EXCLUSIVE INVESTMENT OFFERING

Sandpiper Apartments 488 Units | , NV EXCLUSIVE CONTACTS Patrick Sauter Art Carll-Tangora Antone Brazill, CCIM Managing Partner Senior Partner Senior Partner | Land 8945 W Russell Road T +1 702 534 1700 T +1 702 534 1701 T +1 702 278 3886 Las Vegas, NV 89148 [email protected] [email protected] [email protected] T +1 702 383 3383 www.naivegas.com OFFERING MEMORANDUM

Table Of Contents

Executive Summary 7

Location Overview 10

Property Description 14

Financial Analysis 20

Sale & Rent Comparables 25

Las Vegas Overview 30

NAI Vegas Team & Terms 46

EXECUTIVE SUMMARY THE OPPORTUNITY

NAI Vegas has been exclusively retained to market and offer for sale the Sandpiper Apartments, a highly desirable 2-story garden rental community in the heart of Las Vegas. This unique building offers modernly designed one and two bedroom floorplans.

All common areas have been expertly designed including three resort style pools and spa, community clubhouse, 24 hour fitness center, gated access, pet park, and much more. The floorplans offer convenient full-size washer and dryer, granite countertops*, garden tubs, and walk-in closets.

Sandpiper offers the investor an opportunity to add significant value to the property through formalizing and completing the interior upgrades, upgrading and modernizing common area amenities and actively reducing the loss to lease. Current market rents for a fully upgraded unit are currently significantly below submarket comparable for lesser upgraded units. 65% of the units have been renovated with granite countertops with the balance being standard units (No Upgrades). It is estimated that an investor will be able to capture over $550,000 annually in additional revenue by completing the interior renovations and increasing rents to the comparable properties in the submarket. It is estimated that Sandpiper’s asking rents on the one bedroom units are over $120 per month below the comparable units and the two bedroom unit rents are over $70 below comparable units. THE OFFERING

Offering Market Price

4650 W. Oakey Blvd. Address Las Vegas, NV

Year Built 1988

Number of Units 488

Land Size 20.50 AC

Net Rentable SF 440,400 SF

Average Unit Size 902 SF

In-Place $913 Average Rent

Physical Occupancy 94% "The Strip" LV Downtown

Southwest Healthcare Center

S. Decatur Blvd.

EXCEPTIONAL LOCATION, DESIRABLE COMMUNITY

The Sandpiper Apartments is a 488-unit luxury apartment complex located in the Clark County city of Las Vegas, . The property features a strong mix of one-bedroom/one-bathroom and two-bedroom/two-bathroom units, which are located within 61 residential buildings. Constructed in 1987, this in-fill community features well-amentitized unit interiors, three pools and spas, a 1,500-square-foot fitness room, and well-maintained landscaping. S. Decatur Blvd.

PROPERTY DESCRIPTION PROPERTY DESCRIPTION

Units: 488

4650 W. Oakey Blvd. Address: Las Vegas, NV

162-06-201-001 Parcel Number: 162-06-201-002 162-06-201-007

Year Completed: 1988

Land Size: 20.50 AC

Net Rentable SF: 440,400 SF

Average Unit Size: 902 SF

Average Rent: $914

Physical Occupancy: 93%

Floorplans: 2

Zoning: R-3 Multifamily

Total:1,038 Parking Spaces: Covered: 488 Open: 550 PROPERTY AMENITIES The Sandpiper Apartments is part of community with mountain views and centrally located only minutes away from the . Some of our amenities include: 3 tropical lagoon-style swimming pools and outdoor Jacuzzi to ease the day's stresses away, two lighted tennis courts, and a 1,500 square foot fitness center with free weights. These large apartment homes include refaced kitchen cabinets, granite counter tops, two-tone accent paint, large bath tubs, spacious oversized- closets, ceiling fans and in-home washer and dryer.

