Raintree 152 Units | Macon, Ga

RAINTREE 152 UNITS | MACON, GA

Proven Value-Add Opportunity in Growing Macon Market RAINTREE 1737 GRAHAM ROAD | MACON, GA

Confidentiality & Disclaimer

The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from The Kirkland Company and should not be made available to any other person or entity without the written consent of The Kirkland Company. This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level TABLE OF CONTENTS of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. The Kirkland Company has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or Property Overview...... 04 business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Kirkland Company has not verified, and will not verify, any of the information contained herein, nor has The Kirkland Company conducted any investigation regarding these matters and makes no warranty or Investment Rationale...... 11 representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Location Overview...... 19 ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR KIRKLAND COMPANY AGENT FOR MORE DETAILS. Financial Analysis...... 31

Rent Comparables...... 39

TKC Assigned Listing Agents

William Kirkland Managing Partner [email protected]

Tim Ellrich Managing Partner [email protected]

5141 Virginia Way, STE 320 | Brentwood, TN 37027 T: 615.690.3001 | F: 615.523.4990

2 3 EXTERIOR

4 5 INTERIOR

6 7 OFFERING SUMMARY

RAINTREE

RAINTREE SITE Number of Units 152

Rentable Square Feet 80,560

Average SF Per Unit 530

# of Apartment Buildings 19

Year Built 1972

Acreage 10.61

Density (Units Per Acre) 14.33

Property Address 1737 Graham Road Macon

UNIT BREAKDOWN Type Units Unit SF Total SF Swimming Pool Leasing Office 1BD/1BA 152 530 80,560 Total/Avgs 152 530 80,560

CONSTRUCTION & UTILITIES

Exterior Brick / Siding

Roof Pitched / Shingles

Parking Surface Asphalt

Electricity Georgia Power Company

Water & Sewer Macon Water Authority

8 9 INVESTMENT RATIONALE

10 11 INVESTMENT RATIONALE

Raintree is a 152-unit apartment complex located 3.5 miles northeast of Downtown Macon. The property contains all 1BD units and sits at the bottom of the rental market, providing room for new ownership to potentially grow rents. Macon’s asking rent has been growing with its vacancy decreasing, showing positive area supply & demand fundamentals.

Macon’s downtown area has been revitalized in the last several years due to partnerships between several PROJECTED for-profit and non-profit organizations. Macon is also home to a variety of big box retailers, staple employers, and several new companies that have announced new jobs over the past 12 months. RENT $520

PROVEN VALUE-ADD ON RENOVATED UNITS: According to property ownership, four units are NEW ROOFS & WINDOWS renovated and are achieving up to a $50 rent premium, providing new ownership with a proven value-add model. VALUE-ADD Current ownership has also invested in significant Capital Expenditures. ROOM TO GROW RENTS: Raintree contains all 1BD units. Area comparables reveal 1BD units renting for up OPPORTUNITY to $280 more than the subject, leaving new ownership room to potentially grow rents. Within the past 3 years, current ownership has replaced all of the According to current ownership, 4 units at Raintree have been POSITIVE MACON RENT GROWTH: According to CoStar, Macon has experienced a 12-month Asking roofs and windows and removed over renovated, and these units are achieving a rent premium of Rent Growth of 2.6% and a Vacancy change of -0.4%. 100 trees on the property. up to $50. Additionally, a rent survey of the area reveals that

RECENT ROOF & WINDOW REPLACEMENT: Within the last 3 years, current ownership has replaced all Raintree’s 1BD units sit at the very bottom of the market. Similar of its roofs and windows and has also removed roughly 100 trees from the property. vintage properties nearby are achieving middle to upper $500’s ROOM TO GROW RENTS in rent, and Macon’s apartment market is showing positive signs PARTNERSHIPS TO REVITALIZE THE CITY: Macon is being transformed by multiple partnerships of growth, with a 12-month Asking Rent Growth of 2.6% and Glenwood Village $750 between Bibb County government, Mercer University, and a variety of for-profit and non-profit organizations that a 12-month Vacancy change of -0.4% according to CoStar. are working to attract new businesses, create new housing & infrastructure, and revitalize the downtown area. Overlook Gardens $640 These factors provide new ownership some room to add value to Raintree. The Cliffs $610 NEARBY RETAIL OPPORTUNITIES: Macon is home to The Shoppes at River Crossing, a 750,000 SF shopping mall anchored by Barnes & Noble, Belk, Dick’s Sporting Goods, and Dillard’s. Additional area retail Highland Hills $563 includes Publix, Ace Hardware, Kroger, and Food Depot. 12-MONTH CHANGE Pine Ridge $545

