AN EXCLUSIVE MULTI-FAMILY OFFERING $4,500,000 104 Unit

5500 Mable Avenue For more information, please visit Saint Louis, MO 63140 www.Suburban.Results-Commercial.com

$4,500,000

104 Unit UMSL Student Housing Community

AN EXCLUSIVE MULTI-FAMILY OFFERING

PAUL CUNNINGHAM PATRICE TENBROEK MULTI-FAMILY INVESTMENT ADVISOR DIRECTOR, COMMERCIAL SERVICES 314.406.4896 314.614.0247 [email protected] [email protected] Property Highlights

• 248 Bed UMSL Student Housing • Average Unit Size: 728 Sq Ft • Attractively Priced at $18,145 Per Bed • Gated Controlled Access • Completely Renovated 2013-2016 • 24/7 Recorded Security Cameras • Lowest Rent in Submarket @ $297 per Bed • Onsite Leasing Office • Average Unit Rent: $708/Month • Emergency Maintenance • In-Unit Washer/Dryer in all Units • 95% Occupied

TABLE OF CONTENTS

4-10 LOCATION DESCRIPTION

11-19 PROPERTY DESCRIPTION

20-34 FINANCIAL ANALYSIS

35-42 RENT COMPARABLES

43-48 SALE COMPARABLES

49-69 ECONOMIC & DEMOGRAPHIC OVERVIEW

Location Description

Suburban Heights is conveniently located in northwest St. Louis County with immediate access to I-70 and I-170. The property is only minutes from the University of Missouri – St. Louis and a short commute to Lambert St. Louis International Airport, light rail transit system stations, and top area employers such as Express Scripts, Boeing, and the world headquarters of Emerson Electric. The community is also located only eleven minutes from St. Louis Community College – Florissant.

University of Missouri – St. Louis Campus LOCATION DESCRIPTION

Suburban Heights Apartments is located at the intersection of Mable and Suburban Avenues, less than 8 miles from Clayton and 13 miles from downtown St. Louis. The property is within close proximity of Interstate 70 and Interstate 170, providing easy commuting throughout the St. Louis metro region, and is also located near top area employers, University of Missouri – St. Louis, and St. Louis Lambert International Airport.

Nearby conveniences include PNC Bank, Walgreens, Starbucks, Schnucks, U.S. Bank, Gold's Gym, CVS Pharmacy, and Target.

5 LOCATION DESCRIPTION

6 LOCATION DESCRIPTION

Suburban Heights is located within walking distance of NorthPark Business Park, a newly developed 550 acre premier business park which will host over five million square feet of dramatic buildings designed to compliment the surrounding environment. Over 1 million square feet of development has been constructed to date.

7 LOCATION DESCRIPTION

Over 5,000 permanent jobs were created to date and NorthPark Partners have invested Express Scripts Headquarters - Building I over $291 million dollars to date. The business park is located within walking distance of Express Scripts Business Ctr - Building II Suburban Heights Apartments.

Express Scripts Office & Data System Express Scripts Tech/Innovation Center Express Scripts Office NorthPark Distribution Center One

Hilton Garden Inn Hotel NorthPark Business Center One Schnucks Distribution Center SKF Manufacturing

8 LOCATION DESCRIPTION

MetroLink is the light rail transit system in the Greater St. Louis area of Missouri and the Metro East area of Illinois. The system consists of two lines connecting Lambert-St. Louis International Airport and Shrewsbury, Missouri with Scott Air Force Base near Shiloh, Illinois through downtown St. Louis. Suburban Heights is located 1.8 miles from the N. Hanley MetroLink station and 2.8 miles from the UMSL North station.

9 LOCATION DESCRIPTION / SURVEY

10 Property Description

Suburban Heights is a 104-unit, garden-style apartment community situated on 5.49 acres. The community consists of six two-story buildings with brick exteriors and pitched shingled roofs. From 2013 to 2016 the owners completed a $3.6 million top-to-bottom renovation of the complex.

The property offers a unit mix of eight one-bedroom units measuring 525 square feet each, 49 two-bedroom units measuring 730 square feet each, and 47 three-bedroom units measuring 760 square feet each, for an overall average unit size of 728 square feet. Community amenities include gated/controlled access, 24/7 recorded security cameras, onsite leasing office and common area with separate entrance and emergency maintenance. The in-unit amenities include a kitchen with a stove, dishwasher, microwave and a refrigerator, as well as free Wi-Fi, cable ready, and a washer/dryer in every unit.

North County Inc. (NCI) recognizes leaders for making a significant positive impact in North County and awarded the owner of Suburban Heights Apartments with an NCI Business Development Award in 2017. The award was presented to those whose efforts have positively affected the economic development in North St. Louis County. PROPERTY DESCRIPTION

AMENITIES

•Key-Fobbed Gated Community

•24/7 Recorded Security Cameras

•On-Site Leasing Office

•Emergency Maintenance

•Cable Ready Units

•Washer/Dryer in Every Unit

•WiFi Complementary to Tenants

12 PROPERTY DESCRIPTION

13 PROPERTY DESCRIPTION

The current ownership has performed a top-to-bottom renovation of Suburban Heights, with more than $3.6 million spent over 3+ years.

COMMON AREA IMPROVEMENTS SINCE 2013

•Installation of all new gate actuators

•Installation of new call box at each entry

•Installation of all new exterior lights around each building

•Installation of cameras

•All common areas were renovated

•Post Office installed all new postal boxes

•Installation of extensive landscaping, mulch

•Grading and installation of walkways for several new buildings

•Installation of several underground drains for downspouts

•Repair/resurfacing and sealing of asphalt areas and drives

•Installation of all new hi speed internet boxes in the attics

•Built on site leasing office and common area with separate entry

•Removed all gas lines (now individually metered electric)

•Replacement of all roofs, down to decking

14 PROPERTY DESCRIPTION

UNIT IMPROVEMENTS SINCE 2013

•Installation of all new water and sewer lines •Installation of all new washer/dryer units

•Installation of all new copper wiring •Installation of all new lighting and fixtures

•Installation of all new furnaces •Installation of all new plumbing fixtures

•Installation of all new A/C units •Installation of all new outlets/switches and GFCI’s

•Installation of ductwork, wrapping etc. •Installation of all new entry doors

•Installation of all new insulation •Installation of all new interior doors and closet doors

•Installation of new drywall in all units •New paint throughout

•Installation of all new sub floors and floor coverings •Installation of all new wired smoke alarms

•Installation of all new kitchen cabinets and countertops •Installation of all new electrical panels, including 200amp panels in common areas

•Installation of all new bathtubs and tub surrounds •Installation of all new wiring/cable and CAT 6 in all units behind walls

•Installation of all new bathroom vanities •New closet shelving in each unit

•Installation of all new 40 gallon hot water heaters •New blinds in each unit

15 PROPERTY DESCRIPTION

Prior to Renovations

After Renovations

16 PROPERTY DESCRIPTION

17 PROPERTY DESCRIPTION

18 18 PROPERTY DESCRIPTION

19 Financial Analysis FINANCIAL ANALYSIS

21 FINANCIAL ANALYSIS

Revenue Alocation

Gross Potential Income $867,187 Total Economic Loss Total Economic Loss ($67,601) 7.80% Property Taxes Property Taxes ($53,097) 6.12% Operating Expenses ($365,902) 42.19% Operating Expenses

Debt Servicing ($248,002) 28.60% Debt Servicing Net Cash Flow $132,585 15.29% Net Cash Flow 100.00%

