FIFTY EIGHT FOSTER 30 Units • Portland, OFFERING MEMORANDUM CONFIDENTIAL AND DISCLAIMER

Seller and Agent make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highly confidential information and are being furnished solely for the purpose of review by prospective purchasers of the interest described herein. Neither the enclosed materials, nor any information contained herein, is to be used for any other purpose or made available to any other person without the express written consent of Seller.

The enclosed materials are being provided solely to facilitate the Prospective Purchaser‘s own due diligence, for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal, or other, documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither Agent nor Seller shall have any liability whatsoever for the accuracy or completeness of the information contained herein, or any other written or oral communication or information transmitted, or made available, or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections, and conclusions without reliance upon the material contained herein.

Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserves the right, at its sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property, and/or to terminate discussions with any entity at any time, with or without notice. This Offering Memorandum is made subject to omissions, correction of errors, change of price or other terms, prior to sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller.

Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/ or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered and approved by Seller, and any conditions to Seller‘s obligations thereunder have been satisfied or waived.

By taking possession of, and reviewing, the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in the strictest confidence, and shall be returned to Agent or Seller promptly upon request; (b) the recipient shall not contact employees or tenants of the Property directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of Seller or Agent and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller or Agent.

If you have no interest in the Property at this time, please destroy or return this Offering Memorandum immediately to:

HFO Investment Real Estate 2424 SE 11th Ave, Portland, OR 97214 503.241.5541

Build your legacy is a service mark of HFO Investment Real Estate.

2 OFFERING MEMORANDUM FIFTY EIGHT FOSTER 5811 SE Boise Street • Portland, Oregon

TABLE OF CONTENTS

Executive Summary 5

Location 13

Operations Analysis 19

Offer Terms 22

HFO INVESTMENT REAL ESTATE

Greg Frick Jack Stephens [email protected] [email protected] (971) 717.6332 (971) 717.6344

www.hfore.com • 503.241.5541

Licensed in the states of Oregon and Washington. INVESTMENT SUMMARY Fifty Eight Foster is a fully stabilized new construction apartment building Boise Street less than a block from Foster Road. Foster Road is a primary located in the desirable Foster/Powell neighborhood of SE Portland. The arterial in southeast Portland that connects neighborhoods to downtown property was completed in 2017 and was quickly leased up. The desirable Portland via SE Powell Boulevard and to Clackamas via Interstate 205. unit mix of studio and one-bedroom apartments along with its proximity to the Portland city core attracted a strong tenant demographic and will Fifty Eight Foster is advantageously located in Portland—one of the lead to a consistent occupancy rate moving forward. most solid apartment markets in the nation with more than 2,400 people moving to the area each month. Unemployment is at a historical low of Fifty Eight Foster offers tenants an efficient average unit size of 490 square 3.7%, and the demand for housing is high. Portland is adding college feet that includes all the modern finishes and features that are important graduates to the working population twice as fast as major cities like to residents. These amenities include air conditioning, LVT flooring, in- Los Angeles. Downtown Portland’s major high-tech employers include unit washers and dryers, and stainless steel appliances. Residents have Viewpoint, New Relic, Puppet Labs, Smarsh, Jama Software and Urban access to secured, covered bike parking and a convenient location along Airship.

4 HFO INVESTMENT REAL ESTATE EXECUTIVE SUMMARY ASSET SUMMARY Property Fifty Eight Foster Location 5811 SE Boise Street INVESTMENT HIGHLIGHTS City, State Portland, Oregon 97206 • New construction County Multnomah • Attractive unit mix Total Units 30 • Secured, covered bike parking Year Built 2017 • In-unit washer/dryer Total NR Square Feet 14,704 • Modern finishes and color schemes Average Unit Size 490 sq ft • Air-conditioned apartments Gross Building Square Feet 16,478 • Large windows with bright interiors Lot Size 0.20 acres Stories 3

OFFERING SUMMARY TOURS AND INQUIRIES Price $5,450,000 Please do not disturb tenants. Price per Unit $181,667 All tours and inquiries regarding Fifty Eight Foster are to be directed Price per Sq Ft $331 to HFO Investment Real Estate at (503) 241.5541. Cap Rate (Scheduled Rents) 5.51% Jack Stephens • [email protected] Cap Rate (Projected Operations) 5.80% Greg Frick • [email protected] Tyson Cross • [email protected] Lee Fehrenbacher • [email protected] Todd Tully • [email protected] Adam Smith • [email protected] Khari Gates • [email protected]

Brokers licensed in Oregon and Washington.

