Belaire Apartments

BelAire Apartments 825 Powder Springs Road • Marietta, GA 30064 188 Units • Built in 1987 | Investment Sales Contacts TAYLOR BROWN CORY CAROLINE SAMS Director Senior Director Multifamily Investment Sales Multifamily Investment Sales 678.894.2219 678.894.2220 [email protected] [email protected]

BARDEN BROWN CHANDLER BROWN Senior Managing Director Director Multifamily Investment Sales Multifamily Investment Sales 678.894.2221 678.894.2225 [email protected] [email protected]

BO BROWN President / CEO Greystone Brown REA 678.894.2216 [email protected]

| Lending Contacts KEITH HIRES CARTER KING Managing Director Director Greystone Lending Greystone Lending 678.495.9809 678.495.9863 [email protected] [email protected]

Greystone Brown Real Estate Advisors 1303 Hightower Trail, Suite 205 Atlanta, GA 30350 O: 770.594.1915 | F: 70.594.7065 www.greystonebrown.com

THE BELAIRE APARTMENTS 2 45 54 30 52 16 5 Site Survey Low Aerial Floorplans Property Photos Amenities andFeatures Structural Details PROPERTY DESCRIPTION Five-Year Analysis Pro FormaAssumptions Operations AnalysisandProForma Unit Mix Financial Summary FINANCIAL ANALYSIS Demographics New EconomicDevelopments Major EmloymentCenters Aerials andMaps Cobb CountyOverview AREA OVERVIEW Local MapandAerial Investment Highlights INVESTMENT SUMMARY Rent ComparablesRanking Rent ComparablesMapandProfile Atlanta Rental Market Summary RENTAL MARKET SALES COMPARABLES THE BELAIRE APARTMENTS

3 Contents PROPERTY VISITS Prospective buyers will have the opportunity to visit the property via prescheduled property tours. These tours will include access to a sampling of available units and limited access to property personnel. In order to accommodate the ongoing operations, property visitation will require at least 48 hours’ notice. No property tours will be allowed without a scheduled appointment and prospective purchasers may not visit the property or contact the property, staff, and tenants without being accompanied by a representative from Greystone Brown Real Estate Advisors.

BID DEADLINE AND OFFER SUBMISSION The bid deadline will be announced shortly. Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of Purchaser’s offer including, but not limited to: (1) asset pricing, (2) due diligence and closing time frame, (3) earnest money deposit, (4) a description of the debt/equity structure, (5) an explanation of capital sources, (6) any contingencies that may exist, and (7) specific explanation of who should pay closing costs.

PROPERTY NAME HERE (SEE “MASTER R) 4 EXECUTIVE SUMMARY HIGHLIGHTS • Built in 1987 and consisting of 188 units, The BelAire Apartments is an institutionally-sized property located in a growth submarket with strong demographics. • With an average in-place rent of $1,164 a new owner can upgrade units to “Elite” level and achieve projected rents of $1,479 on average, a $315 increase. • Proving the demand for upgraded units, six “Elite” level studio units were brought online in late December 2020. These units filled quickly and lease for $1,155 and $1,200 for the 585 SF and 685 SF units respectively. • 170 units (90%) have the ability to be upgraded to “Elite” levels. • The asset features high-quality construction and desirable elements such as pitched roofs, covered exterior breezeways, patios, open floorplans, and washer/dryer connections in all units except 16 one- bedroom units. • Located in highly desirable Cobb County with barriers to entry for new construction. Only one market rate project built since 1997 within a 4-mile radius. • Located just a mile and a half from downtown Marietta with direct access via Powder Springs Road. • New single-family construction directly across the street from the subject is on the market for over $400,000. • The asset is 6 miles from the $1.1B Braves Stadium and entertainment/lifestyle complex, The Battery and Truist Park. Additionally, BelAire is 5.5 miles from Cumberland Mall and the Platinum Triangle, which consists of a wide array of retail and office and retail developments.

6 THE BELAIRE APARTMENTS The BelAire FINANCIAL HIGHLIGHTS

General Information Financial Overview Property The BelAire Renovation Proforma NOI $2,301,682 Address 825 Powder Springs Road Non-Renovation Proforma NOI $1,948,433 Marietta, GA 30064 T-1 Income / T-12 Expenses NOI $1,492,315 Year Built 1987 Physical Occupancy (Mar 2021) 97.9% Number of Units 188 Economic Occupancy (Feb 2021) 89.2% Average Sq. Ft. 982 February Collections $218,416 Rentable Sq. Ft. 184,690 T-12 Expenses $1,128,673 Acreage 19.559 Proforma Expenses $1,101,597 Units / Acre 9.61 Number of Buildings

THE BELAIRE APARTMENTS 7 Investment Summary

Year Built / Renovated: 1987 # of Units: 188 Average Unit Size (SF): 982 Total Rentable SF: 184,690 # of Residential Buildings: 20 Number of Stories: 2-3 Acreage: 19.56 Units Per Acre: 9.61 Physical Occupancy: 97.9%

Map 2 - Villas of East Cobb

17 Cobb County Highlights

MARIETTA Braves / Truist Park / The Battery 1. Atlanta 2. Cumberland Mall 3. Galleria Complex 4. Cobb Energy Performing Arts Centre 16 5. Home Depot Headquarters 6. Overlook Office Park 7. Heritage Pavilion Power Center 15 18 8. Lake Park Office Park 19 9. Windy Hill Medical Center 10. Wildwood Office Park 11. Governor’s Ridge Office Park 14 20 12. Parkwood Office Park 11 10 13. Pennant Office Park 21 Home Depot Technology Center; 14. Newmarket Business Park 15. Life University 1212 Kennesaw State U. (Marietta 9 16. 8 Campus) 13 17. Wellstar Kennestone Hospital 25 22 18. Lockheed-Martin Plant 7 1 19. Chattahoochee Technical College 23 3 4 20 Dobbins Air Reserve Base SMYRNA 24 2 21. National Guard Center 22. Belmont Redevelopment 23. Smyrna Village Green Complex 6 24. Jonquil Plaza Redevelopment 5 25. Smyrna Grove Redevelopment 0 mi 1 2 3 4 Copyright © and (P) 1988–2012 Microsoft Corporation and/or its suppliers. All rights reserved. http://www.microsoft.com/mappoint/ Certain mapping and direction data © 2012 NAVTEQ. All rights reserved. The Data for areas of Canada includes information taken with permission from Canadian authorities, including: © Her Majesty the Queen in Right of Canada, © Queen's Printer for Ontario. NAVTEQ and NAVTEQ ON BOARD are trademarks of NAVTEQ. © 2012 Tele Atlas North America, Inc. All rights reserved. Tele Atlas and Tele Atlas North America are trademarks of Tele Atlas, Inc. © 2012 by Applied Geographic Solutions. All rights reserved. Portions © Copyright 2012 by Woodall Publications Corp. All rights reserved. Strong Demographics Market Rent Growth (YOY%) vs. Market Rent ($) • Cobb County as a whole is affluent, with Cumberland Galleria Submarket Market Rent Growth (YOY %) vs. Market Rent ($) an average household income that is 24% Cumberland Galleria Submarket higher than that of the state of Georgia $1,400 10% and 11% higher than the figure for metro $1,350 9% 8% Atlanta. $1,300 7% • Within a five-mile radius of BelAire, the $1,250 6% average household income is nearly $1,200 5% $96,000. The 2021 estimated median $1,150 4% owner occupied housing value within 3% $1,100 a three-mile radius of the property is 2% $300,000. $1,050 1% • Georgia Trend ranks Cobb as the most- $1,000 0% educated county in Georgia with over 48% of the county’s workforce holding a 2017 - Q1 - 2017 2019 - Q1 - 2019 2018 - Q1 2016 - Q1 - 2016 2017 - Q2 2017 - Q3 2017 - Q4 2017 2021 - Q2 - 2021 2019 - Q2 2020 - Q1 - 2020 2019 - Q3 2018 - Q2 - 2018 2016 - Q2 - 2016 2018 - Q3 - 2018 2016 - Q3 - 2016 2019- Q4 2016 -Q4 2018 - Q4 - 2018 2020 - Q2 2020 - Q3 bachelor’s degree or higher. Q4 - 2020

• In addition to the strong demographics, 2021- Q1 QTD the Cumberland Galleria submarket has Market Rent ($) Market Rent Growth (Year Over Year %) experienced strong rent growth and high BelAire Market Rent - $1,279 occupancy. Rents have increased 6% at BelAire since August 2020. • These factors prove the opportunity for Submarket vs. BelAire Occupancy Trends Cumberland/Galleria Submarket vs. BelAire Occupancy Trends continued organic rent growth, and to Cumberland Galleria Submarket respotiion the asset through further interior 100% renovation. 98% BelAire (March 2, 2021) Occupancy: 97.9% 96% 94% 92% 90% 88% 86% 2017 - Q1 2019 - - Q1 2019 2016 Q1 - 2016 2018 - Q1 2017 - Q2 2017 - Q3 2017 - Q4 2021 - Q2 - 2021 2021 - Q3 - 2021 2019 - Q2 2019 2020 - Q1 2016 Q2 - 2016 2018 - Q2 2021 - Q4 - 2021 2019 - Q3 2019 2016 Q3 - 2016 2018 - Q3 2019 - Q4 - 2019 2016 - Q4 2018 - Q4 2020 - Q2 2020 - Q3 2020 - Q4 2021 - Q12021 QTD

BelAire (March 2021) Cumberland/Galleria Atlanta

THE BELAIRE APARTMENTS 9 Lite Renovation Units • The asset has 119 “Lite 1 BR / 1 BA 9 690 Renovation” units which 2 BR / 2 BA 66 1,000 includes black appliances, 2 BR / 2 BA 38 1,100 cherry cabinets, and wood-look 3 BR / 2 BA 6 1,285 vinyl floors. Total/Average 119 1,023 • These units are receiving up to $130+ premium over classic units.

| LITE RENOVATION

Lite Greyscale Renovation Units • The current owner has 1 BR / 1 BA 2 690 modernized 12 units with an 2 BR / 2 BA 5 1,000 interior greyscale finish package 2 BR / 2 BA 5 1,100 which includes white painted Total/Average 12 990 cabinets, faux marble counter tops, subway tile backsplash, brushed nickel hardware, and wood-look vinyl flooring. • The “Lite Greyscale Renovation” units are receiving a $160-$225 rent premium.

| LITE GREYSCALE RENOVATION

THE BELAIRE APARTMENTS 10 Premium Renovation Units • BelAire has 2 units that 1 BR / 1 BA 1 690 are “Premium Renovation” level, which includes white 2 BR / 2 BA 1 1,100 shaker cabinets, stainless- Total/Average 2 895 steel appliances, resurfaced counter tops, tiled backsplash, gooseneck faucet, brushed nickel hardware, and wood-look vinyl floors. • Management priced these units at $250 and $350 above classic style units and were reportedly leased very quickly.

| PREMIUM RENOVATION

Studio Units • The current owner has built out 18 Units brand new studio units with luxury Studio 12 585 finishes. These new studio units Studio 6 680 feature elite finishes with white Total/Average 18 617 shaker cabinets, stainless-steel appliances, built-in microwave, quartz countertops, subway tile backsplash, undermount sink with gooseneck faucet, brushed nickel hardware, wood-look vinyl floors, and French doors. • These new studio units are receiving a premium of $160+ per month over classic one-bedroom | STUDIO units.

THE BELAIRE APARTMENTS 11 1 BR1 BR RentComparison Comparison $1,400 $1,335 $1,350

$1,300 $355 $1,271 $1,221 $1,200 Delta

$1,100 $1,025 $1,000 $995

$900 Opportunity to Subject Avg. In- Subject Classic 1250 West (Elite) Wood Pointe Discovery Subject Proforma Place Rent Market Rent 893 SF (Elite) Gateway (Elite) Reno Renovate to the Elite 698 SF 900 SF Level • The increasing desirability of the area, strong demographics, and late-1980’s construction make BelAire primed for prepositioning 2 BR2 BR Rent ComparisonComparison $1,780 $1,800 with an elite level renovation. $1,700 $1,651 • The studio units are getting $1.76 and $1.97 per square foot, $1,596 $1,600 $1,525 $1,550 $1,553 which proves the tenants’ willingness to pay a premium for $1,500 elite interior finishes. $1,400 $398 • Additionally, rent comps show the ability to renovate all units Delta $1,300 $1,300 and get premiums of $200 to $500 above classic units. $1,200 $1,152 • See charts on the left. $1,100 Subject Avg. Subject Discovery Subject Wood Pointe 1250 West Trellis Discovery In-Place Classic Gateway Proforma (Elite) (Elite) (Premium) Gateway Rent Market Rent (Elite) Reno 1,218 SF 1,217 SF 1,240 SF (Elite) 1,200 SF 1,200 SF

3 BR3 BR Rent Comparison Comparison $1,700 $1,650

$1,580 $1,600 $1,566 $264 $1,548 $1,560 Delta $1,500 $1,460

$1,400 $1,386

$1,300 Subject Avg. Subject Trellis (Prem) Element 41 1250 West Discovery Subject In-Place Rent Classic Market 1,340 SF (Prem) (Elite) Gateway Proforma Rent 1,274 SF 1,200 SF (Elite) Reno 1,520 SF THE BELAIRE APARTMENTS 12 High Barriers to Entry Multifamily development faces strong opposition by both homeowners and the Cobb County Planning & Zoning Department, creat- ing a barrier for new apartment construction in this submarket. A local government program to purchase and demolish older apartments has removed more than 3,500 units in Cobb County. With a lack of multifamily housing, plus high barriers to entry, the imme- diate submarket enjoyed a 6.9% annual rent growth in the last twelve months.

In recent years, the pipeline for multifamily housing in Cobb County increased. In 2015, county officials zoned land around Battery Atlanta for new construction. Now that these projects on the zoned land are completed, the pipeline will return to its historically low levels.

The Battery and Galleria

BelAire is located near the heart of Atlanta’s prolific “Platinum Triangle” district, which has the city’s largest concentration of Class A office. One of the best is nearby Wildwood Office Park, which is home to numerous Fortune 500 companies including HD Supply, Genuine Parts, IBM, BlueLinx, and General Electric Power.