OTHER DEMAND DRIVERS: Macon’s employment base is anchored by: Cherry Tree Hill $500 • Navicent Health Medical Center: 4,600 jobs, 637 beds RENT GROWTH: 2.6% • Mercer University: 8,600 students, 937 jobs Pine Ridge $495 • Coliseum Health System: 1,400 jobs, 310 beds VACANCY: -0.4% • GEICO - 5,500 jobs Raintree $470 12 13 Macon is bustling with growth and urban development MACON thanks to the efforts of the Bibb County government, A CITY UNITING FOR PROGRESS Mercer University, and a variety of for-profit and non-profit organizations working to attract new businesses, create new housing & infrastructure, and revitalize the city. Macon is growing rapidly thanks to the recent emergence of new housing, restaurants, bars, nightclubs, and businesses taking root on the main streets of Macon’s Central Business District. To ensure the development progress continues, the county has embarked on a strategic plan, “Forward Together,” which incorporates both government and private business capital to reshape and revitalize Macon. SECOND STREET CORRIDOR RAINTREE 3.5 MI COLLEGE HILL This $13 million project is improving an area from East Macon through downtown to make much-needed This collection of neighborhoods Macon improvements and upgrades along between Mercer University and Second Street. The project is an Downtown Macon has received expansive and long-term economic national recognition for economic and development and neighborhood community development initiatives. The revitalization undertaking that includes College Hill Master Plan, which initially building a bridge to link West Macon began as Mercer University students’ MERCER with downtown, a new park, additional senior capstone project, received $5 city green space, new bike lanes and UNIVERSITY million in grant funding and has since existing bike path connectors, additional been leveraged into nearly $200 million In the past few years, Mercer University landscaping, improved sidewalks, in economic development activity. has partnered with many of the city irrigation systems, and more. Additional development in the area revitalization efforts to build a stronger DOWNTOWN includes The Lofts at Capricorn (a $19 Macon. Specific development the million loft project) and Mercer Music at MACON University has been involved with near Capricorn (a recently renovated $1.35 the campus includes a pedestrian million music venue). Macon recently launched the Downtown bridge over Mercer University Drive that Challenge, a $3 million three-year connects Mercer’s football stadium and program to fund community-driven the main campus, a series of mixed-use projects launched by the Community buildings featuring ground-floor retail Foundation of Central Georgia. Selected with student housing above, and Mercer projects that have been chosen consist Landing (a building encompassing of improved streetscapes, a Downtown office and retail space, apartments for Venture Fund to provide funding to undergraduates, and a 95-room Marriott entrepreneurs, an entrance gate to TownPlace Suites hotel). Ocmulgee Heritage Trail, and a theater production on Macon’s music history. 14 15 RECENT JOB ANNOUNCEMENTS:

DEMAND Stevens Aviation: In November 2018, Stevens Aviation announced it will bring 150 jobs to the old Bombardier hanger near the Middle DRIVERS Georgia Regional Airport

Embraer: In June 2018, Embraer, the third largest aircraft

THE SHOPPES AT RIVER CROSSING manufacturer in the world, announced it would bring 100 jobs to 750,000 SF Macon. The company will operate out of a 155,000 square foot facility at the Middle Georgia Regional Airport COLISEUM HEALTH SYSTEM 310 beds; 1,400 jobs

RAINTREE

GEICO 5,500 jobs

MERCER UNIVERSITY #133 National University Macon (U.S. News & World Report) 8,600 students; 937 jobs

NAVICENT HEALTH MEDICAL CENTER #10 hospital in Georgia (U.S. News & World Report) 637 beds; 4,600 jobs ROBINS AIR FORCE BASE 8,500 military personnel 16,000 civilians $2.86B in economic impact

16 18 MILES 17 LOCATION OVERVIEW

18 19 MARKET SUMMARY

THE HEART MACON, OF GEORGIA GEORGIA

With 152,555 residents, Macon is the 4th-largest city in Georgia. A part of the Macon-Warner Robins CSA, a total of 417,473 people live in the area. Nicknamed “The Heart of Georgia”, Macon is home to numerous historical sites & museums and boasts strong education, healthcare, agriculture, and defense industries. Macon is a center of commerce and culture in central Georgia, and recent job growth (1.4%) and home price increase (2.6%) demonstrate the steady and constant growth of the market.

