BROOKFIELD MEWS Presented By

BROOKFIELD MEWS

468 FEDERAL ROAD BROOKFIELD, CT 06801

Presented by Hal Kurfehs 203-241-4346 [email protected] - EXECUTIVE SUMMARY 468 Federal Road in Brookfield, Connecticut, is a 10.1 acre property with full approvals for the construction of a 112-unit garden style community consisting of 38 One-Bedroom (33%) and 74 Two-Bedroom Units (66%). Under current approvals 30% of units would be deemed affordable.

INVESTMENT HIGHLIGHTS » Large-scale, fully-approved residential development opportunity on Federal Road in Brookfield, Connecticut.

» Brookfield Mews is the last development to be approved by the town prior to a four-year moratorium enforcing the 8-30g State Statute allowing developers to bypass local zoning laws if they build affordable housing.

» Federal Road is renowned for its vast array of major retailers including Costco, The Home Depot, Stew Leonard's, Shop Rite, BJ's Whole sale Club, Bob's Discount Furniture, and scores of others.

» Desirable location for employees of many major businesses, colleges, and organizations including Western Connecticut Health Networks, Boehringer-lngelheim, Western Connecticut State University and Praxair.

» Sought-after suburban community for Danbury commuters located less than eight miles north of 1-84 and the Metro-North train station.

» Excellent opportunity for savvy developers understanding an area in need of affordablehousing for employees who can not afford to live where they work.

BROOKFIELD MEWS 12 - PROPERTY OVERVIEW

P,1ltnN BROOKFIELD, CONNECTICUT Cl11copee Sll.nbr1dge The Town of Brookfield, is an affluent suburban Springfield ® community located 43 miles north of New York City and

under eight miles north of Danbury. In 2013, Brookfield ISalisbul)I Enfield was selected by Money Magazine as"the best small town in @, CT." That same year it was also selected as the "26th best 1 0 I s tiaron town to live in nation wide." The neighboring City of _ Cornwall Danbury has a workforce of approximately 78,200 iQrr ng!on employees, many of whom are employed by Hartford f,,tansfleld

companies such as Boehringer lngelheim, Western 'psie u WmdhJm Connecticut Health Networks, Cartus, UTC, Brlst01 New Britain . 0 Aerospace Systems, Pitney Bowes and Praxair. \1/ashlngtpn CD 1W N�wMllford I GJ � Waierbury Nor.v,ch ijj Newburgh G

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® Briclgepon Delaware ® On,;n1 Water Gap Fairfield Graanpo11 Nat,onal Nor,;alk Recreation-. Sta ford ucsbu,(i Whhe Plains- sgHarl>or

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BROOKFIELD MEWS I 3 - PROPERTY OVERVIEW

SITE PLAN

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BROOKFIELD MHVS I 4 - PROPERTY OVERVIEW

RENDERING

BROOKFIELDfv/Elll/S I 5 - PROPERTY OVERVIEW

RENDERING

BROOKFIELD/'v/EVi!S I 6 - PROPERTY OVERVIEW

RENDERING

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BROOKFIELDMfl!11S I 7 - PROPERTY OVERVIEW

ELEVATIONS - 2 STORY BUILDING

8" lOlHE Y..'EATHER �------CEMEUllTOUS BOA.RD 375' 0

!!I !!I SECOUO FLOOR 355' 0 !!I !!I

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BROOKFIELDMEWS I 8 - PROPERTY OVERVIEW

FLOOR PLANS - 2 STORY BUILDING

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BROOKFIELD MEWS I 9 - PROPERTY OVERVIEW

ELEVATIONS - 3 STORY BUILDING

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BROOKFIELD MEWS I 10 - PROPERTY OVERVIEW

