Offering Memorandum Vice President Investments S TYLESPORTFOLIO Nicholas Meoli Vice President Investments

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Exclusively Listed By: S Michael Donaldson Offering Memorandum Vice President Investments S TYLESPORTFOLIO Nicholas Meoli Vice President Investments

Brandon | Tampa | Jacksonville Allan Holbrook MEOLIDONALDSON PARTNERS Investment Associate L L IVE O AKS Tampa, FL L L AKEWOOD Brandon, FL S

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EXECUTIVE SUMMARY

Brandon, FL S

TYLES ORTFOLIO EXECUTIVEPROPERTY SUMMARY S P Styles Portfolio Lakewood - 1651 Lake Meadow Circle South, Brandon, Florida 33510 Live Oaks - 2232 Spring Glade Circle, Tampa, Florida 33613 Summerwind - 5262 Timuquana Road, Jacksonville, Florida 32210 OFFERING SUMMARY SUMMARY EXECUTIVE Price $11,500,000 Price Per Unit $51,569 Number of Units 223 Rentable Square Feet 122,112 L Number of Buildings 29 L AKEWOOD Number of Stories One

PROPERTY Year Built 1981 & 1984 DESCRIPTION Lot Size 14.06 Acres MOL

VITAL DATA Net Operating Income - Takeover $864,391 Net Operating Income - Year One $967,421 L IVE AKS Cash-On-Cash Return - Year One 11.44% L O ANALYSIS FINANCIAL UNIT MIX

NO. OF UNITS UNIT TYPE APPROX SQUARE FEET 14 Studio - Summerwind 288 17 Studio - Live Oak 288

17 Studio - Lakewood 288 S 38 1 Bdr 1 Bath - Summerwind 576 S UMMERWIND COMPARABLES 52 1 Bdr 1 Bath - Live Oak 576 MAJOR EMPLOYERS 59 1 Bdr 1 Bath - Lakewood 576 Hillsborough County Employees Duval County Employees 10 2 Bdr 1 Bath - Summerwind 864 Hillsborough County Schools 25,776 Naval Air Station Jacksonville 25,240 9 2 Bdr 1 Bath - Live Oak 864 University of South Florida 16,693 Duval County Public Schools 14,480 7 2 Bdr 1 Bath - Lakewood 864 Moffitt Cancer Center 4,300 Naval Station Mayport 9,000 MARKET OVERVIEW 223 Total 122,112 Busch Gardens/Adventure Island 3,800 City of Jacksonville 8,820

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S EXECUTIVE SUMMARY S TYLESPORTFOLIO Summary of Terms EXECUTIVE SUMMARY Interest Offered

Fee simple interest in Styles Porfolio, a 223-unit, portfolio of three communities located at 1651 Lake Meadow Circle South, Brandon, Florida, 33510; 2232 Spring Glade Circle, Tampa, Florida, 33613 and 5262 Timuquana Road, Jacksonville, Florida, 32210.

Terms of the Sale DESCRIPTION PROPERTY This portfolio is being offered with an attractive long term loan that must be assumed. For further details, please refer to the Assumable Loan Details Summary on page 104.

Property Tours

Prospective purchasers are encouraged to visit the subject property prior to

submitting offers. However, all property tours must be arranged with the FINANCIAL ANALYSIS listing agents. Please do not contact the on-site management or staff without prior approval. Offer Protocol

Seller will be reviewing offers as they are presented. In addition to the offer, prospective purchasers must also submit evidence of their funding source

demonstrating their ability to close on the terms set forth in the offer. COMPARABLES OVERVIEW MARKET

Tampa, FL S

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PORTFOLIO OVERVIEW

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Investment Overview SUMMARY

EXECUTIVE The Styles Portfolio is a unique opportunity to capture 223 units in Hillsborough Both metro areas are seeing significant improvements and developments taking and Duval Counties. With two communities in the Tampa Bay area, one in Tampa place. Tampa is undergoing a major transformation with a massive redevelopment and the other in Brandon and one community in Jacksonville, this multifamily of the downtown and riverside areas totaling roughly $2 billion. Jacksonville is portfolio is positioned in two of the fastest growing and bustling metro areas also seeing changes with a new transportation center in the works as well as a in Florida. Consisting of 29 total buildings, this three-property portfolio is multi-million dollar residential and retail community on the river. constructed of wood frame with masonry wood siding and pitched composition shingle roofs. The unit mix of the portfolio includes 48, studio/one-bathroom units with 288 rentable square feet; 147, one-bedroom/one-bathroom units with Investment Highlights 576 rentable square feet and 28, two-bedroom/one-bathroom units with 864 ♦♦ PROPERTY rentable square feet. Three Property Portfolio Offering Economies of Scale in Florida DESCRIPTION

