1200 Broadmoor Dr. | , TX | 78723 286 UNITS

SHOWN BY ELLEN MUSKIN DANIEL ELAM VIEW 512.343.2700 x3 512.343.2700 x4 PROPERTY APPOINTMENT ONLY [email protected] [email protected] WEBSITE: WITH LISTING AGENTS AERIAL VIEW HERITAGE AT HILLCREST

Austin (CBD) | 3.5 ± Miles

MUELLER - Medical District | 0.4 ± Miles University of Texas | 2.0 ± Miles MUELLER - Retail District | 0.3 ± Miles

Interstate Highway - 35

Cameron Rd.

Looking SOUTH AERIAL VIEW HERITAGE AT HILLCREST

Austin Community College - Highland | 1.1 ± Miles

E. Highway 290

35 y - Capital Plaza Shopping Mall | 0.1 ± Miles wa igh te H rsta Inte WINDSOR PARK NEIGHBORHOOD

Cameron Rd.

Broadmoor Dr.

Looking NORTHWEST INVESTMENT OVERVIEW HERITAGE AT HILLCREST

SALIENT FACTS Heritage at Hillcrest Apartments Price: Market Pricing 286-Unit Multifamily Community in Central NE Austin Terms: All Cash or 3rd Party Financed # of Units: 286 Total # of Buildings: 25 Total The Heritage at Hillcrest (286 units) is located in central northeast Austin, just south of the convergence of Highways 183 / 290 and IH-35 and only 3 ± miles to downtown. The property, originally built in two separate phases located directly across # of Floors: 2 or 3 Floors the street from one another, is comprised of 31 individual buildings on 9.6128 ± acres with an average unit size of 892 ± SF Avg. Unit Size: 892 ± SF and 928 ± surface parking spots. Year Built: 1969 (Major Renovation 2009) Well located in the heart of Austin, The Heritage at Hillcrest Apartments is positioned to BENEFIT GREATLY from the Mueller Total NRSF: 255,140 ± (TCAD) mixed-use development and all its related businesses/residences, medical facilities, and amenities. This redevelopment was the regional Robert Mueller Airport, which is now Austin’s largest mixed-use development from a private-public partnership Land Area: 9.6128 ± ACRES (TCAD) between Catellus Development Corp. and the City of Austin which broke ground 20 years ago. Residential home prices have Zoning: GR-MU-CO-NP soared in this submarket since its inception, with an average sold price of $874,622 and $386 PSF (per MLS). This develop- ment includes four major hospitals/medical facilities, large to medium-sized offices, multifamily developments (on long-term Exterior: Brick / Hardiboard Siding Veneer land leases), cinemas, boutique hotels, restaurants and big box retailers like Home Depot, Target, and more. The property is Roofs: Pitched, Composition Shingle located on multiple bus routes and abuts the Windsor Park single-family neighborhood. HVAC: 1.5 – 2.5-ton Condensing Units Water Heater: 30-gal. Individual Wiring: Copper Laundry Room: Four (4) On-Site (16W/20D) 68 Units W/D Connects. (24 completed, 44 due by 10/2021) Parking: 456 ± Surface Spaces

Less than a mile from Heritage at Hillcrest, these notable medical facilities can be found at Mueller:

Ì Ascension Children's Medical Center Ì U.T. Dell Pediatric Research Institute Ì Strictly Pediatrics Subspecialty Center Ì Ascension Seton - Texas Admin. Offices INVESTMENT OVERVIEW HERITAGE AT HILLCREST

Mueller Community Highlights

n The Regional Retail District includes approximately 400,000 ± SF of retail shops and serves as the economic engine for the area. Major retailers include Home Depot, Target, Bed Bath and Beyond, Marriott Hotel, PetSmart, Staples, , and Total Wines.

n Mueller is home to two corporate headquarters (Austin Energy and Texas Mutual), and over 150,000 SF of medical office space: Seton Family of Hospitals - 155,000 SF & 650 employees, SEDL - 55,000 SF & 100 employees, Texas Health Research - 14-acre campus for Medical Research - 300 employees, Strictly Pediatrics - 127,000 SF building with an 18,000 SF Surgery Center.

n Overall, Mueller will have around 30 Million SF of amenities, apartments, condos, banking, cultural, schools, laboratories, workplaces, restaurants and entertainment. Mueller is approved for over 3.5 Million SF of commercial office development. The 1401 Philomena Office Complex is also breaking ground in Aug. 2021.