FIFTY EIGHT FOSTER • 30 UNITS • PORTLAND, OREGON 5 6 HFO INVESTMENT REAL ESTATE FIFTY EIGHT FOSTER • 30 UNITS • PORTLAND, OREGON 7 8 HFO INVESTMENT REAL ESTATE Fifty Eight Foster offers residents stylish living and convenience.

Modern finishes and stainless-steel appliances

Large windows and air conditioning

In-unit washer and dryer

FIFTY EIGHT FOSTER • 30 UNITS • PORTLAND, OREGON 9 10 HFO INVESTMENT REAL ESTATE Select floor plans at Fifty Eight Foster have open kitchens

Floor plans are well designed with open living areas

Covered, secured bike storage on the ground floor

FIFTY EIGHT FOSTER • 30 UNITS • PORTLAND, OREGON 11 ASSET OVERVIEW CONSTRUCTION SUMMARY One Current Rent Studio Year Built 2017 Bedrooms No. Of Buildings 1 $975 1 Stories 3 $994 1 Construction Type Wood frame 40% $995 1 Studios Foundation On-grade concrete $1,011 1 Exterior Walls HardiePlank $1,036 1 Laundry Service In-unit $1,050 1 HVAC PTAC $1,075 2 $1,095 1 SITE SUMMARY $1,120 1 City Portland $1,125 2 County Multnomah $1,154 2 Jurisdiction City of Portland 60% $1,177 1 Tax Lot Number R224551 1 Bedrooms $1,200 1 Zoning Commercial Employment - CE (MU-C) $1,225 2 The CE zone is a medium-scale zone $1,250 5 intended for sites along corridors in areas $1,275 3 between designated centers, especially along Civic Corridors that are also major $1,300 2 truck streets. The emphasis of this zone Total * 12 16 is on commercial and employment uses. Buildings are generally expected to be up to *Occupied units only. four stories.

12 HFO INVESTMENT REAL ESTATE 13 205

SE 92nd Ave LifestyleServices JOANN Fabrics and Crafts Fabrics JOANN & Buffet Pizza Izzy’s Less for Ross Dress Services Postal U.S. Jr Carl’s Best Baguette KFC Hut Pizza Food WinCo OM Seafood Company OutletChair 7-Elevent Seafood Powell’s ABC Seafood Company Steakadelphia 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. Lents Century 16 68 Eastport Plaza SE Powell Blvd SE Powell 73 79 76 FIFTY EIGHT FOSTER • 30 UNITS • PORTLAND, OREGON PORTLAND, • UNITS FIFTY 30 • EIGHT FOSTER 66 81 72 78 75 65 60 52 51 53 Baxter Auto Parts Baxter Auto LibraryMultnomah County Walgreens GameStop HK Cafe Dollar Tree Bank Branch U.S. Walmart Jack in the Box Pizza Domino’s Sushi Bar & Grill Fujiyama Wingstop LA Fitness Bell Taco Bank of America 69 67 56 59 82 80 77 74 71 64 61 50 213 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 49 70 58 57 55 54 63 84 48 Shopping/Entertainment 83 62 47

85 SE Foster Rd Essex Park Essex 45 86 Mt Scott Community Center Mt Scott Community Metro Portland WorkSource McDonald’s Kitchen Louisiana Popeyes BBQ Korean K-Town Bank Fargo Wells Big 5 Sporting Goods TV & Appliance Standard Harbor Tools Freight Super King Buffet Bar & Grill 82nd Street IHOP Bar & Grill Shamrock Double Up Bar Plus Bulds Batteries 44 46 SE Holgate Blvd SE Holgate SE 72nd Ave 43 87 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 42 41 Restaurants and Dining and Restaurants 40 26 34 37 39 33 36 88 38 32 35 89 Kern Park Kern 31 28 29 30 27 26 N.W.I.P.A Henry Higgins Boiled Bagels Bar Carlo Tavern Starday TheOff Griddle Furniture Euroclassic Dutch Bros School Montessori Home Garden Dollar Tree Mart Food Everyday Envirocars Maple Leaf Adelas Mercado Portland Carts Food FoPo 25 SE Harold St SE Harold 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 21 19 20 24 90 23 22 16 15 5 14 18 13 8 17 12 Foster Fitness Center Fitness Foster Po’ Boy Art Buds Foster Taqueria Nayar Tarven FoPo Tambayan YMCA Y Arts / SE Center Assembly Brewing 7-Eleven Market Foster Pizza Round Table Park Laurelwood SEIU K & B Bakery Spout Garden The 10

