A RARE FLAGSHIP ASSET IN THE HEART OF DOWNTOWN ATHENS, GA

1 CONTENTS

QUICK FACTS ...... 3

OFFERING ...... 4

VALUE-ADD POSSIBILITIES ...... 5

PROPERTY PHOTOS ...... 6-7

LOCATION MAP ...... 8

ATHENS AREA...... 9

ATHENS ATTRACTIONS AND ACCOLADES ...... 10

UGA BY THE NUMBERS...... 11

ATHENS OVERVIEW ...... 12

UGA OVERVIEW ...... 13

ECONOMIC OVERVIEW ...... 14

GEORGIA MARKET SURVEY .....15

ONE BEDROOM RENTALS ...... 16-17

HISTORICAL RENT GROWTH ....18

FINANCIALS ...... 19

2 QUICK FACTS

UNBEATABLE DOWNTOWN 89 ONE BEDROOM UNITS PROFESSIONALLY MANAGED BY LOCATION COLLEGETOWN PROPERTIES

FULLY PARKED 100% HISTORICAL PEDESTRIAN TO THE OCCUPANCY UNIVERSITY OF GEORGIA

3 THE OFFERING OFFERED EXCLUSIVELY BY COLLEGETOWN PROPERTIES

ABOUT THIS PROPERTY 421 West Hancock presents a rare opportunity to own one of downtown Athens’ most in-demand residential buildings. The property’s unbeatable location provides residents convenient access to both The University of Georgia as well as all that downtown Athens has to offer. Each residence has been thoroughly renovated to include stainless appliances, granite counter tops, hardwood style flooring, and energy efficient on demand HVAC systems. One bedroom residences are in high demand offering both privacy, ease of lease up as well as lower annual turn over.

Offered as 100% 0% OCCUPANCY HISTORICAL VACANCY UNDER All Cash CURRENT MANAGEMENT

1.55 acres 38,270 1967 2016 RM-1 PROPERTY BOUNDARY SIZE NRA YEAR BUILT RENOVATED MULTI-FAMILY ZONING

89 430 laundry & fitness center 98 ONE BEDROOM UNITS AVG SQFT ONSITE PARKING SPOTS ( 1 HANDICAP)

4 VALUE-ADD POSSIBILITIES

PROPERTY NOT INCREMENTAL RENT GROWTH DOUBLE OCCUPANCY CURRENTLY CHARGING Average Rate Per Bed Overflow parking presents FOR PARKING Downtown Athens, GA | 2020 opportunity for double occupancy Avg. Monthly Parking Charge Studio: $1,242 and additional revenue on both the Downtown: $57/month 1 Bedroom: $1,286 rent and parking space. 421 West: $891 ($351/bed delta to current downtown market)

Source: CollegeHouse.com

5 EXTERIORS

6 INTERIORS

7 LOCATION MAP

SANFORD STADIUM

THOMAS ST. UGA

WASHINGTON JACKSON NORTH CAMPUS CLAYTON

COLLEGE

LUMPKIN BROAD STREET

HULL

PULASKI SAE FRATERNITY DOWNTOWN

HANCOCK AVE.

BOTTLE WORKS

8 DOWNTOWN HIGHLIGHTS

1 BOTTLEWORKS Seabear, Lululemon, Taziki’s, Hendershots, & Viva Argentina

BARBER STREET 4 2 THE GRIT 1 3 TAQUERIA DEL SOL E DOUGHERTY STREET 4 HALFMOON OUTFITTERS 5 BIG CITY BREAD 1 2 6 THE NATIONAL 7 LAST RESORT 6

8 MEIGS STREET CREATURE COMFORTS N LUMPKIN STREET

HANCOCK AVE 5 N HULL STREET

PULASKI STREET 8

N NEWTON STREET HANCOCK AVE WASHINGTON STREET7

9 IN THE HEART OF THE HANCOCK HISTORIC DISTRICT AND DOWNTOWN ATHENS 10 & ACCOLADES ATHENS ATTRACTIONS

ACCOLADES America’s 10America’s New Best Best Small Best Top 25 25 Most by Fortune Magazine (March 2016) (March Magazine by Fortune Top 17 #1 by Southern Living(June2017)by Southern by Mint.com(June2016) Best Places to RetireBest Placesto in2017 by 2017) (April Forbes Best CollegeTowns, 1stPlace by Fansided.com Towns Retirement for South inthe by Travelocity Most Affordable Cities Most Affordable Giving Cities in the U.S. Giving Citiesinthe Craft BeerCities Craft