PRIVATE SPACES: • Air Conditioning SOCIAL SPACES: • Controlled Access • Balcony, Patio, Deck • Disability Access • Cable Ready • Emergency Maintenance • Ceiling Fan(s) • Extra Storage • New/Renovated Interior • Fitness Center • Oversized Closets • Gated Access • Some Utilities Covered • Hot Tub • View • On Site Maintenance • On Site Management • Pool FLOOR PLANS

A1- One Bedroom/One Bath 750 SF FLOOR PLANS

B1- Two Bedrooms/Two Baths 1050 SF Aerial FINANCIAL ANALYSIS UNIT MIX

TOTAL RENT Upgraded units comprise: UNIT TYPE SQFT MARKET RENTS* UNITS PER SF • Granite counter tops 1x1 73 750 $830 $1.11 • Stainless steel sinks • Refurbished cabinets with hardware 1x1 Upgraded** 167 750 $830 $1.11 • New plumbing and light fixtures 2x2 90 1050 $995 $0.95 • Refurbished bathrooms in select units

2x2 Upgraded 158 1050 $995 $0.95

AVERAGE 488 902 $914 $1.01

*Rents Include $30 a month for utility reimbursement. **Currently all rents are increased to upgraded rent upon resident vacating. FINANCIAL ANALYSIS

Pro Forma Year 1 Pro Forma Operating Income T3 Nov. 17 Per Unit Per Unit Per Unit Current Collections (4% Growth)

Market Rent $5,565,581 $11,405 Loss to Lease $(222,623) $(456) GPRI/Economic Rent $4,780,416 $9,796 $5,342,958 $10,949 Vacancy Loss $(267,148) $(547) Bad Debt/Other $(106,859) $(219) Model/Admin Units $(26,715) $(55) Net Rental Income $4,726,363 $9,477 $4,780,416 $9,796 $4,942,236 $10,128 Other Income $159,505 $303 $159,505 $327 $247,112 $506

Effective Gross Income (EGI) $4,772,620 $9,780 $4,939,921 $10,123 $5,189,348 $10,634

Pro Forma Year 1 Pro Forma Forecasted Expenses T3 Nov. 17 Per Unit Per Unit Per Unit Current Collections (4% Growth)

Payroll $461,953 $947 $512,400 $1,050 $512,400 $1,050 Administration $115,078 $236 $122,000 $250 $122,000 $250 Management $143,179 $293 $155,680 $319 $155,680 $319 Repairs & Maintenance $350,101 $717 $146,400 $300 $146,400 $300 Utilities $392,566 $804 $404,343 $829 $403,200 $826 Advertising $28,733 $59 $24,400 $50 $24,400 $50 Landscape $48,383 $99 $48,800 $100 $48,800 $100 Insurance $84,276 $173 $85,400 $175 $85,400 $175 Property Tax (Actual) $215,599 $442 $224,223 $459 $224,151 $459 Turnover $0 $0 $122,000 $250 $122,000 $250

Expenses with Reserves $1,839,868 $3,770 $1,845,646 $3,782 $1,844,598 $3,780

Pro Forma Year 1 Pro Forma Net Operating Income T3 Nov. 17 Per Unit Per Unit Per Unit Current Collections (4% Growth)

NOI $2,932,752 $6,010 $3,094,275 $6,341 $3,344,750 $6,854 NOTES TO FINANCIAL UNDERWRITING

Assumptions for the proforma are based on the Property’s characteristics, as well as market-driven revenue and expense trends.

REVENUE

• Year 1 Proforma Gross Potential Income is generated using the current Market Rent Schedule plus 4% growth. • Proforma Economic Vacancy is 10.5% • Other income is estimated at $42 per unit per month.

FORECASTED EXPENSES

• Payroll is forecasted at the equivalent of $1,050 per unit per year reflecting market expense for staffing requirements of a manger, leasing agents, maintenance supervisor, maintenance techs and porters. • Administration is forecasted at $250 per unit per year reflecting market averages for similar properties. • Management fees are forecasted 3% of Gross Operating Income • Repairs & Maintenance expenses are forecasted at $300 per unit per year, consistent with market averages for similar size, age, and construction quality. • Utilities are forecasted to be the actual utility amount with a 3% increase. • Advertising expenses are forecasted to be $50 per unit per year • Property Insurance is forecasted to be $175 per unit per year • Property Tax are calculated on the current amount plus 4%. • Turnover expenses are forecasted to be $250 per unit per year consistent with market averages for properties similar in age on overall condition.

