Dallas, Texas Offering Summary

Bishop Arts DALLAS CBD District Interstate 45 Interstate 30 Trinity Trinity River Groves Perot Museum of Corridor Nature & Science VICTORY PARK Margaret Hunt Hill Bridge ARTS DISTRICT Klyde Warren Park American U.S. Hwy. 75 The Crescent Interstate 35E Woodall Rodgers Freeway Airlines Center DESIGN DISTRICT STATE THOMAS

UPTOWN Reverchon Park

Rosewood Mansion 3500 Maple Park Plaza on Turtle Creek Turtle Creek Plaza at Turtle Creek

Renaissance at Turtle Creek Dickason Avenue

Cedar Springs Road

Hall Street Welborn Street Oak Lawn Avenue Park Creek Place Centrum Tower Warwick Melrose Hotel

An infill multi-family development site located in Dallas, Texas

OFFERING SUMMARY INVESTMENT OVERVIEW HFF has been exclusively retained to offer an opportunity for qualified investors to purchase the fee simple interest in a prime multi-housing development site known as Turtle Creek Land (the “Property”), in one of the most sought after locations in Dallas, Texas. Positioned in the heart of the prestigious Turtle Cedar Springs Road Creek neighborhood, just blocks from the Dallas North Tollway, the Property is one of the few remaining and highly-desirable infill sites in Dallas. The site is less than 10 minutes from some of the most prominent destinations in the city as it is in close proximity to the Dallas CBD, Uptown, Rosewood Mansion on

Turtle Creek Hotel, Highland Park Village, and Dallas Love Field, to name a few. Furthermore, Turtle Creek Land sits in the Oak Lawn/Park Cities submarket, Welborn Street one of the top performing rental and for-sale submarkets in the entire DFW metro. This highly visible location represents one of the city’s last opportunities to develop a truly unique asset in a premier location.

INVESTMENT HIGHLIGHTS FASHIONABLE DEVELOPMENT SITE ADDRESS –Turtle Creek Land is positioned between Oak Lawn Ave. and Turtle Creek Blvd. in the wealthy Turtle Creek neighborhood of Dallas, Texas. The site presents an investor/developer a Dickason Avenue rare opportunity to purchase irreplaceable land prime for multi-family development that is bordered by strong demographics, robust retail, major thoroughfares, with high barriers to entry. UPSCALE INFILL LOCATION – Situated within a land-constrained Turtle Creek Location, the Property is bordered by the affluent Highland Park residential neighborhood to the north, Uptown to the east and south, and the Design District and the Medical District to the west. The Property is afforded excellent access and visibility as it is situated between Oak Lawn Ave. and Turtle Creek Blvd. with more than 35,000 cars passing by daily. Additionally, the Dallas North Tollway and US 75 are less than a mile from the Property. SECOND-TO-NONE NEIGHBORING AMENITIES – The Property sits amongst a number of surrounding drivers including: • Downtown Dallas – home to a workforce of more than 140,000 people, just over one mile from Turtle Creek Land • Uptown Dallas – home to the city’s strongest office, retail, and hospitality markets just east of the Property • Dallas Medical District currently has more than $2.5 billion worth of developments underway and considered to be the largest hospital construction project in the U.S. Workforce of more than 28,000 people. • Crow Holdings redevelopment of Old Parkland Hospital consisting of approximately 350,000 Class “A” office space with an additional 150,000 SF under construction and rents over $50 PSF • Dallas Love Field generates over $2 billion annually and is currently undergoing a $520 million renovation to be completed in October 2014. • The 54-acre, award-winning Dallas Design District, is home to a multitude of art galleries, design studios, restaurants, bars, and over 80 showrooms. • Dallas Market Center – the world’s largest wholesale merchandise mart consists of 5.1 million SF with more than 400,000 annual visitors and an estimated $7.5 billion in transactions • The 68-acre Dallas Arts District, the largest contiguous arts district in the US, draws over 600,000 visitors annually just over one mile from the Property • Rosewood Mansion on Turtle Creek is a 143-room Five Diamond hotel located two blocks from Turtle Creek Land • The Four Diamond, 184-room Warwick Melrose Hotel is adjacent to the Property OUTSTANDING SUBMARKET DYNAMICS – Turtle Creek Land is situated within the Oak Lawn/Park Cities submarket, which has historically been one of the top submarkets in the entire DFW metro. At the end of the first quarter 2014, properties built in 2000 or later in the Oak Lawn submarket were 95.7% occupied and experienced 5.3% rent growth. In addition, rental rates for product delivered since 2000 averaged $2,029 per month, a 26.7% premium compared to the average rental rates of similar built product in the Intown Dallas/Uptown submarket ($1,601 per month). 1Q14 also marked the 15th consecutive quarter that the sector has registered positive revenue growth (average 6.9% per quarter). PROLIFIC HIGH-RISE CONDOS FOR SALE – Referred to as Dallas’ Gold Coast, Turtle Creek is one of the most iconic areas of Dallas that is best known for the it’s beautiful architecture, scenic views, magnificent mansions, and the city’s largest collection of the luxurious high-rise living. Not in Highland Park and just as valuable, Turtle Creek attracts home buyers who could afford any price home but choose Turtle Creek Park because it is a hidden, secluded, neighborhood with flowing creeks running through it, the Katy Trail next to it and the finest neighborhood restaurants a few blocks away. Turtle Creek is home to more than 15 extravagant high-rises that range from $100,000 to over $1,000,000. FIRST-CLASS DEMOGRAPHICS – Turtle Creek Land is surrounded by the most preeminent neighborhoods in Dallas including Turtle Creek, Highland Park, and University Park where home prices range from $300,000 to in excess of $5,000,000. Additionally, the population within a one-mile radius of the Property has increased by 40.4% since 2000 and is expected to increase an additional 11.4% over the next five years. Highlighting the area’s wealth is the fact that the average household income within a one mile radius of Turtle Creek Land is approximately $95,000. Cedar Springs Road

