STAR SUITES 1560 HIGH ROAD TALLAHASSEE, FL 32304 33 Units & 132 Beds

National Student Housing Group Colliers International 4830 West Kennedy Blvd. Suite 300 Tampa, Florida 33609 OFFERING SUMMARY

STUDENT HOUSING TEAM DATES OF IMPORTANCE LISTING SPECIFICATIONS DOROTHY JACKMAN Executive Managing Director [email protected] OFFER GUIDELINES All communication, inquiries and requests should be addressed to the Colliers +1 727 298 5337 Initial Earnest Money Communication International team, as representatives of the JAMIE SWICK At PSA execution, 1.0% (or Seller. Ownership/Management should not be greater) of the Purchase contacted directly. Senior Associate Price. [email protected] +1 813 605 5599 SEAN BAIRD Additional Earnest Money Interested investors are required to schedule Director An additional 1.0% (or a time to meet with the Colliers International [email protected] greater) of Purchase Price at team to tour the asset and discuss the merits of +1 727 450 6158 expiration of DD. the offering. JONATHAN HOLT Property Visits Please contact a member of the marketing team Senior Associate below with any questions: Due Diligence Period [email protected] JAMIE SWICK +1 813 221 2290 Starting at LOI execution Senior Associate and running thirty (30) days [email protected] or less MARKETING + 1 813 605 5599

Financing Contingency MEAGAN DOBSON Client Services Coordinator None Buyers should be aware that the owner of the Property is selling the Property in an [email protected] Sale Condition “As-Is, Where-Is” condition and without +1 813 871 8524 representations or warranties, expressed or Closing Period implied, of any kind. FINANCING

Closing shall occur within 30 NATHAN LYNCH days after the expiration of Due Executive Managing Director Diligence. [email protected] Buyers are asked to present offers in the form of a nonbinding Letter of Intent (LOI) outlining +1 813 221 2290 important terms and conditions including the following: DONALD JENNEWEIN Offer Guidelines Executive Managing Director > Purchase Price [email protected] > Earnest Money Deposit(s) +1 813 205 3580 > Proposed Due Diligence Period > Proposed Closing Period TABLE OF CONTENTS

Executive Summary | 4

Property Profile |7

Financial Analysis | 14

Market Overview | 17

DISCLAIMER AND NOTICE TO BUYER The information herein is provided “ONLY AS AN INTRODUCTION TO THE PROPERTY”. All parties interested in purchasing should base their final decision on the results of their own independent inspection of the property. All parties should satisfy themselves as to the condition of the property with respect to the legal, environmental or physical conditions of the property and title thereto. All financial data provided is given for information purposes and is not guaranteed. All parties should perform their own market feasibility study to determine the soundness of the financial data provided and the physical condition of the property. The Owner, Agent and all parties acting on behalf of the Owner or Agent hereby make no representations as to the accuracy or completeness of the information included in this property profile. Unless provided to the buyer under separate cover, no environmental study has been done for this property. This information is believed to be accurate. We are not responsible for misstatements of facts, errors or omissions, prior sale, changes of price or withdrawal from the market without notice.

CONFIDENTIALITY STATEMENT The following information is furnished solely for the purpose of a review by a prospective purchaser of the property and is not to be used for any other purpose or made available to any other person without the prior written consent of Colliers International Tampa Bay Florida. This property profile and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this profile may be copied or otherwise reproduced or disclosed without the prior written authorization of Colliers International Tampa Bay Florida. EXECUTIVE SUMMARY

STAR SUITES| TALLAHASSEE, FL 4 | EXECUTIVE SUMMARY PROPERTY INSIGHTS STRENGTHS • Tier 1 Market • Year Over Year Enrollment Growth Strengths • Excellent Drive By Traffic OPPORTUNITIES • Dedicated Bus Stop to Campus On Property • Below Market Rents - Ripe to Push Rent Growth • Renegotiation of Cable and Internet Relationships • Improved Signage Needed For Complex • Could Be Ideal for Graduate Student Housing Weaknesses/ Opportunities Threats WEAKNESSES/ THREATS • Located Exactly 1.03 Miles From Campus • Trailing Market Rent Growth Low • Furniture Update Needed

