STUDIO Rent Per Unit Ranking Price/SF Ranking Size Ranking SF Rent $/SF SF Rent $/SF SF Rent $/SF South Oaks 540 $525 $0.97 South Oaks 540 $525 $0.97 South Oaks 540 $525 $0.97

1/1 UNIT TYPE Rent Per Unit Ranking Price/SF Ranking Price/SF Ranking SF Rent $/SF SF Rent $/SF SF Rent $/SF Bradford Estates 639 $678 $1.06 Bradford Estates 639 $678 $1.06 Westbridge Apartments 774 $575 $0.74 Georgetown Apartments 687 $668 $0.97 Big Country Chateau 622 $650 $1.05 Briarwood Apartments 736 $544 $0.74 Big Country Chateau 622 $650 $1.05 Westpark Meadows 636 $636 $1.00 Georgetown Apartments 687 $668 $0.97 Westpark Meadows 636 $636 $1.00 South Oaks 650 $635 $0.98 Spring Valley 672 $550 $0.82 South Oaks 650 $635 $0.98 Georgetown Apartments 687 $668 $0.97 Spring Valley 657 $499 $0.76 The Canopy 647 $626 $0.97 The Canopy 647 $626 $0.97 South Oaks 650 $635 $0.98 Village Green Apartments 618 $580 $0.94 Village Green Apartments 618 $580 $0.94 The Canopy 647 $626 $0.97 Westbridge Apartments 774 $575 $0.74 Spring Valley 500 $442 $0.88 Bradford Estates 639 $678 $1.06 Spring Valley 672 $550 $0.82 Spring Valley 672 $550 $0.82 Westpark Meadows 636 $636 $1.00 Briarwood Apartments 736 $544 $0.74 Spring Valley 657 $499 $0.76 Big Country Chateau 622 $650 $1.05 Spring Valley 657 $499 $0.76 Westbridge Apartments 774 $575 $0.74 Village Green Apartments 618 $580 $0.94 Spring Valley 500 $442 $0.88 Briarwood Apartments 736 $544 $0.74 Spring Valley 500 $442 $0.88

SVN Oak Realty 24 RENTAL COMPARABLES RANKINGS

2/1 UNIT TYPE Rent Per Unit Ranking Price/SF Ranking Price/SF Ranking SF Rent $/SF SF Rent $/SF SF Rent $/SF Spring Valley 1,356 $762 $0.56 Big Country Chateau 788 $750 $0.95 Spring Valley 1,356 $762 $0.56 Big Country Chateau 788 $750 $0.95 Westpark Meadows 881 $696 $0.79 Georgetown Apartments 1,017 $741 $0.73 Georgetown Apartments 1,017 $741 $0.73 The Canopy 917 $720 $0.79 The Canopy 917 $720 $0.79 The Canopy 917 $720 $0.79 Georgetown Apartments 1,017 $741 $0.73 Spring Valley 906 $565 $0.62 Westpark Meadows 881 $696 $0.79 Bradford Estates 873 $635 $0.73 Westpark Meadows 881 $696 $0.79 Bradford Estates 873 $635 $0.73 Spring Valley 851 $560 $0.66 Bradford Estates 873 $635 $0.73 Spring Valley 906 $565 $0.62 Rosewood 850 $531 $0.62 Spring Valley 851 $560 $0.66 Spring Valley 851 $560 $0.66 Spring Valley 906 $565 $0.62 Rosewood 850 $531 $0.62 Rosewood 850 $531 $0.62 Spring Valley 1,356 $762 $0.56 Big Country Chateau 788 $750 $0.95

2/1.5 UNIT TYPE Rent Per Unit Ranking Price/SF Ranking Price/SF Ranking SF Rent $/SF SF Rent $/SF SF Rent $/SF Westpark Meadows 1,088 $802 $0.74 Westpark Meadows 1,088 $802 $0.74 Westbridge Apartments 1,104 $726 $0.66 Westbridge Apartments 1,104 $726 $0.66 Trinity Town Village Townhomes 985 $675 $0.69 Westpark Meadows 1,088 $802 $0.74 Trinity Town Village Townhomes 985 $675 $0.69 Westbridge Apartments 1,104 $726 $0.66 Trinity Town Village Townhomes 985 $675 $0.69