Equity Position / Growth Projected Value UPB $4,632,000 $3,552,388 Year 1 $4,717,000 $3,502,041 Year 2 $4,804,000 $3,448,800 Year 3 $4,893,000 $3,392,500 Year 4 $4,984,000 $3,332,965 Year 5 $5,076,000 $3,270,010 Year 6 $5,171,000 $3,203,437 Year 7 $5,268,000 $3,133,038 Year 8 $5,367,000 $3,058,595 Year 9 $5,468,000 $2,979,874 Year 10

22 FINANCIAL ANALYSIS

Distribution of Expenses Real Estate Taxes $53,097 12.67% Insurance (4) $22,396 5.35% Real Estate Taxes Utilities/Waste Removal $69,905 16.68% Insurance Utilities Maintenance Labor, leasing mgr $85,000 20.29% Contracted Services Repairs & Maintenance, Cleaning $48,358 11.54% Repairs & Maintenance Marketing & Promotion $15,000 3.58% Marketing & Promotion

General & Administrative $7,700 1.84% General & Administrative

On-Site Payroll - P/T leasing $12,500 2.98% On-Site Payroll Management Expense (2) $47,975 11.45% Management Fee Other $16,000 3.82% Replacement Reserve Other $20,268 4.84% Replacement Reserve $20,800 4.96% Total Expenses $418,999 100.00%

23 24 FINANCIAL ANALYSIS

25 FINANCIAL ANALYSIS

26 27 28 FINANCIAL ANALYSIS

29 FINANCIAL ANALYSIS / RENT ROLL

Rent Roll As of 1/1/2019, Suburban Heights, Current leases, All units

Suburban Heights Recurring Unit Lease Start Lease End Bed/Bath Rent Non-rent Credits Total Deposits Held Suburban Heights 5500 Mable A1 7/10/2018 8/31/2019 3 Bed/1 Bath $785.00 $0.00 $0.00 $785.00 $200.00 5500 Mable A2 9/5/2018 9/30/2019 3 Bed/1 Bath $675.00 $0.00 $0.00 $675.00 $300.00 5500 Mable A3 7/14/2018 7/31/2019 1 Bed/1 Bath $575.00 $0.00 $0.00 $575.00 $300.00 5500 Mable A4 6/25/2018 6/30/2019 1 Bed/1 Bath $605.00 $0.00 $0.00 $605.00 $300.00 5500 Mable B1 2/25/2017 5/31/2019 3 Bed/1 Bath $772.00 $0.00 $0.00 $772.00 $300.00 5500 Mable B2 9/1/2017 8/31/2019 3 Bed/1 Bath $740.00 $35.00 $0.00 $775.00 $200.00 Utility Income $35.00 5500 Mable B3 8/1/2018 8/31/2019 1 Bed/1 Bath $575.00 $0.00 $0.00 $575.00 $600.00 5500 Mable B4 12/22/2017 1/31/2020 1 Bed/1 Bath $580.00 $0.00 $0.00 $580.00 $300.00 5506 Mable A1 1/10/2018 5/31/2019 1 Bed/1 Bath $575.00 $0.00 $0.00 $575.00 $300.00 5506 Mable A2 8/5/2016 8/31/2019 1 Bed/1 Bath $540.00 $30.00 $0.00 $570.00 $200.00 Utility Income $30.00 5506 Mable A3 1/1/2015 2/28/2019 2 Bed/1 Bath $540.00 $30.00 $0.00 $570.00 $0.00 Utility Income $30.00 5506 Mable A4 1/1/2015 2/28/2019 2 Bed/1 Bath $540.00 $30.00 $0.00 $570.00 $1850.00 Utility Income $30.00 5506 Mable B1 6/28/2014 6/30/2019 1 Bed/1 Bath $554.00 $25.00 $0.00 $579.00 $200.00 Utility Income $25.00 5506 Mable B2 8/3/2018 8/31/2019 1 Bed/1 Bath $605.00 $0.00 $0.00 $605.00 $300.00 5506 Mable B3 8/1/2017 7/31/2019 2 Bed/1 Bath $625.00 $30.00 $0.00 $655.00 $300.00 Utility Income $30.00 5506 Mable B4 2/10/2017 3/31/2019 2 Bed/1 Bath $625.00 $0.00 $0.00 $625.00 $300.00 5512 Mable A1 11/16/2018 1/31/2020 2 Bed/1 Bath $630.00 $0.00 $0.00 $630.00 $85.00 5512 Mable A2 6/30/2017 5/31/2019 2 Bed/1 Bath $650.00 $0.00 $0.00 $650.00 $300.00 5512 Mable A3 12/1/2017 7/31/2019 3 Bed/1 Bath $635.00 $0.00 $0.00 $635.00 $681.05 5512 Mable A4 4/20/2016 3/1/2025 2 Bed/1 Bath $0.00 $0.00 $0.00 $0.00 $0.00 5512 Mable B1 11/15/2017 12/31/2019 2 Bed/1 Bath $678.00 $30.00 $0.00 $708.00 $700.00 Utility Income $30.00 5512 Mable B2 8/1/2018 8/31/2019 2 Bed/1 Bath $625.00 $0.00 $0.00 $625.00 $300.00 5512 Mable B3 12/15/2017 at-will 3 Bed/1 Bath $900.00 $0.00 $0.00 $900.00 $300.00 5512 Mable B4 11/1/2018 8/31/2019 3 Bed/1 Bath $675.00 $0.00 $0.00 $675.00 $0.00 5518 Mable A1 8/1/2016 7/31/2019 3 Bed/1 Bath $625.00 $30.00 $0.00 $655.00 $863.00