With Mercer University, Middle Georgia State University, and Wesleyan College all located within city limits, Macon is a hub of education in Central Georgia. Mercer, along with Georgia Tech, University of Georgia, and Emory University, is one of the only schools in the state to crack US News & World Report’s list for top National Universities. Mercer boasts a full array of colleges & majors as well as a Division 1 athletics program. Middle Georgia State has ~8,000 students and ~700 employees, while Wesleyan College was the first women’s college in the state of Georgia as well as the birthplace of the first collegiate sororities. Healthcare is another strong suit of Macon. Navicent Medical Center is the #10 hospital in the state of Georgia according to US News & World Report and has over 600 licensed beds. Coliseum Medical Center, across the Ocmulgee River from Downtown Macon, also provides 300+ beds.

20 21 MARKET SUMMARY LIFESTYLE

Despite its size, there is plenty to do in and around Macon. The Museum of Aviation at Robins AFB is the largest tourist attraction in the state outside of Atlanta. The Hay House downtown, the Allman Brothers Band EMPLOYMENT Museum, and Ocmulgee National Monument are all popular historic attractions. Amerson River Park, Ocmulgee The largest employer in the area, by far, is Robins Air Force Base, with 24,500 jobs on site (16,000 Heritage Trail, and Lake Tobesofkee provide outdoor activities. Athletics are also popular in Macon, as the city civilian jobs). Following Robins is GEICO (5,500), Navicent (4,600 employees), Coliseum Health is home to the Georgia Sports Hall of Fame. Mercer University participates in Division 1 athletics, while there Systems (1,400), Mercer (937), YKK Inc. (600), Ricoh USA (575), Georgia Farm Bureau Federation are also minor league hockey and baseball teams in the area. The International Cherry Blossom Festival lasts (525), Boeing Manufacturing (518), Haeco Manufacturing (410), and Bass Pro Shops Distribution 10 days each March and brings visitors from around the country to Macon. Music fans have several venues in (400). Tractor Supply Company, Kohl’s, Ryder, and Trane Company also have facilities in Macon. the area, including Macon Coliseum (9,252 capacity), Macon City Auditorium (2,688), and The Grand Opera According to Sperling’s Best Places, Job Growth in Macon is expected to hit 34.97% in the next House (2,418). 10 years.

34.97% EXPECTED JOB GROWTH

IN THE NEXT 10 YEARS SPERLING’S BEST PLACES

22 23

FINANCIAL ANALYSIS

30 31 DEC RENT ROLL DEC RENT ROLL

APT # RENT 1ST PAYMENT DATE 2ND PAYMENT DATE2 COMMENT/BALANCE APT # RENT 1ST PAYMENT DATE 2ND PAYMENT DATE2 COMMENT/BALANCE