SVN Oak Realty 25 RENTAL COMPARABLES RANKINGS

2/2 UNIT TYPE Rent Per Unit Ranking Price/SF Ranking Price/SF Ranking SF Rent $/SF SF Rent $/SF SF Rent $/SF Briarwood Apartments 1,036 $767 $0.74 South Oaks 850 $730 $0.86 Westpark Meadows 1,044 $762 $0.73 Westpark Meadows 1,044 $762 $0.73 Village Green Apartments 831 $692 $0.83 Briarwood Apartments 1,036 $767 $0.74 South Oaks 850 $730 $0.86 Briarwood Apartments 1,036 $767 $0.74 Spring Valley 958 $625 $0.65 Village Green Apartments 831 $692 $0.83 Westpark Meadows 1,044 $762 $0.73 South Oaks 850 $730 $0.86 Spring Valley 958 $625 $0.65 Spring Valley 958 $625 $0.65 Village Green Apartments 831 $692 $0.83

3/1 UNIT TYPE Rent Per Unit Ranking Price/SF Ranking Price/SF Ranking SF Rent $/SF SF Rent $/SF SF Rent $/SF Spring Valley 2,072 $875 $0.42 Big Country Chateau 1,018 $850 $0.83 Spring Valley 2,072 $875 $0.42 Big Country Chateau 1,018 $850 $0.83 Rosewood 1,014 $601 $0.59 Big Country Chateau 1,018 $850 $0.83 Rosewood 1,014 $601 $0.59 Spring Valley 2,072 $875 $0.42 Rosewood 1,014 $601 $0.59

3/1.5 UNIT TYPE Rent Per Unit Ranking Price/SF Ranking Price/SF Ranking SF Rent $/SF SF Rent $/SF SF Rent $/SF Trinity Town Village Townhomes 1,100 $750 $0.68 Trinity Town Village Townhomes 1,100 $750 $0.68 Trinity Town Village Townhomes 1,100 $750 $0.68

SVN Oak Realty 26 RENTAL COMPARABLES RANKINGS

3/2 UNIT TYPE Rent Per Unit Ranking Price/SF Ranking Price/SF Ranking SF Rent $/SF SF Rent $/SF SF Rent $/SF Westpark Meadows 1,273 $962 $0.76 Westpark Meadows 1,273 $962 $0.76 Westbridge Apartments 1,274 $756 $0.59 Westbridge Apartments 1,274 $756 $0.59 Westbridge Apartments 1,274 $756 $0.59 Westpark Meadows 1,273 $962 $0.76

3/2.5 UNIT TYPE Rent Per Unit Ranking Price/SF Ranking Price/SF Ranking SF Rent $/SF SF Rent $/SF SF Rent $/SF Westpark Meadows 1,632 $1,022 $0.63 Bradford Estates 1,228 $857 $0.70 Westpark Meadows 1,632 $1,022 $0.63 Westpark Meadows 1,592 $982 $0.62 Westpark Meadows 1,632 $1,022 $0.63 Westpark Meadows 1,592 $982 $0.62 Bradford Estates 1,228 $857 $0.70 Westpark Meadows 1,592 $982 $0.62 Bradford Estates 1,228 $857 $0.70

4/2 UNIT TYPE Rent Per Unit Ranking Price/SF Ranking Price/SF Ranking SF Rent $/SF SF Rent $/SF SF Rent $/SF Big Country Chateau 1,576 $950 $0.60 Big Country Chateau 1,576 $950 $0.60 Big Country Chateau 1,576 $950 $0.60

4/3.5 UNIT TYPE Rent Per Unit Ranking Price/SF Ranking Price/SF Ranking SF Rent $/SF SF Rent $/SF SF Rent $/SF Westpark Meadows 2,388 $1,273 $0.53 Westpark Meadows 2,388 $1,273 $0.53 Westpark Meadows 2,388 $1,273 $0.53

SVN Oak Realty 27 SALESSALES COMPARABLES COMPARABLES

SVN Oak Realty 28 SALES COMPARABLES MAP Kavanaugh Blvd.