STAR SUITES| TALLAHASSEE, FL 5 | EXECUTIVE SUMMARY PROPERTY AERIAL

W. Tharpe St

High Road

Doak Campbell Stadium FSU Student Union 8 min. Drive 10 min. Drive

Tallahassee Int’l Airport StarMetro Bus Stop 15 min. Drive 2 min. Walk

STAR SUITES| TALLAHASSEE, FL 6 | EXECUTIVE SUMMARY PROPERTY PROFILE

STAR SUITES| TALLAHASSEE, FL 7 |7 EXECUTIVE | PROPERTY SUMMARY PROFILE PROPERTY PROFILE

PROPERTY HIGHLIGHTS PROPERTY DETAILS

Address 1560 High Road CLASS B Great floorplans with large County Leon County common area and private bedroom suites with Parcel Number 2127200260000 kitchenette and study room. Florida State University (FSU), University Florida A&M University (FAMU), Tallahassee Community College (TCC) FLORIDA STATE UNIVERSITY Tier 1 University with over Distance to Campus 1.03 Miles 42,000 students. Year Built 2003

Number of Units 33 Units

GREAT LOCATION Number of Beds 132 Beds Located within minutes of 3 campuses with premier bus AY 17-18 Occupancy 99% route access; Night Nole, Seminole Express and StarMetro bus routes available. AY 18-19 Prelease 96.21% as of 7/24/18

Parking located under unit. Available for all Parking tenants.

VALUE & OPPORTUNITY Furniture Optional This property offers spacious Furnishing floorplans with some of the lowest rents in the market and Utilities Cable and Internet Included strongest leasing velocity. Financing Property will be offered ‘Free & Clear’ at closing

STAR SUITES| TALLAHASSEE, FL 8 | PROPERTY PROFILE FLOOR PLANS 4 BED/ 4 BATH

ENTIRE UNIT 1,596 SF

STAR SUITES| TALLAHASSEE, FL 9 | PROPERTY PROFILE FLOOR PLAN BY THE BED

BY THE BED 1BR/1BA 275 SF

STAR SUITES| TALLAHASSEE, FL 10 | PROPERTY PROFILE APARTMENT FEATURES Rare Individualized floor plans OVERVIEW allow extra privacy for each tenant.

Each tenant receives private key for private entrance, a personal mini bar CLOSET SPACE . area, and a study area. Mini bar includes mini fridge, . microwave, sink, and extra shelving. PERSONAL MINI BAR AREA

PRIVATE BEDROOM . . PRIVATE BATHROOM

DOOR TO COMMON AREA . . PRIVATE STUDY/ LOUNGE ROOM CLOSET SPACE . .

PRIVATE ENTRYWAY

STAR SUITES| TALLAHASSEE, FL 11 | PROPERTY PROFILE APARTMENT FEATURES

LARGE KITCHEN WITH DOUBLE SINK AND BAR STOOL AREA

PRIVATE BEDROOMS AND BATHROOMS

FULL SIZE WASHER AND DRYER

LARGE FLOORPLANS WITH EXTRA STORAGE

CABLE AND HIGH SPEED INTERNET INCLUDED FULL SIZE APPLIANCES

KITCHENETTE IN EACH BEDROOM*

DISHWASHER, MICROWAVE PRIVATE STUDY ROOM AND DISPOSAL FOR EACH TENANT

Other features not included above: *Kitchenette includes microwave, mini-fridge, and wet bar. Furnished or non-furnished units available. Roommate matching available.

STAR SUITES| TALLAHASSEE, FL 12 | EXECUTIVE SUMMARY COMMUNITY FEATURES

COVERED PARKING SPACES FOR ALL RESIDENTS INCLUDED

24-HOUR COMPUTER LAB 24-HOUR FITNESS CENTER

LARGE POOL & LOUNGE AREA

NIGHT NOLE & SEMINOLE EXPRESS BUS STOP ON PROPERTY

Other features not included: Online payment via Paylease.com. Less than 5 minutes from Tennessee Street.

