COURTYARD CENTRE AFFORDABLE APARTMENTS 965 West 3Rd Street, Reno, Nevada 89503

OFFERING MEMORANDUM COURTYARD CENTRE AFFORDABLE APARTMENTS 965 West 3rd Street, Reno, Nevada 89503

DOWNTOWN RENO, NEVADA CONFIDENTIALITY AGREEMENT

1 Purpose. Company and Recipient wish to explore a potential business opportunity of mutual interest and in connection with this opportunity, Company may disclose to Recipient certain confidential technical and business information, which Company desires Recipient to treat as confidential. 2 “Confidential Information” means (a) any information disclosed by Company to Recipient, either directly or indirectly, in writing, orally or by inspection of tangible objects, including, without limitation, algorithms, business plans, business systems, customer data, customer lists, customer names, designs documents, drawings, logos, proposed trademarks or similar intellectual property, engineering information, financial analysis, forecasts, formulas, hardware configuration information, know-how, ideas, inventions, market information, marketing plans, processes, products, product plans, research, specifications, software, source code, trade secrets or any other information which is designated as “confidential,” “proprietary” or some similar designation (collectively, the “Disclosed Materials”) and (b) any information otherwise obtained, directly or indirectly, by Recipient through inspection, review or analysis of the Disclosed Materials. Confidential Information may also include information of a third party that is in the possession of Company and is disclosed to Recipient under this Agreement. Confidential Information shall not, however, include any information that (i) was publicly known and made generally available in the public domain prior to the time of disclosure by Company; (ii) becomes publicly known and made generally available after disclosure by Company to Recipient through no action or inaction of Recipient; (iii) is already in the possession of Recipient at the time of disclosure by Company as shown by Recipient’s files and records immediately prior to the time of disclosure; (iv) is obtained by Recipient from a third party lawfully in possession of such information and without a breach of such third party’s obligations of confidentiality; or (v) is independently developed by Recipient without use of or reference to Company’s Confidential Information, as shown by documents and other competent evidence in Recipient’s possession. 3 Non-use and Non-disclosure. Recipient agrees not to use any Confidential Information for any purpose except to evaluate and engage in discussions concerning a potential business relationship between Recipient and Company. Recipient agrees not to disclose any Confidential Information to third parties or to employees of Recipient, except to those employees who are required to have the information in order to evaluate or engage in discussions concerning the contemplated business relationship. Recipient shall not reverse engineer, disassemble or decompile any prototypes, software or other tangible objects which embody Company’s Confidential Information and which are provided to Recipient hereunder. 4 Maintenance of Confidentiality. Recipient agrees that it shall take all reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of the Confidential Information. Without limiting the foregoing, Recipient shall take at least those measures that Recipient takes to protect its own most highly confidential information and shall have its employees who have access to Confidential Information sign a non-use and non-disclosure agreement in content substantially similar to the provisions hereof, prior to any disclosure of Confidential Information to such employees. Recipient shall not make any copies of Confidential Information unless the same are previously approved in writing by the Company. Recipient shall reproduce Company’s proprietary rights notices on any such approved copies, in the same manner in which such notices were set forth in or on the original. Recipient shall immediately notify Company in the event of any unauthorized use or disclosure of the Confidential Information. 5 No Obligation. Nothing herein shall obligate Company or Recipient to proceed with any transaction between them, and each party reserves the right, in its sole discretion, to terminate the discussions contemplated by this Agreement concerning the business opportunity; provided, however, such termination shall in no way diminish, terminate or otherwise affect Recipient’s non-disclosure and confidentiality obligations hereunder. 6 No Warranty. ALL CONFIDENTIAL INFORMATION IS PROVIDED “AS IS.” COMPANY MAKES NO WARRANTIES, EXPRESS, IMPLIED OR OTHERWISE, REGARDING ITS ACCURACY, COMPLETENESS OR PERFORMANCE. 7 Return of Materials. All documents and other tangible objects containing or representing Confidential Information and all copies thereof which are in the possession of Recipient shall be and remain the property of Company and shall be promptly returned to Company upon Company’s request. 8 No License. Nothing in this Agreement is intended to grant any rights to Recipient under any patent, mask work right or copyright of Company, nor shall this Agreement grant Recipient any rights in or to Confidential Information except as expressly set forth herein. 9 Non-Circumvention. Upon execution of this Agreement, Recipient agrees to refrain from, directly or indirectly, circumventing Company’s interest in any business opportunity which it becomes aware of as a result of any Confidential Information. Recipient is not under any duty or obligation to disclose or offer any business opportunity to the other Company that is unrelated to the business of Company. 10 Relationship Between the Parties. Nothing contained in this Agreement shall be deemed to constitute a partnership or joint venture between Recipient and Company to give rise to any license or right of either of the parties to any information owned or controlled by the other Party. 11 Term. This Agreement shall survive until such time as all Confidential Information disclosed hereunder becomes publicly known and made generally available through no action or inaction of Recipient. 12 Remedies. Recipient agrees that any violation or threatened violation of this Agreement will cause irreparable injury to the Company, entitling Company to obtain injunctive relief in addition to all legal remedies, and should Company have to retain the services of an attorney to enforce its rights hereunder as against Recipient, and Company is the substantially prevailing party, then Company shall be awarded its costs and legal fees to the fullest extent permitted by applicable law. 13 Recipient Information. Company does not wish to receive any confidential information from Recipient, and Company assumes no obligation, either express or implied, with respect to any information disclosed by Recipient. 14 Miscellaneous. This Agreement shall bind and inure to the benefit of the parties hereto and their successors and assigns. This Agreement shall be governed by the laws of the State of Nevada, without reference to conflict of laws principles. This document contains the entire agreement between the parties with respect to the subject matter hereof. Any failure to enforce any provision of this Agreement shall not constitute a waiver thereof or of any other provision hereof. This Agreement may not be amended, nor any obligation waived, except by a writing signed by both parties hereto.