n H-E-B Muller Grocery (83,000 ± SF) is the city's largest grocery store and the Texas giant’s most sustainable store to date. It serves as a testing ground for sustainable design strategies with a dramatic reduction in energy and water usage. Only a few blocks south of Heritage at Hillcrest n Pecan Street Inc. Project – conducts ground-breaking data research and product testing in energy, water and transportation. PS’s database grows by 2.5 Billion records a day and is used by more than 2,000 university-sponsored Mueller Master-Planned Community researchers from 60 countries. 710+ Acres | Mixed-Use and Mixed Income Design n The Town Center District (“Aldrich Street”) is located on 42-acres ± in the heart of the Mueller, and is planned to be a 1.2 Million ± SF mixed-use lifestyle district. The Mueller Master Planned Community is a public-private partnership created between the City of Austin and Catellus Development Corp. on the 710-acre ± site previously home to the Robert Mueller Airport. This n Housing in Mueller consists of single-family homes and condos (1,800+ as of innovative design is the City’s most “Green Community” and a transit-oriented district envisioned to combine Feb. 2020 and 2,600+ upon completion) and apartments (2,100+ as of Feb. 2020 market rate conventional housing, affordable, and senior housing. Mueller will eventually include 6,200 homes, and 3,650+ upon completion). apartments, large-scale office buildings, four major medical facilities, a new AISD middle school, boutique hotels and more.

Unique Lifestyle attractions include: The Thinkery Science Museum, Texas Farmers’ Market at Mueller, “Trailer” Eateries, multiple community swimming pools, eight (8) parks, two (2) ponds, and the 6.5-acre ± Mueller Lake. The Mueller neighborhood project was one of the first to achieve Other places to note: AISD Performing Arts Center, Austin Film Studios, Troublemaker Film Studios, the SAFE LEED for Neighborhood Development certification. With the SITES Children’s Shelter, the Rise School of Austin preschool, Austin Energy Headquarters and the Big Brothers/Big certification for Mary Elizabeth Branch Park, Mueller is now the Sisters Central Texas office. first project to combine these two rating systems in the world. PROPERTY DETAILS HERITAGE AT HILLCREST

INTERIOR FEATURES

— Spacious Floor Plans (Avg. 892 ± SF) — Fully Equipped Kitchens w/ Stainless / Black Appliances — Double-Pane Energy-Efficient Windows — Dishwasher and Garbage Disposals — Wooden Cabinetry and Modern Pulls — Dining Areas — Private Patios or Balconies * — Built-In Vented Microwaves — Upgraded Faucets - Kitchens and Baths — Wood-look Hardwood Floors * — Three Closets in Living Rooms * — Crown Molding and Designer Paint Colors — Pass-Through Kitchen Bar Areas — Add’l Exits to outside on Balconies (via Kitchens) — 2" Wooden Blinds — Washer / Dryer Connections = 68 Units (24 completed, 44 due by 10/2021) * in select units

Among the top 50 U.S. metros, Austin is the most recovered from the COVID-19 crisis and is best positioned for robust employment growth in 2021. – Economic Innovation Group PROPERTY DETAILS HERITAGE AT HILLCREST

COMMUNITY FEATURES

— Massive Renovations to the Community, both Interior and Exterior (as of 2009) — "Green", Energy-Efficient Apartments — Uber Convenient Location | Walkable and Bikeable — Three Swimming Pools — 24-Hour Fitness Center with Two-Story Ceiling Heights — Large Fenced-in Dog Park — Professional Business Center w/ Free Wi-Fi — Beautiful Treed Courtyards — Four Convenient Clothes Care Centers — Google Fiber | Cable & High-Speed Internet Ready — Minutes from — On Capital Metro and UT Shuttle Routes — Ample Parking with 456 ± Parking Spaces — Convenient to I-35, Hwy 290, & Hwy 183 — Offers Affordable Liability Renters Insurance Program UNIT MIX HERITAGE AT HILLCREST

