Ashland Lakeview

ASHLAND

LAKEVIEW 255 UNITS | STONE MOUNTAIN, GA Primed Value-Add Asset in Northeast Atlanta 41 Dawsonville 19

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Gay Rd 18 Johnston TABLE OF CONTENTS

INVESTMENT SUMMARY / PG. 1

PROPERTY DESCRIPTION / PG. 17

LOCATION OVERVIEW / PG. 23

APARTMENT MARKET / PG. 31

FINANCIAL ANALYSIS / PG. 41 ASHLAND LAKEVIEW

INVESTMENT OFFERING INVESTMENT HIGHLIGHTS

The 255-unit Ashland Lakeview apartment community, located in northeast metropolitan Atlanta, DeKalb County, Georgia. The asset is embedded in an area with more than 7M SF industrial space and also benefits from strategic connectivity to Atlanta’s largest employment centers including Emory’s ‘Eds and Meds’ corridor. Completed in 1978, Ashland Lakeview features well-designed and expansive floor plans (average 916 SF) and consistently robust market performance.

ASHLAND LAKEVIEW

Address 200 Summit Lake Drive Stone Mountain, GA 30083 County DeKalb Site Size 23 acres Year Built 1978 Residential Units 255 Units Net Residential Area 233,667 SF Avg. Unit Size 916 SF Avg. Market Rent $882* Avg. Market Rent/SF $0.96/SF* Occupancy 97.3%*

* As of 09/27/2018

1 INVESTMENT SUMMARY INVESTMENT HIGHLIGHTS

ATLANTA’S GROWTH CONTINUES STRONG PROPERTY PERFORMANCE Atlanta is attracting fast-growing technology, and Ashland Lakeview has performed well during the focusing on cutting-edge development. Ashland last 12 months with rental income, total income and Lakeview offers superior connectivity to major 1 6 average effective rent all increasing. employment centers via I-285.

EAST ATLANTA EMPLOYMENT MATURING SUBSTANTIAL VALUE-ADD POTENTIAL East Atlanta houses the metro’s top employment A new owner can generate significant upside by nodes, which have been fueled largely by the renovating all unit interiors at an average cost of medical industry. Uptown Decatur has become a $7K/unit in order to achieve an average premium of 2 hot bed for health care jobs with Emory/CDC and 7 $223 over the in-place lease rent. Dekalb Medical leading the charge.

BACKDOOR ACCESS TO 1-85 CORRIDOR The subject benefits from close proximity to over 120 headquarters based in Gwinnett County. 3 Ashland Lakeview is located just 20 minutes from Gwinnett’s Class A Sugarloaf Corporate District.

CLARKSTON CORRIDOR The subject sits in the Mountain Industrial Corridor, which offers over 7M SF of industrial 4 space. Residents also benefit from having have two of Georgia’s largest malls within four miles.

SOLID SUBMARKET FUNDAMENTALS Within a three-mile radius of the subject there is over 18M SF of industrial space, which has helped 5 spark 41% growth in average effective rent within the Stone Mountain submarket since 2010.

2 ASHLAND LAKEVIEW

1. ATLANTA’S GROWTH CONTINUES

Top state Moving Next big tech Openings business destination hubs still for STEM # climate # in the nation # affordable # graduates 1 - Site Selection 2017 1 - Penske, 2017 2 - Realtor.com, 2017 1 - WalletHub, 2017

RECENT METRO ATLANTA RANKINGS #1 #1 #1 Metro for 1 of 10 best cities in the for distribution remote workers nation for open jobs job postings - Forbes, 2017 - Glassdoor, 2017 - Site Selection Group, 2017

ECONOMIC CAPITAL OF THE SOUTHEAST & GLOBAL BUSINESS HUB 9th 10th Projected to be 3rd 4th largest MSA in the largest economy in 6th largest concentration North American metro U.S., boasting a the U.S., according most populated of FORTUNE 500 area for competitiveness population of to the U.S. Bureau of metro area by headquarters of any in the transportation & 5.5M+ people Economic Analysis 2020 U.S. city logistics industries

3 INVESTMENT SUMMARY LOCATION PROVIDES EXCEPTIONAL ACCESS DRIVE TIMES DURING PEAK COMMUTING TIMES Ashland Lakeview’s location provides unmatched connectivity to Tucker, North Druid Hills, Emory University, Decatur and Chamblee.

With this strategic location, five key employment centers are within twenty minutes of Ashland Lakeview even in peak commuting times.

DRIVE TIME TO MAJOR EMPLOYMENT NODES • Tucker (9 minutes) CHAMBLEE • North Druid Hills (15 minutes) • Emory University (16 minutes) NORTH DRUID HILLS TUCKER • Decatur (17 minutes) • Chamblee (19 minutes) EMORY/CDC

DECATUR

North Decatur Square Rendering

Ashland Lakeview 200 Summit Lake Dr, Stone Mountain, GA 30083 Dirve Time - Heavy Congestion 0 - 10 Minutes 10 - 20 Minutes 20 - 30 Minutes 30 - 40 Minutes 40 - 50 Minutes

4 ASHLAND LAKEVIEW

2. EAST ATLANTA EMPLOYMENT MATURING

Atlanta’s emerging employment hubs at Eastside (Ponce City Market) and Executive Park are adding high-volume, high-dollar office space.

Ashland Lakeview is proximate to Atlanta’s PROPOSED MARTA LIGHT RAIL LINE FROM LINDBERGH TO AVONDALE STATION substantial eastward growth, which is culminating in new office jobs hubs such as EXECUTIVE Ponce City Market and Executive Park. Explosive 1 = EXISTING RAIL LINES 400 PARK growth this cycle is set to add another nearly 1M 6,900 FUTURE JOBS = PROPOSED EXTENSION 1 SF of space. $1.3B HOSPITAL + = PROPOSED EXTENSION 2 EMORY 70 ACRES The 2.1M-SF Ponce City Market (historic Sears, Roebuck & Co. building) recently achieved the SUBJECT LESS city’s highest office rent PSF ever. THAN 5 MILES FROM UPTOWN DECATUR Emory-owned Executive Park, which adjoins 78 a new $1.3B Children’s Healthcare of Atlanta hospital, is well on its way to becoming Atlanta’s 3 next mega healthcare campus. UPTOWN EMORY DECATUR In an effort to enhance connectivity to Emory DISTRICT 40,000 JOBS and Decatur, the proposed MARTA light rail EMORY, CDC, VA transit expansion is gaining traction. 4 MIDTOWN 100K JOBS +762K SF OFFICE 1. CHOA Hospital (10,000 employees) THIS CYCLE DOWNTOWN 2. Ponce City Market (Mixed-use development) EASTSIDE DECATUR 3. VA Hospital (239 beds) 3,000 JOBS 70+ RESTAURANTS/BARS, 2 +926K SF OFFICE 100+ STORES THIS CYCLE 2.4M SF OFFICE/RETAIL 4. DeKalb Medical Center (3,900 local jobs)

CHOA Hospital Ponce City Market $53 PSF Most Recent Lease At Ponce City Market, Highest Ever In Atlanta

5 INVESTMENT SUMMARY East metro Atlanta has emerged as a focal point for new CLASS A OFFICE DELIVERED THIS CYCLE office growth and has increased in popularity, attracting SUBMARKET SPACE ASSETS DELIVERED quality high-paying tenants looking for trendy, alternative- Perimeter 1.2M SF Cox, State Farm Phipps Tower, Buckhead Shops, 3630 Buckhead 1M SF style office spaces favoring the Millennial job base. Peachtree Eastside 926K SF Ponce City Market EXECUTIVE PARK: Midtown 762K SF 12th & Midtown • CHOA Center for Advanced Pediatrics, 260K SF • CHOA $1.3B hospital to be developed during the next eight years • Emory, 70 acres purchased for future development Eastside has delivered roughly just as much Class A office • 90K SF Hawks training facility underway as other major Atlanta submarkets.

EASTSIDE OFFICE: • PCM expansion, 40K SF, Athenahealth 1,000 new jobs by 2018 75% 12M SF • 725 Ponce, 260K on former Kroger site Millennial Workforce Existing Eastside/Decatur/ • N33 @ The BeltLine, 80K SF near King Memorial MARTA population by 2025 Druid Hills office space* • Willoughby, 60K SF creative office suites in O4W U/C

• Atlanta Dairies, 30K office space within 125K SF total mixed-use *Source: CoStar, existing office SF. Boundary: north of Memorial Drive, south of I-85 (up project along Memorial Drive to Clairmont Road), east of Monroe Drive, west of I-285.