SALE & RENT COMPARABLES SALE COMPARABLES

S SANDPIPER 1 THE BRISTOL AT SUNSET 2 2051 APARTMENTS 3 FLAMINGO CHATEAU 4 INDIAN RIDGE

PROPERTY 4650 W Oakey Blvd 2001 Ramrod Ave 2150 N Tenaya Way 6570 W Flamingo Rd 9353 West Twain Ave ADDRESS

YEAR BUILT 1988 1989 1990 1992 1996

NUMBER OF UNITS 488 432 440 136 184

NET 440,400 358,216 424,808 117,584 169,312 RENTABLE AREA

MANAGEMENT Apple Management Alliance Pinnacle Self Olen COMPANY

% LEASED 93% 95% 92% 96% 95%

DATE SOLD TBD 9/29/17 9/13/17 5/22/2017 5/21/2017

SALES PRICE Market Price $58,250,000 $58,200,000 $16,600,000 $22,500,000

PRICE PER UNIT TBD $134,838 $132,273 $122,059 $122,282

PRICE PER SQUARE TBD $151.21 $137.00 $141.18 $132.89 FOOT SALE COMPARABLES MAP S Sandpiper

1 The Bristol at Sunset

2 2051 Apartments

3 Flamingo Chateau 2 4 Indian Ridge

S

4 3

1 S

2 BED 1BED 4650 W Oakey Blvd RENT COMPARABLES SANDPIPER Built 1988 488 Units # # 6 5 4 3 2 1 1 4 2 3 6 5 6 5 Shelter Cove Upgraded Shelter Cove Upgraded Indian HillsUpgraded Indian HillsUpgraded The Arbors Upgraded The Arbors Sandpiper Upgraded Sandpiper Upgraded PROPERTY NAME PROPERTY NAME Shelter Cove Shelter Cove Indian Hills The Arbors The Arbors 1 Fifty 101 Fifty 101 4550 W Sahara AveW 4550 INDIAN HILLS Built 1988 484 Units TOTAL #OFUNITS TOTAL #OFUNITS 304 216 488 304 484 484 304 216 484 304 216 488 90 90 2 5101 O'BannonDr Built 1989 90Units FIFTY 101 TYPE TYPE N/A N/A N/A N/A 154 120 288 292 192 200 150 50 16 48 3 1600 S ValleyBlvd 1600 View UNIT SIZE UNIT SIZE THE ARBORS 1035 1050 1035 1035 988 935 700 700 695 688 700 750 700 688 Built 1988 216 Units ** Rent includes all RUB'S charges** Rentincludes allRUB'S *Rents Quoted December2017 RENT** RENT** $1,055 $1,075 $1,090 $985 $975 $995 $965 $955 $955 $900 $865 $830 $870 $800 4 2683 SDecaturBlvd SHELTER COVE Built 1988 304 Units PER SF PER SF $1.13 $0.91 $0.94 $0.95 $1.04 $1.05 $1.38 $1.36 $1.37 $1.31 $1.24 $1.11 $1.24 $1.16 RENT COMPARABLES MAP

S

2 1

4 3

S Sandpiper

1 Indian Hills

2 Fifty 101 15 3 The Arbors

4 Shelter Cove LAS VEGAS OVERVIEW HIGHLIGHTS

• Fast growing population

• 3rd largest convention destination

• International tourism hub

• Favorable business tax structure

• No state income tax

• 24-hour economy

• Growing tech-industry environment

• A young and highly productive work force

• Modern transportation infrastructure

• Attractive quality of life and moderate climate

• Affordable cost of living

• Favorable shopping, dining & entertainment

LOCATION

Located in Clark County in , Metropolitan Las Vegas is the 31st largest MSA in the United States, with over two million residents. With 320 days of sunshine and an average year round temperature of 80 degrees, Las Vegas is an internationally renowned tourism and convention destination. After lagging for most of the economic recovery, Las Vegas has begun to see increases in job growth, home prices, construction, tourism, and population. As the national recovery progresses, people will continue to be drawn to Las Vegas for its employment opportunities, warm weather, quality of life, and affordable cost of living. POPULATION

With over two million residents, the Las Vegas MSA is home to approximately 70% of the state’s population. Las Vegas has traditionally counted robust population growth as one of its key economic drivers. Over the early part of the last decade, the metro area grew at rate that was 3.5 times faster than that of the nation. This growth was fueled by high levels of in-migration, averaging 65,000 people from 2000 to 2008. Like most of the nation, population growth suffered during the recession and Las Vegas saw minimal increases.

People have once again begun migrating to Las Vegas. Population growth in the region is driven by trends, such as the shifting of the nation’s population center further to the west, and opportunities for jobs in industries like healthcare, logistics, and technology, as well as a recovering tourism industry. Projections show the region is expected to grow three percent annually over the next four years, reaching 2.3 million people.