ATTRACTIONS/NOTABLE PLACES/ NOTABLE PEOPLE • • • • • • • TOURISM: THAT DRIVENOTABLE YEARLY EVENTS • • • INCLUDING: BREWERIES CRAFT LOCAL ITS FOR KNOWN IS –ATHENS BREWERIES • MUSIC

Classic Center Athens atthe hosted Multiple conferences musicians andvisualartists bestlocalandregional the June; brings Festival- occursevery Music andArts Athfest downtown Athens andfinishesin starts in an80kmrace that cyclists world from whocompete around the attracts April; Twilight occursevery Criterium- February Weekend- Wine Athens occursevery middle schools and inelementary musicandarts used for funds October; every Marathon- AthHalf Events Regional Sporting UGA HomeGames Terrapin Brewery Brewing Company Southern Creature Comforts PanicWidespread ofREM,TheB-52’sand Birthplace UGA BY THE NUMBERS

ENROLLMENT FALL 2020 Undergraduate 29,765 Graduate/Professional 9,382 Total 39,147

STUDENT SCHOLASTIC ACHIEVEMENT, FALL 2020 2020 First-Year Students 5,600+ Avg. SAT score 1351 Avg. GPA 4.0+ Avg. ACT score 31

ACADEMIC OFFERINGS • 24 Baccalaureate degrees in more than 142 fields • 32 Master’s degrees in 135 fields • Specialist in Education degree in 8 major fields • 4 Doctoral degrees in 87 areas • Professional degrees in law, pharmacy and veterinary medicine • More than 130 Study Abroad & exchange programs

ATHLETICS • NCAA Division I, Southeastern Conference • 9 men’s varsity sports • 12 women’s varsity sports • 45 national championships, including 33 since 1999

UNIVERSITY RANKINGS • #15 U.S. News & World Report, Best Public Colleges • #16 Kiplinger Magazine, 100 Best Values in Public Colleges • #10 The New York Times, College Access Index

TOTAL LIVING ALUMNI 335,000+

11 ATHENS OVERVIEW

Athens, nicknamed the “Classic City,” due to its antebellum architecture is home to the University of Georgia, the birthplace of public higher education in America. However, the city is defined by much more than the university with a rich history of culture including the arts, music and food, as well as a growing economy that attracts local, regional and nationally recognized businesses alike.

12 THE HEART OF ATHENS, GA

Located in Athens, Georgia, the University of Georgia (UGA) received its charter from the state in 1785, making the University of Georgia the first state-chartered public university in the United States. During the school’s 234-year history, it has become a nationally regarded academic institution that is organized into 17 constituent schools which offer over 140 degree programs. According to US News and World Reports, the University of Georgia ranks #13 in the country for top public college & universities. This high ranking, coupled with the help of affordable in-state tuition and the fact that nearly 99% of incoming, in-state students qualify for the HOPE scholarship, UGA ranks as one of the top values in higher education.

Currently, UGA has nearly 39,000 students (29,000 undergraduates) and over 10,000 employees (3,000 academic faculty). University of Georgia is also home to the state’s Botanical Garden, Museum of Art, and Museum of National History. UGA also offers several nationally ranked graduate programs. The most notable programs include the School of Law (ranked in the 10 for public universities), College of Pharmacy (ranked 25th in the nation by US News & World Report), Master of Public Administration (ranked 6th in the nation), a top ranked MBA program (Forbes), as well as several top ranked doctoral programs including micro biology and evolutionary biology.