♦♦ Unique Opportunity to Acquire 223 Units in High Growth The portfolio consists of the following properties: Tampa Bay and Jacksonville MSA’s

♦♦ Attractive Unit Mix of Studio, One-Bedroom and Two-Bedroom ♦♦ Lakewood, an 83-Unit Community in Brandon, Florida Apartments ♦♦ Live Oaks, a 78-Unit Community in Tampa, Florida ANALYSIS FINANCIAL ♦♦ Close Proximity to Major Area Retail, Dining and Entertainment ♦♦ Summerwind, a 62-Unit Community in Jacksonville, Florida Destinations

All three properties are conveniently positioned nearby many local points of ♦♦ Attractive Assumable Non-Recourse Loan With Approximately interest. Lakewood in Brandon sits off the major arterial Brandon Boulevard Eight Years Remaining granting easy access to Interstate 75, Lee Roy Selmons Expressway and a multitude of retail and dining destinations. Live Oaks in Tampa is situated in ♦♦ Ability to Achieve an 11 Percent Cash-On-Cash Return and the University submarket, which is home to the University of South Florida, The Increase Revenue By Approximately $119,000 Through COMPARABLES Florida Hospital and University Mall. Summerwind in Jacksonville is nestled in a peaceful area surrounded by major retail and is a short distance from downtown Bringing Rents to Market Levels Jacksonville and its many attractions. ♦♦ Average Occupancy Level of 96 Percent Throughout Portfolio

♦♦ Utility Reimbursements Are Implemented on Majority of Portfolio MARKET OVERVIEW

Property Summaries SUMMARY L L S L AKEWOOD L IVEO AKS S UMMERWIND DESCRIPTION PROPERTY 1651 Lake Meadow Circle South 2232 Spring Glade Circle 5262 Timuquana Road Brandon, FL 33510 Tampa, FL 33613 Jacksonville, FL 32210

Number of Units 83 Number of Units 78 Number of Units 62 Rentable Square Feet 45,504 Rentable Square Feet 42,624 Rentable Square Feet 34,598 Number of Buildings 10 Number of Buildings 10 Number of Buildings 9

Number of Stories One Number of Stories One Number of Stories One FINANCIAL ANALYSIS Year Built 1981 Year Built 1981 Year Built 1984 Lot Size 4 .61 +/- Acres Lot Size 4 .55 +/- Acres Lot Size 4 .90 +/- Acres COMPARABLES OVERVIEW MARKET

3 S SUMMARY EXECUTIVE S UMMERWIND PROPERTY DESCRIPTION ANALYSIS FINANCIAL COMPARABLES YEAR # OF PROPERTY BUILT UNITS

1 Lakewood 1981 83 2 2 Live Oaks 1981 78 L

IVE AKS 1 MARKET L O OVERVIEW 3 Summerwind 1984 62 L L AKEWOOD

L EXECUTIVE 1. University Mall L IVEO AKS SUMMARY

2. University of South Florida

3. Busch Gardens and Adventure Island 8

2 DESCRIPTION 4. Topgolf 1 PROPERTY

3 5. Westfield Brandon Mall

6. Lowry Park Zoo 6 FINANCIAL 7. Seminole Hard Rock Hotel & Casino ANALYSIS 7 8 8. Midflorida Credit Union Amphitheater 9 9. Raymond James Stadium 10 L L AKEWOOD 11 COMPARABLES 10. Tampa International Airport 12 13 11. International Plaza and Bay Street 14 4 5 12. Florida Aquarium OVERVIEW

13. Amalie Arena MARKET

14. Tampa General Hospital

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LAKEWOOD PROPERTY DESCRIPTION

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S TYLESPORTFOLIO SUMMARY EXECUTIVE PROPERTY DESCRIPTION ANALYSIS FINANCIAL COMPARABLES MARKET OVERVIEW