PONCE CITY MARKET NOTABLE TENANTS (517K SF OFFICE) EMORY/CLIFTON CORRIDOR (40K + EDS & MEDS JOBS)

TECH MARKETING HEALTHCARE TECH EDUCATION EMORY UNIV/HEALTHCARE MEDICAL MEDICAL

DECATUR (20K JOBS) EXECUTIVE PARK (6,900 FUTURE JOBS)

FINANCE MEDICAL MEDICAL EDUCATION SPORTS MEDICAL MEDICAL

6 ASHLAND LAKEVIEW

3. BACKDOOR ACCESS TO I-85 CORRIDOR 4. CLARKSTON CORRIDOR

CONVENIENT ACCESS TO TRADITIONAL ATLANTA EMPLOYMENT NODES LARGE EMPLOYERS Gwinnett is home to 120 international HQ firms and is #1 for net migration among Atlanta 1 Rooms To Go 2 National Refrigeration counties. The growth in Atlanta is fueling the Northern Suburban Arc submarket. 3 Shumate Mechanical 4 Asbury Automotive (HQ-Fortune 500) 985 Situated off of E. Ponce de Leon Ave. at Stone Mountain Freeway/Hwy. 78, Ashland Lakeview offers backdoor 5 Primerica, Inc. (HQ) access to more than 4M SF of Class A office, national retail, and major employment centers. The subject is 6 Real Estate Book located twenty minutes from Gwinnett’s Class A Sugarloaf Corporate District. 7 WIKA Instrument Corp 8 USPS North Metro Processing & Dist. 9 Cisco 1 10 Auto Ventshade Company C 2 11 AGCO Corp (HQ-Fortune 500) 11 12 12 Macy’s Systems & Technology 3 Sugarloaf Corporate 14 13 Varnell Struck & Associates G 4 District 14 Ply Marts Inc. 400 5 15 Costco 13 6 7 16 RockTenn (HQ-Fortune 500) E Technology Park/ 10 7F 17 Ole Mexican Foods 14 8 Atlanta D 85 9 15 18 US Foods (Fortune 500) Central 16 19 Nordic Cold Storage Perimeter/ ASHFORD 20 Encompass Digital Media Pill Hill WAY 21 UPS SE Distribution Center (Fortune 500) 22 23 17 A 22 Mercedes-Benz NA HQ (Fortune-500) 18 19 23 State Farm Campus (Fortune 500) 24 B 20 24 Pill Hill Hospitals 285 21 25 CDC Chamblee Campus 25 26 26 DeKalb-Peachtree Airport Royal Atlanta 27 Big Green Egg 27 Business Park 28 Dex Media 28 29 Oglethorpe Power 30 29 30 Primo Grills and Smokers Tucker Office Core Major Employers w/ 400+ Employees 31 US Poultry & Egg Association 32 31 78 32 Emory Orthopaedics & Spine Center

MASSIVE EMPLOYMENT CENTERS EDUCATION MEDICAL

A OFS Fitel Optical Fiber Plant C Sugarloaf285 Corporate District E Gwinnett Technical College F Gwinnett Medical Center (7K students) B Assembly Yards (Mixed-Use) D Peachtree Corners Town Center G Gwinnett Medical Center (Duluth)

7 INVESTMENT SUMMARY 4. CLARKSTON CORRIDOR

CLARKSTON INDUSTRIAL HOT SPOT 8 Ashland Lakeview is located in the Mountain Industrial Corridor, which offers more than MOUNTAIN 1 7M SF of industrial space. 11 INDUSTRIAL 9 CORRIDOR (7M+ WELL-CONNECTED ASSET 10 2 SF INDUSTRIAL 3 SPACE) • Within a three-mile radius of Ashland Lakeview 4 there is more than 18M SF of industrial space

• Easy access to Emory/Clifton Corridor, which Y. W offers 40,000+ jobs. IN F 6 TA N 5 • Corridor offers two of Georgia’s largest malls U O within four miles of the subject E M N O ST 7 CLARKSTON CORRIDOR ASHLAND OFFICE SPACE LAKEVIEW 10 1 DexYP (265K SF) 2 Tucker Exchange (250K SF) 12 3 1979 Lakeside Centre (200K SF) 4 Crescent Centre at Northlake (246K SF) INDUSTRIAL SPACE North DeKalb Mall - Costco to replace Macy’s Northlake Mall 5 Topcu Tile & Stone (215K SF) 6 Mud Pie Distribution (295K SF) 7 Graphic Packaging (250K SF) 8 Lehigh Technologies (228K SF) RETAIL 9 Dick Sporting Goods (210K SF) 10 Target (126K SF) 11 North DeKalb Mall (426K SF) • Costco delivering 2020 • 58 total stores, including Burlington Coat Factory, Marshalls, and AMC Theatres 12 Northlake Mall (576K SF) • 63 total stores, including JCPenney, Macy’s, Foot Locker, and featuring 116K SF Sears

8 ASHLAND LAKEVIEW

5. SOLID SUBMARKET FUNDAMENTALS

EXPLOSIVE GROWTH IN STONE MOUNTAIN DEMOGRAPHICS SUMMARY SUBMARKET ONE-MILE THREE-MILE FIVE-MILE Within the Stone Mountain submarket, average effective rent Average HH Income $53,092 $61,337 $71,026 has increased by 41% since 2010. Stone Mountain’s average Expected Income Growth by 2022 7.8% 8.3% 9.2% % of Pop. with College Education 61.8% 60.6% 63.1% vacancy was 5.3% in 2018 Q2. White-Collar Employment 57.6% 61% 64.7% % of Population Between the Ages 20-35 30.1% 32.7% 31.5% INDUSTRIAL CORRIDOR FUELS GROWTH

With 18M SF of industrial space within three miles of the subject, KEY THREE-MILE RADIUS STATISTICS demand has increased and vacancy has tightened. The average effective Existing Class A Office Space 1.7M SF rent for Clarkston rose by 41% between 2010-2017, while the average vacancy fell from 14.8% to 5.3%. Existing SF of Retail Space 5M SF Existing SF of Industrial Space 18M SF

THREE-MILE RADIUS DELIVERIES STONE MOUNTAIN SUBMARKET (PER AXIOMETRICS) 2000 41% 5.3% Effective rent since 2010 Current Vacancy 1500

STONE MOUNTAIN EFFECTIVE RENT VS VACANCY 1000

18.00% Units Delivered $825 15.00% 500 $775 12.00% $725 9.00% 0 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 $675 6.00%

$625 3.00% Average Vacancy Average Effective Effective Rent Average $575 0.00% 2005 2007 2009 2011 2013 2015 2017 11,018 627 Units Delivered 1970-1990 Units Delivered 1991-2018 Effective Rent Vacancy

9 INVESTMENT SUMMARY DOWNTOWN ATLANTA MIDTOWN LINDBERGH BUCKHEAD

EMORY

285 NORTHLAKE

12 M IL E S F 14 R O M E. P P ON R CE 8 O DE P LEO E N A R VE T NUE Y 7 6 9 5 15 ASHLAND LAKEVIEW 13

N. HAIRSTON ROAD 4

11 3

MAJOR EMPLOYERS RETAIL POINTS OF INTEREST

1. American Medical Response 6. Corporate Park, including Topcu 9. Corporate Park, including Pallet 10. Tahoe Village Shopping Center 11. Stone Mill Elementary School 2. Integrated Supply Network Tile & Stone, Raja Foods, Sauers Rack Warehouse & Supply, Graphic 12. Church 3. Dodson Global Group, House of Cheatham Inc. Ragz, Southeast Restoration & 13. Patillo Soccer Park 4. Corporate Park 7. DeKalb County Watershed Dept. Fireproofing, True World Foods 14. Stone Mountain Middle School 5. Distribution Cooperative 8. Macy’s Distribution Center Atlanta, Spacewall International 15. DeKalb Academy of Technology & Environment

10 ASHLAND LAKEVIEW

6. STRONG PROPERTY PERFORMANCE

ASSET ARRIVES WITH EXCELLENT FUNDAMENTALS Ashland Lakeview has shown strong performance during the last 12 months with total income, rental income and average effective rent trending up.

EFFECTIVE RENT ANALYSIS MONTHLY TOTAL INCOME

$740 98.00%

$730 97.00% $205,000 96.00% $720 $200,000 95.00% $710 $195,000 94.00% $700 $190,000 93.00%

$690 Occupancy $185,000 92.00%

$680 91.00% Income Total $180,000 Average Effective Rent

$670 90.00% $175,000

$170,000

Average Effective Rent Occupancy

MONTHLY RENTAL INCOME MONTHLY LOSS TO LEASE

$185,000 $22,400

$180,000 $21,400 $20,400 $175,000 $19,400 $170,000 $18,400 $165,000 $17,400 $160,000 $16,400 Loss to Lease

Rental Income Rental $155,000 $15,400 $150,000 $14,400 $145,000 $13,400

11 INVESTMENT SUMMARY 11

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2 ASHLAND LAKEVIEW

MAJOR EMPLOYERS RETAIL POINTS OF INTEREST

1. American Medical Response Bottling Group, Mud Pie, Carlyle 5. Frank A. Smith Nurseries 10. Walmart Supercenter 12. Stone Mountain Park 2. Corporate Park, including Green Stone Mountain, PRT 6. Stone Mountain Graphic Packaging 11. Stone Mountain Square 13. Stone Mill Elementary School Ranger Delivery Services, Serdi 4. Stone Mountain Industrial Park, 7. Eagle Rock Studios Shopping District 14. Stone Mountain Lake Corporation, Ameripipe Supply, including Komatsu Forklift of Atlanta, 8. Integrated Supply Network 15. Stone Mountain Elementary Travis Roofing Supply, White Harp’s Tarps, Cable Wholesale, 9. Social Security Disability Office School Brothers Auto Parts Atlanta Mailing & Fulfillment, 3. Corporate Park, including Pepsi Aba Foods

12 ASHLAND LAKEVIEW

7. SUBSTANTIAL VALUE-ADD POTENTIAL

PROVEN VALUE ADD IN SUBMARKET ENVISIONED KITCHEN UPGRADES (THE POINTE INTERIOR) The subject’s classic average in-place rents currently trail the competition by $206. A new owner can generate significant upside by renovating all units.