OFFERING MEMORANDUM | COURTYARD CENTRE 02 TABLE OF CONTENTS

04 EXECUTIVE SUMMARY Property Summary Property Photos Floor Plans Aerials Nevada Housing Division

15 RENT SURVEY Rent Comparable Summary Under Construction Properties

19 RECENT SALES Recent Sales

22 DEMOGRAPHICS

26 RENO MULTIFAMILY OVERVIEW Overview Vacancy

03 PROPERTY SUMMARY

OFFERING MEMORANDUM | COURTYARD CENTRE 04 PROPERTY No. of Units: 240 PROPERTY SUMMARY Stories: 4 Avg. Unit Size: 384 SF Courtyard Centre Apartments is in the heart of Downtown Type: Apartments - All Reno, tasty eateries, live entertainment and public Rent Type: Fully Affordable Year Built: 2000 transportation, and many hotels & casinos. The property Parking: ±110 Spaces enjoys a fully landscaped courtyard, swimming pool, Assessor’s Parcel 007-274-31 barbeque grills, and 24 hour fully equipped fitness center. Number PRICE: APARTMENT FEATURES SHOPS & GROCERS RECREATION & ENTERTAINMENT • Refrigerator • Great Basin Community • Reno Riverwalk District $19,271,088 • Air Conditioning • Food Co-op • Downtown Reno • High Ceilings • The Urban Market • Wingfield Park • Garbage Disposal • Outlets at Legends • Aces Ballpark • Microwave • Meadowood Mall • National Automobile Museum PRICE/UNIT: • All Utilities Included • Terry Lee Wells Nevada Discovery Museum DINING $80,296 COMMUNITY AMENITIES • Gold ‘N Silver Inn EMPLOYMENT • Fitness Center • Gold Dust West • Sands Regency Buyer must be approved by the NHD • Laundry Facility • Reef Sushi & Sake Bar • Eldorado Reno Resort Casino • Parking Garage • Sands Regency • Save Mart Supermarkets The property is being offered through the • Courtyard • Roxy • Saint Mary’s Regional Medical Center Nevada Housing Authority’s (NHD) Qualified • Controlled Access • Harrah’s Reno Hotel and Casino Contract Sale Program. Prospective Buyers • Utilities Included • Wells Fargo EDUCATION must maintain and operate the property in • Elevators • Mt. Rose Elementary accordance with the Low Income Housing Tax • Storage Units Available • Innovations High School Credit Program ( LIHTC), administered by the • Lobby With Lounge • University of Nevada, Reno Nevada Housing Authority ( NHD) • Barbecue & Picnic Area • Truckee Meadows • Onsite Management Community College • Carrington College

OFFERING MEMORANDUM | COURTYARD CENTRE 05 Subject Property Subject Property 695Su bWje 3rdct StP r-o Courtyardperty Centre Apartments Reno,695 W Nevada 3rd St - Downtown - Courtyard Reno CentreNeighborhood Apartments Reno, Nevada - Downtown Reno Neighborhood 695 W 3rd St - Courtyard Centre ApartmentsPROPERTY PROPERTY MANAGER 695 W 3rd St - Courtyard Centre ApartmentsPROPERTY PROPERTY MANAGER Reno, Nevada - Downtown Reno NeighborhoodNo. of Units: 240 Compass - Courtyard Centre Apartments Reno, Nevada - Downtown Reno NeighborhoodNo. of Units: 240 Compass - Courtyard Centre Apartments Stories: 4 (775) 284-2100 PROPERTYStories: 4 PROPERTY(775) 284-2100 MANAGER PROPERTYAvg. Unit Size: 347 SF PROPERTY MANAGER No.Avg. of Unit Units: Size: 240347 SF Compass - Courtyard Centre Apartments No.Type: of Units: 240Apartments - All Compass - Courtyard Centre Apartments Stories:Type: 4Apartments - All (775) 284-2100 Stories:Rent Type: 4Affordable (775)OWNER 284-2100 Avg.Rent Unit Type: Size: 347Affordable SF OWNER Avg.Year UnitBuilt: Size: 3472000 SF Veneto Capital Management Type:Year Built: Apartments2000 - All Veneto Capital Management Type:Parking: Apartments110 Spaces; - 0.5All per U… Purchased Mar 2018 RentParking: Type: Affordable110 Spaces; 0.5 per U… OWNERPurchased Mar 2018 RentDistance Type: to Transit: Affordable- OWNER$40,000,000 - Portfolio Price YearDistance Built: to Transit:2000- V$40,000,000eneto Capital - Portfolio Management Price Year Built: 2000 Parking: 110 Spaces; 0.5 per U… PurchasedVeneto Capital Mar Management2018 Parking: 110 Spaces; 0.5 per U… Distance to Transit: - $40,000,000Purchased Mar - Portfolio 2018 Price Distance to Transit: - $40,000,000 - Portfolio Price