One of the market’s strong aspects is that Las Vegas has a large concentration of residents in the 20 to 34-year-old demographic, the group most likely to rent apartments. This group is set to increase by nearly 16% over the next five years, which is substantially higher than any other western US market. HOUSING MARKET

Another positive economic indicator is Las Vegas’s improving housing market. The total number of existing homes, condos and townhomes sold in January 2017 increased 14.1% for homes and 13.2% for condos and townhomes from January 2016. The total number of existing homes, condos and townhomes sold in February 2017 alone was 2,815, up from 2,676 in February 2016. Compared to one year ago, sales were up 6.5% for homes and up 0.4% for condos and townhomes.

Accompanying the tight supply is the continuing increase in prices. The median single-family home price in Southern Nevada two years ago was $200,000. The median price of a Southern Nevada single-family home in February 2017 was $240,000, up 0.8% from January 2017 and up 8.9% from February 2016.The median price of condos and townhomes sold in February 2017 was $118,000, up 4.0% from January 2017, but down 2.9% from February 2016. Metropolitan Las Vegas represents an affordable alternative to neighboring markets, and a return to robust in-migration will boost the local housing market, as well as complementary industries. Overall, the Las Vegas housing market moves toward a period of escalating housing prices and heads onto a path to recovery as fewer distressed sales occur. DEMOGRAPHICS

1 Mile Radius 3 Miles Radius 5 Miles Radius

21,983 37.7 173,894 36.8 487,115 37.2

2.79 $51,238 2.74 $55,107 2.60 54,799

1,221 10,499 11,991 171,606 27,222 461,385

$39,401 $18,686 $51,238 $39,156 $20,608 $55,107 $39,081 $21,350 54,799

Households by Income Households by Income Households by Income The Largest Group: $50,000 - $74,999 - 19.3% The Largest Group: $35,000 - $49,999 - 17.3% The Largest Group: $50,000 - $74,999 - !7.2% The Smallest Group: $200,000+ -1.0% The Smallest Group: $200,000+ -2.2% The Smallest Group: $200,000+ -2.3% DEMOGRAPHICS TRANSPORTATION

Las Vegas residents rely heavily on the area’s large and expanding freeway system. Coupled with the explosive growth of the region and adequate funding from the state, Las Vegas has one of the nation’s most expansive freeway networks.

Las Vegas is home to the seventh busiest airport in the nation and the 24th busiest airport in the world (2013), McCarran International Airport. The airport reported over 41.8 million passengers in 2013, creating a $30 billion yearly economic impact. McCarran International Airport, with four runways and three terminals, is a focus city for Southwest Airlines and Allegiant Air and serves as a hub for Great Lakes Airlines. To meet the demands of Las Vegas’ growth, in terms of both local residents and visitors, McCarran International Airport is in the process of undergoing a $2.4 billion capital improvement program.

The Regional Transportation Commission of Southern Nevada (RTC) provides mass transit that connects throughout the Las Vegas metropolitan area. The RTC transit fleet consists of 39 routes. In 2013, RTC Transit carried nearly 60 million passengers in the greater Las Vegas area.

The is a 3.9-mile mass transit system located on the Las Vegas Strip. The monorail is the only privately owned public transportation system in the United States. In 2013, the monorail reported 4.1 million in yearly ridership and $18.4 million in revenue. The city hopes to expand the monorail to McCarran International Airport in the future.

The Union Pacific Railroad is the only Class I railroad to provide rail freight service to Las Vegas. Using the Union Pacific Railroad tracks, the railroad and the Las Vegas Railway Express provide passenger charter service from Fullerton, California to Las Vegas on the X Train. EMPLOYMENT

The Las Vegas MSA has enjoyed exceptional employment growth over several decades. The employment base in Las Vegas has more than doubled over the last 20 years, from 414,200 employees in 1993 to 995,400 employees by year-end 2016. Like most citied during the Great Recession, the city was not shielded by the turn in the economy, as evidenced by three consecutive years of job losses.

Although the city will never see a housing construction boom like the one it experienced from 2004 to 2006, Las Vegas’ employment has begun to see a positive turnaround. The city added about 9,000 jobs in 2015, followed by approximately 15,000 jobs in 2016.