30 FINANCIAL ANALYSIS / RENT ROLL

Utility Income $30.00 5518 Mable A2 5/1/2017 3/31/2019 3 Bed/1 Bath $550.00 $30.00 $0.00 $580.00 $200.00 Utility Income $30.00 5518 Mable A3 6/15/2017 10/31/2019 2 Bed/1 Bath $595.00 $30.00 $0.00 $625.00 $300.00 Utility Income $30.00 5518 Mable A4 5/27/2018 5/31/2019 2 Bed/1 Bath $625.00 $0.00 $0.00 $625.00 $300.00 5518 Mable B1 1/1/2019 1/31/2020 3 Bed/1 Bath $680.00 $0.00 $0.00 $680.00 $300.00 5518 Mable B2 1/10/2015 8/31/2019 3 Bed/1 Bath $600.00 $30.00 $0.00 $630.00 $400.00 Utility Income $30.00 5518 Mable B3 1/11/2017 2/29/2020 2 Bed/1 Bath $630.00 $0.00 $0.00 $630.00 $200.00 5518 Mable B4 10/6/2017 7/31/2019 2 Bed/1 Bath $630.00 $30.00 $0.00 $660.00 $600.00 Utility Income $30.00 5524 Mable A1 8/4/2017 2/29/2020 2 Bed/1 Bath $635.00 $30.00 $0.00 $665.00 $600.00 Utility Income $30.00 5524 Mable A2 8/18/2018 8/31/2019 2 Bed/1 Bath $575.00 $0.00 $0.00 $575.00 $300.00 5524 Mable A3 10/1/2018 10/31/2019 3 Bed/1 Bath $625.00 $0.00 $0.00 $625.00 $300.00 5524 Mable A4 12/1/2018 2/29/2020 3 Bed/1 Bath $785.00 $0.00 $0.00 $785.00 $0.00 5524 Mable B1 8/11/2017 7/31/2019 2 Bed/1 Bath $580.00 $30.00 $0.00 $610.00 $300.00 Utility Income $30.00 5524 Mable B2 8/1/2017 7/31/2019 2 Bed/1 Bath $575.00 $30.00 $0.00 $605.00 $300.00 Utility Income $30.00 5524 Mable B3 10/5/2018 10/31/2019 3 Bed/1 Bath $710.00 $0.00 $0.00 $710.00 $600.00 5524 Mable B4 12/8/2018 2/29/2020 3 Bed/1 Bath $745.00 $0.00 $0.00 $745.00 $247.19 5530 Mable A1 1/1/2018 1/31/2020 3 Bed/1 Bath $660.00 $0.00 $0.00 $660.00 $600.00 5530 Mable A2 2/15/2017 3/31/2019 3 Bed/1 Bath $668.00 $0.00 $0.00 $668.00 $200.00 5530 Mable A3 8/7/2017 7/31/2019 2 Bed/1 Bath $595.00 $30.00 $0.00 $625.00 $300.00 Utility Income $30.00 5530 Mable A4 8/14/2018 8/31/2019 2 Bed/1 Bath $655.00 $0.00 $0.00 $655.00 $600.00 5530 Mable B1 11/2/2018 11/30/2019 3 Bed/1 Bath $680.00 $0.00 $0.00 $680.00 $300.00 5530 Mable B2 3/8/2016 at-will 3 Bed/1 Bath $706.00 $33.00 $0.00 $739.00 $266.12 Utility Income $33.00 5530 Mable B3 8/25/2018 8/31/2019 2 Bed/1 Bath $625.00 $0.00 $0.00 $625.00 $300.00 5530 Mable B4 1/5/2018 1/28/2019 2 Bed/1 Bath $600.00 $30.00 $0.00 $630.00 $300.00 Utility Income $30.00 5536 Mable A1 7/6/2016 at-will 2 Bed/1 Bath $645.00 $0.00 $0.00 $645.00 $500.00 5536 Mable A2 6/1/2017 5/31/2019 2 Bed/1 Bath $695.00 $30.00 $0.00 $725.00 $200.00 Utility Income $30.00 5536 Mable A3 VACANT 3 Bed/1 Bath $0.00 $0.00 $0.00 $0.00 $0.00 5536 Mable A4 5/10/2017 6/30/2019 3 Bed/1 Bath $670.00 $35.00 $0.00 $705.00 $600.00 Utility Income $35.00

31 FINANCIAL ANALYSIS / RENT ROLL

5536 Mable B1 12/22/2018 1/31/2020 2 Bed/1 Bath $630.00 $0.00 $0.00 $630.00 $403.23 5536 Mable B2 8/1/2018 8/31/2019 2 Bed/1 Bath $625.00 $0.00 $0.00 $625.00 $300.00 5536 Mable B3 1/1/2019 1/31/2020 3 Bed/1 Bath $630.00 $0.00 $0.00 $630.00 $300.00 5536 Mable B4 7/15/2016 6/30/2019 3 Bed/1 Bath $595.00 $30.00 $0.00 $625.00 $200.00 Utility Income $30.00 5542 Mable A1 9/1/2016 9/30/2019 3 Bed/1 Bath $655.00 $30.00 $0.00 $685.00 $500.00 Utility Income $30.00 5542 Mable A2 5/4/2018 4/30/2019 3 Bed/1 Bath $650.00 $0.00 $0.00 $650.00 $200.00 5542 Mable A3 5/1/2018 7/31/2019 2 Bed/1 Bath $530.00 $0.00 $0.00 $530.00 $300.00 5542 Mable A4 8/27/2014 4/30/2019 2 Bed/1 Bath $550.00 $30.00 $0.00 $580.00 $200.00 Utility Income $30.00 5542 Mable B1 7/5/2018 7/31/2019 3 Bed/1 Bath $675.00 $0.00 $0.00 $675.00 $300.00 5542 Mable B2 6/26/2018 6/30/2019 3 Bed/1 Bath $625.00 $0.00 $0.00 $625.00 $300.00 5542 Mable B3 9/15/2014 9/30/2019 2 Bed/1 Bath $540.00 $30.00 $0.00 $570.00 $0.00 Utility Income $30.00 5542 Mable B4 10/3/2018 11/30/2019 2 Bed/1 Bath $630.00 $0.00 $0.00 $630.00 $587.08 5548 Mable A1 9/15/2014 11/30/2019 2 Bed/1 Bath $605.00 $30.00 $0.00 $635.00 $400.00 Utility Income $30.00 5548 Mable A2 1/1/2019 1/31/2020 2 Bed/1 Bath $607.50 $0.00 $0.00 $607.50 $300.00 5548 Mable A3 9/28/2015 9/30/2019 3 Bed/1 Bath $725.00 $35.00 $0.00 $760.00 $600.00 Utility Income $35.00 5548 Mable A4 9/12/2014 7/31/2019 3 Bed/1 Bath $640.00 $35.00 $0.00 $675.00 $400.00 Utility Income $35.00 5548 Mable B1 5/1/2017 5/31/2019 2 Bed/1 Bath $620.00 $30.00 $0.00 $650.00 $600.00 Utility Income $30.00 5548 Mable B2 6/3/2017 7/31/2019 2 Bed/1 Bath $620.00 $29.00 $0.00 $649.00 $600.00 Utility Income $29.00 5548 Mable B3 9/11/2015 9/30/2019 3 Bed/1 Bath $700.00 $35.00 $0.00 $735.00 $300.00 Utility Income $35.00 5548 Mable B4 1/5/2018 2/29/2020 3 Bed/1 Bath $660.00 $0.00 $0.00 $660.00 $600.00 5602 Mable A1 6/17/2016 5/31/2019 3 Bed/1 Bath $650.00 $35.00 $0.00 $685.00 $450.00 Utility Income $35.00 5602 Mable A3 9/1/2017 6/30/2019 2 Bed/1 Bath $595.00 $30.00 $0.00 $625.00 $0.00 Utility Income $30.00 5602 Mable A4 3/31/2016 5/31/2019 2 Bed/1 Bath $644.00 $0.00 $0.00 $644.00 $500.00 5602 Mable A-2 VACANT 3 Bed/1 Bath $0.00 $0.00 $0.00 $0.00 $0.00 5602 Mable B1 1/16/2017 2/29/2020 3 Bed/1 Bath $630.00 $0.00 $0.00 $630.00 $200.00 5602 Mable B2 9/15/2014 8/31/2019 3 Bed/1 Bath $640.00 $35.00 $0.00 $675.00 $400.00 Utility Income $35.00 5602 Mable B3 11/15/2017 1/31/2019 2 Bed/1 Bath $625.00 $30.00 $0.00 $655.00 $300.00

