Lakeshore Towers FOR SALE 116 UNITS 2306 SW 13th Street plus land for an additional 100+ units Gainesville, FL 32608 Executive Summary

Standing at 12 stories, Lakeshore Towers is the tallest apartment building in Gainesville, Florida. The property was developed in 1965 by the legendary Clark Butler of Butler Enterprises and is being sold by Trustees of the Butler family. Lakeshore Towers is within one mile of the University of Florida, the Malcolm Randall VA Center, Shands Hospital, City College, and just a few minutes from millions of square footage of retail, restaurants, groceries, movie theater, and numerous jobs and commerce at Butler Plaza and Celebration Pointe. This asset has been very attractive to both conventional and student renters over the years. It is a 116-unit mid-rise apartment community on 7.14 acres consisting of 16 studios, 76 one bedroom one bath units, 2 one bedroom two bath units, and 22 two bedroom two bath units. There are breathtaking views of Bivens Arm Lake to the south and west, views of downtown, and the University of Florida campus to the north and west. The property was completely vacated because the Seller intended to do a full restoration themselves but decided instead to concentrate on their main shopping center business (Butler Plaza). Formerly there was a pool and pool deck but the owner filled in the pool recently. The first floor has an awesome grand lobby entrance and kitchen lounge area. The basement has a loading dock for resident furniture and houses the garbage container for the building via interior garbage shoots on each floor. Floor 2 is composed of the former Butler Enterprises main office and maintenance and file storage for their operations. Floors 3 through 7 are all one bedrooms. Floor 8 is all two bedrooms. Floors 9 through 12 have studios, one bedrooms and two bedrooms. There is a chiller system on the roof for the building but it is recommended to remove the chiller system and go to individual mini splits for substantial utility savings and effectiveness for the residents. Each unit is individually metered for electric but the landlord pays for water and sewer. New buyer should charge back for water and sewer as this is customary in the market. Laundry facilities are located on each floor. Executive Summary (continued)

There are also two cell tower leases on the roof of the building generating approximately $101,475 in annual NNN rent! Details included in this offering package.

The current zoning allows for 50 units/acre and there is room for over 100 additional units to be built. There are few assets in the northern half of Florida with more value add potential than this offering. This is an A location asset with extremely unique characteristics compared to the rest of the inventory in this market. Lakeshore Towers is the perfect candidate to benefit from a substantial capital improvement plan to the exterior and interior of the property as well as updating outdated and inefficient MEP systems.

VIDEO – Drone Property Tour Market Aerial

Butler North Butler Town Center

Walmart Total Wine H&R Block Ashley Marshalls Miya Sushi Great Clips Dick’s Sporting Payless Rent A Center China King Children’s Longhorn TGIFridays The Hyppo Sleep Center Olive Garden McAlister’s Deli Cici’s Pizza Cancer Bahama Breeze Lowes Gigi’s Cupcakes Which Wich UF Shands

Sam’s Club Jimmy Hulas 4 Rivers BBQ Smoothie King Hospital Jimmy John’s Gator Mania Falafel King Burger Fi Cancer VA Orange Theory Jersey Mikes Starbuck’s Center Medical Butler West

Target Publix Carter’s Old Navy SW 20th Avenue Rack Room Shoes Massage Envy

GNC Village Jeweler Hair Cuttery Maple Street Biscuit Kirklands Ale House

Arby’s Pollo Tropical Dairy Queen Texas Roadhouse

Celebration Pointe Celebration Pointe Butler Central

Bass Pro Shop Eddie Montgomery’s PetSmart Rascal Flatts Grill Liquid Ginger Ross Office Max Michael’s Pier 1

Reggae Shack Margaritaville Tuesday Morning Trader Joe’s Kilwin’s Confections Miller’s Ale House Zaxby’s AT&T Regal 10 Theatre Nike Shop

InfoTech Hotel Indigo Outback Yogurtology Luxury Regal Theatre Outlet Shopping Hibbett Sports Zoe’s Property Aerial

5.41 Acres +/- 1.39 Acres +/-

0.34 Acres +/- Prairiewood Condos

Anthem House – 2021 Delivery 124 Units/185 Beds Click for Info Property & Area Details

DEMOGRAPHICS

1-Mile: 10,742 3-Mile: 77,175 5-Mile: 143,510 Population

1-Mile: $34,086 3-Mile: $28,120

Median Income 5-Mile: $37,431 *incomes skewed due to heavy nearby student population