Located in the Platinum Triangle, six miles from the asset, is the newly constructed $1.1 billion Atlanta Braves baseball stadium, Truist Park and its surrounding mixed-use development, The Battery Atlanta. This 60-acre, $1.1 billion complex is designed as a preeminent lifestyle destination with restaurants, entertainment, 400,000 SF of retail, a 16-story hotel, offices, and Comcast’s headquarters tower. Thus The Battery Atlanta and Truist Park form a prolific economic driver that draws visitors throughout the year, not just on game days. The stadium opened in April 2017.

13 THE BELAIRE APARTMENTS Cobb County Redevelopment Corridor

BelAire is located within the heart of Cobb County’s redevelopment corridor and features the ultimate live, work, Marietta Walk play location with unique shops and highly rated restaurants.

Situated in the historic downtown Marietta train station is the Marietta Square Market. This 18,500-square-foot food hall features 20 restaurants and retail merchants. Hilton Hotel Hedges Along Powder Springs Street, former apartment complexes have & Conf. Ctr. Park been razed and replaced with high-end single-family homes, Marietta as shown on the aerial at right. At Marietta Walk, ten acres of City Club public housing were replaced by 30 single-family homes and 54 townhomes ($402,000–$499,000). Hedges Park offers 78 single-family homes priced from $362,000 to $403,000. On Promenade at the 17-acre site of the old Wynhaven Apartments, Lennar built the Square Promenade at the Square, which has 52 single-family detached homes and 86 townhomes (mid-$200s to $300s).

A gated townhome community called Brownstone Square adjoins BelAire. Right across the street is Marietta Township, a senior gated community with homes ranging from $367,000 to $402,000.

Belmont, located three and a half miles from the asset, is a 48- acre mixed-use redevelopment of a former blighted shopping center. It includes restaurants, retail, Emory Healthcare’s medical offices, Class A apartments, and luxury single-family homes.

Smyrna Grove, comprised of 194 Craftsman-style houses, is Marietta priced from $400,000+. It was built on the site of razed 1970s Township apartments.

The Jonquil Plaza redevelopment features a Publix-anchored POWDER SPRINGS ST. (42,800 V.P.D.) shopping center with 150,000 square feet of retail and high-end apartments which rent for an average of $1,800 per unit. N

THE BELAIRE APARTMENTS 14 Wellstar NEW UPSCALE HOMES Kennestone Hospital A Marietta Township (55+) E Meeting Park ($450k+)

B Promenade at the Square ($300k+) F Quad at Meeting Park ($400k+)

C Hedges Park ($350+) G Mangêt ($400k+)

D Marietta Walk ($350k+) H Marvelle ($300k+)

N. MARIETTA PKWY. (23,000 V.P.D.) Six Flags White Water MARIETTA F

Downtown, H Square, and Courthouse ROSWELL ST. (21,000 V.P.D.) Sam’s E Library Club

G Walmart D COBB PKWY. / U.S. 41 (40,000 VEHICLES/DAY)308,000 V.P.D.

City Club S. MARIETTA PKWY. (27,000 V.P.D.) Civic Marietta C Center ATLANTA RD.

B (42,800 V.P.D.) Kennesaw State University (Marietta campus)

POWDER SPRINGS ST. S. COBB DR. (40,000 V.P.D.) A Life Lockheed Martin N University PROPERTY PROFILE Property Details Unit Mix

Year Built: 1987 Unit Type # of Units Size (SF) Number of Units: 188 Studio 12 585 Average Square Feet: 982 per Unit Studio 6 680 Total Square Feet: 184,690 SF 1 BR / 1 BA 16 690 Site Size / Density: 19.56 Acres / 9.61 Units per Acre 2 BR / 2 BA 87 1,000 Address: 825 Powder Springs Road, Marietta, GA 30064 2 BR / 2 BA 57 1,100 Parking: Approximately 331 open surface spaces 3 BR / 2 BA 10 1,285 One point of ingress/egress to Powder Springs Access: Total 188 982 Road 20 residential buildings, one leasing office, one Number of Buildings: laundry building, and one maintenance / pool building Roof: Pitched roofs with composition shingles Ceiling Height: 8-foot ceilings Unit Count Summary Washer / All units have washer / dryer connections except Studio 18 Dryer Connections: the one-bedroom units (16 units). One-Bedroom Units 16 Foundation: Concrete slab All buildings have wood frame construction with Two-Bedroom Units 144 Exterior Materials: a mixture of cedar plank and HardiePlank siding. Three-Bedroom Units 10 Apartments are accessed by Breezeways: covered exterior breezeways Patio / Balcony: Each unit has a patio or balcony. 5% 10% Plumbing: Copper supply lines and PVC waste lines. 8% All units have an individual, gas forced-air Studio system with interior closet mounted air handler HVAC: and electric exterior pad-mounted condensing 1 BR unit. Units feature individual electric or gas water 2 BR Hot Water: heaters. Wiring: Copper 3 BR 77% Electric / Gas: Gas and electric; gas is used for heat

THE BELAIRE APARTMENTS 17 Community Amenities • Clubhouse/Leasing Office • Swimming Pool • Fitness Center • Dog Park • Common Area WiFi • Playground • Grilling / Picnic Area • Laundry Center • Walking Trail • Mail Kiosk • On Bus Line

Unit Features • Fully-Equipped Kitchen with Frost-free Refrigerator and Open Breakfast Bar • Black Appliances* • Stainless-Steel Appliances* • Faux-Granite Countertops* • Built-In Microwave* • Separate Dining Area* • Brushed Nickel Hardware* • Gooseneck Sink* • Subway Tile Backsplash* • Pantry* • Faux-Wood Vinyl Flooring • Sunroom* • Patio / Balcony with Storage Closet • Washer / Dryer Connections* • Laundry / Utility Room* • Keyless Entry • Walk-in Closet(s) • Ceramic or Marble Tile Tub Surround • Separate Shower* • Coat Closet* • USB Outlets • Paneled Interior Doors* * In select units THE BELAIRE APARTMENTS 19 | PROPERTY SIGN | LEASING OFFICE

| OUTDOOR | FITNESS CENTER GRILLING AREA

THE BELAIRE APARTMENTS 20 | DOG PARK | GAZEBO

| LAUNDRY CENTER | PLAYGROUND

THE BELAIRE APARTMENTS 21 Lite Renovation

THE BELAIRE APARTMENTS 22 Lite Greyscale Renovation

THE BELAIRE APARTMENTS 23 Premium Renovation

THE BELAIRE APARTMENTS 24 Elite Studio

THE BELAIRE APARTMENTS 25 Floor Plans

STUDIO 585 SF

1 BEDROOM / 1 BATH 690 SF

STUDIO 680 SF

THE BELAIRE APARTMENTS 26 2 BEDROOM / 2 BATH 2 BEDROOM / 2 BATH 1,000 SF 1,100 SF

3 BEDROOM / 2 BATH 1,285 SF

THE BELAIRE APARTMENTS 27 Low Aerial

CHESTNUT HILL ROAD

SANDTOWN ROAD

Marietta Township by David Weekley Homes $367,000 – $402,000 Active 55+

POWDER SPRINGS ST. (42,800 VEHICLES/DAY)

BELAIRE APARTMENTS

BROWNSTONE DR.

N As-Built Survey

THE BELAIRE APARTMENTS 29 LOCATION OVERVIEW MARIETTA & SMYRNA Map 1 - Villas of East Cobb

Six Flags White MARIETTA Water

Kennesaw Sam’s Mountain Club

National Marietta City Club Cobb Civic Ctr. Kennesaw Battlefield State Univ. (Marietta Park campus) Atlanta United Lockheed- Life University Soccer Martin Complex Chattahoochee Aeronautical Technical Systems College Chattahoochee Northwest River National Fair Oaks Dobbins Air Reserve Base Busn. Recreation Area Park Home Ctr. National Depot Wildwood Guard Tech Ctr. Governor’s Office Cobb Center Ridge Park County GA Tech Ofc. Park Chattahoochee Al Bishop Services Research River National Softball Complex Institute Recreation Area Complex RETAIL CORRIDOR Parkwood Jim R. Ofc. Park Miller Lake Park Pennant Park Office Braves’ Ofc. Park Belmont Park Stadium/ Development Truist Park Smyrna SMYRNA Village Galleria Green Cobb Cumberland Energy Mall Centre

Overlook Office Home Park Depot HQ Paces VININGS Ofc. Park Lovett School 0 mi 1 2 3 4 Copyright © and (P) 1988–2012 Microsoft Corporation and/or its suppliers. All rights reserved. http://www.microsoft.com/mappoint/ Certain mapping and direction data © 2012 NAVTEQ. All rights reserved. The Data for areas of Canada includes information taken with permission from Canadian authorities, including: © Her Majesty the Queen in Right of Canada, © Queen's Printer for Ontario. NAVTEQ and NAVTEQ ON BOARD are trademarks of NAVTEQ. © 2012 Tele Atlas North America, Inc. All rights reserved. Tele Atlas and Tele Atlas North America are trademarks of Tele Atlas, Inc. © 2012 by Applied Geographic Solutions. All rights reserved. Portions © Copyright 2012 by Woodall Publications Corp. All rights reserved. A Wellstone Kennestone A Hospital B Cobb Courthouse MARIETTA E C Chattahoochee Tech

D Cobb Civic Center B ROSWELL ROAD E White Water Park

F Walmart, Sam’s Club F S. 120 LOOP G Lockheed-Martin plant H Kennesaw State Univ. Marietta campus D I Life University H J Dobbins Air Base M K National Guard Center I G L GA Tech Research Institute C N M Atlanta United Soccer 308,000 V.P.D.

POWERS FERRY RD. N Possible future IKEA DELK ROAD O Home Depot Chattahoochee Technology Center J O River P Smyrna Grove Redevelopment ATLANTA ROAD . Q Belmont Redevelopment MIL RD K ELL L T National R U Smyrna Village Green and COBB PKWY. / U.S. 41 (40,000 V.P.D.) Recreation

R Civic Complex TER Area Jonquil Plaza L S Redevelopment Governor’s Ridge Office SOUTH COBB DR. / GA. HWY. 280 T Park Wildwood Office Park U V Pennant Office Park WINDY HILL RD. (36,800 VEHICLES/DAY) V Truist Park and W The Battery Atlanta P Q SMYRNA W Galleria Office Park and X Convention Center 213,000 VEHICLES PER DAY Cumberland Mall R X Y Cobb Energy Performing S Z Z Arts Center Y N Wellstar Health HQ

Kennesaw COBB PARKWAYMountain / U.S. 41 Industrial CANTON ROAD Park Osmotica Pharma BELLSKennestone FERRY ROAD Corporate Center ALLGOOD ROAD CANTON ROAD CONNECTOR Cobb-Marietta Kennesaw Industrial Park Piedmont Mountain Commons

National ROSWELL ROAD

Battlefield Wellstar COBB PARKWAY / U.S. 41 Pavilions Park Kennestone at East Lake Medical Complex

N. 120 LOOP

NORTH MARIETTA PKWY. / GA. 120A Promenade at the Square: 1 52 S-F detached houses and N White Water Theme 86 THs by Lennar, from mid MARIETTA Park $200s to $300s, on 17‑acre Downtown 5 Town & Country site of Wynhaven apts. 7 Shp. Ctr. WHITLOCK AVENUE ROSWELL RD. 2 Hedges Park: 78 S-F homes, ROSWELL ST. / GA. 120 $362,000–$403,000 Sam’s S. 120 LOOP 4 Club LOWER ROSWELL ROAD Marietta Walk: 30 single-family 3 homes and 54 townhomes, 6 Walmart POWERS FERRY ROAD $402,000–$499,000; replaced 3 10 acres of razed public Marietta S. MARIETTA PKWY. Cobb housing. City Club 2 Civic Ctr. Meeting Park: John Wieland Kennesaw State 4 townhomes and cluster homes, University S. MARIETTA PKWY. $379,000–$593,000; replaced 1 Old Apts. Marietta Campus 12 acres of razed public Atlanta Razed on (fka Southern Polytechnic housing. University) United 78 Acres; SOUTH COBB DR. Soccer Quad at Meeting Park: John M-F Supply 5 $50 M Wieland townhomes and Life Reduced by Lockheed-Martin Complex cluster homes, $379,000– University FRANKLIN 734 Units Aeronautical $593,000; on 6 acres of razed Systems public housing. Marvelle: 17 acres of razed federal GATEWAY Manget: Brock Built’s S-F 6 7 housing will be $30 million Brock Built homes and townhomes on development with 75 S-F homes and 24 DELK ROAD site of razed public housing. THs, priced $260,000–$340,000. DELK ROAD $469,900–$609,500 Northwest 8 Belmont North: New homes by Beazer Home Business Marketplace Depot Center Terrell Smyrna Grove: 47-acre site of ATLANTA ROAD COBB PARKWAY / U.S. 41 Dobbins Air Reserve Base Tech Ctr. Mill 9 demolished apartments now filled with 194 S-F Craftsman-style homes from mid National Cumberland Wildwood $400s. Guard Business Governor’s Park Ridge Office Park Center O AD (NAPA Genuine Parts HQ, Belmont Hills: TAD-subsidized MI LL R Ofc. Park 10 LL GMT Capital, Infosys, E development replaced 48-acre razed GA Tech Walmart BlueLinx Corp., GE Energy, RR Floor & Decor HQ) shopping center with 153 S-F homes SOUTH COBB DRIVE /GA. 280 Research (Village at Belmont), 274 luxury Institute TE apartments by Wood Partners (400 8 Belmont), a 47,000 SF retail center OAD L R POWERS FERRY RD. (The Shops at Belmont), and a medical IL H Parkwood office building. Adjoins new $20 million WINDY Smyrna Elementary School. Office Wellstar Park Windy Hill 11 Grove at Adams Pond: Single-family homes from $400,000–$629,000, by Med. Ctr. WINDY HILL ROAD Lake Park Traton Homes WY.Pennant WINDY HILL ROAD Office PK GE Office 12 Avonlea Square: 318 units on 22 acres, Park RID DY Park N on site of razed Regency Square apts. 10 I

11 12 Heritage (built 1967). When opened in 2015, was 9 first new M-F development allowed in Pavilion Smyrna in 20 years. SMYRNA Overton Smyrna Park Jonquil Village: 12-acre razed retail 14 Galleria 13 Approved Windy Hill- Village replaced by Publix-anchored 60,000 SF Green Cobb Terrell Mill Connector 13 SPRING ROAD retail center and 266 luxury apartments Energy $1.1B Centre by Wood Partners (“Alta at Jonquil”). Truist Retail opened 2016, apts. 2017. Northwest Corridor Project Park and Cumberland 2 Reversible Lanes Spring Street Village: Craftsman Battery Mall

and traditional S-F houses and THs, THE BELAIRE APARTMENTS 33

ATLANTA ROAD

$350,000–$659,000

P Overlook ARKWA Office Home Depot Park Y / HQ U. S.

