OFFERING MEMORANDUM Aventura Park Development Opportunity 179th Street & West Dixie Highway | , FL 33160 ACTUAL PROPERTY PHOTO SITE PLAN APPROVED ARCHITECTURAL RENDERING CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Tiktin Real Estate Investment Services ("TREIS") and should not be made available to any other person or entity without the written consent of TREIS. This Pricing Analysis has been prepared to provide summary, unverified information to the current ownership, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. TREIS has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Pricing Analysis has been obtained from sources we believe to be reliable; however, TREIS has not verified, and will not verify, any of the information contained herein, nor has TREIS conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NON-ENDORSEMENT NOTICE: Tiktin Real Estate Investment Services, Inc. (“TREIS”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this Pricing Analysis. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of TREIS, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of TREIS, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

2 TABLE OF CONTENTS Aventura Park Development Opportunity

FINANCIAL ANALYSIS Pricing Analysis ...... 5 Pro-Forma Analysis 7 EXECUTIVE SUMMARY Investment Overview 8 Zoning Analysis 9 Unit Mix 10 PROPERTY DESCRIPTION Property Details 11 Site Plan 12 Local Map ...... 13 Local Development Maps 14-15 Aerial Maps 16-17 MARKET OVERVIEW Market Overview ...... 19 - 23 COMPETITIVE PROPERTY SET Rent Comparables Map - Multifamily . . . . 25 Rent Comparables - Multifamily 26 - 28 Sales Comparables Map - Multifamily . . . . 30 Sales Comparables - Multifamily . . . . 31 - 34 Sales Comparables Map - Land 36 Sales Comparables - Land ...... 37 - 39 DEMOGRAPHIC Demographic Summary ...... 41-42

SITE PLAN APPROVED ARCHITECTURAL RENDERING 3 FINANCIAL ANALYSIS PRICING ANALYSIS

AVENTURA PARK DEVELOPMENT OPPORTUNITY FINANCIAL 179th Street & West Dixie Highway, Miami, FL 33160 OFFERING PRICE ANALYSIS Price $10,850,000 Down Payment 100% / $10,850,000 Lot Size (SF) 133,126 SF Price/SF $81.50 Lot Size (Acres) 3.06 Acres Price/Acre $3,550,216 Type of Ownership Fee Simple

SITE DESCRIPTION Assessor's Parcel Number 30-2209-010-0030, 30-2209-010-0010 & 30-2209-010-0010 Zoning OJUS URBAN AREA DISTRICT - Core Sub-District & Center Sub-District

5 PRICING AND FINANCIAL ANALYSIS - PRO FORMA

FINANCIAL AVENTURA PARK DEVELOPMENT OPPORTUNITY- MULTIFAMILY ANALYSIS 179th Street & West Dixie Highway, Miami, FL 33160 Units 251 Average SF: 909 SF Rentable SF: 228,240 SF Common Area SF: 31,760 SF Total SF: 260,000 SF

Rents Monthly Annual Units - 251 $2,181.60 ($2.40/SF) $547,582 $6,570,984 Expenses (35%) ($2,299,844) Net Income: $4,271,140/4.50%

Sales Price: $94,914,222 Construction Cost ($200/SF NET): ($52,000,000) Soft Cost (Rental Commission)*: ($547,582) Parking Garage**: ($5,970,000) Land Cost: ($10,850,000) TOTAL NET PROFIT: $25,546,640

*Rental Commission calculated as 1 month's rent for each unit leased. **Parking Garage includes 398 parking spaces and a total of 119,400 SF. The calculated construction cost is based upon a cost of $50.00/SF.