Ashland Lakeview currently has 255 “Classic” units. A new owner can spend an average of $7K/unit on all units to bring all units to “Value-Add” level, which includes black appliances, faux-granite countertops, new plumbing/lighting fixtures, extended wood-look vinyl flooring and tile back splashes. The subject can be further elevated by improving the curb appeal and amenities.

$7K 38% $206 Average per unit Return on Avg amount subject cost of suggested investment classic in-place rents upgrades trail market average

AVERAGE EFFECTIVE RENT COMPARISON

$1,100 $223 $1,000 Premium from Classic

$900 to Value Add

$800

$700 Average Effective Rent Effective Average $600 $662 $676 $775 $850 $882 $899 $916 $960 $1,131 $500 Weatherly Ashland Lakeview Terra Creek Mountain Lake Market Average Ashland Lakeview 13Ten The Pointe Grove Parkview (Classic) (Value-Add)

13 INVESTMENT SUMMARY ONE-BEDROOM RENT COMPARISON

$1,050

$1,000

$950 t n

e $233 $900 R e v

i Premium from In-Place t $850 c e f f to Value-Add E

e $800 g a r e v

A $750

$700

$650 1 5 4 $600 9 0 9 49 75 0 24 8 6 9 8 7 $626 $ $859 $ $ $ $ $1, $550 Ashland Lakeview (Classic) Weatherly Mountain Lake Market Average Ashland Lakeview (Value-Add) 13Ten The Pointe Grove Parkview

TWO-BEDROOM RENT COMPARISON

$1,200

$1,100 $199

t Premium from In-Place n e R $1,000 to Value-Add e v i t c e f f

E $900 e g a r e v

A $800

$700 5 21 1 0 1 30 2 0 000 92 , 1 75 $ $7 $801 $86 $9 $948 $1, $1, $ $600 Terra Creek Mountain Lake Ashland Lakeview (Classic) Weatherly Market Average 13Ten Ashland Lakeview (Value- The Pointe Grove Parkview Add)

14 ASHLAND LAKEVIEW

7. SUBSTANTIAL VALUE-ADD POTENTIAL (CONTINUED)

ASHLAND LAKEVIEW 13TEN THE POINTE GROVE PARKVIEW IN-PLACE EFFECTIVE (CLASSIC)

Year Built 1978 Year Built 1988 Year Built 1988 Year Built 1988 Avg. Unit Size 916 Avg. Unit Size 989 Avg. Unit Size 821 Avg. Unit Size 866 Avg. Effective Rent $676 Avg. Effective Rent $916 Avg. Effective Rent $960 Avg. Effective Rent $1,131 Avg. Eff. Rent PSF $0.77 Avg. Eff. Rent PSF $1.02 Avg. Eff. Rent PSF $1.17 Avg. Eff. Rent PSF $1.31

UPGRADED UNIT FEATURES: UPGRADED FEATURES: UPGRADED FEATURES: UPGRADED FEATURES: • Faux Granite Countertops • Faux Granite Countertops • Faux Granite Countertops • Granite Countertops • Black Appliances • Wood-Look Vinyl Flooring • New Cabinets & Hardware • Wood-Look Vinyl Flooring • New Cabinets & Hardware • New Cabinets & Hardware • Wood-Look Vinyl Flooring • New Cabinets & Hardware • Wood-Look Vinyl Flooring • Black Appliances • Black Appliances • Black Appliances • New Lighting & Plumbing Fixtures • New Lighting & Plumbing Fixtures • New Lighting & Plumbing Fixtures • New Lighting & Plumbing Fixtures • Tile Backsplash $676 $240 $284 $455 Subject’s Average Effective Rent Gap Between Subject and Gap Between Subject and Gap Between Subject and Competitor’s Effective Rents Competitor’s Effective Rents Competitor’s Effective Rents

15 INVESTMENT SUMMARY 16 ASHLAND LAKEVIEW

PROPERTY DESCRIPTION

17 INVESTMENTPROPERTY DESCRIPTION SUMMARY PROPERTY SUMMARY Number of Units 255 Units Year Built 1978 Stories Two Stories Net Rentable Area 233,667 SF Average Unit Size 916 SF

SITE Address 200 Summit Lake Drive, Stone Mountain, GA 30083 County DeKalb County Size/Density 23 Acres / 11.09 Units per Acre East side of N. Hairston Rd., just south of E. Ponce de Leon Ave., 1.3 miles north of Memorial Dr., and 3 miles east of the US-78/I-285 interchange. The property is 1.5 miles northwest Location of Stone Mountain Park, 12 miles northeast of downtown Atlanta, and 16 miles northeast of Hartsfield-Jackson International Airport. N. Hairston Rd. near Subject: 22,400 VPD Traffic Counts Memorial Dr. near Subject: 29,800 VPD US-78/I-285 interchange: 199,000 VPD

UTILITIES SERVICE/UTILITY SOURCE/COMPANY PAID BY* HVAC/Hot Water/Cooking Gas & Electric, Indiv. Metered Resident Water/Sewer DeKalb County Water Resident Trash Removal Waste Management Resident Pest Control Massey Services Property

UNIT MIX SUMMARY TYPE # UNITS % UNITS SIZE (SF) 1BR-1BA, Gdn 32 13% 527 SF 1BR-1BA, Gdn 87 34% 781 SF 1BR-1.5BA, Gdn 64 25% 1,004 SF 2BR-2BA, Gdn 72 28% 1,175 SF Total / Avg. 255 Units 916 SF Avg.

18 ASHLAND LAKEVIEW

COMMUNITY AMENITIES • Central Mail Kiosk • Controlled Access Gates • Fitness Center • Grilling/Picnic Areas • Laundry Facility • Leasing/Business Office • Playground • Sports Court • 2 Swimming Pools • 2 Lighted Tennis Courts • Valet Trash Service • WiFi Available

UNIT FEATURES • Black Appliances* • Breakfast Bar/Pass-Through • Built-In Desk/Workstation* • Cable & Internet Ready • Ceiling Fans* • Cultured Marble Vanity Top* • Faux-Granite Countertops* • Fireplace* • Fully Equipped Kitchens • Laundry/Utility Room* • Patio or Balcony • Sunken Living Room • W/D Connections • Walk-In Closets* • Window Blinds • Wood-Look Flooring * Select Units

19 INVESTMENTPROPERTY DESCRIPTION SUMMARY 20 ASHLAND LAKEVIEW

21 INVESTMENTPROPERTY DESCRIPTION SUMMARY 7 SF 2 81 SF TH | 5 TH | 7 A A 1 BEDROOM, B 1 BEDROOM, B 5 SF 004 SF 17 TH | 1, TH | 1, A A 1 BEDROOM, 1.5 B 2 BEDROOM, B

22 ASHLAND LAKEVIEW

DEKALB COUNTY: CORE URBAN COUNTY LOCATION OVERVIEW

23 INVESTMENTLOCATION OVERVIEW SUMMARY DEKALB COUNTY: CORE URBAN COUNTY

As a vital economic component of Atlanta’s mature urban core, DORAVILLE MIXED-USE DEVELOPMENT DeKalb is Georgia’s third-most populated county. Anchored by an Atlanta’s current megasite project — the “Assembly Yards,” the 165-acre extensive interstate network, the county is served by MARTA and former Doraville GM plant site — is in DeKalb. The Integral Group and partners (who purchased the site in 2014) are developing a 10 MSF “smart DeKalb Peachtree Airport. growth” walkable and transit-connected residential and business hub. The planned “city within a city,” almost 30 acres larger than Atlantic Station, Notably home to the National Centers for Disease Control and Prevention will include six mixed-use districts with parks and restaurants connected to (CDC), DeKalb boasts numerous major employers that include highly- a central MARTA transit station. A new film and television studio, Third Rail rated educational and healthcare facilities, cultural amenities, and affluent Studios, is the initial development on six acres of the site. neighborhoods. Its primary economic centers include Perimeter Center, Emory/Clifton Corridor, county seat Decatur, Executive Park, Century THE ASSEMBLY YARDS RENDERING Center, Northlake, and I-20 East/Lithonia/Stonecrest.

PERIMETER CENTER (PC)

Prolific Perimeter Center — which surrounds the I-285/GA 400 interchange — comprises Atlanta’s largest employment base and one of the Southeast’s largest Class A office markets. PC is the Southeast’s corporate epicenter, with the largest concentration of Fortune 500 firms in the region. PC includes “Pill Hill,” a massive hospital district anchored by Northside, Emory St. Joseph’s, and Children’s Healthcare of Atlanta hospitals. The district, whose population may be the region’s largest by 2025, generates 135,000 jobs within its 33M SF of mostly corporate office space.