Source: Moody Analytics EMPLOYMENT

Las Vegas is home to many and offers a vast amount of employment opportunities. Nearly all major industries contributed to job gains in 2015. Las Vegas added 20,800 jobs throughout 2015 and the jobless rate fell to 6.8% in September. It is projected that 52,000 jobs will be added in 2016 and 60,000 jobs will be added in 2017. Nevada is expected to return to its pre-recession high of nearly 1/4 million jobs by mid 2016.

There are over 376,000 employees whose jobs are either directly or indirectly dependent on the tourism economy in Las Vegas. Las Vegas’ job growth also stems from an employment diversification among the city’s industries. While tourism, gaming and hospitality are still frontrunners, contributions are also coming from education, health care, information technology, and business services. DEVELOPMENT & CONSTRUCTION

Signs of an improving economy and future job growth in Las Vegas are also evident in construction projects and development. Last year construction was completed and The Lucky Dragon opened its doors in November. A boutique property, its points of distinction is being the first property in the city designed and built from the ground up to create an authentic Asian cultural and gaming experience. Las Vegas’ next mega-resort will be the 3,500 room Resort World, set on 86-acres, with a cost between $4-$7 billion. The company expects to create some 5,000 direct construction jobs once the building activity is in full swing. Resorts World is set to open in 2019 and will hire about 2,500 full-time employees in time for the integrated resort’s opening.

The Las Vegas Convention and Visitors Authority board of directors approved the second phase of the Las Vegas Convention Center expansion project by unanimously authorizing an eight-month contract extension with its builder representative to begin the process of designing a 600,000-square-foor exhibit hall. The first phase involved demolition of the Riviera. There are hopes of having a construction process in place by the end of the year, with the groundbreaking of the new hall by early 2018.

Say hello to Sin City’s new NFL team. In March 2017, NFL owners voted 31-1 to approve the relocation of the Oakland Raiders to Las Vegas. The state of Nevada approved $750 million for a new stadium. Tourists will be paying for 39% of the “Las Vegas Raiders’” new stadium in a form of hotel room tax. The cost of the 65,000-seat domed stadium is set at $1.9 billion with $500 million being paid for by the owner of the Raiders, Mark Davis.

Las Vegas’ housing market is getting plenty of construction, with subdivisions and sprawling apartment complexes opening around the valley. Now, some investors are looking to build higher. At least four towering apartment projects in Las Vegas, comprising almost 1,400 units total, have received city approvals since last summer. Downtown 57 calls for two 15-story towers, one at Maryland Parkway and Lewis Avenue and another nearby at Lewis and 11th Street. There’s also the 18-story Avante Lofts at Hoover Avenue and Sixth Street, the 15-story Thunderbird Lofts on just south of Charleston Boulevard and The Midtown-Downtown Project, which calls for 12- and 14-story buildings at Casino Center Boulevard and Hoover. Downtown 57 Avante Lofts Two 15 Story Towers 18 Stories

Thunderbird Lofts 15 Stories

Las Vegas Convention Center $1.4 Billion Mega Resorts World $4-8 Billion Wynn’s Paradise Park $1 Billion

MGM Convention Center $130 Million

NFL “Raiders” Stadium $1.9 Billion LIFESTYLE OVERVIEW

The Las Vegas Strip is home to many, but a travel destination to even more. 42 million people visit Las Vegas each year and they invest $9.4 billion in the gaming industry, two-thirds of it in the casino resorts on the Las Vegas Strip.

The Las Vegas Strip contains 17 of the 20 biggest hotels in the United States. Many of them are well known for their architecture — the Paris has its own Eiffel Tower, the Luxor is designed like an Egyptian pyramid, the Venetian has gondoliers on its Grand Canal. The has choreographed fountains, Chihuly glass sculptures and original Picassos. re-creates a Roman forum.

Some of the restaurants rank among the finest in the world. There are bars and nightclubs, and in many casinos, showrooms that feature nightly shows by some of the biggest names in entertainment today.

The shopping is outstanding. From high end designers to casual, Vegas has every kind of shopping imaginable.

A large part of the Las Vegas lifestyle is provided by the convention business. 22,000 conferences, more than 400 a week, attract 6 million visitors a year. ECONOMY

The primary drivers of the Las Vegas economy are tourism, gaming, and conventions, which in turn, feed the retail and restaurant industries. The overall economic impact of the tourism industry in Southern Nevada in 2013 was more than $45 billion. With nearly one in three jobs based in the leisure and hospitality sector, Metro Las Vegas’ economic success is fundamentally tied to tourism.

