Salt Lake City, UT 84121 3 BR, 1.5 BA: 1,371 SF Each Driveway: 4 Cars

INVESTMENT OFFERING

A 25 PROPERTY MULTI-FAMILY PORTFOLIO

Salt Lake County, Utah OVERVIEW AND PROPERTY OPPORTUNITY INVESTMENT SUMMARY Name: 25 Property Multi-Family Portfolio This Investment Offering provides the Opportunity to acquire a 25 PROPERTY MULTI-FAMILY PORTFOLIO consisting of 54 units across Salt Lake County, Utah. 23 Duplexes - Average 1,263 square feet, All properties are being sold as one single transaction. $1,321/mo. ($1.05 psf) per unit Unit Mix: The properties are currently owned by Housing Connect, formerly known as the Two Fourplexes - Average 845 square feet, Housing Authority of the County of Salt Lake. Housing Connect currently rents $700/mo. ($0.83 psf) per unit the properties through subsidized rent to qualified low-income individuals, who Total Building Size: 64,871 square feet pay one-third of their income in rent. The Department of Housing and Urban Development (HUD), funds the remaining balance under rental rate restrictions. Total Site Size: 5.52 acres Housing Connect plans to provide each of the existing tenants with Section 8 Sales Price: $11,095,500 Housing Vouchers. Under this process, the tenant has the option of remaining in the unit, so long as the new owner desires to continue under the Section 8 Sales Price per Unit: $205,472 guidelines, or the tenant can relocate to another apartment project that accepts Section 8 Housing Vouchers. Sales Price per Square Foot: $171.04 That said, a new Owner can operate the property either with tenant vouchers for tenants who want to stay in their respective units or as market rate units without restriction.

HIGHLIGHTS INCLUDE: • Opportunity for a new owner to achieve market rental rates without restrictions at higher lease rates • All units are leased month-to-month • 23 Duplexes; Average 1,263 square feet per unit • Two Fourplexes; Average 845 square feet per unit • In-place average rental rate of $1.02 psf vs. market-wide average of $1.32 psf • Geographic diversity spanning various cities and submarkets along the Wasatch Front Given the PORTFOLIO’S geographic diversity and the ability to significantly increase rental rates, it is well positioned to produce consistent performance in one of the country’s best Multi-Family Markets.

A 25 PROPERTY MULTI-FAMILY PORTFOLIO INVESTMENT OPPORTUNITY 2 PORTFOLIO SUMMARY

Year Site Size Building Monthly Rent Appraisal Appraisal Property Address Parcel # Built (Acres) Size (SF) Unit Type Parking (All Units) Amount Date

3793-3795 South 300 East 2 Units 1 16-31-329-026 1974 0.14 1,364 Driveway: 2 Cars $1,400 $280,000 6/20/2019 South Salt Lake, UT 84106 2 BR, 1 BA: 682 SF each

3985 Rivendell A & B 2 Units Carport: 2 Cars 2 21-17-156-002 1978 0.19 2,961 $1,495 Each $325,000 6/4/2019 Kearns, UT 84118 2 BR, 1.5 BA: 1,480 SF each Driveway: 2 Cars

7460-7462 Creek Road 2 Units Carport: 4 Cars 3 22-29-426-010 1979 0.24 2,742 $2,600 $452,400 6/7/2019 Salt Lake City, UT 84121 3 BR, 1.5 BA: 1,371 SF each Driveway: 4 Cars

7846-7848 Honeycomb Circle 2 Units Carport: 4 Cars 4 22-36-102-013 1976 0.26 2,576 $3,000 $480,000 9/19/2018 Cottonwood Heights, UT 84121 3 BR, 1.5 BA: 1,288 SF each Driveway: 4 Cars

7632-34 South Coachman Circle 2 Units Attached Garage: 2 Cars 5 22-27-453-008 1978 0.23 2,154 $2,200 $418,000 6/7/2019 Cottonwood Heights, UT 84117 3 BR, 1.5 BA: 1,077 SF each Carport: 2 Cars

461-463 East 7670 South 2 Units Attached Garage: 4 Cars 6 22-30-452-019 1979 0.19 2,688 $2,500 $400,000 9/13/2018 Midvale, UT 84047 3 BR, 1.5 BA: 1,344 SF each Driveway: 4 Cars

541-545 East Delno Circle 2 Units Attached Garage: 4 Cars 7 16-31-432-022 1978 0.35 2,806 $3,200 $545,000 6/6/2019 Murray, UT 84107 3 BR, 1.5 BA: 1,403 SF each Driveway: 4 Cars