CONSTRUCTION UTILITIES Style Mid-rise Electric Tenant Year Built 1965 Water Landlord # of Bldgs. 1 Sewer Landlord 1-Mile: 66.8% # of Stories 12 Construction Reinforced concrete Exterior Cement Brick UNIT MIX 3-Mile: 64.9% Roof Gravel & Tar 16 Studios - 400 SF +/- Plumbing Cast Iron 76 1 BR/1 BA - 700 SF +/- Renter Occupied 5-Mile: 53.5% Electrical Aluminum & Copper 2 1 BR/2 BA - 750 SF +/- 22 2 BR/2 BA - 1,000 SF +/- Units PARCELS Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri Alachua county: 15696-003-000, forecasts for 2020 and 2025 Esri converted Census 2000 data into 15696-005-000, 15696-004-001 2010 geography. Cell Tower Income

Located on the roof Name Start End Monthly Rent Annual Rent Options T-Mobile 1/1/06 12/31/25 $3,894.92 $46,739.04 2x5 Years exercised 1/1/16 AT&T 5/1/01 4/30/21 $4,542.95 $54,736.44 None

~Both users have expressed interest in continuing their leases ~Each user is responsible for individual meter utilities, associated property taxes, insurance & maintenance of their asset ~A complete abstract of each lease is available upon a signed confidentiality agreement Fire Sprinklers

Excerpts taken from the Florida Fire Prevention Code 7th Ed 101:13.3.2.26

Fire sprinklers are required for this building. None currently exist. Conceptual Entry from SW 13th Street Conceptual Site Study Conceptual Building Building Layout

Floors 9-12 Studios & 1BR/1 BA & 2 BR/2 BA

Floor 8 All 2 BR/2 BA

Floors 3-7 All 1 BR/1 BA

2nd Floor Offices & Maintenance

1st Floor Lobby & Lounge P h o t o s (when in operation) Click here for more photos P h o t o s (when in operation) Click here for more photos P h o t o s (when in operation) Click here for more photos Views from Balconies Click here for more photos

Stephen C. O’Connell Center Bivens Arm Lake Ben Hill Griffin Stadium

Southern View Eastern View SW 13th Street Sale Comparables

Center Court University Park Comps chosen on age, unit mix, and proximity to subject

Point West 2 3

The Hammocks The Olser 1 Piccadilly

5 10 Sundowne Villas 4 6 7 9 Hamlet Cove 8 Silver Creek Summer Place Sale Comparables

Lakeshore Towers

Year Built # of Units Target Price

1965 116 Call for Offers Subject Property Subject 16 Studios, 78 – 1 Bedrooms, 22 – 2 Bedrooms

1 Point West – 500 SW 34th Street Year Built # of Units Sold Price Price/Unit Date Sold

1969 146 $13,225,000 $90,582 Jun 2019

48 – 1 Bedrooms, 85 – 2 Bedrooms, 12 – 3 Bedrooms No renovations to interior or exterior

2 Center Court – 1210 NW 11th Avenue Year Built # of Units Sold Price Price/Unit Date Sold

1980 16 $2,720,000 $170,000 Oct 2020

1 – 1 Bedroom, 15 – 2 Bedrooms Partial renovation to interior and exterior Sale Comparables

3 University Park – 1222 NW 8th Avenue

Year Built # of Units Sold Price Price/Unit Date Sold

1960 17 $1,675,000 $98,529 Oct 2020

All Studios Partial renovation to interior and exterior

4 The Hammocks – 3751 SW 20th Avenue

Year Built # of Units Sold Price Price/Unit Date Sold

1978 152 $10,630,731 $69,939 Jan 2020

All 1 Bedrooms Exterior renovation and 10 year old interior renovations

5 Piccadilly – 2220 SW 34th Street Year Built # of Units Sold Price Price/Unit Date Sold

1972 234 $16,275,000 $69,551 Feb 2020

169 – 1 Bedrooms, 65 – 2 Bedrooms No renovations to interior or exterior Sale Comparables

6 Sundowne Villas – 3600 Windmeadows Blvd

Year Built # of Units Sold Price Price/Unit Date Sold

1977 141 $9,219,705 $65,388 Jan 2020

85 – Studios, 55 – Bedrooms, 1 – 2 Bedroom Full exterior renovation but no interior renovations

7 Silver Creek- 3009 SW Archer Road

Year Built # of Units Sold Price Price/Unit Date Sold

1986 82 $8,000,000 $97,561 Mar 2019

1 – Studio, 24 – 1 Bedrooms, 37 – 2 Bedrooms, 20 – 3 Bedrooms Partial interior renovation but no exterior renovations

8 Summer Place – 3316 SW 41st Place Year Built # of Units Sold Price Price/Unit Date Sold

1977 69 $4,365,112 $63,262 Jan 2020

All 1 Bedrooms Exterior renovations but no interior renovations Sale Comparables

9 Hamlet Cove – 3010 SW 23rd Terrace

Year Built # of Units Sold Price Price/Unit Date Sold

1979 131 $8,800,000 $67,176 Jun 2019

All 1 Bedrooms *Under contract for estimated $100k/unit Exterior renovations but no interior renovations