ASKING RENTS PER UNIT/SF VACANCY 12 MONTH NET ABSORPTION ASKING RENTS PER UNIT/SF SourceVACANCY - CoStar Analytics 12 MONTH NET ABSORPTION PROPERTYCurrent: SUMMARY$755 $2.18 /SF Current: 3.3% 8 Units Current: 0 Units Current: $755 $2.18 /SF Current: 3.3% 8 Units Current: 0 Units Last Quarter: $754 $2.17 /SF Last Quarter: 3.3% 8 Units Competitor Total: 22 Units ASKINGLast Quarter: RENTS PER$754 UNIT/SF $2.17 /SF VACANCYLast Quarter: 3.3% 8 Units 12Competitor MONTH NET Total: ABSORPTION22 Units YearASKING Ago: RENTS PER$734 UNIT/SF $2.12 /SF VACANCYYear Ago: 3.8% 9 Units 12Competitor MONTH NET Avg: ABSORPTION1.3 Units Current:Year Ago: $755$734 $2.18$2.12 /SF Current:Year Ago: 3.3%3.8% 89 Units Units Current:Competitor Avg: 01.3 Units Units Competitors:Current: $755$938 $1.32$2.18 /SF Current:Competitors: 3.3%2.4% 894 Units Units Current:Submarket Total: 0229 Units Units LastCompetitors: Quarter: $754$938 $2.17$1.32 /SF/SF LastCompetitors: Quarter: 3.3%2.4% 894 Units Units CompetitorSubmarket Total:Total: 22229 Units Units Submarket:Last Quarter: $754$796 $1.60$2.17 /SF LastSubmarket: Quarter: 3.3%3.5% 8189 Units Units CompetitorSubmarket Total:Avg: 220.9 Units Units YearSubmarket: Ago: $734$796 $2.12$1.60 /SF /SF YearSubmarket: Ago: 3.8%3.5% 9189 Units Units CompetitorSubmarket Avg:Avg: 1.30.9 Units Units Year Ago: $734 $2.12 /SF Year Ago: 3.8% 9 Units Competitor Avg: 1.3 Units Competitors: $938 $1.32 /SF Competitors: 2.4% 94 Units Submarket Total: 229 Units Competitors: Competitors: Submarket Total: Submarket: $938 $1.32 /SF Submarket: 2.4% 94 Units Submarket Avg: 229 Units UNIT BREAKDOWN$796 $1.60 /SF 3.5% 189 Units 0.9 Units Submarket:UNIT BREAKDOWN$796 $1.60 /SF Submarket: 3.5% 189 Units Submarket Avg: 0.9 Units Unit Mix Availability Avg Asking Rent Avg Eective Rent Unit Mix Availability Avg Asking Rent Avg Eective Rent Unit Mix Availability Avg Asking Rent Avg Eective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions UNITBed BREAKDOWN Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions UNITBed BREAKDOWN Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 340 223Unit Mix 92.9% 4Availability 1.8% $752Avg Asking Rent $2.21Avg $749 Eective Rent $2.20 0.4% Studio 1 340 223 92.9% 4 1.8% $752 $2.21 $749 $2.20 0.4% Unit Mix Availability Avg Asking Rent Avg Eective Rent Bed1Bath 1Avg 436 SF Units 17Mix 7.1% % Units4Percent 23.5% Per$806 Unit Per $1.85 SF Per $798 Unit Per $1.83 SF Concessions 1.0% Bed1 Bath 1 Avg 436 SF Units 17Mix 7.1% % Units4 Percent 23.5% Per$806 Unit Per $1.85 SF Per $798 Unit Per $1.83 SF Concessions 1.0% TotalsStudio 1 Avg340 SF223 Units92.9% Mix % Units4 Percent1.8% Per$752 Unit$2.21 Per SF Per$749 Unit$2.20 Per SF Concessions0.4% Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions TotalsStudio 1Avg 340 SF Units223 92.9% Mix % Units4 Percent 1.8% Per$752 Unit $2.21 Per SF Per$749 Unit $2.20 Per SF Concessions 0.4% All Studios1 1 436340 22317 92.9%7.1% 4 423.5% 1.8%$806 $752$1.85 $2.21$798 $749$1.83 $2.201.0% 0.4% All Studios1 1340 436 223 17 92.9% 7.1% 4 4 23.5% 1.8%$806 $752 $1.85 $2.21 $798 $749 $1.83 $2.20 1.0% 0.4% TotalsAll 1 Beds Avg436 SF Units 17Mix 7.1% % Units 4Percent 23.5%Per $806 Unit Per $1.85 SF Per $798 Unit Per $1.83 SF Concessions 1.0% AllTotals 1 Beds Avg436 SF Units 17 Mix 7.1% % Units 4 Percent 23.5% Per $806 Unit Per $1.85 SF Per $798 Unit Per $1.83 SF Concessions 1.0% AllTotals Studios 340347223 24092.9% 100%4 81.8% 3.3%$752 $755$2.21 $2.18$749 $752$2.20 $2.170.4% 0.4% TotalsAll Studios 340347 223240 92.9% 100% 4 8 1.8% 3.3% $752 $755 $2.21 $2.18 $749 $752 $2.20 $2.17 0.4% 0.4% All 1 Beds 436 17 7.1% 4 23.5% $806 $1.85 Estimate$798 $1.83Updated May1.0% 15, 2018 All 1 Beds 436 17 7.1% 4 23.5% $806 $1.85Estimate $798 $1.83Updated May 1.0% 15, 2018 Totals 347 240 100% 8 3.3% $755 $2.18 $752 $2.17 0.4% Totals 347 240 100% 8 3.3% $755 $2.18 $752 $2.17 0.4% SITE AMENITIES Estimate Updated May 15, 2018 SITE AMENITIES Estimate Updated May 15, 2018 Courtyard Fitness Center Grill Courtyard Fitness Center Grill SITELaundry AMENITIES Facilities Library LaundrySITE AMENITIES Facilities Library Courtyard Fitness Center Grill Courtyard Fitness Center Grill LaundryUNIT AMENITIES Facilities Library UNIT AMENITIES ALaundryir Conditioning Facilities LibraryDisposal Microwave Air Conditioning Disposal Microwave UNITRefrigerator AMENITIES Wheelchair Accessible (Rooms) RefrigeratorUNIT AMENITIES Wheelchair Accessible (Rooms) Air Conditioning Disposal Microwave Air Conditioning Disposal Microwave RefrigeratorRECURRING EXPENSES Wheelchair Accessible (Rooms) RECURRINGRefrigerator EXPENSES Wheelchair Accessible (Rooms) SDogu Rentbje $25ct Property Cat Rent $25 Other Rent $0 SDogu Rentbje $25ct Property Cat Rent $25 Other Rent $0 RECURRINGAssigned Garage EXPENSES Parking $0 Assigned Street Parking $0 Unassigned Garage Parking $0 ARECURRINGssigned Garage EXPENSES Parking $0 Assigned Street Parking $0 Unassigned Garage Parking $0 DogUnassigned Rent $25 Street Parking $0 CatFree Rent Gas, $25 Water, Electricity, Heat, Trash… Other Rent $0 UnassignedDog Rent $25 Street Parking $0 CatFree Rent Gas, $25 Water, Electricity, Heat, Trash… Other Rent $0 Assigned Garage Parking $0 Assigned Street Parking $0 Unassigned Garage Parking $0 Assigned Garage Parking $0 Assigned Street Parking $0 Unassigned Garage Parking $0 UnassignedONE TIME EXPENSES Street Parking $0 Free Gas, Water, Electricity, Heat, Trash… ONE TIME EXPENSES 5/21/2018 DogUnassigned Deposit Street$200 Parking $0 CopyrightedCatFree report Deposit Gas, licensed Water, $200 to Colliers Electricity, International Heat, Trash…- 551709. Other Deposit $200 5/21/2018 Dog Deposit $200 CopyrightedCat report Deposit licensed $200 to Colliers International - 551709. Other Deposit $200 Page 2 Copyrighted report licensed to Colliers International - 551709. Page 2 Application Fee $25 Page 2 Application Fee $25 5/21/2018 PET POLICY PET POLICY Copyrighted report licensed to Colliers International - 551709. 5/21/2018 Cats Allowed - $200 Deposit, $25/Mo, 2 Maximum,Copyrighted One-Timereport licensed Fee: to Colliers$0 International - 551709. Page 2 Page 2 DogsCats Allowed Allowed - -$200 $200 Deposit, Deposit, $25/Mo, $25/Mo, 2 2 Maximum, Maximum, One-Time Maximum Fee:Weight $0 35 lb, One-Time Fee: $0 OthersDogs Allowed Allowed - $200- $200 Deposit, Deposit, $25/Mo, $0/Mo, 2 Maximum, MaximumOne-Time WeightFee: $0 35 lb, One-Time Fee: $0 Others Allowed - $200 Deposit, $0/Mo, 2 Maximum, One-Time Fee: $0