A1 0 E7

A2 620 620 31-Dec E8 470 480 3-Dec

A3 0 F1

A4 470 270 3-Dec 200 4-Dec F2 470 530 30-Nov

A5 470 470 4-Dec F3 450 450 3-Dec

A6 470 470 8-Dec F4 450 455 7-Dec

A7 450 450 4-Dec F5 470 1410 21-Dec

A8 470 470 3-Dec F6

B1 450 450 3-Dec F7 450 425 3-Dec

B2 450 200 8-Dec 295 12-Dec F8 470 470 3-Dec

B3 450 450 4-Dec G1 470 40 11-Dec 470 24, 31Dec

B4 0 maintenance G2 450 450 8-Dec

B5 0 G3 470 470 30-Nov

B6 470 470 5-Dec G4 470 200 18-Dec

B7 G5 450 400 6-Dec 105 7-Dec

B8 470 470 7-Dec G6 470 470 3-Dec

C1 G7 470 470 30-Nov

C2 450 450 5-Dec G8 470 470 3-Dec

C3 450 450 13-Dec H1

C4 470 470 3-Dec H2 470 510 14-Dec

C5 450 450 30-Nov H3 470 470 30-Nov

C6 470 150 12-Dec 300 27-Dec H4 470 334 30-Nov 136 24-Dec

C7 450 450 3-Dec H5 450 1100 8-Dec

C8 470 470 8-Dec H6 470 470 7-Dec

D1 430 430 30-Nov H7 470

D2 450 450 4-Dec H8 470 470 3-Dec

D3 470 470 8-Dec I1 470 470 2-Dec

D4 450 225 14-Dec 225 21-Dec I2 200 200 3-Dec

D5 470 470 13-Dec I3

D6 450 450 5-Dec I4 470 940 4-Dec

D7 450 450 7-Dec I5 450 450 3-Dec

D8 I6 470 470 8-Dec

E1 480 480 6-Dec I7 470 470 5-Dec

E2 470 200 17-Dec 200 27,28 Dec I8 450 450 29-Dec

E3 470 470 4-Dec J1 400 400 30-Nov

E4 470 470 5-Dec J2

E5 470 470 6-Dec J3 450 169 4-Dec 281 13-Dec

E6 470 470 16-Nov J4

32 33 DEC RENT ROLL DEC RENT ROLL

APT # RENT 1ST PAYMENT DATE 2ND PAYMENT DATE2 COMMENT/BALANCE APT # RENT 1ST PAYMENT DATE 2ND PAYMENT DATE2 COMMENT/BALANCE

J5 470 140 29-Nov 330 11-Dec O3 490 364 4-Dec 102 10-Dec

J6 470 O4 470 eviction filed 26-Nov

J7 450 O5 470 470 4-Dec

J8 470 470 30-Nov O6

K1 450 450 3-Dec O7 470 eviction filed 26-Nov

K2 450 324 4-Dec 126 8-Dec O8 450 450 4-Dec

K3 470 300 4-Dec 170 24-Dec P1 470 470 3-Dec

K4 430 430 3-Dec P2 470

K5 450 450 18-Dec P3 470 235 30-Nov 235 14-Dec

K6 470 470 4-Dec P4 470 300 7-Dec 170 20-Dec

K7 400 120 29-Nov 270 4-Dec P5 470 370 14-Dec

K8 470 470 3-Dec P6 470 240 12-Dec 250 26-Dec

L1 470 470 29-Nov P7 470 470 1-Dec

L2 450 450 4-Dec P8 450 450 7-Dec

L3 450 450 4-Dec R1 450 161 3-Dec 299 4-Dec

L4 495 535 14-Dec R2 450 450 4-Dec

L5 450 490 21-Dec R3 470 470 4-Dec

L6 0 maintenance R4 470 440 4-Dec 30 6-Dec

L7 450 450 3-Dec R5 470 470 29-Nov

L8 460 460 3-Dec R6 470 470 29-Nov

M1 0 R7 470 510 14-Dec

M2 450 465 21-Dec R8 490 490 4-Dec

M3 430 324 4-Dec S1 450 120 30-Nov 330 4-Dec

M4 450 450 3-Dec S2 450 225 3-Dec 225 4-Dec

M5 470 300 17-Dec 467 26-Dec S3 450 400 3-Dec

M6 470 490 6-Dec S4 470 470 4-Dec

M7 450 450 30-Nov S5 470 245 20-Dec

M8 470 470 3-Dec S6 430 430 30-Nov

N1 470 470 30-Nov S7 470 120 3-Dec 350 4-Dec

N2 470 470 30-Nov S8 470 470 4-Dec

N3 470 470 3-Dec T1 470 470 6-Dec

N4 450 450 5-Dec T2 450 450 3-Dec

N5 470 470 3-Dec T3 490 490 3-Dec

N6 470 510 28-Dec T4 470 150 17-Dec

N7 470 470 30-Nov T5 470 940 4-Dec

N8 470 470 11-Dec T6 450 300 7-Dec 250 17,21 Dec

O1 450 330 4-Dec 120 28-Dec T7 470 510 31-Dec

O2 470 200 8-Dec T8 450 111 3-Dec 339 4-Dec

34 35 EXPENSES & NOTES

EXPENSES 2017 2018

Macon Water $62,845 $66,969

Georgia Power $11,160 $12,706

Cox Cable $28,000 $26,745

Office Phone $2,283 $2,506

ADT Security $446 $432

Advanced Disposal $9,078 $9,553

Landscaping $14,400 $14,400

Pool Maintenance $5,253 $1,948

Tax Payment $35,399 $31,688

Mortgage $152,400 $151,500

Home Depot $8,319 $4,658

Insurance $27,118 $23,794

Verizon $238 $490

Cameras $1,020 $1,340

Pest Control $0 $600

Total Expenses $357,959 $349,329

NOTES - UNIT BREAKDOWN RENOVATED UNITS According to the property owner, units M1, E1, T3, and O3 are renovated units.