Investment Overview EXECUTIVE SUMMARY Lakewood is an 83-unit, garden-style community located within Brandon, University of South Florida is one of the top up-and-coming universities in the which is within Hillsborough County, Florida. The area houses a population of nation and is ranked as one of the top 150 universities in the country. approximately 265,000 residents and has experienced vast growth, largely in part to its proximity to Tampa, impressive retail and dining options and many career Lakewood offers open floorplans consisting of 17, studio/one-bathroom units with and technical institutions in the area. 288 rentable square feet; 59, one-bedroom/one-bathroom units with 568 rentable square feet and seven, two-bedroom/one-bathroom units with 848 rentable square The property is positioned on Lakewood Drive, just off of Brandon Boulevard, feet. Each floorplan has been thoughtfully designed to maximize the usage and a major area thoroughfare with a daily traffic count of 82,500 vehicles, which functionality of the space. Residents are responsible for all utility expenses. DESCRIPTION PROPERTY holds most of the area’s extensive retail and dining options. Lakewood is also five minutes from Interstate 75 with a daily traffic count of 133,000 vehicles. Interstate 75 provides access to Tampa, Sarasota and Orlando. The Lee Roy Selmon Expressway with a daily traffic count of 62,000 vehicles per day also provides a link to downtown Tampa, MacDill Air Force Base and Tampa International Airport, one of the nation’s premier airports, featuring six terminals and three runways to service over 200 aircraft departures and 46,000 passengers daily. These major highways connect residents to many popular points of interest FINANCIAL in Tampa Bay including the Busch Gardens and Adventure Island (14.2 miles ANALYSIS away), Seminole Hard Rock Hotel and Casino (7.1 miles away), MOSI Museum (13.3 miles away) and the University of South Florida (13.0 miles away). Also adjacent to Lakewood is the Westfield Brandon Mall, which is a major draw to the area and anchored by Dillard’s, JCPenny, Macy’s, Sears and Dick’s Sporting Goods. In 2007, the mall underwent a major expansion to accommodate the vast growth and popularity of the area. COMPARABLES Built in 1981 of wood frame construction and vinyl siding exterior, Lakewood is situated on a generous, approximate 4.61-acre site and is comprised of 10 residential buildings. The property offers convenient on-site laundry facilities for its residents and a serene park-like setting. The unit interiors offer spacious floorplans, attic storage, washer/dryer connections in select units, built-in cookshelves, fully equipped kitchens, mini-blinds and private balconies/patios. Additionally, residents will find convenient access to local area schools as the community is served by Mango Elementary School, McLane Middle School, OVERVIEW Brandon High School and Hillsborough Community College – all of which MARKET are within a seven minute commute. Hillsborough Community College enrolls approximately 47,000 students across its five campuses. Nearby in Tampa, the University of South Florida enrolls approximately 42,000 students in 250 different degree programs. According to the U.S. News & World Report, the

THE OFFERING Property Lakewood Property Address 1651 Lake Meadow Circle South Brandon, Florida 33510 SUMMARY EXECUTIVE Assessor’s Parcel Number U-21-29-20-ZZZ-000002-54800.0 L Zoning RMC-20 L AKEWOOD

SITE DESCRIPTION Number of Units 83 Number of Buildings 10

PROPERTY Number of Stories One DESCRIPTION Year Built 1981 Rentable Square Feet 45,504 Lot Size 4.61 +/- Acres

Type of Ownership Fee Simple Regional Map

UTILITIES ANALYSIS FINANCIAL Water Resident Pays Flat Fee - Hillsborough Water Department Phone Resident Pays - Bright House Electric Resident Pays - Tampa Electric Company

CONSTRUCTION Foundation Slab On Grade L L AKEWOOD Framing Wood Frame Exterior Vinyl Siding COMPARABLES Parking Surface Asphalt Roof Pitched Composition Shingle

MECHANICAL HVAC Individual PTAC Heating and Air Conditioning MARKET OVERVIEW

Local Map

Common Area Amenities EXECUTIVE SUMMARY

◆◆ On-Site Laundry Facilities

◆◆ Nearby Dining, Shopping and Entertainment Destinations Including the Westfield Brandon Shopping Mall

◆◆ Walking Distance to Public Transportation DESCRIPTION PROPERTY FINANCIAL ANALYSIS

Unit Amenities

◆◆ Washer/Dryer Connections in One- and Two- Bedroom Units COMPARABLES

◆◆ Attic Storage

◆◆ Built-In Bookshelves in Select Units

◆◆ Mini-Blinds

◆◆ Private Patios in One- and Two-Bedroom Units OVERVIEW ◆◆ Vinyl Flooring in Majority of Units MARKET

Two-Bedroom/One-Bathroom 848 Square Feet Studio/One-Bathroom

COMPARABLES 8% of the Community 288 Square Feet 21% of the Community MARKET OVERVIEW

S TYLESPORTFOLIO EXECUTIVE SUMMARY DESCRIPTION PROPERTY FINANCIAL ANALYSIS COMPARABLES OVERVIEW MARKET

Immediate Area Highlights Lakewood is centrally located within Brandon, a suburb of Tampa Bay Less than two miles from the subject property is Westfield Brandon Mall, a in Hillsborough County, nearby many great local points of interest. The large draw to the city, which has been a cornerstone for growth in the area.