Welborn Street

Dickason Avenue

PROPERTY DESCRIPTION LOCATION: Cedar Springs Road and Oak Lawn Avenue CITY: Dallas, TX ACREAGE: 1.405 acres ZONED: O-2 District Office and Residential

ECONOMIC OVERVIEW

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ed Thanks in large part to the metro area’s job growth, demand OOaak Laawwn d in the overall DFW market continues to build momentum ar Sp as the metro absorbed 15,497 units during the year-ending first quarter 2014 and 68,086 units since 2010. Metro-wide ring apartment occupancy averaged 93.9%, which is well above the 20 year average of 92.9%. Rental rates continue to climb as s RoadR average rents for DFW communities have risen 16 of the last 17 oa

d quarters. Despite large amounts of supply coming online, year ee over year rent growth for the first quarter of 2014 measured uu nn 3.7%, well above the US average and the highest DFW total in ee v

AvA nearly two years. WWeelborn SStretreet

a APARTMENT MARKET OVERVIEW kak

icic Thanks in large part to the metro area’s job growth, demand DD in the overall DFW market continues to build momentum as the metro absorbed 15,497 units during the year-ending first quarter 2014 and 68,086 units since 2010. Metro-wide apartment occupancy averaged 93.9%, which is well above the 20 year average of 92.9%. Rental rates continue to climb as average rents for DFW communities have risen 16 of the last 17 quarters. Despite the supply coming online, year over year rent growth for the first quarter of 2014 measured 3.7%, well above the US average and the highest DFW total in nearly two years. Galleria Dallas

Preston Center NorthPark Center University Park Highland Park High School Southern Methodist Dallas Love Field University Highland Dallas Highland Park Park Village Country Club

Dallas North Tollway

Lemmon Ave Two Turtle The Warrington Creek Turtle Creek Centre

Cedar Springs Rd The Vendome

The Mayfair The Claridge at on Turtle Creek Warwick Centrum Turtle Creek Melrose Hotel Tower Fairmount St Robert E. Lee Park

Renaissance at Turtle Creek HoodDickason St Ave Welborn St

Oak Lawn Ave Plaza at Turtle Creek Park Plaza Rosewood Mansion Turtle Creek on Turtle Creek

Turtle Creek Blvd

University Park

Preston Rd.

Hillcrest Ave. DALLAS Dallas LOVE Country ADDITIONAL INFORMATION FIELD Club Mockingbird Ln.

Highland If you have any questions or require additional information, please contact any of the Park individuals below. Lemmon Ave. Cedar Springs Rd.

BILL MILLER | Senior Managing Director | [email protected] | (469) 232.1986 W Mockingbird Ln. 75 Cole Ave.

. d t. R S s le g s li in r Oak Lawn Ave. r a For questions regarding debt structures on this property, please contact: Maple Ave. p C S

35 C TRAVIS ANDERSON | Managing Director | [email protected] | (469) 232.1948 75 Allen St. McKinnon St.

McKinney Ave. Y 7 N. St. Paul St. W F N S H R OFFER DATE: TBD o E u G s DPearl St. t O o Ross Ave. Victory Ave. R

S L

t A . D O O Canada Dr. W DALLAS OFFERING REQUEST: All offers from qualified developers and investors must include CBD 30

specific timing related to development process. Singleton Blvd. Fair Park

Commerce St.

Sylvan Ave. Sylvan DALLAS 45 Hampton Rd. Hampton 30 HFF 2323 Victory Avenue, Suite 1200 Dallas, TX 75219 USA Stevens Park T: (214) 265.0880 F: (214) 265.9564 Golf Course www.hfflp.com

©2014 Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of180 commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. Holliday Fenoglio Fowler, L.P. (“HFF”) has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.