Based on statistics from the Las Vegas Convention and Visitors Authority, the Las Vegas economy is moving in the right direction. Metro Las Vegas attracted 39.7 million visitors in 2013, the second highest total visitation ever. Employment gains are still slow to benefit from this boost as the leisure and hospitality sector remains approximately 10,000 jobs short of pre-recession levels. However, as the national recovery progresses, people are gaining discretionary income and are beginning to travel and take vacations as they did before, sending the Las Vegas economy in a positive direction. ENTERTAINMENT

Whether you’re looking for a casual eat or a fine dining experience, Las Vegas offers some of the best restaurants that rank among the finest in the world with celebrity chefs. There are endless options in every casino on The Las Vegas Strip, or .

New York. London. Paris. They’ve got nothing on Las Vegas. Las Vegas is home to some of the most spectacular shopping in the world. Nearly every where you go on the strip, there are options to shop. There are the Crystals at CityCenter, The Forum Shops at Caesars, The at The Venetian - , and The at Planet Hollywood. All ranging from budget friendly shopping to high end designers.

Downtown Las Vegas offers many more options to shop and dine. The newly revitalization of the area offers The Container Park, a family-friendly outdoor shopping, dining, and entertainment attraction.

The nightclub scene is huge. There are bars and nightclubs, with famous DJ’s. There are many casinos with showrooms that feature nightly shows by some of the biggest names in entertainment today: Celine Dion, Brittney Spears, Mariah Carey and Elton John among them. GAMING & RESORTS

The major attractions in Las Vegas remain the casinos and resorts with almost 40 million people visiting the city each year.

There may be casinos elsewhere, but it’s Las Vegas resorts that set the bar. Spin the wheel, roll the dice and take your pick. There is no going wrong with the resort options up and down the Strip. From the towering Stratosphere at 112 stories high to the opulent Wynn, there’s a casino or a casino game for everyone. The resorts of the Las Vegas Strip offer expansive casinos right on property, so it’s just a few steps away. Or zero steps away. At certain resorts in Las Vegas, such as The Palazzo, mobile gaming devices let you play your favorite games in the palm of your hand.

Each resort offers a different theme and decor. From the fountains at Bellagio, Gondoliers at the Venetian, or a bedazzled, multi-decked Chan- delier bar at The Cosmopolitan, there is something to see at each resort. ARTS & CULTURE

Las Vegas offers its residents and visitors a wide range of community and cultural activities to enjoy, such as local arts and performing arts centers, museums, botanical gardens, parks, and more.

Listed on the National Register of Historic Places since 1978, Las Vegas’ is a 180-acre cultural institution designed to commemorate the city’s dynamic history and to provide a vision for a sustainable future. Featuring museums, galleries, outdoor events, colorful botanical gardens and an interpretive trail system through a scenic wetland habitat, the Preserves were named “Best Place to Take the Kids in Southern Nevada” by Nevada Magazine and “Best Place to Take Out-of-Town Guests” by the Las Vegas Review-Journal.

In 2012, Las Vegas opened The Smith Center for the Performing Arts, a world-class performing arts center, showcasing the best in artistic excellence, education and culture from around the world. The city is also home to the Las Vegas Natural History Museum, the Contemporary Arts Center, UNLV’s Barrick Museum for the arts, the , and the DISCOVERY Children’s Museum. Several galleries, including the Bellagio Gallery of Fine Art, the Centerpiece Gallery, the Trifecta Gallery, the Big Springs Gallery, and the Lou Ruvo Center for Brain Health, feature a rotating collection of artworks, make their home in Las Vegas GOLF With over 60 golf courses, Las Vegas is well known for its quality courses and outstanding landscapes. The area has a variety of options, from stark desert settings and lush green landscapes, bargains and exclusive courses – including the nation’s most expensive greens fees. The area boasts golf courses designed by Jack Nicklaus, Tom Fazio, Rees Jones and Pete Dye, among many others. Top courses in the Las Vegas area include Shadow Creek, Cascata, Arroyo Golf Club, Wynn Golf Club, and Las Vegas Paiute - Wolf Course.