A2 & A3 According to the property owner, units A2 and A3 have been reconfigured from 2 1BD units of 530 SF to one 2BD unit of approximately 690 SF (A2) and one Studio unit of approximately 370 SF (A3). For the sake of this Offering Memorandum, these units are assumed to be 2 1BD units.

B4 & B5 According to the property owner, Units B4 & B5 have been combined into 1 2BD unit of 1,060 SF. For the sake of this Offering Memorandum, these units are assumed to be 2 1BD units. 36 37 RENT COMPARABLES

38 39 RENT COMPARABLES FEES & UTILITIES

PROPERTY YEAR UNITS SF RENT RENT / SF FEES Deposit Admin Fee App Fee Pet Fee Pet Rent A Raintree 1972 152 530 $470 $0.89 Apartment Community (ref) (non-ref) (per person) (non-ref) (monthly) B Highland Hills 1971 241 1353 $757 $0.57 Raintree $200 None $30 $150 $25 C Cherry Tree Hill 1983 152 734 $557 $0.77 Highland Hills $200-$400 $100 - $400 $25 $300 $10

D Pine Ridge 1969 83 960 $578 $0.62 Cherry Tree Hill $300-$350 None $45 $200 None Pine Ridge $300 None $25 $500 None E The Cliffs 1969 142 1083 $813 $0.76 The Cliffs None $250-1 month's rent $50 No Pets Allowed N/A F Glenwood Village 1987 80 512 $696 $1.49 Glenwood Village $150-$300 based on credit None $35 $300 $15 G Overlook Gardens 1988 184 1034 $744 $0.73 Overlook Gardens $250-1 Month's Rent None $60 $300 $15 H Walnut Hills 1970 100 810 $588 $0.73 Walnut Hills 1 Month's Rent None $15 $200 $10

I Creekside at Macon 1968 92 1088 $536 $0.49 Creekside at Macon None $200 - $530 $35 $250 $10 The Oaks $545-$595 None $25 No Pets Allowed N/A J The Oaks 1974 99 1093 $557 $0.51

UTILITIES Apartment Community Water/Sewer Gas Trash Electricity

Raintree Included with Rent/Landlord Pays None Tenants Pay Tenants Pay Highland Hills Included with Rent/Landlord Pays None Included with Rent Tenants Pay Cherry Tree Hill Included with Rent/Landlord Pays None Included with Rent Tenants Pay Pine Ridge Included with Rent/Landlord Pays None Included with Rent Tenants Pay The Cliffs Included with Rent/Landlord Pays None Included with Rent Tenants Pay Glenwood Village Tenants Pay/Flat Rate None Tenants Pay Tenants Pay Overlook Gardens Tenants Pay/Metered None Tenants Pay Tenants Pay Walnut Hills Included with Rent/Landlord Pays None Included with Rent Tenants Pay Creekside at Macon Included with Rent/Landlord Pays None Included with Rent Tenants Pay The Oaks Included with Rent/Landlord Pays Tenants Pay Included with Rent Tenants Pay

40 41 RAINTREE HIGHLAND HILLS 1737 GRAHAM ROAD 2275 GRAY HIGHWAY MACON, GA MACON, GA TOTAL UNITS: 152 TOTAL UNITS: 241 YEAR BUILT: 1972 YEAR BUILT: 1971 OCCUPANCY: 92% OCCUPANCY: 90%

COMMENTS: COMMENTS: Cable included with rent. Deposit Fee and Admin Fee are Based on Credit.

