Offering Memorandum 2244 S

OFFERING MEMORANDUM 2244 S. Frontage Rd. West Vail, CO 81657 DISCLAIMER

NAI Mountain Commercial (“Broker”) has been retained by Cedar at Streamside Condominium Association, Inc. in Vail, Colorado (“Property”) as the exclusive broker for this opportunity.

This Offering Memorandum has been prepared by Broker for use by the principal (“Principal”) to whom Broker has provided this Offering Memorandum. The use of this Offering Memorandum and the information provided herein is subject to the terms, provisions and limitations of the Confidentiality Agreement furnished by Broker and executed by Principal prior to delivery of this Offering Memorandum. Although the information contained herein is based upon sources believed to be reasonably reliable, Owner and Broker, on their own behalf, and on behalf of their respective officers, employees, shareholders, partners, directors, members and affiliates, disclaim responsibility or liability for inaccuracies, representations and warranties (expressed or implied) contained in, or omitted from, the Offering Memorandum or any other written or oral communication or information transmitted or made available to the recipient of this Offering Memorandum. In amplification of and without limiting the foregoing, summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents but rather only outlines of some of the principal provisions contained therein, and no representations or warranties are made as to the completeness and/or accuracy of the projections contained herein. Prospective purchasers of the Property should make their own investigations and conclusions without reliance upon this Offering Memorandum, the information contained herein or any other written or oral communication or information transmitted or made available. Additional information and an opportunity to inspect the Property will be made available upon written request by interested and qualified prospective purchasers.

Owner expressly reserves the right, exercisable in Owner’s sole and absolute discretion, to withdraw the Property Erich Schmidt from being marketed for sale at any time and for any reason. Owner and Broker each expressly reserves the Vice President right, exercisable in their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. T: 970-306-0313 Broker is not authorized to make any representations or agreements on behalf of Owner. Owner shall not have [email protected] any legal commitment or obligation to any entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed, delivered and approved by Owner and the other party there to and any conditions to Owner’s Steven Sendor obligations here under have been satisfied or waived. If you have no interest in the Property at this time, return Vice President this Offering Memorandum immediately to: T: 970-306-7112 [email protected] NAI Mountain Commercial 245 Chapel Pl, Suite 201 Avon, CO 81620

970-239-4199 www.naimountain.com

Cedar at Streamside | Offering Memorandum 2 Property Information

2244 South Frontage Road West ADDRESS Vail, CO 81657 24 TOTAL CONDOMINIUM UNITS 16 - 1bed/2bath 8 - 1bed/loft/3baths ZONING Planned Unit Development YEAR BUILT 1982 SQUARE FOOTAGE 21,440 PRICE $9,250,000 PRICE / SF $431.44 PRICE / UNIT $385,417 Property Description

Cedar at Streamside is a fully furnished 24-unit condominium complex located in Vail, Colorado. The property contains 16 one-bedroom, two bath, and 8 one-bedroom + loft, three bath units of 760 square feet and 1,160 square feet respectively. Fully furnished and provisioned for maximum sleeping capacity, Cedar has been owned and operated as a timeshare resort since 1984. The building is being offered free and clear of all timeshare encumbrances, providing future ownership with several potential operating and exit strategies. Additionally, the property is not subject to the Town of Vail’s 1% transfer tax.

Cedar is part of the Streamside Resort which offers a variety of amenities including a heated indoor/outdoor pool, indoor/outdoor spas, fitness center, sauna, steam room, basketball/racquetball court, lounge & game areas, concierge, barbecue grills, abundant parking, and access to Vail Village via a private shuttle offered by the master community and the free Town of Vail bus system, located under a five minute walk from the property. The common areas are maintained by Marriott Vacation Ownership, operator of three of the five buildings within the 152-unit master community. Streamside offers families an affordable resort experience in one of the world’s most exclusive mountain destinations.

Cedar at Streamside | Offering Memorandum 3 Investment Highlights RARE OPPORTUNITY TO ACQUIRE A 24-UNIT BUILDING WITH RESORT STYLE AMENITIES IN VAIL

PROPERTY OFFERED FREE AND CLEAR OF ALL TIMESHARE ENCUMBRANCES AT BELOW REPLACEMENT COST AND INDIVIDUAL MARKET VALUE, ALLOWING FUTURE OWNER SEVERAL POTENTIAL OPERATING AND EXIT STRATEGIES

CONVENIENTLY LOCATED IN WEST VAIL ON THE FREE TOWN OF VAIL BUS ROUTE OFFERING EASY ACCESS TO VAIL SKI RESORT AND APPROXIMATELY 15 MINUTES TO BEAVER CREEK SKI RESORT

ATTRACTIVE MIX OF ONE- AND ONE BEDROOM + LOFT UNITS

RESORT STYLE AMENITIES INCLUDING INDOOR/OUTDOOR POOL, MULTIPLE HOT TUBS, FITNESS CENTER, KIDS’ ROOMS, LOUNGE/REC ROOMS, RACQUETBALL/ BASKETBALL COURT, AND PRIVATE SHUTTLE SERVICE TO VAIL VILLAGE.

WELL MAINTAINED ASSET WITH VALUE-ADD UPSIDE IN THE INDIVIDUAL UNITS

Cedar at Streamside | Offering Memorandum 4 Features & Amenities

• Fully furnished • Fitness center

• Private balconies • Lounge

• High ceilings in loft units • Concierge

• Stone counter tops • Barbecue grills

• Wood burning fireplaces • Multiple kids’ rooms

• Designed for maximum oc- • Abundant parking cupancy • Walking distance to free • Heated indoor/outdoor pool Town of Vail bus stop & spas • Private shuttle to Vail Village • Sauna & steam room

• Basketball/racquetball court

Cedar at Streamside | Offering Memorandum 5 Features & Amenities

Cedar at Streamside | Offering Memorandum 6 Unit Descriptions One Bedroom Units

Cedar’s 16 one-bedroom two-bathroom condominium units are single level and approximately 800 square feet. Optimized for maximum occupancy, units are designed to sleep six people with one furnished bedroom containing a queen bed, one queen sleeper sofa, and one full sleeper sofa. Additionally, the unit has its own private balcony, furnished living room, fully equipped kitchen, and dining area.

Cedar at Streamside | Offering Memorandum 7 Unit Descriptions One bedroom + Loft Units

Furnished to accommodate up to ten people, Cedar’s 8 one-bedroom + loft, three-bathroom units are approximately 1,200 square feet. The private bedroom comes furnished with two twin beds and a full sleeper sofa. Overlooking the living room, the loft contains a king bed and a full sleeper sofa. There is an additional queen sleeper sofa in the living room which flows into a fully equipped kitchen and dining area. The units feature two balconies with outdoor seating and are accessed from the loft and bedroom.

Cedar at Streamside | Offering Memorandum 8 Eagle County According to 2010 census data, the total population of Eagle County was 52,197 (2018 approx. of 54,993). The economy of Eagle County is heavily influenced by the tourism industry with the majority of jobs in hospitality, art, entertainment, construction and retail. The median household income for the county was $71,030 with almost half of the residents holding a bachelor’s degree or higher (2018 approx. of $83,803).

Town of Vail GoPro Mountain Games in Vail 2019 Vail is home to 5,305 permanent residents, plus 5,000 part-time residents, including second homeowners. Vail Resorts attracts over 5 million tourists each winter to the Colorado resorts, with a large portion of that number specific to Vail. Visitors and residents alike enjoy the 1,100 acres of open space accounting for 50% of Vail’s town-owned land; 350,000 surrounding acres of national forest, crowned by 5,289 skiable acres on one of the largest and best ski mountains in the world; 17 miles of recreation paths; countless special events, the highest botanical gardens in the world and an outdoor amphitheater named for Vail’s most famous resident, President Gerald R. Ford.

While it’s true that over 1.6 million skiers and snowboarders travel to Vail every winter to take advantage of the more than 5,289 skiable acres, Vail isn’t just skiing. The town attracts over 650,000 visitors every summer to enjoy the natural beauty of the Rocky Mountains, for rest and relaxation, to take advantage of the town’s shopping, dining, and leisure activities, as well as a host of outdoor activities available. With such a high satisfaction rate among summer Vail visitors (90% say they are “Extremely Satisfied” with their Vail experience), it’s no wonder that over 80% of the 650,000 summer visitors are return visitors to Vail. With world renowned skiing, diverse shops and restaurants, luxurious accommodations, friendly neighborhoods and breath-taking mountain views, Vail is arguably the finest resort destination in the world and a great place to invest. Cedar at Streamside | Offering Memorandum 9 Comparable Sales

Unit # Bed/Bath Size (SF) Sale Date Sale Price $/SF #11-19 1/1 576 10/23/19 $370,000 $642 #10-20 1/1 576 10/22/19 $409,000 $710 #2-1 1/2 516 9/26/19 $385,000 $746 #9-4 1/1 576 8/30/19 $390,000 $677 #11-23 1/1 576 5/21/19 $340,000 $590 #14-26 1/2 684 5/21/19 $395,000 $577 Vail Racquet Club #11-5 1/1 576 5/2/19 $399,990 $694 Located on 20 acres in East Vail and on the Town of Vail’s free bus route, the Vail Racquet Club offers chalet style 1, 2, #23 1/1 576 1/31/19 $399,970 $694 and 3-bedroom condos as well as 3-bedroom townhomes #14-9 1/2 576 12/4/18 $390,000 $677 on a campus like facility. Built in 1973, the property offers a multitude of resort style amenities including an onsite #4 2/2 864 10/7/19 $640,000 $741 health club, complimentary fitness, spin, and yoga classes, #15 -7 2/2 864 6/27/19 $600,000 $694 year round heated lap pool, hot tubs, sauna, steam rooms, massage services, on site restaurant, eight tennis courts, #4-16 2/2 864 5/29/19 $600,000 $694 children’s playground, meeting and event space, patio #5-5 2/2 864 5/20/19 $635,000 $735 area, and BBQ area. #15-6 2/2 864 2/28/19 $512,500 $593 #4 2/2 864 1/10/19 $620,000 $718 #10 2/2 864 11/5/18 $580,500 $672

Cedar at Streamside | Offering Memorandum 10 Comparable Sales

Unit # Bed/Bath Size (SF) Sale Date Sale Price $/SF 1515 2/2 1146 11/22/19 $699,000 $610 Simba Run 1517 2/2 1116 11/15/19 $685,000 $614 1503 2/2 1116 7/23/19 $670,000 $600 Located on the north side of I-70 on N Frontage Road W and in close proximity to the Lionshead pedestrian bridge, 1523 2/2 1146 7/8/19 $650,000 $567 Simba Run Vail Condominiums offers two and three 2202 2/2 1059 6/25/19 $570,000 $538 bedroom condo rentals with hotel amenities and onsite rental agent. Built in 1983, the property offers a heated 1208 2/2 1072 6/20/19 $650,000 $606 parking garage, concierge, private winter shuttles, fitness room, outdoor tennis courts, hot tubs, steam room, sauna, 1412 2/2 1072 4/4/19 $685,000 $639 full kitchens, in room washer/dryers, ski lockers, and the 2203 2/2 1146 4/2/19 $665,000 $580 largest indoor heated pool in Vail. . 2306 2/2 1059 3/27/19 $652,500 $616 1406 2/2 1072 1/22/19 $640,000 $597 1513 2/2 1116 12/13/18 $680,000 $609

Cedar at Streamside | Offering Memorandum 11 Secondary Comparable Sales

Property Year Built Unit # Bed/Bath Size Sale Date Sale Price $/SF Homestake at Vail 1973 #B210 1/1 561 6/3/19 $365,000 $651 Homestake at Vail 1973 #B206 1/1 561 9/11/19 $379,000 $676 Homestake at Vail 1973 #B212 1/1 562 7/10/19 $325,000 $578 Lions Mane Condo 1974 #4 1/1 512 4/5/19 $349,700 $683 Vail Sky High 1971 #1 1/1 670 11/27/18 $289,000 $431 Vail Sky High 1971 #6 1/1 705 9/6/19 $339,000 $481 Vail Sky High 1971 #1 1/1 670 8/6/19 $295,000 $440 Brooktree 1971 #210B 2/2 1088 11/2/18 $420,000 $386 Brooktree 1971 #C302 2/2 1088 5/21/19 $430,000 $395 Brooktree 1971 #C303 2/2 1088 7/31/19 $485,000 $446 Homestake at Vail 1973 #B305 2/2 697 1/31/19 $300,000 $430 Lions Mane Condo 1970 #402 2/2 1060 12/5/18 $545,000 $514 Timber Falls Cond 1975 #905 2/2 1437 6/13/19 $899,500 $626 Timber Falls Cond 1978 #1503 2/2 961 6/24/19 $665,000 $692 Timber Falls Cond 1976 #1104 2/2 902 8/29/19 $550,000 $610 Timber Falls Cond 1973 #603 2/2 922 9/6/19 $575,000 $624 Cedar at Streamside | Offering Memorandum 12 Sale Comparables - Summary

Median Property Unit Type Count Average Price Avg PSF Median PSF Avg DOM Median DOM Price Racquet Club 1BR 1BR 9 $386,551 $390,000 $668 $677 66 63 Racquet Club 2BR 2BR 7 $598,286 $600,000 $692 $694 95 85 Simba Run 2BR 2BR 11 $658,773 $665,000 $598 $606 106 55 Secondary Comps 1BR 1BR 7 $334,529 $339,000 $563 $578 124 104 Secondary Comps 2BR 2BR 7 $541,056 $545,000 $525 $514 107 72

Median Price By Property

$700,000 $665,000

$600,000 $600,000 $545,000

$500,000

$390,000 $400,000 $339,000

$300,000

$200,000

$100,000

$0 Racquet Club 1BR Racquet Club 2BR Simba Run 2BR Secondary Comps 1BR Secondary Comps 2BR

Cedar at Streamside | Offering Memorandum 13 Sample Rental Rates

Property Room Size Check In Check Out Daily Rate Racquet Club 1BR 12/20/19 12/27/19 $396 Racquet Club 2BR 12/20/19 12/27/19 $513 Racquet Club 1BR 1/10/20 1/17/20 $297 Racquet Club 2BR 1/10/20 1/17/20 $375 Racquet Club 1BR 3/6/20 3/13/20 $329 Racquet Club 2BR 3/6/20 3/13/20 $460 Racquet Club 1BR 6/12/20 6/19/20 $186 Racquet Club 2BR 6/12/20 6/19/20 $235 Racquet Club 1BR 7/1/20 7/8/20 $184 Racquet Club 2BR 7/1/20 7/8/20 $241 Simba Run 2BR 12/20/19 12/17/19 $568 Simba Run 2BR 1/10/20 1/17/20 $495 Simba Run 2BR 3/6/20 3/13/20 $520 Simba Run 2BR 6/12/20 6/19/20 $269 Simba Run 2BR 7/1/20 7/8/20 $277

Avg 1 BR Rate-Racquet $278 Avg 2 BR Rate- Racquet $365 Avg 2 BR Rate- Simba $426

* Average of these sample dates

Cedar at Streamside | Offering Memorandum 14 Forecasted Budget - 2020

HPUD FEE $329,184 UTILITIES (ELECTRICITY, WATER, 72,830 SEWER) CABLE TV / INTERNET 9,520

MAINTENANCE/SUPPLIES/REPAIRS 15,000

PROPERTY TAX 27,840 INSURANCE FOR 4/2019-4/2020 32,736 TOTAL EXPENSES $487,110

PER UNIT (24 UNITS) $20,296

Cedar at Streamside | Offering Memorandum 15 Location Map

30 Minutes 30 Minutes Drive Drive 1 HOUR DRIVE

10 MINUTES DRIVE

2 HOURS DRIVE

Cedar at Streamside | Offering Memorandum 16 Aerial Map

Cedar at Streamside | Offering Memorandum 17 Erich Schmidt Vice President T: 970-306-0313 [email protected]

Steven Sendor Vice President T: 970-306-7112 [email protected]

NAI Mountain Commercial 245 Chapel Place Avon, CO 81620 USA