A r

C k a 2 a 10 n Cantrell Rd. n s E. 13th St. t 6 a 7 365 r s e ll R R i NORTH d v LOCATIONS . e

Reservoir Rd. Reservoir r

T r

N. Mississippi St. LITTLE ROCK Evergreen Dr. a

il

1. BIG COUNTRY CHATEAU

H St. Allsopp Park AR K 30 AN N. SA Rodne S 2. LEGACY POINTE y P Kavanaugh Blvd. RI ar VER ha Ca m ntre 70 ll R R S. University Ave. d. d. Lee Ave. 3. THE LANDINGS AT ROCK CREEK 5 W. Markham St. 10 N. Van Buren St. W. Markham St. 708 4. SPANISH WILLOWS 3 W. Markham St. W. 3rd St. N. Hughes St. RIVER 5. NORTHWEST HILLS APARTMENTS W. 7th St. LITTLE ROCK MARKET 630 W. 7th St. Scott St. 6. PROSPER

Cumberland St. W. 12th St. E. 9th St. W. 12th St.

S. Battery St. 7. WEST SCENIC APARTMENTS rk Rd. Pa W. 14th St.

le S. Pine St. 630 y o B Collge St. S. University Ave. Fair Park Blvd. S. Woodrow St. Boyle Park W. 28th St. Wright Ave. E. 17th St.

John Barrow Rd. Barrow John

S. Cedar St. 708 Asher Ave. Barber St. S. Chester St. Main St. 30 708 E. Roosevelt Rd. W. 36th St. 1 5 S. Arch St. 365 Doctor M.L.K., Jr. Dr. Doctor M.L.K., Jr. 708 Mabelvale Pkwy. Mabelvale 440

W. 65th St.

4

SVN Oak Realty 29 SALES COMPARABLES SUMMARY

1 BIG COUNTRY CHATEAU 5 NORTHWEST HILLS APARTMENTS 6200 Asher Ave. | Little Rock, AR 11701 Mara Lynn Rd. | Little Rock, AR Status: Sale 7/31/19 Status: Sale 11/9/18 Units: 151 Units: 126 Year Built/Renov.: 1965 Year Built/Renov.: 1983 Price (in mil.): $6,417,500 Price (in mil.): $7,000,000 $/Unit: $42,500 $/Unit: $55,556

2 LEGACY POINTE 6 PROSPER RIVERDALE 6838 Cantrell Rd. | Little Rock, AR 2100 Rebsamen Park Rd. | Little Rock, AR Status: Sale 7/26/18 Status: Sale 8/5/19 Units: 126 Units: 124 Year Built/Renov.: 1970/2014 Year Built/Renov.: 1964 Price (in mil.): $6,100,000 Price (in mil.): $5,100,000 $/Unit: $48,413 $/Unit: $41,129

3 THE LANDINGS AT ROCK CREEK 7 WEST SCENIC APARTMENTS 13200 Chenal Pkwy. | Little Rock, AR 605 W. Scenic Dr. | Little Rock, AR Status: Sale 2/22/19 Status: Sale 5/31/17 Units: 154 Units: 138 Year Built/Renov.: 1983 Year Built/Renov.: 1973 Price (in mil.): $10,500,000 Price (in mil.): $3,950,000 $/Unit: $68,182 $/Unit: $28,623

4 SPANISH WILLOWS 7515 Geyer Springs Rd. | Little Rock, AR Status: Sale 6/22/18 Units: 133 Year Built/Renov.: 1974/2018 Price (in mil.): $7,203,151 $/Unit: $54,159

SVN Oak Realty 30 DEMOGRAPHICSDEMOGRAPHIC AND AND MARKET MARKET OVERVIEW SUMMARY

SVN Oak Realty 31 DEMOGRAPHICSDEMOGRAPHIC AND AND MARKET MARKET OVERVIEW SUMMARY BUSINESS SUMMARY (1-MILE RADIUS)