A 25 PROPERTY MULTI-FAMILY PORTFOLIO INVESTMENT OPPORTUNITY 3 PORTFOLIO SUMMARY (CONTINUED)

Year Site Size Building Monthly Rent Appraisal Appraisal Property Address Parcel # Built (Acres) Size (SF) Unit Type Parking (All Units) Amount Date

555-557 East Delno Circle 2 Units Carport: 2 Cars 8 16-31-430-022 1979 0.24 1,472 $2,000 $336,000 6/7/2019 Murray, UT 84107 2 BR, 1 BA: 736 SF each Driveway: 4 Cars

608-610 East Angie Circle 2 Units Carport: 4 Cars 9 22-19-479-004 1977 0.30 2,410 $2,400 $408,000 9/21/2018 Midvale, UT 84047 3 BR, 1.5 BA: 1,205 SF each Driveway: 4 Cars

632-634 East Malibu Road 2 Units Attached Garage: 2 Cars 10 22-06-232-001 1977 0.19 2,688 $2,800 $490,000 6/7/2019 Millcreek, UT 84017 3 BR, 1.5 BA: 1,344 SF each Driveway: 4 Cars

2 Units 642-644 East Malibu Road Carport: 3 Cars 11 22-06-232-002 1977 0.23 1,892 2 BR, 1 BA: 946 SF $2,400 $446,400 6/7/2019 Millcreek, UT 84107 Driveway: 3 Cars 3 BR, 2 BA: 946 SF

774-780 Redmaple Circle 2 Units 12 16-32-157-001 1971 0.19 1,728 Driveway: 4 Cars $1,800 $342,000 9/20/2018 Salt Lake City, UT 84106 2 BR, 1 BA: 864 SF each

2 Units 1231-1235 East Iris Lane Carport: 4 Cars 13 16-32-276-027 1982 0.18 3,922 5 BR, 2 BA: 1,961 SF $3,800 $604,200 6/7/2019 Salt Lake City, UT 84106 Driveway: 4 Cars 3 BR, 2 BA: 1,961 SF

1311-1313 East Merritt Circle 2 Units Attached Garage: 4 Cars 14 22-17-230-004 1978 0.32 2,552 $2,700 $456,300 6/7/2019 Salt Lake City, UT 84117 3 BR, 1.5 BA: 1,276 SF each Driveway: 4 Cars

A 25 PROPERTY MULTI-FAMILY PORTFOLIO INVESTMENT OPPORTUNITY 4 PORTFOLIO SUMMARY (CONTINUED)

Year Site Size Building Monthly Rent Appraisal Appraisal Property Address Parcel # Built (Acres) Size (SF) Unit Type Parking (All Units) Amount Date

1318-1320 East 4200 South 2 Units Carport: 2 Cars 15 22-05-230-008 1978 0.19 2,688 $2,300 $460,000 9/18/2018 Salt Lake City, UT 84124 3 BR, 1.5 BA: 1,344 SF Driveway: 4 Cars

1379-1381 East Merritt Circle 2 Units Carport: 4 Cars 16 22-16-102-015 1978 0.24 2,806 $3,200 $508,800 6/7/2019 Salt Lake City, UT 84117 3 BR, 1.5 BA: 1,403 SF each Driveway: 4 Cars

2 Units 1408-1412 East 3900 South Carport: 2 Cars 17 16-33-309-004 1997 0.22 2,274 3 BR, 1 BA: 1,137 SF $2,500 $425,000 9/18/2018 Millcreek, UT 84124 Driveway: 4 Cars 2 BR, 1 BA: 1,137 SF

5645-5647 South 1250 East 2 Units 18 22-17-277-003 1987 0.22 2,644 Driveway: 4 Cars $2,600 $465,400 6/7/2019 Murray, UT 84121 3 BR, 1.5 BA: 1,322 SF each

6132-6134 South Vine Way 2 Units Carport: 4 Cars 19 22-16-357-010 1979 0.22 4,192 $3,000 $535,000 6/6/2019 Murray, UT 84121 4 BR, 1.5 BA: 2,096 SF each Driveway: 4 Cars

2 Units 7506-7508 South 900 East Attached Garage: 2 Cars 20 22-29-306-010 1977 0.17 3,485 3 BR, 1.5 BA: 1,867 SF $2,700 $486,000 9/13/2018 Midvale, UT 84047 Driveway: 2 Cars 3 BR, 1.5 BA: 1,618 SF

