Jonathan Skinner O: 757-825-9100 F: 757-838-2574 C: 757-771-5905 [email protected] Confidentiality Agreement

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Jonathan Skinner O: 757-825-9100 F: 757-838-2574 C: 757-771-5905 Jskinner@Harrison-Lear.Com Confidentiality Agreement TIMBERS TOWNHOMES APARTMENTS 104 Unit Multifamily Property Offered For Sale Contact: Jonathan Skinner O: 757-825-9100 F: 757-838-2574 C: 757-771-5905 [email protected] Confidentiality Agreement Harrison and Lear, Inc., (“listing agent”) has been engaged to exclusively 3) The zoning or legal status of the Property; represent 4) The compliance with applicable codes, laws, regulations, the Seller in the sale of Timbers Townhome Apartments (“Property”). The owner statutes, ordinances, covenants, conditions and restrictions has indicated that all inquiries and communications with respect to the of any governmental, quasigovernmental entity or any other contemplated person or entity; sale of such Property be directed to listing agent. 5) The size of the Property,improvements, apartment or Listing agent has available for study certain information concerning the condominium units (including any reference to square Property which may include various papers, documents, data and other footage);and materials, portions of which may be included in a package or brochure 6) Except as expressly provided otherwise in the executed Purchase (hereinafter referred to as the “Evaluation Material”). Listing agent is and Sale Agreement (as hereinafter defined), the condition of title prepared to furnish the evaluation Material in connection with discussions and nature, status and extent of any right-of-way, right of and negotiations concerning a possible transaction involving the redemption, possession, lien, encumbrance, lease, reservation, Propertyon the condition that Purchaser agrees to treat it in a confidential covenants, conditions, restrictions, and any other matter affecting manner and make the representations and agreements herein provided. the title. therefore, Purchaser hereby represents and agrees as follows: Neither the Purchaser nor the owner shall be bound until execution of a The Property is being offered to qualified investors/purchasers only on an “As Is/ formal Purchase and Sale agreement, which shall then supersede prior Where Is” basis, with all faults and without representations or warranties discussions and constitute the sole agreement of the parties. of any kind or nature (express or implied). the owner expressly disclaims any warranty, not limited to any warranty of habitability, suitability, fitness The Evaluation Material furnished to Purchaser will not be used by Purchaser for a particular purpose, merchantability or quality of workmanship, for any purpose other than for evaluating a possible transaction involving construction or repair. Purchaser should be aware that prior to and after the Propertywith the Purchaser . The Purchaser understands and acknowledges contracting to purchase, reasonable opportunity to inspect and investigate that listing agent and the owner do not make any representations or the Propertyand all improvements thereon shall be given. all requests warranty as to the accuracy or completeness of the evaluation. The Purchaser for additional information and property tours, however, are to be made agrees that neither listing agent nor the owner shall have any liability through the listing agent. Jonathan Skinner(direct: (757)771-5905, e-mail: for any reason to the Purchaser or related parties resulting from the use [email protected]). Purchaser shall be responsible for all costs and of, or reliance upon, the Evaluation Material. further, Purchaser agrees expenses associated with its investigation. The owner and listing agent respectfully that all financial projections provided by Owner or Listing Agent are for request that Purchaser refrain from contacting any on-site personnel or residents. informational purposes only. This presentation, prepared by Harrison and Lear, Inc. was sent to the recipient under the assumption that he or she is a buying Purchaser shall not rely upon information provided by owner or its agents Purchaser. Please be aware that this information has been derived from as to: 1) The quality, nature, adequacy and physical condition of the sources deemed reliableand no warranty is made as to its accuracy. Further, Property, including but not limited to: structural elements, no warranties or representations shall be made by listing agent or their foundation, roof, appurtenances, access, landscaping, parking agents, representatives, or affiliates regarding oral statements which have facilities, electrical, HVAC, plumbing, sewage and utility system, been made in the discussion of the Property. Parties seeking to act in a third- facilities, appliances; party brokerage capacity must register their client(s) with listing agent prior 2) The