6 EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS ■ Direct Access immediately off of Biscayne Boulevard via 179th Street in Aventura, FL ■ Site Plan Approved for a 251 Unit Project as shown in Renderings - Full Site Plan Available ■ Teed up for a Developer to step in and complete EXECUTIVE the Project SUMMARY ■ Full Due Diligence Package Ready and available to Buyer ■ Minutes from and the forthcoming Aventura Station xssxe SITE PLAN APPROVED ARCHITECTURAL RENDERING ■ Incredible Views Overlooking ■ Corner Location ■ Tremendous Exposure Along Heavily Traveled West Dixie Highway ■ Seamless Access to I-95 to the West via NE 163rd Street & NE Miami Gardens Drive

INVESTMENT OVERVIEW Tiktin Real Estate Investment Services is pleased to present the Aventura Park Development Opportunity. This development opportunity is Site Plan Approved for a 251 Unit Project. Various Preliminary Reports and Studies have already been completed for this project and are available for a Buyer's use. The property is part of the Ojus Urban Area District and the zoning consists of Core District and Center District, which allows for the 251 residential units by right. The subject property is located just southwest of the Aventura Mall, an upscale super-regional in Aventura, . Aventura Mall is the largest conventional shopping mall in Florida, having a gross leasable area of 2,700,000+ square feet, and is the third largest shopping center in the United States. Further, the property sits just over 1 mile from the planned Aventura Brightline Station, which sources state should be operational in 2021. Just to the north of Aventura, along Biscayne Blvd., is Gulfstream Park which is one of the most highly sought after venues for horse racing in America. The large volume of visitors traveling to and from these destinations results in traffic counts in excess of 62,000 vehicles per day along Biscayne Blvd., located just east of the subject property.

8 EXECUTIVE SUMMARY

ZONING ANALYSIS

*

9 *Please Note: Correct Address is 17990 West Dixie Highway EXECUTIVE SUMMARY

UNIT MIX

10 PROPERTY DETAILS

THE OFFERING Property Aventura Park Development Opportunity Property Address 179th Street & West Dixie Highway, Miami, FL 33160 PROPERTY SITE DESCRIPTION DESCRIPTION Lot Size: 133,126 SF (3.06 Acres) Ownership: FEE SIMPLE

PARCELS Number of Tax Parcels 3 Parcel ID 30-2209-010-0030; 30-2209-010-0010 & 30-2209-010-0010 Zoning OJUS URBAN AREA DISTRICT Core Sub-District & Center Sub-District