In addition to education and employment, UGA is known for its top-tier athletics program. In total, UGA has over 180 National Titles and has produced 83 Olympians. As a result, Athens-Clarke County is area that is heavily influenced by UGA’s sporting events. Every fall, Athens welcomes hundreds of thousands of fans that fill the streets as well as UGA’s 92,000 seat football stadium to cheer on the Dawgs. The influx of traffic on gamedays helps drive a healthy retail market. University of Georgia has and will continue to be the driving economic and cultural engine of Athens- Clarke County. 13 TRANSPORTATION EMPLOYER INDUSTRY #EMPLOYEES AND ECONOMIC OVERVIEW HIGHER EDUCATION 10,655

EDUCATION 2,418 Athens is a highly accessible city with direct access to US-441, US-78, and GA-316 which connect to Interstates GOVERNMENT 2,180 85 and 20. This placement provides both residents and businesses easy access to the City of Atlanta and

Hartsfield- Jackson International Airport, the world HEALTHCARE 2,090 busiest passenger airport. Athens-Clarke County also has an easily accessible rail access operated by HEALTHCARE companies including CSX, Norfolk Southern Shortline, 1,348 and Athens Line TAL.

The Athens economy benefits from the presence of POULTRY/AGRICULTURE 1,700 Fortune 500 companies (Caterpillar), a strong local retail industry, healthcare, and education. In 2018, EXCAVATORS AND TRACTORS 1,650 employment increased by 2 percent, nearly double the national average. In addition, Athens’ economy is TRANSFORMERS, CHILLERS, directly impacted through capital investments and jobs SOLAR PANELS 502 created by Zaxby’s corporate headquarters.

TELEMARKETING 500

INDUSTRIAL MOTORS 455

TRUCK REFRIGERATION UNITS 450

14 Athens, GA Report prepared on 3/3/2021 by College House for Chase Lawrence

University of Georgia Enrollment Athens, GA Report prepared on 3/3/2021 by College House for Chase Lawrence

University of Georgia Enrollment

ATHENS, GA 1 BEDROOM MARKET SURVEY Athens, GA Undergraduate Graduate Total 29,848 +1% 9,072 0% 38,920 +1% Athens, GA Report prepared on 3/3/2021 by College House for Chase Lawrence Report prepared on 3/3/2021 by College House for Chase Lawrence University of Georgia Enrollment University of Georgia Enrollment Housing Occupancy Undergraduate Graduate Total 29,848 +1% 9,072 0% 38,920 +1% 11,744 Housing Occupancy Beds Tracked

On-Campus Off-Campus Current Pre-Lease 11,744 Undergraduate Graduate 10,898Total 28,022 11,274 7,634 Beds Tracked 28% 72% 96% 65% Undergraduate Graduate 29,848Total +1% 9,072 0% 38,920 +1% 29,848 +1% 9,072 0% 38,920 +1% Average Rate Per Bed: $723 On-Campus Off-Campus Current Pre-Lease Housing Occupancy 28% 10,898 72% 28,022 96% 11,274 65% 7,634 STD 1BD 2BD 3BD 4BD 5BD 6BD Housing Occupancy $1,242 $1,286 $797 $710 $645 $723 $523

Average Rate Per Bed: $723 11,744 Beds Tracked STD 1BD 2BD 3BD 4BD 11,7445BD 6BD Beds Tracked $1,242 $1,286 $797 $710 $645 $723 $523

On-Campus Off-Campus Current Pre-Lease

On-Campus Off-Campus Current28% 10,898 Pre-Lease72% 28,022 96% 11,274 65% 7,634 28% 10,898 72% 28,022 96% 11,274 65% 7,634 15 Average Rate Per Bed: $723