STAR SUITES| TALLAHASSEE, FL 13 | PROPERTY PROFILE FINANCIAL SUMMARY

22STAR EXCHANGE SUITES| TALLAHASSEE,| AKRON, OHIO FL 14 | EXECUTIVE SUMMARY

Colliers National Student Housing Group TEN YEAR CASH FLOW Star Suites Annual Cash Flows

Year Beginning Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25 Aug-26 Aug-27 Analysis Year T-9 1234 5678910 Academic Year AY 18/19 AY 19/20 AY 20/21 AY 21/22 AY 22/23 AY 23/24 AY 24/25 AY 25/26 AY 26/27 AY 27/28

OPERATIONS Revenues 1 Gross Rental Revenue 633,975 696,816 737,928 760,066 782,868 806,354 830,545 855,461 881,125 907,559 934,785 2 Loss to Lease (20,467) (19,859) (7,379) (7,601) (7,829) (8,064) (8,305) (8,555) (8,811) (9,076) (9,348) Gross Potential Revenue 613,508 676,957 730,549 752,465 775,039 798,290 822,239 846,906 872,314 898,483 925,437

3 Physical Vacancy (1,398) (3,385) (36,527) (37,623) (38,752) (39,915) (41,112) (42,345) (43,616) (44,924) (46,272) 4 Collection Loss (30,344) (32,155) (14,611) (15,049) (15,501) (15,966) (16,445) (16,938) (17,446) (17,970) (17,770) 5 Non-Revenue (653) ------6 Model Units (4,708) (4,806) (5,187) (5,343) (5,503) (5,668) (5,838) (6,013) (6,193) (6,379) (6,308) 7 Concessions & Gift Cards (15,515) (17,262) (7,305) (7,525) (7,750) (7,983) (8,222) (8,469) (8,723) (8,985) (8,885) Net Rental Income 560,890 619,348 666,918 686,926 707,533 728,759 750,622 773,141 796,335 820,225 846,202

8 Furniture Income 25,091 ------9 Unit Premium ------10 Leasing Fees 5,320 5,500 5,665 5,835 6,010 6,190 6,376 6,567 6,764 6,967 7,176 11 Transfer/Re-Lease/Termination Fee 21,397 22,000 22,660 23,340 24,040 24,761 25,504 26,269 27,057 27,869 28,705 12 Short Term Lease Fees 2,707 2,800 2,884 2,971 3,060 3,151 3,246 3,343 3,444 3,547 3,653 13 Electric Reimbursement 65,441 68,000 69,360 70,747 72,162 73,605 75,077 76,579 78,111 79,673 81,266 14 Late/NSF Fee 14,587 15,000 15,450 15,914 16,391 16,883 17,389 17,911 18,448 19,002 19,572 15 Other Income 2,019 2,500 2,575 2,652 2,732 2,814 2,898 2,985 3,075 3,167 3,262 16 Water Reimbursement 47,531 47,000 47,940 48,899 49,877 50,874 51,892 52,930 53,988 55,068 56,169 17 Damage Reimbursement 8,955 9,000 9,270 9,548 9,835 10,130 10,433 10,746 11,069 11,401 11,743 Total Other Income 193,047 171,800 175,804 179,905 184,106 188,409 192,816 197,331 201,956 206,693 211,547

Total Income 753,937 791,148 842,722 866,831 891,639 917,168 943,438 970,472 998,291 1,026,918 1,057,748