Paces 41

R R

E E

Office V

I I

R R

Park

E E

C O

CHATTAHO Location | THE BATTERY Overview

| COBB ENERGY CENTRE

BelAire is located in Cobb County, in northwest metro Atlanta, which is one of the MSA’s original five “core” counties. Bisected by I-75 and parallel route U.S. 41, Cobb has long been a favorite for business site selection and has attracted much of Atlanta’s growth during the last three decades. During the last fifty years, the county has undergone an extremely fast and intense transformation from a mainly rural | MARIETTA SQUARE area to one of Atlanta’s most dynamic, wealthy, and developed suburbs. The population nearly tripled between 1970 and 2000. Although the growth rate has slowed, as the county becomes more densely built-out, Cobb’s population grew 26.4% between 2000 and 2019. Among Georgia counties, Cobb ranks second in population density and third in total population (768,411 in 2019).

THE BELAIRE APARTMENTS 34 Cobb’s Cities Marietta is the county seat and Cobb’s largest city (population 62,726). Its busy town square is home to county courts, banks, government and law offices, numerous restaurants, antique stores, boutiques, and cultural centers. The city’s prominence in the Civil War provides a natural backdrop for its history and art museums. Some of the many attractions convenient to “the Square” include: ■ Marietta/Cobb Museum of Art ■ Marietta National Cemetery ■ Marietta History Museum ■ Marietta Confederate Cemetery ■ Gone with the Wind Museum ■ Marietta Fire Museum ■ Root House ■ Theater on the Square Top Marietta job hubs include Lockheed Martin, Dobbins Air Reserve Base, and Wellstar Kennestone Hospital. A large number of office and industrial parks are clustered along I-75 (308,000 vehicles per day) and U.S. 41/Cobb Parkway (40,000 vehicles/day). Marietta is pursuing an aggressive urban renewal strategy, with Tax Allocation Districts and redevelopment plans for numerous areas. For instance, Franklin Road has been boosted by razing of old apartments and the addition of Home Depot’s Technology Center and Atlanta United FC’s $50 million soccer complex. Immediately south of Marietta lies Smyrna, Cobb’s second-largest city. Its growing prosperity stems from its very close proximity to Truist Park and the affluent suburbs of Cumberland and Vinings. Smyrna’s downtown has been reinvigorated by the construction of Village Green, a pedestrian- oriented community area designed to resemble a small town circa 1900, with charming new housing, shops, city hall, library, and other amenities. Significant retail and office areas along U.S. 41 are in Smyrna, whose eastern boundary faces the Braves/Truist Park complex. In northern Cobb County, the third-largest city, Kennesaw, has a population of only 33,584 within its official city limits. However, its name is used for a much larger unincorporated area of explosive growth to its east and southeast, so that “Kennesaw” refers to such a large area of population boom and commercial development that this city often seems Cobb’s second-largest. The spine of that dynamic growth area is Barrett Parkway (58,600 vehicles per day) which intersects both I-75 and I-575 at Town Center Mall (1.3 million SF) and forms a dense retail corridor of large satellite power centers and numerous businesses of many types, with most national chains represented. Other important economic drivers near Town Center include Kennesaw State University and McCollum Field (Cobb County Airport).

THE BELAIRE APARTMENTS 35 Economy Cobb benefits from a strong, diverse economy powered by healthcare, education, manufacturing, military, retail, and corporate offices. In addition, in 2017 tourism generated $2.8 billion in economic impact and employed 30,000. The Cobb Galleria Convention Center hosts more than 15,000 events each year. In 2016, Cobb created or retained 5,701 jobs and received more than $365 million in new capital investment. During 2017, Cobb created or retained 1,245 jobs and received more than $198 million in new investment. In 2018, the county created or retained 6,044 jobs and received more than $375 million in new investment. Five Class A office buildings, in total a $369.5 million investment, were constructed near Truist Park in 2017. Major tenants include Comcast at The Battery ($100 million, 1,000 jobs), HD Supply at Encore Center ($85 million, 500 jobs), Bennett Thrasher at Riverwood 200 ($90 million, 400 jobs), Genuine Parts at Wildwood ($24.5 million, 70 jobs), and Synovus at 1100 Overton ($80 million, 300 jobs). In 2019, it was announced that Plethora, a leader in on-demand manufacturing of quality custom prototypes and end-production parts, will create 250 jobs and invest more than $17 million in a new production facility in Marietta.

THE BELAIRE APARTMENTS 36 The Platinum Triangle Cobb’s economic focal point is the dynamic “Platinum Triangle” area, a.k.a. Cumberland, which surrounds the interchange of I-75 and I-285. This edge city, which generates approximately 150,000 jobs (48% of total Cobb employment), boasts 29 million SF of office, a convention center, 4,000+ hotel rooms, and the enclosed retail centers Cumberland Mall (1.0 million SF) and Galleria Specialty Mall (133,000 SF), as well as numerous retail power centers. This area also is home to the $145 million Cobb Energy Performing Arts Centre, which opened in 2007, and the Truist Park/Battery complex. A major attraction for business is the 88-acre, mixed-use Cobb Galleria Centre, which includes a 320,000 SF convention complex (linked to Cumberland Mall), six high-rise office towers, first-class hotels, the Galleria retail center, restaurants, and services. This allows conferences and trade shows to take place in an area where everything needed for the event is immediately available. The Platinum Triangle has more Class A office space than Atlanta’s downtown CBD and is second only to Perimeter Center as a subur- ban office and retail mecca and live-work-play destination. Major office developments include: the Galleria’s six towers (2.4 million SF); Interstate North (1 million SF); and the 289-acre, mixed-use Wildwood development (2.4 million SF). These are accompanied by numerous smaller office parks and complexes. With such large quantities of Class A space, the Platinum Triangle houses numerous high-profile corporations, including the headquarters of Home Depot, GE Energy, NAPA Genuine Parts, RaceTrac, The Weather Company, Travelport/Worldspan, and Cbeyond, as well as regional facilities for IBM, Allstate, AT&T, and BlueLinx.

THE BELAIRE APARTMENTS 37 Dobbins ARB

Dobbins Air Reserve Base (ARB) in Marietta is the largest and busiest multi-service reserve base in the world. Located less than 3 miles from the subject, the 1,781-acre facility is home to the 94th Airlift Wing and its fleet of Hercules C130 aircraft, and also is the headquarters for the 22nd Air Force, as well as Marine and Navy Reserve units. At any given time, approximately 2,500 employees and 10,000 traditional guardsmen and reservists are assigned to this base, whose economic impact on the local area is an estimated $181 million. An important recent improvement was the 2012 conversion of Naval Air Station Atlanta into a $29 million state-of-the- art headquarters for the Georgia National Guard. The 220,000 SF facility houses 750 Georgia Department of Defense employees.

Lockheed Plant Encompassing 923 acres right next to Dobbins ARB, Lockheed Martin Aeronautical Systems is the metro area’s biggest heavy industrial complex and Cobb’s third-largest employer. Lockheed’s 216-building facility com- prises 8 million SF. Its main production building (3.4 million SF) is one of the world’s largest aircraft assembly facilities. Total employment is about 7,000. This complex, created during World War II to produce the B29 bomber, employed 28,000 at its peak and was a major impetus in Cobb County’s sudden population surge. Although closed after that war, the U.S. Air Force reopened the facility in 1951 and awarded it to Lockheed. Through the decades, this plant has specialized in massive workhorse transport planes, especially the C130 Hercules and C5 Galaxy. Current production is cen- tered on the F35 stealth fighter, C130 transports, and the C130J Hercules.

THE BELAIRE APARTMENTS 38 Truist Park

Cobb is enjoying an economic boom thanks to the Braves baseball stadium, Truist Park, and its contiguous mixed-use complexment, The Battery Atlanta. Since 2014, construction has employed more than 5,200 at a total payroll of $235 million. Many other jobs have been created by the improvement and/or expansion of nearby roads and interchanges. The 60-acre complex is designed as a preeminent lifestyle destination with restaurants, entertainment, 400,000 SF of retail, a 16-story hotel, offices, and Comcast’s regional headquarters tower. Thus the $1.1 billion complex will be quite busy throughout the year, not just on game days. The stadium opened in April 2017 and the Omni hotel opened in January 2018. The entire 60-acre, $1.1 billion attraction now features the stadium, upscale restaurants, entertainment, retail, a 16-story Omni Hotel, offices, and a Comcast office tower. These will make the Battery at Truist Park a desirable destination throughout the year. According to The Atlanta Business Chronicle, the new stadium and surrounding construction have been major catalysts for the Cumberland Galleria area, with at least seven additional office buildings that are either in planning or early development stages.

PROPERTY NAME HERE (SEE “MASTER R) 39 Higher Education Located in the northern part of the county, Kennesaw State University (KSU) is the third-largest institution in the University System of Georgia and one of Cobb’s largest job hubs, with more than 3,000 employed. Enrollment has grown from 10,000 students in 1990 to 18,000 in 2004, to 24,629 in 2013 (a 38% increase since 2004). However, KSU’s 2015 merger with Southern Polytechnic University in Marietta has brought the total enrollment to more than 35,000. The combined university has an annual economic impact of $1.4 billion, with $30 million yearly in funded research. KSU offers 150 bachelors, masters, and doctorate degree programs. Its graduate programs in education, nursing, and business are particularly well-regarded. Southern Poly’s expertise in architecture, engineering, computing, and accounting is being transformed into a KSU Marietta campus that focuses on those majors. KSU’s exploding enrollment has been accommodated by a massive construction program that has added classrooms, laboratories, a performance hall, a dance theater, an 88-acre recreation and athletic complex, a new dining hall, new parking deck, and an 8,500-seat stadium. While once a commuting-only school, its dorms now house 3,000 students. The Kennesaw campus recently added an $18 million bridge over I-75 and a $22 million expansion for the College of Education. Other options for higher education include Life University and the main campus of Chattahoochee Technical College, both located in Marietta. Chattahoochee Tech (11,950 enrolled on eight campuses) is Georgia’s largest technical school. Life University (2,600 enrolled) specializes in chiro- practic and other health sciences.

THE BELAIRE APARTMENTS 40 Health Care Wellstar Health is the main hospital system in Cobb County, employing about 12,000 at three hospitals and numerous clinics. Its largest facility is 633-bed Wellstar Kennestone Hospital in downtown Marietta. This highly modern facility, which recently underwent a $105 million expansion, offers a full array of medical services. It consistently introduces innovations, such as Georgia’s first robotic surgery. It currently is adding a four-story, $126 million building for its Emergency Department. The 115-bed Wellstar Windy Hill Hospital features an outpatient surgery center plus the largest accredited sleep center in the Southeast. Wellstar Cobb Hospital (382 beds) is located in Austell and serves south Cobb County

THE BELAIRE APARTMENTS 41 | CUMBERLAND MALL

Retail • The opening of 1 million SF Cumberland Mall in 1973 was an important impetus for the Platinum Triangle’s explosive growth. Although impacted by the opening of super-regional Town Center Mall in 1986, Cumberland fought back with a $65 million renovation in 2007 and continues to be a popular and viable center. Current anchors are Macy’s, Sears, and Costco. • Town Center Mall (1.3 million SF) opened in 1986 and currently is anchored by Macy’s, JCPenney, Belk, and Sears. The mall underwent a $7 million upgrade in 2009. It enjoys a prime location on Barrett Parkway within the forked juncture of I-75 and I-575, with easy | CUMBERLAND MALL access to both. Barrett Parkway is lined with approximately 2 million SF of retail power centers and national chains, making it one of Georgia’s busiest commercial corridors. • The Galleria Specialty Mall (133,000 SF) provides numerous boutiques, restaurants, and services under the same roof as the Galleria convention center. • In more recent development, the open-air lifestyle concept is represented by The Avenue East Cobb (230,000 SF) and The Avenue West Cobb (257,000 SF). Both offer numerous chic, upscale retailers and restaurants.

THE BELAIRE APARTMENTS 42 | CHATTAHOOCHEE RIVER

Recreation & Entertainment

• The $145 million Cobb Energy Performing Arts Centre provides a state-of the-art 2,750-seat theater and a 10,000 SF ballroom. It is home to the Atlanta Opera, The Atlanta Ballet, and The Atlanta Broadway series, as well as concerts, corporate meetings, and similar events. • The Chattahoochee River, which forms the county’s south- eastern border, is filled with inner tubes and rubber rafts on summer days. Other water sports, such as boating, skiing, and fishing, are popular at Lake Acworth and the 12,000- acre Lake Allatoona reservoir. • The 61-mile Silver Comet Trail, which begins in Cobb County and extends west to the Alabama line, provides a paved | COBB ENERGY route for joggers, bicyclists, and rollerbladers to enjoy PERFORMING nature. ARTS CENTRE • The county parks department provides 44 facilities (1,350 developed acres) that include golf courses and centers for tennis, swimming, softball, and gymnastics. • Cobb’s amusement parks, Six Flags Over Georgia in Austell and Six Flags White Water in Marietta, provide family fun for millions of visitors every year. Since its opening in 1967 as the Southeast’s first large amusement park, 230-acre Six Flags Over Georgia has been Cobb’s most popular tourist attraction. The two parks’ combined economic impact in 2015 was $228 million.