OFFERING MEMORANDUM | COURTYARD CENTRE 06

5/21/2018 Copyrighted report licensed to Colliers International - 551709. 5/21/2018 Copyrighted report licensed to Colliers International - 551709. Page 3 Page 3 PROPERTY PHOTOS

OFFERING MEMORANDUM | COURTYARD CENTRE 07 FLOOR PLANS

OFFERING MEMORANDUM | COURTYARD CENTRE 08 Report Subregions Greater Reno-Sparks - Washoe County, Nevada

Subregion Boundaries Cold Springs North Valleys Lemmon Valley City of Reno COLD SPRING S D R LEMMON DR A City of TSparks A L Stead P A CALLE DE L

RED ROCK RD MILITARY RD EAGL E C A N Y Spanish Springs O N D R MOYA BLVD Spanish Springs RENO MAP¤£395 LA POSADA DR

Golden Valley Wingfield Springs N VIRGINIA ST

Sun Valley VISTA BLVD

LOS ALTOS PKWY

SUN VALLEY BLVD VISTA BLVD VISTA

D BARING BLVD V N BL N MC C ARRA D'Andrea LA S Somersett B RI SA Sparks S BLV D SOMERSETT PKWY North Urban PRATER WAY

Verdi GLENDALE AVE SPARKS BLVD W 2ND ST

ROBB DR

¨¦§80 VASSAR ST Airport Intl Reno-Tahoe ¨¦§80 W 4TH ST W PLUMB LN Hidden Valley ¨¦§580

LONGLEY LN New Northwest Old Southwest W MOANA LN E PECKHAM LNOld Southeast Caughlin Ranch S M CCARR AN BLVD

HUFFAKER LN PKWY S W O

D RD A E SO M

U T H South Meadows Storey Co. Storey

S VIRGINIA ST

OFFERING MEMORANDUM | COURTYARD CENTRE New Southeast THOMAS CREEK ZOLEZZI LN 09 Arrowcreek

Washoe Co.

ARROWCREEK PKWY Damonte Ranch New Southwest ® TOLL RD Virginia City Highlands

FAWN LN Galena ¨¦§580 Pleasant Valley

341

0 0.5 1 2 Miles 431 Esri, USDA Farm Service Agency Custom Map COURTYARD CENTRE APARTMENTS

OFFERING MEMORANDUM | COURTYARD CENTRE 12 Assessor's Map Number 007-273-04 100.0 39.0 (#144) 007-27 007-273-02 61.0 36.68 4095 sf STREET 63.32 007-273-03 WESTERN ADDITION STATE OF NEVADA 007-273-01 2017 sf 6405 sf 3483 sf 55.0 007-273-05 WASHOE COUNTY

150.0 210.0 21000 sf POR. OF W 1/2 SECTION 11 PARCELWEST MAP FIFTH 100.0 ASSESSOR'S OFFICE WASHIN 100.0 50.0 Michael E. Clark, Assessor 50.0 007-273-22 T19N - R19E 007-271-03 5000 sf 200.0 1001 East Ninth Street 15000 sf Building D Reno, Nevada 89512 300.0 GTON 007-273-21 (775) 328-2231 60.0 12000 sf 007-271-02 RALSTON 50.0 5 10500 sf 200.0 007-271-04 12 210.0 13 7500 sf 45.0 14 2 3

60.0 125.0 007-271-13 007-271-05 1 2.27 ac. 007-273-29 9000 sf 50.0 007-44 15250 sf 273 150.0 210.0 6 51.0 125.0 271 7 5 007-271-06 320.0 8 4 6375 sf 007-273-18 49.0 46250 sf 10 9 3 007-271-07 Feet

160.0 6125 sf 0 25 50 75 100 1 2 6 007-271-09 15750 sf 210.0 100.0 1 inch = 100 feet 66.66

110.0 43.5

007-274-10 STREET 66.66 43.5 007-271-10 007-271-08 250.0 210.0 40.0 007-274-09 6666 sf 21000 sf 13750 sf 40.0 2900 sf

100.0 007-274-08

66.66 2900 sf Sparks STREET 58.0 007-274-32 100.0 42.0 007-274-11 Reno 125.0 7855 sf 100.0 105.0 12465 sf 75.0 180.0 007-271-11 007-274-06 100.0 100.0 8000 sf 71.66 10000 sf 100.0 200.0 007-274-04 007-274-05 100.0 10840 sf 007-274-12 WEST FOURTH 200.0 20000 sf 13400 sf 110.0 007-274-02 8.0 100.0 20000 sf 2.0

105.0 200.0 90.0 007-274-03 45.0

6 8 75.0 007-274-01 2 9 006-13 007-272-04 9160 sf . 007-53 95.0 2 8 007-274-13 11155 sf 210.0 21000 sf 007-25 20.0 2.0 7 200.0 10 6 8835 sf 007-24

11 2 65.0 39.93 007-54 007-28 100.0 83.65 12 180.03 007-274-14 99.98 5 12935 sf 007-54 210.0 007-27 007-272-01 007-272-02 105.0 13 4 100.02 105.0 10500 sf 41388 sf 007-272-03 R.S. 3594 200.0 14 006-22 30845 sf 100.52 011-35 011-64 007-274-15 011-64 007-274-18 1.00 7000 sf 100.0 011-35 011-02 100.02 274 007-274-16 011-01 199.91 VINE 200.01 36100 sf 007-272-09 6 007-274-17 7000 sf 32.5 REV. T.M. 3627 STREET 3250 sf 272 50.0 5900 sf 7 100.0 70.0

30.0 1 007-272-08 5 125.0 007-274-31 70.0 4000 sf 8 007-272-05 1/4 SEC. LINE 11-19-19 58509 sf 59.0 4 11875 sf 50.0 189.96 Å 10 9 3 007-272-06 181.10 1 2 10000 sf created by: ______TWT 9/11/2012______007-272-07 200.0 last updated: KSB______10/25/16 34800 sf STREET 300.08 STREET area previously shown on map(s) ______300.0 NOTE: This map was prepared for the use of the 011-35 WEST THIRD Washoe County Assessor for assessment and illustrative purposes only. It does not represent a survey of the premises. No liability is assumed as to the sufficiency or accuracy of the data delineated hereon.

OFFERING MEMORANDUM | COURTYARD CENTRE 13 NEVADA HOUSING DIVISION ABOUT NEVADA HOUSING DIVISION The mission is to provide affordable housing opportunities and improve the quality of life for Nevada residents. Nevada Housing Division (NHD), a division of the State of Nevada Department of Business and Industry, was created by the Nevada State Legislature in 1975. NHD is committed to making Nevada a better place to live and work. We connect Nevadans with homes by providing financing to developers to build affordable apartment homes, by providing innovative mortgage solutions, and by making more homes energy efficient, thereby lowering utility expenses.