Expenses Operating Expenses 18 Personnel (129,889) (130,000) (133,900) (137,917) (142,055) (146,316) (150,706) (155,227) (159,884) (164,680) (169,621) 19 Repairs & Maintenance (18,251) (20,000) (20,600) (21,218) (21,855) (22,510) (23,185) (23,881) (24,597) (25,335) (26,095) 20 Common Area Electric (10,701) (11,000) (11,220) (11,444) (11,673) (11,907) (12,145) (12,388) (12,636) (12,888) (13,146) 21 Common Area Water (46,628) (47,000) (47,940) (48,899) (49,877) (50,874) (51,892) (52,930) (53,988) (55,068) (56,169) 22 Cable/Internet (39,267) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) 23 Marketing & Advertising (20,125) (20,000) (20,600) (21,218) (21,855) (22,510) (23,185) (23,881) (24,597) (25,335) (26,095) 24 Office & Admin Expenses (26,068) (26,000) (26,780) (27,583) (28,411) (29,263) (30,141) (31,045) (31,977) (32,936) (33,924) 25 Contract Services (4,467) (4,500) (4,635) (4,774) (4,917) (5,065) (5,217) (5,373) (5,534) (5,700) (5,871) 26 Trash (10,431) (10,500) (10,710) (10,924) (11,143) (11,366) (11,593) (11,825) (12,061) (12,302) (12,548) 27 Turnover Expense (12,757) (13,000) (13,390) (13,792) (14,205) (14,632) (15,071) (15,523) (15,988) (16,468) (16,962) 28 Property Management Fees 6.6% (49,457) (29,009) (33,709) (34,673) (35,666) (36,687) (37,738) (38,819) (39,932) (41,077) (42,310) 29 Insurance (28,604) (27,000) (27,810) (28,644) (29,504) (30,389) (31,300) (32,239) (33,207) (34,203) (35,229) 30 Property Taxes (41,203) (42,027) (42,867) (43,725) (44,599) (45,491) (46,401) (47,329) (48,275) (49,241) (50,226) 31 Resident Electric (67,785) (68,000) (69,360) (70,747) (72,162) (73,605) (75,077) (76,579) (78,111) (79,673) (81,266) Total Operating Expenses (505,633) (462,035) (477,521) (489,559) (501,920) (514,615) (527,651) (541,039) (554,787) (568,907) (583,464)

Net Operating Income 248,304 329,112 365,201 377,272 389,719 402,553 415,787 429,433 443,503 458,011 474,285

33 Capital Reserve (16,500) (16,500) (16,500) (16,500) (16,500) (16,500) (16,500) (16,500) (16,500) (16,500) (16,500)

Net Operating Income After Reserves 231,804 312,612 348,701 360,772 373,219 386,053 399,287 412,933 427,003 441,511 457,785

STAR SUITES| TALLAHASSEE, FL 15 | FINANCIAL ANALYSIS Colliers National Student Housing Group Star Suites FINANCIAL OVERVIEW NOTES Notes

NOTES

1 The Gross Revenue in AY18/19 shows the units with furniture included in the top line since they are listed as two different floorplans. 2 The loss to lease historically has been around 2.85% of the total income. 3 Physical Vacancy has historically been less than 1%. This model is structured in alignment with typical lender standards in AY19/20 of 5%. 4 Collection Losses have historically been high. This model is structured in alignment with typical lender standards in AY19/20 of 2%. 5 The Office and Maintenance Area are limited to one unit which is not included in the unit count or GPR. 6 The Model is a single bedroom. The Common area is demonstrated in the Office. 7 Concessions have historically been approximately 2.55%. This model is structured in alignment with typical lender standards in AY19/20 of 1%. 8 Furniture Income is Included in the Gross Potential Rent in AY18/19. The current ownership has more of a demand for furniture than they are currently providing. 9 Unit Premiums could be a way to increase Revenue if rooms on the interior walk way with views of the pool were charged a premium. 10 Leasing Fees are averaging at approximately $40 per bed. 11 Termination Fees are in alignment with Tallahassee market norms. 12 Month-to-Month leases are hard to come by in College markets but this policy seems to be generating revenue and not causing any issue with occupancy. 13 Electric Reimbursements are in direct correlation to the amount billed. It is possible to generate additional income by charging residents a convenience fee. 14 Late/NSF Fees are in alignment with Tallahassee market norms. 15 Other Income is approximately >$19 per bed. This is typical. 16 Water Reimbursements are in direct correlation to the amount billed. It is possible to generate additional income by charging residents a convenience fee. 17 Damage Reimbursements are in alignment with Tallahassee market norms. 18 The staff in place appears to be in touch with the property and needs of the customers. 19 Repairs and maintenance may vary due to renovation schedules. 20 Common Area Electric is within normal usage. 21 Water usage for the property seems a little high but the cost is reimbursed by residents to cover common area usage as well. 22 Cable/Internet contracts are eligible for termination or renegotiation. The amount used in AY18/19 assume that the rates seen at other properties in Tallahassee are achieved. 23 Marketing/Advertising are within normal amounts as seen in the Tallahassee markets. 24 Office & Admin Expenses are within normal range for the Tallahassee market. 25 Contract Services is used to demonstrate the contract from Grounds, pool service is maintained by the property. 26 Trash is within a normal range for a property this size. 27 Turnover costs may vary due to renovations schedules. 28 The management fee was higher with the current ownership and has been normalized to a rate of 4% of the Effective Gross Income. 29 Insurance is within a normal range for properties in this market. 30 Property Taxes are based on historicals. 31 Resident Electric usage is within the normal rates expected. 32 Capital Reserves are set at $125 per bed as is typically required by a lender.