43 THE BELAIRE APARTMENTS Georgia State, Atlanta-Sandy Springs, GA CBSA and Cobb County, Georgia Demographics and the 5-mile, 3-mile and 1-mile radius around The BelAire Apartments

Georgia Atlanta Cobb 5 Mile 3 Mile 1 Mile State CBSA County Radius Radius Radius 2021 2021 2021 2021 2021 2021 Population Population (2026 Proj.) 11,272,730 6,489,854 804,964 82,902 26,102 4,138 Population (2021 Est.) 10,769,971 6,137,994 768,828 79,274 24,974 3,976 Population Growth 2000 - 2021 31.56% 43.97% 26.51% 14.85% 6.75% -3.91% Race / Ethnicity White 55.66% 50.36% 56.09% 48.67% 50.96% 50.77% Black 32.09% 34.94% 28.60% 31.82% 28.16% 25.23% Asian 4.45% 6.48% 5.65% 4.25% 2.17% 1.47% Other/Mixed 7.80% 8.22% 9.66% 15.26% 18.71% 22.53% Hispanic (as a percentage of above) 10.27% 11.27% 13.78% 24.07% 33.71% 45.88% Population By Age 0 - 24 33.16% 33.13% 32.15% 33.84% 35.88% 36.81% 25 - 44 26.56% 27.36% 27.97% 30.71% 29.44% 31.19% 45 - 64 25.35% 26.15% 26.45% 23.56% 21.97% 21.94% 65 + 14.93% 13.36% 13.43% 11.90% 12.70% 10.06% Median Age (in years) 37.48 37.30 37.79 36.22 35.29 34.26 Average Household Income $92,281 $107,416 $121,671 $95,846 $88,959 $79,934 Median Household Income $64,026 $75,390 $87,409 $67,670 $55,811 $49,801 *Population 25+ By Education Less than 9th grade 4.52% 3.97% 3.80% 8.39% 13.74% 19.40% Some High School, no diploma 8.17% 6.09% 3.35% 5.12% 7.25% 7.32% High School Graduate (or GED) 27.86% 24.16% 18.66% 21.55% 24.50% 24.13% Some College, no degree 20.01% 19.15% 18.88% 20.21% 19.65% 18.20% Associate Degree 7.96% 7.84% 7.09% 7.39% 6.07% 6.47% Bachelor's Degree 19.31% 24.10% 30.51% 24.13% 18.91% 16.83% Master's Degree 8.59% 10.54% 12.86% 9.53% 6.65% 4.88% Professional School Degree 2.21% 2.60% 3.01% 2.29% 2.21% 1.77% Doctorate Degree 1.38% 1.55% 1.83% 1.39% 1.03% 1.00% Total Households (2021 Est.) 4,002,745 2,268,465 292,955 79,274 24,974 3,976 Household Growth 2000-2026 Est 33.14% 45.44% 28.78% 12.90% 6.46% -4.16% Housing Units by Year Built 2014 or Later 9.44% 12.00% 9.79% 9.05% 8.48% 5.70% 2010-2013 2.51% 2.35% 2.19% 1.79% 2.42% 1.32% 1990-2009 40.35% 42.94% 37.11% 28.85% 25.54% 20.01% 1970-1989 28.02% 27.30% 38.37% 37.55% 30.45% 40.29% 1950-1969 13.42% 11.17% 10.69% 18.64% 23.61% 22.24% Median Owner Occupied Housing Value $213,844 $265,272 $321,844 $286,065 $299,121 $251,612 Occupied Units by Ownership Status Owner Occupied 65.89% 66.12% 66.46% 50.42% 49.62% 44.89% Renter Occupied 34.11% 33.88% 33.54% 49.58% 50.38% 55.11%

THE BELAIRE APARTMENTS 44 FINANCIAL ANALYSIS The BelAire

General InformationGeneral Information Financial SummaryFinancial Overview Property The BelAire Renovation Proforma NOI $2,301,682 Address 825 Powder Springs Road Non-Renovation Proforma NOI $1,948,433 Marietta, GA 30064 T-1 Income / T-12 Expenses NOI $1,492,315 Year Built 1987 Physical Occupancy (Mar 2021) 97.9% Number of Units 188 Economic Occupancy (Feb 2021) 89.2% Average Sq. Ft. 982 February Collections $218,416 Rentable Sq. Ft. 184,690 T-12 Expenses $1,128,673 Acreage 19.559 Proforma Expenses $1,101,597 Units / Acre 9.61 Number of Buildings

THE BELAIRE APARTMENTS 46 The BelAire Unit Mix unit mix Current Market Rents - (March 2, 2021 Rent Roll) # of Unit Unit Total Avg. In-Place Market Market Market Units Type Size Square Feet Rent Rent / Month Rent / SF Monthly Rent 12 Studio - 2019/2020 (Elite) 585 7,020 $1,109 $1,155 $1.97 $13,860 6 Studio - 2019/2020 (Elite) 680 4,080 $1,189 $1,200 $1.76 $7,200 4 1 BR / 1 BA - Classic 690 2,760 $949 $1,025 $1.49 $4,100 9 1 BR / 1 BA - Lite Reno 690 6,210 $963 $1,165 $1.69 $10,485 2 1 BR / 1 BA - Lite Greyscale 690 1,380 $1,110 $1,175 $1.70 $2,350 1 1 BR / 1 BA - Premium Reno 690 690 $1,200 $1,265 $1.83 $1,265 16 2 BR / 2 BA - Classic 1,000 16,000 $1,064 $1,200 $1.20 $19,200 66 2 BR / 2 BA - Lite Reno 1,000 66,000 $1,203 $1,290 $1.29 $85,140 5 2 BR / 2 BA - Lite Greyscale 1,000 5,000 $1,290 $1,450 $1.45 $7,250 13 2 BR / 2 BA - Classic 1,100 14,300 $1,066 $1,300 $1.18 $16,900 38 2 BR / 2 BA - Lite Reno 1,100 41,800 $1,158 $1,300 $1.18 $49,400 5 2 BR / 2 BA - Lite Greyscale 1,100 5,500 $1,272 $1,350 $1.23 $6,750 1 2 BR / 2 BA - Premium Reno 1,100 1,100 $1,420 $1,420 $1.29 $1,420 4 3 BR / 2 BA - Classic 1,285 5,140 $1,324 $1,460 $1.14 $5,840 6 3 BR / 2 BA - Lite Reno 1,285 7,710 $1,435 $1,550 $1.21 $9,300 188 Totals 982 184,690 $1,164 $1,279 $1.30 $240,460

Proforma Rents - All Units Renovated to Elite Level # of Unit Unit Total Avg. In-Place / Proforma Proforma Proforma Units Type Size Square Feet Floorplan Rent / Month Rent / SF Monthly Rent 12 Studio 585 7,020 $1,109 $1,155 $1.97 $13,860 6 Studio 680 4,080 $1,189 $1,200 $1.76 $7,200 16 1 BR / 1 BA 690 11,040 $995 $1,350 $1.96 $21,600 87 2 BR / 2 BA 1,000 87,000 $1,181 $1,500 $1.50 $130,500 57 2 BR / 2 BA 1,100 62,700 $1,152 $1,550 $1.41 $88,350 10 3 BR / 2 BA 1,285 12,850 $1,386 $1,650 $1.28 $16,500 188 Totals 982 184,690 $1,164 $1,479 $1.51 $278,010 315.24 Current Unit Mix Summary Unit Summary Total Units 188 Unit Type Classic Lite Reno/Greyscale Premium Reno Elite Reno Rentable Square Feet 184,690 Studio 0 0 0 18 Average Unit Size 982 1 BR / 1 BA 4 11 1 0 Year Built 1987 2 BR / 2 BA 29 114 1 0 3 BR / 2 BA 46 00 Total Monthly Income $240,460 TOTALS 37 131 2 18 Annual GPI $2,885,520 Average Rent / Month $1,279 Average Rent / Sq Ft $1.30 THE BELAIRE APARTMENTS 47 The BelAire Operational Analysis and Proforma operations analysis Greystone Brown Real Estate Advisors

T-1 Inc. / T-12 Expenses Non-Renovated Proforma Proforma Renovation 2/1/21 - 2/28/21 3% Rent Growth All Units Elite Revenues Annual Per Unit Percent Amount Per Unit Percent Amount Per Unit Percent Market Rents $2,885,520 $15,349 110.04% $2,972,086 $15,809 102.04% $3,336,120 $17,745 101.01% Loss/Gain to Lease ($263,221) ($1,400) -10.04% ($59,442) ($316) -2.04% ($33,361) ($177) -1.01% Gross Potential Income $2,622,299 $13,948 100.00% $2,912,644 $15,493 100.00% $3,302,759 $17,568 100.00% Vacancy ($136,215) ($725) -5.19% ($145,632) ($775) -5.00% ($165,138) ($878) -5.00% Concessions ($47,431) ($252) -1.81% ($7,282) ($39) -0.25% ($8,257) ($44) -0.25% Non-Revenue Units ($15,360) ($82) -0.59% ($11,641) ($62) -0.40% ($13,200) ($70) -0.40% Collection Loss / AR (1) ($83,740) ($445) -3.19% ($29,126) ($155) -1.00% ($33,028) ($176) -1.00% Rental Collections $2,339,552 $12,444 89.22% $2,718,963 $14,463 93.35% $3,083,136 $16,400 93.35% Water Income $133,842 $712 5.10% $141,601 $753 4.86% $141,601 $753 4.29% Trash/Pest Income $28,079 $149 1.07% $32,148 $171 1.10% $32,148 $171 0.97% Utility Billing Fee $10,032 $53 0.38% $10,247 $55 0.35% $10,247 $55 0.31% Other Utility Income $38,190 $203 1.46% $39,336 $209 1.35% $39,336 $209 1.19% Cable Income $2,811 $15 0.11% $2,811 $15 0.10% $2,811 $15 0.09% Other Income (2) $68,482 $364 2.61% $94,000 $500 3.23% $94,000 $500 2.85% Effective Gross Income $2,620,988 $13,941 99.95% $3,039,105 $16,165 104.34% $3,403,279 $18,103 103.04% Expenses Utilities: T-12 Expenses Proforma Exp. Proforma Exp. Water/Sewer $122,125 $650 4.66% $130,077 $692 4.28% $130,077 $692 3.82% Electricity $40,776 $217 1.56% $41,999 $223 1.38% $41,999 $223 1.23% Gas $5,766 $31 0.22% $5,939 $32 0.20% $5,939 $32 0.17% Utility Billing Fee $9,324 $50 0.36% $9,604 $51 0.32% $9,604 $51 0.28% Sanitation $30,042 $160 1.15% $24,000 $128 0.79% $24,000 $128 0.71% Total Utility Expenses $208,032 $1,107 7.94% $211,618 $1,126 6.96% $211,618 $1,126 6.22% Controllable: Salaries $272,680 $1,450 10.40% $230,000 $1,223 7.57% $230,000 $1,223 6.76% G & A $53,488 $285 2.04% $47,000 $250 1.55% $47,000 $250 1.38% Advertising/Promotion $49,257 $262 1.88% $24,000 $128 0.79% $24,000 $128 0.71% Repairs & Maintenance $65,551 $349 2.50% $60,160 $320 1.98% $60,160 $320 1.77% Turnkey $48,995 $261 1.87% $45,120 $240 1.48% $45,120 $240 1.33% Landscaping $23,488 $125 0.90% $23,500 $125 0.77% $23,500 $125 0.69% Total Controllable Expenses $513,459 $2,731 19.59% $429,780 $2,286 14.14% $429,780 $2,286 12.63% Non-Controllable: Taxes (3) $227,562 $1,210 8.68% $250,000 $1,330 8.23% $250,000 $1,330 7.35% Insurance $56,419 $300 2.15% $61,100 $325 2.01% $61,100 $325 1.80% Management Fees $76,201 $405 2.91% $91,173 $485 3.00% $102,098 $543 3.00% Reserves For Replacement (4) $47,000 $250 1.79% $47,000 $250 1.55% $47,000 $250 1.38% Total Non-Controllable Expenses $407,182 $2,166 15.54% $449,273 $2,390 17.14% $460,198 $2,448 13.52% Total Expenses: $1,128,673 $6,004 43.06% $1,090,672 $5,801 41.61% $1,101,597 $5,860 32.37% Net Operating Income: $1,492,315 $7,938 56.94% $1,948,433 $10,364 74.34% $2,301,6821 $12,243 67.63% (1) Historical collection loss smoothed to T-12 actuals (2) One-time cable payment of $23,500 omitted from historical income. (3) From Cobb County/City of Marietta tax bills. (4) Not an actual expense. Estimated at $250/unit. THE BELAIRE APARTMENTS 48 The BelAire Proforma Assumptions proforma assumptions

Footnotes to Projected Income & Expense: The Income and Expense Projections for The BelAire Apartments were formulated in part on 2020 and 2021 YTD actual expenses as well as market comparables.

Revenues: • Market Rents: The Stabilized Proforma assumes all units have been renovated.

• Loss to Lease: A 1% loss to lease factor is charged against market rents in the Stabilized Proforma.

• Gross Potential Income: GPI is calculated based on 100% occupancy at the proforma rents with a deduction for loss to lease.

• Vacancy: A 5% vacancy factor is charged against rental income in the Stabilized Proforma.

• Concessions: A 0.25% concession factor is charged against rental income in the Stabilized Proforma.

• Non-Revenue Units: A non-revenue unit factor of .40% is charged against rental income in the Stabilized Proforma. This allows for two non-revenue units.

• Collection Loss / AR: A 1% collection loss factor is charged against rental income.

• Utility Income: Utility Income is based on historical income.

• Other Income: Other Income is comprised of various fees, special charges and miscellaneous items including forfeited deposits, application fees, late and insufficient funds charges, laundry income, and administrative fees. This category has been estimated at $500 per unit.

Operating Expenses: • Utilities: Utilities are based on the trailing twelve months actuals and increased by 3%. Utilities at the property consist of water/sewer, electricity, and trash removal.

• General and Administrative: The G&A expense is calculated at $250 per unit. Office expenses include office supplies, telephone, postage, travel, office equipment licenses, uniforms, legal and professional fees, and credit check expenses.

• Salaries: Salaries and Benefits includes salaries and wages paid to all employees, and includes commissions, overtime bonus, payroll taxes and insurance, workman's compensation, and retirement plans.