Average Rate Per Bed: $723 STD 1BD 2BD 3BD 4BD 5BD 6BD

STD 1BD 2BD 3BD $1,2424BD $1,2865BD $7976BD $710 $645 $723 $523

$1,242 $1,286 $797 $710 $645 $723 $523 ONE BEDROOM RENTAL COMPS

PROPERTY YEAR BUILT # UNITS # BEDS SQ FOOTAGE STUDIO/ 1 BR CURRENT OCCUPANCY

421 West 1967/2016 89 89 430 $945 - $995 100%

Georgia Heights 2015 240 240 450-680 $1290 - $2190 100%

Flats at Carrs Hill 2013 12 12 600 $1,479 100%

The Mark 2017 51 51 452-700 $1,305 - $1,602 100%

Uncommon Athens 2016 38 38 450-515 $1,359 - $1,409 97%

909 Broad 2007/2008 88 88 569-727 $1,109 - $1,465 99%

The Standard 2014 20 20 530-628 $1,380 - $1,632 100%

Mathis 1948/2019 29 29 500-700 $1,100 - $1,650 100%

Beechwood Pines 2004 98 98 642-800 $920 - $1,115 100%

STRATEGICALLY POSITIONED FOR RENTAL RATE GROWTH 421 West Market Survey 3/2/2021

16 ONE BEDROOM RENTAL COMPS

1 MILE RADIUS

4 8 5

1 421 West 1 7 6 2

2 Georgia Heights

3 Flats at Carrs Hill 3

4 The Mark

9 5 Uncommon Athens

6 909 Broad

7 The Standard

8 Mathis

9 Beechwood Pines

17 HISTORICAL RENT GROWTH

14% Rent Growth 6% Rent Growth 6% Rent Growth $740.54 $842.13 $891.18 $948.76 2018 - 2019 2019 - 2020 2020 - 2021 CURRENT PRE-LEASE AUGUST 2021

18 FINANCIALS

Income Statement - 12 Month Exported On: 02/15/2021 04:49 PM

CollegeTown Properties, LLC Properties: 421 West - 421 W. Hancock Avenue Athens, GA 30601 Period Range: Jan 2020 to Dec 2020 Accounting Basis: Cash Level of Detail: Detail View