FLOOR PLANS - 3 STORY BUILDING

SECOND FLOOR PLAN

FIRST FLOOR PLAN

BROOKFIELD MEWS I 11 - MARKET OVERVIEW

GREATER DANBURY EMPLOYMENT INDUSTRY The Town of Brookfield is located in the Brookfield Mews is located in the Danbury Labor Market Area ("LMA"). As of July 2019, the total non-farm labor greater Danbury Market area. Danbury is a force with in the LMA was 78,200 with an unemployment rate of 3.0%. The Danbury Labor Market is tailored vibrant residential and economic hub with to the services industries with an affluent, educated and white collar population of which over 40% of the a solid, established infrastructure. The City employment base is employed in services-related industries.

of Danbury has developed into a vibrant , :.d EMPLOYEES IN'· I� business center in the Northern Fairfield EMPLOYER INDUSTRY PRIMARY LOCATION FAIRFIELD COUN:f't-:-_, Market due to three primary factors that . -..._.:,c,.:.:,,:.�i:...,:;;:-;t benefit both corporations and employees - Sikorsky Aircraft Aerospace Stratford 9,200 easy access to and from nearby Westchester County, New York (l-684/I-84), southern UBS Securities Financial Services Stamford 4,000 Fairfield County (l-84 and Route 7) and New York City (from Danbury 120+/-minutetrain Danbury Hospital Healthcare Danbury 3,500 ride and from Brewster 161 +/- minute train ride), and significantly lower office rents Boehringer lngelheim Pharmaceuticals Danbury/Ridgefield 3,300 and reduced housing costs in comparison to southern Fairfield County and parts Pitney Bowes Business Services Stamford 3,000 of Westchester. This transportation and RBS Financial Services Stamford 3,000 economic infrastructure has attracted major corporate occupants including Stamford Hospital Healthcare Stamford 3,000 Boehringer lngelheim Pharmaceuticals, Honeywell International, Praxair, PepsiCo, Bridgeport Hospital Healthcare Bridgeport 2,600 Pitney Bowes, the Barden Corporation, GM, and many others. People's United Bank Financial Services Bridgeport 2,100

Danbury srKORSKY .i i•t•aur.t .,,.,1■ ,._.,,,,.,; Hospital .,,,. $UBS As of 2019, Connecticut ranks 10th in the pitney bowes .(�Wi :f!fffff1JPRAXAIR country for states with the most Fortune Yale 500 companies (16). Two-thirds of these Boehrin_ger companies reside within Fairfield County; �Ill�1lll1i/ lngelhe1m New Have,� including Praxair located in Danbury. Health Bridgeport What know-how can do" Hospital

BROOKFIELD MEWS I 12 - MARKET OVERVIEW

DEMOGRAPHICS Fairfield County is one of the wealthiest counties in Connecticut due to the well-educated, affluent,and largely white collar population.

The following table highlights selected demographics for Brookfield Mews.

3-MILE 5-MILE 10-MILE -- • SELECTED DEMOGRAPHICS OVo OVo OVo :i- RADIUS RADIUS RADIUS ...... :-�--�..ti...,.1 POPULATION 2024 Projection 28,031 80,180 221,321 2019 Estimate 27,249 78,440 217,651 2010 Census 25,428 74,528 208,110 2000 Census 23,882 70,369 196,993 Growth 2000 - 2010 6.47% 5.91% 5.64% Growth 2010 - 2018 14.10% 11.47% 10.49% HOUSEHOLD GROWTH, INCOME & VALUE 2024 Projection 10,692 28,585 81,303 2019 Estimate 10,389 27,986 79,879 2010 Census 9,699 26,657 76,019 2000 Census 8,741 24,774 70,652 Growth 2000 - 2010 10.96% 7.60% 7.60% Growth 2010 - 2018 18.85% 12.97% 13.06% 2018 OCCUPIE D HOUSING UNITS BY TENURE 27,985 10,389 79,879 Owner Occupied 21,217 75.8% 8,870 85.4% 60,228 75.4% Renter Occupied 6,768 24.2% 1,519 14.6% 19,651 24.6%