STAR SUITES| TALLAHASSEE, FL 16 | FINANCIAL ANALYSIS MARKET OVERVIEW

22STAR EXCHANGE SUITES| TALLAHASSEE,| AKRON, OHIO FL 17 | EXECUTIVE SUMMARY MARKET COMPARABLES Direct Comparables 11. The Social 2700 8 Stadium Center 15 Players Club 22 Grand Marc Purpose Built Student 2 The Landing at Appleyard 9 Catalyst 16 Republic/Tallahassee 23 The Forum Housing Comparables 3 Villa San Michele 10 The Preserve 17 Heritage Grove 24 The Lux 4 Aqua Club II 11 West 10 18 Legacy Suites 25 601 Copeland 5 Polo Club Star Suites 12 University Club Woodward 19CompetitiveThe Commons Set 6 Torchlight Townhomes 13 The Venetian 20 nXnw 7 Villa San Marco 14 The Woodlands 21 Campus Walk

7 7

19 10

16

11 4 5 20 21 12 22 2 23 24 14 17 6 18

1 15

13 25 9 8 3

STAR SUITES| TALLAHASSEE, FL 18 | MARKETING OVERVIEW PURPOSE BUILT RENT COMPARABLES

THE SOCIAL 2700 TORCHLIGHT TOWNHOMES THE LANDING AT APPLEYARD

2700 W. Pensacola St, 228 Dixie Dr, 475 Appleyard Dr., Tallahassee, FL Tallahassee, FL 32304 Tallahassee, FL 32304 Year Built: 2003 Year Built: 2001 Year Built: 2003

Prelease: 48% Prelease: 89% Prelease: 98%

Occupancy: 92% Occupancy: 71% Occupancy: 44%

Distance from Distance from Distance from 1.37 miles 1.35 miles 1.00 miles Campus: Campus: Campus:

Units/ Beds 260/ 446 Units/ Beds 184 /608 Units/ Beds 35/ 140

Unit Type SF Units Avg $/Bed $/SF Unit Type SF Units Avg $/Bed $/SF Unit Type SF Units Avg $/Bed $/SF 2 BD/ 1 BA 453 88 $505 $1.11 2 BD/ 2 BA 575 128 $639 $1.11 4 BD/ 4 BA 440 184 $485 $2.75