10 The Olser – 1903 SW 14th Terrace

Year Built # of Units Sold Price Price/Unit Date Sold

1962 36 $3,150,000 $85,135 Jun 2020

24 – 1 Bedrooms, 24 – 2 Bedrooms Partial interior and exterior renovations Rent Comparables

Wildflower

Mount Vernon

The Bartram The Commons 7 The Galen Country Village Williamsburg

8 Liv+ Silver Creek 3 6 9 2 4 5 Anthem House

1 10 Boardwalk Tivoli

11

Bivens Cove 12 13 Rent Comparables

Lakeshore Towers

Year # of Unit Size SF Rent/Unit Built Units 16 Studio 400 $875 Subject Property Subject 76 1 BR/1 BA 700 $1,025 1965 2 1 BR/2 BA 750 $1,050 22 2 BR/2 BA 1,000 $1,450 ~Market rents after renovations

1 Silver Creek – 3009 SW Archer Road Year # of Units Unit Size SF Rent/Unit Built

24 1 BR/1 BA 660 $1,007 1986 37 2 BR/2 BA 835 avg $1,309

~Also has 20 – 3 BR/2 BA units

2 Country Village – 2700 SW Archer Road Year # of Units Unit Size SF Rent/Unit Built

45 1 BR/1 BA 745 $926 1972 30 2 BR/2 BA 1,000 $1,052

~Also has 15 – 3 BR/2 BA units

Asking rents from Apartments.com Rent Comparables

3 Mount Vernon – 2370 SW Archer Road Year # of Unit Size SF Rent/Unit Built Units 60 1 BR/1 BA 675 avg $954 1969 24 2 BR/1.5 BA 1,100 $1,121 18 2 BR/2 BA 1,000 $1,162

4 The Bartram – 2337 SW Archer Road Year # of Unit Size SF Rent/Unit Built Units 23 Studio 643 $1,380 2008 71 1 BR/1 BA 762 $1,421 120 2 BR/2 BA 1,279 $1,925 ~Also has 72 – 3 BR/2 BA units & 48 – 3 BR/3 BA units

5 Williamsburg Village – 2000 SW 16th Street Year # of Unit Size SF Rent/Unit Built Units

42 1 BR/1 BA 625 avg $959 1967 42 2 BR/2 BA 1,000 $1,162

~Also has 44 – 3 BR/2 BA units

Asking rents from Apartments.com Rent Comparables

6 The Commons – 2001 SW 16th Street Year # of Unit Size SF Rent/Unit Built Units

50 1 BR/1 BA 745 $919 1971 49 2 BR/2 BA 945 $1,010

7 Wildflower – 1210 SW 11th Avenue Year # of Unit Size SF Rent/Unit Built Units

75 1 BR/1 BA 792 $1,522 2007 111 2 BR/2 BA 1,077 $1,919

~Also has 15 – 3 BR/2 BA units

8 The Galen – 1626 SW 14th Street Year # of Unit Size SF Rent/Unit Built Units

1978 18 1 BR/1 BA 750 $1,199

Asking rents from Apartments.com Rent Comparables

9 Liv+ - 1900 SW 13th Street Year # of Unit Size SF Rent/Unit Built Units 54 Studio 351 $1,189 2020 40 1 BR/1BA 581 $1,386 38 2 BR/2 BA 830 avg $1,848 ~Also has 13 – 3 BR/3 BA units, 56 – 4 BR/4BA units, 19 – 5 BR/5 BA units & 15 – 6 BR/6 BA units

10 Anthem House – 2534 SW 13th Street Year # of Unit Size SF Rent/Unit Built Units

63 1 BR/1 BA 754 $1,530 2021 61 2 BR/2 BA 1,163 $1,950

11 Boardwalk – 2701 SW 13th Street Year # of Unit Size SF Rent/Unit Built Units

52 1 BR/1 BA 704 $955 1984 104 2 BR/2 BA 980 $1,025

~Also has 104 – 3 BR/2 BA units

Asking rents from Apartments.com Rent Comparables

12 Tivoli – 2841 SW 13th Street Year # of Unit Size SF Rent/Unit Built Units

12 1 BR/1 BA 844 $844 1976 36 2 BR/2 BA 998 $934

~Also has 84 – 3 BR/3 BA units & 12 – 4 BR/4 BA units

13 Bivens Cove – 3301 SW 13th Street Year # of Unit Size SF Rent/Unit Built Units

52 1 BR/1 BA 758 $916 1972 10 2 BR/2 BA** 1,007 $982

~Also has 73 – 3 BR/2 or 2.5 BA units & 9 – 4 BR/3 BA units **Other 2 BR floor plans include 1 BA & 1.5 BA at same size