Concession: $270 for First Month’s Rent

Unit Type Unit Sq. Ft. Effective Rents Effective Rent SF Unit Type Unit Sq. Ft. Effective Rents Effective Rent SF

1 Bdrm/1 Bath 530 $470 $0.89 1 Bdrm/1 Bath 864 $563 $0.65 Totals/Averages 530 $470 $0.89 2 Bdrm/1.5 Bath 1142 $603 $0.53 2 Bdrm/2 Bath 1175 $733 $0.62 Amenities Interior Features 2 Bdrm/2 Bath U 1175 $733 $0.62 • Swimming Pool • Modern Kitchen 2 Bdrm/2 Bath 1187 $633 $0.53 • Laundry Facility • Major Appliances 3 Bdrm/2 Bath 1257 $773 $0.62 • Leasing Oﬃce • High Speed Internet Access 3 Bdrm/2.5 Bath 1493 $853 $0.57 3 Bdrm/2.5 Bath 1798 $873 $0.49 4 Bdrm/2 Bath 2084 $1053 $0.51 Totals/Averages 1353 $757 $0.57

Amenities Interior Features • Leasing Oﬃce • Balcony/Patio* • BBQ/Picnic Area • Major Appliances • Playground • Modern Kitchen • Laundry Facility * In Select Units • Swimming Pool • Tennis Court

42 43 CHERRY TREE HILL PINE RIDGE 2050 OLD CLINTON ROAD 1968 CLINTON ROAD MACON, GA MACON, GA TOTAL UNITS: 152 TOTAL UNITS: 83 YEAR BUILT: 1983 YEAR BUILT: 1969 OCCUPANCY: 96% OCCUPANCY: 89%

COMMENTS: COMMENTS: Rent Range: 2BD/1BA: $525-$600 There are 1BD/1BA (450 SF) units that are currently being built and should be ﬁnished by early spring 2019. They will lease for $545.

Concession: 1 Month Rent Free after 60 days

Unit Type Unit Sq. Ft. Effective Rents Effective Rent SF Unit Type Unit Sq. Ft. Effective Rents Effective Rent SF

1 Bdrm/1 Bath 588 $500 $0.85 1 Bdrm/1 Bath 395 $495 $1.25 2 Bdrm/1 Bath 840 $600 $0.71 1 Bdrm/1 Bath 450 $545 $1.21 Totals/Averages 734 $557 $0.77 2 Bdrm/1.5 Bath TH 954 $565 $0.59 3 Bdrm/2 Bath 1024 $655 $0.64 Amenities Interior Features 2 Bdrm/2 Bath 1084 $595 $0.55 • Leasing Oﬃce • Major Appliances 3 Bdrm/1.5 Bath TH 1160 $725 $0.63 • Tennis Court • Modern Kitchen Totals/Averages 960 $578 $0.62 • Swimming Pool • Washer/Dryer Connections* • Laundry Facilities • High Speed Internet Access * In Select Units Amenities Interior Features • Leasing Oﬃce • Washer/Dryer Connections • Cable Ready • Balcony/Patio • Major Appliances • Modern Kitchen

44 45 THE CLIFFS GLENWOOD VILLAGE 1895 CLINTON ROAD 1420 GRAY HIGHWAY MACON, GA MACON, GA TOTAL UNITS: 142 TOTAL UNITS: 80 YEAR BUILT: 1969 YEAR BUILT: 1987 OCCUPANCY: 94% OCCUPANCY: 97%

COMMENTS: COMMENTS: Rent Ranges (for upgraded units): 1BD/1BA: $534-$610. About to start upgrading all units, including gutting and 2BD/2BA: $634-$785. Several down units are currently being remodeling, new countertops, cabinets, sinks, etc. Water is renovated. billed at a ﬂat rate of $25 for studio, $35 for 1 BR and $45 for 2 BR units. The studios include electricity. Concession: $599 for 1st Month’s Rent / Admin Fee Waived

Unit Type Unit Sq. Ft. Effective Rents Effective Rent SF Unit Type Unit Sq. Ft. Effective Rents Effective Rent SF

1 Bdrm/1 Bath 750 $610 $0.81 0 Bdrm/1 Bath Studio 288 $594 $2.06 2 Bdrm/2 Bath 1000 $785 $0.79 1 Bdrm/1 Bath 576 $750 $1.30 3 Bdrm/2 Bath 1200 $885 $0.74 2 Bdrm/1 Bath 876 $644 $0.74 4 Bdrm/2 Bath 1400 $985 $0.70 2 Bdrm/2 Bath 876 $664 $0.76 Totals/Averages 1083 $813 $0.76 Totals/Averages 512 $696 $1.49

