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

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Exclusive Multifamily Offering 118 Total Units | Detroit, MI CONTACT INFORMATION a Berkshire Hathaway and Jefferies Financial Group company www.Berkadia.com SELDEN MANOR Exclusive Multifamily Offering 118 Total Units | Detroit, MI CONTACT INFORMATION 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 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 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 OVERVIEW 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 6 PORTFOIO ORRIDOR CASS 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 PORTFOLIO VALUATION OVERVIEW PORTFOLIO 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 PORTFOIO ORRIDOR CASS 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 7 7 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 PORTFOLIO OVERVIEW PORTFOLIO VERVIEW O PORTFOLIO PORTFOLIO 8 8 PORTFOIO ORRIDOR CASS 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 LOCAL POINTS OF INTEREST OVERVIEW PORTFOLIO PORTFOLIO PORTFOLIO CASS ORRIDOR PORTFOIO ORRIDOR CASS O VERVIEW 9 CassCorridor.BerkadiaREA.com 9 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 LOCAL POINTS OF INTEREST PORTFOLIO OVERVIEW PORTFOLIO VERVIEW O PORTFOLIO PORTFOLIO 10 10 PORTFOIO ORRIDOR CASS 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 EAT, DRINK, AND PLAY MIDTOWN DEMAND DRIVER DETROIT, MI OVERVIEW PORTFOLIO 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 PORTFOLIO 672.7k PRIMARY EDUCATION DEMAND DRIVER Detroit Population STUDENTS PORTFOIO ORRIDOR CASS 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 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.
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