SUMMARY immediate surrounding area is comprised of many dining and shopping EXECUTIVE The mall brings visitors from all over Tampa and is a popular destination destinations. Within a 10-minute drive, residents are offered ease of for international travelers as Brandon is easily accessible from the Tampa commute to four major grocers including Publix Supermarket, Save-A- International Airport. The mall’s special tenant structure and advanced Lot, ALDI and Winn-Dixie. Residents are also furnished with a nationally design lures new visitors regularly. Area residents can find entertainment recognized hospital, Brandon Regional Hospital. Additionally, new local venues sprinkled throughout the city including the Center Place Fine Arts attractions and retail are found at The Estuary, which features a Bass Pro and Civic Center, the historic James McCabe Theater and the Barn Theatre Shops and the increasingly popular golf entertainment complex Topgolf, at Winthrop. both under five miles from Lakewood.

PROPERTY In addition, Brandon provides several educational institutions. Hillsborough DESCRIPTION Just east of Tampa, Brandon can be accessed easily as it is positioned Community College has an 82-acre Brandon Campus just four miles from nearby four major highways. The Lee Roy Selmon Expressway provides Lakewood and offers an array of credit classes to earn Associate degrees in access to MacDill Air Force Base and downtown Tampa. It is also a short arts, aquaculture, engineering technology and biotechnology to name a few. 30-minute drive to the Tampa International Airport. With over 14,000 Other institutions include Springfield College, Southern Technical College businesses, A-rated schools and a nationally recognized hospital, Brandon and Rasmussen College. is proving to be a fast-growing community where residents live, work and play in their own backyards. The Greater Brandon area boasts a population ANALYSIS

FINANCIAL of 265,000 with over 116,000 households. The community is home to many young professionals, many whom commute to Tampa for work. COMPARABLES MARKET OVERVIEW Westfield Brandon

Employers/Economic Drivers EXECUTIVE SUMMARY Brandon has a diverse portfolio of economic contributors with major HILLSBOROUGH’S TOP 10 EMPLOYERS companies such USAA and Ashley Furniture. USAA, the finance giant serving current and former members of the military and headquartered Publix Supermarkets 33,035 Employees in Texas, has a new Crosstown Campus by Lee Roy Selmon Expressway. Hillsborough County Schools 25,776 Employees At approximately 250,000 square feet, the new office will house 850 University of South Florida 16,693 Employees employees with room for about 1,200. This is one of two planned offices Tampa General Hospital 6,700 Employees at the Crosstown site. As part of the Tampa Bay Area, many Brandon VA Hospital 5,500 Employees DESCRIPTION residents work in downtown Tampa or the Westshore Business District. PROPERTY Several large companies include Bank of America, BB&T, Marshall & WellCare Health Plans 4,460 Employees Ilsley, PNC Financial Services, SunTrust, Sykes Enterprises, TECO Moffitt Cancer Center 4,200 Employees Energy and Verizon. The Florida Hospital 4,000 Employees St. Joseph’s John Knox Village 3,500 Employees Brandon is known, in part, for the multitude of private and for-profit educational institutions that stimulate Brandon’s local economy such Seminole Hard Rock Hotel & Casino 3,500 Employees as Southern Technical College, Springfield College, Hillsborough FINANCIAL Community College, Rasmussen College, Everest University and ANALYSIS Florida Career College, employing many local Brandon and Tampa residents.

Brandon Healthplex is currently underway to be open by the end of the year. This 17.4-acre complex will feature a 100,000-square foot medical center, freestanding emergency room, ambulatory surgery

center, physical therapy, imaging services and physician offices. Tampa COMPARABLES General and Florida Hospital joined forces in purchasing this land in a new nonprofit partnership. It will be adjacent to the Estuary and Topgolf entertainment complex.