Account Name Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Total Operating Income & Expense Income RENTS Rent Income 74,075.00 75,625.00 74,950.00 74,950.00 74,950.00 74,950.00 74,155.00 80,150.00 79,315.00 79,030.00 78,765.00 80,150.00 921,065.00 Total RENTS 74,075.00 75,625.00 74,950.00 74,950.00 74,950.00 74,950.00 74,155.00 80,150.00 79,315.00 79,030.00 78,765.00 80,150.00 921,065.00 FEES Hold Over Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 200.00 0.00 0.00 0.00 0.00 200.00 NSF Fees Collected 60.00 30.00 30.00 0.00 30.00 0.00 0.00 30.00 30.00 30.00 30.00 0.00 270.00 Pet Fee-Non Refundable 300.00 0.00 300.00 300.00 0.00 0.00 300.00 2,100.00 900.00 0.00 0.00 0.00 4,200.00 Application Fee Income 1,470.00 350.00 630.00 420.00 280.00 140.00 210.00 70.00 435.00 525.00 375.00 450.00 5,355.00 Late Fee 140.00 50.00 190.00 80.00 50.00 0.00 180.00 0.00 230.00 290.00 390.00 140.00 1,740.00 Utility Reimbursement 42.52 152.40 60.83 60.91 151.99 76.69 141.67 96.79 142.37 128.98 68.01 37.12 1,160.28 Tenant Charge Income 0.00 0.00 0.00 115.00 0.00 150.00 213.04 0.00 0.00 0.00 0.00 50.00 528.04 Key / Fob / Device Income 125.00 75.00 50.00 75.00 25.00 25.00 240.00 125.00 25.00 0.00 0.00 0.00 765.00 Sublease / Lease Takeover Fee 800.00 0.00 200.00 400.00 200.00 0.00 250.00 500.00 750.00 500.00 500.00 500.00 4,600.00 Late Fee - Owner 0.00 150.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 150.00 150.00 450.00 Total FEES 2,937.52 807.40 1,460.83 1,450.91 736.99 391.69 1,534.71 3,121.79 2,512.37 1,473.98 1,513.01 1,327.12 19,268.32 Security Deposit Damages 225.00 0.00 0.00 0.00 0.00 0.00 20.00 8,135.00 0.00 0.00 0.00 0.00 8,380.00 Total Operating Income 77,237.52 76,432.40 76,410.83 76,400.91 75,686.99 75,341.69 75,709.71 91,406.79 81,827.37 80,503.98 80,278.01 81,477.12 948,713.32 Expense Advertising Signage 171.12 0.00 1,970.20 0.00 0.00 312.45 319.12 23.59 0.00 64.83 0.00 0.00 2,861.31 Digital Marketing 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 265.00 250.00 472.73 3,237.73 Resident Events 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7.83 7.83 Promotional & Extraordinary Items 0.00 0.00 0.00 150.00 0.00 0.00 0.00 0.00 229.58 16.16 0.00 0.00 395.74 Direct Marketing 0.00 0.00 118.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 118.80 Total Advertising 421.12 250.00 2,339.00 400.00 250.00 562.45 569.12 273.59 479.58 345.99 250.00 480.56 6,621.41 MAINTENANCE AND REPAIRS Pest Control 350.00 350.00 350.00 350.00 350.00 0.00 350.00 350.00 175.00 350.00 700.00 50.00 3,725.00 Carpet Cleaning 0.00 314.00 0.00 185.00 0.00 555.00 0.00 185.00 185.00 0.00 185.00 630.00 2,239.00 Janitorial Expense 720.00 1,050.00 600.00 1,275.00 600.00 600.00 600.00 600.00 600.00 600.00 600.00 600.00 8,445.00 General Maintenance 2,438.21 2,641.26 1,788.66 678.00 579.42 2,455.03 736.97 3,724.56 2,141.81 2,559.73 802.85 1,128.94 21,675.44 Landscaping 1,143.50 331.00 331.00 331.00 331.00 331.00 331.00 331.00 331.00 1,241.00 331.00 331.00 5,694.50 Porter Service 315.00 280.00 315.00 425.00 580.00 615.00 1,365.00 1,215.00 980.00 1,215.00 1,215.00 750.00 9,270.00 Painting 225.00 0.00 0.00 0.00 0.00 0.00 0.00 300.00 0.00 0.00 225.00 0.00 750.00 Plumbing 706.72 125.00 0.00 0.00 129.20 0.00 196.30 2,088.36 690.00 140.00 300.00 248.36 4,623.94 Flooring 0.00 0.00 631.78 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 631.78 HVAC (Heat, Ventilation, Air) 606.00 268.00 2,312.00 0.00 3,060.00 2,440.00 165.00 1,450.50 818.00 776.00 223.55 515.00 12,634.05 Key/Lock Replacement 0.00 5.38 25.00 115.00 25.00 170.00 157.80 1,075.84 2,640.00 60.96 195.00 0.00 4,469.98 Roof Repair 0.00 0.00 0.00 400.00 0.00 0.00 400.00 0.00 732.55 1,171.21 0.00 0.00 2,703.76 Electrician 0.00 175.00 485.00 0.00 0.00 0.00 0.00 540.00 295.00 195.00 2,070.00 0.00 3,760.00 Supplies 0.00 73.94 0.00 168.00 39.99 0.00 765.97 0.00 549.24 198.71 0.00 280.79 2,076.64 Total MAINTENANCE AND REPAIRS6,504.43 5,613.58 6,838.44 3,927.00 5,694.61 7,166.03 5,068.04 11,860.26 10,137.60 8,507.61 6,847.40 4,534.09 82,699.09 LEGAL AND OTHER PROFESSIONAL FEES Legal 500.00 75.00 0.00 0.00 0.00 0.00 100.00 0.00 0.00 0.00 0.00 0.00 675.00 Total LEGAL AND OTHER PROFESSIONAL500.00 FEES 75.00 0.00 0.00 0.00 0.00 100.00 0.00 0.00 0.00 0.00 0.00 675.00 MANAGEMENT FEES Management fees 7,655.25 5,723.75 6,296.50 6,146.50 5,806.50 5,386.50 5,830.85 6,410.50 6,997.05 6,877.10 6,808.55 6,700.50 76,639.55 Commissions/Placement Fee's 1,550.00 0.00 0.00 0.00 0.00 0.00 0.00 3,000.00 0.00 0.00 0.00 0.00 4,550.00 Total MANAGEMENT FEES 9,205.25 5,723.75 6,296.50 6,146.50 5,806.50 5,386.50 5,830.85 9,410.50 6,997.05 6,877.10 6,808.55 6,700.50 81,189.55 Turn Expenses Painting 0.00 275.00 0.00 0.00 0.00 0.00 0.00 11,070.00 0.00 0.00 0.00 0.00 11,345.00 House Cleaning 0.00 160.00 0.00 0.00 0.00 0.00 0.00 1,545.00 1,440.00 0.00 0.00 0.00 3,145.00 Trash Removal 0.00 0.00 0.00 0.00 150.00 60.00 0.00 1,600.00 545.00 0.00 0.00 0.00 2,355.00 General Repairs 0.00 404.18 0.00 0.00 0.00 0.00 0.00 2,855.30 0.00 0.00 0.00 0.00 3,259.48 Total Turn Expenses 0.00 839.18 0.00 0.00 150.00 60.00 0.00 17,070.30 1,985.00 0.00 0.00 0.00 20,104.48 TAXES Personal Property Tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 606.94 0.00 0.00 606.94 Total TAXES 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 606.94 0.00 0.00 606.94 UTILITIES Gas 2,514.41 2,680.21 3,072.57 2,678.32 2,461.37 2,362.93 2,321.07 2,286.41 2,087.49 2,237.40 2,293.01 2,299.55 29,294.74 Water / Sewer 1,435.33 968.49 1,551.42 1,462.46 876.08 934.25 947.88 945.51 1,026.69 1,757.45 1,697.98 1,747.18 15,350.72 Garbage and Recycling 670.00 280.00 280.00 292.00 292.00 292.00 292.00 292.00 292.00 292.00 292.00 292.00 3,858.00 Cable/Internet 296.69 181.02 181.02 65.53 181.02 181.02 181.02 257.99 187.26 340.69 269.36 264.37 2,586.99 Electricity 1,306.24 1,291.48 1,037.55 1,243.88 1,130.38 1,152.62 1,039.05 1,758.36 1,037.77 1,151.87 976.25 1,089.21 14,214.66 Fire Alarm Monitoring 149.85 0.00 0.00 407.80 0.00 0.00 149.85 0.00 197.95 149.85 0.00 0.00 1,055.30 Intrusion Alarm Monitoring 36.40 36.40 36.40 36.40 36.40 36.40 36.40 36.40 36.40 36.40 294.35 36.40 694.75 Total UTILITIES 6,408.92 5,437.60 6,158.96 6,186.39 4,977.25 4,959.22 4,967.27 5,576.67 4,865.56 5,965.66 5,822.95 5,728.71 67,055.16 OTHER After Hours Compensation 50.00 50.00 0.00 50.00 50.00 0.00 0.00 0.00 50.00 0.00 0.00 0.00 250.00 Total OTHER 50.00 50.00 0.00 50.00 50.00 0.00 0.00 0.00 50.00 0.00 0.00 0.00 250.00 Total Operating Expense 23,089.72 17,989.11 21,632.90 16,709.89 16,928.36 18,134.20 16,535.28 44,191.32 24,514.79 22,303.30 19,728.90 17,443.86 259,201.63