ACCESS POINTS West Dixie Highway & NE 179th Street

11 PROPERTY DESCRIPTION

SITE PLAN

12 PROPERTY DESCRIPTION

LOCAL MAP

SUBJECT PROPERTY

13 PROPERTY DESCRIPTION LOCAL AREA DEVELOPMENT - NORTH FORUM AVENTURA

NOMA - MIXED USE AC HOTEL

AVENTURA DISTRICT

PARK SQUARE

AVENTURA SQUARE

AVENTURA MALL'S NEW 315,000 SF

PRIVE GREYNOLDS VILLAGE

SUBJECT PROPERTY 14 PROPERTY DESCRIPTION LOCAL AREA DEVELOPMENT - SOUTH

5 - PARK

SUBJECT PROPERTY

MARINA PALMS

NOMA - MIXED USE

THE HARBOR

THE CANOPIES CAMBRIA HOTEL

UPTOWN 163 15 PROPERTY DESCRIPTION AERIAL PHOTO #1

SUBJECT PROPERTY

16 PROPERTY DESCRIPTION AERIAL PHOTO #2

SUBJECT PROPERTY

17 MARKET OVERVIEW MARKET OVERVIEW Ojus | Overview

Ojus is a census-designated place and formerly incorporated town in Miami-Dade County, Florida, United States. The population was 16,642 at the 2000 census. Ojus is bordered by Aventura to the east, I-95 to the west, North Miami Beach to the south and Broward County to the north. People have been living in the Ojus area for thousands of years. Paleo- Indians have been documented in dating back to over 13,000 years ago. Archaeologists have uncovered ancient sites at Arch Creek and along the Oleta River. According to archaeologist Robert Carr, although the largest settlement was located at the mouth of the , by 750 BCE approximately 100 Native Americans routinely inhabited the local area which was just a one-hour canoe trip north of the main settlement. The Oleta River, which cuts through Ojus, was one of the Tequesta’s primary “roadways” for millennia. Subsequent people, to include , European explorers, and early settlers, would also use the Oleta River to traverse from Miami to the New River in Ft. Lauderdale. During the late nineteenth century, settlers established farms along Oleta River. These settlers grew peas, beans, sugar cane, and tomatoes. Seminoles set up a trading post near present-day Greynolds Park to conduct business with the Ojus settlers. In 1897, Albert Fitch named the area Ojus after the word for "plenty" or "lots of." After the turn of the century, rock was discovered in the area that was ideal for road building. Many of the neighborhood lakes were created during the early part of the twentieth century to support construction of the area’s infrastructure. Two landmarks were created in the early part of the twentieth century, but only one still survives today. In 1925, Carl Fischer constructed the Fulford-Miami Speedway in the present-day Sky Lake neighborhood. The wooden race track was then billed as the world’s fastest. It was unfortunately destroyed by the devastating 1926 hurricane. One of the region’s most notable features, Greynolds Park, was established in 1936 as part of President Franklin Roosevelt’s Civilian Conservation Corps (CCC) ‘New Deal’ programs. The park was named after Mr. A.O. Greynolds, owner of the Ojus Rock Company, who donated 110 acres of his property in exchange for naming the park after him. Over the years, the park has expanded to include a golf course, a boathouse, and has even hosted popular musical acts during the 1960s such as the Grateful Dead. Greynolds Park was declared a historic site in 1983.

19 MARKET OVERVIEW Aventura | Overview

Aventura is a planned, suburban city located in northeastern Miami-Dade County, Florida, United States. The city name is from the Spanish word for "adventure", and was named "Aventura" after one of the developers of the original group of condominiums in the area remarked to the others, "What an adventure this is going to be." The name predates the well known mall (Aventura Mall) built near the condominium developments. According to the U.S. Census estimates of 2010, the city had a population of 35,762. Aventura is located 18 miles north of the city of Miami. Shoppers and commuters find they can reach North Miami Beach from virtually all of South Florida in less than 30 minutes. However, North Miami Beach isn't all business. Prospective homeowners can find everything from cozy starter homes to elegant waterfront properties. Condominiums and rental apartments in an array of convenient and attractive locations are also available. Parks, beaches, and bays abound, along with a wide assortment of recreational, cultural, and dining opportunities. Aventura began its development during the early 1970s. The area was initially referred to as Turnberry. Aventura became an incorporated city in 1995. The Aventura Police Department was formed in 1997. Aventura is home to the luxury resort Turnberry Isle, where the yacht Monkey Business was docked during the Gary Hart/Donna Rice incident, which contributed to Hart ending his 1988 bid for presidency. The Aventura Mall, the fifth-largest shopping mall in the US, is also located here,. In early 2001, Former President Bill Clinton delivered one of his first speeches after leaving the White House at Aventura-Turnberry Jewish Center.

20 MARKET OVERVIEW North Miami Beach | Overview

The city of North Miami Beach is located adjacent to the Golden Glades Interchange leading to the unofficial nickname "Crossroads of South Florida". Being located between Fort Lauderdale and Miami with easy access to both cities has made North Miami Beach on of South Florida's most popular sites for office users. North Miami Beach is no more than 30 minutes away from virtually all of South Florida. Offices are not the only thriving business in North Miami Beach, residential properties range from cozy single family start homes to elegant waterfront properties. Condominiums and rental apartments are also abundant in several locations throughout the city. With located just across NE 163rd St, there is a wide assortment of recreational opportunities in the area. North Miami Beach is home to a Spanish Monastery which was built in 1141, making it one of the oldest buildings in North America. American influence did not come to the city until the 19th century. After some military ventures drove through on their boats, a captain by the name of William Fulford became infatuated with the area acquired 160 acres free of charge utilizing the Homestead Act. The area was named Ojus, the Seminole word for plenty, and attracted many settlers because of Henry Flagler's extension of his Florida East Coast Railway from West Palm Beach to Miami. DEMOGRAPHICS The city had tremendous population growth since 2010, increasing more than 8% percent to over 45,887 residents. With little land left for development and aging citizenry, annual population growth will taper off to 3.92 percent over the next five years. In North Miami Beach, nearly 20 percent of residents age 25 and older have a bachelor’s degree, slightly below the U.S. level of 28 percent; however the working population in North Miami Beach has a much greater amount of college educated people. The median household income in North Miami Beach is $40,316, which is slightly below the U.S. average of $44,779. Considering the projected growth and development of North Miami Beach, the median household income is posed to surpass the national average. This is also attributed to the declining personal annual income of peoples 24-35 nation-wide.