Number Salary Calculation Manager 1.0 $56,000 $56,000 Leasing 1.0 $40,000 $40,000 Maintenance Mgr 1.0 $48,000 $48,000 Maintenance Tech 1.0 $40,000 $40,000 Sub Total 4.0 $184,000 Payroll Burden 25.00% $46,000 Total Payroll $230,000

THE BELAIRE APARTMENTS 49 The BelAire Proforma Assumptions proforma assumptions

• Advertising and Promotion: This category is estimated at $127 per unit, which allows for a monthly advertising budget of $2,000. This category includes locator fees, resident relations entertainment, media advertising, brochures, signage, gifts, office refreshments, and other collateral expenses.

• Repairs and Maintenance: Maintenance includes all expenses and services required to maintain the property. These items include repairs for HVAC, windows, electrical, plumbing, security systems, carpets, blinds, and various interior apartment repairs. This category also includes maintenance supplies and water/drainage repair.

• Turnkey: This category assumes a 50% turnover on vacated units and also includes apartment cleaning for renewals. Readying apartments includes carpet cleaning, painting of units, paint supplies, and miscellaneous items. The breakdown per unit of readying apartments is as follows:

Paint Labor and Supplies: $300 Cleaning Units: $70 Carpet Cleaning: $70 Miscellaneous: $40 Total: $480 Units Turnover Expense Total Turnkey 188 50% $480 $45,120

• Landscaping: This category is calculated at $125 per unit.

• Property Taxes: Following is a breakdown of proposed taxes based on the current assessed value and mill rate.

Market Value Assessed Value Parcel ID (Cobb County) (40% of Market) Mill Rate Expected Taxes 17014800030 $17,692,190 $7,076,876 8.59 $60,790 City of Marietta $17,692,190 $7,076,876 23.34 $165,153 Personal Prop $126,769 $50,708 8.59 $436 City of Marietta $126,769 $50,708 23.34 $1,183 Total $17,818,959 $7,127,584 31.93 $227,562 Projected 2021 -$1,980,000 -$792,000 23.34 $250,000 Projected Year Two $30,600,000 $12,240,000 31.93 $390,786

• Insurance: This category is an estimate based on current market policies. It includes expenses incurred to insure the apartment community and possessions for liability, casualty and business interruption.

• Management Fees: Management fees in the Stabilized Proforma are calculated at 3% of EGI.

• Reserves for Replacement: This category is calculated at an amount of $250 per unit per year for interior replacement items such as carpet and appliances as well as various exterior items.

THE BELAIRE APARTMENTS 50 The BelAire Five-Year Analysis 5 year analysis In - Place Non-Reno Elite Reno Year 2 Year 3 Year 4 Year 5 1 Mo Trailing Proforma Proforma Revenues: Gross Potential Income $2,622,299 $2,912,644 $3,302,759 $3,434,869 $3,572,264 $3,715,154 $3,863,761 Vacancy (136,215) (145,632) (165,138) (171,743) (178,613) (185,758) (193,188) Concessions (47,431) (7,282) (8,257) (8,587) (8,931) (9,288) (9,659) Non-Revenue Units (15,360) (11,641) (13,200) (13,728) (14,277) (14,848) (15,442) Collection Loss / AR (83,740) (29,126) (33,028) (34,349) (35,723) (37,152) (38,638) Rental Collections 2,339,552 2,718,963 3,083,136 3,206,462 3,334,720 3,468,109 3,606,833 Utility Income 210,143 223,331 223,331 230,031 236,932 244,040 251,361 Other Income 71,293 96,811 96,811 99,715 102,707 105,788 108,962 Effective Gross Income: $2,620,988 $3,039,105 $3,403,279 $3,536,208 $3,674,359 $3,817,937 $3,967,156 Expenses: 12 Mo Exp. Proforma Exp. Proforma Exp. Utilities (208,032) (211,618) (211,618) (217,967) (224,506) (231,241) (238,178) Salaries (272,680) (230,000) (230,000) (236,900) (244,007) (251,327) (258,867) General & Administrative (53,488) (47,000) (47,000) (48,410) (49,862) (51,358) (52,899) Advertising and Promotion (49,257) (24,000) (24,000) (24,720) (25,462) (26,225) (27,012) Repairs and Maintenance / Turnkey (114,546) (105,280) (105,280) (108,438) (111,692) (115,042) (118,494) Landscaping (23,488) (23,500) (23,500) (24,205) (24,931) (25,679) (26,449) Taxes (227,562) (250,000) (250,000) (390,786) (402,510) (414,585) (427,023) Insurance (56,419) (61,100) (61,100) (62,933) (64,821) (66,766) (68,769) Management Fee (76,201) (91,173) (102,098) (106,086) (110,231) (114,538) (119,015) Reserves for Replacement (47,000) (47,000) (47,000) (47,000) (47,000) (47,000) (47,000) Total Expenses: ($1,128,673) ($1,090,672) ($1,101,597) ($1,267,446) ($1,305,021) ($1,343,763) ($1,383,706) Net Operating Income: $1,492,315 $1,948,433 $2,301,682 $2,268,762 $2,369,338 $2,474,175 $2,583,451

Growth Trends Year One Year Two Year Three Year Four Year Five

Annual Rent Growth: 4.0% 4.0% 4.0% 4.0% Vacancy: 5.0% 5.0% 5.0% 5.0% 5.0% Concessions: 0.3% 0.3% 0.3% 0.3% 0.3% Collection Loss / AR: 1.0% 1.0% 1.0% 1.0% 1.0% Other Income Growth: 3.0% 3.0% 3.0% 3.0% Annual Expense Growth: 3.0% 3.0% 3.0% 3.0%

THE BELAIRE APARTMENTS 51 Sales Comparables PROPERTY NAME SALE DATE UNITS YEAR BUILT PRICE PRICE PER UNIT ADDRESS CITY Subj. The BelAire Apartments - 188 1987 - - 825 Powder Springs Road Marietta 1 The Crossings Apartments Feb-21 380 1986 $55,300,000 $145,526 875 Franklin Road Marietta 2 The Everette at East Cobb Feb-21 312 1983 $48,400,000 $155,128 1675 Roswell Road (Part of Portfolio) Marietta 3 SoCo Apartments Dec-20 106 1985 $16,000,000 $150,943 4098 S Cobb Drive Smyrna 4 Magnolia at Whitlock Nov-20 152 1972 $22,300,000 $146,711 925 Whitlock Avenue Marietta 5 Crest at East Cobb Nov-20 150 1973 $24,900,000 $166,000 1810 Roswell Road Marietta 6 Ashford 75 Oct-20 416 1972 $69,000,000 $165,865 5000 S Lincoln Trace Avenue Smyrna 7 Wildwood Ridge Oct-20 564 1974 $113,500,000 $207,900 1000 Shadowood Parkway Atlanta 8 Element 41 Oct-20 494 1988 $80,000,000 $161,943 991 Wylie Road Marietta 9 ARIUM at Bentley Oct-20 418 1985 $56,000,000 $133,971 2600 Bentley Road Marietta 10 Advenir at Winterset Aug-20 302 1983 $52,850,000 $175,000 3400 Winterset Parkway Marietta 11 The Bentley at Marietta Jun-20 222 1985 $31,200,000 $140,541 880 South Cobb Drive Marietta 12 The Falls at Sope Creek Feb-20 463 1982 $72,200,000 $155,940 1950 Roswell Road (Part of Portfolio) Marietta 13 Liberty Pointe Dec-19 181 1969 $23,550,000 $130,110 707 Franklin Gateway Road Marietta 14 The Park on Windy Hill Dec-19 654 1974 $86,600,000 $132,416 2121 Windy Hill Road Marietta 15 Veritas at East Cobb Dec-19 192 1980 $25,786,000 $134,302 730 Franklin Road Marietta 16 Cumberland Pointe Nov-19 439 1971 $66,000,000 $150,342 1202 Wexford Hills Parkway Smyrna 17 Avana Cumberland Sep-19 400 1968 $61,000,000 $152,500 2383 Akers Mill Road Atlanta 18 Discovery Gateway Sep-19 378 1984 $49,250,000 $130,291 720 Franklin Gateway Marietta 19 Hawthorne Wildwood Jun-19 312 1984 $50,100,000 $160,577 1818 Wood Hollow Court Marietta Total/Average 6,535 $1,003,936,000 $153,624

THE BELAIRE APARTMENTS 52 SC map - BelAire 3-2-21

Comparable Rental Properties Map

12 5 2 4

13 11 18 1 15 8 10 9

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0 mi 2 4 6 Copyright © and (P) 1988–2012 Microsoft Corporation and/or its suppliers. All rights reserved. http://www.microsoft.com/mappoint/ Certain mapping and direction data © 2012 NAVTEQ. All rights reserved. The Data for areas of Canada includes information taken with permission from Canadian authorities, including: © Her Majesty the Queen in Right of Canada, © Queen's Printer for Ontario. NAVTEQ and NAVTEQ ON BOARD are trademarks of NAVTEQ. © 2012 Tele Atlas North America, Inc. All rights reserved. Tele Atlas and Tele Atlas North America are trademarks of Tele Atlas, Inc. © 2012 by Applied Geographic Solutions. All rights reserved. Portions © Copyright 2012 by Woodall Publications Corp. All rights reserved. RENTAL MARKET ATLANTA HIGHLIGHTS Q4 2020 1

RENTS 2 Average Monthly $1,302 Average Per Square Foot $1.278 Quarterly Change +1.5% 12-Month Change +2.1% OCCUPANCY Metro Average Occupancy 95.5% Quarterly Change +0.1% 12-Month Change +0.7%

REVENUE 3 Quarterly Change +1.6% 12-Month Change +2.8% SUPPLY 12-Month Growth (Units Del.) 12,129 Units Under Construction 18,937

ONE-YEAR FORECAST Annual Supply (Units) 8,420 Annual Demand (Units) 4,835 Occupancy 94.9% Annual Occupancy Change -0.6% Annual Rent Change +4.0% Annual Revenue Change +3.4% Annual Jobs Change 166,700

1 All market information credited to RealPage, Inc. (which owns MPF Research). 2 RealPage defines Rent as effective rent (market rent minus concessions). 3 RealPage defines Revenue as the sum of the Occupancy Change and Same-store Rent Change figures. Metro Atlanta Apartment Market 1

Atlanta is a dynamic urban center and the economic powerhouse of the percentage improvement occurred in the following submarkets: Southeast Southeast. Historically its stable economy, reasonable cost of living, and DeKalb County, Southwest Atlanta, Far West Atlanta Suburbs, South Atlanta, mild climate have attracted both families and young professionals. The city and Far East Atlanta Suburbs, with rates between +2.8 and +1.5. has consistently ranked among top U.S. metro areas for both population Revenue: Although annualized revenue change averaged -0.4%, 21 of growth and job creation. Its diverse economy, concentration of Fortune 500 the 39 submarkets showed positive change. Annual percentage growth headquarters, excellent transportation infrastructure, technically-advanced was highest in the submarkets of Southeast DeKalb County, South Fulton communications and distribution networks, educated workforce, and low County, Henry County, South Atlanta, and Stone Mountain, which all grew business costs have all fueled the metro’s remarkable economic expansion at or above +8.5%. during the last 50 years. The metro’s population grew 11.9% between 2012 and 2020, versus 5.8% for the U.S. To house this burgeoning population, Pipeline: Metro Atlanta received 11,915 new units during the past 12 Atlanta’s multifamily inventory has grown 55% since 2000 and now totals months. Of the 17,500 units under construction, 11,393 units are scheduled 521,932 units. for completion in the next 12 months. The hottest development submarkets are: West Atlanta, with 2,046 units being built; Southeast Atlanta (1,693); | Demand Fuels High Rent and Revenue Downtown Atlanta (1,549); Midtown Atlanta (1,520); and Buckhead (1,294). Atlanta’s annualized rent change of -0.2% marks the metro’s second Capital Markets: With multifamily sales volume at $6.2 billion (for 186 downturn after 33 consecutive quarters of annualized rent growth. Annual transactions) during the 12 months ending Q3 2020, Atlanta’s ranking in revenue change was -0.4%. However, quarterly changes were Rent +2.1% transaction volume is fourth nationally and first in the Southeast. However, and Revenue +3.1%. transaction volume was down -38% year-over-year. Atlanta remains affordable, with an average price per unit of $155,000. This slightly Rents: With annual demand of 10,369 units but annual supply of 11,915 exceedsd the average for the South ($149,000) but is well below the U.S. units, rents have experienced downward pressure by oversupply as well as average ($180,000). COVID‑19. However, annualized rent change was positive in 22 of Atlanta’s 39 submarkets and was +2.6% or greater in 15 of the 22. Annualized rent Forecast: RealPage Inc. forecasts that Atlanta will gain 198,900 jobs in the was positive only in low-rise product built from pre-1970s through 1980s. next twelve months. It also forecasts a +0.5% increase in revenue, a +0.9% In recent years, Atlanta’s strongest rent growth has occurred in Class B increase in rent, and occupancy at 95.0%. Due to oversupply, the metro’s products. Class C has also improved recently and currently shows the best performance had already tapered downward beginning in Q2 2019; the growth rate. Declines in Class A rent, due to oversupply and already-high pandemic just accelerated that trend. With excessive construction still prices, have dragged down the metro average figures. Annual rent growth continuing and a glut of Class A properties struggling to lease up, upscale by percentage gain was highest in the Southeast DeKalb County, South submarkets will remain weak even as the affordable south side boosts Fulton County, Stone Mountain, Henry County, and South DeKalb County rents and occupancy. However, Atlanta’s fast-growing, diverse economy submarkets, which all grew at or above 7.6%. and strong demographics are predicted to boost performance by 2022. Occupancy: Demand that exceeded supply propelled occupancy from The summary table on the next page details the current performance of 89.6% in 2011 to 95.8% in Q3 2016. However, excess supply has now each Atlanta submarket. The BelAire Apartments is located in the high- reduced occupancy slightly, to 95.4%. Out of Atlanta’s 39 submarkets, only lighted West Marietta submarket. 17 showed positive annualized occupancy growth. The comparatively best