7 SE 52nd Ave 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 4 9 11 3 Fifty Eight Foster 6 2 1 SE Steele St SE Steele Woodstock Park Woodstock

Creston Park Creston Pho Hung Bell Taco Gorditos Los Taqueria King Burger Siri Thai Service Postal U.S. Speed Coffee Boat Subway Pizza Little Caesars Trap Burger Foster Bakery Xuyen An the Arts for Center Day New Morlan Plumbing Supply George

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. NEARBY VICINITYNEARBY LIFESTYLE CONVENIENCES

SE Belmont St SE 60th Ave Mall 205 SE 82nd Ave Hawthorne Blue Star Donuts Mt Tabor Park SE 50th Ave McMenamins Baghdad Portland Campus Theater & Pub

205 Stumptown Coffee Roasters SE Division St Pok Pok Petite Provence César Chávez E. Blvd 213 Fubonn Shopping Center

Powell Street Station SE Powell Blvd SE 26th Ave 26

Creston Park SE 52th Ave Century 16 Eastport Plaza SE 92nd Ave

SE Holgate Blvd Fifty Eight Foster SE Foster Rd SE 28th Ave HK Cafe

Lent Park SE Steele St

Woodstock Park Mt Scott Community Center & Indoor Pool

Crystal Spring Rhododendron Garden SE Woodstock Blvd Mt Scott Park

14 HFO INVESTMENT REAL ESTATE PORTLAND METRO SNAPSHOT PORTLAND METRO AREA The Portland Metro Area is one of the most robust apartment markets in the nation, as reflected in strong year-over-year rent growth and consistently tight vacancy. The area’s strong job market and high quality of life continues to attract new residents— approximately 80 people move here each day. New apartment construction is unable to keep pace with demand. 4.85% 38.3% $68,676 4.0% Metro Area vacancy Metro Area renter- Median household income Year-over-year rent occupied housing rate growth**

10.2% 30,066 3.6% 35.7% Metro Area New Metro Area Unemployment rate ** Bachelor’s or higher population growth residents* (July 2018) (Age 25+ ***) (April 2010-July 2017)* (2016-2017)

*Source: US Census and PSU Center for population **Bureau of Labor Statistics. ***OR Metro. research for four-county metro area.

FIFTY EIGHT FOSTER • 30 UNITS • PORTLAND, OREGON 15 PORTLAND METRO SNAPSHOT

PORTLAND REGION Oregon’s largest city, Portland, is near the confluence of the Willamette and Columbia Rivers. The Portland Metro Area consists of four counties: Multnomah, Washington, Clackamas, and Clark County, Washington.