21 MARKET OVERVIEW Miami Dade County | Overview

Miami Dade County has 2,400-square-miles which extends from the Florida east to the Atlantic Ocean. It is bordered to the north by Broward County and to the south by Monroe County. The main portion of the city of Miami lies on the shores of and is separated from the Atlantic Ocean by barrier islands, the largest of which holds the city of Miami Beach, Everglades and are partially located within the county, as is a portion of Big Cypress . Miami-Dade County is situated on the Florida Platform, a carbonate plateau made of and . The Miami metro division, with a population of 2.6 million, is located entirely within Miami-Dade County. The metro includes 35 incorporated towns and cities and many unincorporated areas. Miami is the largest city, with 427,500 residents.

Market Highlights z There are no local business or personal income taxes in Miami Dade. z Miami is a gateway for international trade and immigration. z The county contains the largest concentration of medical facilities in Florida. z Excellent surrounding demographics

ECONOMY: The Miami economy relies heavily on tourism and the county’s standing as the gateway to Latin America and the . Tourism, trade, international finance, healthcare and entertainment have become major industries in the local business community. Tourism and trade depend on a large transportation sector, with PortMiami and Miami International Airport both major contributors to employment and the economy. With its ties to Latin America and the Caribbean, Miami has attracted a community of businesses dealing with these regions. More than a thousand multinational corporations conduct business in Florida, and Miami has one of the largest concentrations of domestic and international banks on the East Coast after City. Miami has a number of medical facilities, such as Jackson Memorial Hospital and the Hospital, which serve patients from the United States, the Caribbean and Latin America. Although the Miami gross metropolitan product (GMP) expansion lags the U.S. GDP, economic growth and retail sales for the county are rising. These gains will be bolstered by increased levels of tourism within the metro.

22 MARKET OVERVIEW Miami Dade County | Overview

LABOR: The Miami-Dade County employment base comprises more than 1 million workers. Through 2019, total jobs in the metro will expand 1.5 percent annually, above the U.S. average of 1.3 percent. Some of the fastest-growing job sectors during this time will be professional and business services, and leisure and hospitality. The metro’s largest employment sector is trade, transportation and utilities, which accounts for 26 percent of all jobs. Many of these positions are associated with PortMiami, Miami International Airport and the region’s large retail segment. Employment in the sector totals roughly 288,000 jobs and will expand at a yearly pace of 1.2 percent during the next five years. Education and health services is the second-largest sector, with 167,000 employees, or 15 percent of total employment. The segment grew at an average annual rate of 1.0 percent over the past five years and is now expected to accelerate to a pace of 2.3 percent annually through 2019.

EMPLOYERS: Trade, transportation and utilities are the largest employment segments in the Miami economy. Significant companies in the sector include American Airlines; United Parcel Service; and Florida Power & Light Co. Tourism also accounts for a big share of employment in Miami. Noteworthy employers in the tourism sector are cruise ship operators such as Carnival Cruise Lines and Royal Caribbean International. Other large employers in the county are public-sector agencies and population-serving enterprises such as educational institutions, government services and healthcare facilities. Some of the major employers in the healthcare field are Mount Sinai Medical, Baptist Health South Florida, Miami Children’s Hospital and Mercy Hospital. Professional and business services companies, such as Precision Response Corp., a call center for outsourced e-commerce customer care, are becoming increasingly important to the local economy as it diversifies from a tourism base. Telecommunications is growing, as many Latin American TV programs are produced in the area. One of the larger telecommunications employers, MasTec, is a leading communications, intelligent traffic and energy infrastructure service provider for North America and Brazil. Other telecommunications companies include AT&T and Discovery Networks Latin America.