PROGRAMS AT A GLANCE Low Income Housing Tax Credit (LIHTC) Since 1986 the LIHTC program has assisted in the financing of 11,203 multi-family housing units in the State of Nevada with a total of nearly $108 million in housing tax credits allocated. The following objectives are identified in the 2018 Qualified Allocation Plan (QAP): > Increase the amount of safe and livable affordable rental housing in Nevada. > Preserve existing affordable rental housing. > Contribute to a vibrant and sustainable economy by supporting and facilitating the construction of affordable workforce housing near employment centers. > Increase the availability of housing with supportive services, including veterans housing. > Support the housing goals and objectives stated in the State of Nevada Consolidated Plan.

LOW INCOME HOUSING TAX CREDIT/BOND PROGRAM 2018 Income limits effective March 6, 2018.

INCOME # IN 1 PERSON 2 PERSON 3 PERSON 4 PERSON 5 PERSON 6 PERSON 7 PERSON 8 PERSON HOUSEHOLD 60% 28,620 32,700 36,780 40,860 44,160 47,400 50,700 53,940 55% 26,235 29,975 33,715 37,455 40,480 43,450 46,475 49,445 Washoe 50% 23,850 27,250 30,650 34,050 36,800 39,500 42,250 44,950 County/Reno 45% 21,465 24,525 27,585 30,645 33,120 35,550 38,025 40,455 $59,800 (median) 40% 19,080 21,800 24,520 27,240 29,440 31,600 33,800 35,960 35% 16,695 19,075 21,455 23,835 25,760 27,650 29,575 31,465 30% 14,310 16,350 18,390 20,430 22,080 23,700 25,350 26,970

Washoe County Maximum Rents as of March 6, 2018. 0 BEDROOM 1 BEDROOM 2 BEDROOM 3 BEDROOM 4 BEDROOM 715.5 766.5 919.5 1,062.8 1,185.0 655.9 702.6 842.9 974.2 1,086.3 596.3 638.8 766.3 885.6 987.5 536.6 574.9 689.6 797.1 888.8 477.0 511.0 613.0 708.5 790.0 417.4 447.1 536.4 619.9 691.3 357.8 383.3 459.8 531.4 592.5

Utility Allowances are included in the Maximum Rents.

OFFERING MEMORANDUM | COURTYARD CENTRE 14 RENT SURVEY

OFFERING MEMORANDUM | COURTYARD CENTRE 15 Rent Comparables Summary 695 W 3rd St - Courtyard Centre Apartments Rent Comparables Summary No. Rent Comps Avg. Rent Per Unit Avg.695 WRent 3rd Per St -SF Courtyard CentreAvg. Apartments Vacancy Rate

RENT COMPARABLENo. Rent Comps SUMMARYAvg. Rent Per Unit SourceAvg. -Rent CoStar Per Analytics SF Avg. Vacancy Rate No. Rent17 Comps Avg.$938 Rent Per Unit $1.32Avg. Rent Per SF Avg.2.4% Vacancy Rate RENT COMP LOCATIONS17 $938 $1.32 2.4% 17RENT COMP LOCATIONS $938 $1.32 2.4% RENT COMP LOCATIONS

RENT COMPS SUMMARY STATISTICS RENT COMPS SUMMARY STATISTICS RENT COMPSUNIT BREAKDOWN SUMMARY STATISTICS LOW AVERAGE MEDIAN HIGH Total Units 43 235 213 900 UNIT BREAKDOWNStudio Units LOW 0 AVERAGE40 MEDIAN0 296 HIGH Total UnitsOne Bedroom Units 43 0 23592 48213 416 900 Studio UnitsTwo Bedroom Units 0 0 4073 36 0 410 296 Three Bedroom Units 0 15 0 74 One Bedroom Units 0 92 48 416 Two BedroomPROPERTY Units ATTRIBUTES 0 LOW AVERAGE73 MEDIAN36 HIGH 410 Three BedroomYear Built Units 01962 198315 19780 2016 74 Number of Floors 2 2 2 3 PROPERTYAverage ATTRIBUTES Unit Size LOW250 SF AVERAGE709 SF 618MEDIAN SF 1,255 SFHIGH Year BuiltVacancy Rate 19620.0% 19832.4% 2.8%1978 7.1% 2016 Number of Floors 2 2 2 3 Star Rating 2.8 Average Unit Size 250 SF 709 SF 618 SF 1,255 SF OFFERING MEMORANDUMVacancy | COURTYARD Rate CENTRE 0.0% 2.4% 2.8% 7.1% 16 Star Rating 2.8 5/21/2018 Copyrighted report licensed to Colliers International - 551709. Page 6

5/21/2018 Copyrighted report licensed to Colliers International - 551709. Page 6 RENT COMPARABLE SUMMARY Source - CoStar Analytics Rent Comparables Summary 695 W 3rd St - Courtyard Centre Apartments

Property Size Asking Rent Per Month Per Unit

Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF The Villager Apartments 1 - 1977 296 250 $585 - - - $2.34 1500 Valley Rd City Center Apartments 2 - 2001 258 351 $772 $827 - - $2.25 160 Sinclair St Courtyard Centre Apartm… - 2000 240 346 $752 $806 - - $2.18 695 W 3rd St The Highlands 3 - 2004 216 340 - - $740 $695 $2.01 2800 Enterprise Dr Shoreline Plaza Apartments 4 - 1978 256 400 - $750 - - $1.88 2500 Dickerson Rd Sundance West Apartments 5 - 1977 350 677 - $1,034 $1,315 - $1.63 3285 Clover Way The Phoenix Reno Apart… 6 - 1977 250 807 - $1,088 $1,499 $1,597 $1.62 4800 Kietzke Ln River Arms Apartments 7 - 1962 65 554 $704 $860 $1,207 - $1.53 1255 Jones St Plumas Garden 8 - 1976 105 617 $773 $919 - - $1.45 2850 Plumas St Silver Ridge 9 - 1990 300 956 - $1,220 $1,333 $1,720 $1.42 1555 Sky Valley Dr Moana Apartments 10 - 1981 112 546 $690 $781 - - $1.33 3420 Kindred Ave Grove Manor 11 - 1978 80 575 $625 $850 - - $1.28 255 E Grove St Northwind Apartments 12 - 1997 178 907 - $1,031 $1,126 $1,307 $1.25 1680 Sky Mountain Dr Civic Center Apartments 13 - 1972 43 526 $603 $655 - - $1.20 300 Holcomb Ave Rosewood Park Apartments 14 - 1979 900 831 - $899 $1,025 $1,239 $1.18 4500 Mira Loma Dr Alder Creek Villas 15 - 1979 213 779 $700 $840 $950 $1,100 $1.15 950 Nutmeg Pl Willowbrook 16 - 1972 182 1,213 - $840 $1,017 $1,237 $0.83 4050 Baker Ln YOUnion at Reno 17 - 2016 186 1,255 - - $799 $559 $0.55 2780 Enterprise Rd