1.7% 2.2% INFORMATION PUBLIC ADMINISTRATION AND SALES 2.4% MANUFACTURING 3.3% ARTS, ENTERTAINMENT, RECREATION 3.4% OTHER SERVICES WHOLESALE 3.9% EDUCATION SERVICES

5.0% REAL ESTATE, RENTING, LEASING % 5.1% HOSPITALITY AND FOOD SERVICE

ADMIN SUPPORT AND WASTE MANAGEMENT 17.8 6.0%

CONSTRUCTION 6.9% FINANCE AND INSURANCE 7.5% 14.1% 7.9% SCIENTIFIC AND TECHNOLOGY SERVICES 12.7%

RETAIL HEALTH CARE AND SOCIAL ASSISTANCE

SVN Oak Realty 32 DEMOGRAPHICS AND MARKET HIGHLIGHTS

Area Demographics

Source: U.S. Census Bureau, 1-mile radius 3-mile radius 5-mile radius Census 2010 Summary

2010 Population Census 6,033 60,910 146,428

Population Growth 2010 – 2020 29.5% 3.66% 2.19%

Little Rock Area Highlights Located in central Arkansas, Little Rock is the capital and most Little Rock is a cultural, economic, government and transportation hub populous city of the state at nearly 200,000 people (2018). within Arkansas. Several cultural institutions are in Little Rock, such Incorporated on November 7, 1831, on the south bank of the Arkansas as the Arkansas Arts Center, the Arkansas Repertory Theatre, and the River close to the state’s geographic center, Little Rock continues lead Arkansas Symphony Orchestra, in addition to hiking, boating and other the state in business and innovation while honoring and maintaining the outdoor recreational opportunities. Little Rock’s history is available beauty and history of the city. The six-county Little Rock-North Little through museums, districts or neighborhoods like the , Rock-Conway, AR Metropolitan Statistical Area (MSA) is ranked 78th in and sites such as Little Rock Central High School. The city is proud to host terms of population in the U.S. with 738,344 residents according to the operations of major corporations, such as Amazon, Dassault Falcon Jet, 2017 estimate by the U.S. Census Bureau. LM Wind Power, Simmons Bank, Euronet Worldwide, AT&T and Entergy.

SVN Oak Realty 33 DEMOGRAPHICS AND MARKET HIGHLIGHTS

Arts and Entertainment Little Rock is also the core of arts and culture in central Arkansas. The city is home to many venues featuring live music and performing arts as well as museums and galleries. One of the most famous theatres can be found in Arkansas. Founded in 1976, the Arkansas Repertory Theatre is the state’s largest non-profit professional theatre company and boasts more than 300 productions. The Repertory produces works from contemporary comedies to world premieres and dramas and classic literature. Little Rock is also home to the L&L Beck Art Gallery, Local Colour Art Gallery and Gallery 26. Each museum provides a unique experience varying from priceless paintings and sculptures to an artist co-op that features a rotating selection of 25 local artists with affordable, original art for purchase. Little Rock is also home to the Arkansas Symphony Orchestra, Arkansas Arts Center, and the Arkansas Art Center and Children’s Theatre. Maybe best known for its collection of literature, Little Rock is proud of the Clinton Presidential Center, including the Clinton Presidential Library, and the Hillary Rodham Clinton Children’s Library and Learning Center.

Outdoor Activities While offering all of the arts and culture of a major metropolitan city, Little Rocks also provides a reprieve from city life with plentiful city parks (52 to be exact), and nearby outdoor activities and wildlife. Enjoy the outdoors with Rock Town River Outfitters whom offer outdoor water activities like kayaks and SUP near downtown or watch the Arkansas Travelers play a baseball game. For a bit more adventure, head to Rattlesnake Ridge Natural Area, Fourche Creek Wetlands, Lake Maumelle or Pinnacle Mountain State Park for hiking, biking, boating and enjoying the beauty of the natural state.