23 RENT COMPARABLES COMPETITIVE PROPERTY SET RENT COMPARABLES MAP - MULTIFAMILY

4 3

SUBJECT PROPERTY

Rent Comps

1 Subject Property 1 Shoreline Sole Mia 2 Moda North Bay Village 2 3 EON Flagler Village 4 The Manor

25 COMPETITIVE PROPERTY SET RENT COMPARABLES AVERAGES - MULTIFAMILY

Average Unit Size

Average: 943 SF

Subject Property Shoreline at Sole Mia Moda North Bay Village EON Flagler Village The Manor Price/SF

Average: $2.53/SF

Subject Property Shoreline at Sole Mia Moda North Bay Village EON Flagler Village The Manor 26 COMPETITIVE PROPERTY SET RENT COMPARABLES - MULTIFAMILY

Subject Property 17990 West Dixie Highway, Miami, FL 33160

Total Units: 251 Rent/SF: $2.40 Average Unit Size: 909 SF Year Built: 2022

1 Shoreline at Sole Mia 2321 Laguna Circle, North Miami, FL 33181

Date Surveyed: 12/8/2020 Total Units: 397 Rent/SF: $2.61 Average Unit Size: 913 SF Year Built: 2019

2 Moda North Bay Village 8000 West Drive, North Bay Village, FL 33141

Date Surveyed: 12/8/2020 Total Units: 285 Rent/SF: $2.48 Average Unit Size: 936 SF Year Built: 2015

27 COMPETITIVE PROPERTY SET RENT COMPARABLES - MULTIFAMILY

3 EON at Flagler Village 421 NE 6th Street, Ft. Lauderdale, FL 33304

Date Surveyed: 12/8/2020 Total Units: 214 Rent/SF: $2.65 Average Unit Size: 961 SF Year Built: 2019

4 The Manor at Flagler Village 501 NE 5th Terrace, Ft. Lauderdale , FL 33301

Date Surveyed: 12/8/2020 Total Units: 296 Rent/SF: $2.53 Average Unit Size: 996 SF Year Built: 2014

28 SALES COMPARABLES - MULTIFAMILY COMPETITIVE PROPERTY SET SALES COMPARABLES MAP - MULTIFAMILY

3

4

2

Sales Comps

Subject Property

1 Midtown Aventura

2 Parc Station SUBJECT PROPERTY 3 Amaray Las Olas 1 4 TGM Harbor Beach

30 30 COMPETITIVE PROPERTY SET SALES COMPARABLES AVERAGES - MULTIFAMILY

Price/Unit

$500,000 Average: $378,034 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 Midtown Aventura Parc Station Amaray Las Olas TGM Harbor Beach

Price/SF

$500.00 Average: $326.26 $400.00

$300.00

$200.00

$100.00

$0.00 Midtown Aventura Parc Station Amaray Las Olas TGM Harbor Beach

31 31 COMPETITIVE PROPERTY SET SALES COMPARABLES AVERAGES - MULTIFAMILY

Sales Price

$160,000,000.00 Average: $127,206,224 $140,000,000.00

$120,000,000.00

$100,000,000.00

$80,000,000.00

$60,000,000.00

$40,000,000.00

$20,000,000.00

$0.00 Midtown Aventura Parc Station Amaray Las Olas TGM Harbor Beach CAP Rate

4.25% Average: 4.125% 4.20% 4.15% 4.10% 4.05% 4.00% 3.95% 3.90% 3.85% Midtown Aventura Amaray Las Olas 32 COMPETITIVE PROPERTY SET SALES COMPARABLES - MULTIFAMILY

Subject Property 17990 West Dixie Highway, Miami, FL 33160

Number of Units: 251 Lot Size: 133,126 SF Year Built 2022 Zoning: Ojus Urban Area District - Core Sub-District & Center Sub-District

1 Midtown Aventura 20080 West Dixie Highway, Miami, FL 33180

Close of Escrow: 06/26/2018 Sales Price: $149,000,000 Number of Units: 400 Price/Unit: $372,500 Cap Rate: 4.00% Year Built: 2016 Zoning: C-1

2 Parc Station 2300 North 29th Avenue, Hollywood 33021

Close of Escrow: 12/12/2017 Sales Price: $90,275,000 Number of Units: 336 Price/Unit: $268,676 Cap Rate: N/A Year Built: 2016 Zoning: P-D (Planned Development District)

33 COMPETITIVE PROPERTY SET SALES COMPARABLES - MULTIFAMILY

3 Amaray Las Olas 215 SE 8th Avenue, Fort Lauderdale, FL 33301

Close of Escrow: 06/06/2017 Sales Price: $133,549,898 Number of Units: 254 Price/Door: $525,787 Cap Rate: 4.25% Year Built: 2016 Zoning: RAC- EMU (Regional Activity Center - East Mixed Use District)