2 BR, 1 BA - 972 SF Driveway: 1 Car $1,495 1358 West Twin Oaks Drive 27-03-233-019 1981 0.09

21 2,161 3BR, 2BA - 1,189 SF Attached Garage: 1 Car $1,450 $460,000 5/30/2019 1362 West Twin Oaks Drive 27-03-233-018 1981 0.09 Driveway: 1 Car West Jordan, UT 84088

A 25 PROPERTY MULTI-FAMILY PORTFOLIO INVESTMENT OPPORTUNITY 5 PORTFOLIO SUMMARY (CONTINUED)

Year Site Size Building Monthly Rent Appraisal Appraisal Property Address Parcel # Built (Acres) Size (SF) Unit Type Parking (All Units) Amount Date 2 BR, 1 BA - 909 SF Attached Garage: 1 Car $1,495 1669 West 8740 South 27-03-202-039 1986 0.10 Driveway: 1 Car

22 1,818 2 BR, 1 BA - 909 SF $1,485 $466,000 5/30/2019 1679 West 8740 South 27-03-202-038 1986 0.10 Attached Garage: 1 Car West Jordan, UT 84088 Driveway: 1 Car

2 BR, 1.5 BA - 1,044 SF Attached Garage: 1 Car $1,295 5052 West 6600 South 20-24-255-065 1983 0.12 Driveway: 1 Car

23 2,088 2 BR, 1.5 BA - 1,044 SF $1,490 $438,000 6/3/2019 5058 West 6600 South 20-24-255-064 1983 0.12 Attached Garage: 1 Car West Jordan, UT 84081 Driveway: 1 Car

1739 West Lake Park Drive 4 Units 24 15-22-331-011 1974 0.18 3,380 Surface Parking $2,800 $434,000 6/20/2019 West Valley City, UT 84119 2 BR, 1 BA: 845 SF each

1755 West Lake Park Drive 4 Units 25 15-22-331-010 1974 0.21 3,380 Surface Parking $2,800 $434,000 6/20/2019 West Valley City, UT 84119 2 BR, 1 BA: 845 SF each

Total 5.52 64,871 54 Units $66,400 $11,095,500

A 25 PROPERTY MULTI-FAMILY PORTFOLIO INVESTMENT OPPORTUNITY 6 80 H

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G G A N EW N J 8600 S I Sandy C A 25 PROPERTY MULTI-FAMILYB PORTFOLIO 8680 S A D S OL T 22 L 7 INVESTMENT OPPORTUNITY 21 E D R 9000 S 9 120 S Esri, USDA Farm Service Agency Salt Lake Valley Some Imagery by nearmap - F:\Projects\SL\PaulJ\8_1\SaltLakeco8x11.mxd - 8/2/2019 Raymond.Brady SALT LAKE COUNTY APARTMENT MARKET

The Salt Lake County apartment market contin- rate is 3.4%. Undeniably, the Salt Lake County ues to set historic records. For the 8th consec- apartment market continues to be a “very tight” utive year, apartment communities in Salt Lake market, even with the completion of numerous County are essentially “fully occupied” with large projects in 2019. vacancy rates below 4%. The August 2019 vacancy THE HIGHLIGHTS OF THIS YEAR’S STUDY INCLUDE:

2,900 new apartment units received Rental rates INCREASED BY 6.8% to permits during 2018 an average of $1.32 PSF

With 3,000 permits through June, Over the past 5 years the average 2019 is on pace to be the rental rate has RISEN 33% HIGHEST YEAR in apartment construction in over 30 years

The NEAR-RECORD LEVEL of construction (5,600 UNITS) does not pose a major threat to the market

Salt Lake City Rental inventory DOMINATES NEW DEVELOPMENT, GREW BY 4.3% accounting for over 72% of all units UNDER CONSTRUCTION 32 COMMUNITIES in the county under construction

Over the past 5 years the market has ABSORBED 3,000 UNITS PER YEAR, but is still not keeping up with demand