1 All market information credited to RealPage, Inc. Atlanta Market Summary

Total Delivered Units Average Avg. Rent Rent Change Occup. Change Revenue Chg. % of Units Submarket Units Last 12 Mo. U/C Rent Per SF Last 12 Mo. Occupancy Last 12 Mo. Last 12 Mo. Offering Concessions Downtown Atlanta 12,154 710 1,405 $1,482 $1.63 -2.3% 94.3% -1.2% -3.5% 31.1% Midtown Atlanta 25,778 449 1,806 $1,790 $1.96 -3.9% 93.0% -0.2% -4.2% 32.1% Northeast Atlanta 17,488 198 0 $1,538 $1.63 -3.2% 94.0% -0.9% -4.1% 37.7% Southeast Atlanta 12,405 707 1,549 $1,114 $1.22 0.1% 95.6% 0.4% 0.4% 26.7% South Atlanta 18,477 0 0 $1,023 $1.02 7.4% 96.7% 1.6% 9.0% 2.8% West Atlanta 19,524 2,012 937 $1,402 $1.53 -5.8% 94.1% -0.5% -6.3% 34.1% Buckhead 25,413 989 1,158 $1,618 $1.61 -3.7% 94.7% 0.3% -3.3% 43.8% Sandy Springs 20,138 538 0 $1,335 $1.28 -2.1% 93.8% -0.6% -2.7% 45.4% Dunwoody 8,882 0 0 $1,412 $1.34 -4.3% 94.7% 0.3% -4.0% 44.1% Chamblee/Brookhaven 16,656 735 31 $1,439 $1.42 -1.4% 95.6% 0.5% -0.9% 31.6% Doraville 7,579 0 320 $1,117 $1.11 0.5% 95.6% 0.2% 0.7% 15.1% Briarcliff 16,237 58 0 $1,357 $1.33 -1.5% 94.7% -1.2% -2.7% 31.0% Decatur 12,221 1,187 919 $1,436 $1.44 0.9% 95.2% -0.5% 0.4% 25.1% Clarkston/Tucker 8,706 0 265 $1,054 $1.00 3.6% 96.7% 1.5% 5.1% 11.1% Stone Mountain 11,266 0 0 $1,048 $1.03 10.4% 94.1% 0.0% 10.4% 2.8% South DeKalb County 13,941 0 0 $1,031 $1.00 7.5% 95.3% 1.1% 8.5% 7.0% Southeast DeKalb County 7,357 0 0 $1,171 $1.08 9.8% 96.6% 2.5% 12.3% 18.3% Henry County 11,499 0 983 $1,295 $1.18 14.2% 96.8% 1.5% 15.7% 5.0% Clayton County 18,908 0 0 $1,027 $1.01 10.6% 97.0% 2.3% 13.0% 11.3% South Fulton County 15,687 230 0 $1,052 $1.07 9.0% 96.3% 2.0% 10.9% 1.1% Southwest Atlanta 9,760 0 0 $1,189 $1.15 8.1% 96.1% 1.5% 9.6% 13.6% South Cobb County/Douglasville 13,716 156 303 $1,147 $1.13 7.4% 96.6% 2.1% 9.5% 7.1% Smyrna 18,444 208 105 $1,281 $1.26 1.8% 95.9% 0.6% 2.4% 17.8% Vinings 13,164 295 956 $1,451 $1.45 1.7% 95.2% 0.9% 2.5% 20.1% Southeast Marietta 14,004 189 114 $1,191 $1.14 2.3% 96.0% 1.1% 3.3% 25.9% West Marietta 7,740 0 0 $1,108 $1.10 5.4% 95.5% 0.4% 5.7% 5.1% Kennesaw/Acworth 10,805 210 858 $1,320 $1.25 4.9% 96.9% 1.7% 6.5% 7.7% Northeast Cobb/Woodstock 9,690 320 0 $1,336 $1.27 5.6% 96.3% 1.9% 7.5% 16.1% Roswell 8,627 300 128 $1,268 $1.15 1.6% 95.0% -0.3% 1.4% 27.9% Alpharetta/Cumming 18,480 569 460 $1,451 $1.34 1.7% 95.3% 0.4% 2.2% 13.2% Norcross 19,731 456 27 $1,134 $1.15 4.2% 96.2% 0.8% 5.1% 19.7% Duluth 13,788 357 260 $1,276 $1.21 4.0% 96.1% 0.8% 4.8% 19.3% Johns Creek/Suwanee/Buford 8,996 618 753 $1,432 $1.33 0.7% 96.1% 0.8% 1.5% 25.8% Northeast Gwinnett County 11,725 928 589 $1,310 $1.24 5.9% 97.0% 1.0% 6.9% 14.2% Southeast Gwinnett County 9,479 256 74 $1,218 $1.16 5.7% 96.5% 2.0% 7.7% 11.5% Far East Atlanta Suburbs 10,323 0 350 $1,137 $1.08 8.2% 96.9% 1.4% 9.7% 3.5% Far South Atlanta Suburbs 11,526 911 134 $1,288 $1.22 7.1% 96.4% 1.3% 8.4% 11.1% Far West Atlanta Suburbs 7,051 0 0 $1,182 $1.11 7.0% 97.1% 1.1% 8.1% 8.4% Far North Atlanta Suburbs 8,614 224 240 $1,216 $1.17 6.2% 96.1% 0.3% 6.4% 6.9%

Subject submarket is highlighted. Yearly Averages for Metro Atlanta Overall

100.0% 95.0% 95.3% 94.7% 94.9% 95.5% $1,450 93.8% 93.0% 93.5% 94.0% 91.4% 92.4% 90.0% 88.9% 88.2% $1,350 $1,302 90.0% $1,268 $1,250 $1,209 $1,144 80.0% $1,150 $1,062 $1,050 $1,007 70.0%

$950 $934 $864 60.0% $850 $812 $812 $814 $824 $775 $778 $750 50.0% $650

$550 40.0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q4 2020

Average Rent Average Occupancy

As the graph above demonstrates, the Atlanta market as a whole has shown steady improvement in both rents and occupancy since 2009. The West Marietta submarket has shown improvement in recent years. For instance, average rent rose from $964 in Q4 2018 to $1,108 in Q4 2020 (from $0.95 to $1.10 per square foot). During the same period, occupancy increased from 93.7% to 95.5%. As of Q4 2020, annualized rent change is +5.4% and annualized revenue change is +5.8%.

RENT COMP MAP IN FRAME RC map - BelAire 3-3-21

Comparable Rental Properties Map 6

3 5 8

0 mi 0.5 1 1.5 2 Copyright © and (P) 1988–2012 Microsoft Corporation and/or its suppliers. All rights reserved. http://www.microsoft.com/mappoint/ Certain mapping and direction data © 2012 NAVTEQ. All rights reserved. The Data for areas of Canada includes information taken with permission from Canadian authorities, including: © Her Majesty the Queen in Right of Canada, © Queen's Printer for Ontario. NAVTEQ and NAVTEQ ON BOARD are trademarks of NAVTEQ. © 2012 Tele Atlas North America, Inc. All rights reserved. Tele Atlas and Tele Atlas North America are trademarks of Tele Atlas, Inc. © 2012 by Applied Geographic Solutions. All rights reserved. Portions © Copyright 2012 by Woodall Publications Corp. All rights reserved. COMPARABLE RENTAL PROPERTIES Unit Mix Floorplan # of Units Size (SF) Effective Rent Utility Charges Total Charges Total / SF Studio Elite 12 585 $1,155 $53 $1,208 $2.06 Studio Elite 6 680 $1,200 $53 $1,253 $1.84 1BR/1BA Lite Reno 13 690 $1,165 $53 $1,218 $1.77 1BR/1BA Lite Greyscale 2 690 $1,175 $53 $1,228 $1.78 1BR/1BA Prem 1 690 $1,265 $53 $1,318 $1.91 2BR/2BA Lite Reno 82 1,000 $1,290 $63 $1,353 $1.35 2BR/2BA Lite Greyscale 5 1,000 $1,450 $63 $1,513 $1.51 2BR/2BA Lite Reno 51 1,100 $1,300 $63 $1,363 $1.24 2BR/2BA Lite Greyscale 5 1,100 $1,350 $63 $1,413 $1.28 2BR/2BA Prem 1 1,100 $1,420 $63 $1,483 $1.35 3BR/2BA Lite Reno 10 1,285 $1,550 $73 $1,623 $1.26 Total / Avg 188 982 $1,292 $1,353 $1.38 THE BELAIRE APARTMENTS 825 Powder Springs Street | Marietta, GA 30064 LITE RENO

GENERAL INFO

Occupancy 97% Year Built 1987 / REN 2019 UTILITY SUMMARY Gas (heat, water) and electric billed separately. Residents are on a RUBS Manager First Communities system for water and sewer, plus $8 for trash and $5 for pest control. Status Stabilized An estimated water charge has been added to the utility column. Category Market Property Phone # 770-629-8984 COMMENTS / NOTES Lite Reno units include upgraded kitchens with new black appliances, new cabinet fronts and resurfaced countertops. Premium upgraded units include white cabinets, tile backsplash, stainless steel appliances, faux granite countertops, vinyl wood flooring, PREMIUM new carpeting, brushed nickel hardware, fixtures and lighting with grey paint palettes. Newly constructed studio units include Elite upgrades with Quartz countertops and stainless steel appliances. They have 37 classic units not shown in the unit mix.

PROPERTY AMENITIES • Clubhouse Center • Grilling Area • Playground • Swimming Pool • Fitness Center • Laundry Facility • W/D Connections • Resident Business • Fire Pit • Dog Park

60 THE BELAIRE APARTMENTS COMPARABLE RENTAL PROPERTIES Unit Mix # Of Effective Utility Total 1 Floorplan Units Size (SF) Rent Charges Total Charges / SF 1BR/1BA Elite 58 600 $1,107 $82 $1,189 $1.98 1BR/1BA Elite 46 754 $1,170 $82 $1,252 $1.66 1BR/1BA Elite 48 766 $1,205 $82 $1,287 $1.68 1BR/1BA Elite 36 893 $1,221 $82 $1,303 $1.46 2BR/1BA Elite 30 875 $1,362 $92 $1,454 $1.66 2BR/2BA Elite 76 958 $1,387 $92 $1,479 $1.54 2BR/2BA Elite 32 1,115 $1,399 $92 $1,491 $1.34 2BR/2BA Elite 72 1,213 $1,420 $92 $1,512 $1.25 2BR/2BA Elite 12 1,217 $1,596 $92 $1,688 $1.39 3BR/2BA Elite 58 1,200 $1,566 $102 $1,668 $1.39 TOTAL / AVG 468 950 $1,331 $89 $1,421 $1.50 1250 West 1250 Powder Springs Road | Marietta, GA 30060

Property Info UTILITY SUMMARY Occupancy 95% Total electric billed separately. Residents are on a RUBS system for water and sewer. They are charged $8.00 for trash, $4.00 for pest control and a $30 Year Built 1987 / REN 2017 community fee. An estimated water charge has been added to the utility column. Manager Steadfast Living Status Stabilized COMMENTS / NOTES Category Market All units have been renovated to include new A/C unit, hot water heater, true Property Phone # 770-425-9117 granite countertops, new cabinets, black appliances, brushed nickel hardware and lighting, laminate wood flooring and new carpet. Exterior renovations for Phase I include new siding, new windows and roofing. Daily Effective Pricing - Yieldstar

PROPERTY AMENITIES • Gated • Fitness Center • Dog Park • Clubhouse • Playground • Swimming Pool • Picnic/Grilling Area

61 THE BELAIRE APARTMENTS COMPARABLE RENTAL PROPERTIES Unit Mix # Of Effective Utility Total 2 Floorplan Units Size (SF) Rent Charges Total Charges / SF 2BR/2BA Prem 166 1,240 $1,651 $74 $1,725 $1.39 3BR/2BA Prem 44 1,340 $1,548 $84 $1,632 $1.22 TOTAL / AVG 210 1,261 $1,629 $76 $1,706 $1.35

Trellis 1275 Cunningham Road | Marietta, GA 30008

Property Info UTILITY SUMMARY Occupancy 98% Gas (cooking, heat, water) and electric billed separately. Residents are on a RUBS system for water and sewer + $10 for trash, $3 for pest control and $11 Year Built 1989 / REN 2018 for insurance. An estimated water charge has been added to the utility column. Manager First Communities Status Stabilized COMMENTS / NOTES Category Market All units are renovated. Most of the property has been renovated to Property Phone # 770-424-1777 include new cabinets, black appliances, faux granite countertops, brushed nickel hardware, and faux wood flooring. The rents above reflect these units. In 2014, they underwent a complete amenity renovation.

PROPERTY AMENITIES • Leasing Center • Fitness Center • Picnic Area • Swimming Pool • Playground

62 THE BELAIRE APARTMENTS COMPARABLE RENTAL PROPERTIES Unit Mix # Of Effective Utility Total 3 Floorplan Units Size (SF) Rent Charges Total Charges / SF 1BR/1BA Elite 64 800 $1,178 $80 $1,258 $1.57 2BR/1BA Elite 58 1,100 $1,281 $54 $1,335 $1.21 2BR/2BA Elite 99 1,200 $1,387 $54 $1,441 $1.20 TOTAL / AVG 221 1,058 $1,299 $62 $1,360 $1.29

The Bentley at Marietta 880 South Cobb Drive | Marietta, GA 30060

Property Info UTILITY SUMMARY Occupancy 97% Gas (cooking, heat, water) and electric, billed separately. Residents are Year Built 1985 / REN 2018-2019 charged a flat rate for water and sewer 1BR-$40, 2BR/1BA-$50, 2BR/2BA-$60 + $25 for valet trash, $10 for trash removal and $5 for pest control. Manager American Landmark Status Stabilized COMMENTS / NOTES Category Market All units are renovated that include true granite countertops, stainless Property Phone # 770-250-4254 steel appliances, new white cabinets, tile backsplash, vinyl wood flooring, brushed nickel hardware, fixtures and lighting.