APARTMENT MARKET DIVERSIFIED ECONOMY TOP 10 LISTS The Portland Metro Area consistently ranks Portland is home to the headquarters of Fortune among the nation’s lowest for apartment 500 companies Nike, Precision Castparts Portland consistently receives glowing reviews and vacancy rates according to the U.S. Census and Lithia Motors. Fortune 1000 companies rankings from the media. Bureau and other third-party services like headquartered here include Stancorp Financial, 2018 lists include: REIS, MPF Research, and Axiometrics. The U.S. Greenbrier Companies, Columbia Sportswear, • #4 Best City for Biking (Fast Company) Census ranked Portland as having the 6th Schnitzer Steel Industries, and Portland General • #6 Best Place to Live (U.S. News and World Report) lowest vacancy rate in the nation for the first Electric. • #10 Most Entrepreneurial State (Amazon.com) quarter of 2018 at 3.6%. Tech and software companies continue to 2017 lists include: REIS reports 2017 Portland metro year-over-year relocate their operations here or open major rents grew 3.3%. Overall rents have increased • #3 City with Best Opportunities for Job Seekers outposts in Portland. These companies enjoy This Year (Fast Company) every quarter since Q1 2010. Portland’s educated workforce, affordable high SKILLED WORKFORCE & STRONG EMPLOYMENT quality of life, and a low cost of doing business 2016 lists include: compared to the Bay Area. 54% of Portland workers have an associates • America’s Best City for Summer Travel (Travel + degree or higher, out pacing the national Companies which recently opened major Leisure) average of 38%. branches in Portland include Airbnb, Google, • Best City for Electric Cars in the U.S. Squarespace, Mozilla, Simple, Survey Monkey, (The Christian Science Monitor) According to the State of Oregon’s Employment SalesForce and New Relic, Inc. Portland’s • Best Places to Live 2016 (Money Magazine) Department, Portland enjoys one of the fastest tech startup companies include Viewpoint, • #8 Greenest City in the Nation (Wallethub) job growth rates in the Pacific Northwest, and Jama Software, Thetus, Urban Airship, Acquia, • #8, World’s Best Cities for Millennials (Matador the entire nation, having added 31,000 jobs in Elemental Technologies, Act-On, Puppet Labs, Network) 2016 and 28,000 jobs in 2017. and The Clymb. • Food and Drink Capital of America (The Telegraph – London) The Portland Metro Area’s unemployment rate • World’s #10 Best City to Live In (Metropolis Magazine) as of May 2018 is 3.7%—the lowest since 1995.

16 HFO INVESTMENT REAL ESTATE PORTLAND MARKET SNAPSHOT MAJOR EMPLOYERS GOVERNMENT SPORTSWEAR HEALTHCARE AND RESEARCH The U.S. Federal Government is Portland Nike has its world headquarters in Beaverton Health services are another major employment metro’s overall largest employer, with 20,500 and employs 12,000 Portland-area residents. sector for the Portland area. The top healthcare workers. The State of Oregon gives employment The company designs, develops and employers in the area are Providence Health to an additional 14,000 residents. manufactures footwear, apparel, equipment Systems, with 17,543 employees, and The and accessories. From here, Nike orchestrates Oregon Health Sciences University (OHSU), HIGH TECH & CHIP MANUFACTURING production and design for one of the world’s with 16,200 workers. OSHU is the recent Attracted by the Portland area’s educated most recognizable brands. In January, 2015, recipient of a total of $1 billion in donations workforce and relative low cost of doing Nike began a $1 billion expansion of its for cancer research from over 10,000 Oregon business, tech companies continue moving Washington County campus, adding three donors. Grants from the National Institutes of to Portland—opening major branches and, in buildings with a collective 1.3 million square Health totaled $182.7 million in 2016. some cases, relocating to the area entirely. feet and more than 3,300 parking stalls. Nike recently released artists’ renderings of the MANUFACTURING With over 19,300 employees, Intel is the area’s In trucking and transportation, Daimler Trucks— largest private employer. Intel acquired its completed expansion, which is estimated to open in 2018. with nearly 3,000 area workers—has big plans for first Portland location in 1974. The company the Portland area. The company recently spent is currently expanding its presence with Nike’s two key competitors have a major local $150 millions renovating its Portland facility and forthcoming D1X microprocessor chip facilities presence as well. Those employers include the invests heavily in research and development, at the Ronler Acres Campus in Hillsboro. This North American headquarters of Adidas’ with including autonomous driving. is part of a five-year, $6 billion expansion, and 1,200 employees, and a new 70,000 SF outpost is part of the company’s long-term plans for of Under Armour. Under Armour has moved growth. Intel is the largest property taxpayer 100 employees into an iconic former YMCA. in Washington County, with payments of approximately $30 million a year.

Other notable Portland-area high-tech companies include ON Semiconductor and Tektronix.

FIFTY EIGHT FOSTER • 30 UNITS • PORTLAND, OREGON 17 JOB GROWTH BY INDUSTRY MSA PORTLAND According to the State of Oregon Employment Department, the Portland Metro region created jobs at the rate of 2.43% in 2017. Portland ranks 11th among the 50 largest metropolitan areas in the United States.