Amenities Interior Features Amenities Interior Features • Leasing Oﬃce • Balcony/Patio • Leasing Oﬃce • Major Appliances • Controlled Access • Washer/Dryer Connections • Laundry Facility • Modern Kitchen • Fitness Center • Major Appliances • Ceiling Fans • Playground • Modern Kitchen • Balcony/Patio • Swimming Pool • Washer/Dryer Connections • Laundry Facilities

46 47 OVERLOOK GARDENS WALNUT HILLS 1400 GRAY HIGHWAY 2050 MERRIWOOD DRIVE MACON, GA MACON, GA TOTAL UNITS: 184 TOTAL UNITS: 100 YEAR BUILT: 1988 YEAR BUILT: 1970 OCCUPANCY: 97.83% OCCUPANCY: 79%

COMMENTS: COMMENTS: Rent ranges: 1BD/1BA: $544-$640, 2BD/1BA: $619-$640, Info obtained via 3rd party source. 2BD/2BA: $679-$789, 3BD/2BA: $800-$840.

Unit Type Unit Sq. Ft. Effective Rents Effective Rent SF Unit Type Unit Sq. Ft. Effective Rents Effective Rent SF

1 Bdrm/1 Bath 733 $640 $0.87 2 Bdrm/1 Bath 750 $565 $0.75 2 Bdrm/1 Bath 971 $640 $0.66 3 Bdrm/1 Bath 965 $650 $0.67 2 Bdrm/2 Bath 1094 $789 $0.72 Totals/Averages 810 $588 $0.73 3 Bdrm/2 Bath 1255 $840 $0.67 Totals/Averages 1034 $744 $0.73 Amenities Interior Features • Leasing Oﬃce • Washer/Dryer Connections* • Basketball Court • Major Appliances Amenities Interior Features • Modern Kitchen • Leasing Oﬃce • Balcony/Patio * In Select Units • BBQ/Picnic Area • Washer/Dryer Connections • Laundry Facilities • Major Appliances • Swimming Pool • Modern Kitchen • Volleyball Court • Playground

48 49 CREEKSIDE AT MACON THE OAKS 2139 MERRIWOOD DRIVE 2360 TREDWAY DRIVE MACON, GA MACON, GA TOTAL UNITS: 92 TOTAL UNITS: 99 YEAR BUILT: 1968 YEAR BUILT: 1974 OCCUPANCY: 70% OCCUPANCY: 93%

COMMENTS: COMMENTS: Rents include a $20 fee for water/sewer. Admin fee is based Deposit Fee is equal to one month's rent. on credit.

Concession: 1/2 Off First Month’s Rent / $20 App Fee

Unit Type Unit Sq. Ft. Effective Rents Effective Rent SF Unit Type Unit Sq. Ft. Effective Rents Effective Rent SF

2 Bdrm/1 Bath 989 $510 $0.52 0 Bdrm/1 Bath Studio 525 $400 $0.76 2 Bdrm/1 Bath TH 1100 $540 $0.49 2 Bdrm/1.5 Bath TH 1050 $545 $0.52 Totals/Averages 1088 $536 $0.49 3 Bdrm/1.5 Bath TH 1200 $595 $0.50 2 Bdrm/1.5 Bath TH 1575 $545 $0.35 Amenities Interior Features Totals/Averages 1093 $557 $0.51 • Leasing Oﬃce • Balcony/Patio • Washer/Dryer Connections Amenities Interior Features • Cable Ready • Leasing Oﬃce • Major Appliances • Major Appliances • Modern Kitchen • Modern Kitchen • Washer/Dryer Connections • Balcony/Patio

50 51 RENT STATISTICS

ONE BEDROOM ONE BEDROOM SORTED BY - AVERAGE RENT / MONTH SORTED BY - AVERAGE RENT / SQUARE FOOT

Number of Average Rent/ Average Rent/ Number of Average Rent/ Average Rent/ Apartment Community Year Built Square Feet Apartment Community Year Built Square Feet Units Month Square Foot Units Month Square Foot