UNIT MIX Unit Total Average Monthly Annual Rent Units Type SF± SF± Actual Rent Mkt. Rent Mkt. Rent / SF 9 1 Bed / 1 Bath 627± 5,643± $950 $8,552 $102,624 $1.52 17 1 Bed / 1 Bath - PU 627± 10,659± $972 $16,526 $198,312 $1.55 2 1 Bed / 1 Bath - SS 627± 1,254± $1,003 $2,006 $24,072 $1.60 13 1 Bed / 1 Bath 694± 9,022± $1,008 $13,099 $157,189 $1.45 18 1 Bed / 1 Bath - PU 694± 12,492± $1,045 $18,814 $225,768 $1.51 5 1 Bed / 1 Bath - SS 694± 3,470± $1,048 $5,240 $62,880 $1.51 16 2 Bed / 1 Bath 801± 12,816± $978 $15,647 $187,764 $1.22 31 2 Bed / 1 Bath - PU 801± 24,831± $1,033 $32,022 $384,265 $1.29 4 2 Bed / 1 Bath - SS 801± 3,204± $1,073 $4,293 $51,516 $1.34 15 2 Bed / 1 Bath 889± 13,335± $1,091 $16,365 $196,380 $1.23 29 2 Bed / 1 Bath - PU 889± 25,781± $1,118 $32,432 $389,182 $1.26 8 2 Bed / 1 Bath - SS 889± 7,112± $1,191 $9,529 $114,348 $1.34 7 2 Bed / 2 Bath 1,016± 7,112± $1,217 $8,516 $102,192 $1.20 22 2 Bed / 2 Bath - PU 1,016± 22,352± $1,204 $26,486 $317,832 $1.18 9 2 Bed / 2 Bath - SS 1,016± 9,144± $1,214 $10,922 $131,064 $1.19 26 2 Bed / 2 Bath 1,073± 27,898± $1,116 $29,023 $348,276 $1.04 42 2 Bed / 2 Bath - PU 1,073± 45,066± $1,176 $49,371 $592,452 $1.10 13 2 Bed / 2 Bath - SS 1,073± 13,949± $1,223 $15,899 $190,788 $1.14 286 892± 255,140± $1,100 $314,742 $3,776,905 $1.23

“Market Rent” changes daily due to LRO Software W/D connections in 68 units (24 completed, 44 due by 10/2021) 200 Units have been upgraded (159 Partial & 41 Signature) UPGRADE LEVEL

UPGRADE DESCRIPTIONS

Partial Upgrades (PU) include either one Signature Series Upgrades (SS) or a combination of the following: include the following items: *

• Flooring • Hardware • Flooring • Lighting Fixtures UNIT MIX • Appliances • Lighting Fixtures • Appliances • Plumbing Fixtures • Paint • Plumbing Fixtures • Paint • Countertop • Blinds • Blinds • Cabinets • Hardware * as needed FINANCIAL ANALYSIS HERITAGE AT HILLCREST

INCOME T3 Rental Income (May - July 2021) Pro Forma Annualized Yearend 2019 Scheduled Market Rent $3,776,905 $3,780,506 $3,619,891 Less: Gain/(Loss) to Lease 3.00% $113,307 ($126,153) $43,656 Less: Vacancy 5.00% ($188,845) ($128,364) ($148,645) Less: Concessions 0.50% ($18,885) ($7,098) ($35,984) Less: Non-Revenue Units & Bad Debt 0.50% ($18,885) ($21,444) ($12,846) Net Rental Income $3,663,598 $3,497,447 $3,466,072

Plus: Fee Income $125,000 $121,430 $90,152 Plus: RUBS Income $160,000 $151,946 $149,174 Plus: Laundry Income $35,000 $30,761 $37,917 Plus: Other Income $50,000 $47,699 $43,634 Total Operating Income (EGI) $4,033,598 $3,849,282 $3,786,949

EXPENSES T-12 Expenses Per Unit from July 2021 Administrative $175 $50,050 $77,187 $14,902 Advertising & Promotion $100 $28,600 $15,391 $68,892 Payroll $1,150 $328,900 $345,787 $342,831 Repairs & Maintenance $450 $128,700 $116,021 $109,644 Management Fee 3.00% $423 $121,008 $112,197 $112,761 Utilities $857 $245,000 $246,625 $234,114 Contracted Services $175 $50,000 $58,901 $56,483 Real Estate Taxes Millage Rate 2.226665% $3,309 $946,333 $781,800 $738,795 Franchise / Other Tax $70 $20,000 $18,291 $20,282 Insurance $400 $114,400 $112,812 $94,343 Replacement Reserve / Cap Ex (Market Averages) $250 $71,500 $71,500 $71,500 Total Expenses $2,104,491 $1,956,512 $1,864,547

Per Unit: $7,358 $6,841 $6,519 Per SF: $8.25 $7.67 $7.31 Net Operating Income $1,929,108 $1,892,770 $1,922,402 FLOOR PLANS HERITAGE AT HILLCREST

Blue Bonnet Indian Paintbrush 1-BED / 1-BATH 1-BED / 1-BATH Golden Wave 627 ± SF 694 ± SF 2-BED / 1-BATH | 793 ± SF FLOOR PLANS HERITAGE AT HILLCREST