Among the influx of companies to the Portland metropolitan area— Portland Brewing, Powell’s Books, ZGF Architects, and two major West including many who have transplanted their world, North American or Coast law firms: Stoel Rives and Schwabe, Williamson & Wyatt. U.S. headquarters here—are Adidas, Daimler Trucks, KinderCare and Keen. Full time employment increased 2.6% in the past 12 months, an increase Other significant companied in the close-in Portland metro area include of 29,700 positions. Following is a list of net job growth by industry Umpqua Holdings, Weiden+Kennedy, NW Natural, PacifiCorp, PGE, New June 2016-June 2017: Seasons, Storables, McMenamins, McCormick & Schmick’s, Franz Bakery,

3,900

Trade, Transportation & Utilities 3,700

Professional Business Services 5,000

Leisure & Hospitality 5,400

Healthcare & Social Assistance 2,800

Manufacturing 7,200

Construction 6,500

Education & Health Services

18 HFO INVESTMENT REAL ESTATE OPERATIONS ANALYSIS Income Current Scheduled Rents Highest Achieved Rents Note Scheduled Gross Rent $419,832 $13,994 $437,640 $14,588 1 Less: Vacancy/Credit Loss ($20,992) ($700) -5.0% -$21,882 -$729 -5.0% 2 Net Rental Income $398,840 $13,295 $415,758 $13,859 Other Income $21,492 $716 $21,492 $716 3 Includes: Utility Billing (RUBs) $15,651 $522 95.0% $15,651 $522 95.0% Includes: Miscellaneous $5,841 $195 $5,841 $195 Gross Operating Income $420,333 $14,011 $437,250 $14,575 Expenses Projected Operations Per Unit % GOI Projected Operations Per Unit % GOI Real Estate Taxes $39,710 $1,324 9.4% $39,710 $1,324 9.1% 4 Insurance $8,837 $295 2.1% $8,837 $295 2.0% 5 Garbage $4,906 $164 1.2% $4,906 $164 1.1% Sewer/Water $11,569 $386 2.8% $11,569 $386 2.6% Electric $2,250 $75 0.5% $2,250 $75 0.5% Other $750 $25 0.2% $750 $25 0.2% Total Utilities $19,475 $649 4.6% $19,475 $649 4.5% 6 Fee Management $27,322 $911 6.5% $28,421 $947 6.5% 7 Landscaping $2,400 $80 0.6% $2,400 $80 0.5% 8 Maintenance/Repairs $10,500 $350 2.5% $10,500 $350 2.4% 9 Turnover $4,500 $150 1.1% $4,500 $150 1.0% 10 Reserves $7,500 $250 1.8% $7,500 $250 1.7% 11 Total Expenses ($120,243) ($121,343) Expenses per Unit ($4,008) ($4,045) % of Gross Operating Income 29% 28% Net Operating Income (NOI) $300,089 $315,907

FIFTY EIGHT FOSTER • 30 UNITS • PORTLAND, OREGON 19 OPERATIONS ANALYSIS 1. RENTS Fifty Eight Foster’s currently scheduled rents average $1,166 per unit or $2.38 per square foot. The asset was completed in 2017 and has been fully leased since April 2018. Projected rents are based on those highest achieved by Fifty Eight Foster. Projected rents average $1,216 per unit, or $2.48 per square foot; a market-rate increase of 4.1% over currently scheduled rents.

RENT ROLL ANALYSIS: MARKET RENTS Average Highest Unit Square Average Highest Unit Type Scheduled Rent Achieved Rent % Change Scheduled Rent Achieved Rent Count Feet per Sq Ft per Sq Ft

Studio 1 356 $975 $2.74 $975 $2.74 0.0% Studio 1 394 $995 $2.53 $995 $2.53 0.0% Studio 10 412 $1,071 $2.60 $1,125 $2.73 4.8% 1 Bedroom / 1 Bathroom 6 525 $1,250 $2.38 $1,275 $2.43 2.0% 1 Bedroom / 1 Bathroom 12 557 $1,234 $2.22 $1,300 $2.33 5.1% Totals / Averages 30 490 $1,166 $2.38 $1,216 $2.48 4.1%

2. VACANCY AND For analysis purposes, operations are adjusted to a market-rate 5.0% vacancy, based on lender underwriting ECONOMIC LOSS requirements. Current management operations do not track vacancy. 3. OTHER INCOME Other income collections are based on historical operations and include administrative fees, pet rent and utility charges. • RUBs. RUBs are projected to capture 95% of the water, sewer and garbage costs which average $43 per unit per month.