32 FINANCIAL ANALYSIS / RENT ROLL

Utility Income $30.00 5602 Mable B4 2/1/2017 3/31/2019 2 Bed/1 Bath $620.00 $0.00 $0.00 $620.00 $200.00 5608 Mable A1 VACANT 2 Bed/1 Bath $0.00 $0.00 $0.00 $0.00 $0.00 5608 Mable A2 9/11/2018 9/30/2019 2 Bed/1 Bath $625.00 $0.00 $0.00 $625.00 $300.00 5608 Mable A3 8/1/2016 7/31/2019 3 Bed/1 Bath $700.00 $0.00 $0.00 $700.00 $200.00 5608 Mable A4 6/5/2018 6/30/2019 3 Bed/1 Bath $705.00 $0.00 $0.00 $705.00 $600.00 5608 Mable B1 5/1/2018 5/31/2019 2 Bed/1 Bath $595.00 $30.00 $0.00 $625.00 $300.00 Utility Income $30.00 5608 Mable B2 5/12/2017 6/30/2019 2 Bed/1 Bath $595.00 $30.00 $0.00 $625.00 $300.00 Utility Income $30.00 5608 Mable B3 10/4/2018 7/31/2019 3 Bed/1 Bath $630.00 $0.00 $0.00 $630.00 $300.00 5608 Mable B4 2/1/2018 2/29/2020 3 Bed/1 Bath $705.00 $0.00 $0.00 $705.00 $300.00 5614 Mable A1 8/15/2017 9/30/2019 3 Bed/1 Bath $645.00 $35.00 $0.00 $680.00 $600.00 Utility Income $35.00 5614 Mable A2 5/5/2017 5/31/2019 3 Bed/1 Bath $635.00 $33.00 $0.00 $668.00 $300.00 Utility Income $33.00 5614 Mable A3 5/1/2017 5/31/2019 2 Bed/1 Bath $640.00 $30.00 $0.00 $670.00 $200.00 Utility Income $30.00 5614 Mable A4 6/1/2017 at-will 2 Bed/1 Bath $620.00 $30.00 $0.00 $650.00 $600.00 Utility Income $30.00 5614 Mable B1 VACANT 3 Bed/1 Bath $0.00 $0.00 $0.00 $0.00 $0.00 5614 Mable B2 12/1/2018 1/31/2020 3 Bed/1 Bath $100.00 $0.00 $0.00 $100.00 $600.00 5614 Mable B3 6/5/2018 5/31/2019 2 Bed/1 Bath $660.00 $0.00 $0.00 $660.00 $300.00 5614 Mable B4 8/15/2017 7/31/2019 2 Bed/1 Bath $575.00 $25.00 $0.00 $600.00 $300.00 Utility Income $25.00 5620 Mable A1 2/1/2017 2/28/2019 2 Bed/1 Bath $625.00 $0.00 $0.00 $625.00 $200.00 5620 Mable A2 8/24/2018 5/31/2019 2 Bed/1 Bath $675.00 $0.00 $0.00 $675.00 $600.00 5620 Mable A3 6/1/2017 5/31/2019 3 Bed/1 Bath $625.00 $0.00 $0.00 $625.00 $200.00 5620 Mable A4 VACANT 3 Bed/1 Bath $0.00 $0.00 $0.00 $0.00 $0.00 5620 Mable B1 10/1/2018 9/30/2019 2 Bed/1 Bath $630.00 $0.00 $0.00 $630.00 $300.00 5620 Mable B2 6/1/2016 at-will 2 Bed/1 Bath $605.00 $29.00 $0.00 $634.00 $2600.00 Utility Income $29.00 5620 Mable B3 7/25/2018 7/31/2019 3 Bed/1 Bath $675.00 $0.00 $0.00 $675.00 $300.00 5620 Mable B4 8/17/2018 8/31/2019 3 Bed/1 Bath $675.00 $0.00 $0.00 $675.00 $300.00 Total for Suburban Heights $61924.50 $1294.00 $0.00 $63218.50 $37432.67

33 FINANCIAL ANALYSIS / RENT ROLL

Grand totals Amount Market rent $73660.00 Recurring rent $61924.50 Recurring non-rent $1294.00 Recurring credits $0.00 Deposits held $37432.67 Balance due $50435.47

Summary by bed/bath Summary by bed/bath Occupancy Market Rent Bed/Bath No. of Units Vacant Occupied % Occupied Total Average 3 Bed/1 Bath 47 4 43 91.49% $34801.00 $740.45 1 Bed/1 Bath 8 0 8 100.00% $4760.00 $595.00 2 Bed/1 Bath 49 1 48 97.96% $34099.00 $695.90 Totals and averages 104 5 99 95.19% $73660.00 $708.27

Summary by property Summary by property Occupancy Market Rent Property No. of Units Vacant Occupied % Occupied Total Average Suburban Heights 104 5 99 95.19% $73660.00 $708.27 Totals and averages 104 5 99 95.19% $73660.00 $708.27

34 Rent Comparables

Student Housing RENT COMPARABLES

UNIVERSITY VILLA APARTMENTS (STUDENT HOUSING)

4318 Walker Ln, Saint Louis, MO

UNIT & MIX RENT SCHEDULE UNITS TYPE SF ASKING PRICE RENT / SF

38 1/1.00 600 $675 $1.13 40 2/1.00 700 $800 $1.14 78 651 $739 $1.13

PROPERTY SUMMARY Distance (mi): 1.6 mi Units: 78 Built: 1965 Renovated: Yes Occupancy: 94%

UNIT MIX BREAKDOWN

49% 51% 1 Bed / 1 Bath 49%

2 Bed / 1 Bath 51%

36 RENT COMPARABLES

NORMANDY APARTMENTS (STUDENT HOUSING)

7701 Circle Dr, Saint Louis, MO

UNIT & MIX RENT SCHEDULE UNITS TYPE SF ASKING PRICE RENT / SF

32 1/1.00 550 $550 $1.00 9 2/1.00 625 $559 $0.90 9 2/1.00 700 $619 $0.88 50 591 $564 $0.95 PROPERTY SUMMARY Distance (mi): 2 mi Units: 50 Built: 1965 Renovated: No Occupancy: 92%

UNIT MIX BREAKDOWN

37%

1 Bed / 1 Bath 64% 63% 2 Bed / 1 Bath 36%

37 RENT COMPARABLES

ARBOR VILLAGE APARTMENTS

26 Arbor Village Ct, Ferguson, MO

UNIT & MIX RENT SCHEDULE UNITS TYPE SF ASKING PRICE RENT / SF

48 1/1.00 636 $575 $0.90 48 2/1.00 714 $695 $0.95 96 675 $629 $0.93 PROPERTY SUMMARY Distance (mi): 1.0 mi Units: 96 Built: 1968 Renovated: No Occupancy: 92%

UNIT MIX BREAKDOWN

50% 50% 1 Bed / 1 Bath 50%

2 Bed / 1 Bath 50%

38 RENT COMPARABLES

BERMUDA HEIGHTS (STUDENT HOUSING)

7718-7744 Springdale Dr, Saint Louis, MO

UNIT & MIX RENT SCHEDULE UNITS TYPE SF ASKING PRICE RENT / SF

15 1/1.00 664 $537 $0.81 40 2/1.00 729 $725 $0.99 14 2/1.50 1000 $838 $0.84 69 770 $708 $0.92 PROPERTY SUMMARY Distance (mi): 1.7 mi Units: 69 Built: 1972 Renovated: Yes Occupancy: 91%

UNIT MIX BREAKDOWN

20% 22%

1 Bed / 1 Bath 22% 58% 2 Bed / 1 Bath 58% 2 Bed / 1.5 Bath 20%

39 RENT COMPARABLES

TIMBER PLACE APARTMENTS

9921 Sloane Sq, Saint Louis, MO

UNIT & MIX RENT SCHEDULE UNITS TYPE SF ASKING PRICE RENT / SF

12 1/1.00 625 $576 $0.92 52 2/1.00 750 $675 $0.90 64 727 $657 $0.90

PROPERTY SUMMARY Distance (mi): 1.8 mi Units: 64 Built: 1965 Renovated: Yes Occupancy: 92%

UNIT MIX BREAKDOWN

17%

1 Bed / 1 Bath 19% 83% 2 Bed / 1 Bath 81%

40 RENT COMPARABLES

UNIVERSITY MEADOWS (STUDENT HOUSING)

