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144 Units Market Pricing | | EXCLUSIVE MULTIFAMILY OFFERING a Berkshire Hathaway and Jefferies Financial Group company 144 Units | Market Pricing 361 Covington Drive Detroit, MI 48203 For Real-Time Property Information go to: PalmerPark4.BerkadiaREA.com This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible PROPERTY HIGHLIGHTS Exceptional Growth Market Premiere Location Detroit Investment Market Attractive Financing For Real-Time Property Information visit: PalmerPark4.BerkadiaREA.com INVESTMENT ADVISORS KEVIN P. DILLON JASON KRUG CHARLEY HENNEGHAN CARLY DIETZ RICK BRACE Senior Managing Director Managing Director Associate Director Director Senior Director 248.341.3309 248.341.3344 248.341.3303 248.341.3327 248.341.3319 [email protected] [email protected] [email protected] [email protected] [email protected] FINANCING WILLIAM BRENNER | Senior Director | 248.208.0537 | [email protected] LUKE SAFRANEK | Director | 248.208.3466 | [email protected] This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible TABLE OF CONTENTS PORTFOLIO OVERVIEW / THE OPPORTUNITY Financial Analysis 21 Financial Analysis 37 The Opportunity 5 Property Tax Analysis 24 Property Tax Analysis 40 PARKVIEW COURT EAST PARKWAY COMPARABLE PROPERTIES Property Description 9 Property Summary 25 Comparable Rental Properties & Map 41 Boundary Aerial 11 Boundary Aerial 27 Comparable Sales Properties 48 Floor Plan 12 Floor Plans 28 PALMER PARK DEVELOPMENT AND CONSTRUCTION Financial Analysis 13 Financial Analysis 29 Palmer Park Development and Construction 52 Property Tax Analysis 16 Property Tax Analysis 32 APPENDIX PARKVIEW COURT WEST WHITMORE PLAZA Economic and Demographic Overview 55 Property Summary 17 Property Summary 33 Detroit Construction and Proposed Multifamily Projects 71 Boundary Aerial 19 Boundary Aerial 35 Floor Plan 20 Floor Plan 36 This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible LAYOUT LEADER LAYOUT 4 PALMER PARK PORTFOLIO PARK PALMER This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible THE OPPORTUNITY Palmer Park Portfolio This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible THE OPPORTUNITY In the heart of Detroit’s Palmer Park neighborhood is an opportunity to acquire four prime apartment buildings consisting of 144 units, The Palmer Park Four Portfolio. These properties are poised for renovation offering strong value creation through revenue growth. The Portfolio represents an extraordinary cash flow investment opportunity located in the well-known Detroit neighborhood of Palmer Park. Each of these properties are poised for a new investor to provide a different style or quality of services and upgrades to increase revenue over the annual organic market rent growth. The Palmer Park Four also provides substantial economies of scale with 144 total units, which is a significant portion of this Submarket. Exceptional Growth Market: Primary economic factors regarding the potential offered at the Palmer Park Four are the exceptional rising single family residential property values in the Sherwood Forest, Palmer Woods, University District, and Palmer Park neighborhoods. PORTFOLIO OVERVIEW / THE OPPORTUNITY THE / OVERVIEW PORTFOLIO The improving property values illustrate the growth and stability of this Detroit Submarket. These neighborhoods are outpacing Metro area appreciation rates. Detroit’s overall growth also continues due to the outstanding improvements in Downtown and Suburban markets. Premiere Location: Situated just West of Woodward Avenue and a short drive to 8 Mile Rd, residents can access I-75 and all major freeways, including the I-94/M-10 interchange, thus creating ample access to the metro area’s business environments. Residents can enjoy short walks to the popular and beautiful Palmer Park. Additionally, the Portfolio offers strong location with easy access to major employers and shopping destinations including downtown Detroit, Dearborn, Ferndale, Madison Heights, and Royal Oak. Entertainment venues including Little Caesars’ Arena (District Detroit), Comerica Park and Ford Field are just a short drive down Woodward. Detroit Investment Market: The Detroit region has experienced significant economic