SVN Oak Realty 34 DEMOGRAPHICS AND MARKET HIGHLIGHTS

• Outside magazine named Little Rock one of its 2019 Best Places to Live. • Worth Magazine ranks Little Rock as one of 10 cities to watch in 2020. • Named “15th Most Affordable Place to Live” by U.S. News & World Report in 2017. • Forbes Top 15 Best Cities for Young Adults in 2014. • One of the Top 50 Best Cities for New Graduates by Goodcall.com, 2017 • 23rd Best Affordable Place to Live, U.S. News & World Report, 2019 • #8 of America’s Top 10 Small Cities for Prosperity by Resonance Consultancy, June 2018 • Top 10 Best Cities to Find a Job, ZipRecruiter, 2016

FUN FACTS • The Big Dam Bridge, which is 4,226 feet long, is the country’s longest cycling and pedestrian bridge. • Burns Park in North Little Rock is one of the largest city parks in the country. It spans 1,575 acres of land that’s enjoyable to the public. • Old Mill, which is located across the river in North Little Rock, is the sole remaining structure from the film “Gone With the Wind.”

SVN Oak Realty 35 TOP EMPLOYERS

City of Little Rock, Arkansas Current Year and 10 Years

______2018______2009 ______Employer ______Employees Rank ______% of Total City Employment Employees______Rank ______State of Arkansas (MSA) ______35,200 1 ______18.87% 35,200______1 ______Local Government (MSA) ______26,500 2 ______14.21% 36,500______2 ______Federal Government (MSA) ______10,200 3 ______5.47% 10,200 ______3 ______University of Arkansas Medical Sciences______9,702 4 ______5.20% 9,100 ______4 ______Baptist Health ______7,336 5 ______3.93% 6,590 ______5 ______Little Rock Air Force Base ______4,500 6 ______2.41% 4,500 ______6 ______Arkansas Children’s Hospital ______4,372 7 ______2.34% 4,000 ______7 ______Little Rock School District ______3,968 8 ______2.13% 3,500 ______8 ______CHI St. Vincent Health System ______3,000 9 ______1.61% ______Pulaski County Special School District ______2,700 10 ______1.45% ______Central Arkansas Veterans Health Care ______2,800 ______9 ______Entergy Arkansas ______2,740 ______10 TOTAL 107,478 57.63% 105,130

Source: Metroplan – Council of Local Governments

SVN Oak Realty 36 MARKETINGAPPENDIX TEAM

SVN Oak Realty 37 MARKETING TEAM SVN® ADVISOR BIOS

RAYMOND LORD BENJAMIN DAVIS GARRETT HUIE JASON TURNER Raymond is a principal and managing Ben is a principal and managing director Garrett is a graduate of The University As an investment property specialist director at SVN OAK Realty Advisors. at SVN OAK Realty Advisors and has of Arkansas Walton College of Business with SVN OAK Realty Advisors, Jason’s He has 30 years of experience in nearly 15 years of experience specializing with a degree in finance and a minor in primary focus is on the acquisition and commercial real estate and is recognized in the marketing and sale of multi-family economics. He has worked in valuations disposition of multifamily properties for a as an industry leader in multi-family properties in the region. Since he began his of senior housing as an analyst and then as broad range of clients. After Graduating transactions. Since 1987, Raymond has career in 2006, he has been involved in the a capital markets analyst for investment from the Collins College of Business at had the opportunity to personally work sale of over $800 million commercial real sales team before joining SVN. He has the University of Tulsa in 2014, he started with some of the largest REITS, trusts and estate transactions and has proven himself underwritten in excess of $500 million his professional career as a Petroleum private equity groups in the country, and to consistently be one of the top multi- of commercial assets and specializes in Landman in Oklahoma City, Oklahoma. been involved in the sale of multi-family family brokers in the region. multi-family properties. Subsequently, he spent three years with the properties in excess of $3 billion. Project Management Office at American Electric Power in Tulsa, Oklahoma. In the first quarter of 2020 alone, Jason facilitated $10 million in commercial transactions.

SVN Oak Realty 38 OAK REALTY ADVISORS