2018 EST. AVERAGE HOUSEHOLD INCOME $133,364 $118,216 $121,638

2018 EST. MEDIAN HOUSEHOLD INCOME $108,606 $93,882 $90,634

RADIUS 1 MILE 5 MILE- - 10 MILE - 2018 Est. Population 27,249 78,440 217,651 Population Growth 2000-2018 14.10% 11.47% 10.49% 2018 Est. Average Household Income $133,364 $118,216 $121,638

BROOKFIELDMEWS I 13 - MARKET OVERVIEW

CLASS A RENT COM PARABLES Brookfield Mews Rent Comparables Brookfield Mews Rent Comps

The Point at Still Crown Point Total SUBJECT Bambeck Place 1 Kennedy Flats Abbey Woods River Apartments II (WtdAvg}

Address 398 Federal Rd 1 Kennedy Ave 2 Mountainview Terrace 50 Saw Mill Rd 15 Abbey Ln City Brookfield, CT BrookfieldCT Danbury CT DanburyCT DanburyCT Danbury CT Units 112 165 374 234 280 469 1,522 Market Rate Units 78 165 374 234 280 469 1,522 Levels 3 4 4 4 3 5 4 Year Built 2022 2016 2016 2005 2011 2015 2013 Average SF 979 866 917 1,006 961 1,016 964 Occupancy 95% (Stabilization) 99.0% 93.6% 96.2% 92.9% 96.4% 95.3%

Studio One Bedroom Two Bedroom Three Bedroom

Averase Gross Rent l!!rUnit $2,040 $1,792 $1,848 $1,910 $1,847 $1,971 I $1,889 Averase Gross Rent l!!r SF $2.08 $2.07 $2.02 $1.90 $1.92 $1.94 ! $1.96 !Current Concession ! NIA 0.0% 1r 0.9% I:I 0.0% 0.0% 0.0% • 0.2% vera9e Net EffectiveRent l!!rSF $2.08 $2.07 I $2.00 ! $1.90 $1.92 $1.94 I $1.96 Studio 0.0% 24.2% 10.4% 0.0% 0.0% 0.0% 5.2% Market Rent N/A $1,182 $1,517 N/A N/A N/A $1,347 Sg Ft N/A 505 576 N/A N/A N/A 540 Rent PSF NIA $2.34 $2.63 NIA NIA NIA $2.48

One Bedroom 33.3% 24.2% 57.5% 47.9% 60.4% 55.9% 52.4% Market Rent $1,750 $1,484 $1,721 $1,742 $1,647 $1,787 $1,718 S Ft 805 643 823 785 765 865 810 Rent PSF $2.17 $2.31 $2,09 $2.22 $2.15 $2.07 $2,13

Two Bedroom 66.7% 51.5% 28.6% 41.9% 29.6% 37.1% 35.9% Market Rent $2,185 $2,226 $2,097 $2,031 $2,067 $2,138 $2,114 S Ft 1,066 1,142 1,109 1,173 1,202 1,190 1,165 Rent PSF $2.05 $1.95 $1.89 $1.73 $1.72 $1.80 $1.82

Three Bedroom 0.0% 0.0% 3.5% 10.3% 10.0% 7.0% 6.4% Market Rent N/A N/A $2,886 $2,199 $2,400 $2,550 $2,466 Sg Ft N/A N/A 1,910 1,355 1,430 1,299 1,431 Rent PSF NIA NIA $1.51 $1.62 $1.68 $1.96 $1.74

Soun:e:Axiomelrics

BROOKFIELD MEWS I 14 - MARKET OVERVIEW

MULTIFAMILY INVESTMENT SALES Brookfield Mews Sa/es Comparables Brookfield Mews Sales Comps

Crown Point The Point at Still Total SUBJECT1 1 Kennedy Flats Willow Grove Apartments River (Wtd Avg)