5/21/2018 Copyrighted report licensed to Colliers International - 551709. OFFERING MEMORANDUM | COURTYARD CENTRE Page 7 17 Under ConstruUctniodne rP CroopnesrttrieuUscntiodne rP CroopnesrtrtieucUstniodne Pr Croopnesrtrieusction Properties Under Construction Properties 811-821 Bridger Ave - 811-821City Center Bridger Apartments Ave -811-821 City Center Bridger Apartments Ave - City811-821 Center Bridger Apartments Ave - City Center Apartments 695 W 3rd St - Courtyard Centre Apartments UNDERProperties CONSTRUCTIONPropertiesUnits Properties PROPERTIESUnitsPercent Of InventoryPropertiesUnitsPercent OfSource InventoryAvg. - CoStar No. Units AnalyticsPercentUnits Of InventoryAvg. No. UnitsPercent Of Avg.Inventory No. Units Avg. No. Units Properties Units Percent Of Inventory Avg. No. Units 3 Properties2 33271,258Units33274.3%Percent4.6%3327 of Inventory4.3%1093274.3%629Avg. No.Units109 4.3%109 109 UNDER CONSTRUCTION2 PROPERTIESUNDER CONSTRUCTION PROPERTIESUNDER1,258 CONSTRUCTION PROPERTIESUNDER CONSTRUCTION4.6% PROPERTIES 629 UNDER CONSTRUCTION PROPERTIES UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION SUMMARYUNDER CONSTRUCTION STATISTICS SUMMARYUNDER CONSTRUCTION STATISTICS SUMMARYUNDER CONSTRUCTION STATISTICS SUMMARY STATISTICS UNDER CONSTRUCTION SUMMARY STATISTICS UNDER CONSTRUCTION SUMMARYLow STATISTICS AverageLow MedianAverageLow HighMedianAverageLow HighMedianAverage HighMedian High LOW AVERAGE MEDIAN HIGH Property Size in Units Property Size in Units 48 Property SizeLow in Units10948 PropertyAverage Size in Units4810948 Median 231 4810948 High 23148109 231 48 231 Property Size in Units 23 629 629 1,235 Number of StoriesProperty Size Numberin Units of Stories 3 Number of Stories23 4 3 Number 629of Stories 4 4 3 629 5 44 3 1,235 5 4 4 5 4 5 Number of Stories 3 4 4 4 Average Unit SizeNumber of StoriesAverage Unit Size 708 SFAverage Unit4 Size 775708 SF SFAverage Unit4 Size775775 708SF SF SF 4 842 775SF775 708SF SF SF 4 842775 SF775 SF SF 842 775SF SF 842 SF Average Unit Size 1,095 SF 1,095 SF 1,095 SF 1,095 SF Average Unit Size 1,095 SF 1,095 SF 1,095 SF 1,095 SF Star Rating Star Rating Star Rating Star Rating Star Rating4.5 StarEstimated Rating Delivery Date Jul 2018 Aug 2019 Aug4.5 2019 Nov 2020 Estimated Delivery Date Estimated Delivery DateJul 2018Estimated DeliveryAug DateJul 2018 2018Estimated DeliveryAugAug Date Jul2018 2018 2018 DecAug 2018Aug 2018Jul 2018 2018 DecAug 2018Aug 2018 2018 Dec Aug2018 2018 Dec 2018 Months of Delivery 1 15 16 30 Months to DeliveryEstimated DeliveryMonths Date to Delivery 2 Months toJun Delivery 2018 4 2 MonthsAug to 2019Delivery 3 42 Aug 2019 7 3 4 2 Nov 2020 7 3 4 7 3 7 Construction Period in Months 19 26 26 34 Construction PeriodMonths in Months to DeliveryConstruction Period in Months12 Construction1 Period in 19Months12 Construction15 Period18 in19 Months12 16 27 181912 30 27 18 19 27 18 27 Construction Period in Months 19 26 26 34 OFFERING MEMORANDUM | COURTYARD CENTRE 18

5/21/2018 5/21/2018 5/21/2018 5/21/2018 Copyrighted report licensed to ColliersCopyrighted International report - 508596. licensed to ColliersCopyrighted International report - 508596.licensed to ColliersCopyrighted International report - 508596. licensed to Colliers International - 508596. Page 48 5/21/2018 Page 48 Page 48 Page 48 Copyrighted report licensed to Colliers International - 551709. Page 44 RECENT SALES

OFFERING MEMORANDUM | COURTYARD CENTRE 19 RECENT SALES Source - CoStar Analytics

Sale Comparables Summary Courtyard Centre Apartments - 695 W 3rd St

SaleSale Comparables Comparables Avg.Avg. Price/Unit Price/Unit (thous.) AverageAvg. Price (mil.) AverageAvg. Vacancy Vacancy at at Sale Sale 33 $149$149 $33.0$33.0 3.9%3.9% SALE COMPARABLE LOCATIONS

UNDER CONSTRUCTION PROPERTIES

SALES ATTRIBUTES LOW AVERAGE MEDIAN HIGH Sale Price $7,369,622 $32,971,940 $34,246,200 $57,300,000

Price Per Unit $46,940 $148,745 $155,664 $198,958

Cap Rate 5.2% 6.2% 5.6% 7.8%

Vacancy Rate at Sale 1.8% 3.9% 4.5% 5.6% OFFERING MEMORANDUM | COURTYARD CENTRE 20 Time Since Sale in Months 6.6 10.8 8.7 16.9

PROPERTY ATTRIBUTES LOW AVERAGE MEDIAN HIGH Property Size in Units 157 221 220 288

Number of Floors 2 3 3 5

Average Unit SF 291 706 887 941

Year Built 1907 1973 1997 2016

Star Rating 3.7

5/21/2018 Copyrighted report licensed to Colliers International - 551709. Page 62 Sale Comparables Summary Courtyard Centre Apartments - 695 W 3rd St