Glenwood Village 1987 80 576 $750 $1.30 Glenwood Village 1987 80 576 $750 $1.30 Overlook Gardens 1988 184 733 $640 $0.87 Pine Ridge 1969 83 395 $495 $1.25 The Cliffs 1969 142 750 $610 $0.81 Pine Ridge 1969 83 450 $545 $1.21 Highland Hills 1971 241 864 $563 $0.65 Raintree 1972 152 530 $470 $0.89 Pine Ridge 1969 83 450 $545 $1.21 Overlook Gardens 1988 184 733 $640 $0.87 Cherry Tree Hill 1983 152 588 $500 $0.85 Cherry Tree Hill 1983 152 588 $500 $0.85 Pine Ridge 1969 83 395 $495 $1.25 The Cliffs 1969 142 750 $610 $0.81 Raintree 1972 152 530 $470 $0.89 Highland Hills 1971 241 864 $563 $0.65

TWO BEDROOM TWO BEDROOM SORTED BY - AVERAGE RENT / MONTH SORTED BY - AVERAGE RENT / SQUARE FOOT

Overlook Gardens 1988 184 1094 $789 $0.72 The Cliffs 1969 142 1000 $785 $0.79 The Cliffs 1969 142 1000 $785 $0.79 Glenwood Village 1987 80 876 $664 $0.76 Highland Hills 1971 241 1175 $733 $0.62 Walnut Hills 1970 100 750 $565 $0.75 Highland Hills 1971 241 1175 $733 $0.62 Glenwood Village 1987 80 876 $644 $0.74 Glenwood Village 1987 80 876 $664 $0.76 Overlook Gardens 1988 184 1094 $789 $0.72 Glenwood Village 1987 80 876 $644 $0.74 Cherry Tree Hill 1983 152 840 $600 $0.71 Overlook Gardens 1988 184 971 $640 $0.66 Overlook Gardens 1988 184 971 $640 $0.66 Highland Hills 1971 241 1187 $633 $0.53 Highland Hills 1971 241 1175 $733 $0.62 Highland Hills 1971 241 1142 $603 $0.53 Highland Hills 1971 241 1175 $733 $0.62 Cherry Tree Hill 1983 152 840 $600 $0.71 Pine Ridge 1969 83 954 $565 $0.59 Pine Ridge 1969 83 1084 $595 $0.55 Pine Ridge 1969 83 1084 $595 $0.55 Pine Ridge 1969 83 954 $565 $0.59 Highland Hills 1971 241 1187 $633 $0.53 Walnut Hills 1970 100 750 $565 $0.75 Highland Hills 1971 241 1142 $603 $0.53 The Oaks 1974 99 1050 $545 $0.52 The Oaks 1974 99 1050 $545 $0.52 The Oaks 1974 99 1575 $545 $0.35 Creekside at Macon 1968 92 989 $510 $0.52 Creekside at Macon 1968 92 1100 $540 $0.49 Creekside at Macon 1968 92 1100 $540 $0.49 Creekside at Macon 1968 92 989 $510 $0.52 The Oaks 1974 99 1575 $545 $0.35

52 53 RENT STATISTICS

THREE BEDROOM THREE BEDROOM SORTED BY - AVERAGE RENT / MONTH SORTED BY - AVERAGE RENT / SQUARE FOOT

The Cliffs 1969 142 1200 $885 $0.74 The Cliffs 1969 142 1200 $885 $0.74 Highland Hills 1971 241 1798 $873 $0.49 Walnut Hills 1970 100 965 $650 $0.67 Highland Hills 1971 241 1493 $853 $0.57 Overlook Gardens 1988 184 1255 $840 $0.67 Overlook Gardens 1988 184 1255 $840 $0.67 Pine Ridge 1969 83 1024 $655 $0.64 Highland Hills 1971 241 1257 $773 $0.62 Pine Ridge 1969 83 1160 $725 $0.63 Pine Ridge 1969 83 1160 $725 $0.63 Highland Hills 1971 241 1257 $773 $0.62 Pine Ridge 1969 83 1024 $655 $0.64 Highland Hills 1971 241 1493 $853 $0.57 Walnut Hills 1970 100 965 $650 $0.67 The Oaks 1974 99 1200 $595 $0.50 The Oaks 1974 99 1200 $595 $0.50 Highland Hills 1971 241 1798 $873 $0.49

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