growth and stability as the Global Automotive Capital of the world and as a leader in the High Technology industry. The Downtown Detroit employment market is led by Quicken Loans, Compuware, Detroit Medical Center, Henry Ford Medical Center, GM, Wayne State, Casinos (3), and the Lions, Tigers, and Red Wings. The industry diversification and current development pipeline project a strong employment base in the region. Attractive Financing: The properties are available free and clear of any financing at closing. Investors can take advantage of the exceptionally competitive capital markets with maximum leverage, low interest rates thus providing exceptional return on investment. 6 PALMER PARK PORTFOLIO PARK PALMER This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible PALMER PARK PORTFOLIO CONSOLIDATED PRO FORMA PORTFOLIO OVERVIEW / THE OPPORTUNITY THE / OVERVIEW PORTFOLIO Consolidated Palmer Park Portfolio Market Monthly Annual Units Type Unit SF Total SF Rent Mkt Rent Mkt Rent Rent/SF 1 Studio 400 400 $450 $450 $5,400 $1.13 26 1 Bed / 1 Bath 654 17,004 $541 $14,072 $168,867 $0.83 31 1 Bed / 1 Bath 654 20,274 $528 $16,368 $196,416 $0.81 48 1 Bed / 1 Bath 654 31,392 $537 $25,776 $309,312 $0.82 38 2 Bed / 1 Bath 807 30,666 $635 $24,111 $289,332 $0.79 144 693 99,736 $561 $80,777 $969,327 $0.81 Berkadia Income ProForma June 2018 T3 June 2018 T12 2017 Annualized Scheduled Market Rent $969,327 $811,928 $774,406 $765,929 Less: Loss-to-Lease 2.16% ($20,931) $0 $0 $0 Less: Vacancy 5.00% ($48,463) $0 $0 $0 Less: Non-Rev/Bad Debt/Adjust 2.14% ($20,731) $0 $0 $0 Net Rental Income $879,202 $811,928 $774,406 $765,929 Plus: Fee Income $16,803 $16,313 $16,256 $15,982 Plus: RUBS Income $27,001 $26,215 $16,177 $14,082 Plus: Other Income $927 $900 $1,268 $1,520 Total Operating Income (EGI) $923,933 $855,356 $808,107 $797,513 Expenses Per Unit June 2018 T12 June 2018 T12 2017 Administrative $105 $15,186 $10,846 $10,846 $14,892 Advertising & Promotion $81 $11,724 $11,438 $11,438 $11,299 Payroll $967 $139,300 $214,573 $214,573 $241,114 Repairs & Maintenance/Turnover $650 $93,623 $110,625 $110,625 $66,044 Management Fee 4.41% $297 $42,732 $48,000 $48,000 $48,000 Utilities $1,410 $203,048 $198,096 $198,096 $188,925 Contracted Services $175 $25,200 $5,519 $5,519 $7,482 Real Estate Taxes $439 $63,218 $43,526 $43,526 $116,748 Insurance $219 $31,550 $24,485 $24,485 $50,456 Replacement Reserve $300 $43,200 $43,200 $43,200 $43,200 Total Expenses $668,781 $710,308 $710,308 $788,161 Per Unit: $4,644 $4,933 $4,933 $5,473 PORTFOLIO PARK PALMER Per SF: $6.71 $7.12 $7.12 $7.90 Net Operating Income $255,152 $145,048 $97,799 $9,352 IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia Employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions. COPYRIGHT 2018. All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only 7 1 This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible PALMER PARK NEIGHBORHOOD POINTS OF INTEREST PORTFOLIO OVERVIEW / THE OPPORTUNITY THE / OVERVIEW PORTFOLIO 8 PALMER PARK PORTFOLIO PARK PALMER This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible PARKVIEW COURT EAST This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible PROPERTY SUMMARY PROPERTY DESCRIPTION Address: 361 Covington Road Pakie Cout East is a -uit, id-ise apatet ouity loated i the Detoit Suu Detroit, MI 48203 of Highlad Pak, Mihiga. Built i 9, this popety featues oe, fou-stoy uildig osisig of oe-edoo / oe-ath uits, easuig suae feet eah. Uit County: Wayne Aeiies at this ouity ilude efigeato, age, ad hadood loos. The outside of Units: 24 the uildig featues aiued shus ad gass la. The popety ofes the folloig ouity aeiies: PARKVIEW COURT EAST COURT PARKVIEW Year Built: 1937 Parcel: 02002614 • Olie aiteae euest syste, olie et payet • -hou aiteae, o-site laudy, pet-fiedly Total SF: 15,696 • O-site staf, high-speed Iteet aess Average SF: 654 • Sufae-leel pakig, aied loo plas Number of Buildings: 1 Stories 4 Type of Buildings: Mid-Rise Roofs: Flat Exterior: Masonry Metering: Resident Pays Electricity Property pays Water, Sewer, Trash, Gas Entryways: Indoor Corridor 10 PALMER PARK PORTFOLIO PARK PALMER This text is here to lock in the rotation orientation.
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