NOI - Net Operating Income 54,147.80 58,443.29 54,777.93 59,691.02 58,758.63 57,207.49 59,174.43 47,215.47 57,312.58 58,200.68 60,549.11 64,033.26 689,511.69

Other Income & Expense Other Expense CAPITAL EXPENSES CapEx 0.00 0.00 0.00 0.00 0.00 0.00 8,400.00 0.00 0.00 0.00 0.00 0.00 8,400.00 Appliances 0.00 0.00 1,107.00 0.00 0.00 0.00 0.00 0.00 0.00 1,505.80 0.00 0.00 2,612.80 Flooring Replacement 19,215.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 19,215.00 HVAC Replacement 0.00 0.00 0.00 1,800.00 0.00 0.00 0.00 1,800.00 0.00 0.00 0.00 2,300.00 5,900.00 Equipment/Tools 0.00 0.00 0.00 0.00 110.42 0.00 0.00 0.00 0.00 0.00 0.00 0.00 110.42 Total CAPITAL EXPENSES 19,215.00 0.00 1,107.00 1,800.00 110.42 0.00 8,400.00 1,800.00 0.00 1,505.80 0.00 2,300.00 36,238.22 Total Other Expense 19,215.00 0.00 1,107.00 1,800.00 110.42 0.00 8,400.00 1,800.00 0.00 1,505.80 0.00 2,300.00 36,238.22