2901 University Meadows Dr, Saint Louis, MO

UNIT & MIX RENT SCHEDULE UNITS TYPE SF ASKING PRICE RENT / SF

40 Studio/1.00 495 $783 $1.58 8 1/1.00 637 $975 $1.53 100 2/2.00 610 $1,086 $1.78 52 4/2.00 873 $1,776 $2.03 PROPERTY SUMMARY 200 656 $1,200 $1.80 Distance (mi): 2.2 mi Units: 200 Built: 1995 Renovated: No Occupancy: 82%

UNIT MIX BREAKDOWN

20% 26% 4% Studio / 1 Bath 20% 1 Bed / 1 Bath 4% 50% 2 Bed / 2 Bath 50% 4 Bed / 2 Bath 26%

41 RENT COMPARABLES

NANTUCKET GARDENS APARTMENTS

27 Joyce Ellen Ln, Saint Louis, MO

UNIT & MIX RENT SCHEDULE UNITS TYPE SF ASKING PRICE RENT / SF

20 1/1.00 608 $545 $0.90 138 2/1.00 736 $650 $0.88 18 3/1.50 1064 $860 $0.81 176 755 $660 $0.87 PROPERTY SUMMARY Distance (mi): 1.7 mi Units: 176 Built: 1963 Renovated: No Occupancy: 88%

UNIT MIX BREAKDOWN

10% 11%

1 Bed / 1 Bath 11% 79% 2 Bed / 1 Bath 79% 3 Bed / 1.5 Bath 10%

42 Sale Comparables SALE COMPARABLES

44 SALE COMPARABLES

NORMANDY APARTMENTS ICON STUDENT SPACES

7701 Circle Dr, Saint Louis, MO 374 S. Grand Blvd, Saint Louis MO

PROPERTY SUMMARY PROPERTY SUMMARY

# Units 50 # Units 100

Built: 1965 Built: 1967

Sq. Ft. 48,048 Sq. Ft. 205,173

Sale Price $2,200,000 Sale Price $25,786,309

Sale Date 10/10/2017 Sale Date 11/29/2016

Price Per Unit $44,000 Price Per Unit $257,863

Price Per Sq. Ft. $45.79 Price Per Sq. Ft. $125.68

Student Housing: Yes Student Housing: Yes

45 SALE COMPARABLES

WHITE HOUSE VANDY HOUSE

3805 Lindell Blvd, Saint Louis, MO 3902 Lindell Blvd, Saint Louis, MO

PROPERTY SUMMARY PROPERTY SUMMARY

# Units 12 # Units 30

Built: 1897 Built: 1908

Sq. Ft. 8,172 Sq. Ft. 36,000

List Price $925,000 Sale Price $3,650,000

Sale Date Under Contract Sale Date 1/30/2014

Price Per Unit $77,083 Price Per Unit $121,667

Price Per Sq. Ft. $113.19 Price Per Sq. Ft. $101.39

Student Housing: Yes Student Housing: Yes

46 SALE COMPARABLES

TIMBER PLACE APARTMENTS BERMUDA HEIGHTS APARTMENTS

9921 Sloane Sq, Saint Louis, MO 7718-7744 Springdale Dr, Saint Louis MO

PROPERTY SUMMARY PROPERTY SUMMARY

# Units 64 # Units 69

Built: 1965 Built: 1972

Sq. Ft. 46,410 Sq. Ft. 70,000

Sale Price $2,440,000 Sale Price $3,380,000

Sale Date 8/9/2016 Sale Date 5/19/2016

Price Per Unit $38,125 Price Per Unit $48,986

Price Per Sq. Ft. $52,57 Price Per Sq. Ft. $48.29

Student Housing: No Student Housing: Yes

47 SALE COMPARABLES

STONEBRIDGE TOWNHOMES

1456 Stonebury Ct, Florissant, MO

PROPERTY SUMMARY

# Units 100

Built: 1975

Sq. Ft. 144,146

Sale Price $6,400,000

Sale Date 7/12/2017

Price Per Unit $64,000

Price Per Sq. Ft. $44.4

Student Housing: No

48 48 Economic and Demographic Overview

ST. LOUIS ECONOMIC AND DEMOGRAPHIC OVERVIEW

th The St. Louis Metropolitan Statistical Area (MSA) is the 20 largest metro area in the U.S., the St. Louis ranked 5th in largest metropolitan area in Missouri, and the second largest in Illinois. Comprised of 8,458 “Best Cities for Jobs” square miles in 15 counties, seven in Missouri and eight in Illinois, it is located in the center of Glassdoor, 2017 the U.S. at the confluence of the Mississippi and Missouri Rivers. Greater St. Louis boasts an affordable cost of living, a diverse economy with a lower than average cost of doing St. Louis named among business, and a well-educated workforce. “Best Places for Business and Careers”

Forbes, 2016

Greater St. Louis ranked 18th “Best Metro Area for STEM Professionals”

WALLETHUB, 2017

St. Louis ranked 7th “Most Affordable Large City in the U.S.”

Forbes, 2017

50 ECONOMIC AND DEMOGRAPHIC OVERVIEW

ST. LOUIS ECONOMY FACTS

Originally established as a trading center, manufacturing then grew significantly in the region. In the past twenty years the service sector has diversified and expanded. Four key industry clusters are propelling future job creation in St. Louis.

• Bioscience • Financial and Information Services • Health Sciences and Services • Multimodal Logistics and Advanced Manufacturing

The financial services and information technology services cluster employs more than 90,000 people in 6,200 companies while 6,500 health care companies employ about 200,000 people. Approximately 70,000 are employed by hospitals in the region.

There are more than 103,700 companies in St. Louis that employ over 1.4 million people. Sixteen Fortune 1000 companies are headquartered in St. Louis—nine of those are Fortune 500. With over $100 billion in revenue, Express Scripts Holding remains the highest-ranking company in St. Louis, and in Missouri.

Lambert-St. Louis International Airport has an overall community impact of $3.6 billion annually. It supports 25,000 jobs through airlines, vendors, service organizations and the city of St. Louis.

51 ECONOMIC AND DEMOGRAPHIC OVERVIEW

ST. LOUIS ECONOMY FACTS

Tourism is ranked the sixth top industry in the area. St. Louis warmly welcomes almost 26 million visitors annually who spend $5.4 billion and support over 86,000 jobs whether as a vacation, business or other destination.

Scott Air Force Base located in St. Clair County near Belleville, Illinois employs 14,800 people with an annual economic impact of $4 billion. The base also indirectly supports 40,000 jobs in the Greater St. Louis Metropolitan Area.

The world’s largest aerospace company, Boeing, is the fifth largest employer in St. Louis with over 15,000 employees and is the largest manufacturer in the state.

The St. Louis Gross Metropolitan Product (GMP) was $161 billion in 2016, a 4.2% increase from 2015, ranking St. Louis 21st among U.S. regional economies in GMP, ahead of Charlotte, Pittsburgh and Riverside.

52 ECONOMIC AND DEMOGRAPHIC OVERVIEW

POPULATION UNEMPLOYMENT INCOME

The St. Louis MSA population increased As of July 2017, the St. Louis MSA monthly Income for St. Louis MSA residents has 9.7% from 1990 to 2016 growing from unemployment rate was 4.0%, down .9% risen steadily over the past several years. 2,599,893 to 2,827,124 residents. The area from one year ago with projections for From 1990 to 2016 the median household population is projected to reach 2,909,110 continued improvement. Moody’s reports income in the area rose from $31,774 to people by 2021, a 2.9% increase. that Greater St. Louis will see job growth of $57,480. The median household income is 2.2% in 2017. The Greater St. Louis population is projected projected to reach $66,619 by 2021, up to reach 3.3 million by 2060, an 18% 11.5% from 2016. increase over 2010.