EMORY / CLIFTON MEDICAL CORRIDOR

Anchored by Emory University and Hospital, the vibrant “Clifton Corridor” (40,000+ jobs) includes the CDC headquarters, Emory Medical School, Children’s Healthcare of Atlanta at Egleston, Emory Rehab Center, Yerkes National Primate Research Center, and the 173-bed VA Hospital. The 579- NORTH DEKALB MALL — MODEL FOR REVITALIZATION bed Emory Hospital consistently ranks among the nation’s Top 25. Owners of North DeKalb Mall plan to redevelop the 50-acre site with a new outdoor mixed-use community with multifamily and townhomes, 50,000 I-85 AND NORTH DRUID HILLS MEDICAL SF office space, 300,000 SF retail, 45,000 SF restaurants, a 14,500-SF food hall, and a 150-room hotel. The project, situated at Lawrenceville The 60-acre Executive Park office campus at I-85 and North Druid Hills Highway and North Druid Hills Road, will be anchored by a 150,000- Road, upzoned for 850,000 SF office, 450,000 SF retail, residential, and SF Costco. The existing big box tenants, including Marshalls, AMC, and hotel uses, was recently purchased by Emory. Children’s Healthcare of Burlington, are expected to also remain at the center. Atlanta (CHOA) is also constructing a new 300,000 SF hospital facility at its SEQ I-85 and North Druid Hills site

24 ASHLAND LAKEVIEW

ATLANTA METRO ATLANTA - CAPITAL OF SOUTHEAST REGION by the numbers

10-Co. MSA Population - 2017 4,480,100 Unemployment Rate (March 2018) 4.0% Cost of Living Index 101% Cost of Business Index 88% Moody’s Cycle Phase Expansion Key Industries: Corporate Services, Government, Education & Health Services, Manufacturing Primary Growth Sectors: Distribution, corporate HQ, manufacturing, bio-tech health industries.

Awards and Accolades • 2018 - #10 Metro Area for STEM professionals, WalletHub • 2017 - Atlanta 3rd fastest-growing metro population in the nation, U.S. Census • 2017 - Atlanta No. 3 U.S. city poised to become tech mecca, Forbes • 2017 - No. 2 ‘Next Top Tech Town,’ Realtor. com • 2017 - The Country’s Hottest Industrial Market, bisnow • 2017 - Atlanta is getting younger, more educated, Savills Studley • 2017 - Metro leads nation in available housing lots with 80,000, Federal Reserve Bank • 2016 - Among Top 19 “Knowledge Capitals” of U.S. & Europe, Brookings Institute • 2016 - #6 U.S. metro exceeding projected job growth, CareerBuilder • 2016 - #1 Top Moving Destination, Penske Truck Leasing • 2016 - Among Top 10 Cities to Launch a Startup, DataFox

25 INVESTMENTLOCATION OVERVIEW SUMMARY METRO ATLANTA - CAPITAL OF SOUTHEAST REGION

Atlanta, the economic capital of the Southeast and a global business hub, DOWNTOWN ATLANTA is the center of one of the fastest growing metros in the country and the 10th largest GDP in the U.S.

Atlanta’s highly-charged critical mass of economic growth was ignited two decades ago when the city hosted the 1996 Summer Olympic Games, and that growth has not slowed since. In 2017, Atlanta’s population ranked as the third-fastest growing in the country. Per GSU Economic Forecasting, 261,900 jobs were added during 2014-2016 and 60,000 in 2017; 58,100 new jobs are projected in 2018. The region is expected to add 2.5M residents and an additional 1.5M jobs by 2040.

GAME-CHANGING ECONOMIC GROWTH

Atlanta is advancing toward a new cycle of economic prosperity and position thanks to a multitude of major corporate and technology commitments by firms such as Amazon, Facebook, Duracell, State Farm, Mercedes-Benz, Porsche, Kaiser Permanente, KPMG, Google, WorldPay, GE, NCR, Honeywell, and Anthem.

Dramatic developments are underway in healthcare and technology sectors. Film making has become big business in Georgia and Atlanta. Emerging technologies and the infrastructure to support start-up companies are another bright spot. Atlanta is now a leader in mobile technology, supply chain management, internet security, healthcare IT, and payments processing, all growth industries. Technical and professional services will continue to be key employment generators, and the rebound in these high-wage industries is driving above-average income growth. MAJOR SE CITIES JOB GROWTH 2012-2017 MAJOR SE CITIES JOB GROWTH 2012-2017

DIVERSE CORPORATE ANCHOR 30.0%

25.0%

Atlanta’s legendary diverse and inherently resilient economic base is its ongoing h

t 20.0% w hallmark, and it ranks among the country’s Top 5 cities in Fortune 500 HQ. Twenty- o r 15.0% G

five metro Atlanta headquartered firms are among America’s largest corporations b o

J 10.0%

qualifying as the 2016 FORTUNE 1000, of which 16 rank among the 2016 FORTUNE t n

e 5.0% c

500: The Home Depot, UPS, The Coca-Cola Company, Delta Air Lines, The Southern r e Company, Genuine Parts Company, First Data, HD Supply Holdings, Inc., Veritiv, P 0.0% SunTrust Banks, AGCO Corporation, Asbury Automotive, Coca-Cola European Partners, NCR Corporation, PulteGroup, and Newell Brands.

Sour* Sce:ou Mroodyce: 'Us ASnal Byuticrse,a Muar ochf 2017Lab Porrec Sist aRteporistitscs, Moody’s Analytics

26 ASHLAND LAKEVIEW

INTELLECTUAL CAPITAL SUSTAINS DEEP TALENT POOL ATLANTA FINANCIAL CENTER, BUCKHEAD

Atlanta is a magnet for higher education, consistently ranking among the top 10 metro areas in educational achievement. Atlanta ranks in the Top five “U.S. Cities for Recent College Graduates,” per Bloomberg 2015. Georgia residents have access to the HOPE scholarship/grant program. Young, educated professionals are a major draw for new businesses coming into the region and also encourage entrepreneurship.

Fifty-seven metro colleges and universities enroll a total of 250,000+ students regionally. Atlanta’s three largest public universities include the newly consolidated GA State University/GA Perimeter College (GSU), Kennesaw State University (KSU), and GA Institute of Technology. Other public universities include Southern Polytechnic State, Clayton State, and the University of West GA. The Atlanta University Center (AUC) is home to Clark Atlanta University, Morehouse School of Medicine, Morehouse College, and Spelman College. Seven regional technical colleges have a combined total enrollment of nearly 60,000 students.

Emory University’s graduate programs in medicine, law, and business consistently rank among the nation’s highest rated. Atlanta’s Agnes Scott College, Mercer University, and Oglethorpe University are highly-ranked private local institutions.

GEORGIA INSTITUTE OF TECHNOLOGY CAMPUS, MIDTOWN ATLANTA AT CORE OF STATE-WIDE TECH GROWTH

Georgia’s bioscience and health IT industries are responsible for almost $30 billion in annual reported revenue and 120,000 employees. The state’s health IT industry already leads the nation with 200+ companies, 15,000 employed, and $4B+ in annual reported revenue. With an annual economic impact of $23B, the state’s bioscience industry is also firmly rooted.

Powered by the strength of 13,000+ technology companies, Atlanta has a long history of success in attracting and growing top high-tech firms and stands as one of the country’s most significant and innovative technology hubs.

Metro Atlanta has the 9th-largest employed technology talent pool in the U.S. with more than 134,700 related jobs. It has also produced the 3rd-fastest tech growth since 2012, adding 34,700+ new tech jobs. Only Toronto and Charlotte produced more tech jobs during that period.

