OFFERING MEMORANDUM Aventura Park Development Opportunity 179th Street & West Dixie Highway | Miami, 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 Aventura Mall and the forthcoming Aventura Brightline Station xssxe SITE PLAN APPROVED ARCHITECTURAL RENDERING ■ Incredible Views Overlooking Greynolds Park ■ 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 shopping mall in Aventura, Florida. 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 south Florida 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 Tequesta settlement was located at the mouth of the Miami River, 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 Seminoles, 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 Seminole 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.