2 BD/ 2 BA 460 128 $515 $1.12 4 BD/ 4 BA 375 480 $494 $1.32 Total/ Average 440 184 $485 $2.75 2 BD/ 2.5 BA T 525 128 $530 $1.01 Total/ Average 475 608 $567 $1.21 4 BD/ 4 BA 401 108 $425 $1.06 COMMUNITY AMENITIES UNIT FEATURES COMMUNITY AMENITIES UNIT FEATURES >> Study Room >> Leather-style Sofa 4 BD/ 4 BA T 415 244 $445 $1.07 >> Barbecue Grills >> Fully Furnished >> Swimming Pool and Love Seat Total/ Average 451 696 $484 $1.08 >> Sports Courts >> Fully Equipped >> 300 Steps to TCC >> Wood-Inspired >> Two Swimming Pool Lounge Kitchen >> 24-hour Maintenance Flooring >> Computer Lab with Free >> Individual Bedrooms COMMUNITY AMENITIES UNIT FEATURES Areas >> Individual Bedrooms Printing and Bathrooms >> 24-Hour Computer Lab with >> Pet Friendly >> Gated Community >> Washer/ Dryer >> Communal Grill >> Kitchenette Suite Printing >> Washer/Dryer >> 24-Hour Maintenance >> Pet Friendly >> Fitness Center with Mini Fridge and >> Fitness Center >> Townhome Options >> Parking Included >> Direct Utility Billing Microwave >> Roommate Matching >> Balcony >> Flat Screen TV Available >> Large Closets Included >> Pool >> Tile Floors >> Fully Furnished >> TV Lounge >> Washer/Dryer >> Clubhouse >> Onling Payments Available

*T = Townhome Style Home

STAR SUITES| TALLAHASSEE, FL 19 | MARKETING OVERVIEW PURPOSE BUILT RENT COMPARABLES

VILLA SAN MICHELE AQUA CLUB II POLO CLUB

1694 Baldwin Park Dr, 1001 Ocala Rd., 1000 High RD, Tallahassee, FL 32304 Tallahassee, FL 32304 Tallahassee, FL 32304 Year Built: 2009 Year Built: 2004 Year Built: 1999

Prelease: 96% Prelease: 71% Prelease: 90%

Occupancy: 98% Occupancy: 90% Occupancy: 84%

Distance from Distance from Distance from 2.57 miles .68 miles 0.58 miles Campus: Campus: Campus:

Units/ Beds 82/ 272 Units/ Beds 69/ 276 Units/ Beds 99/ 375

Unit Type SF Units Avg $/Bed $/SF Unit Type SF Units Avg $/Bed $/SF Unit Type SF Units Avg $/Bed $/SF 3 BD/ 3 BA 456 168 $520 $1.11 4 BD/ 4 BA 399 276 $510 $1.28 3 BD/ 3 BA 407 90 $569 $1.40 4 BD/ 4 BA T 367 36 $500 $1.12 Total/ Average 399 276 $510 $1.28 3 BD/ 3 BA T 407 45 $574 $1.41

4 BD/ 4 BA T 421 68 $513 $1.01 4 BD/ 4 BA 360 144 $519 $1.44 COMMUNITY AMENITIES UNIT FEATURES Total/ Average 415 272 $511 $1.08 >> Swimming Pools >> Washer/ Dryer 4 BD/ 4 BA T 345 72 $549 $1.59 >> Bike Storage >> Fully Furnished COMMUNITY AMENITIES UNIT FEATURES >> Covered Parking for Each Units Total/ Average 380 351 $553 $1.46 >> Townhome Layouts >> Internet Included Unit >> Internet and Cable >> Fitness Center >> Fully Equipped >> Fitness Center >> Open Floor Plan COMMUNITY AMENITIES UNIT FEATURES >> 24-hour Emergency Kitchens >> Business center >> Pet-Friendly >> Resident Clubhouse >> Private Suites with Maintenance >> Private Bathrooms >> Game Room >> Spacious Closets >> 24-hour Fitness Center Private Bathrooms >> Roommate Matching Available >> Ceiling Fan >> Computer Lab >> Stainless Steel >> Beach Volleyball Court >> Fully Equipped >> Swimming Pool >> Washer/ Dryer Appliances >> Resort-Style Pool Kitchen and >> Pet Friendly >> 9FT Ceilings >> Suite-Style >> Northern Brick Architecture Microwave >> Dog Park >> Oversized Closets Apartments >> Direct Utility Billing >> Digital Cable with >> Fully Furnished Available >> Townhome-Style Available HBO >> Wood Plank Style >> High Speed Internet Flooring >> Washer/ Dryer >> Open Floorplan >> Wood-style Floors >> Patios/ Balconies