PROPERTY AMENITIES • Clubhouse • Picnic / Grilling Area • Lake • Swimming Pool • Playground • Package Lockers • Fitness Center • Gazebo • Dog Park

63 THE BELAIRE APARTMENTS COMPARABLE RENTAL PROPERTIES Unit Mix # Of Effective Utility Total 4 Floorplan Units Size (SF) Rent Charges Total Charges / SF 1BR/1BA Elite 46 698 $1,271 $82 $1,353 $1.94 1BR/1BA Elite 41 872 $1,317 $82 $1,399 $1.60 2BR/2BA Elite 21 1,142 $1,384 $97 $1,481 $1.30 2BR/2BA Elite 46 1,218 $1,553 $97 $1,650 $1.35 3BR/2BA Elite 24 1,541 $1,653 $97 $1,750 $1.14 TOTAL / AVG 178 1,039 $1,419 $89 $1,508 $1.45

Wood Pointe 1001 Burnt Hickory Road | Marietta, GA 30064

Property Info UTILITY SUMMARY Occupancy 94% Total electric billed separately. Residents are charged a flat rate for water and Year Built 1986 / REN 2018 sewer. 1BR-$50, 2BR-$65, 3BR-$75 + $27 for valet trash + $4.50 admin. fee. Manager Pinnacle COMMENTS / NOTES Status Stabilized All units have been renovated to include new countertops, new black appliances, Market Category new cabinets, laminate wood flooring, new carpet and brushed nickel hardware and Property Phone # 844-814-6451 fixtures. They are renovating units on the turn to include true granite countertops and tile backsplash. The rents above reflect the true granite upgrade.

PROPERTY AMENITIES • Clubhouse • Basketball Court • Picnic / Grilling Area • Swimming Pool • Volleyball Court • Package Lockers • Fitness Center • Playground • Attached Garages

64 THE BELAIRE APARTMENTS COMPARABLE RENTAL PROPERTIES Unit Mix # Of Effective Utility Total 5 Floorplan Units Size (SF) Rent Charges Total Charges / SF 1BR/1BA 30 700 $1,130 $67 $1,197 $1.71 1BR/1BA Elite 4 700 $1,230 $67 $1,297 $1.85 1BR/1BA 15 800 $1,200 $67 $1,267 $1.58 1BR/1BA Elite 5 800 $1,300 $67 $1,367 $1.71 1BR/1BA 20 900 $1,145 $67 $1,212 $1.35 1BR/1BA Elite 4 900 $1,245 $67 $1,312 $1.46 2BR/2BA 116 1,100 $1,390 $77 $1,467 $1.33 2BR/2BA Elite 12 1,100 $1,490 $77 $1,567 $1.42 2BR/2BA 105 1,200 $1,310 $77 $1,387 $1.16 2BR/2BA Elite 11 1,200 $1,410 $77 $1,487 $1.24 3BR/2.5BA 30 1,520 $1,580 $87 $1,667 $1.10 Discovery Gateway 3BR/2.5BA Elite 3 1,520 $1,680 $87 $1,767 $1.16 720 Franklin Road | Marietta, GA 30067 3BR/2.5BA 20 1,575 $1,590 $87 $1,677 $1.06 3BR/2.5BA Elite 3 1,575 $1,690 $87 $1,777 $1.13 TOTAL / AVG 378 1,132 $1,356 $76 $1,433 $1.27 Property Info UTILITY SUMMARY Occupancy 87% Gas (water, heat) and electric billed separately. Residents are charged a flat rate for water, sewer and trash. 1BR-$50, 2BR- Year Built 1977 / REN 2021 $60, 3BR-$70 + $12 for trash and $5 for pest control. Manager Pegasus Status Stabilized COMMENTS / NOTES Category Market Some of the units have been renovated to an Elite level that includes white cabinets, Property Phone # 678-498-7861 true granite countertops, black appliances, tile backsplash, brushed nickel hardware, faux wood vinyl flooring, brushed nickel hardware, fixtures and lighting.They are just beginning to renovated units with Quartz countertopsOccupancy reflects the 30 fire units (completely renovated and ready for lease). Daily Effective Pricing - LRO PROPERTY AMENITIES • Gated • Resident Business • Sport Court • Picnic / Grilling Area • Clubhouse Center • Laundry Facility • Dog Park • Swimming Pool • Fitness Center • Playground • W/D Connections

65 THE BELAIRE APARTMENTS COMPARABLE RENTAL PROPERTIES Unit Mix # Of Effective Utility Total 6 Floorplan Units Size (SF) Rent Charges Total Charges / SF 1BR/1BA 144 785 $990 $53 $1,043 $1.33 1BR/1BA Elite 36 785 $1,190 $53 $1,243 $1.58 2BR/1BA 48 1,050 $1,152 $63 $1,215 $1.16 2BR/1BA Elite 12 1,050 $1,352 $63 $1,415 $1.35 2BR/1.5BA TH 52 1,394 $1,337 $63 $1,400 $1.00 2BR/1.5BA TH Elite 13 1,394 $1,537 $63 $1,600 $1.15 2BR/2BA 80 1,400 $1,352 $63 $1,415 $1.01 2BR/2BA Elite 20 1,400 $1,552 $63 $1,615 $1.15 3BR/2BA 36 1,583 $1,472 $73 $1,545 $0.98 3BR/2BA Elite 8 1,583 $1,672 $73 $1,745 $1.10 3BR/2.5BA TH 5 1,650 $1,500 $73 $1,573 $0.95 The Arbors at East Cobb 3BR/2.5BA TH Elite 1 1,650 $1,700 $73 $1,773 $1.07 1805 Roswell Road | Marietta, GA 30062 TOTAL / AVG 455 1,131 $1,233 $60 $1,294 $1.14

Property Info UTILITY SUMMARY Occupancy 96% Total electric billed separately. Residents are charged for Year Built 1976 / REN 2015 water based on a RUBS system + $14 for trash. Manager Greystar COMMENTS / NOTES Status Stabilized They are just beginning to renovated units to an Elite level that includes new Market Category stainless steel appliances, new white cabinets, granite countertops, laminate Property Phone # 770-973-4503 wood flooring, brushed nickel hardware, lighting and fixtures. These units are receiving a $200 premium. An estimated number of units is shown above.

PROPERTY AMENITIES • Clubhouse • Sport Court • Playground • Fitness Center • Laundry Facility

66 THE BELAIRE APARTMENTS COMPARABLE RENTAL PROPERTIES Unit Mix # Of Effective Utility Total 7 Floorplan Units Size (SF) Rent Charges Total Charges / SF 1BR/1BA Prem 120 603 $1,135 $53 $1,188 $1.97 1BR/1BA Prem 84 760 $1,150 $53 $1,203 $1.58 2BR/1BA Prem 48 910 $1,235 $63 $1,298 $1.43 2BR/2BA Prem 134 1,080 $1,370 $63 $1,433 $1.33 3BR/2BA Prem 108 1,274 $1,560 $73 $1,633 $1.28 TOTAL / AVG 494 936 $1,304 $61 $1,365 $1.46

Element 41 CURRENT PREMIUM 991 Wylie Road | Marietta, GA 30067

Property Info UTILITY SUMMARY Occupancy 91% Total electric, billed separately. Residents are on a RUBS system for water and Year Built 1988 / REN 2008 sewer. An estimated water charge has been added to the utility column. They are charged $60 for internet, $9 for trash, $5 for pest control, and $5 for a utility fee. Manager First Communities Status Stabilized COMMENTS / NOTES Category Market Units are being renovated on the turn. The exterior was painted in 2014. Interior FORMER RENO Property Phone # 770-423-9029 renovations include black and stainless appliances, faux granite countertops, painted white cabinets, new carpet, faux wood flooring, brushed nickel hardware, and new lighting. The rents above reflect current premium renovation package units. PROPERTY AMENITIES • Clubhouse • Tennis Court • Sport Field • Car Care Center • Two Swimming Pools • Laundry Facility • Picnic/Grilling Area • Dog Park • Fitness Center • Playground • Jogging Trail • W/D included (in select units)

67 THE BELAIRE APARTMENTS COMPARABLE RENTAL PROPERTIES Unit Mix # Of Effective Utility Total 8 Floorplan Units Size (SF) Rent Charges Total Charges / SF 1BR/1BA Classic 116 1,092 $1,064 $75 $1,139 $1.04 1BR/1BA Elite 13 1,092 $1,164 $75 $1,239 $1.13 2BR/2BA Classic 134 1,249 $1,234 $95 $1,329 $1.06 2BR/2BA Elite 15 1,249 $1,334 $95 $1,429 $1.14 TOTAL / AVG 278 1,176 $1,165 $86 $1,251 $1.06

Veritas at East Cobb 730 Franklin Road | Marietta, GA 30067

Property Info UTILITY SUMMARY Occupancy 95% Gas (heat, water) and electric billed separately. Residents are charged a flat rate for water and sewer 1BR-$59, 2BR-$79 + $6 1980 / REN 2019 Year Built for water service fee, $10 for pest control and trash. Manager First Communities Status Stabilized COMMENTS / NOTES Category Market The property was purchased in Dec 2019. They are just beginning to renovate units on the turn to include new white cabinets, true granite countertops, stainless Property Phone # 770-429-0157 steel appliances, tile backsplash, vinyl wood flooring, brushed nickel hardware, lighting and fixtures. An estimated number of renovated units is shown above.

PROPERTY AMENITIES • Clubhouse • Sport Court • W/D in all units • Swimming Pool • Playground • Tennis Court • Picnic/Grilling Area

68 THE BELAIRE APARTMENTS RENT ANALYSIS: ONE BEDROOM RANKINGS

Ranked by Unit Size Ranked by Total Charges # of Size Total Total / # of Size Total Total / Property Name Units Floor Plan (SF) Charges SF Property Name Units Floor Plan (SF) Charges SF Veritas at East Cobb 116 1BR/1BA Classic 1,092 $1,139 $1.04 Discovery Gateway 4 1BR/1BA Elite + 900 $1,402 $1.56 Veritas at East Cobb 13 1BR/1BA Elite 1,092 $1,239 $1.13 Wood Pointe 41 1BR/1BA Elite 872 $1,399 $1.60 Discovery Gateway 20 1BR/1BA Elite 900 $1,307 $1.45 Discovery Gateway 5 1BR/1BA Elite + 800 $1,392 $1.74 Discovery Gateway 4 1BR/1BA Elite + 900 $1,402 $1.56 Wood Pointe 46 1BR/1BA Elite 698 $1,353 $1.94 1250 West 36 1BR/1BA Elite 893 $1,303 $1.46 The BelAire 1 1BR/1BA Prem 690 $1,318 $1.91 Wood Pointe 41 1BR/1BA Elite 872 $1,399 $1.60 Discovery Gateway 20 1BR/1BA Elite 900 $1,307 $1.45 The Bentley at Marietta 64 1BR/1BA Elite 800 $1,258 $1.57 1250 West 36 1BR/1BA Elite 893 $1,303 $1.46 Discovery Gateway 15 1BR/1BA Elite 800 $1,292 $1.62 Discovery Gateway 4 1BR/1BA Elite + 700 $1,297 $1.85 Discovery Gateway 5 1BR/1BA Elite + 800 $1,392 $1.74 Discovery Gateway 15 1BR/1BA Elite 800 $1,292 $1.62 The Arbors at East Cobb 144 1BR/1BA 785 $1,043 $1.33 1250 West 48 1BR/1BA Elite 766 $1,287 $1.68 The Arbors at East Cobb 36 1BR/1BA Elite 785 $1,243 $1.58 The Bentley at Marietta 64 1BR/1BA Elite 800 $1,258 $1.57 1250 West 48 1BR/1BA Elite 766 $1,287 $1.68 The BelAire 6 Studio Elite 680 $1,253 $1.84 Element 41 84 1BR/1BA Prem 760 $1,203 $1.58 1250 West 46 1BR/1BA Elite 754 $1,252 $1.66 1250 West 46 1BR/1BA Elite 754 $1,252 $1.66 The Arbors at East Cobb 36 1BR/1BA Elite 785 $1,243 $1.58 Discovery Gateway 30 1BR/1BA Elite 700 $1,197 $1.71 Veritas at East Cobb 13 1BR/1BA Elite 1,092 $1,239 $1.13 Discovery Gateway 4 1BR/1BA Elite + 700 $1,297 $1.85 The BelAire 2 1BR/1BA Lite 690 $1,228 $1.78 Wood Pointe 46 1BR/1BA Elite 698 $1,353 $1.94 Greyscale The BelAire 13 1BR/1BA Lite Reno 690 $1,218 $1.77 The BelAire 13 1BR/1BA Lite Reno 690 $1,218 $1.77 The BelAire 2 1BR/1BA Lite Greyscale 690 $1,228 $1.78 The BelAire 12 Studio Elite 585 $1,208 $2.06 The BelAire 1 1BR/1BA Prem 690 $1,318 $1.91 Element 41 84 1BR/1BA Prem 760 $1,203 $1.58 The BelAire 6 Studio Elite 680 $1,253 $1.84 Discovery Gateway 30 1BR/1BA Elite 700 $1,197 $1.71 Element 41 120 1BR/1BA Prem 603 $1,188 $1.97 1250 West 58 1BR/1BA Elite 600 $1,189 $1.98 1250 West 58 1BR/1BA Elite 600 $1,189 $1.98 Element 41 120 1BR/1BA Prem 603 $1,188 $1.97 The BelAire 12 Studio Elite 585 $1,208 $2.06 Veritas at East Cobb 116 1BR/1BA Classic 1,092 $1,139 $1.04 Total and Averages 964 788 $1,206 $1.53 The Arbors at East Cobb 144 1BR/1BA 785 $1,043 $1.33 Total and Averages 964 788 $1,206 $1.53