Sale Comparables Avg. Price/Unit (thous.) Average Price (mil.) Average Vacancy at Sale 3 $149 $33.0 3.9% SALE COMPARABLE LOCATIONS

RECENT SALES Source - CoStar Analytics

SALES ATTRIBUTES LOW AVERAGE MEDIAN HIGH Sale Price $7,369,622 $32,971,940 $34,246,200 $57,300,000

Price Per Unit $46,940 $148,745 $155,664 $198,958

Cap Rate 5.2% 6.2% 5.6% 7.8%

Vacancy Rate at Sale 1.8% 3.9% 4.5% 5.6%

Time Since Sale in Months 6.6 10.8 8.7 16.9

PROPERTY ATTRIBUTES LOW AVERAGE MEDIAN HIGH Property Size in Units 157 221 220 288

Number of Floors 2 3 3 5

Average Unit SF 291 706 887 941

Year Built 1907 1973 1997 2016 SStara Ratingle Comparables Summary 3.7 Courtyard Centre Apartments - 695 W 3rd St

Property Information Sale Information 5/21/2018 Property Name/Address CopyrightedRating report licensedYr toBuilt ColliersUnits InternationalVacancy - 551709. Sale Date Price Price/Unit Price/SF Page 62 Edgewater at Virginia Lake 1 - 2016 288 5.6% 10/31/2017 $57,300,000 $198,958 $191 2490 Eastshore Dr Northtowne Summit Apartments 2 - 1997 220 1.8% 8/28/2017 $34,246,200 $155,664 $165 2777 Northtowne Ln The Westlyn Apartment Homes 3 - 1907 157 4.5% 12/22/2016 $7,369,622 $46,940 $109 118 West St

OFFERING MEMORANDUM | COURTYARD CENTRE 21

5/21/2018 Copyrighted report licensed to Colliers International - 551709. Page 63 DEMOGRAPHICS

OFFERING MEMORANDUM | COURTYARD CENTRE 22 Demographic Overview 695 W 3rd St

Population (1 mi) Avg. HH Size (1 mi) Avg. Age (1 mi) Med. HH Inc. (1 mi) DEMOGRAPHIC OVERVIEW Source - CoStar Analytics Population20,785 (1 mi) Avg. HH Size1.8 (1 mi) Average40 Age (1 mi) $29,913Med. HH Inc. (1 mi) 20,785DEMOGRAPHIC RADIUS RINGS 1.8 40 $29,913 RENT COMP LOCATIONS

DEMOGRAHIC SUMMARY DEMOGRAPHICPOPULATION SUMMARY 1 MILE 3 MILES 5 MILES

2018Population Population 20,785 1 Mile 129,294 3 Mile 230,572 5 Mile 20232018 Population Population 21,879 20,785 138,014 129,294 246,283 230,572 Pop2023 Growth Population 2018-2023 5.3% 21,879 6.7% 138,014 6.8% 246,283 2018Pop Avg. Growth Age 2018-2023 40 5.3% 38 6.7% 38 6.8% HOUSEHOLDS2018 Average Age 40 38 38 Households 2018 Households 10,288 54,552 92,912 2018 Households 10,288 54,552 92,912 2023 Households 10,842 58,225 99,308 2023 Households 10,842 58,225 99,308 Household Growth 2018-2023 5.4% 6.7% 6.9% Household Growth 2018-2023 5.4% 6.7% 6.9% MedianMedian HH Household Income Income $29,913 $29,913 $40,841 $40,841 $44,901 $44,901 Avg.Average HH Income Household Size 1.8 1.8 2.3 2.3 2.4 2.4 Avg.Average HH Vehicles HH Vehicles 1 1 1 1 2 2 HOUSINGHousing MedianMedian Home Home Value Value $320,408$320,408 $284,449$284,449 $279,241 $279,241 Median Year Built 1966 1974 1978 Median Year Built 1966 1974 1978

5/21/2018 OFFERING MEMORANDUM | COURTYARD CENTRE Copyrighted report licensed to Colliers International - 551709. Page 74 23 AgAgee & & Ed Eduuccaatiotionn 695695 W W 3rd 3rd St St - -Courtyard Courtyard Centre Centre Apartments Apartments

POPULATIONPOPULATION BY BY AGE AGE GROUP GROUP IN IN 1 1MILE MILE RADIUS RADIUS DEMOGRAPHICAge & Edu cOVERVIEWation Source - CoStar Analytics 695 W 3rd St - Courtyard Centre Apartments

POPULATIONPOPULATION BY AGE BYGROUP AGE IN GROUP1 MILE RADIUS IN ONE MILE RADIUS

POPULATION BY AGE IN ONE MILE RADIUS POPULATION BY EDUCATION IN ONE MILE RADIUS POPULATIONPOPULATION BY BY AGE AGE IN IN 1 1MILE MILE RADIUS RADIUS POPULATIONPOPULATION BY BY EDUCATION EDUCATION IN IN 1 1MILE MILE RADIUS RADIUS POPULATION BY AGE IN 1 MILE RADIUS POPULATION BY EDUCATION IN 1 MILE RADIUS

OFFERING MEMORANDUM | COURTYARD CENTRE 24

5/21/2018 Copyrighted report licensed to Colliers International - 551709. Page 75 5/21/20185/21/2018 CopyrightedCopyrighted report report licensed licensed to toColliers Colliers International International - 551709. - 551709. PagePage 75 75 EthnicEtithynicity 695 W 3rd695 St W 3rd St Ethnicity 695 W 3rd St DEMOGRAPHIC OVERVIEW Source - CoStar Analytics 695 W 3rd St POPULATIONPOPULATION BY RACE BY RACE

POPULATION BY RACE POPULATION BY RACE BY RACE 2018 Population2018 Population 2018 Population Race Race 1 Mile 1 Mile 2018 Population 3 Mile 3 Mile 5 Mile 5 Mile Race 1 Mile 3 Mile 5 Mile Race 1 Mile 3 Mile 5 Mile White White 17,160 17,16082.56% 82.56%106,695106,695 82.52% 82.52%192,607 192,60783.53% 83.53% White 17,160 82.56% 106,695 82.52% 192,607 83.53% White 17,160 82.56% 106,695 82.52% 192,607 83.53% Black Black 862 862 4.15% 4.15%4,7294,729 3.66% 3.66%7,517 7,5173.26% 3.26% Black 862 4.15% 4,729 3.66% 7,517 3.26% Black 862 4.15% 4,729 3.66% 7,517 3.26% Asian Asian 1,324 1,324 6.37% 6.37%8,5268,526 6.59% 6.59%14,965 14,9656.49% 6.49% Asian 1,324 6.37% 8,526 6.59% 14,965 6.49% Asian 1,324 6.37% 8,526 6.59% 14,965 6.49%

