Exclusive Multifamily Offering 118 Total Units | Detroit, MI CONTACT INFORMATION

a Berkshire Hathaway and Jefferies Financial Group company www.Berkadia.com

SELDEN MANOR

KEVIN P. DILLON Senior Managing Director 248.341.3309 [email protected]

JASON KRUG Managing Director 248.341.3344 [email protected]

RICK VIDRIO Managing Director 248.341.3325 [email protected]

CHARLEY HENNEGHAN Director 248.341.3303 [email protected]

CARLY DIETZ Director 248.341.3327 [email protected]

DETROIT OFFICE 28411 Northwestern Highway Suite 300 Southfield, MI 48034 Phone: 248.646.7701 Fax: 248.646.0320

Berkadia.com CONTENTS

The Opportunity...... 5

Heather Hall...... 12

Selden Manor...... 21

Comparable Properties...... 30

Construction & Development Information...... 51

Economic & Demographic Information...... 64

Disclaimer...... 80 This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible THE OPPORTUNITY 118 Units, Cass Corridor, Detroit, MI

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In the heart of Detroit’s Midtown neighborhood is an opportunity to acquire two premiere apartment buildings consisting of 118 units with vacant retail space, and a prime corner parcel for additional ground up development; The Cass Corridor Portfolio. These properties are poised for renovation offering an abundance of value creation through Revenue growth. The Cass Corridor Portfolio boasts exceptional locations, economies of scale for the Midtown Submarket, and a rare true value-add opportunity. Realize additional upside through the activation of over 4,500 Square Feet of vacant retail space located on the First floor of Heather Hall, and the opportunity for a ground up development at the corner of Cass Ave. & Martin Luther King Blvd. PORTFOIO OVERVIE PORTFOIO

Fabulous Opportunity to Join the Detroit Renaissance - The recurring adage heard during the ULI 2018 Spring Conference in Detroit was that the “Detroit resurgence is here to stay”. The Detroit multifamily and office markets exceed 95% occupancy thanks to a diversified and growing employment market, which includes jobs in technology, automotive, healthcare, education and financial services. There was a 9.2% increase in downtown Detroit employees aged 29 and lower from 2010 to 2017, and approximately $13 billion has been invested into the area’s businesses, real estate and infrastructure since 2006. Approximately 50% of downtown’s residential population is age 18-39. Recent companies to move regional headquarters and innovation offices to downtown Detroit include Google, Amazon, Adient, Microsoft, Ally, Lear Corporation, WeWork, Twitter, Snapchat and LinkedIn.

High-Demand Growth Market - Each property is positioned in the heart of Midtown; Detroit’s hottest growth neighborhood. Positioned along the Cass Corridor, residents enjoy short walks to popular shopping destinations including Shinola, Filson, Hugh, and Whole Foods. Nightlife is booming with the best food, beverage, and entertainment venues the city has to offer including; Selden Standard, SheWolf, Will’s Show Bar, Grey Ghost, Jolly Pumpkin, Bronx Bar, Mario’s, Little Ceasar’s Arena (District Detroit), The Masonic Temple, and more.

Significant Value-Add Opportunity - No other Market in the state offers the ability for developers to realize the post renovation rent premiums achievable in the flourishing Midtown Submarket. New owners in Midtown have been able to achieve exceptional rental premiums by renovating assets of similar size and vintage.

Exceptional Market Metrics - Exceeding 97% Occupancy – With 5% annual rent growth and consistently strong employment growth, the market provides an unlimited supply of new residents. It is estimated the market absorption will support over 2,500 new units annually for the next four years. verview

O Attractive Financing - The properties are being offered free and clear of existing financing at closing, allowing investors to take advantage of today’s aggressive capital markets with maximum leverage, low interest rates, bridge financing, short or long-term debt options and interest-only payment structures. Portfolio Portfolio

6 PORTFOIO ORRIDOR ASS

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Monthly Annual Units Type Unit SF Total SF Market Rent Mkt Rent Mkt Rent Rent/SF 10 Studio 350 3,500 $900 $9,000 $108,000 $2.57 20 Studio 368 7,360 $900 $18,000 $216,000 $2.45 30 Studio 480 14,400 $1,000 $30,000 $360,000 $2.08 37 1 Bed / 1 Bath 500 18,500 $1,100 $40,700 $488,400 $2.20 20 1 Bed / 1 Bath 686 13,720 $1,300 $26,000 $312,000 $1.90 1 2 Bed / 1 Bath 800 800 $1,600 $1,600 $19,200 $2.00 118 494 58,280 $1,062 $125,300 $1,503,600 $2.15

Monthly Yearly Monthly Annual Commercial Units Unit SF Rent/SF CAM CAM Rent Rent Commercial Unit #1 504 $197 $2,359 $1,092 $13,104 $26.00 Commercial Unit #2 836 $326 $3,912 $1,811 $21,736 $26.00 Commercial Unit #3 1,841 $718 $8,616 $3,989 $47,866 $26.00 Commercial Unit #4 945 $369 $4,423 $2,048 $24,570 $26.00 Commercial Unit #5 560 $218 $2,621 $1,213 $14,560 $26.00 5 4,686 $1,828 $21,930 $10,153 $121,836 $26.00

Berkadia Income ProForma

Scheduled Market Rent $1,503,600 Less: Vacancy 5.00% ($75,180) Less: Non-Rev/Bad Debt/Adjust 0.74% ($11,100) Net Rental Income $1,417,320

Plus: Actual Commercial & CAM Income $143,766 Less: Vacancy on Commercial 6.00% ($8,626) Plus: Fee Income $0 Plus: RUBS Income $0 Plus: Parking $0 Plus: Other Income $17,700 Total Operating Income (EGI) $1,570,160

Expenses Per Unit Portfolio Administrative $125 $14,750 Advertising & Promotion $50 $5,900 Payroll $1,000 $118,000 Repairs & Maintenance/Turnover $650 $76,700 Management Fee 4.57% $582 $68,681 Utilities $667 $78,736 Contracted Services $220 $25,960 Real Estate Taxes $779 $91,875 Commercial Expense $116 $13,650 Insurance $290 $34,220 ASS ORRIDOR PORTFOIO Replacement Reserve $300 $35,400 O Total Expenses $563,872 verview

Per Unit: $4,779 Per SF: $9.68

Net Operating Income $1,006,288

IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia Employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions. COPYRIGHT 2018. All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only

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8 PORTFOIO ORRIDOR ASS

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DETROIT, MI PORTFOLIO OVERVIEW SHOPS AND STUDENTS 24 BOUTIQUES 27.2 k ENROLLED

PROPERTY NEIGHBORHOOD DESCRIPTION BARS / JOBS 29 DINING 5.8k SUPPORTED

Midtown is one of Detroit’s most exciting and TOTAL DEGREES / culturally diverse city districts. Conveniently located 22 STORES 350+ PROGRAMS next to Downtown Detroit and Wayne State University, HopCat | Punch Bowl Social | Grey Ghost Wayne State University Midtown District offers visitors a plethora of retail opportunities and iconic restaurants, as well as a bustling nightlife. Major employers in the area include Quicken Loans and Shinola. Several major highway NEIGHBORHOOD CONVENIENCES DEMAND DRIVER systems. Including Interstate 75 and M-1, run directly through Midtown and connect residents to the rest of Michigan. SF 42.0k FACTORY

JOBS 400+ SUPPORTED 9.2% 20-29 Year Old Population Growth Since 2010 Within a one-mile radius of Midtown Shinola Headquarters Portfolio

672.7k PRIMARY EDUCATION DEMAND DRIVER Detroit Population STUDENTS ASS ORRIDOR PORTFOIO

SERVED O 47.8 k JOBS 15.0k SUPPORTED verview SCHOOLS

$ 112 AND CENTERS 26.0% SF TEACHING OFFICE SPACE Growth in High-Tech (STEM) Jobs Since 2015 JOBS 300k 2.6k SUPPORTED

Chrysler ES | Golightly Center | Cass Technical HS Quicken Loans HQ - One Campus Martius 11 1

This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible HEATHER HALL 3444 Second Avenue, Detroit, MI

This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible PROPERTY SUMMARY PROPERTY DESCRIPTION THE ASSET - HEATHER HALL Heather Hall is a 70-unit apartment community located in the Midtown district of Detroit, MI. Built LOCATION in 1924, this community consists of one 11-story masonry constructed buildings on .20 acres of Property Name Heather Hall land. The mixed-use apartment community has 50 studio units that measure between 368 and 480 square feet each; and 20 one-bedroom, one-bathroom units each 686 square feet in size, and Address 3444 2nd Avenue 4,686 square feet of retail space. The community’s total net rentable square footage is 35,480 City, State Detroit, MI square feet. Construction is masonry with brick siding, and roofs are flat rubber built up. County Wayne All units have fully-equipped kitchens, ceiling fan, and high-speed internet access, with hardwood Parcel Number 02-002340 flooring throughout. Heating, electricity, gas, and water are included. This smoke-free building has self-service laundry facilities and scenic views of Midtown Detroit. BUILDING Units 70 Built 1924 Buildings 1 Stories 11-Story Site Size / Acreage .20 Acres Net Rentable Area 35,480 Square Feet Average Unit SF 507 Roof Type Flat Exterior Walls Masonry T he Asset – METERING Electric Landlord Gas Landlord Water / Sewer / Trash Landlord H e CASS CORRIDOR PORTOLIO a ther Ha ll

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SMALL STUDIO LARGE STUDIO

368 SQUARE FEET 480 SQUARE FEET ll Ha ther a e H he Asset – T ONE BEDROOM I ONE BATHROOM 14 PORTOLIO CORRIDOR CASS 686 SQUARE FEET

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Monthly Annual Units Type Unit SF Total SF Market Rent Mkt Rent Mkt Rent Rent/SF 20 Studio 368 7,360 $900 $18,000 $216,000 $2.45 30 Studio 480 14,400 $1,000 $30,000 $360,000 $2.08 20 1 Bed / 1 Bath 686 13,720 $1,300 $26,000 $312,000 $1.90 70 507 35,480 $1,057 $74,000 $888,000 $2.09

Berkadia Income ProForma

Scheduled Market Rent $888,000 Less: Vacancy 5.00% ($44,400) Less: Non-Rev/Bad Debt/Adjust 0.73% ($6,500) Net Rental Income $837,100

Plus: Actual Commercial & CAM Income $143,766

Less: Vacancy on Commercial 6.00% ($8,626) T

Plus: Fee Income $0 he Plus: RUBS Income $0 Plus: Parking $0 Plus: Other Income $10,500 Va Total Operating Income (EGI) $982,740 lu Expenses Per Unit Administrative $125 $8,750 a

Advertising & Promotion $50 $3,500 tion – Payroll $1,000 $70,000 Repairs & Maintenance/Turnover $650 $45,500 Management Fee 4.00% $562 $39,310 Utilities $611 $42,736 Contracted Services $220 $15,400 Real Estate Taxes $1,050 $73,474 H Commercial Expense $195 $13,650 e

Insurance $290 $20,300 CASS CORRIDOR PORTOLIO Replacement Reserve $300 $21,000 a Total Expenses $353,620 ther

Per Unit: $5,052 Per SF: $9.97 Ha Net Operating Income $629,121

IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be ll considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia Employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions. COPYRIGHT 2018. All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only

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Heather Hall Units 70 3444 2nd Ave. Detroit, MI 48201 Property Tax Analysis

2016 2017 2018 Parcel # 4000772 THE VALUATION - HEATHER HALL - HEATHER VALUATION THE SEV $728,800 $739,700 $858,100 Taxable Value $112,543 $113,555 $115,939

TOTAL SEV $728,800 $739,700 $858,100 TOTAL TAXABLE VALUE $112,543 $113,555 $115,939

Millage Rates Summer 76.6971 77.4747 76.2310 Winter 11.3934 9.3928 9.3928

ll TOTAL 88.0905 86.8675 85.6238 Ha

Total Taxes based on SEV $64,200 $64,256 $73,474 Total Taxes based on Taxable Value $9,914 $9,864 $9,927

ther Per Unit $141.63 $140.92 $141.82 a e H tion – a lu Va he T

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This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible PROPERTY SUMMARY PROPERTY DESCRIPTION Selden Manor is a 48-unit apartment community located in the historic Willis-Selden district of LOCATION Detroit, MI. Built in 1924, this community consists of four four-story masonry constructed buildings Property Name Selden Manor on .22 acres of land. The apartment community has 10 studio units that measure 350 square feet each; 37 one-bedroom, one-bathroom units each 500 square feet in size; and one two-bedroom, Address 686 Selden Street one-bathroom apartments that each comprises 800 square feet. The community’s total net rentable City, State Detroit, MI square footage is 22,800 square feet. Construction is masonry with brick siding, and roofs are flat rubber built up. All units have air conditioning, heating, and a modern kitchen. County Wayne Parcel Number 04-000772 The property is conveniently located near the growing number of community amenities Midtown has to offer.

THE ASSET - SELDEN MANOR - SELDEN ASSET THE BUILDING Units 48 Built 1924 Buildings 4 Stories 4-Story Site Size / Acreage .22 Acres Net Rentable Area 22,800 Square Feet Average Unit SF 475 Roof Type Flat Exterior Walls Masonry nor

a METERING Electric Landord Gas Landlord Water / Sewer / Trash Landlord

eldon M ADJACENT PARCEL S Address 700 East Selden

Parcel Size 4,710 Sqaure Feet Parcel Number 04000771 he Asset – T

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STUDIO ONE BEDROOM I ONE BATHROOM

350 SQUARE FEET 500 SQUARE FEET a nor

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Monthly Annual Units Type Unit SF Total SF Market Rent Mkt Rent Mkt Rent Rent/SF 10 Studio 350 3,500 $900 $9,000 $108,000 $2.57 37 1 Bed / 1 Bath 500 18,500 $1,100 $40,700 $488,400 $2.20 1 2 Bed / 1 Bath 800 800 $1,600 $1,600 $19,200 $2.00 48 475 22,800 $1,069 $51,300 $615,600 $2.25 THE VALUATION - SELDEN MANOR - SELDEN VALUATION THE Berkadia Income ProForma

Scheduled Market Rent $615,600 Less: Vacancy 5.00% ($30,780) Less: Non-Rev/Bad Debt/Adjust 0.75% ($4,600) Net Rental Income $580,220

Plus: Fee Income $0 Plus: RUBS Income $0 Plus: Other Income $7,200 Total Operating Income (EGI) $587,420

nor Expenses Per Unit a Administrative $125 $6,000 Advertising & Promotion $50 $2,400 Payroll $1,000 $48,000 Repairs & Maintenance/Turnover $650 $31,200 Management Fee 5.00% $612 $29,371 Utilities $750 $36,000 Contracted Services $220 $10,560 Real Estate Taxes $383 $18,401 eldon M Insurance $290 $13,920 S Replacement Reserve $300 $14,400 Total Expenses $210,252

Per Unit: $4,380 Per SF: $9.22 tion – Net Operating Income $377,168 a

IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be lu considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia Employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors

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Selden Manor Units 48 686 Selden Detroit, MI 48201 Property Tax Analysis

2016 2017 2018 Parcel # 4000772 SEV $182,600 $185,300 $214,900 Taxable Value $41,431 $41,803 $42,680

TOTAL SEV $182,600 $185,300 $214,900 TOTAL TAXABLE VALUE $41,431 $41,803 $42,680

Millage Rates T

Summer 76.6971 77.4747 76.2310 he Winter 11.3934 9.3928 9.3928

TOTAL 88.0905 86.8675 85.6238 Va lu

Total Taxes based on SEV $16,085 $16,097 $18,401 a tion – Total Taxes based on Taxable Value $3,650 $3,631 $3,654 Per Unit $76.03 $75.65 $76.13 S eldon M CASS CORRIDOR PORTOLIO a nor

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This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible THE MARKET THE COMPARABLE RENTAL PROPERTIES SUMMARY

DISTANCE (MI) AVG PROPERTY CITY FROM SUBJECT UNITS BUILT OCCUPANCY SF ASKING RENT RENT / SF

S Selden Manor Detroit 48 1924

S Heather Hall Detroit 0.25 70 1924

1 Finn Apartments Detroit 0.05 30 1922 N/A 450 $973 $2.16

2 Villa Lante Detroit 0.46 29 1916 100% 427 $992 $2.32

3 3909 Woodward Avenue Detroit 0.81 61 2014 100% 808 $1,419 $1.76

4 Forest Arms Detroit 0.41 71 1905 100% 594 $1,311 $2.21

5 Strathmore Detroit 0.71 129 1929 N/A 781 $1,395 $1.79

6 Studio One Detroit 0.52 124 2008 100% 868 $1,508 $1.74

7 The Auburn Detroit 0.60 58 2012 98.3% 612 $1,070 $1.75

8 The Isabelle Detroit 1.00 30 1913 100% 423 $1,033 $2.44

9 The Plaza Detroit 0.86 72 0 N/A 988 $2,345 $2.37

10 The Union at Midtown Detroit 0.30 81 2011 99 1,135 $2,196 $1.93

Totals / Averages* 0.61 69 99% 758 $1,481 $1.95

*does not include subject T CASS CORRIDOR PORTOLIO he M a rket

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32 PORTOLIO CORRIDOR CASS

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Unit Mix Breakdown

SELDEN MANOR 686 Selden Street, Detroit, MI 48201 21% Studio / 1 Bath 21% Property Summary 1 Bed / 1 Bath 77% Units: 48 2 Bed / 1 Bath 2% Built: 1924 77% T CASS CORRIDOR PORTOLIO he M a rket

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S Unit Mix & Rent Schedule UNITS TYPE SF ASKING RENT RENT / SF NOTES 20 0/1.00 368 $900 $2.45 THE MARKET 30 0/1.00 480 $1,000 $2.08 20 1/1.00 686 $1,300 $1.90 7 0 507 $1,057 $2.09

Unit Mix Breakdown

HEATHER HALL

3444 Second Avenue, Detroit, MI 48201 29% Studio / 1 Bath 71% Property Summary 1 Bed / 1 Bath 29% Distance (mi): 0.25 71% Units: 70 Built: 1924 rket a he M T

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Unit Mix Breakdown

FINN APARTMENTS 678 Selden, Detroit, MI 48201 23%

Studio / 1 Bath 77% Property Summary 1 Bed / 1 Bath 23% Distance (mi): 0.05 Units: 30 77% Built: 1922 Occupancy: N/A T CASS CORRIDOR PORTOLIO he M a rket

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2 Unit Mix & Rent Schedule UNITS TYPE SF ASKING RENT RENT / SF NOTES 5 0/1.00 350 $863 $2.47 Garden THE MARKET 11 0/1.00 375 $875 $2.33 13 1/1.00 500 $1,140 $2.28 2 9 427 $992 $2.32

Unit Mix Breakdown

VILLA LANTE 663 Prentis, Detroit, MI 48201

45% Studio / 1 Bath 55% Property Summary 55% 1 Bed / 1 Bath 45% Distance (mi): 0.46 Units: 29 Built: 1916 Occupancy: 100% rket a he M T

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Unit Mix Breakdown

3909 WOODWARD AVENUE 3909 Woodward Avenue, Detroit, MI 48201 1 Bed / 1 Bath 89% Property Summary 2 Bed / 1.5 Bath 5% Distance (mi): 0.81 2 Bed / 2 Bath 7% Units: 61 88.1% Built: 2014 Occupancy: 100% Notes: Services Provided As: Individual Air Conditioning Heat Central - Gas Central Domestic Hot Water - Gas Utilities Metering: Gas (Central) Electricity (Individual) Water (Central) Utilities Responsibility: Resident Pays Electricity Property Pays Gas Property Pays Sewer Property Pays Trash Removal Property Pays Water T CASS CORRIDOR PORTOLIO he M a rket

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4 Unit Mix & Rent Schedule UNITS TYPE SF ASKING RENT RENT / SF NOTES 12 0/1.00 500 $1,166 $2.33 THE MARKET 51 1/1.00 600 $1,300 $2.17 8 2/1.00 700 $1,600 $2.29 7 1 594 $1,311 $2.21

Unit Mix Breakdown

FOREST ARMS 11% 17% 4625 2nd Avenue, Detroit, MI 48201 Studio / 1 Bath 17% Property Summary 1 Bed / 1 Bath 72% Distance (mi): 0.41 2 Bed / 1 Bath 11% Units: 71 Built: 1905 72% Occupancy: 100% rket a he M T

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Unit Mix Breakdown

STRATHMORE 70 West Alexandrine Street, Detroit, MI 48201 22% 1 Bed / 1 Bath 72% Property Summary 6% 2 Bed / 1 Bath 6% Distance (mi): 0.71 2 Bed / 2 Bath 22% Units: 129 72% Built: 1929 Occupancy: N/A Notes: Services Provided As: Individual Air Conditioning Heat Individual - Electric Individual Domestic Hot Water - Electric Utilities Metering: Electricity (Individual) Water (Central) Utilities Responsibility: Resident Pays Electricity Property Pays Sewer Property Pays Trash Removal Property Pays Water T CASS CORRIDOR PORTOLIO he M a rket

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6 Unit Mix & Rent Schedule UNITS TYPE SF ASKING RENT RENT / SF NOTES 24 1/1.00 646 $1,235 $1.91 Cranbrook THE MARKET 8 1/1.00 804 $1,416 $1.76 Midtown 16 2/1.00 936 $1,496 $1.60 Wayne 44 2/2.00 907 $1,531 $1.69 Hillsbury 16 2/2.00 914 $1,621 $1.77 Ambassador 16 2/2.00 1,008 $1,797 $1.78 Heritage 124 868 $1,508 $1.74

Unit Mix Breakdown

STUDIO ONE

4501 Woodward Avenue, Detroit, MI 48201 26% 1 Bed / 1 Bath 26% Property Summary 2 Bed / 1 Bath 13% Distance (mi): 0.52 61% 13% 2 Bed / 2 Bath 61% Units: 124 Built: 2008 Occupancy: 100% Notes: Services Provided As: Individual Air Conditioning Heat Individual - Gas Individual Domestic Hot Water - Electric Utilities Metering: Gas (Individual) Electricity (Individual) Water (Central) Utilities Responsibility: Resident Pays Electricity Resident Pays Gas Resident Pays Sewer Resident Pays Trash Removal Resident Pays Water Tenant pays for $26 for water and sewer; all other utilities vary per usage. rket a he M T

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This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible COMPARABLE RENTAL PROPERTIES SUMMARY THE MARKET THE 7 Unit Mix & Rent Schedule UNITS TYPE SF ASKING RENT RENT / SF NOTES 4 0/1.00 570 $918 $1.61 54 1/1.00 615 $1,081 $1.76 5 8 612 $1,070 $1.75

Unit Mix Breakdown

THE AUBURN 4240 Cass Avenue , Detroit, MI 48201

Studio / 1 Bath 7% Property Summary 1 Bed / 1 Bath 93% Distance (mi): 0.60 Units: 58 Built: 2012 93% Occupancy: 98.3% Notes: Services Provided As Individual Air Conditioning Heat Central - Gas Central Domestic Hot Water - Gas Utilities Metering Gas (Central) Electricity (Individual) Water (Central) Utilities Responsibility Resident Pays Electricity Property Pays Gas Property Pays Sewer Property Pays Trash Removal Property Pays Water T CASS CORRIDOR PORTOLIO he M a rket

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8 Unit Mix & Rent Schedule UNITS TYPE SF ASKING RENT RENT / SF NOTES 22 0/1.00 350 $950 $2.71 THE MARKET 7 1/1.00 600 $1,200 $2.00 1 2/1.00 800 $1,700 $2.13 Garden 3 0 423 $1,033 $2.44

Unit Mix Breakdown

THE ISABELLE 51 W. Palmer Ave., Detroit, MI 48202 23% Studio / 1 Bath 73% Property Summary 1 Bed / 1 Bath 23% Distance (mi): 1.00 2 Bed / 1 Bath 4% Units: 30 73% Built: 1913 Occupancy: 100% Notes: Tenants Pay Electric & Gas Landlord Pays Water rket a he M T

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This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible COMPARABLE RENTAL PROPERTIES SUMMARY THE MARKET THE 9 Unit Mix & Rent Schedule UNITS TYPE SF ASKING RENT RENT / SF NOTES 22 1/1.00 702 $1,620 $2.31 26 1/1.00 834 $2,057 $2.47 22 2/2.00 1,326 $3,061 $2.31 1 3/2.00 2,352 $6,022 $2.56 1 3/2.00 2,479 $6,323 $2.55 7 2 988 $2,345 $2.37

Unit Mix Breakdown

THE PLAZA 3800 Woodward Ave., Detroit, MI 48201 30.7% 1 Bed / 1 Bath 67% Property Summary 2 Bed / 2 Bath 31% Distance (mi): 0.86 66.3% 3 Bed / 2 Bath 3% Units: 72 Occupancy: N/A Notes: Services Provided As Heat Individual - Electric Central Domestic Hot Water - Electric Utilities Metering Electricity (Individual) Water (Central) Utilities Responsibility Resident Pays Electricity Property Pays Sewer Property Pays Trash Removal Property Pays Water T CASS CORRIDOR PORTOLIO he M a rket

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10 Unit Mix & Rent Schedule UNITS TYPE SF ASKING RENT RENT / SF NOTES 6 0/1.00 484 $1,060 $2.19 THE MARKET 8 1/1.00 520 $1,145 $2.20 9 2/2.00 829 $1,850 $2.23 9 2/2.00 893 $1,910 $2.14 18 3/2.00 1,273 $1,595 $1.25 31 4/4.00 1,499 $3,220 $2.15 8 1 1,135 $2,196 $1.93

Unit Mix Breakdown

THE UNION AT MIDTOWN 4830 Cass Avenue, Detroit, MI 48201 Studio / 1 Bath 7% 38% 1 Bed / 1 Bath 10% Property Summary 2 Bed / 2 Bath 23% 23% Distance (mi): 0.30 3 Bed / 2 Bath 22% Units: 81 4 Bed / 4 Bath 38% Built: 2011 22% Occupancy: 99 Notes: Services Provided As: Individual Air Conditioning Heat Central - Electric Central Domestic Hot Water - Electric Utilities Metering: Electricity (Central) Water (Central) Utilities Responsibility: Property Pays Electricity Property Pays Sewer Property Pays Trash Removal Property Pays Water rket a he M T

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This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible COMPARABLE RENTAL PROPERTIES SUMMARY THE MARKET THE 12 Unit Mix & Rent Schedule UNITS TYPE SF ASKING RENT RENT / SF NOTES 16 0/1.00 254 $722 $2.84 63 1/1.00 530 $1,509 $2.85 18 2/1.00 730 $1,984 $2.72 9 7 522 $1,467 $2.81

Unit Mix Breakdown

THE HAMILTON 16% 40 Davenport Street, Detroit, MI 48201 19% Studio / 1 Bath 16% Property Summary 1 Bed / 1 Bath 65% Distance (mi): 0.95 2 Bed / 1 Bath 19% Units: 97 Built: 1913 65% Occupancy: 95% Notes: First month free rent T CASS CORRIDOR PORTOLIO he M a rket

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$2,000

$1,750 THE MARKET

$1,500 Average D $1,354

E $1,250 B

$1,000 $1,341 E | $1,145 | N $750 $1,050 | O $1,100 $1,509 $1,300 | $1,081 $1,200 $1,300 | $1,280 | $1,302 $1,140 | | |

$500 $1,857 | | |

$250 Finn Apartments Apartments Finn The Auburn Manor Selden Lante Villa The Union at Midtown The Isabelle One Studio Hall Heather Arms Forest | Strathmore 3909 Woodward Avenue The Hamilton Plaza The $0

$3,200 $3,200

$2,800 $2,800

$2,400 $2,400 D D $2,000 $2,000

E Average E Average $1,833 $1,833 $2,020 $2,020

B $1,600 B $1,600 | | $1,880 $1,880 | | O O

$1,200 $1,200 W W $1,600 $1,600 $1,984 $1,984 | | $1,700 $1,700 $1,600 | $1,600 | T T $1,587 $1,587 $1,634 $1,634 | | | |

$800 $3,061 $800 $3,061 | | rket | | a

$400 $400 Studio One Studio Manor Selden Arms Forest | Strathmore The Isabelle The Union at Midtown The Hamilton 3909 Woodward Avenue Plaza The One Studio Manor Selden Arms Forest | Strathmore The Isabelle The Union at Midtown The Hamilton 3909 Woodward Avenue Plaza The he M $0 $0 T

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PROPERTY UNITS BUILT SALE DATE PRICE PRICE / UNIT PRICE / SF AVG. SF CAP RATE GRM UNIT MIX S Selden Manor 48 1924 475 21% - Studio / 77% - 1 bed 686 Selden Street 2% - 2 bed Detroit, MI 48201 1 Heather Hall 70 1924 01/01 507 71% - Studio / 29% - 1 bed 3444 Second Avenue Detroit, MI 48201 2 Wayne Court Apartments 45 1928 04/18 $3,525,000 $78,333 $136.63 573 4.00% 9% - Studio / 91% - 1 bed 3525 Cass Ave. Detroit, MI 48201 3 Charlotte 40 1915 11/17 $2,600,000 $65,000 $131.65 494 40% - Studio / 57% - 1 bed 624 Charlotte Street 3% - 2 bed Detroit, MI 48201 4 629 Milwaukee Ave. 30 1933 09/17 $2,615,000 $87,167 $191.58 455 77% - Studio / 23% - 1 bed 629 W. Milwaukee Ave. Detroit, MI 48202 5 Villa Lante 29 1916 05/17 $2,100,000 $72,414 $169.70 427 55% - Studio / 45% - 1 bed 663 Prentis Detroit, MI 48201 6 Sheridan Court 91 1921 10/18 $9,361,400 $102,873 $166.06 620 19% - Studio / 77% - 1 bed 4401 2nd Avenue 4% - 2 bed Detroit, MI 48201 7 Wellesley 28 1919 10/18 $2,238,600 $79,950 $123.00 650 50% - Studio / 50% - 1 bed 653 West Hancock Detroit, MI 48201 Totals / Averages* $80,956 $153.10 532 4.00% 0.00

*does not include subject T CASS CORRIDOR PORTOLIO he M a rket

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SELDEN MANOR HEATHER HALL WAYNE COURT APARTMENTS CHARLOTTE 686 Selden Street 3444 Second Avenue 3525 Cass Ave. 624 Charlotte Street Detroit, MI 48201 Detroit, MI 48201 Detroit, MI 48201 Detroit, MI 48201

BUILT: 1924 BUILT: 1924 BUILT: 1928 BUILT: 1915 UNITS: 48 UNITS: 70 UNITS: 45 UNITS: 40 AVG SF: 475 AVG SF: 507 PRICE / UNIT: $78,333 PRICE / UNIT: $65,000 PRICE / SF: $136.63 PRICE / SF: $131.65 AVG SF: 573 AVG SF: 494 SOLD FOR: $3,525,000 SOLD FOR: $2,600,000 CLOSED ON: 4/18 CLOSED ON: 11/17 CAP RATE: 4.0%

UNIT MIX: UNIT MIX: UNIT MIX: UNIT MIX: Studio - 21% Studio - 71% Studio - 9% Studio - 40% One Bedroom - 77% One Bedroom - 29% One Bedroom - 91% One Bedroom - 57% Two Bedroom - 2% Two Bedroom - 3% T CASS CORRIDOR PORTOLIO he M a rket

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3 4 5 6 THE MARKET

629 MILWAUKEE AVE. VILLA LANTE SHERIDAN COURT WELLESLEY 629 W. Milwaukee Ave. 663 Prentis 4401 2nd Avenue 653 West Hancock Detroit, MI 48202 Detroit, MI 48201 Detroit, MI 48201 Detroit, MI 48201

BUILT: 1933 BUILT: 1916 BUILT: 1921 BUILT: 1919 UNITS: 30 UNITS: 29 UNITS: 91 UNITS: 28 PRICE / UNIT: $87,167 PRICE / UNIT: $72,414 PRICE / UNIT: $102,873 PRICE / UNIT: $79,950 PRICE / SF: $191.58 PRICE / SF: $169.70 PRICE / SF: $166.06 PRICE / SF: $123.00 AVG SF: 455 AVG SF: 427 AVG SF: 620 AVG SF: 650 SOLD FOR: $2,615,000 SOLD FOR: $2,100,000 SOLD FOR: $9,361,400 SOLD FOR: $2,238,600 CLOSED ON: 9/17 CLOSED ON: 5/17 CLOSED ON: 10/18 CLOSED ON: 10/18

UNIT MIX: UNIT MIX: UNIT MIX: UNIT MIX: Studio - 77% Studio - 55% Studio - 19% Studio - 50% One Bedroom - 23% One Bedroom - 45% One Bedroom - 77% One Bedroom - 50% Two Bedroom - 4% rket a he M T

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This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible CONSTRUCTION AND DEVELOPMENT INFORMATION Cass Corridor and Detroit, MI

This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible CASS CORRIDOR DEVELOPMENT INFORMATION

The Boulevard

AREA DEVELOPMENT Heralded as the first new-construction residential development in New Center in 30 years, the $54.6 million The Boulevard draws together residential and commercial components on 1.5 acres. Its 231 apartment units are an 80-20 split between market and affordable pricing. The Boulevard, developed by Detroit- based The Platform, also offers 17,500 square feet of retail space and 330 parking spaces.

The Woodward @ Midtown

A $31 million, mixed-use development dubbed The Woodward @ Midtown is generating excitement as it will fill the last large vacant area that has remained an eyesore in Midtown Detroit. Due to break ground October 2018, The Woodward @ Midtown will include 104 residential units, 11 of which will be designated affordable, and 15,000 square feet of retail space and 160 parking spaces on two floors. The development will be on vacant land bounded by Woodward Avenue to the east, Stimson Street to the north, and an alley to the south. ent

pm Brush House

Brush House, located in the historic Brush Park disrict, will bring 178 residential

evelo units (20% affordable) along with 127 underground parking spots. This D

development will cost about $51.3 million and also bring green infrastructure,

a street-level retail and shared community space to the surrounding area. This two-building multifamily development will bring 15,660 square feet of ground

Are level retail and outdoor space on a 1.1 acre parcel.

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Gateway Performance Complex

The $65 million development will bring a new performing arts complex to Cass Avenue, along with the renovation of the adjcacent Hillberry Theatre. The renovation will include a new 350-seat main theatre, office spaces, a modern cafe, patron lounge, and gallery showcasing rich history of the Hillbery. The newly named Gretchen Valade Jazz Center is expected to draw many visitors as a part of the Detroit Jazz Festival, external jazz events, and performances and recitals for the Wayne State’s Department of Music.

Brush + Watson

Brush + Watson, a mixed-income, mixed-use development led by American Community Developers will bring an additional 180 units to Cass Corridor. Ninety units will be designated affordable, with 45 units at 80 percent area median income ($39,000) and another 45 at 30-60% area median income ($16-28,000 per year). The development will also have 170 underground parking spaces and 8,500 square feet of commercial space. Are a

D evelo Chroma C C P

Chroma is an existing nine-story building hat will be transformed into a center for creativity, providing work space alongside cultural anchors of food, music, and pm

exhibition. The center will be 75,000 square feet in total size, with 9,500 square ent feet dedicated to retail space, 282 co-working / maker spaces, and 6,500 square feet of event space. The project is scheduled to be complete in Summer 2019.

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Cass Corridor Hotel

AREA DEVELOPMENT The Albert Kahn-designed building is right by the Masonic Temple, with plans to build both residential (70 apartments) and a 100-room hotel. The design is being led by McIntosh Poris Architects, who also led the design of the Foundation Hotel. The hotel redevelopment is expected to cost $67.6 million.

West Elm Hotel / Bonstelle Theatre

The new development will now be led by The Roxbury Group; it’s slated to break ground in 2019 with a completion date of 2020. The Roxbury Group could incorporate the Bonstelle into the development. This building could serve as a future anchor for the SOMA development.

ent Baltimore Station Phase I

pm Development will consity of 23 loft apartments on Woodward Avenue with 10,000 square feet of first-floor retail, and 24 parking spaces. The cost of the first phase is projected to be $7.6 million. The project features great connectivity, with a Line

evelo stop, bus lines, MOGO bike stations, and train station in the immediate vicinity. D

Baltimore Station Phase I is scheduled to be complete in Winter 2018. a Are

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Baltimore Station Phase II

The second phase of the Baltimore Station development project started construction in October 2018. The development is slated for 138 apartments with an additional 9,000 square feet of retail, and a total size of 115,000 square feet. There will also be 110 valet parking spaces. The building will offer both furnished and unfurnished co-living and private apartmentes. The scheduled completion is Summer 2019.

The Hamilton

The Hamilton is undergoing a $12 million rehab, and is due for completion this Fall. The 93-unit building, opened in 1913 as the Hotel Stevenson, was placed on the National Register of Historic Places in 1997. Broder & Sachse Real Estate’s renovations will include extensive HVAC and electrical system updates. The new rehab will include a fitness center, community lounge, laundry room, and additional storage. Are a

The Corner D evelo CSS CI PTI

The residential development called “The Corner”, led by Eric Larson and Larson

Realty Group, will now take shape at the site of the old Tiger Stadium. The $30 pm million mixed-use development will have 111 modular residential units - studios,

one- and two-bedrooms - plus 26,000 square feet of retail. The palate of col- ent ors in the buildings facade will reference the areas baseball history. Construction should be complete by February 2019.

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Detroit Rising Development

Developers are aiming to convert the 13,000-square-foot vacant building at 3700 AREA DEVELOPMENT Third Street in 10 single-unit apartments on the second floor and 6,500 square feet of restaurant / retail space on the lower level for a $2.4 million mixed-use redevelopment. The first confirmed tenant in the building is Slyde Detroit, a fast- casual slider eatery. The rest of the spaces are currently in negotiations. The project is slated to be completed Spring 2019.

Alamo Drafthouse Cinema 90

The Alamo Drafthouse is set to open a nine-screen, first-run movie theater on the vacant land owned by the Detroit Water & Sewerage Department west of Woodward and south of Martin Luther King Boulevard. The three parcels were purchased for $1.5 million. Proceeds from the land sale are expected to assist with programs for water and sewer improvements. The construction is expected to start in late 2018 with an expected opening in 2020. The opening of the Alamo Drafthouse will bring increased tax revenue and job opportunities to the Midtown district. The estimated costs of construction for the project will be greater than $13,000,000. ent

pm City Club Apartments

Built on the site of the historic Statler Hotel, City Club Apartments CBD Detroit

evelo is the first ground-up, mixed use, conventionally financied high-rise under con- D

struction in Detroit’s central business district in the last 30 years. This $70-million

a development will have 288 units, 12,000 square feet of retail space, and 400 underground parking spaces. Other amenities will include an outdoor movie theater,

Are bark park and pet store.

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Motown Museum

The Motown Museum is undergoing a $50 million, 50,000-square-foot expansion. The expansion will include a new theatre, recording studios, interactive exhibits, and meeting spaces. The intent is to create a national and international tourist destination, while providing employment, stability, and community pride to the surrounding area.

Gordie Howe International Bridge

The entire southeastern Michigan region will beneit from the new $2.1 billion Gordie Howe International Bridge over the Detroit River, providing another link between the U.S. and Canada. More than 200,000 Michigan jobs depend on U.S.-Canada trade, and the project will generate an additional 12,000 jobs directly and 31,000 indirectly. The six-lane bridge will link Interstate 75 and Highway 401 from Detroit’s Delray neighborhood to Windsor, Canada. A groundbreaking ceremony took place in July 2018 on the project, to be followed by full-scale construction as early as October. Completion of the bridge and opening to traffic is slated by 2023. In addition to the bridge, a

167-acre U.S. customs plaza is planned that will spread from the bridge’s Are footprint. a

D evelo I I pm ent

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Hudson’s Block Tower - Bedrock Developments

Billionaire mortgage mogul and real estate maven Dan Gilbert’s skyscraper slated AREA DEVELOPMENT for downtown Detroit is estimated to be 912 feet tall and cost well over $900 million. Overall, the project at the time was expected to include 103,000 square feet of retail and restaurant space; 168,000 square feet of event and conference space; 263,000 square feet of office space; 93,000 square feet of exhibit space; and 330 residential units in the tower.

Monroe Block - Bedrock Developments

The $830 million Monroe Blocks project, which is planned to include a 35-story office tower and 482 residential units, plus retail and other uses. The office tower is slated to be 814,000 square feet, and the project is also anticipated to include 169,000 square feet of retail space spread across the two phases. A 1,200-space below-ground parking deck is also planned. ent

pm Book Tower - Bedrock Developments

The $313 million redevelopment of the Book Tower and Book Building on evelo Washington Avenue into a mix of uses. Among them: 95 residential units; an D approx-imately 200-room hotel; 106,000 square feet of office space; 50,000 a square feet of conference and event space; and 29,000 square feet of first-floor retail. A 400-space parking deck is also planned. Are

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One Campus Martius Addition - Bedrock Developments

A $95 million, 310,000-square-foot office addition to Gilbert’s One Campus Martius building that he co-owns along with Meridian Health is in development.

Brewster - Douglass Redevelopoment - Bedrock Developments

Dan Gilbert’s new development at the Brewster-Douglass site will have over 900 residential units, and come in at a cost of over $300 million. According to Crain’s, the development will include 648 apartments, 265 for-sale units, 3.2 acres of public space, 19,000 square feet of retail, 60,000 square feet of “early childhood education space”, and a possible 80-room hotel. This project, like another Brush Park development just announced, is expected to include an affordable housing component - at least 25 percent of this development will be designated “affordable” housing. Market rate apartments are expected to lease for $2.15 per square foot. Are a

D evelo

City Modern - Bedrock Developments CA CORRDOR OROO

The $100 million Dan Gilbert-led project includes 104 for-sale units, 306 rental

units, and 54 affordable seniors housing apartments. The project is due to pm complete this Fall and residents have already begun to move in. ent

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60 OROO CORRDOR CA

This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible AREA DEVELOPMENT AREA Detroit New Construction & Proposed Multifamily Projects 3Q18

ID PROPERTY UNITS 68 Inn at St. Johns, The 234 1 Montclair at Partridge Creek 613 69 Northville Downs 150 2 Peninsula Ridge 138 70 Village at Northville, The 190 3 Encore at Ashby Preserve 75 71 Haggerty Square 201 4 Five Points 178 72 Little Mack Avenue 60 40 5 Orchard Brook 274 73 Erin Park 52 6 River Birch Bend 140 74 Twelve Mile Road 100 7 Philip Houze 89 75 Lakeside Circle Senior 57 8 Worthington Crossing 109 76 Riverland District 200 Total Lease-Up 1,616 77 Royal Oak Mixed - Use 92 9 Book Tower 95 78 Big Beaver Road 96 10 Boulevard, The 231 79 Millennial Place 100 11 Corner, The 111 80 Troy Town Center 850 12 Marquette, The 100 81 Maple & Woodward 50 41 13 City Club 288 82 North Old Woodward & Bates Street 100 5 14 400 North Main 91 83 Woodward Avenue 50 15 15 Blossom Ridge 189 84 Orchard Lake Road Mixed-Use / Keego 205 23 39 16 Baltimore Station 161 Harbor 38 17 Cedar Valley 86 85 Orchard Mews 192 4 91 18 Ferndalehaus Lofts 90 86 Stonecrest Senior Living 92 17 92 19 Farwell, The 82 87 Thomas Street 115 8 20 Gabriel Houze 110 88 Bond, The 253 93 90 6 21 Elton Park 151 89 Milford Place Project 100 22 Beechcrest Phase II 68 90 21 Mile Road & Hayes Road 96 75 1 23 Mosaic of Auburn Hills 81 91 Front Street Town Center 100 84 24 Hamilton, The 97 92 Sycamore Glen Phase II 90 89 Total Under Construction 2,031 93 Worthington Crossing Phase II 58 12 94 East Jefferson 213 25 Detroit Free Press Building, The 130 22 36 37 80 78 26 Hudson's Site 330 95 Eastern Market Gateway 400 3 82 76 27 Monroe Block 482 96 Leland, The 339 81 79 83 28 Shapero Hall 314 97 Brewster - Douglass Site 648 85 86 29 United Artists Theater 148 98 Midtown West 175 30 Albert Kahn Building Redevelopment 200 99 Sugar Hill 84 74 72 31 Cass and York 133 100 Van Dyke at Kercheval 76 14 101 Lee Plaza 250 77 33 32 Michigan State Fairgrounds 200 88 33 Harrison Phase II, The 76 Total Prospective 8,971 35 34 87 73 34 Iron Ridge 75 18 LEGEND 35 SoMa 240 64 62 36 McClure 140 Lease-Up 69 71 32 37 Zen 286 Under Construction 38 Blossom Mills 137 39 City 60 Planned 70 68 40 Abbey Ridge Apartment Homes Phase II 100 Prospective 41 Encore at Deerhill Villas 92 42 Grand Jefferson 240 43 Brush Park Redevelopment 303 44 Eddystone Hotel Redevelopment 100 45 Russell Flats, The 82 46 Woodbridge Estates Phase II 80 57 47 Woodward at Midtown, The 110 Total Planned 4,058 Are 54 48 1401 Rivard Street 314 30 49 Blenheim Building Redevelopment 100 10 63 16 50 Fine Arts Building Redevelopment 100

51 Gateway Center Building Redevelopment 200 31 a 52 Hastings Place 60

53 Orleans Landing Phase II 230 101 58 100 54 7198 Gratiot Avenue 100 D 99 55 American, The 163 evelo 56 Brewster Wheeler Recreation Center 150 60 61 Redevelopment 24 CA CORRDOR OROO 98 56 45 42 57 Packard Plant Phase III 100 47 97 46 43 58 Sanctuary Homeless Housing, The 75 55 44 95 59 Temple Street 100 59 28 2 60 Wayne State University 248 50 29 52 48 61 Jefferson Avenue & Van Dyke Street 63 67 49 7 13 26 94

96 27 53 pm 62 Benjamin O. Davis Veterans Village 50 11 21 51 9 19 63 West Grand Boulevard & Woodward Avenue 100 66 20 25 64 Michigan State Fairgrounds Phase II 300 65 65 16th & Bagley Street 100 ent 66 2087 Vermont 100 67 Elton Park Phases II - IV 250 5 mi Source: Yardi Matrix

a Berkshire Hathaway and Jefferies Financial Group company

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FORECASTED ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET PERMIT DATE COMPLETION DATE START OF RENT-UP 1 Montclair at Partridge Creek 17721 Montage West Clinton Township MI 48038 Lease-Up 613 Clinton Township - west 09-08-2015 01-31-2022 05-30-2016 2 Peninsula Ridge 24881 Redwood Blvd Brownstown MI 48134 Lease-Up 138 Woodhaven\Brownstown 07-01-2015 05-31-2019 03-31-2016 3 Encore at Ashby Preserve 25879 Ashby Drive Harrison Township MI 48045 Lease-Up 75 Harrison Township 12-01-2015 03-31-2019 06-14-2016 4 Five Points 3300 Five Points Drive Auburn Hills MI 48326 Lease-Up 178 Auburn Hills 02-01-2017 01-31-2019 08-03-2017 5 Orchard Brook 57163 Cypress Street Washington Township MI 48094 Lease-Up 274 Washington\Richmond 06-01-2015 12-31-2018 03-01-2016

AREA DEVELOPMENT 6 River Birch Bend 45800 Beacon Drive Shelby Township MI 48315 Lease-Up 140 Shelby Township 08-01-2015 11-30-2018 08-15-2016 7 Philip Houze 415 Clifford Street Detroit MI 48226 Lease-Up 89 Detroit - Downtown 08-29-2016 10-31-2018 04-18-2018 8 Worthington Crossing 130 Abbey Road White Lake MI 48383 Lease-Up 109 Holly\White Lake 06-01-2017 09-30-2018 09-25-2017

TOTAL LEASE-UP 1,616

9 Book Tower 1265 Washington Blvd Detroit MI 48226 Under Construction 95 Detroit - Downtown 09-01-2017 01-31-2021 10 Boulevard, The 2911 West Grand Blvd Detroit MI 48202 Under Construction 231 Detroit - New Center 10-01-2017 12-02-2019 11 Corner, The 1620 Michigan Avenue Detroit MI 48216 Under Construction 111 Detroit - south 04-01-2017 08-31-2019 12 Marquette, The 300 East Huron Street Milford MI 48381 Under Construction 100 South Lyon\Milford 07-01-2018 07-31-2019 13 City Club 1431 Washington Blvd Detroit MI 48226 Under Construction 288 Detroit - Downtown 12-01-2017 06-30-2019 14 400 North Main 400 North Main Street Royal Oak MI 48067 Under Construction 91 Royal Oak\Oak Park 08-01-2017 04-30-2019 15 Blossom Ridge 3050 Dutton Road Rochester Hills MI 48306 Under Construction 189 Clarkston\Orion 09-15-2017 03-31-2019 16 Baltimore Station 6402 Woodward Avenue Detroit MI 48202 Under Construction 161 Detroit - New Center 04-30-2017 03-31-2019 17 Cedar Valley 1401 South Rochester Road Rochester MI 48307 Under Construction 86 Rochester Hills 11-01-2017 12-31-2018 18 Ferndalehaus Lofts 430 West Nine Mile Road Ferndale MI 48220 Under Construction 90 Royal Oak\Oak Park 10-24-2016 11-30-2018 19 Farwell, The 1249 Griswold Street Detroit MI 48226 Under Construction 82 Detroit - Downtown 08-02-2016 09-30-2018 20 Gabriel Houze 305 Michigan Avenue Detroit MI 48226 Under Construction 110 Detroit - Downtown 07-03-2017 09-30-2018 21 Elton Park 8th Street & Plum Street Detroit MI 48216 Under Construction 151 Detroit - south 07-24-2017 09-30-2018 22 Beechcrest Phase II 2799 Heron Hills Drive Wolverine Lake MI 48390 Under Construction 68 Wixom\Walled Lake 10-16-2017 09-30-2018 23 Mosaic of Auburn Hills 3331 Antigua Drive Auburn Hills MI 48326 Under Construction 81 Auburn Hills 03-14-2016 09-30-2018 24 Hamilton, The 40 Davenport Street Detroit MI 48201 Under Construction 97 Detroit - Midtown 12-08-2017 09-30-2018

TOTAL UNDER CONSTRUCTION 2,031

25 Detroit Free Press Building, The 321 West Lafayette Blvd Detroit MI 48226 Planned 130 Detroit - Downtown 26 Hudson's Site 1206 Woodward Avenue Detroit MI 48226 Planned 330 Detroit - Downtown 27 Monroe Block Farmer Street & Monroe Avenue Detroit MI 48226 Planned 482 Detroit - Downtown 28 Shapero Hall 1010 Rivard Street Detroit MI 48207 Planned 314 Detroit - Downtown 29 United Artists Theater 150 Bagley Avenue Detroit MI 48226 Planned 148 Detroit - Downtown 30 Albert Kahn Building Redevelopment 7430 2nd Avenue Detroit MI 48202 Planned 200 Detroit - New Center 31 Cass and York 445 York Street Detroit MI 48202 Planned 133 Detroit - New Center 32 Michigan State Fairgrounds West State Fair Avenue & Woodward Avenue Detroit MI 48203 Planned 200 Detroit - north 33 Harrison Phase II, The 531 East Harrison Avenue Royal Oak MI 48067 Planned 76 Royal Oak\Oak Park 34 Iron Ridge 10 Mile Road & Bermuda Street Pleasant Ridge MI 48067 Planned 75 Royal Oak\Oak Park 35 SoMa West 10 Mile Road & South Main Street Royal Oak MI 48067 Planned 240 Royal Oak\Oak Park 36 McClure 3142 McClure Drive Troy MI 48084 Planned 140 Troy 37 Zen 888 West Big Beaver Road Troy MI 48084 Planned 286 Troy 38 Blossom Mills 333 East 2nd Street Rochester MI 48307 Planned 137 Rochester Hills 39 City 1468 North Rochester Road Rochester Hills MI 48307 Planned 60 Rochester Hills 40 Abbey Ridge Apartment Homes Phase II 211 East Market Street Oxford MI 48371 Planned 100 Clarkston\Orion ent 41 Encore at Deerhill Villas NEC Deerhill Drive & Dixie Hwy Clarkston MI 48346 Planned 92 Holly\White Lake 42 Grand Jefferson 7045 East Jefferson Avenue Detroit MI 48207 Planned 240 Detroit - Downtown 43 Brush Park Redevelopment Alfred Street & Brush Street Detroit MI 48201 Planned 303 Detroit - Midtown pm 44 Eddystone Hotel Redevelopment 110 Sproat Street Detroit MI 48201 Planned 100 Detroit - Midtown 45 Russell Flats, The 2801 Russell Street Detroit MI 48207 Planned 82 Detroit - Midtown 46 Woodbridge Estates Phase II 1200 Martin Luther King Jr Blvd Detroit MI 48201 Planned 80 Detroit - Midtown 47 Woodward at Midtown, The 3439 Woodward Avenue Detroit MI 48201 Planned 110 Detroit - Midtown

TOTAL PLANNED 4,058 evelo D

Source: Yardi Matrix Are

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FORECASTED ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET PERMIT DATE COMPLETION DATE START OF RENT-UP 48 1401 Rivard Street 1401 Rivard Street Detroit MI 48207 Prospective 314 Detroit - Downtown 49 Blenheim Building Redevelopment 2218 Park Avenue Detroit MI 48201 Prospective 100 Detroit - Downtown 50 Fine Arts Building Redevelopment 48 West Adams Avenue Detroit MI 48226 Prospective 100 Detroit - Downtown 51 Gateway Center Building Redevelopment 1101 Washington Blvd Detroit MI 48226 Prospective 200 Detroit - Downtown 52 Hastings Place 1468 Randolph Street Detroit MI 48226 Prospective 60 Detroit - Downtown 53 Orleans Landing Phase II Atwater Street & Orleans Street Detroit MI 48207 Prospective 230 Detroit - Downtown 54 7198 Gratiot Avenue 7198 Gratiot Avenue Detroit MI 48213 Prospective 100 Detroit - Midtown 55 American, The 408 Temple Street Detroit MI 48201 Prospective 163 Detroit - Midtown 56 Brewster Wheeler Recreation Center Redevelopment 2900 St. Antoine Street Detroit MI 48201 Prospective 150 Detroit - Midtown 57 Packard Plant Phase III 1580 East Grand Blvd Detroit MI 48211 Prospective 100 Detroit - Midtown 58 Sanctuary Homeless Housing, The Gratiot Avenue & Mack Avenue Detroit MI 48207 Prospective 75 Detroit - Midtown 59 Temple Street 640 Temple Street Detroit MI 48201 Prospective 100 Detroit - Midtown 60 Wayne State University West Canfield Street & Cass Avenue Detroit MI 48201 Prospective 248 Detroit - Midtown 61 Jefferson Avenue & Van Dyke Street 7903 East Jefferson Avenue Detroit MI 48214 Prospective 63 Detroit - east 62 Benjamin O. Davis Veterans Village 4777 Outer Drive East Detroit MI 48234 Prospective 50 Detroit - northeast 63 West Grand Boulevard & Woodward Avenue 2974 West Grand Blvd Detroit MI 48202 Prospective 100 Detroit - New Center 64 Michigan State Fairgrounds Phase II West State Fair Avenue & Woodward Avenue Detroit MI 48203 Prospective 300 Detroit - north 65 16th & Bagley Street 2420 Bagley Street Detroit MI 48216 Prospective 100 Detroit - south 66 2087 Vermont 2087 Vermont Street Detroit MI 48216 Prospective 100 Detroit - south 67 Elton Park Phases II - IV 8th Street & Plum Street Detroit MI 48216 Prospective 250 Detroit - south 68 Inn at St. Johns, The 44045 Five Mile Road Plymouth MI 48170 Prospective 234 Canton\Plymouth 69 Northville Downs 301 South Center Street Northville MI 48167 Prospective 150 Canton\Plymouth 70 Village at Northville, The NWC 5 Mile Road & Beck Road Northville MI 48168 Prospective 190 Canton\Plymouth 71 Haggerty Square 19700 Haggerty Road Northville MI 48167 Prospective 201 Livonia\Redford 72 Little Mack Avenue 29000 Little Mack Avenue Saint Clair Shores MI 48081 Prospective 60 St. Claire Shores\Gross Pointe 73 Erin Park 23111 Dale Avenue Eastpointe MI 48021 Prospective 52 Roseville 74 Twelve Mile Road 16929 12 Mile Road Roseville MI 48066 Prospective 100 Roseville 75 Lakeside Circle Senior 14460 Lakeside Circle Sterling Heights MI 48313 Prospective 57 Sterling Heights 76 Riverland District 15 Mile Road & Ryan Road Sterling Heights MI 48310 Prospective 200 Sterling Heights 77 Royal Oak Mixed - Use West 6th Street & South Lafayette Avenue Royal Oak MI 48067 Prospective 92 Royal Oak\Oak Park 78 Big Beaver Road Bellingham Drive & East Big Beaver Road Troy MI 48083 Prospective 96 Troy 79 Millennial Place 1300 Livernois Road Troy MI 48083 Prospective 100 Troy 80 Troy Town Center East Big Beaver Road & Livernois Road Troy MI 48083 Prospective 850 Troy 81 Maple & Woodward 34952 Woodward Avenue Birmingham MI 48009 Prospective 50 Bloomfield Hills\Birmingham 82 North Old Woodward & Bates Street West Maple Road & North Old Woodward Street Birmingham MI 48012 Prospective 100 Bloomfield Hills\Birmingham 83 Woodward Avenue 34965 Woodward Avenue Birmingham MI 48009 Prospective 50 Bloomfield Hills\Birmingham 84 Orchard Lake Road Mixed-Use / Keego Harbor 3170 Orchard Lake Road Keego Harbor MI 48320 Prospective 205 Farmington Hills\West Bloomfield 85 Orchard Mews 7100 Orchard Lake Road West Bloomfield MI 48322 Prospective 192 Farmington Hills\West Bloomfield 86 Stonecrest Senior Living 32600 Northwestern Hwy Farmington Hills MI 48334 Prospective 92 Farmington Hills\West Bloomfield 87 Thomas Street Thomas Street & Warner Street Farmington MI 48336 Prospective 115 Farmington Hills\West Bloomfield 88 Bond, The Flint Street & Grand River Avenue Novi MI 48375 Prospective 253 Novi 89 Milford Place Project 505 North Main Street Milford MI 48381 Prospective 100 South Lyon\Milford 90 21 Mile Road & Hayes Road 21 Mile Road & Hayes Road Shelby Carter Township MI 48044 Prospective 96 Shelby Township

91 Front Street Town Center Main Street & Washington Street New Baltimore MI 48047 Prospective 100 Chesterfield\New Baltimore Are 92 Sycamore Glen Phase II 1 Carnegie Way Macomb MI 48042 Prospective 90 Chesterfield\New Baltimore 93 Worthington Crossing Phase II 103 Redwood Blvd White Lake MI 48383 Prospective 58 Holly\White Lake 94 East Jefferson 1475 East Jefferson Avenue Detroit MI 48207 Prospective 213 Detroit - Downtown

95 Eastern Market Gateway 2011 Russell Street Detroit MI 48207 Prospective 400 Detroit - Downtown a 96 Leland, The 400 Bagley Avenue Detroit MI 48226 Prospective 339 Detroit - Downtown 97 Brewster - Douglass Site 2700 St. Antoine Street Detroit MI 48201 Prospective 648 Detroit - Midtown D 98 Midtown West 901 Selden Street Detroit MI 48201 Prospective 175 Detroit - Midtown

99 Sugar Hill Garfield Street & John R Street Detroit MI 48201 Prospective 84 Detroit - Midtown evelo

100 Van Dyke at Kercheval 8003 Kercheval Avenue Detroit MI 48214 Prospective 76 Detroit - east CA CORRDOR OROO 101 Lee Plaza 2240 West Grand Blvd Detroit MI 48208 Prospective 250 Detroit - New Center TOTAL PROSPECTIVE 8,971

TOTAL DETROIT 16,676 pm ent

© 2018 Berkadia Real Estate Advisors LLC. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx Source: Yardi Matrix

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Downtown Development

From 2017 to 2020, development in Downtown Detroit is expected to total $5.4 billion - Benzinga.com

Hotbed for Tech Jobs E

Detroit ranked No. 3 in the U.S. as a "hotbed" for tech jobs based on cono percentage of jobs considered tech - Oregon Bureau of Economic Analysis m INTRODUCTION ic & Billions of dollars are being invested in Metro Detroit, rapidly attracting new businesses, creating jobs, and drawing Millennials. The six-county region in southeast Michigan, the Detroit-Warren-Dearborn, MI, Metropolitan D

International Trade Hub e

Statistical Area (MSA), encompasses nearly 3,900 square miles. Home to m more than 4.3 million residents, Metro Detroit is the 14th-largest MSA in The Detroit MSA boasts the fifth largest export market in the United States, ogr the nation and a key pillar of the U.S. economy. Increased investment is with shipments totaling $53.2 billion rejuvenating downtown and driving growth as businesses, investors, and - Detroit Chamber of Commerce entrepreneurs are recognizing Detroit as a city of opportunity. ap

Greater Detroit is the epicenter of the global automotive industry and hic home to other specialized industries including health care, defense,

information technology, and life sciences. The area is home to 10 of the I nfor

16 Fortune 500 companies headquartered in Michigan, including General CA CORRDOR OROO Motors (No. 10), Ford Motor Company (No. 11), Lear Corporation (No. Fortune 500 148), and Ally Financial Inc. (No. 299). Greater Detroit is home to 10 Fortune 500 headquarters, six of which are ma affiliated with the automotive industry - Fortune Magazine tion

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ST RD 64% OF WORKERS ARE IN 1 MOST POPULATED 3 FOR CITIES RAPIDLY METRO AREA WHITE-COLLAR ATTRACTING IN MICHIGAN POSITIONS METROWIDE MILLENNIAL JOB SEEKERS tion ma nfor I hic

ap 4.3m 875.6k 414.3k 954.8k $64.0k

The Detroit MSA is home The metro area’s median ogr 30% of Greater Detroit 24% of Metro Detroit 22% of MSA residents

m to more than 4.3 million household income is residents age 25 and households earn are within the key renter e residents projected to reach

D older hold a bachelor’s $100,000 or more age group of 18 to 35 $64,034 by 2023, up degree or higher annually years 15.6% from 2018 ic & m cono E

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METRO INDUSTRY BREAKDOWN

Industry Breakdown Jul-17 Jul-18

Professional and Business Services

Trade, Transportation, and Utilities

Education and Health Services E

Manufacturing cono

Leisure and Hospitality JOB GROWTH 11,200 jobs m ic & Government created in the Leisure and

Hospitality sector D

(Y-o-Y July '18) e m Financial Activities ogr

Construction ap hic Other Services I nfor CA CORRDOR OROO Information ma 0 100,000 200,000 300,000 400,000 tion

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JULY 2018 5.0% the metro's monthly unemployment rate was unchanged annually Employment Trends DETROIT, MI MSA 18% 100,000 LARGEST EMPLOYERS Ford Motor Co. 48,000 15% 50,000 General Motors Co. 37,710 University of Michigan 32,750

tion 12% 0 FCA US LLC 32,510 Beaumont Health System 28,040 ma U.S. Government 18,920 9% (50,000) Henry Ford Health System 17,610 nfor

I Rock Ventures 16,620 6% (100,000) Trinity Health Michigan 14,670 hic Ascension Michigan 11,890

ap 3% (150,000) Source: Detroit Chamber of Commerce, 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

*Projected Unemployment Rate Jobs Added / Lost ogr m e

D JULY 2018 28,000 jobs

ic & were created in the Detroit

m metro area, a 1.4% Y-o-Y increase cono E

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AUTOMOTIVE MANUFACTURING

% GM DETROIT-HAMTRACK ASSEMBLY PLANT 98,400+ 40 Of Manufacturing Jobs Jobs Supported in Detroit Metro Area

$57 billion Statewide Economic Impact

Detroit is known as the automotive capital of the world, producing more cars and trucks than any other state in the country. More than 98,400 residents are in motor vehicle / parts

manufacturing jobs metrowide, accounting for nearly 40% of all regional manufacturing jobs. E Michigan nationally ranks number one in having the highest concentration of mechanical and cono industrial engineers. The Detroit metro is home to global automotive companies, such as Ford and General Motors, with the industry generating an economic impact of $57 billion statewide. m

TRADE AND TRANSPORTATION ic &

$ D DETROIT–WINDSOR BORDER 53.2 billion 371,700 e Merchandise Export m Jobs Supported

Value ogr

$340 million Detroit–Windsor ap Daily Trade Crossing hic

The region’s trade and transportation industry is supported by seven international border I crossings, one of which ranks as the busiest northern border crossing in North America. The nfor CA CORRDOR OROO Detroit–Windsor border crossing ranks among the richest border crossings in the world with over $340 million in goods crossing daily. The Detroit MSA ranked fifth amongst U.S. metros in

merchandise export value, totaling $53.2 billion. The trade and transportation sector supports ma approximately 371,700 jobs throughout Greater Detroit. tion

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GENERAL MOTORS AUTONOMOUS VEHICLE TESTING 2,600 94,000+ Annual Graduates with Information Technology IT-Specific Degrees Professionals

600 Software Patents by GM Since 2011

The convergence of automotive manufacturing and software development has created a thriving IT environment in Metro Detroit, with more than 94,000 IT professionals and 2,600 annual graduates with degrees in computer and information sciences from 60 local institutions. Since 2011, General Motors has filed for roughly 600 software patents, accounting for more than 15% of their patent activity during that time. Since 2009, Detroit’s IT job growth outpaced the state

tion and the nation, and is expected to continue through 2025. ma HEALTH CARE

nfor $ I DMC HARPER UNIVERSITY HOSPITAL 286,800 36 billion Annual Economic Jobs Supported

hic Impact ap $60,000 Annual Median Salary ogr m

e Greater Detroit's health care sector is comprised of more than 13,000 businesses that support

D approximately 286,800 jobs, spurring an economic impact of roughly $36 billion annually. Employees in the health care industry earn a median salary of nearly $60,000 annually, about

ic & 7% above the metro's median household income. In 2017, Beaumont Hospital Royal Oak, DMC Harper University Hospital, and University of Michigan Hospitals, all based in the Detroit region, m were ranked among the top five best hospitals in Michigan. cono E

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CONSTRUCTION AND DEVELOPMENT

GORDIE HOWE INTERNATIONAL BRIDGE THE DISTRICT DETROIT E cono m

43,000+ $1.8 billion ic & Direct and Indirect Economic Impact Jobs Created D e $2.1 billion 1,100 m Development Permanent Jobs ogr

The entire southeastern Michigan region will benefit from the new $2.1 billion The District Detroit is a 50-block, downtown development project, estimated to ap Gordie Howe International Bridge over the Detroit River, providing another fuel a $1.8 billion local economic impact and create more than 1,100 permanent

link between the U.S. and Canada. More than 200,000 Michigan jobs depend and 8,000 construction jobs. The development includes a $450 million, hic on U.S.-Canada trade, and the project will generate an additional 12,000 18,000-seat sports and entertainment venue, the new home to both the Red

jobs directly and 31,000 indirectly. The six-lane bridge will link Interstate 75 Wings and Pistons professional franchises. In addition, $200 million in private I nfor and Highway 401 from Detroit’s Delray neighborhood to Windsor, Canada. A for a mixed-use component will include a 300-450 room hotel, 150

investment CA CORRDOR OROO groundbreaking ceremony took place in July 2018 on the project, to be followed residential units, and 200,000 square feet of retail, restaurant, and office space. by full-scale construction as early as October. Completion of the bridge and The arena opened last September for the teams' 2017 seasons, bringing all four

opening to traffic is slated by 2023. In addition to the bridge, a 167-acre U.S. major sports teams within a few blocks from each other. The remainder of the ma customs plaza is planned that will spread from the bridge’s footprint. project is expected to be completed by the summer of 2019. tion

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DETROIT RIVERFRONT PROJECT BEDROCK DOWNTOWN INVESTMENTS tion ma $50 million 3.1 million Investment SF of Development nfor I 22-acre $2.2 billion hic Park Investment ap The development of the Detroit Riverfront is underway. What was historically In December 2017, Dan Gilbert's real estate development company broke industrial land is now in the process of becoming a mixed-use development, ground on a $2.2 billion investment featuring various city projects.

ogr with the help of an engaged Detroit community. The riverfront project will Highlighting the investments are the $900 million Hudson Site and $830

m mainly feature the 22-acre West Riverfront Park surrounded by residential million Monroe Blocks projects. The Hudson site will include one million

e buildings and retailers. A $50 million investment is currently focused on the square feet of residential, retail, and office space. The Monroe Blocks project

D West Riverfront park. Other upgrades are already underway, including the will include a 35-story, 814,000-square-foot building with office space, 482 redevelopment of the Stone Soap building. The building will feature food residential units, retail space, and three public plaza areas. The four projects

ic & retailers and a new home for the performing arts nonprofit Shakespeare in will create 3.1 million square feet of downtown office, retail, and residential

m Detroit. Roads and walkways are currently under construction to provide space. In addition to 15,000 construction jobs, the projects are expected to residents easier access to the Riverfront. create 7,740 permanent jobs averaging $34 per hour once completed in 2022. cono E

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CONSTRUCTION AND DEVELOPMENT

GENERAL MOTORS WARREN TECH CAMPUS FORD DEARBORN CAMPUS MODERNIZATION E cono m

$1 billion 12,000 ic & Investment New Jobs Created D e 2,600 7.5 million m Salaried Jobs Created Square-Feet ogr

General Motors is more than halfway complete on a $1 billion renovation Ford is working to consolidate their more than 44,000 employees in ap and expansion of its 326-acre, 6.2-million-square-foot, Technical Center Dearborn into two locations on one sprawling campus that will encompass

in Warren. The center currently employs 19,000 people and plans to add the construction and renovation of more than 7.5 million square feet, which is hic 2,600 salaried jobs ranging from infotainment to IT to advanced powertrain anticipated to take more than a decade to build out. Construction of the new

manufacturing. The project will include the construction of new design product campus at the Ford Research and Engineering Center is underway and I nfor studios and an information technology building, new testing areas at the will

double the center's current employee count to 24,000 when completed CA CORRDOR OROO Advanced Energy Center, and extensive renovations of existing office, in 2023-24. The second project around Ford World Headquarters will break research and development facilities. General Motors will break ground by ground in 2021 with a scheduled completion date in 2026. This phase will

year-end 2018 on the new studio building, which will surround the Design include a 700,000-square-foot design center, outdoor space, and a Ford ma Dome Auditorium. showroom and event venue. tion

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HENRY FORD HEALTH SYSTEM PACKARD PLANT REDEVELOPMENT tion ma 300-acre 40-acre Detroit Campus Project nfor I $500 million 3.5 million hic Expansion Project SF Complex ap Henry Ford Health System is in the midst of a $500 million expansion and In May of 2017, the $300 million redevelopment of the Packard Plant— neighborhood improvement project of its 300-acre Detroit campus. The currently the nation's largest renovation project—broke ground. Over the

ogr project’s 10–15-year vision includes commercial, retail, residential, and green next 10 to 15 years, the 40-acre site will become a mixed-use development.

m space. In May of 2015, the new $30 million, 275,000-square-foot Cardinal The first phase, a $23 million investment, will be concentrated at the former

e Health Distribution Center opened, generating approximately 100 new administration building. Six businesses will occupy this building, scheduled

D permanent jobs. The $155 million, six-story, 187,000-square-foot Brigitte for completion by year-end 2018. The developer, Fernando Palazuelo of Harris Cancer Pavilion is expected to open in early 2020. The Henry Ford Arte Express, plans to redevelop the 3.5 million-square-foot property in

ic & Health System currently employs more than 17,300 workers in metro Detroit three additional phases. Future phases include spaces for living, work, and

m and generates more than $6 billion in annual economic activity. recreational use. cono E

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ABSORPTION / DELIVERIES

NEW NET DELIVERIES 271 units ABSORPTION 1,071 units through June 2018 through 2Q18

In recent years, Detroit's economy is recovering with the Big Three automakers DETROIT METRO APARTMENT MARKET aiding in job growth. This boost in overall jobs has spurred demand for E

apartments, especially in the downtown area where more businesses are 6,000 cono Construction vs. Absorption opening new offices. About 30 properties are underway throughout Metro Detroit with several more being planned. 4,500

Deliveries in the Detroit metro totaled 271 new apartment units through the m first half of 2018, a year-over-year decrease of 71.5%. Development activity is 3,000 expected to total 1,115 units in 2018, equating to an annual decrease of 15.6%. ic & 1,500 Through June 2018, net move-ins in the Detroit metro apartment market D totaled 1,071 units, down about half of the number of units absorbed over the e m same time period one year prior. By the end of 2018, net absorption is expected 0 to settle at 259 units. ogr (1,500) 2012 2013 2014 2015 2016 2017 2018* ap *PROJECTED Deliveries Absorption hic I nfor CA CORRDOR OROO ma tion

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EFFECTIVE $ OCCUPANCY RENT 951 RATE 96.5%

in June 2018, up 2.6% from one through 2Q18, down 10 basis year prior points annually

2016 was a strong year for new deliveries in Greater Detroit, causing occupancy DETROIT METRO APARTMENT MARKET to fall slightly. Billion of dollars of new investment are being poured into the Central Business District (CBD), creating additional supply as well as jobs. 98% Occupancy & Ask Rent $1,000 Despite an increase in recent supply, demand for new units is causing strong rent growth with increases above the metro's historical and national averages. tion 96% $900 As of June 2018, average effective rent in the Detroit metro apartment market ma was $951 per month, up 2.6% from one year prior. By the end of 2018, average effective rent is projected to reach $963, equating to an annual increase of 94% $800 3.4%. Since 2012, effective rent in Metro Detroit has increased by 16.6% nfor I Through the first half of 2018, the metro's occupancy rate decreased 10 basis 92% $700 points annually to 96.5%. By the end of 2018, the market's occupancy rate is hic projected to decrease 50 basis points year over year, to a still healthy 95.9%. $799 $816 $837 $874 $910 $931 $963 ap 90% $600 2012 2013 2014 2015 2016 2017 2018* *PROJECTED Rent Occupancy ogr m e D ic & m cono E

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EDUCATION

HIGHER DEGREES & EDUCATION 140,830 CERTIFICATIONS 380+ students metrowide offered at Wayne State University

More than 140,830 students attend colleges and universities in Greater Detroit, generating DETROIT, MI MSA significant apartment demand metro wide. HIGHER EDUCATION E cono Oakland University (OU) enrolls more than 19,330 students, with attendance projected to rise Wayne State University 27,090 to 25,000 students by 2020. Oakland University has experienced a 19% increase in enrollment Macomb Community College 20,800 over the past decade. Oakland University 19,330 m With an enrollment of approximately 27,090 students, Wayne State University is one of the Oakland Community College 17,420 largest universities in Michigan. The university is distinguished as a Carnegie-rated research ic & institution, with post-graduate programs including a law school and medical school, and other Wayne County Community College District 14,300 specialty programs. Henry Ford Community College 13,270 D e

Schoolcraft College 10,870 m ogr University of Michigan - Dearborn 9,340 University of Detroit - Mercy 5,110 ap Madonna University 3,300

Source: Michigan Association of College Registrars & Admissions hic Officers; Individual College Websites I nfor CA CORRDOR OROO ma tion

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DTW SMART AIRPORT 34.7m PASSENGERS 36,000 passengers served in 2017 average weekday ridership

The Detroit region offers immediate access to Canada via the Ambassador DETROIT METROPOLITAN WAYNE COUNTY AIRPORT (DTW) Bridge and the Detroit-Windsor Tunnel. Major interstates include I-94, I-96, and I-75.

Public transit is provided by the Detroit Department of Transportation and tion Suburban Mobility Authority for Regional Transportation (SMART), offering 44 fixed-route bus lines around Greater Detroit. The Detroit People Mover ma (DPM) is a light rail system operating on an elevated loop in Detroit’s CBD, and the QLINE light rail began its operations in May of 2017, running north through the city on Woodward Avenue. nfor I Airports serving the Detroit region include Detroit Metropolitan Wayne County Airport (DTW), Oakland County International Airport, and Coleman A. Young hic International Airport. ap ogr m e D ic & m cono E

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BY THE NUMBERS

TOTAL POPULATION MEDIAN AGE 2010 4,296,250 2010 38.4 2018* 4,326,960 2018* 40.6 2023* 4,340,844 2023* 41.2

Growth Rate (2018 - 2023) 0.3%

TOTAL HOUSEHOLDS MEDIAN HOME PRICE E 2010 1,682,111 July - 2017 $142,000 cono 2018* 1,696,864 July - 2018 $156,100

2023* 1,702,082 Growth Rate Y-o-Y 9.9%

Growth Rate (2018 - 2023) 0.3% m ic & D

MEDIAN INCOME RENT VS. OWN e m 2010 $52,901 Average Mortgage Payment** $955 ogr 2018* $55,385 Effective Rent $951

2023* $64,034 Difference $4 ap Growth Rate (2018 - 2023) 15.6%

*Projected hic **30-yr fixed; 20% down; 4.65% interest rate; 1.75% property taxes; $1,000 annual homeowner's insurance I nfor CA CORRDOR OROO ma

Sources: Berkadia; Tetrad; U.S. Census Bureau; U.S. Bureau of Labor Statistics; Fortune/Money.CNN.com; Forbes; Moody’s; Wikipedia; Axiometrics; HUDUser.gov; District Detroit; M-1 Rail; Detroit Chamber of Commerce; Oakland Daily Press; Oakland Business Review; Detroit Free Press; The Detroit News; Michigan Economic Development Corporation; Michigan International Trade Association; Metro Detroit Convention and Visitors Bureau; City of Detroit Partnership; Metromode. tion com; MetroAirport.com; Wayne State University; Crain’s Detroit Business; Farmington Hills-based Realcomp Ltd. II; The Wall Street Journal; Henry Ford Health System; dbusiness; USA Today.; Mortgage Calculator; Michigan Association of College Registrars & Admissions Officers; Oakland University; University of Michigan–Dearborn; University of Detroit–Mercy; Madonna University; Detroit Curbed; GMAuthority.com; The Architects Newspaper; Benzinga.com; Zillow; DBusiness.

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This text is here to lock in the rotation orientation. It has to be longer than the tab texts in order to register so I'm padding this not as much as possible The material contained in this document is confidential, furnished solely for the purpose of considering investment in the property described herein and is not to be copied and/or used for any purpose or made available to any other person without the express written consent of Berkadia Real Estate Advisors LLC. In accepting this, the recipient agrees to keep all material contained herein confidential.

This information package has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of interest in the property described herein. It does not, however, purport to present all material information regarding the subject property, and it is not a substitute for a thorough due diligence investigation. In particular, Berkadia Real Estate Advisors LLC and seller have not made any investigation of the actual property, the tenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property, including but not limited to any potential environmental problems that may exist and make no warranty or representation whatsoever concerning these issues. The information contained in this information package has been obtained from sources we believe to be reliable; however, Berkadia Real Estate Advisors LLC and Seller have not conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Any pro formas, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future performance of the property.

Berkadia Real Estate Advisors LLC and Seller strongly recommend that prospective purchasers conduct an in-depth investigation of every physical and financial aspect of the property to determine if the property meets their needs and expectations. We also recommend that prospective purchasers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent consequences of ownership.

All parties are advised that in any property the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the health of some individuals. Berkadia Real Estate Advisors LLC recommends, if prospective buyers have questions or concerns regarding this issue, that prospective buyers conduct further inspections by a qualified professional.

The Seller retains the right to withdraw, modify or cancel this offer to sell at any time and without any notice or obligation. Any sale is subject to the sole and unrestricted approval of Seller, and Seller shall be under no obligation to any party until such time as Seller and any other necessary parties have executed a contract of sale containing terms and conditions acceptable to Seller and such obligations of Seller shall only be those in such contract of sale.

For more information on these and other Berkadia® exclusive listings, please visit our website at www.Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry.

Berkadia® is a trademark of Berkadia Proprietary Holding LLC. In Nevada, Berkadia Real Estate Advisors LLC conducts its investment sales and real estate brokerage business under License # B.0144635.LLC. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. For state licensing details visit: www.berkadia.com/legal/

licensing.aspx

80 DETROIT OFFICE 28411 Northwestern Highway | Suite 300 Southfield, MI 48034 Phone: 248.646.7701 | Fax: 248.646.0320 BERKADIA.COM

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a Berkshire Hathaway and Jefferies Financial Group company

INVESTMENT ADVISORS KEVIN P. DILLON JASON KRUG RICK VIDRIO CHARLEY HENNEGHAN CARLY DIETZ

Senior Managing Director Managing Director Managing Director Director Director 248.341.3309 248.341.3344 248.341.3325 248.341.3303 248.341.3327 [email protected] [email protected] [email protected] [email protected] carly.d [email protected]