27 INVESTMENTLOCATION OVERVIEW SUMMARY NOTABLE NEW ECONOMIC GROWTH

State Farm Porsche Jacoby Development - former OFS site

• State Farm’s new 2.2M SF Perimeter Center • Anthem’s new 352,000 SF Midtown • UPS is creating 1,250 jobs at new 1.3M SF, campus will include three towers that will Technology Center is under construction $400M logistics hub next to Charlie Brown house the southeastern operations for the as of early 2018 and will employ 3,000 IT Airport, the firm’s 3rd largest such facility. insurance company and 8,000+ workers. workers when completed. • San Francisco-based Flexport Inc. will (C&W represented landlord in transaction.) • In 2016, General Electric Co. picked Atlanta establish 50,000 SF sales/operations hub at • Kaiser Permanente’s 150,000 SF, $20M info for a $3M global digital operations center — a Bank of America Plaza in Midtown, 330 jobs. tech campus in Midtown will create 900+ project that will create 250 jobs in Midtown. • Staffing giant Jackson Healthcare’s $100M jobs by 2019, bringing firm’s GA presence to • Google’s new 1.2M SF data center repair expansion of Alpharetta campus to include 4,000+ employees and physicians. facility opened in 2015 at Fairburn Logistics 1,400 new employees over 5 years. opened Center, a cross-dock facility launched in 2014 • Porsche Cars North America, Inc. • Duracell plans to employ up to 800 at 874K $100M U.S. HQ in 2015 next to Hartsfield- by TPA Group. SF Core5 Logistics Center at Shugart Farms Jackson Airport and added 400 jobs (100 • Shire Pharmaceuticals’ (fka Baxter) new in Fairburn/South Fulton County. new to GA). (C&W represented Porsche.) $1.2B Stanton Springs plant (Newton County) • Amazon.com Inc.’s 25,000 SF Atlantic • Mercedes-Benz USA is creating 1,000 jobs is nearing completion and about halfway Station logistics tech center opened in 2017. with its HQ move to Atlanta from NJ. Their through hiring 1,600 workers. new 250,000 SF office within 12-acre HQ • In 2018, Facebook Inc. bought 416 acres for • The Integral Group’s 165-acre “Assembly” Sandy Springs campus opened in 2017. new $42B data center campus at Stanton mini-city (fka GM Doraville plant) will include Springs (Newton County), to create several • Worldpay’s new $10M Atlantic Station office 10M SF of mixed-use space. Capstone South’s hundred jobs. (2015) employs 1,200. “Third Rail Studios” is the first development. • $400M Phase I of planned 70-acre Quarry opened new 750,000 SF global HQ and partners are planning to turn • NCR • Jacoby Yards next to Bankhead MARTA station will campus in Midtown in 2018. Their two towers 114 acres of Gwinnett’s OFS optic fiber include 575,000 SF office, 75,000 SF retail, a near Georgia Tech will employ 5,000. manufacturing site (formerly Lucent) into hotel, and 850 residential units. 1.2M SF • Honeywell chose Midtown in 2017 for Atlanta Media Campus and Studios (film school, housing, hotel, etc.) • In July 2018, Thyssenkrupp announced plans software development center and HQ of for new $200M North American HQ campus $10B Home and Building Technologies unit • Alcon Laboratories creating 300+ jobs for its elevator division at The Battery at and will hire 830 over next five years. at $275M Johns Creek campus. Atl beat SunTrust Park; will house 900+ employees. Singapore and Germany for expansion.

28 ASHLAND LAKEVIEW

RAPID POPULATION GROWTH CONTINUES Long reputed for its rapid growth, metro Atlanta had the third highest population gain of any metro in the country, adding nearly 90,000 new residents between 2016 and 2017 and bringing the total regional population to almost 5.9 million residents.

Per recent Atlanta Regional Commission statistics, 78,300 of those new residents were in the core 10-county Atlanta area. Fulton County grew the most, adding 17,100 residents, just ahead of Gwinnett’s 16,900. The city of Atlanta added 9,900 residents, up 2,000 from the prior year, an increase accompanied by a boom in multifamily housing.

INFRASTRUCTURE INVESTMENT THE ATLANTA BELTLINE

ATLANTA-REGION TRANSIT LINK AUTHORITY - “THE ATL” The Atlanta BeltLine is the most comprehensive revitalization effort ever undertaken in Atlanta and among the most wide-ranging urban Atlanta’s rapid growth requires major investment in infrastructure. In March redevelopment and mobility projects in the country. Conceived in 2018, GA passed landmark legislation that sets in place funding framework 1999 by a Georgia Tech graduate student, the BeltLine is creating a and a regional transit governing system for all of metro Atlanta. By 2023, new framework for sustainable regional growth and revitalizing under- the region’s transit systems will be folded into a single brand name—the performing areas of the city, increasing real estate value along its path. Atlanta-region Transit Link Authority, or The ATL. The ATL will be charged with transit planning across 13 metro counties, utilizing existing systems The BeltLine links a network of public parks, multi-use trails, and MARTA, CobbLinc, Gwinnett County Transit, and GRTA’s Xpress service. transit through historic railroad corridors that encircle downtown and interconnecting 45 neighborhoods. New multi-use trails will accompany Already planned MARTA expansion projects will infuse an estimated $5.2B the 22-mile transit loop, and 11 miles of additional trails will extend into into regional economy. Transit expansions are expected to create 45,000 surrounding neighborhoods. jobs and $116M in additional annual wages by 2040.

29 INVESTMENTLOCATION OVERVIEW SUMMARY HARTSFIELD-JACKSON INTERNATIONAL AIRPORT (ATL) HARTSFIELD-JACKSON INTERNATIONAL AIRPORT

ATL is a dominant economic engine for the region and one of GA’s most critical assets. As the state’s largest job base (63,300+ direct, 450,000+ indirect jobs), ATL boasts a regional economic impact of $64.2B and $70.9B in Georgia. In 2017, for the 20th year in a row, ATL secured its “world’s busiest airport” title by serving 104M passengers. ATL also tops the world in aircraft movements, with 879,560 operations in 2017.

The airport is the anchor of a growing “Aerotropolis” economic district catalyzed by the new Porsche North American HQ. The Aerotropolis Atlanta Alliance’s new blueprint lays out a vision to transform the entire South Atlanta region into a thriving mixed-use Airport City submarket. The city of College Park is moving forward with plans for a 320-acre, $500M+ “Airport City College Park” mixed-use development with potential to create thousands of jobs.

ATLANTIC STATION

SMART GROWTH FUTURE

By focusing on improving transportation and connectivity issues, Atlanta is becoming one of the nation’s top Smart Growth cities. Planned expansions of MARTA, including a GA 400 corridor extension from the current North Springs terminus north to Alpharetta, a heavy rail line along I-20 East, and a light rail line from Lindbergh to Avondale, are expected to catalyze metro Atlanta’s smart growth future.

ATLANTIC STATION, MIDTOWN ATLANTA

As the initial catalyst of the rapid expansion of Atlanta’s West Midtown district, Atlantic Station is a national model for smart growth. Its stunning mix of low to high-rise buildings presents a modern architectural skyline and most buildings have LEED certification. Several of the region’s most notable banking and law firms have marquees at Atlantic Station, including Wells Fargo and BB&T. Sage Software established it North American HQ there, where 350 are employed.

30 ASHLAND LAKEVIEW

APARTMENT MARKET

31 INVESTMENTAPARTMENT MARKETSUMMARY RENT COMPARABLES SUMMARY

RENT COMPARABLES ASHLAND LAKEVIEW

2 5 4 3 6

RENT COMPARABLES PROPERTY # UNITS YEAR BUILT OCCUPANCY AVG. SF MKT. RENT EFF. RENT* EFF. RENT/SF S Ashland Lakeview 255 1978 97% 916 $882 $676 $0.77 1 Grove Parkview 268 1988 95% 866 $1,131 $1,131 $1.31 2 The Pointe 360 1988 98% 821 $960 $960 $1.17 3 13Ten 989 1988 86% 899 $916 $916 $1.02 4 Weatherly 224 1985 96% 729 $662 $662 $0.91 5 Mountain Lake 284 1970 98% 1,144 $850 $850 $0.74 6 Terra Creek 192 1972 93% 1,081 $827 $775 $0.72 TOTAL / AVG 386 1982 94% 923 $891 $882 $0.96

* Based on October 2018 rent surveys. Effective rents reflect concessions, and also exclude values of any included services/utilities, where applicable.

Broker ASHLAND LAKEVIEW ASHLAND LAKEVIEW

ASHLAND LAKEVIEW 200 Summit Lake Drive UNIT MIX Stone Mountain, GA 30083 UNIT TYPE # UNITS SIZE (SF) MKT. RENT EFF. RENT EFF. RENT/SF DeKalb County 1BR-1BA 32 527 $730 $565 $1.07 Total Units: 255 1BR-1BA 87 781 $799 $583 $0.75 Year Built: 1978 1BR-1.5BA 64 1,004 $884 $646 $0.64 Rentable Area (SF): 233,667 2BR-2BA 72 1,175 $985 $801 $0.68 Occupancy: 97% TOTAL / AVG 255 916 $864 $658 $0.72

UNIT FEATURES COMMUNITY AMENITIES COMMENTS UTILITIES Black Appliances* Central Mail Kiosk TYPE PAID BY Breakfast Bar/Pass-Through Controlled Access Gates Electric Resident Built-in Desk/Workstation* Fitness Center Cable & Internet Ready Grilling/Picnic Areas Water and Sewer Resident Ceiling Fans* Laundry Facility Natural Gas None Ceramic Tile Tub Surround Leasing/Business Office Trash Removal Resident Cultured Marble Vanity Top* Playground Faux-Granite Countertops* Sports Court Fireplace - Wood Burning* Swimming Pool (2) UNIT MIX BREAKDOWN Frost-Free Refrigerator Tennis Courts (2 Lighted) Fully Equipped Kitchens Valet Trash Service Kitchen Pantry WiFi Available Laundry/Utility Room* 2 BR 28% Patio or Balcony Separate Bath Vanity Area 1 B R Separate Dining Area* 72% Track Lighting* W/D Connections Walk-In Closets* Window Blinds Wood-Look Flooring*