Net Other Income -19,215.00 0.00 -1,107.00 -1,800.00 -110.42 0.00 -8,400.00 -1,800.00 0.00 -1,505.80 0.00 -2,300.00 -36,238.22

Total Income 77,237.52 76,432.40 76,410.83 76,400.91 75,686.99 75,341.69 75,709.71 91,406.79 81,827.37 80,503.98 80,278.01 81,477.12 948,713.32 Total Expense 42,304.72 17,989.11 22,739.90 18,509.89 17,038.78 18,134.20 24,935.28 45,991.32 24,514.79 23,809.10 19,728.90 19,743.86 295,439.85 19 Net Income 34,932.80 58,443.29 53,670.93 57,891.02 58,648.21 57,207.49 50,774.43 45,415.47 57,312.58 56,694.88 60,549.11 61,733.26 653,273.47 DISCLAIMER

This Offering Memorandum (“Memorandum”) has been prepared by CollegeTown Properties, LLC (“Broker”) and has been reviewed by the Owner. This Memorandum is confidential and delivered solely for the purpose of considering the purchase of the Property described herein. This Memorandum is not to be used for nay other purpose or made available to any other person without the express written consent of the Broker. Qualified prospective purchasers will have the opportunity to inspect the Property upon request.

The information contained in this Memorandum has been obtained from sources believed to be reliable and the Broker has no reason to doubt is accuracy. However, no representation or warranty, expressed or implied, is made by the Owner or Broker or any affiliated entity as to the accuracy or completeness of the information contained herein including, but not limited to financial information and projections and any engineering or environmental information. No representation or warranty is made to the condition of the Property. Prospective purchasers should conduct their own investigation, projects and conclusions, and the Broker and Owner recommend that prospective purchasers conduct any inspections they may deem necessary to determine the condition of the Property and the existence or absence of any potentially hazardous materials used in the construction or maintenance of the structures on the Property including, but not limited to, lead-based products, asbestos, or other substances. Projections, opinions and estimates are subject to change and do not assure current or future performance.

This Memorandum solely used for marketing purposes and is not an offer to sell the Property. The Property may be subject to listing conditions that are not contained in this Memorandum. The owner has no commitments or obligations to any purchaser unless and until a written agreement for the purchaser of the Property has been executed by the Owner. The Broker has no authority to make any representations or agreement on behalf of the Owner, and the Owner may only be bound by an agreement executed by the Owner. The Owner and Broker expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any party at any time without notice.

Broker represents the Owner in this transaction as a Client. The Broker does not represent the recipient of this Memorandum as a client or customer in the absence of a written brokerage agreement. This Memorandum does not create any obligations or duties on behalf of the Broker, and the Broker owes no duties to any recipient of this Memorandum in the absence of a written brokerage agreement even if the Broker performs ministerial tasks as to this Property or any other transaction.

This Memorandum is the exclusive property of CollegeTown Properties, LLC, and may be only used by parties approved in writing by the Broker. The information is privately offered and, by accepting this Memorandum, the party in possession hereon agrees to return it to Broker upon request and that the Memorandum is confidential and will be held and treated in the strict confidence. No portion of this Memorandum may be copied or reproduced or disclosed to any third party without the express written permission of Broker and Owner. The depiction of any persons, entities, signs, logos or other properties (other than Broker’s clients and the Property) is incidental only and is not intended to suggest any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and Broker or Owner.

20 Exclusively offered by CollegeTown Properties

For additional information or to schedule a tour please contact:

Chase Lawrence, PRINCIPAL 706-200-7082 | [email protected] 21