*T = Townhome Style Home

STAR SUITES| TALLAHASSEE, FL 20 | MARKETING OVERVIEW Transactions Export

Page 1 of 1

Created 06/19/2018

SALE COMPARABLES

Yr Date Property Name Price ($) $/Bed $/Units Units Beds Yr Built Occ. Owner/Buyer Reno Jan‐18 Villa San Michele $9,404,337 $34,575 $114,687.04 82 272 2008 95% All Pro Capital Inc Jan‐18 Stadium Properties $8,300,000 Unknown $212,820.50 Unknown 1934 2000's 100% Joshua & Robert Kasper FL Apartment Portfolio 2017 Dec‐17 Tenn Street $23,750,000 $38,061 $152,243.59 156 624 2002 90% Timberline Real Estate Ventures, Centurion Corp Ltd Nov‐17 Villa Cortez Apartments $8,100,000 $32,143 $58,695.65 138 252 1968 1834 Jackson Bluff Road LLC Sep‐17 Venetian Villas $13,305,000 $34,648 $138,593.75 96 384 1998 2004 91% FPA Multifamily Sep‐17 Villa Del Lago $9,400,000 $13,429 $36,015.33 261 700 1985 2003 82% FPA Multifamily Sep‐17 Benchmark West $3,200,000 $45,714 $52,459.02 61 70 1974 Benchmark W Apartments Cap LLC Aug‐17 Avenue 29 $21,998,100 $25,112 $67,895.37 324 876 2001 74% Collier Companies Aug‐17 Forum at Tallahassee $57,000,000 $72,890 $215,909.09 264 782 2014 95% Arrimus Capital

Copyright 2018 Real Capital Analytics, Inc. All rights reserved. It is a violation of Federal law to photocopy or reproduce any part of this Transactional Data, or forward it electronically, without first obtaining permission.

STAR SUITES| TALLAHASSEE, FL 21 | MARKETING OVERVIEW TALLAHASSEE COLLEGES & UNIVERSITIES

STAR SUITES

Proximity to Colleges & Universities

11. Florida State University 1.03 Miles 4 Minute Drive

22. Florida A&M University 4 Miles 11 Minute Drive 3 1 Tallahassee Community 3. 3 College 3 Miles 8 Minute Drive

2

STAR SUITES| TALLAHASSEE, FL 22 | MARKETING OVERVIEW FUTURE OGLESBY STUDENT OVERVIEW: FLORIDA STATE Florida State University is a public and research university with its primary campus on a 1,650 acres site in Tallahassee, FL. Founded in 1851, it is located on the oldest continuous site of higher education in the state of Florida. Currently, FSU is ranked No.33 in the U.S. News & World Report ranking of the top public universities after climbing 10 spots over the last two years.

ENROLLMENT STATISTICS UNIVERSITY HIGHLIGHTS • Florida State has officially been designated as a pre- 2017 Total Enrollment 41,362 eminent research university in the state by the Florida Legislature as a result of having met a set of rigorous Total Undergraduate 33,008 benchmarks.

Full Time Undergraduate 29,286 • FSU’s College of Medicine is No. 1 in the nation for instruction in community health, according to the STUDENT RECREATION & WELLNESS Freshman 6,523 Association of American Medical Colleges. • FSU is No.4 on Kiplinger’s annual list of Best College Total Graduate 8,354 Values for Public Colleges for Out-of-State Students. • FSU’s College of Law is No. 1 in the State of Florida. 92% FRESHMAN RETENTION RATE OFF-CAMPUS DEVELOPMENT PIPELINE 20 Points higher than national average. Fall 2018 Delivery: Approximately 2,707 Beds

17.62% Fall 2019+ Delivery: TOTAL APPLICATION GROWTH Approximately 3,265 Beds Since Fall 2012 UNCONQUERED STATUE OUTSIDE DOAK CAMPBELL STADIUM 13.68 MARKET DEMAND TOTAL FRESHMAN GROWTH Full Time Undergraduate 33,008 Since Fall 2012 Total Off Campus Beds* 21,031

Total On Campus Beds (Est) 6,500

Total Market Demand (Beds) 5,477

* Purpose built student housing

STAR SUITES| TALLAHASSEE, FL 23 | MARKETING OVERVIEW FLORIDA STATE UNIVERSITY OVERVIEW

STAR SUITES

STUDENT UNION 8 Minute Drive

STUDENT REC. & WELLNESS 7 Minute Drive

DOAK CAMPBELL STADIUM 8 Minute Drive

STAR SUITES| TALLAHASSEE, FL 24 | MARKETING OVERVIEW FLORIDA A&M UNIVERSITY Florida Agriculture and Mechanical University (FAMU) was founded in 1887 and is a public institution sitting on the largest hill in Tallahassee, FL. The campus reaches 419 acres, with enrollment reaching nearly 10,000 students. FAMU is the only historically black institution in the State University System of Florida. The univeresity offers about 60 bachelor’s degrees in a range of studies, as well as graduate degrees including law, engineering, and education. The University has 8 on-campus housing options. With over 100 student organization, and NCAA Division I sports, FAMU is a historical college with a lot to contribute to prospective students. ENROLLMENT STATISTICS UNIVERSITY HIGHLIGHTS

2017 Total Enrollment 9,909 • #6 in U.S. News & Reports Historically Black Colleges and Universities in the United States. Total Undergraduate 7,550 • 65% of the students are female.

Full Time Undergraduate 8,522 • 79% of students live in off-campus housing. • Ranks as one of the top 12 public or private institutions Total Graduate 1,876 of higher education in Florida. 1.03% TOTAL ENROLLMENT INCREASE

39.4% TOTAL APPLICATION GROWTH Since Fall 2016

TALLAHASSEE COMMUNITY COLLEGE

ENROLLMENT STATISTICS UNIVERSITY HIGHLIGHTS

Total Enrollment: • TCC Enrolls more than 24,000 credit and noncredit 24,000 Credit & Non Credit students each year. • 79% of TCC graduates transfer to a 4-year institution after graduation. • 50.6% of students live within district (Leon, Wakulla, & Gadsden Counties). • TCC opened in 1966 and offers more than 70 degree and certificate programs.

STAR SUITES| TALLAHASSEE, FL 25 | MARKETING OVERVIEW AREA OVERVIEW AREA DEMOGRAPHICS TALLAHASSEE AREA HIGHLIGHTS

• With three universities, Florida State, Florida FLORIDA STATE CAPITAL A&M and Tallahassee Community College, Tallahassee qualifies as a significant college Total Population (2016) town, with a student population exceeding 190,895 70,000. • In 2015, Tallahassee was awarded the All- American City Award by the National Civic League for the second time. Median Household Income • Tallahassee is currently ranked as the 18th- (2016) best in the nation by Best College $40,947 Reviews. • Recognized by Kiplinger’s Personal Finance Magazine as one of the “Top Ten College Towns for Grownups” (ranking second, behind Chapel Greater Tallahassee Hill, North Carolina) in 2007. Unemployment Rate CASCADES PARK & AMPHITHEATER (March 2018) • Tallahassee is the capital of Florida. It is 3.6% the county seat and the only incorporated municipality in Leon County.

Education Attainment • As the capital, Tallahassee is the site of the High School Diploma : 92.6% Florida State Capitol, Supreme Court of Florida, Bachelor’s Degree: 47.6% Florida Governor’s Mansion, and nearly 30 Post-Secondary Degree : 21.98% state agency headquarters. • Ranked 2nd in the “medium sized city” class on Epodunk’s list of college towns.

DOWNTOWN TALLAHASSEE

STAR SUITES| TALLAHASSEE, FL 26 | MARKETING OVERVIEW DOROTHY JACKMAN JAMIE SWICK SEAN BAIRD JONATHAN HOLT Executive Managing Director Senior Associate Director Senior Associate +1 813 928 0020 +1 813 605 5599 +1 813 605 5599 +1 727 743 7432 [email protected] [email protected] [email protected] [email protected]

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