Vacancy rate of 3.4%

EIGHTH CONSECUTIVE YEAR with vacancy below 4%

A 25 8PROPERTYcushmanwakefield.com MULTI-FAMILY PORTFOLIO INVESTMENT OPPORTUNITY 8 SALT LAKE COUNTY APARTMENT MARKET (continued) PROJECTED RENTAL DEMAND COMPARED TO PROJECTED INCREASE IN RENTAL SUPPLY The probability of an overbuilt rental market (vacancy rates as high as 8%) is • The diminished role of the shadow market in providing supply of rental units unlikely for the following reasons: • The growing preference of the younger generation (20 to 30-year-olds) for • Market indicators show no sign of oversupply in August 2019 apartment living • Employment growth has been strong, with job growth expected to continue • Solid absorption of new apartments in Salt Lake City’s Central Business over the next 36 months at 2.5% annually District and the suburban markets • Net in-migration is increasing, which is an important component of hous- • The very low vacancy rates at present give the market significant “head- ing demand room,” which protects against serious destabilization of the market • Housing prices have rebounded, with an increase in the median sales price of more than 50% since 2011, which has priced many households out of the own- Click Here to download the ership market, to the benefit of the rental market 2018 APARTMENT MARKET AFFORDABILITY STUDY

A 25 PROPERTY MULTI-FAMILY PORTFOLIO INVESTMENT OPPORTUNITY 9 HOUSEHOLD FORMATION/CONSTRUCTED UNITS

DOES UTAH HAVE A HOUSING SHORTAGE? YES! For the first time in forty years, the increase in number of households in Salt Lake County exceeds the number of newly constructed units delivered to the market

1970s 1980s 1990s 2000s 2010-2018 Households Housing Units

A 2510 PROPERTYcushmanwakefield.com MULTI-FAMILY PORTFOLIO INVESTMENT OPPORTUNITY 10 SALT LAKE CITY

Salt Lake City and its surrounding communities have surged in the national spotlight, dominating nearly every ranking. With affordable home prices, 204,066 residents 81,982 world-class skiing just 45 minutes away, an abundance of outdoor recre- (2019 estimate) housing units ational amenities, one of the nation’s most highly educated labor pools, 48.7% 51.3% 41.7% nationally recognized colleges and universities, and significant trans- female male owner occupied portation infrastructure investments, Salt Lake City is now recognized as a major dominating force in the Western U.S. 32.7 years 2.43 people • Salt Lake City is the No. 1 requested relocation city for Goldman median age average household size Sachs, Rio Tinto and Adobe, among others. 1,256,116 residents $332,357 • Goldman Sachs’ Downtown presence is their second largest (Salt Lake City Metro Area - median home value office domestically behind New York, occupying 375,000 square 2019 estimate) feet (with 500,000 total square feet in Salt Lake City) and $86,189 employing over 2,100 professionals. average household income • Amazon recently constructed a 2.4MM sq. ft. distribution facility near the Salt Lake City International Airport, and is pursuing $34,696 several additional large-scale projects in the market per capita income • Additional companies with a major presence include Huntsman Corporation (HQ), Delta Airlines, L-3 Communications, UPS, Intercontinental Hotels Group, CHG Healthcare Services, and Keycorp

A 25 PROPERTY MULTI-FAMILY PORTFOLIO INVESTMENT OPPORTUNITY 11 THE STATE OF UTAH RECENT ACCOLADES INCLUDE: • “BEST STATE FOR BUSINESS,” Forbes Since 2012, Utah has experienced continuous and unprecedented growth. • “TOP STATE FOR BUSINESS,” CNBC Whether it is an upscale retailer opening shop at City Creek, the world’s • “FASTEST GROWING TECH STATE,” BLS Data largest package delivery company constructing a major distribution facil- • “HAPPIEST STATE,” WalletHub ity near the Salt Lake International Airport, or one of several billion-dol- • One of five states to receive an “A GRADE,” Digital States Survey lar tech companies expanding near the Point of the Mountain, word is spreading. Utah’s unique combination of natural and economic resources • “FASTEST GROWING STATE 2016,” The Atlantic continues to attract businesses and people from across the globe. • Salt Lake City – #1 “HOT STARTUP CITY NOT NAMED SAN FRANCISCO OR NEW YORK CITY,” Business Insider It is projected that by 2065, 40% of new Utah residents will live in Utah County, melding the Wasatch Front into one large metropolitan area. • Park City - “FAVORITE MOUNTAIN TOWN,” Travel & Leisure • Ogden and Provo - #1 and #2 “FASTEST JOB GROWTH IN THE NATION,” Bloomberg Business

Utah is America’s #3 Top State for Business in 2018 CNBC, July 2018 Utah vaults back into the upper echelon at No. 3. The Beehive State has added start-ups and tech companies now based there. Along with that comes growing some 50,000 jobs in the past year — a 3.4 percent increase, which is the biggest demand for housing, and that is fueling a construction boom. in the nation. Utah’s Silicon Slopes tech region is thriving, with more than 6,500