Primrose Lazy Daisy Sage 2-BED / 1-BATH 2-BED / 2-BATH 2-BED / 2-BATH 889 ± SF 1,016 ± SF 1,073 ± SF 35 1 The Triangle 183

SHOALCREEK BLVD

BURNET RD BURNET

N LAMAR BLVDE KOENIG LN Highland Heritage NORTHLOOP BLVD W 290 at Hillcrest The Grove W 51ST ST ATX W 45TH ST Charles Alan Wright Fields Proximity Map 1 The Triangle 35

Heart Hospital of Austin N LAMAR BLVD Dell Children's Medical Center Ascension Seton Medical Center

DUVAL ST GUADALUPE ST E 38TH ST Hancock W 29TH ST Golf Course Mueller Mixed-Use Downtown/CBD 35 Community Tech Employers St David's Medical Center E DEAN KEETON ST 1 W 24TH ST

LAKE AUSTIN BLVD ENFIELD RD MANOR RD

Lady Bird Lake MARTIN LUTHER KING BLVD W Mueller Community Pease Park Pease

W 15TH ST Texas E MARTIN LUTHER KING JR BLVD State Capitol Building Dell Seton Medical Center at U.T.

35 E 12TH ST W 5TH STW 6TH ST

1 LAVACA ST AIRPORT BLVD

E 6TH ST W CESAR CHAVEZ ST Zilker Metropolitan Park E 7TH ST

Plaza Saltillo Development L

a

S LAMAR BLVD d S 1ST ST y

360 1 B i E 1ST ST r CHICON ST d L CONGRESS AVE S a k 35 e Disclaimer: Information shown on this map is compiled from numerous sources and may not be complete or accurate. Muskin Commercial, LLC provides this map without any warranty of any kind whatsoever, either express or implied. Information About Brokerage Services

TYPES OF REAL ESTATE LICENSE HOLDERS: y A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. y A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.

A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): Texas law requires all real estate y Put the interests of the client above all others, including the broker’s own interests; licensees to give the following y Inform the client of any material information about the property or transaction received by the broker; information about brokerage y Answer the client’s questions and present any offer to or counter-offer from the client; and services to prospective buyers, y Treat all parties to a real estate transaction honestly and fairly. tenants, sellers and landlords. A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:

AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner’s agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner’s agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent.

AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer’s agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by the seller or seller’s agent.

AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. A broker who acts as an intermediary: y Must treat all parties to the transaction impartially and fairly; y May, with the parties’ written consent, appoint a different license holder associated with the broker to each party (owner and buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction. y Must not, unless specifically authorized in writing to do so by the party, disclose: - that the owner will accept a price less than the written asking price; - that the buyer/tenant will pay a price greater than the price submitted in a written offer; and - any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law.

AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first.

TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: y The broker’s duties and responsibilities to you, and your obligations under the representation agreement. y Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.

LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.

Muskin Commercial, LLC 9000275 [email protected] (512) 343-2700 Licensed Broker / Broker Firm Name or Primary Assumed Business Name License No. Email Phone Ellen Muskin 334236 [email protected] (512) 343-2700 Designated Broker of Firm License No. Email Phone Ellen Muskin 334236 [email protected] (512) 343-2700 Licensed Supervisor of Sales Agent / Associate License No. Email Phone Daniel Elam 616676 [email protected] (512) 343-2700 Sales Agent / Associate’s Name License No. Email Phone

Regulated by the Texas Real Estate Commission Buyer / Tenant / Seller / Landlord Initials Date Information available at www.trec.texas.gov www.muskincommercial.com/property/heritage-hillcrest-apartments

183

35

For information on Multifamily Properties 290 in Austin, Texas 360 1 35 —please contact: 183 AUSTIN 130 290 ELLEN MUSKIN DANIEL ELAM 71 512.343.2700 x3 512.343.2700 x4 [email protected] [email protected]

35

4601 Spicewood Springs Road Building 4, Suite 101 Muskin Commercial, LLC has prepared this brochure to provide summary information to prospective purchasers and makes no warranty or representation about the content. While this Austin, TX 78759 WWW.MUSKINCOMMERCIAL.COM information has been obtained from sources believed to be reliable; Muskin Commercial, LLC has not conducted any investigation regarding these matters and prospective purchasers should independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are examples only and do not necessarily represent the current or future performance of the property. This brochure does not constitute an offer of sale, but is merely an invitation to bid.