AmericanAmerican Indian & Indian IndianAlaskan & Alaskan& Alaskan440 440 440 2.12%2.12% 2.12%2,9172,9172,9172.26% 2.26% 2.26%4,8424,842 2.10%4,8422.10% 2.10% American Indian & Alaskan 440 2.12% 2,917 2.26% 4,842 2.10%

Hawaiian & Pacific Islander180 180180 < 1% 1,449 1.12% 2,150 < 1% HawaiianHawaiian & Pacific & & IslanderPacific Pacific Islander Islander180 << 1% < 1%1,4491,4491,449 1.12% 1.12% 1.12%2,1502,150 < 2,1501% < 1% < 1%

Other 819 3.94% 4,979 3.85% 8,491 3.68% Other Other 819 819 819 3.94%3.94% 3.94%4,9794,9794,979 3.85% 3.85% 3.85%8,4918,491 3.68%8,4913.68% 3.68% 0 3,600 7,200 10,800 14,400 18,000 00 3,6000 3,600 3,6007,200 7,200 10,800 7,200 10,800 10,80014,400 14,400 14,40018,000 18,000 18,000

POPULATION BY RACE IN 1 MILE RADIUS HISPANIC POPULATION IN 1 MILE RADIUS POPULATION BY RACE BY INRACE 1 MILE IN RADIUS ONE MILE RADIUS HISPANICHISPANIC POPULATION POPULATION IN 1 MILE RADIUS IN ONE MILE RADIUS POPULATIONPOPULATION BY RACE BY IN RACE1 MILE IN RADIUS 1 MILE RADIUS HISPANICHISPANIC POPULATION POPULATION IN 1 MILE IN RADIUS 1 MILE RADIUS

MILITARY POPULATION MILITARY POPULATION MILITARY POPULATION 2018 Population MILITARYMILITARY POPULATION POPULATION 2018 Population 1 Mile 3 Mile 5 Mile 1 Mile 3 Mile 5 Mile

Military 15 2018< Population1% 2018 Population106 < 1% 143 < 1% Military 15 < 1% 106 < 1% 143 < 1% 1 Mile 1 Mile 3 Mile 3 Mile 5 Mile 5 Mile Non-Military Workforce 10,443 99.86% 64,429 99.84% 114,763 99.88% Non-Military Workforce 10,443 99.86% 64,429 99.84% 114,763 99.88% Military Military 15 015 2,400 4,800 7,200 9,600 12,000< 1% < 1%106 106< 1% < 1%143 143< 1% < 1% 0 2,400 4,800 7,200 9,600 12,000

Non-MilitaryNon-Military Workforce Workforce 10,443 10,44399.86% 99.86%64,42964,429 99.84% 99.84%114,763 114,76399.88% 99.88% OFFERING MEMORANDUM | COURTYARD CENTRE 0 2,4000 2,4004,800 4,8007,200 7,2009,600 12,000 9,600 12,000 25

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Page 76 Page 76

5/21/20185/21/2018 CopyrightedCopyrighted report licensed report to Collierslicensed International to Colliers International - 551709. - 551709.

Page 76 Page 76 RENO MULTIFAMILY OVERVIEW

OFFERING MEMORANDUM | COURTYARD CENTRE 26 RENO MULTIFAMILY OVERVIEW

Source - CoStar Analytics

Overview Downtown Reno Multi-Family 12 Mo. Delivered Units 12 Mo. Absorption Units Vacancy Rate 12 Mo. Asking Rent Growth 2,04812 Mo. Delivered Units 2,06712 Mo. Absorption Units 6.1%Vacancy Rate 12 Mo.6.2% Asking Rent Growth 160 197 3.6% 7.2% KEY INDICATORS INDICATORS

Absorption Under Constr Current Quarter Units Vacancy Rate Asking Rent Effective Rent Delivered Units Units Units 4 & 5 Star 129 5.9% $1,548 $1,536 2 0 0 3 Star 1,084 3.1% $876 $871 (1) 0 0 1 & 2 Star 2,341 3.7% $733 $727 (4) 0 0 Submarket 3,554 3.6% $831 $825 (3) 0 0

Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) -1.3% 5.4% 3.6% 7.9% 2013 Q2 3.0% 2000 Q4 Absorption Units 197 15 46 253 2017 Q4 (50) 2009 Q3 Delivered Units 160 17 40 243 2017 Q4 0 2016 Q4 Demolished Units 0 0 0 0 2018 Q1 0 2018 Q1 Asking Rent Growth (YOY) 7.2% 2.3% 2.5% 8.4% 2001 Q1 -6.4% 2009 Q4 Effective Rent Growth (YOY) 6.9% 2.3% 2.5% 8.6% 2001 Q1 -6.5% 2009 Q4 Sales Volume $39.9 M $6.0 M N/A $41.3 M 2018 Q1 $0 2007 Q1

OFFERING MEMORANDUM | COURTYARD CENTRE 27

5/21/2018 Copyrighted report licensed to Colliers International - 551709. Page 78 Vacancy Downtown Reno Multi-Family

ABSORPTION, NET DELIVERIES & VACANCY

LAS VEGAS MULTIFAMILY VACANCY

VSourceaca -n CoStarcy Analytics Downtown Reno Multi-Family ABSORPTION, NET DELIVERIES & VACANCY VACANCY RATE ABSORPTION, NET DELIVERIES & VACANCY VACANCY RATE

Vacancy VACANCY RATE Downtown Reno Multi-Family

VACANCY BY BEDROOM VACANCY BY BEDROOM

5/21/2018 Copyrighted report licensed to Colliers International - 551709. Page 79

OFFERING MEMORANDUM | COURTYARD CENTRE 28

5/21/2018 Copyrighted report licensed to Colliers International - 551709. Page 80 PREPARED BY:

Tom Naseef, CCIM, SIOR Garry Cuff, CCIM Senior Vice President | Las Vegas Vice President | Las Vegas 69 countries +1 702 836 3720 +1 702 836 3716 [email protected] [email protected] Ted Stoever Jeff Naseef $2.7 Senior Vice President | Reno Associate | Las Vegas billion in +1 775 823 4665 +1 702 836 3731 [email protected] [email protected] annual revenue* 2.0 billion square feet under management 15,400 professionals and staff $116 billion in total transaction value

*All statistics are for 2017, are in U.S. dollars and include affiliates.

Copyright © 2018 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

OFFERING MEMORANDUM | COURTYARD CENTRE 29