20 HFO INVESTMENT REAL ESTATE OPERATIONS ANALYSIS EXPENSES Fifty Eight Foster is new construction, and the property transitioned management companies in April 2018. Unless otherwise noted, the expenses are based on August 2018 trailing operations and reflect combined operations between the two management companies. 4. PROPERTY TAXES Oregon’s property taxes are evaluated on a fiscal year starting July 1. Property tax values for the 2018-2019 tax year were published in October. In Oregon, property taxes are not reassessed on sale and are limited to a 3.0% annual increase at the state level. Property taxes paid before November 15th each year receive a 3.0% discount. Most investors take advantage of this discount.

The 2018-2019 gross property taxes for Fifty Eight Foster total $40,938 and are assumed to be fully assessed. The net property taxes for the 2018-2019 tax year, after the 3% discount, total $39,710 and are included in the projected operations. The historical operations do not include a tax expense. 5. INSURANCE The insurance is based on the property’s current premium of $8,837 annually. 6. UTILITIES Annualized utilities total $19,475, or $649 per unit and include costs for water, sewer, and garbage. The units are individually metered for electric, and the utility expense includes administrative expense for Minol utility metering. 7. MANAGEMENT The projected operations assume a gross 6.5% management fee that includes payroll costs, administration, advertising, and property oversight. 8. LANDSCAPING/ The expenses estimate contracted services that include housekeeping and landscaping. The total costs of these contracted HOUSEKEEPING services are estimated at $2,400 for bi-monthly common area maintenance. 9. REPAIR/MAINTENANCE The repair/maintenance expenses are estimated at $10,500 annually and reflect market-rate operations for a newer property like Fifty Eight Foster that will eventually incur maintenance costs as it ages.

10. TURNOVER Turnover is estimated assuming 30% of the units – or nine Turnover Analysis Projected Turnovers (9) units - will turnover annually. The turnover expense is for Total Units 30 make-ready processes and does not include any capital costs. Turnover Rate 30% Expected Turnovers 9 Annual Turnover Cost $4,500 Cost per Turnover $500 Per Unit Turnover Cost $150

11. RESERVES Lenders require reserves be set aside to address future capital costs associated with any property as it ages. The projected operations include reserves of $250 per unit.

FIFTY EIGHT FOSTER • 30 UNITS • PORTLAND, OREGON 21 OFFER TERMS ASSET SUMMARY QUESTIONS & TOUR REQUESTS: Property Fifty Eight Foster All inquiries, questions, or tour requests are to be directed to HFO Investment Real Estate at (503) 241.5541. Location 5811 SE Boise Street Portland OR 97206 Please do not disturb the residents. Total Units 30 Jack Stephens • [email protected] Year Built 2017 Greg Frick • [email protected] Average Unit Size 490 sq ft Tyson Cross • [email protected] Lee Fehrenbacher • [email protected] Current Average Rent $1,166 Todd Tully • [email protected] Current Average Rent per Sq Ft $2.38 Adam Smith • [email protected] Khari Gates • [email protected] OFFERING SUMMARY Investment Real Estate Price $5,450,000 2424 SE 11th Avenue Portland, Oregon 97214 Price per Unit $181,667 www.hfore.com Price per Sq Ft $331 (503) 241.5541 Cap Rate (Scheduled Rents) 5.51% Fax: (503) 241.5548 Cap Rate (Projected Operations) 5.80% Brokers licensed in the States of Oregon and Washington.

22 HFO INVESTMENT REAL ESTATE FIFTY EIGHT FOSTER • 30 UNITS • PORTLAND, OREGON 23 HFO Investment Real Estate Passion • Collaboration • Specialization

2424 SE 11th Avenue • Portland, OR 97214 www.hfore.com • 503.241.5541