A 25 PROPERTY MULTI-FAMILY PORTFOLIO INVESTMENT OPPORTUNITY 12 THE STATE OF UTAH (continued)

TRANSPORTATION INFRASTRUCTURE HIGHLIGHTS Utah’s strategic geographic location Utah’s comprehensive transportation • Utah is a one-day truck drive or less from almost every major city in in the heart of the American West system includes a top-performing the Western U.S. propels its continuing functional role international airport; a centrally-lo- • Salt Lake International Airport is consistently ranked at or near the top as “The Crossroads of the West.” cated highway system built around for on-time departures in the U.S. Whether by road, rail or air, the state major east-west (I-80, I-70) and north- is optimally placed as a hub for dis- south (I-15) interstate arteries; two • Main rail lines link Utah directly to the major seaports of Los Angeles, tribution. Its capital, Salt Lake City, is major railroads; and steadily expand- Oakland, Portland, and Seattle essentially equidistant from all major ing light rail and commuter rail sys- • 135.8 total operational miles of commuter and light rail in the Utah Western U.S. markets, including Los tems. For international freight and Transit Authority system Angeles, San Diego, San Francisco and traffic, Salt Lake City is a full-service • Salt Lake City’s public transportation system, the Utah Transit Seattle. Businesses, residents and vis- customs port city, and there are addi- Authority, received the Outstanding Public Transportation System itors all benefit from highly efficient tional highway ports of entry through- Achievement Award from the American Public Transportation systems for moving people and goods out the state. Association in 2014 that are part of Utah’s transportation infrastructure. • Utah is a central, highly cost-effective distribution point for the Western U.S.

SALT LAKE INTERNATIONAL AIRPORT Salt Lake City International Airport, which ranks as the 25th busiest airport NEW YORK CITY hours minutes in North America and is currently undergoing a $3.6B reconstruction, serves WASHINGTON DC hours minutes MIAMI over 23,000,000 passengers and performs in excess of 320,000 take-offs and hours minutes landings per year. Its location gives travelers the ability to fly to any major city CHICAGO in the western US in less two hours and to the East Coast in under five hours. hours The airport is served by 10 airlines and their affiliates, including Delta Air Lines, which has a major hub in Salt Lake City and accounts for about 70% of total DALLAS traffic. Delta Air Lines offers international non-stop service from Salt Lake City hours minutes DENVER to Amsterdam, London, Paris, and Toronto. hour minutes

SEATTLE hour minutes

PHOENIX hour minutes

PORTLAND hour minutes LOS ANGELES hour minutes SAN DIEGO hour minutes

SAN FRANCISCO hour minutes A 25 PROPERTY MULTI-FAMILY PORTFOLIO INVESTMENT OPPORTUNITY 13 THE STATE OF UTAH (continued)

TECHNOLOGY TOURISM • Utah is currently home to 7,000 technology companies • Annual traveler spending in Utah is nearly $8 billion • These companies employ 140,000 people and pay salaries • Approximately 137,000 people in Utah are employed in almost 85% higher than the statewide average travel and tourism related industries • USTAR (Utah Science Technology and Research initiative) is currently • In 2015, nearly 10 million visits were made to Utah’s five national parks fueling more than 100 new technologies at 10 higher education and places institutions. The University of Utah is consistently ranked in the top two • 4.9 million visitors enjoyed Utah’s 43 state parks in 2015 in the nation for start-up companies • Utah’s 14 ski resorts attracted 4.5 million skier days during the 2015-16 • 18 USTAR research teams are making international breakthroughs season—the busiest ski season in state history in energy, nanotechnology, digital imaging, biomedical devices, neuroscience and more • 10 of Utah’s 14 ski resorts are located less than one hour from Salt Lake City International Airport • Utah’s “Silicon Slopes” I-15 tech corridor is a hotbed of development as more and more technology firms become attracted to the state’s young, • Cultural attractions, including the Sundance Film Festival, Utah Shakespeare highly educated workforce, favorable business climate, and inexpensive Festival, and the Eccles Theater, help make Utah a year-round tourism real estate destination

Nearly 850 megawatts of new utility-scale solar capacity is now online in Bryce Canyon and Zion are among Utah, more than wind, hydroelectric, geothermal, and biomass combined the Nation’s Top 10 Ten National Parks (2017 Economic Report to the Governor) (June 2016, TripAdvisor)