POPULATION TREND ANNUAL UNEMPLOYMENT MEDIAN HOUSEHOLD

– ST. LOUIS MSA RATES – ST. LOUIS MSA INCOME– ST. LOUIS MSA

3,000,000 12% $70,000

$66,619

$65,000 2,909,110

2,900,000

$60,000 $57,480

9% 2,827,124

$55,000

2,787,701

2,800,000 $50,000

6% $44,555 $45,000

2,700,000 2,675,294

$40,000 3% $35,000

2,600,000 $31,774 2,560,298 Unemployment Rate $30,000

2,500,000 0% $25,000 1990 2000 2010 2016 2021* 07 08 09 10 11 12 13 14 15 16 17* 1990 2000 2016 2021*

*PROJECTED

53 ECONOMIC AND DEMOGRAPHIC OVERVIEW

MULTIFAMILY PERMITS ABSORPTION/CONSTRUCTION

As of July 2017, 658 multifamily permits had In July 2017 a total of 658 units had been been issued in the St. Louis Metro Area. constructed and a total of 1,000 units is expected by year-end.

MULTIFAMILY PERMIT NEW CONSTRUCTION VS. ACTIVITY – ST. LOUIS MSA ABSORPTION – ST. LOUIS

METRO APARTMENT MARKET

3,000 1750

1,506

1500

1,345

1,277

2,495

1,250

1250 2,333

2,400 2276

1,000

1000

848

846

782

726

676 658

750 658

1,800

500 455

1299 250

1,200

Construction 729

728 -250

658 Absorption 250 600 -500 - 2011 2012 2013 2014 2015 2016 2017* 2011 2012 2013 2014 2015 2016 2017*

*JULY 2017 - National Association of Home Builders *PROJECTED

54 ECONOMIC AND DEMOGRAPHIC OVERVIEW

VACANCY RENT

The average apartment vacancy rate for the The average rent paid has increased more St. Louis Metro area in 2016 was 6.7% than 32% between 2010 and August 2017. according to the Department of Numbers.

AVERAGE APARTMENT AVERAGE APARTMENT RENT VACANCY RATE – ST. LOUIS METRO MARKET – ST. LOUIS METRO MARKET

9 $1,100

8.5 $992 $983

$1,000

$945

8 7.9%

7.8%

$888

$900

7.4% $824

7.5

$774

$800

$762

6.7% 6.6%

6.5% $700 6.5

6 $600 2010 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 2017*

DEPARTMENT OF NUMBERS *JULY 2017

55 ECONOMIC AND DEMOGRAPHIC OVERVIEW

ECONOMY/EMPLOYMENT ST. LOUIS AREA LARGEST EMPLOYER – ST. LOUIS The cost of doing business is significantly lower in the St. Louis region compared to BJC Healthcare 24,182 similarly sized regions. Accounting firm KPMG has listed the Wal-Mart Inc 22,006 St. Louis area as the 9th most cost-competitive large metropolitan area to conduct SSM Health Care 15,949 business in, based on a variety of factors. Both Missouri and Illinois offer a host of different incentives and tax credits to encourage business formation and investment. Washington University in St. Louis 14,692

The St. Louis metro workforce of more than 1.4 million provides a great range of Boeing Defense, Space & Security 14,617 available education, skills and experience. Businesses have access to a wealth of Mercy Health 13,715 highly educated and trained talent at wages below U.S. averages. For a metropolitan Scott Air Force Base 13,000 area its size, St. Louis has very competitive wage rates, representing a cost Schnuck Markets, Inc. 10,897 advantage for firms operating in this market. Archdiocese of St. Louis 10,460 Greater St. Louis has a strong and diverse economy, which includes medicine, AT&T 10,015 biotechnology and research. About 35% of those employed in the region—500,000 people—are employed in the Technology Corridor, extending about 36 miles in ST. LOUIS BUSINESS JOURNAL, 2016 BOOK OF LISTS Missouri and 15 miles in Illinois.

56 ECONOMIC AND DEMOGRAPHIC OVERVIEW

EDUCATION

The St. Louis Metro Area has a wide range of higher education institutions consistently turning out new entrants into the workforce while providing extensive opportunities for continuing education and training for employees and businesses. More than 30 four-year colleges and universities in the area enroll about 125,000 students each year.

Two national research universities call St. Louis home—Washington University and St. Louis University. Both institutions are known nationally for leading medical research and beyond. Over 30% of residents 25 years or older have earned a bachelor’s degree or higher.

ST. LOUIS MSA LARGEST COLLEGES AND UNIVERSITIES – ST. LOUIS St. Louis Community College 19,052 University of Missouri-St. Louis 17,014 Washington University in St. Louis 15,130 Southern Illinois University Edwardsville 14,142 Saint Louis University 12,280 Lindenwood University 10,750 Lewis and Clark Community College 7,421 St. Charles Community College 6,822 Webster University 5,439 Southwestern Illinois College 4,172

ST. LOUIS BUSINESS JOURNAL, BOOK OF LISTS 2016

57 ECONOMIC AND DEMOGRAPHIC OVERVIEW

Creating Jobs and Building a Better Metro Area

BALLPARK VILLAGE NATIONAL GEOSPATIAL-INTELLIGENCE AGENCY

A $220 million, 550,000-square-foot phase II project will include a The NGA has selected North St. Louis as the location for its new 97- luxury high-rise residential tower with 300 units; retail, restaurant and acre campus. The location for the $1.75 billion project was selected entertainment space along with structured parking; and the first based on environmental, cost and policy advantages; partnerships Class-A office building in almost 30 years. It will create 2,500 new with universities and innovative technology companies; access to jobs upon completion in 2019. Ballpark Village is the first sports talent; and proximity to its data facilities and current and future anchored entertainment district in the Greater St. Louis workforce. Completion of the project including a 700,000-square-foot Metro Area and is located next to Busch Stadium, home of main building, parking garage and green space with walking paths is the St. Louis Baseball Cardinals. expected in 2025.

UNIVERSITY CITY LOOP TROLLEY

The Loop Trolley is a 2.2-mile fixed-route electric trolley in St. Louis and University City, which will link the Delmar Loop to the Photo To Come world-renowned Forest Park. The $51 million project will connect area neighborhoods, provide environmentally friendly transportation, support tourism and promote economic development. The Trolley is scheduled to begin running in Fall 2017. GATEWAY ARCH PARK UNION STATION The last phase of the $380 million project—the new Arch museum The historic and beloved St. Louis Union Station is undergoing an including a 46,000-square-foot expansion—is slated for completion in ambitious $150 million renovation and expansion. A 65,000-square- Summer 2018. The Luther Eli Smith Square, the riverfront, the Arch foot aquarium is slated to open in 2019 after completion of the park grounds and Keiner Plaza are all open. The development will gateway light tunnel with 3-D animation and an additional 30,000 have a lasting economic, social, environmental, educational and square feet of event space. recreational impact.