quality, nature, adequacy and physical condition of soils to receiving or dispersing any marketing information. Listing agent will not and geology and the existence of ground water or any other recognize any third-party brokerage relationship without first receiving and environmental matter; approving such written client registration. Offer Solicitation Process Offer Submission Contact Information Offers should be presented in the form of a non-binding Letter of Jonathan Skinner Intent, spelling out the significant terms and conditions of 2310 Tower Place, Suite 105 Purchasers’ offers including, but not limited to (1) asset pricing, (2) Hampton, VA 23666 due diligence and closing time frame, (3) earnest money deposit, (4) a o 757-825-9100 description of the debt/equity structure, and (5) qualifications to f 757-838-2574 close. The purchase terms shall require all cash to be paid at c 757-771-5905 closing. Offers should be delivered to the attention of Jonathan [email protected] Skinner at the address and/or email listed herein. Property Visitation Prospective purchasers will have the opportunity to visit the Property via pre-scheduled property tours. these tours will include access to a representative sampling of units and access to maintenance and other similar facilities. In order to accommodate the Property’s ongoing operations, Property visits will require advance notice and scheduling. Available Tour Dates To schedule your tour of the Property, please contact Jonathan Skinner at 757-771-5905 or [email protected]. Timbers 3 Table of Contents Executive Summary 5 Investment Highlights Location Analysis 8 City of Norfolk HamptonRoads Retail Property Location 10 Directions Property Description 11 Features and Amenities Property Summary Unit Mix Floor Plans Financial Analysis 16 Stabilized Proforma Post-Renovation Proforma Financial Assumptions Market Overview 19 Hampton Roads Apartment Market Rent Comparables Timbers 4 Executive Summary Harrison and Lear is proud to present the opportunity to acquire the Timbers Townhomes (“Timbers”), a 104 unit multifamily asset strategically located in the geographic center of the Hampton Roads region in Norfolk, Virginia. Situated near the intersection of East Little Creek Road, Chesapeake Boulevard and Interstate 64 (I-64), this spacious family-oriented Property is approximately one mile from the Norfolk Naval Air Station. Timbers has undergone recent renovations but remains an excellent value-add opportunity with the largest floor plans in the market. Interior walls and ceilings have been replaced in approximately 20 apartment units. The spacious and efficient unit layouts are perfectly positioned for families. This Class C, multifamily housing investment opportunity is being offered subject to an assumable self-amortizing HUD loan at 4.2%, with 20 years remaining on the loan. Price Market Total number of units 104 Total net rentable sf 114,300 Year built 1973 Acres 7.06 Average unit size 1,099 sf Average rent/month $1,022 Average rent/psf $1.01 Current occupancy (November 2017) 82% Loan balance (November 2017) $5,561,723 Assumable Loan – interest rate 4.2% Timbers 5 Investment Highlights Great Central Location Excellent Asset and The Property is strategically positioned with excellent access to the Market Performance East Little Creek Road retail corridor, with its array of popular dining and shopping destinations. It is also near Interstate 64 putting all of the As of January 2017, rents in the Hampton Roads multifamily market employment centers and amenities of Norfolk, and all of Hampton reached an all-time high with an average effective rent of $1,033, while Roads, within easy reach. occupancy improved to 93.9%. Rental rates increased an impressive 3.0% in the past 12 months. In the Norfolk submarket, monthly market rents are averaging $1,031 ($1.13 psf) with an increase in average effective rent of The Timbers is situated in the path of progress. Several major economic developments are just minutes from the Property including Norfolk 3.8% over the past 12 months. Premium Outlets and the first SE Virginia IKEA. It has immediate access Over the past year, 2,081 units were delivered in Hampton Roads while to I-64, which provides residents ready accessibility to all of Hampton 1,789 units have been absorbed. Absorption is forecasted to keep Roads. This includes Downtown Norfolk, Virginia Beach, historical pace and exceed construction in both Norfolk and the overall Hampton locations, retail and recreational facilities like JANAF Shopping Center, Roads market. Gallery at Military Circle and Northside Park, and the vast number of universities and colleges located throughout the region. Timbers also enjoys immediate access to Norfolk International Airport. Class C Multifamily Housing with Value-Add Story Current ownership has done a tremendous job with the community completing
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