A 25 PROPERTY MULTI-FAMILY PORTFOLIO INVESTMENT OPPORTUNITY 14 THE STATE OF UTAH (continued)

QUALITY OF LIFE DEMOGRAPHICS AND INFRASTRUCTURE

5 National Parks One of the Fastest 43 State Parks Growing States in the U.S. 1,086,538 SLC: Best Hiking City 3,113,215 residents dwellings National Geographic (2017 estimate) 61.8% Thousands of Miles 49.8% 50.2% owner occupied dwellings of hiking trails statewide female male 3.14 people The Best Snow on Earth® 30.4 years median household size 14 World-Class Ski Resorts median age $249,617 (lowest in the U.S.) median home value

Among the Most Physically Fit States Happiest State Trust for America’s Health $82,698 WalletHub (2016) average household income <2 hours from all major western U.S. cities $26,260 per capita income

91.6% >80% of Utah population high school graduates served by Utah Transit Authority 32.4% >45,000,000 bachelor’s degree or higher transit passengers served annually

A 25 PROPERTY MULTI-FAMILY PORTFOLIO INVESTMENT OPPORTUNITY 15 THE STATE OF UTAH (continued)

ADDITIONAL NATIONAL RECOGNITION: SALT LAKE CITY AREA: • #1 STATE FOR BUSINESS, 2016 • FIVE UTAH SKI RESORTS AMONG THE TOP • RANKED 10TH FOR INSTALLED SOLAR #2 STATE ECONOMY, 2018 MSN Money 20 IN NORTH AMERICA in 2019 PHOTOVOLTAIC CAPACITY PER CAPITA, • #1 STATE FOR FISCAL STABILITY, 2018 Forbes, zrankings.com 2018 Environment America #2 STATE ECONOMY, 2018 • 1ST FOR VOLUNTEERISM, 2018 • BEST CITY TO START A CAREER, #3 STATE FOR EDUCATION, 2018 The Corporation for National and 2016 WalletHub US News & World Report Community Service • 8TH FITTEST CITY IN AMERICA, 2016 • BEST STATE ECONOMY, 2016 (#1), 2017 • BEST STATE FOR BUSINESS, 2010-12 & Huffington Post (#3), 2018 (#2) WalletHub 2014-16 (#1), 2018 (#2) Forbes • #1 FOR LIFE EXPECTANCY, 2016 • 1ST FOR ECONOMIC OUTLOOK, 2008-18, • IN THE TOP 4 STATES FOR BUSINESS Livability.com ALEC-Laffer, Rich States Poor States CLIMATE, 2011-18 Business Facilities • MOST PAMPERED IN THE U.S., 2016 • 1ST FOR GROWTH ENTREPRENEURSHIP • 1ST FOR PROJECTED ANNUAL JOB Smart Meetings AMONG SMALL STATES, 2016 GROWTH through 2017 • TOP 100 BEST PLACES TO LIVE, 2015 Kauffman Foundation IHS Global Insight Livability.com • 1ST FOR JOB GROWTH, 2016 • LOWEST PERCENTAGE OF ADULT AND • #2 BEST CITY FOR CREATIVES, 2015 Business Facilities YOUTH SMOKERS IN THE NATION, 2017 Huffington Post Centers for Disease Control and Prevention • ONE OF ONLY 10 STATES TO MAINTAIN • TOP 10 CITY FOR ACTIVE FAMILIES, 2015 AAA BOND RATING FROM ALL 3 RATING • 3RD BEST STATE FOR FUTURE JOB Outside Magazine AGENCIES GROWTH, 2016 Forbes • #2 FRIENDLIEST CITY, 2015 Thrillist • BEST PRO-BUSINESS STATE, 2012-16 Pollina Report • #5 BEST DOWNTOWN IN U.S., 2015 Livability.com • BEST CITY TO LIVE/WORK REMOTELY FOR OUTDOOR ENTHUSIASTS, 2015 HighspeedInternet.com • 5TH BEST CITY FOR NEXT DECADE, 2010 Kiplinger

A 25 PROPERTY MULTI-FAMILY PORTFOLIO INVESTMENT OPPORTUNITY 16 Kip Paul Jorgi Paul Rhett Bue Vice Chairman - Investment Sales Associate - Investment Sales Director - Investment Sales +1 801 303 5555 +1 801 303 5570 +1 801 303 5416 [email protected] [email protected] [email protected]

170 South Main Street, Suite 1600 Salt Lake City, UT 84101 +1 801 322 2000 www.cushmanwakefield.com