* Select Units

33 INVESTMENTAPARTMENT MARKETSUMMARY ASHLAND LAKEVIEW

1 GROVE PARKVIEW 1900 Glenn Club Drive UNIT MIX Stone Mountain, GA 30087 UNIT TYPE # UNITS SIZE (SF) MKT. RENT EFF. RENT EFF. RENT/SF Gwinnett County 1BR-1BA, Studio 39 649 $1,009 $1,009 $1.55 Total Units: 268 1BR-1BA, Studio 19 711 $1,039 $1,039 $1.46 Year Built: 1988 1BR-1BA 62 729 $1,049 $1,049 $1.44 Rentable Area (SF): 232,140 1BR-1BA 30 808 $1,069 $1,069 $1.32 Occupancy: 95% 2BR-2BA 28 961 $1,164 $1,164 $1.21 Managed by FORTY2 / Forty-Two, LLC 2BR-2BA 44 1,009 $1,204 $1,204 $1.19 2BR-2BA 26 1,078 $1,249 $1,249 $1.16 3BR-2BA 10 1,196 $1,399 $1,396 $1.17 UNIT FEATURES COMMUNITY AMENITIES 3BR-2BA 10 1,259 $1,499 $1,499 $1.19 Breakfast Bar/Pass-Through Car Care Center TOTAL / AVG 268 866 $1,131 $1,131 $1.31 Cable & Internet Ready Fitness Center Ceiling Fans Garages & Storage Cultured Marble Vanity Top* Grilling/Picnic Areas Curved Shower Rod* Hot Tub/Jacuzzi/Spa Faux-Granite Countertops* Lake (5-Acre) COMMENTS UTILITIES Fireplace* Laundry Facility Renovated units have wood-look flooring, TYPE PAID BY new carpet, stainless steel appliances, Fully Equipped Kitchens Leasing/Business Office microwave oven, faux-granite countertops, Electric Resident Gas Range/Oven Playground new lighting, hardware, and fixtures. $150- Water and Sewer Resident Laundry/Utility Closet Swimming Pool $200 premiums. Natural Gas Resident Microwave Oven* Tennis Courts (2 Lighted) Trash Removal Resident Patio or Balcony* Top-Rated Schools (Parkview) Stainless Steel Appliances* Storage Closet UNIT MIX BREAKDOWN Sunroom* W/D Connections Walk-In Closets Window Blinds 3 B R 7% Wood-Look Flooring* 2 BR 1 B R 37% * Select Units 56%

34 ASHLAND LAKEVIEW ASHLAND LAKEVIEW

2 THE POINTE 5130 East Ponce de Leon Avenue UNIT MIX Stone Mountain, GA 30083 UNIT TYPE # UNITS SIZE (SF) MKT. RENT EFF. RENT EFF. RENT/SF DeKalb County 0BR-1BA, Studio 40 558 $798 $798 $1.43 Total Units: 360 1BR-1BA 76 630 $850 $850 $1.35 Year Built: 1988 1BR-1BA 60 719 $934 $934 $1.30 Rentable Area (SF): 295,572 1BR-1BA 20 827 $952 $952 $1.15 Occupancy: 98% 2BR-1BA 48 919 $962 $962 $1.05 Managed by Asden Investment Properties 2BR-2BA 96 1,005 $1,062 $1,062 $1.06 3BR-2BA 20 1,255 $1,285 $1,285 $1.02 TOTAL / AVG 360 821 $960 $960 $1.17 UNIT FEATURES COMMUNITY AMENITIES Black Appliances* Car Care Center Breakfast Bar/Pass-Through* Clubhouse/Leasing Center Cable & Internet Ready Controlled Access Gates COMMENTS UTILITIES Ceramic Tile Tub Surround Detached Garages (38 @ $65) Upgraded units have stained cabinets, faux- Curved Shower Rods* Fitness Center TYPE PAID BY granite countertops, black appliances, tile Entry Foyer with Closet* Gazebos (2) backsplash, new lighting, fixtures, and Electric Resident Exterior Storage Closet (all but 558 Grilling/Picnic Areas (3) hardware. Water and Sewer Resident SF) Lake with Fountain Natural Gas Resident Faux Granite Countertops* Lakeside Jogging Trail FF Refrigerator w/Icemaker Trash Removal Resident Laundry Facility Fully Equipped Kitchens Sports Court (Lighted) Kitchen Pantry* Sprinklered Buildings Patio or Balcony UNIT MIX BREAKDOWN Swimming Pool Separate Bth Vanity Area* Tennis Court (Lighted) Tile Backsplash in Kitchen* Walking Trail Track Lighting in DR* 3 BR0 BR WiFi Available 6% 11% Vaulted Ceilings*

W/D Connections* 2 BR 40% Walk-In Closets* 1 B R 43% Window Blinds Wood-Look Flooring*

* Select Units

35 INVESTMENTAPARTMENT MARKETSUMMARY ASHLAND LAKEVIEW

3 13TEN 1310 Woodbend Drive UNIT MIX Stone Mountain, GA 30083 UNIT TYPE # UNITS SIZE (SF) MKT. RENT EFF. RENT EFF. RENT/SF DeKalb County 1BR-1BA 70 611 $814 $814 $1.33 Total Units: 989 1BR-1BA, Villa 54 675 $789 $789 $1.17 Year Built: 1988 1BR-1BA, Villa 20 705 $844 $844 $1.20 Rentable Area (SF): 888,648 1BR-1BA 186 739 $919 $919 $1.24 Occupancy: 86% 1BR-1BA, Villa 69 752 $884 $884 $1.18 Managed by Emerald Equity Group 1BR-1.5BA, TH 30 826 $894 $894 $1.08 (Brooklyn) 1BR-1.5BA, TH 4 891 $904 $904 $1.01 2BR-1BA 228 997 $929 $929 $0.93 UNIT FEATURES COMMUNITY AMENITIES 2BR-2BA 90 948 $859 $859 $0.91 Black/Stainless Appliances Car Care Center 2BR-2BA, TH 2 963 $949 $949 $0.99 Breakfast Bar/Pass-Through* Clubhouse/Leasing Center Built-in Desks/Shelving Coffee & Tea Bar 2BR-2BA, Villa 60 983 $949 $949 $0.97 Built-In Wet Bar* Controlled Access Gates 2BR-2BA, TH 32 1,124 $994 $994 $0.88 Cable & Internet Ready Dog Park/Play Area 2BR-2BA, TH 104 1,153 $1,009 $1,009 $0.88 Ceiling Fans Fitness Center 2BR-2BA, TH 20 1,203 $1,072 $1,072 $0.89 Curved Shower Rod Gazebo 2BR-2BA, TH 20 1,208 $1,049 $1,049 $0.87 Exterior Storage Closet* Grilling/Picnic Areas TOTAL / AVG 989 899 $916 $916 $1.02 Faux-Granite Countertops* Indoor Raquetball Court FF Refrigerator w/Icemaker Lakes with Fountains (2) Fireplace - Wood Burning (All) Leasing/Business Office Fully Equipped Kitchens Playground COMMENTS UTILITIES Granite Countertops* Resident Business Center All units upgraded with stainless- Kitchen Pantry* Sand Volleyball Court TYPE PAID BY steel/black appliances, and new lighting, Patio or Balcony Saunas (2) fixtures, and hardware. Some units have Electric Resident Separate Dining Area* Sprinklered Buildings wood-look or tile flooring, granite or faux- Water and Sewer Resident granite countertops and tile backsplash. Tile Backsplash* Swimming Pools (4 Outdoor, 1 Natural Gas Resident Indoor) Vaulted Ceilings* Tennis Courts (3 Lighted) Trash Removal Resident W/D Appliances Included Walk-In Closets Window Blinds UNIT MIX BREAKDOWN Wood-Look Flooring*

* Select Units

1 B R 2 B R 44% 56%

36 ASHLAND LAKEVIEW ASHLAND LAKEVIEW

4 WEATHERLY 1700 Weatherly Drive UNIT MIX Stone Mountain, GA 30083 UNIT TYPE # UNITS SIZE (SF) MKT. RENT EFF. RENT EFF. RENT/SF DeKalb County 1BR-1BA 64 598 $653 $653 $1.09 Total Units: 224 1BR-1BA 64 700 $495 $495 $0.71 Year Built: 1985 1BR-1BA 64 765 $740 $740 $0.97 Rentable Area (SF): 163,184 2BR-2BA 16 941 $824 $824 $0.88 Occupancy: 96% 2BR-2BA 16 1,006 $897 $897 $0.89 Managed by MSC TOTAL / AVG 224 729 $662 $662 $0.91 Investments/Management (Atl)

UNIT FEATURES COMMUNITY AMENITIES Alarm System Available Clubhouse/Leasing Center COMMENTS UTILITIES Black Appliances* Controlled Access Gates Select units have black appliances, granite TYPE PAID BY Breakfast Bar/Pass-Through Fitness Center countertops, new cabinets. No current Cable & Internet Ready Grilling/Picnic Areas renovation program. Electric Resident Ceiling Fans* Laundry Facility Water and Sewer Resident Cultured Marble Vanity Top* Pavilion Natural Gas Resident Entry Foyer with Closet* Playground Trash Removal Resident Exterior Storage Closet Swimming Pool FF Refrigerator w/Icemaker Fireplace* UNIT MIX BREAKDOWN Fully Equipped Kitchens Granite Countertops* Kitchen Pantry* 2 B R Patio or Balcony 14 % Screened Balcony or Patio* Separate Dining Area*