Asking rents from Apartments.com Land Comparables

3.27 Acres +/- Land Comparables

Lakeshore Towers Land

# of # of # of Price/ Price/ Price/ Asking Price Acres Units Beds Unit Bed Acre

Subject Property Subject 3.27 124 170 $2,500,000 $20,161 $14,706 $764,526

1 Hub on 3rd Avenue – 301-303 NW 13th Street

# of # of # of Date Sold Price/ Price/ Price/ Delivery Acres Units Beds Sold Price Unit Bed Acre

2020 1.74 201 661 May 18 $7,638,700 $38,003 $11,556 $4,390,057

2 Hub on University – 1105 W University Avenue # of # of # of Date Sold Price/ Price/ Price/ Delivery Acres Units Beds Sold Price Unit Bed Acre

2020 0.82 109 413 Aug 17 $7,350,100 $67,432 $17,797 $8,963,537 Land Comparables

3 The Row – 407 SW 13th Street

# of # of # of Date Sold Price/ Price/ Price/ Delivery Acres Units Beds Sold Price Unit Bed Acre

2022 0.53 65 181 Mar 19 $4,400,000 $67,692 $24,309 $8,301,887

4 Woonerf – 1200 SW 5th Avenue

# of # of # of Date Sold Price/ Price/ Price/ Delivery Acres Units Beds Sold Price Unit Bed Acre

2023 1.84 242 663 Mar 21 $12,387,564 $51,188 $18,684 $6,732,327

5 Liv+ – 1900 SW 13th Street # of # of # of Date Sold Price/ Price/ Price/ Delivery Acres Units Beds Sold Price Unit Bed Acre

2020 11.42 235 618 Oct 18 $6,780,000 $28,851 $10,971 $593,695 Land Comparables

6 The Mark – 411 NW 13th Street

# of # of # of Date Sold Price/ Price/ Price/ Delivery Acres Units Beds Sold Price Unit Bed Acre

2022 2.47 155 485 Oct 20 $10,618,000 $68,503 $21,893 $4,298,785

7 Anthem House – 2548 SW 13th Street

# of # of # of Date Sold Price/ Price/ Price/ Delivery Acres Units Beds Sold Price Unit Bed Acre

2021 2.45 124 185 May 20 $1,225,000 $9,879 $6,622 $500,000

8 Batey Land – 323 NW 19th Street # of # of # of Date Sold Price/ Price/ Price/ Delivery Acres Units Beds Sold Price Unit Bed Acre

2022 0.50 49 135 Sept 20 $1,525,000 $31,122 $11,296 $3,050,000 Land Comparables

9 West University – 1642 W University Avenue

# of # of # of Date Sold Price/ Price/ Price/ Delivery Acres Units Beds Sold Price Unit Bed Acre

2023 2.80 182 604 Jul 20 $21,674,300 $119,089 $35,885 $7,740,821 You have indicated an interest in purchasing (Lakeshore Towers located in Gainesville, FL) "Property" from its respective Owner(s).

The Owner(s) is willing to discuss a possible sale of the Property with you and will furnish to you certain documentation and information requested by you, from time to time, in connection with the Property which the Owner deems appropriate to furnish to you ("Documentation"). However, the Documentation shall be furnished to you with the express understanding that the following shall apply:

(1) Any Documentation delivered to you shall be used by you and your employees and agents for internal purposes only in order to permit you to analyze the prospective purchase of the Property; (2) No copies will be made of any Documentation without the express written consent of the Owner; (3) None of the Documentation, or information contained therein, or knowledge derived there from shall be disclosed to any third party unless such disclosure is consented to, in advance and in writing, by the Owner and such party agrees to be bound by the terms of this letter; furthermore you will be responsible for the failure of any related party to maintain the terms of this agreement; (4) If you do not purchase the Property, then all Documentation furnished to you shall be returned or destroyed; (5) The conditions of this letter are not intended to and shall not cover any information which is generally known within the real estate industry or which is public knowledge; (6) You are acting as a Principal in this transaction and not a wholesaler or an agent of or acting on behalf of any other party; (7) You or your staff will not contact anyone at the property without written permission from Beau Beery Multifamily Advisors or Owner; (8) The information provided in this Offering, including all attachments, is believed by the Owner and Broker to be accurate, but no representation, warranty or guaranty is being made by the Owner or Broker with respect to such information or other information that may be provided. The information is subject to errors, omissions and changes, and the Owner and Broker are under no obligation to update any of the information in case of any change. This information is being provided as part of an invitation for offers, and nothing contained herein shall constitute an offer by the Owner. Any offer received by the Owner and Broker shall be subject to the acceptance by the Owner of the price and all other terms and conditions and the execution of a formal contract for sale and purchase.