4 TGM Harbor Beach 1721 SE 17th Street, Fort Lauderdale, FL 33316

Close of Escrow: 03/20/2019 Sales Price: $136,000,000 Number of Units: 394 Price/Door: $345,177 Cap Rate: N/A Year Built: 2017 Zoning: B-1

34 SALES COMPARABLES - LAND COMPETITIVE PROPERTY SET SALES COMPARABLES MAP - LAND

1

3

SUBJECT PROPERTY

Recent Sales 4 Subject Property

1 Brightline Station

2 2101 NE 163rd Street

3 West Aventura Town Center

5 4 17400 W Dixie Land 2 5 Lazul NMB

36 COMPETITIVE PROPERTY SET SALES COMPARABLES AVERAGES - LAND

Price/Acre

Average $5,294,541

2101 NE West Aventura 17400 W Dixie Subject Property Brightline Station Lazul NMB 163rd Street Town Ctr. Land

Price/SF

Average $121.56

2101 NE West Aventura 17400 W Dixie Subject Property Brightline Station Lazul NMB 163rd Street Town Ctr. Land

37 COMPETITIVE PROPERTY SET SALES COMPARABLES - LAND

Subject Property 17990 West Dixie Highway, Miami, FL 33160

Sales Price: $10,850,000 Price/Land SF: $81.50 Price/Acre: $3,550,216 Lot Size: 133,126 SF (3.06 Acres) Zoning: Ojus Urban Area District - Core Sub-District & Center Sub-District

1 Brightline Station 19700 W Dixie Hwy., Miami, FL 33180

Close of Escrow: 12/30/2019 Sales Price: $18,000,000 Price/Land SF: $137.33 Price/Acre: $5,982,252 Lot Size: 131,068 SF (3.01 Acres) Zoning: UC-MCI & UC-RM

COMMENTS: This was a two parcel sale that will be the future site of the Brightline Aventura Station.

2 2101 NE 163rd Street 2101 NE 163rd St., North Miami Beach, FL 33162

Close of Escrow: 2/12/2019 Sales Price: $10,270,000 Price/Land SF: $215.07 Price/Acre: $9,368,820 Lot Size: 47,750 SF (1.09 Acres) Zoning: MU-TC

COMMENTS: This was a former storage facility and vacant land, which sold for land value. This property is located on a mixed-use corridor and a 33-story mixed use development has been approved for this site.

38 COMPETITIVE PROPERTY SET SALES COMPARABLES - LAND

3 West Aventura Town Center 18606-18626 NE 24th Pl., Miami, FL 33180

Close of Escrow: 10/11/2017 Sales Price: $4,800,000 Price/Land SF: $136.17 Price/Acre: $5,931,784 Lot Size: 35,249 SF (0.81 Acres) Zoning: UC-MC

COMMENTS: This was a three parcel sale that will be the site of the planned West Aventura Town Center, which will total 600,000 SF of mixed-use space. The two adjacent parcels were also purchased by the same developer in two separate transactions.

4 17400 W Dixie Land 17400 W Dixie Hwy., North Miami Beach, FL 33160

Close of Escrow: 11/1/2018 Sales Price: $11,380,000 Price/Land SF: $63.03 Price/Acre: $2,745,675 Lot Size: 180,543 SF (4.14 Acres) Zoning: CF & RM-23

COMMENTS: At the time of sale, this property had already been approved for a ten story, 260-room hotel.