W/D Connections* 1 BR Walk-In Closets 86% Window Blinds

* Select Units

37 INVESTMENTAPARTMENT MARKETSUMMARY ASHLAND LAKEVIEW

5 MOUNTAIN LAKE 1401 North Hairston Road UNIT MIX Stone Mountain, GA 30083 UNIT TYPE # UNITS SIZE (SF) MKT. RENT EFF. RENT EFF. RENT/SF DeKalb County 1BR-1BA 16 880 $750 $750 $0.85 Total Units: 284 2BR-1.5BA 152 1,084 $800 $800 $0.74 Year Built: 1970 2BR-2BA 52 1,155 $864 $864 $0.75 Rentable Area (SF): 325,036 3BR-2BA 48 1,305 $950 $950 $0.73 Occupancy: 98% 3BR-2.5BA, TH 16 1,468 $1,075 $1,075 $0.73 Managed by SMP - Strategic Management TOTAL / AVG 284 1,144 $850 $850 $0.74 Partners (Atl)

UNIT FEATURES COMMUNITY AMENITIES Alarm System Available Bus Line / Bus Stop (MARTA) COMMENTS UTILITIES Black Appliances* Clubhouse/Leasing Center (1,800 Renovated units have wood-look flooring, SF) TYPE PAID BY Breakfast Bar/Pass-Through* faux-granite countertops, painted cabinets, Controlled Access Gates Cable & Internet Ready black appliances, new lighting, fixtures, and Electric Resident Fitness Center Ceiling Fans* hardware. Water and Sewer Resident Gazebo Entry and Linen Closets Natural Gas None Grilling/Picnic Areas Faux-Granite Countertops* Trash Removal Resident Lake w/Fountains FF Refrigerator w/Icemaker Laundry Facility Fully Equipped Kitchens Playground Kitchen Pantry UNIT MIX BREAKDOWN Resident Business Center Kitchen Window* Swimming Pool Laundry/Utility Closet* Walking Trail Patio or Balcony* 1 B R WiFi in Amenity Areas 3 BR Separate Bth Vanity Area* 6% 23% Separate Dining Area Sunken Living Room*

Townhouse Units Available 2 B R W/D Connections* 7 1% Walk-In Closets* Window Blinds Wood-Look Flooring*

* Select Units

38 ASHLAND LAKEVIEW ASHLAND LAKEVIEW

6 TERRA CREEK 4900 Central Drive UNIT MIX Stone Mountain, GA 30083 UNIT TYPE # UNITS SIZE (SF) MKT. RENT EFF. RENT EFF. RENT/SF DeKalb County 2BR-1BA 79 950 $749 $703 $0.74 Total Units: 192 2BR-1.5BA, TH 88 1,150 $849 $795 $0.69 Year Built: 1972 3BR-2BA 25 1,250 $999 $932 $0.75 Rentable Area (SF): 207,500 TOTAL / AVG 192 1,081 $827 $775 $0.72 Occupancy: 93% Effective rents reflect concessions. Managed by MSC Investments/Management (Atl) COMMENTS UTILITIES UNIT FEATURES COMMUNITY AMENITIES No current upgrade program. TYPE PAID BY Cable & Internet Ready Laundry Facility Electric Resident Ceramic Tile Tub Surround Leasing/Business Office Water and Sewer Resident Dual Sink Vanity* On-Site Parking Faux Granite Countertops Playground Natural Gas Resident Faux-Granite Countertops Swimming Pool Trash Removal Resident Fully Equipped Kitchens Kitchen Window* Laundry/Utility Closet UNIT MIX BREAKDOWN Patio or Balcony Separate Dining Area*

W/D Connections* 3 BR Window Blinds 13 %

* Select Units

2 B R 87%

39 INVESTMENTAPARTMENT MARKETSUMMARY SALES COMPARABLES SUMMARY

4 7 10 3 11 9 1

5 6

SALES COMPARABLES PROPERTY # UNITS YEAR BUILT SALES PRICE PRICE PER UNIT PRICE PER SF SALE DATE Ashland Lakeview 255 1978 TBD TBD TBD TBD 1 Decatur Flats 92 1988 $8,235,000 $89,511 $85 Aug 2016 2 Lavista Crossing 240 1969 $22,725,000 $94,688 $89 Jan 2017 3 Birch Run 198 1985 $14,400,000 $72,727 $59 July 2017 4 Springdale Glen 276 1973 $17,526,000 $63,500 $49 Jan 2017 5 Brentwood 156 1969 $9,230,000 $59,167 $56 Oct 2017 6 Willow Ridge 156 1985 $9,616,000 $61,641 $50 Sept 2017 7 1500 Oak 368 1973 $23,900,000 $64,946 $49 Nov 2015 8 Clifton Glen 556 1972 $40,866,000 $73,500 $55 July 2018 9 Summit Grove 64 1966 $4,800,000 $75,000 $74 June 2018 10 Pines at Lawrenceville 66 1971 $4,350,000 $65,909 $64 Dec 2016 11 Wildcreek Apartments 242 1988 $22,350,000 $92,355 $89 Oct 2018 COMP AVG 219 1976 $16,181,636 $73,904 $65

40 ASHLAND LAKEVIEW

ASHLAND LAKEVIEW FINANCIAL ANALYSIS

41 INVESTMENTFINANCIAL ANALYSIS SUMMARY ASHLAND LAKEVIEW

Address 200 Summit Lake Drive Stone Mountain, GA 30083 ASHCountyLAND LAKEVIDeKEWalb County Number of Units 255 Units 200 Summit Lake Dr YSeartone BuiltMountain, Georgia 30083 1978 1 BR RDentableeKalb Area 233,667 SF 72% Site Size 23.00 Acres Units: 255 DensityYear Built: 11.09 Units per Acre 1978 OcTotcupancal Area (SFy*): 97.3% 233,667 Site Size (Acres): 23.00 Gain/(Loss) to Lease* -22.7% 2 BR Density (Units Per Acre): 11.09 28% *AOsccu of pSanepcyt .( A2s7 ,o 2f S0ep18 27, 2018): 97.3% Gain/(Loss) to Lease (As of Sep 27, 2018): -22.7% UNIT MIX MARKET RENT LEASE RENT MARKET RENT AFTER UPGRADES UNIT # OF SIZE TOTAL MARKET MARKET MONTHLY ANNUAL # UNITS LEASE VALUE-ADD VALUE-ADD MONTHLY ANNUAL LEASE RENT TYPE UNITS SQ. FT. SQ. FT. RENT RENT/SQ. FT. RENT RENT OCCUPIED RENT/SQ. FT. RENT RENT/SQ. FT. RENT RENT 1 BR / 1 BA 32 527 16,864 $730 $1.39 $23,360 $280,320 31 $565 $1.07 $735 $1.39 $23,520 $282,240 1 BR / 1 BA 87 781 67,947 $850 $1.09 $73,950 $887,400 85 $634 $0.81 $875 $1.12 $76,125 $913,500 1 BR / 1.5 BA - TH 64 1,004 64,256 $884 $0.88 $56,576 $678,912 62 $646 $0.64 $900 $0.90 $57,600 $691,200 2 BR / 2 BA 72 1,175 84,600 $985 $0.84 $70,920 $851,040 70 $801 $0.68 $1,000 $0.85 $72,000 $864,000

TOTALS / AVERAGES 255 916 233,667 $882 $0.96 $224,806 $2,697,672 248 $676 $0.77 $899 $0.98 $229,245 $2,750,940

VALUE-ADD ASSUMPTIONS & SUMMARY COMMENTS VALUE-ADD / CAPITAL NEEDS RENT PREMIUMS (ON LEASE RENT) RETURN ON INVESTMENT Avg Value Add Cost (255 units at $7000 / Unit) $1,785,000 1 BR Units $233 Monthly Premium $56,969 Additional Capital Needs $0 2 BR Units $199 Annual Premium $683,625 Total Cost $1,785,000 ROI 38%

UTILITIES SEPARATELY TYPE OF SERVICE PROVIDER RESIDENTS PAY MONTHLY FEE METERED Electric Name of Provider Yes Utility Company Water & Sewer Name of Provider Yes Property $45-65 Natural Gas Name of Provider Yes N/A Trash Removal Name of Provider Yes Property $15 Pest Control Name of Provider n/a