58 ECONOMIC AND DEMOGRAPHIC OVERVIEW

Commercial Development Spurs Growth – ST. LOUIS COUNTY

ALINEA TOWN & COUNTRY CENTENE CENTRE

The Alinea is a 254-unit apartment complex conveniently located in The Centene campus expansion is a $770 million development the suburb of Town & Country on Daylight Drive. The developers are located in Clayton’s central business district where Forsyth and Tristar Companies and Balke Brown Transwestern. Hanley meet. When complete it will provide 3.3 million square feet of combined office space, residential living, ground level retail, AMAZON DISTRIBUTION CENTERS structured parking, a hotel and a civic center with auditorium. The Amazon has leased 448,000 square feet of warehouse space in the first phase of the project is a 28-story office building with a parking Hazelwood Logistics Center where the company plans to hire more structure that will be completed in 2020. Clayco is the construction than 350 people. Amazon has already opened two fulfillment centers company and Cushman & Wakefield will manage leasing. in Edwardsville, IL employing over 1500 people. CLAYTON AND HANLEY

A development by GBT Realty Corporation is planned for the prominent corner of Hanley and Clayton Roads. Vacant for almost 20 years, the 750,000-square-foot development will be more than half residential units with a 763-space parking garage, a 30,000 square

foot grocer and an additional 10,200 square feet of retail and restaurant space.

CLAYTON 8500 MARYLAND AVENUE THE BOULEVARD A 229-unit residential five- to six-story building atop a two level, 355- Construction of the second phase of The Boulevard development is space parking garage along with 5,000 square feet of street level scheduled to begin in 2018 with completion slated for 2019. Condor retail space is planned by Covington Realty Partners at the edge of Property and Edwards Realty are developing the $100 million project, Clayton. which includes 200,000 square feet of retail space, 75 apartments and 100,000 square feet of office space with a connected parking garage. It is centrally located on Brentwood Boulevard just north of Highway 64.

59 ECONOMIC AND DEMOGRAPHIC OVERVIEW

Commercial Development Spurs Growth – ST. LOUIS COUNTY

CLAYTON NORTH CENTRAL AVENUE TWO TWELVE

A $41 million mixed-use project is planned for the corner of North The $75 million development located on South Meramec in Clayton Central and Maryland Avenues in downtown Clayton. Opus is the is a new 26-story residential tower with 250 units, a four-level parking developer of the 210,000-square-foot building, which includes 120 garage and street level retail developed by CA Ventures of Chicago apartments, 13,500 square feet of street level retail, and 145 below and White Oak Realty Partners of Rosemont, Ill. grade parking spaces.

EVO APARTMENTS THE VUE AT CREVE COEUR

The $54 million luxury 281-unit apartment building sits prominently at The Vue at Creve Coeur is a new luxury apartment development with Interstate 64 and Brentwood Boulevard. Built by Draper and Kramer 186 units. The complex was developed by Orange County based- of Chicago, the community has a unique four-story parking garage BCC Capital Partners. that allows direct access from each level of the apartment building. WORLD WIDE TECHNOLOGY The developer plans to build a total of 800 units by 2020. The second largest privately help company in the Greater MONSANTO St. Louis Metro area has built a new 210,000-square-foot The agricultural biotech giant is completing a $400 million expansion headquarters located in Westport Plaza in Maryland Heights. The of its Chesterfield Village Research Center. The greenhouse $90 million project includes a 10-story office building for more than structure is 105,000 square feet, with 13 open greenhouses and 23 1,000 employees, a 743-car parking garage and an outdoor concrete bench-format greenhouses. They allow for very controlled research, plaza. The building is a joint project between LHM and World Wide with better air-control over both temperature and humidity. About Technology to revitalize Westport, an existing business and 1,100 employees work at the facility currently. When the new building entertainment district. is complete, there will be room for about 2,000. Alberici is the construction manager for the project.

60 ECONOMIC AND DEMOGRAPHIC OVERVIEW

Commercial Development Spurs Growth – ST. LOUIS CITY

BJC HEALTHCARE CORTEX

The Campus Renewal Project is a long-term $1.2 billion project to The Cortex Innovation Community is a collaboration of Washington transform Washington University Medical Center through new University in St. Louis, Saint Louis University, University of Missouri- construction and renovations. Campus Renewal is a partnership St. Louis, Barnes-Jewish Hospital Foundation, and the Missouri between Barnes-Jewish Hospital, St. Louis Children’s Hospital and Botanical Garden. It is building one of the country’s largest innovation Washington University School of Medicine. It includes construction of districts. More than $550 million has been invested to date with a almost 2 million square feet of new space and renovation of more projected $2.3 billion total investment after the completion of five than 250,000 square feet and will generate thousands of new jobs. phases. Currently more than 250 companies employ 4,200 people in technology-related jobs in more than 1.7 million square feet of new space.

DAGGETT COMPLEX ON THE HILL

Construction of a new residential development including 225 apartments, 49 town homes, 45 condominiums and 20 single family homes is expected to begin by the end of 2017 with the first phase CITIZEN PARK complete in 2018. Sansone Group and Draper and Kramer are Opus is the developer of the luxury apartment building with 217 units. developing the project on 11 acres located on The Hill at 4932 It is located at 4643 Lindell Boulevard across the street from the Daggett Avenue. The development will be within walking distance to famous St. Louis Cathedral Basilica in the heart of the Central West many locally owned restaurants and stores. End. THE EUCLID CLARK SCHOOL APARTMENTS Located at 40 North Euclid in the Central West End, The Euclid is a Another development is underway on the Delmar Divide. Helix Realty new 60-unit boutique apartment building developed by Koman is transforming William Ittner’s historic Clark School on Union Group. Boulevard into 44 market rate apartments. The elaborate building with intricate diamond patterned brickwork, copper domed towers and gabled entrances, is on the National Register of Historic Places.

61 ECONOMIC AND DEMOGRAPHIC OVERVIEW

Commercial Development Spurs Growth – ST. LOUIS CITY

IKEA ST. LOUIS SAINT LOUIS UNIVERSITY HOSPITAL

The only IKEA store in Missouri and for hundreds of miles around Ground has been broken for the new state-of-the-art SSM Saint was built on 21 acres along Interstate 64 and Vandeventer Avenue in Louis University Hospital, slated to open in 2020. The new 600,000- Midtown’s Cortex Innovation Community. The 380,000-square-foot square-foot, 10-floor hospital will have 316 private patient rooms. A IKEA store and restaurant destination opened in 2015 and draws four-story, 200,000-square-foot outpatient facility, a large parking hundreds of thousands of visitors annually. garage and expanded emergency department with its own parking lot are also part of the new development located on Grand Avenue along Highway 44.

SEVENTH & VICTOR

Located in the Soulard Local Historic District and the Soulard National Register Historic District, construction of the 118-unit apartment building with 59 parking spaces is underway and being developed by Whistler One LLC. ONE HUNDRED KINGSHIGHWAY

This new 36-story apartment building will rise above its counterparts SOULARD ICEHOUSE in the Central West End. The 305-unit, 540,000-square-foot Located in the old Polar Ice factory, Phase II of Soulard IceHouse is development by Mac Properties will overlook the picturesque Forest underway. Developer Asprient Properties is adding to the existing 42 Park and includes a 355-car parking garage, 880 square feet of retail units located on 9th Street in the heart of Soulard within walking space and 6750 square feet of amenity space. Completion is slated distance to many restaurants, bars, entertainment venues and the for 2019. famous Soulard Farmer’s Market.

THE PIAZZA ON WEST PINE PHASE II

The Piazza on West Pine is expanding with a Phase II slated for completion by Cornerstone Properties in the summer of 2018.

62 ECONOMIC AND DEMOGRAPHIC OVERVIEW

TRANSPORTATION

St. Louis has some of the best highway access in the nation according to the Regional Transportation St. Louis District U.S. Army Corps of Engineers. Major highways and interstates run through the area. It is home to a broad public transportation system, an international airport and a national port.