The top golf course in the Las Vegas area, Shadow Creek, was built by Steve Wynn for approximately $50 million in 1989. The 18-hole course is located on 350 acres, just off Losee Road in North Las Vegas. Designed by Tom Fazio, who has planned more of the 100 top-rated golf courses than any other architect, Shadow Creek was once one of the most exclusive golf courses in the world and could only be played by invited casi- no guests of Steve Wynn or properties. Acquired by MGM in 2000, today the course is open to all MGM Resorts International property guests, and the greens fee is $500. Shadow Creek is listed at No. 10 on Golfweek’s Best Modern Golf Courses list and ranked No. 17 on Golf Mag- azine’s Top 100 Courses You Can Play.

The rival to Shadow Creek, Cascata Golf Club was built by Caesars Entertainment and designed by Rees Jones in 2000. The course consists of a unique design including a 418-foot waterfall flowing from the mountainside with almost every hole self-contained and visible from no others. The course is a high-end experience with high rates and mandatory caddies. Cascata is currently ranked 58th on Golf Magazine’s Top 100 You Can Play.

The only golf course attached to a resort on the Las Vegas Strip, the Wynn Golf Club was designed in 2005 by architect Tom Fazio and Steve Wynn. The 18-hole, 7,042-yard, par 70 golf course is built on the site of the former course and features a landscape of waterfalls, streams and a forest of trees. The Wynn Golf Club has earned the Golf Magazine’s Gold Medal Award, one of 25 courses in the country to get the award and the only course in the state with the honor. Additionally, the course ranked No. 66 on Golf Magazine’s Top 100 Courses You Can Play. TERMS & GUIDELINES TERMS & CONDITIONS

This package is provided to you by NAI Vegas and is intended solely for your limited use and benefit in determining whether you desire to express further interest in purchasing the property described in the attached documentation (the “Property”). The providing of this package to you and your use thereof is conditioned upon your agreement to the terms set forth below.

This package contains selected information pertaining to the Property. It does not purport to be a representation of the state of affairs of the current owner, nor should it be construed to contain all or part of the information which prospective investors would deem necessary to evaluate the Property for purchase. Any financial projections and information provided are for general reference purposes only, are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the current owner and NAI Vegas. All projections, assumptions and other information provided are made herein are subject to material variation. NAI Vegas has not independently investigated the accuracy of the information within the package, as such information was obtained by the owner and/or public records. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers.

Neither the owner, NAI Vegas, nor any of their respective directors, officers, agents, affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained within this package or any supplemental information provided after the delivery of this package to you, and no legal commitment or obligation shall arise by reason of your receipt of this package or use of its contents. Please also refer to the disclaimer at the bottom of each page of this package, which disclaimer is incorporated herein by reference.

You should understand and be advised that the owner of the Property expressly reserves the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with you or any other party at any time with or without notice which may arise as a result of this package. The owner shall have no legal commitment or obligation to you or any other party reviewing this package, nor shall the owner be required to accept an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligation therein have been satisfied or waived.

By receipt of this brochure, you agree that this brochure and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this brochure or any of its contents to any other entity without the prior written authorization of owner or NAI Vegas. You also agree that you will not use this brochure or any of its contents in any manner detrimental to the interest of the owner or NAI Vegas.

This package describes certain documents including leases and other materials, which documents are described in summary form only. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected and advised to review all such summaries and other documents of whatever nature independently with legal counsel, tax and other professionals of their choice who have the expertise to assist in investigating this information in detail. You are therefore advised not to rely solely on this Memorandum as part of your investigations on this Property. If you have no interest in further pursuing this Property, please return this package to NAI Vegas. TRANSACTION GUIDELINES

The offering of Cimarron is being conducted by NAI Vegas and NAI Vegas will be available to assist prospective investors with their review of this Property. On-site inspections of the Property and tours of the market area must be arranged with NAI Vegas.

All offers must be submitted to NAI Vegas. Such offers should, at a minimum, include the following:

• The purchase price

• The source of capital, both equity and debt, for the transaction

• The amount of earnest money deposit and proof of funds

• A detailed schedule of the due diligence and requisite approval process; and

• A description of assumptions utilized for the offer Patrick Sauter Art Carll-Tangora Antone Brazill, CCIM Managing Partner Senior Partner Senior Partner| Land T +1 702 534 1700 T +1 702 534 1701 T +1 702 278 3886 8945 W Russell Road [email protected] [email protected] [email protected] Las Vegas, NV 89148 T +1 702 383 3383 www.naivegas.com