5 Lazul NMB 2145 NE 164th St., North Miami Beach, FL 33162

Close of Escrow: 12/3/2015 Sales Price: $10,230,000 Price/Land SF: $91.38 Price/Acre: $3,980,545 Lot Size: 111,949 SF (2.57 Acres) Zoning: FCC COMMENTS: This property sold for land value. The Buyer has since developed the property into a Mixed-Use Apartment Project with 349 units. 3939 DEMOGRAPHICS DEMOGRAPHICS Aventura Park Development Opportunity

POPULATION 1-MILE 3-MILES 5-MILES 2024 Population 28,172 201,512 455,218 2019 Population 26,762 192,891 435,441 2010 Population 22,248 170,901 387,693

HOUSEHOLDS 1-MILE 3-MILES 5-MILES 2024 Households 12,348 84,096 180,757 2019 Households 11,825 80,718 173,255 2010 Households 10,332 72,348 155,295 Growth 2019 - 2024 4.42% 4.18% 4.33% Growth 2010 - 2019 14.45% 11.57% 11.57% Owner Occupied Housing Units 7,044 50,585 100,662 SUBJECT PROPERTY Renter Occupied Housing Units 4,781 30,133 72,593 2019 Avg Household Income $91,601 $75,744 $69,813 2019 Med Household Income $63,905 $51,426 $48,324

INCOME 1-MILE 3-MILES 5-MILES <$25,000 2,255 20,134 44,552 $25,000 - $50,000 2,569 19,320 44,513 $50,000 - $75,000 1,893 14,078 31,298 $75,000 - $100,000 1,531 9,596 19,170 $100,000 - $125,000 988 5,141 11,514 $125,000 - $150,000 603 3,217 6,207 $150,000 - $200,000 793 3,459 6,479 $200,000+ 1,191 5,773 9,522 Source: CoStar

41 DEMOGRAPHICS Aventura Park Development Opportunity

HOUSING PRICES 1-MILE 3-MILES 5-MILES DAYTIME EMPLOYEES 1-MILE 3-MILES 5-MILES Median Home Value $382,961 $306,138 $268,587 Retail & Wholesale 9,579 30,136 60,557 Median Year Built 1994 1977 1974 Financial / Insurance / Real Estate 1,474 3,795 7,588 Average Household Size 2.20 2.30 2.40 Services 6,039 26,703 59,883 <$100,000 292 5,175 12,201 Information 358 2,145 4,507 $100,000 - $200,000 1,127 10,060 23,293 Health Care & Social Assistance 2,318 11,110 24,658 $200,000 - $300,000 1,321 9,602 21,633 Manufacturing 262 1,861 5,271 $300,000 - $400,000 942 7,421 15,410 Construction 246 2,059 5,605 $400,000 - $500,000 960 4,709 8,374 Utilities & Waste Management 477 2,814 5,285 $500,000 - $1,000,000 1,861 9,216 13,701 Public Administration & Sales 385 3,608 6,269 $1,000,000+ 540 4,402 6,051 Agriculture, Mining & Fishing 4 287 312 2019 POPULATION BY RACE 1-MILE 3-MILES 5-MILES CONSUMER SPENDING TOTALS 1-MILE 3-MILES 5-MILES White 23,561 140,521 254,095 Apparel $17,084,969 $111,329,664 $239,319,051 Black 2,079 43,405 161,510 Entertainment & Hobbies $22,476,662 $138,613,424 $286,068,085 American Indian & Alaskan 75 563 1,464 Food & Alcohol $81,381,423 $512,291,051 $1,061,288,330 Asian 665 4,877 9,549 Hawaiian & Pacific Island 13 104 345 Household Items & Expenses $49,041,758 $288,743,228 $564,329,097 Other 370 3,421 8,479 Transportation & Maintenance $66,507,435 $403,114,574 $851,968,412 Health Care $17,282,602 $108,091,540 $210,657,231 BUSINESSES BY INDUSTRY 1-MILE 3-MILES 5-MILES Education & Day Care $22,037,114 $122,716,348 $238,779,914 Retail & Wholesale 642 2,491 5,320 Source: CoStar Financial / Insurance / Real Estate 176 616 1,346 Services 849 4,285 9,327 Information 33 207 438 Health Care & Social Assistance 426 2,022 3,939 Manufacturing 27 194 470 Construction 75 467 1,102 Utilities & Waste Management 68 390 848 Public Administration & Sales 19 97 226 42 Agriculture, Mining & Fishing 2 5 11 EXCLUSIVELY LISTED BY:

TIKTIN REAL ESTATE INVESTMENT SERVICES Tel: (305) 363-4750 Tel: (844) 4 - TIKTIN Fax: (305) 675-0774 www.TiktinRealEstate.com