HIGHWAYS AND INTERSTATES

Seven major interstates and highways go through the Greater St. Louis Metropolitan Area: I-44, I-55, I-64, I-70, I-170, I-255 and I-270.

PUBLIC TRANSPORTATION is operated by Metro, the region’s extensive public transportation system. The Metro System includes MetroLink, the light rail system, MetroBus and Metro Call- a-Ride vans. The MetroLink light rail has 46 miles of track, 37 stations and 19 park-ride lots. It was the second busiest light rail system in the Midwest and one of the largest in the U.S. with more than 15 million passengers in 2016. Madison County Transit and St. Charles Area Transit System also align with Metro.

LAMBERT-ST. LOUIS INTERNATIONAL AIRPORT is the largest airport in Missouri, serving nearly 14 million passengers annually. A $2.6 billion runway expansion and an almost $100 million East Terminal expansion were completed in 2015. It is centrally located just 15 minutes from downtown St. Louis with on-site access to MetroLink. There are also 12 general aviation airports in the St. Louis Metro area.

THE PORT OF METROPOLITAN ST. LOUIS

The Port of Metropolitan St. Louis is 70 miles long, includes both sides of the Mississippi River and is the 17th largest U.S. port. It serves multiple states and cities along Inland Waterway supporting thousands of jobs in Missouri and Illinois.

63 ECONOMIC AND DEMOGRAPHIC OVERVIEW

DEMOGRAPHICS

TOTAL POPULATION AVERAGE INCOME MEDIAN INCOME

2010 2,787,701 2010 $67,868 2010 $51,603 2016 2,827,124 2016 $78,213 2016 $57,480 2021* 2,909,110 2021* $90,648 2021* $66,619 Growth Rate (2016 – 2021) 1.3% Growth Rate (2016 – 2021) 15.90% Growth Rate (2016 – 2021) 11.50%

TOTAL HOUSEHOLDS MEDIAN HOME PRICE MEDIAN AGE

2010 1,109,665 June–2016 $170,300 2010 37.9 2016 1,117,156 July–2017 $174,000 2016 38.9 2021* 1,129,349 Growth Rate Y-o-Y 2.20% 2021* 39.6 Growth Rate (2016 – 2021) 1.10%

RENT VS OWN RENTER OCCUPIED

Average Mortgage YEAR NUMBER PERCENT OF HOUSING UNITS $1,099 Payment** 2010 325,936 29.40% Average Rent $992 2016 338,499 30.10% Difference $109 2021* 348,553 29.80% Growth Rate (2016 – 2021) 3.00%

*JULY 2017 **30-YEAR FIXED RATE; 20% DOWN; 4.15% INTEREST RATE; 1.75% PROPERTY TAXES

64 ECONOMIC AND DEMOGRAPHIC OVERVIEW

The St. Louis region is an ideal location for companies with U.S. distribution networks. It boasts the third largest rail hub in the nation, and sits at the heart of the U.S. Inland Waterway System.

St. Louis is the most centrally located major metropolitan area for transportation and logistics operations, positioned near the geographic and population centers of the United States and within a day’s drive from one-third of the US population. The region’s optimal location provides quick and efficient transport to the rest of the country. In addition, the lack of congestion in the region makes for rapid turnaround of freight as it travels into and out of the region.

ECONOMIC SNAPSHOT

Governments and civic organizations throughout the St. Louis region work together across state lines to attract businesses and investment dollars. They are collaborating on supporting startups and building the new $670 million I-70 Mississippi River bridge connecting the Missouri and Illinois portions of the St. Louis region, among other projects.

Economic development organizations throughout the region provide confidential site selection and advisory services. The St. Louis Regional Chamber covers the entire 15-county, bi-state metro; and the Leadership Council Southwestern Illinois provides pivotal leadership in the Illinois counties of Madison and St. Clair, two of the region’s most prominent locations for major distribution center, rail, barge, airport and pipeline facilities.

65 ECONOMIC AND DEMOGRAPHIC OVERVIEW

HEALTH CARE

MERCY HOSPITAL ST. LOUIS

• This 962-bed hospital is the only Level One Trauma Center in St. Louis County.

• Mercy Hospital has all private rooms including those in the Mercy Heart and Vascular Hospital and the Mercy Children’s Hospital.

• The campus also includes the David C. Pratt Cancer Center, a nationally accredited center for outpatient treatment, radiation oncology and infusion services for cancer patients.

BARNES JEWISH HOSPITAL

• The largest hospital in Missouri has over 1,300 beds and is the top employer in the city.

• Barnes Jewish Hospital is the adult teaching hospital for Washington University School of Medicine and has centers of excellence in heart and vascular care, neurology and neurosurgery, orthopedics, Siteman Cancer Center, Spine Center and transplant.

Other hospitals include Missouri Baptist Hospital, St. Louis Children’s Hospital and Christian Hospital.

66 ECONOMIC AND DEMOGRAPHIC OVERVIEW

RETAIL, LEISURE AND ENTERTAINMENT

St. Louis boasts two outlet malls—St. Louis Premium Outlets and St. Louis Taubman Prestige Outlets in conveniently located Chesterfield. Other major malls include the St. Louis Galleria, West County and Plaza Frontenac. Whether you are looking for bargains, outdoor and sporting goods, unusual finds or high-end goods, St. Louis has some of the best shopping in the Midwest!

Forest Park, voted the number one city park in the U.S., is home to five major cultural institutions: the St. Louis Art Museum, the St. Louis Science Center, the Missouri History Museum, The Muny outdoor theatre and the St Louis Zoo—voted America’s number one zoo and top free attraction in the U.S.

Other area attractions include: Ballpark Village and Busch Stadium, home of the St. Louis Cardinals, St. Louis City Museum, Scottrade Center, home of the St. Louis Blues Hockey team, the Gateway Arch, Missouri Botanical Garden, Grant’s Farm, Fox Theatre, National Blues Museum, Six Flags St. Louis and Hollywood Casino.

St. Louis is a haven for cultural communities and dining. The St. Louis Hill is home to many authentic Italian restaurants and markets while the Delmar Loop is home to more than 145 specialty shops, restaurant, galleries, clothing boutiques, gift stores, entertainment venues and a boutique hotel. The Soulard and Lafayette Square areas in St. Louis city are interesting destinations complete with a farmer’s market, historic homes and unique dining venues.

Recreational facilities are plentiful such as local community centers and gyms and scenic bike and hiking trails including The Katy Trail, The Great River Road Trail, Grant’s Trail and Creve Coeur Lake. St. Louis is also home to beautiful golf courses including Normandy Golf Club, the Highlands Golf and Tennis Center in Forest Park, and Ruth Park, a friendly nine-hole course.

St. Louis will soon be home to the Nations top youth sports facility –Sportsplex located in Hazelwood and will attract families locally and from around the country all year around.

St. Louis will also most likely be host to a future MLS soccer team located in the heart of St. Louis City. 67 ECONOMIC AND DEMOGRAPHIC OVERVIEW

EDUCATION

University of Missouri-St. Louis (UMSL) is a 470-acre campus with over 17,000 students. UMSL is the largest public research university in eastern Missouri offering a broad range of undergraduate and graduate programs.

Washington University in St. Louis has over 15,000 students and is a four-year liberal arts institution with seven schools for undergraduate and graduate students.

Other area higher education institutions include Lindenwood University, St. Charles Community College, Saint Louis University and Webster University.

68 ECONOMIC AND DEMOGRAPHIC OVERVIEW

SOURCES

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