Address 50 Saw Mill Rd 1 Kennedy Ave 2 Mountainview Ter 101 Avalon Lake Rd City Brookfield, CT Danbury Danbury Danbury Danbury Units 112 466 374 234 135 1,209 Market Rate Units 78 466 374 234 135 1,209 Levels 3 3 4 3 3 3 Year Built 2022 2011 2015 2005 1999 2010 Average SF 979 966 917 1,006 1,228 988 Occupancy@ Sale 95% (Stabilization) 97% 91% 95% 95% 95%

Studio One Bedroom Two Bedroom Three Bedroom

Sale Date 9/5/2018 5/24/2018 9/15/2017 8/21/2017 Sale Price $28,344,060 $108 500,000 $86,250,000 $51,480,000 $31,250,000 $277,480,000 1 I i Price/Unit !I $253,072 $232,833 $230,615 $220,000 $231,481 $229,512 Studio 0.0% 0 10.4% 0.0% 0.0% 3.2% Sq Ft N/A N/A 576 N/A N/A 576

One Bedroom 33.3% 56.9% 575% 47.9% 60.7% 55.7% Sq Ft 805 763 823 785 1,162 834

Two Bedroom 66.7% 35.0% 28.6% 41.9% 39.3% 34.8% Sq Ft 1,066 1,189 1,109 1,173 1,331 1,183

Three Bedroom 0.0% 8.2% 3.5% 10.3% 0.0% 6.2% Sq Ft N/A 1,424 1,910 1,355 N/A 1,486

1) Subject Sale Price based on Year 5 Projected Exit of $32,858,534 ($293,380/unit) discounted back to today's dollars based on a 3.0% rate. Source: Costar

BROOKFIELD MEVI/S I 15 - AFFORDABILITY

AFFORDABILITYPLAN INTRODUCTION The Seller submitted the Affordability Plan herein in conjunction with its application to the Brookfield Zoning Enforcement Officerfor a zoning permit regarding property located at 468 Federal Rd., Brookfield, Connecticut-to be known as Brookfield Mews. Under this current submission, thirty percent (30%) of the homes in the Complex (thirty four units) will be designated as "Set Aside Units" that will meet the criteria for "affordablehousing" as defined in Connecticut General Statutes ("C.G.S.") 8-30g, as amended to date. Effective October 1, 2000, C.G.S. 8-30g requires that for this application at least fifteen percent (15%) of the units must be affordable for 40 years to families earning sixty percent (60%) or less of the median income for the Brookfield area (Danbury MSA) or the State median income, whichever is less, and at least fifteen percent (15%) of the units must be affordable for40 years to families earning eighty percent {80%) or less of the median income for the Brookfield area (Danbury MSA) or the State median income, whichever is less. Because the area median income for the Brookfield MSA ($114,700) as of the date of this application is greater than the state wide median ($100,400), this plan uses the lower figure; however, please note that actual maximum sale prices and rents are to be calculated at the time of lease. Thirty Eight {38) units in the Complex will contain one bedroom and Seventy Four {74) units in the Complex will contain two bedrooms. This Affordability Plan, which is proposed as a condition of the above listed approval by the Brookfield Zoning Enforcement Officer describes how the regulations regarding affordability will be administered.

PROJECTED UNIT MIX & RENTS

UNIT MIX COUNT UNIT SF . TOTAL SF _ RENT PSF _ __M9til1:HLV �

MARKET lBR 26 805 20,926 $2.17 $1,750 2BR 52 1,066 55,412 $2.05 $2,185 Subtotal 78 979 76,338 $2.08 $2,040

AFFORDABLE lBR-600/oAMI 6 809 4,854 $1.42 $1,145 lBR-800/oAMI 6 818 4,908 $1.83 $1,500 2BR-60%AMI 11 1,068 11,752 $1.33 $1,425 2BR-80%AMI 11 1,065 11,716 $1.78 $1,900 Subtotal 34 977 33,230 $1.58 $1,543

TOTAL 112 978 109,568 $1.93 $1,889

Source: Plan submitted by the owner and approved by the State of Connecticut.

BROOKFIELD MEWS I 16