69 THE BELAIRE APARTMENTS RENT ANALYSIS: ONE BEDROOM RANKINGS

Ranked by Price Per Square Foot # of Size Total Total / Property Name Units Floor Plan (SF) Charges SF The Arbors at East Cobb 144 1BR/1BA 785 $1,043 $1.33 Element 41 120 1BR/1BA Prem 603 $1,188 $1.97 Veritas at East Cobb 116 1BR/1BA Classic 1,092 $1,139 $1.04 Element 41 84 1BR/1BA Prem 760 $1,203 $1.58 The Bentley at Marietta 64 1BR/1BA Elite 800 $1,258 $1.57 1250 West 58 1BR/1BA Elite 600 $1,189 $1.98 The BelAire 12 Studio Elite 585 $1,208 $2.06 Wood Pointe 46 1BR/1BA Elite 698 $1,353 $1.94 The BelAire 1 1BR/1BA Prem 690 $1,318 $1.91 Discovery Gateway 4 1BR/1BA Elite + 700 $1,297 $1.85 The BelAire 6 Studio Elite 680 $1,253 $1.84 The BelAire 2 1BR/1BA Lite Greyscale 690 $1,228 $1.78 The BelAire 13 1BR/1BA Lite Reno 690 $1,218 $1.77 Discovery Gateway 5 1BR/1BA Elite + 800 $1,392 $1.74 Discovery Gateway 30 1BR/1BA Elite 700 $1,197 $1.71 1250 West 48 1BR/1BA Elite 766 $1,287 $1.68 1250 West 46 1BR/1BA Elite 754 $1,252 $1.66 Discovery Gateway 15 1BR/1BA Elite 800 $1,292 $1.62 Wood Pointe 41 1BR/1BA Elite 872 $1,399 $1.60 The Arbors at East Cobb 36 1BR/1BA Elite 785 $1,243 $1.58 Discovery Gateway 4 1BR/1BA Elite + 900 $1,402 $1.56 1250 West 36 1BR/1BA Elite 893 $1,303 $1.46 Discovery Gateway 20 1BR/1BA Elite 900 $1,307 $1.45 Veritas at East Cobb 13 1BR/1BA Elite 1,092 $1,239 $1.13 Total and Averages 964 788 $1,206 $1.53

70 THE BELAIRE APARTMENTS RENT ANALYSIS: TWO BEDROOM RANKINGS

Ranked by Unit Size Ranked by Total Charges # of Size Total Total / # of Size Total Total / Property Name Units Floor Plan (SF) Charges SF Property Name Units Floor Plan (SF) Charges SF The Arbors at East Cobb 80 2BR/2BA 1,400 $1,415 $1.01 Discovery Gateway 11 2BR/2BA Elite + 1,200 $1,857 $1.55 The Arbors at East Cobb 20 2BR/2BA Elite 1,400 $1,615 $1.15 Trellis 166 2BR/2BA Prem 1,240 $1,725 $1.39 The Arbors at East Cobb 52 2BR/1.5BA TH 1,394 $1,400 $1.00 1250 West 12 2BR/2BA Elite 1,217 $1,688 $1.39 The Arbors at East Cobb 13 2BR/1.5BA TH Elite 1,394 $1,600 $1.15 Wood Pointe 46 2BR/2BA Elite 1,218 $1,650 $1.35 Veritas at East Cobb 134 2BR/2BA Classic 1,249 $1,329 $1.06 The Arbors at East Cobb 20 2BR/2BA Elite 1,400 $1,615 $1.15 Veritas at East Cobb 15 2BR/2BA Elite 1,249 $1,429 $1.14 Discovery Gateway 105 2BR/2BA Elite 1,200 $1,602 $1.34 Trellis 166 2BR/2BA Prem 1,240 $1,725 $1.39 The Arbors at East Cobb 13 2BR/1.5BA TH Elite 1,394 $1,600 $1.15 Wood Pointe 46 2BR/2BA Elite 1,218 $1,650 $1.35 Discovery Gateway 12 2BR/2BA Elite + 1,100 $1,567 $1.42 1250 West 12 2BR/2BA Elite 1,217 $1,688 $1.39 The BelAire 5 2BR/2BA Lite Greyscale 1,000 $1,513 $1.51 1250 West 72 2BR/2BA Elite 1,213 $1,512 $1.25 1250 West 72 2BR/2BA Elite 1,213 $1,512 $1.25 Discovery Gateway 105 2BR/2BA Elite 1,200 $1,602 $1.34 1250 West 32 2BR/2BA Elite 1,115 $1,491 $1.34 The Bentley at Marietta 99 2BR/2BA Elite 1,200 $1,487 $1.24 The Bentley at Marietta 99 2BR/2BA Elite 1,200 $1,487 $1.24 Discovery Gateway 11 2BR/2BA Elite + 1,200 $1,857 $1.55 The BelAire 1 2BR/2BA Prem 1,100 $1,483 $1.35 Wood Pointe 21 2BR/2BA Elite 1,142 $1,481 $1.30 Wood Pointe 21 2BR/2BA Elite 1,142 $1,481 $1.30 1250 West 32 2BR/2BA Elite 1,115 $1,491 $1.34 1250 West 76 2BR/2BA Elite 958 $1,479 $1.54 Discovery Gateway 116 2BR/2BA Elite 1,100 $1,467 $1.33 Discovery Gateway 116 2BR/2BA Elite 1,100 $1,467 $1.33 The Bentley at Marietta 58 2BR/1BA Elite 1,100 $1,371 $1.25 1250 West 30 2BR/1BA Elite 875 $1,454 $1.66 The BelAire 51 2BR/2BA Lite Reno 1,100 $1,363 $1.24 Element 41 134 2BR/2BA Prem 1,080 $1,433 $1.33 Discovery Gateway 12 2BR/2BA Elite + 1,100 $1,567 $1.42 Veritas at East Cobb 15 2BR/2BA Elite 1,249 $1,429 $1.14 The BelAire 5 2BR/2BA Lite Greyscale 1,100 $1,413 $1.28 The Arbors at East Cobb 80 2BR/2BA 1,400 $1,415 $1.01 The BelAire 1 2BR/2BA Prem 1,100 $1,483 $1.35 The Arbors at East Cobb 12 2BR/1BA Elite 1,050 $1,415 $1.35 Element 41 134 2BR/2BA Prem 1,080 $1,433 $1.33 The BelAire 5 2BR/2BA Lite Greyscale 1,100 $1,413 $1.28 The Arbors at East Cobb 48 2BR/1BA 1,050 $1,215 $1.16 The Arbors at East Cobb 52 2BR/1.5BA TH 1,394 $1,400 $1.00 The Arbors at East Cobb 12 2BR/1BA Elite 1,050 $1,415 $1.35 The Bentley at Marietta 58 2BR/1BA Elite 1,100 $1,371 $1.25 The BelAire 82 2BR/2BA Lite Reno 1,000 $1,353 $1.35 The BelAire 51 2BR/2BA Lite Reno 1,100 $1,363 $1.24 The BelAire 5 2BR/2BA Lite Greyscale 1,000 $1,513 $1.51 The BelAire 82 2BR/2BA Lite Reno 1,000 $1,353 $1.35 1250 West 76 2BR/2BA Elite 958 $1,479 $1.54 Veritas at East Cobb 134 2BR/2BA Classic 1,249 $1,329 $1.06 Element 41 48 2BR/1BA Prem 910 $1,298 $1.43 Element 41 48 2BR/1BA Prem 910 $1,298 $1.43 1250 West 30 2BR/1BA Elite 875 $1,454 $1.66 The Arbors at East Cobb 48 2BR/1BA 1,050 $1,215 $1.16 Total and Averages 1,556 1,159 $1,475 $1.27 Total and Averages 1,556 1,159 $1,475 $1.27

71 THE BELAIRE APARTMENTS RENT ANALYSIS: TWO BEDROOM RANKINGS

Ranked by Price Per Square Foot # of Size Total Total / Property Name Floor Plan Units (SF) Charges SF 1250 West 30 2BR/1BA Elite 875 $1,454 $1.66 Discovery Gateway 11 2BR/2BA Elite + 1,200 $1,857 $1.55 1250 West 76 2BR/2BA Elite 958 $1,479 $1.54 The BelAire 5 2BR/2BA Lite Greyscale 1,000 $1,513 $1.51 Element 41 48 2BR/1BA Prem 910 $1,298 $1.43 Discovery Gateway 12 2BR/2BA Elite + 1,100 $1,567 $1.42 Trellis 166 2BR/2BA Prem 1,240 $1,725 $1.39 1250 West 12 2BR/2BA Elite 1,217 $1,688 $1.39 Wood Pointe 46 2BR/2BA Elite 1,218 $1,650 $1.35 The BelAire 82 2BR/2BA Lite Reno 1,000 $1,353 $1.35 The BelAire 1 2BR/2BA Prem 1,100 $1,483 $1.35 The Arbors at East Cobb 12 2BR/1BA Elite 1,050 $1,415 $1.35 1250 West 32 2BR/2BA Elite 1,115 $1,491 $1.34 Discovery Gateway 105 2BR/2BA Elite 1,200 $1,602 $1.34 Discovery Gateway 116 2BR/2BA Elite 1,100 $1,467 $1.33 Element 41 134 2BR/2BA Prem 1,080 $1,433 $1.33 Wood Pointe 21 2BR/2BA Elite 1,142 $1,481 $1.30 The BelAire 5 2BR/2BA Lite Greyscale 1,100 $1,413 $1.28 1250 West 72 2BR/2BA Elite 1,213 $1,512 $1.25 The Bentley at Marietta 58 2BR/1BA Elite 1,100 $1,371 $1.25 The Bentley at Marietta 99 2BR/2BA Elite 1,200 $1,487 $1.24 The BelAire 51 2BR/2BA Lite Reno 1,100 $1,363 $1.24 The Arbors at East Cobb 48 2BR/1BA 1,050 $1,215 $1.16 The Arbors at East Cobb 20 2BR/2BA Elite 1,400 $1,615 $1.15 The Arbors at East Cobb 13 2BR/1.5BA TH Elite 1,394 $1,600 $1.15 Veritas at East Cobb 15 2BR/2BA Elite 1,249 $1,429 $1.14 Veritas at East Cobb 134 2BR/2BA Classic 1,249 $1,329 $1.06 The Arbors at East Cobb 80 2BR/2BA 1,400 $1,415 $1.01 The Arbors at East Cobb 52 2BR/1.5BA TH 1,394 $1,400 $1.00 Total and Averages 1,556 1,159 $1,475 $1.27

72 THE BELAIRE APARTMENTS RENT ANALYSIS: THREE BEDROOM RANKINGS

Ranked by Unit Size Ranked by Total Charges

# of Size Total Total / # of Size Total Total / Property Name Units Floor Plan (SF) Charges SF Property Name Units Floor Plan (SF) Charges SF The Arbors at East Cobb 5 3BR/2.5BA TH 1,650 $1,573 $0.95 Discovery Gateway 3 3BR/2.5BA Elite + 1,575 $1,777 $1.13 The Arbors at East Cobb 1 3BR/2.5BA TH Elite 1,650 $1,773 $1.07 The Arbors at East Cobb 1 3BR/2.5BA TH Elite 1,650 $1,773 $1.07 The Arbors at East Cobb 36 3BR/2BA 1,583 $1,545 $0.98 Discovery Gateway 3 3BR/2.5BA Elite + 1,520 $1,767 $1.16 The Arbors at East Cobb 8 3BR/2BA Elite 1,583 $1,745 $1.10 Wood Pointe 24 3BR/2BA Elite 1,541 $1,750 $1.14 Discovery Gateway 20 3BR/2.5BA Elite 1,575 $1,677 $1.06 The Arbors at East Cobb 8 3BR/2BA Elite 1,583 $1,745 $1.10 Discovery Gateway 3 3BR/2.5BA Elite + 1,575 $1,777 $1.13 Discovery Gateway 20 3BR/2.5BA Elite 1,575 $1,677 $1.06 Wood Pointe 24 3BR/2BA Elite 1,541 $1,750 $1.14 1250 West 58 3BR/2BA Elite 1,200 $1,668 $1.39 Discovery Gateway 30 3BR/2.5BA Elite 1,520 $1,667 $1.10 Discovery Gateway 30 3BR/2.5BA Elite 1,520 $1,667 $1.10 Discovery Gateway 3 3BR/2.5BA Elite + 1,520 $1,767 $1.16 Element 41 108 3BR/2BA Prem 1,274 $1,633 $1.28 Trellis 44 3BR/2BA Prem 1,340 $1,632 $1.22 Trellis 44 3BR/2BA Prem 1,340 $1,632 $1.22 The BelAire 10 3BR/2BA Lite Reno 1,285 $1,623 $1.26 The BelAire 10 3BR/2BA Lite Reno 1,285 $1,623 $1.26 Element 41 108 3BR/2BA Prem 1,274 $1,633 $1.28 The Arbors at East Cobb 5 3BR/2.5BA TH 1,650 $1,573 $0.95 1250 West 58 3BR/2BA Elite 1,200 $1,668 $1.39 The Arbors at East Cobb 36 3BR/2BA 1,583 $1,545 $0.98 Total and Averages 350 1,377 $1,647 $1.20 Total and Averages 350 1,377 $1,647 $1.20

Ranked by Price Per Square Foot

# of Size Total Total / Property Name Units Floor Plan (SF) Charges SF Element 41 108 3BR/2BA Prem 1,274 $1,633 $1.28 1250 West 58 3BR/2BA Elite 1,200 $1,668 $1.39 Trellis 44 3BR/2BA Prem 1,340 $1,632 $1.22 The Arbors at East Cobb 36 3BR/2BA 1,583 $1,545 $0.98 Discovery Gateway 30 3BR/2.5BA Elite 1,520 $1,667 $1.10 Wood Pointe 24 3BR/2BA Elite 1,541 $1,750 $1.14 Discovery Gateway 20 3BR/2.5BA Elite 1,575 $1,677 $1.06 The BelAire 10 3BR/2BA Lite Reno 1,285 $1,623 $1.26 The Arbors at East Cobb 8 3BR/2BA Elite 1,583 $1,745 $1.10 The Arbors at East Cobb 5 3BR/2.5BA TH 1,650 $1,573 $0.95 Discovery Gateway 3 3BR/2.5BA Elite + 1,575 $1,777 $1.13 Discovery Gateway 3 3BR/2.5BA Elite + 1,520 $1,767 $1.16 The Arbors at East Cobb 1 3BR/2.5BA TH Elite 1,650 $1,773 $1.07 Total and Averages 350 1,377 $1,647 $1.20

73 THE BELAIRE APARTMENTS Confidentiality & Conditions All materials and information received or derived from Greystone Brown Real Estate Advisors its directors, officers, agents, advisors, affiliates and /or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither Greystone Brown Real Estate Advisors its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. Greystone Brown Real Estate Advisors will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

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