10/11/20185:25 PM p1 ASHLAND LAKEVIEW

SEPTEMBER 2018 SEPTEMBER 2018 T-12 ACTUAL T-3 INCOME / T-12 EXPENSES PRO FORMA TOTAL PER UNIT TOTAL PER UNIT TOTAL PER UNIT PER MONTH INCOME 1 Scheduled Market Rent $2,358,121 $9,248 $2,400,424 $9,413 $2,697,672 $10,579 $224,806 2 Pro Forma Upgrade Premium 0 0 0 0 26,634 104 2,220 3 Gain/(Loss) to Lease (213,707) -9.1% (194,064) -8.1% (27,243) -1.0% (2,270) Total Gross Potential $2,144,414 $8,409 $2,206,360 $8,652 $2,697,063 $10,577 $224,755 4 Vacancy (93,948) -4.4% (75,388) -3.4% (134,853) -5.0% (11,238) 5 Non-Revenue Units (7,863) -0.4% (8,232) -0.4% (13,485) -0.5% (1,124) 6 Bad Debt/Write-Offs (24,485) -1.1% (14,524) -0.7% (26,971) -1.0% (2,248) 7 Concessions (4,713) -0.2% (252) 0.0% (13,485) -0.5% (1,124) Net Rental Income $2,013,405 $7,896 $2,107,964 $8,267 $2,508,269 $9,836 $209,022 Water/Sewer Income 161,655 634 165,304 648 164,888 647 13,741 Trash Income 42,936 168 43,896 172 43,795 172 3,650 Other Income 111,775 438 113,860 447 116,137 455 9,678 Total Other Income $316,366 $1,241 $323,060 $1,267 $324,820 $1,274 $27,068 Total Operating Income $2,329,771 $9,136 $2,431,024 $9,533 $2,833,089 $11,110 $236,091

EXPENSES Electric - Common Area $40,489 $159 $40,489 $159 $41,299 $162 3,442 Electric - Vacant 6,036 24 6,036 24 6,157 24 513 Natural Gas 6,667 26 6,667 26 6,800 27 567 Water/Sewer 108,850 427 108,850 427 111,027 435 9,252 Trash Removal 75,827 297 75,827 297 77,344 303 6,445 Subtotal Utilities 237,869 933 237,869 933 242,626 951 20,219 Landscaping 48,981 192 48,981 192 49,961 196 4,163 8 Turnover 55,480 218 55,480 218 57,375 225 4,781 9 Repairs & Maintenance 117,731 462 117,731 462 89,250 350 7,438 Subtotal Repairs & Maintenance 222,192 871 222,192 871 196,586 771 16,382 10 Payroll & Burden 331,302 1,299 331,302 1,299 300,900 1,180 25,075 11 General & Administrative 77,638 304 77,638 304 76,500 300 6,375 Advertising 19,805 78 19,805 78 20,201 79 1,683 12 Property Management Fee 75,347 3.2% 75,347 3.1% 84,993 3.0% 7,083 13 Real Estate Taxes 174,502 684 174,502 684 309,015 1,212 25,751 14 Property Insurance 61,981 243 61,981 243 57,375 225 4,781 15 Capital Reserves 0 0 0 0 63,750 250 5,313 Total Operating Expenses $1,200,636 $4,708 $1,200,636 $4,708 $1,351,946 $5,302 $112,662

NET OPERATING INCOME $1,129,135 $4,428 $1,230,388 $4,825 $1,481,143 $5,808 $123,429

Unless otherwise noted on the footnotes page, Broker Pro forma figures are based on a 2.0% increase over the respective September 2018 T-12 Actual figure.

INVESTMENTFINANCIAL ANALYSIS SUMMARY 10/4311/20185:25 PM p2 HISTORICAL & PRO FORMA INCOME FOOTNOTES HISTORICAL & PRO FORMA EXPENSE FOOTNOTES 1 Scheduled Market Rent 8 Turnover The Scheduled Market Rent of $2,697,672, or $224,806 per month, is based on the The pro forma Turnover expense of $225/unit is based on an average turn of $450 and current market rent shown on the Rent Roll dated 9-27-18. 50% annual turnover. 2 Pro Forma Upgrade Premium 9 Repairs & Maintenance The pro forma assumes the property will begin upgrades in Year 1. Proposed upgrades The pro forma Repairs & Maintenance Expense is based on a typical figure of $350/unit. are expected to take approximately 2 years to complete. The anticipated gain through rent premiums for the upgrades is expected to be around $26,634/year throughout the 10 Payroll & Burden course of the upgrade period. PAYROLL ANNUAL PAY/BONUS BURDEN TOTAL 3 Gain/(Loss) to Lease Property Manager $50,000 $9,000 $59,000 The pro forma assumes Gain/(Loss) to Lease to be -1.0% of Scheduled Market Rent. Assistant Manager $45,000 $8,100 $53,100 Leasing Agent $30,000 $5,400 $35,400 4 Vacancy Subtotal Office/Leasing $147,500 The pro forma assumes vacancy equivalent to -5.0% of the Gross Potential Income. 5 Non-Revenue Units Maintenance Supervisor $55,000 $9,900 $64,900 The pro forma assumes Non-Revenue Units equivalent to -0.5% of the Gross Potential Assistant Maintenance $45,000 $8,100 $53,100 Income or approximately one unit. TurnKey $30,000 $5,400 $35,400 Subtotal Maintenance $153,400 6 Bad Debt/Write-Offs Total $255,000 18% $300,900 The pro forma assumes Bad Debt/Write-Offs of -1.0% of pro forma Gross Potential Income. Total/Unit $1,180 7 Concessions 11 General & Administrative Pro forma assumes concessions of -0.5% of Gross Potential Income. The pro forma General & Administrative expense is based on a typical figure of $300/ unit. 12 Property Management Fee The pro forma Management Fee is 3.0% of Total Operating Income.

13 Real Estate Taxes

PROPERTY TAXES State Georgia 2017 Tax Value $9,561,229 County DeKalb Assessed Value $3,824,492 City Unincorporated Millage Rate 43.990 mills Real Property Tax $168,239 Tax Assessment Ratio 40% Stormwater Fees $6,144 Tax Parcel ID Number(s) Multiple Property Tax Rebate $0 Personal Prop/Bus Tax $0 2017 Total Property Taxes $174,383

14 Property Insurance The pro forma Property Insurance is assumed to be $225/unit.

15 Capital Reserves The pro forma Capital Reserves are based on a typical $250/unit.

44 CONFIDENTLY GLOBAL, EXPERTLY LOCAL. The Multifamily Advisory Group has built a reputation as one of the most dynamic, professional, and hands-on multifamily teams in the industry. With offices located throughout the Southeast, our team is strategically positioned to serve clients across the spectrum of multifamily investments, from institutional to professional equity to private capital investors. Our long- standing super regional approach to the 9 states and 33 markets ensures the team’s coverage and execution model provides clients greater market intelligence and wider market exposure when selling their assets.

$4.8 BILLION MOST 33.5% CLOSED IN 2017 +34.6% #1 ACTIVE #1 MARKET SHARE $15 BILLION YOY GROWTH SOUTHEAST SOUTHEAST 2017-YE IN LAST 5 YEARS IN SALES VOLUME FIRM 2014-2017*

*Market share reflects property volume percent of broker-attributed sales reported to CoStar for AL, Northwest FL, GA, KY, LA, MS, NC, SC and TN

REGIONAL TRANSACTION LEADERS

REGIONAL LOCATIONS ATLANTA • BIRMINGHAM • CHARLOTTE LOUISVILLE • NASHVILLE • NEW ORLEANS • RALEIGH CONFIDENTIALITY STATEMENT This Offering Memorandum (OM) was prepared by (Broker) and has been reviewed by the Owner. The OM is confidential, furnished solely for the purpose of considering the acquisition of the Property described herein, and is not to be used for any other purpose or made available to any other person without the express written consent of Broker. An opportunity to inspect the Property will be made available to qualified prospective purchasers.

The information contained herein has been obtained from sources deemed reliable, and we have no reason to doubt its accuracy. However, no warranty or representation, expressed or implied, is made by the Owner or Broker or any related entity as to the accuracy or completeness of the information contained herein, including but not limited to financial information and projections, and any engineering and environmental information. Prospective purchasers should make their own investigations, projections, and conclusions. It is expected that prospective purchasers will conduct their own independent due diligence concerning the Property, including such engineering inspections as they deem necessary to determine the condition of the Property and the existence or absence of any potentially hazardous materials used in the construction or maintenance of the building(s) or located at the land site, including but not limited to lead-based products (for compliance with “Target Housing” regulation for multifamily housing constructed prior to 1978), asbestos, etc.

The Owner and Broker expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any party at any time with or without notice. The Owner shall have no legal commitment or obligation to any purchaser unless a written agreement for the purchase of the Property has been delivered, approved, and fully executed by the Owner, and any conditions to the Owner’s obligations thereunder have been satisfied or waived. Broker is not authorized to make any representations or agreements on behalf of the Owner. Broker represents the Owner in this transaction and makes no representations, expressed or implied, as to the foregoing matters. The depiction of any persons, entities, signs, logos, or properties (other than Broker’s client and the Property) is incidental only and not intended to connote any affiliation, connection, association, sponsorship, or approval by or between that which is incidentally depicted and Broker or its client.

This OM is the property of Broker and may be used only by parties approved in writing by Broker. The information is privately offered and, by accepting this OM, the party in possession hereon agrees (i) to return it to Broker immediately upon request of Broker or the Owner and (ii) that this OM and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this OM may be copied or otherwise reproduced and/or disclosed to anyone without the written authorization of Broker and Owner. The terms and conditions set forth above apply to this OM in its entirety.

©2018 . All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE.