The Commons TAMPA, FLORIDA

OFFERING SUMMARY

200 Units Prime Value-Add Opportunity with the Submarket’s Largest Floor plans and a Central Location Proximate to Tampa’s Top Demand Drivers

Holliday Fenoglio Fowler, L.P. (“HFF”) a Florida licensed real estate broker. Offering Summary

Holliday Fenoglio Fowler L.P. (“HFF”) is pleased to present the exciting opportunity to acquire The Commons (the “Property”), an attractive 200-unit community with the largest floor plans in its submarket and centrally located in Tampa, Florida. The Commons offers investors both strong cash flow, as well as tremendous upside potential through the implementation of a targeted value-add strategy.

Constructed in 1972 and held under long-term ownership for more than two decades, the Property has been well maintained, highlighted by the full replacement of the exterior walls with HardiePlank siding five years ago, and is well positioned for a new owner to focus future capital dollars on value-add improvements. Recently completed interior upgrades to 21 units at the Property have already achieved exceptional results, commanding monthly rent premiums of $110.

The Property differentiates itself with extra-large floor plans among a mix of 120 two-bedroom units (including 24 townhome units), 56 three-bedroom units, and 24 four-bedroom units, averaging a remarkable 1,274 sf - more than 58% larger than the average of the Property’s nearby competitors. Additionally, the Property offers all two-story buildings in a low-density setting with large open spaces and an appealing array of amenities to make the Property an ideal choice for renters, particularly for families which represent a large portion of the Property’s tenant base.

The Commons enjoys a quiet residential setting, yet is extremely convenient to major employment centers, top retail destinations and only a half mile from the Dale Mabry Highway commercial corridor. Residents are able to walk their children directly across the street to an elementary school, and they are a 15 minute drive to Tampa’s main employment nodes – Westshore Business District, Downtown Tampa, and the University of South Florida and its surrounding Innovation District. Additionally, the 120-bed Florida Hospital Carrollwood and the 486-bed St. Joseph’s Hospital are less than one mile and three miles away, respectively.

Boasting a desirable, central location, the largest floor plans in the market, and the exciting promise of tangible value-add upside, The Commons represents an ideal investment opportunity poised to deliver outstanding results for years to come.

EXECUTIVE SUMMARY 2

Investment Highlights

» Strong cash flowing asset with excellent opportunity to implement value-add program with recent interior renovations achieving $110 monthly premiums

» Significant recent capital investment highlighted by the full replacement of the exterior walls with HardiePlank siding

» Extra-large floor plans averaging 1,274 square feet – 58% greater than competing properties

» Within just 15 minutes of Westshore (94,000 employees), Downtown Tampa (66,500 employees), and USF (42,800 students and 13,900 faculty/staff)

» Located within #1 apartment submarket in Tampa Bay with an impressive 7.0% y-o-y rent growth in Q1 2017, more than double the market average, according to Axiometrics

» Two-story low-density setting surrounding a large central courtyard with ample green space

pro pert y overvi e w Location: 3408 Lancaster Ct, Tampa, FL 33614 Total Units: 200 Units Average Unit Size (Under A/C): 1,274 SF Total Rentable Residential Square Feet: 254,800 SF Occupancy (As of 5/23/17): 95.0% Year Built: 1972 Market Rents (As of 5/23/17): $1,202 / $0.94 Stories: 2-stories Two-story wood-frame with pitched, asphalt shingle roofs Construction Type: and HardiePlank siding

u n it m ix Floor Plan Unit Type Average SF Unit Count % of Mix B1 2 Bed / 1.5 Bath Townhome 1,400 24 12.0% B2 2 Bed / 2 Bath 1,000 96 48.0% C1 3 Bed / 2 Bath 1,550 56 28.0% D1 4 Bed / 2 Bath 1,600 24 12.0% TOTAL/AVERAGE 1,274 200 100%

3 EXECUTIVE SUMMARY The Commons TAMPA, FLORIDA

The Property Desirable Interior Features and Amenity Package Averaging an unparalleled 1,274 sf, the Property’s mix of two-, three-, and four-bedroom units range from 1,000 to 1,600 sf, distinguishing it from its closest competitors, which have an average square footage 467 sf (or 58%) smaller than the Property. These spacious units feature vinyl plank flooring on first floor units, fully-equipped kitchens, washer/dryer connections, outdoor storage closets, fenced-in patios extending from the 24 townhome units, and private screened patios/balconies on all other units. Spanning 200 units across 14.6 acres, the Property offers a quiet, low-density setting laid out in a rectangular configuration with the Property’s 20 residential buildings surrounding an expansive central courtyard that offers ample green space, as well as a sparkling swimming pool, dog park, sports court, and several barbecue and picnic areas. Other amenities include a laundry center, resident clubroom, and secured gated access to the community. Excellent Condition Following Major Capital Improvements Current ownership has taken excellent care of the Property, leaving it in great shape with minimal deferred maintenance. In the last 4 years, $1.1 million has been spent on such items as the installation of high-quality HardiePlank siding throughout the Property, the resurfacing and repaving of the pool and pool deck, and the replacement of 4 roofs in the last 5 years with the balance of the roofs having been replaced since 2004. These recent improvements allow a new owner to allocate the majority of their capital budget towards accretive value-add upgrades.

EXECUTIVE SUMMARY 4 Community Amenities

» Sparkling swimming pool » Regulation-size sport court » Barbecue & picnic areas » Secure, gated access » Laundry facility » Resident clubroom » Activity area » School bus stop

5 EXECUTIVE SUMMARY Standard Unit Features

» Full kitchen with black or stainless appliances

» Painted wood laminate cabinets

» Laminate countertops

» Double basin stainless steel sink

» Dishwasher

» Faux-wood vinyl flooring*

» Screened-in large private patio or balcony

» Washer/dryer connections

*In-select units

Upgraded Kitchen (1 of 21) EXECUTIVE SUMMARY 6 The Commons TAMPA, FLORIDA

Standard Kitchen

The Opportunity Ability to Implement a Highly Accretive Value-Add Strategy The Property offers an excellent opportunity for a new owner to significantly grow top-line revenue by modernizing unit interiors. While the great majority of units still have original interior finishes, the unit upgrades that have been completed to date have proven to be highly successful. Notably, one building comprising 16 units was reconstructed following a fire in 2012. These units were outfitted with updated interior finishes, including stainless- steel appliances, upgraded cabinetry, vinyl plank flooring, faux granite countertops, built-in microwaves, modern light fixtures, six-panel interior doors, and washer/dryer machines. These units, along with 5 additional units that have been upgraded to a similar finish level, command $110 rent premiums over units with standard interiors, demonstrating the substantial upside that can be realized through a strategic value-add program.

7 EXECUTIVE SUMMARY MACDILL AIRFORCE BASE 20,000 EMPLOYEES GATEWAY OFFICE MARKET DOWNTOWN TAMPA 60,000 EMPLOYEES Hillsborough Bay WESTSHORE BUSINESS DISTRICT 66,500 EMPLOYEES The Location 94,000 EMPLOYEES Tampa Bay University of Tampa 8,300 Enrollment Howard Frankland Bridge Abundance of Nearby Shopping, Hillsborough Community College 29,000 Enrollment International Plaza Dining, and Entertainment St. Joseph’s Children’s Hospital 486-Bed Hospital TAMPA Less than a half-mile east of Dale Mabry Raymond James Stadium INTENATINA Highway (68,000 AADT), the Property is Home of Tampa Bay Bucs AIPT proximate to Tampa Bay’s most traveled Steinbrenner Field commercial corridor, offering a nearly Al Lopez Field Home of Yankees Spring Training endless array of restaurants, retailers, and Jesuit High School entertainment options. The Property is also Hillsboro Plaza Horizon Park just a eight-minute drive from Raymond James TRADE AERIAL KEY Publix, Bealls, Jade Garden Wal-Mart Neighborhood Market Youfit Health Clubs, Guitar Center Stadium, which is the home of the Tampa Bay W Hillsborough Ave St. Lawrence Catholic School Applebee’s, Babies ‘R’ Us Buccaneers, plays host to numerous concerts Employers N Dale Mabry Hwy and events throughout the year, and is the future site of Super Bowl LV. Other nearby Retail attractions include Busch Gardens, Lowry Park Zoo, and Seminole Heights, a rapidly emerging Destinations Cambridge Christian School hipster paradise known for its eclectic mix of foodie havens, craft breweries, and charming Schools N Armenia Ave boutiques. Westshore Pizza, Lambright Street FlavaFitness Studio Highly Convenient to Tampa’s Top CVS Employment Nodes Egypt Lake Elementary Strategically located at the center of Tampa’s Housewife Bakeshop Walgreens three main employment hubs, the Property is within a convenient 15-minute drive of nearly 200,000 jobs. To the southwest is the Westshore Business District, standing Armenia Shopping Center Bravo Supermarkets, Little Egypt Lake as the largest office market in the state Caesars Pizza, Iron Body Gym Florida Hospital Carrollwood of Florida and home to nearly 94,000 120-Bed Acute Care Facility employees and 4,000 businesses, including Recently Completed $71M Expansion PricewaterhouseCoopers, Bloomin’ Brands, and Bristol Myers Squibb. Meanwhile, Downtown Tampa (66,500 employees) is directly south via I-275, and the University of South Florida (42,800 students and 13,900 staff) is to the northwest. The Property is also convenient to a high concentration of healthcare employees with Florida Hospital Carrollwood (120 beds) less than a mile north and St. Joseph’s Hospital, Tampa’s second largest hospital, less than three miles to the south.

EXECUTIVE SUMMARY 8 MACDILL AIRFORCE BASE 20,000 EMPLOYEES GATEWAY OFFICE MARKET DOWNTOWN TAMPA 60,000 EMPLOYEES Hillsborough Bay WESTSHORE BUSINESS DISTRICT 66,500 EMPLOYEES 94,000 EMPLOYEES Tampa Bay University of Tampa 8,300 Enrollment Howard Frankland Bridge Hillsborough Community College 29,000 Enrollment International Plaza St. Joseph’s Children’s Hospital 486-Bed Hospital TAMPA Raymond James Stadium INTENATINA Home of Tampa Bay Bucs Steinbrenner Field AIPT Al Lopez Field Home of Yankees Spring Training Jesuit High School Hillsboro Plaza Horizon Park TRADE AERIAL KEY Publix, Bealls, Jade Garden Wal-Mart Neighborhood Market Youfit Health Clubs, Guitar Center W Hillsborough Ave St. Lawrence Catholic School Applebee’s, Babies ‘R’ Us Employers N Dale Mabry Hwy Retail Destinations Cambridge Christian School

Schools N Armenia Ave Westshore Pizza, Lambright Street FlavaFitness Studio

CVS Egypt Lake Elementary Housewife Bakeshop Walgreens

Armenia Shopping Center Bravo Supermarkets, Little Egypt Lake Caesars Pizza, Iron Body Gym Florida Hospital Carrollwood 120-Bed Acute Care Facility Recently Completed $71M Expansion

9 EXECUTIVE SUMMARY Investment Contacts Debt Inquiries Matt Mitchell Zach Nolan McCallum Foote Elliott Throne Senior Managing Director Associate Director Analyst Managing Director 813.387.9902 813.387.9906 813.387.9907 305.421.6549 [email protected] [email protected] [email protected] [email protected] Jaret Turkell Jarrod Smith Preston Reid Managing Director Analyst Associate Director 305.913.5545 813.387.9912 813.387.9905 [email protected] [email protected] [email protected]

HFF FLORIDA OFFICES Tampa Miami Orlando 101 East Kennedy Boulevard 1450 Brickell Avenue 300 South Orange Avenue Suite 3905 Suite 2950 Suite 1250 Tampa, FL 33602 Miami, Florida 33131 Orlando, FL 32801 Telephone: 813.387.9900 Telephone: 305.448.1333 Telephone: 407.745.3900 Fax: 813.387.9940 Fax: 305.448.9499 Fax: 407.745.3935

No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein. The Property is offered subject to errors, omissions, change of price, rental or other conditions including withdrawal without notice, and will be subject to any special conditions, which may be imposed or made by the owner or Holliday Fenoglio Fowler, L.P. The owner and Holliday Fenoglio Fowler, L.P. reserve the right to accept or reject or withdraw any and all offers.

@2017 Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.