Tampa Bay is in the midst of an economic transformation. In the past year NASDAQ-traded Tech Data added 250 new jobs to its Clearwater headquarters, less than a 30-minute commute from Downtown Tampa. Money magazine named Tampa the “Best Big City in the Southeast” OVERVIEW

in its August 2015 issue. Since 2012, the public-private partnership MARKET Tampa Hillsborough Economic Development Corp. has attracted more than 10,100 new jobs to Hillsborough County and more than $816 USAA Crosstown million in capital investment for new and existing businesses.

Education

Hillsborough Community College (Brandon Campus) - 4.2 Miles SUMMARY EXECUTIVE from Subject

Hillsborough Community College (HCC) is a two-year community college with six campuses countywide and a total student enrollment of nearly 43,000 students annually. Hillsborough Community Collete is the eighth ranking community college in the state of Florida and the 20th ranking in the nation for total number of degrees awarded. The college is also one of the few community colleges nationwide to PROPERTY

DESCRIPTION provide its own residence hall.

Rasmussen College - 4.4 Miles from Subject

Rassmussen college is a for-profit private college offering associate’s and bachelor’s degrees. With 24 compuses nationally and more than 70 Hillsborough Community College (Brandon) programs, Rasmussen is accredited by the Higher Learning Commission. The school is organized into various schools: health sciences, design, ANALYSIS FINANCIAL business, justice studies, education, nursing and technology.

University of South Florida - 13.0 Miles from Subject

The University of South Florida, more commonly referred to as USF, is the fourth-largest public university in the state of Florida and houses a student population of more than 42,000 per academic year and employs over 16,000 people. The university offers its students

COMPARABLES over 80 undergraduate and 130 post graduate and doctoral-level degrees. The U.S. News & World Report ranked The University of South Florida within the top 100 public schools nationwide, and its higher-level degrees have continued to rank within the nation’s top 50. Additionally, the university is considered one of the nation’s leaders in medical research within the disciplines of diabetes, Alzheimer’s, cardio health and more. The University of South Florida creates a generous

MARKET local economic impact of more than $3.7 billion in revenue annually OVERVIEW for Tampa. University of South Florida

Brandon Regional Hospital – 1.9 Miles from Subject Tampa International Airport – 15.9 Miles from Subject

Brandon Regional Hospital is a 438-bed acute care facility offering a number For those residents who travel frequently, the Tampa International of specialty services including the Heart & Vascular Center, where the latest Airport is within a 30-minute drive of the property, which accommodates in cardiovascular surgery and minimally invasive techniques are performed, more than 16.6 million travelers each year. The Tampa International

The Behavioral Health Center, The Women’s Center, which includes our DESCRIPTION Airport also employs nearly 7,500 employees. The airport is currently PROPERTY Baby Suites and 22-bed neonatal intensive care unit, The Reflux Center and a undergoing a $1 billion renovation, set for completion in 2017, which designated Bariatric Center of Excellence. will provide accommodation to more than 25 million travelers per year. The Airport’s face-lift will not only expand its central terminal, but it Johns Hopkins All Children’s Specialty Care - 1.9 Miles from Subject will create a sleek, wide-open space with a new line-up of unique shops, bars and restaurants. Additionally, the Tampa Bay economy will greatly Johns Hopkins All Children’s Outpatient Care in Brandon is a 21,000-square foot clinic facility that provides high-quality medical and therapeutic services benefit from these additions as more than 9,000 jobs will be created. in a convenient outpatient setting. All of the physicians, nurses and other FINANCIAL professionals who work in the center are extensively trained to meet the ANALYSIS physical, emotional and developmental needs of children of all ages.

St. Joseph’s Hospital – 2.4 Miles from Subject

A 470-bed facility, St. Joseph’s is known for its advanced medical technology and treats some of the most complex medical and surgical conditions. A highly skilled and experienced staff of physicians with national and international COMPARABLES reputations cares for infants, children and adults at the hospital. More than 70 specialties are represented among the medical staff, from internal medicine to cardiology, neurology to surgery.

Tampa General Hospital – 10.5 Miles from Subject

Located in Downtown Tampa, Tampa General Hospital (TGH) is a 1,018-bed hospital which has been ranked as Florida’s number one hospital by U.S. News & World Report. TGH employs approximately 6,700 total staff members and OVERVIEW works in unison with University of South Florida’s College of Medicine for MARKET teaching and research methods. Tampa General is also considered a Level One trauma center with a fleet of five helicopters allowing the hospital to serve 23 Brandon Regional Hospital counties statewide.

Adjacent to Westfield Brandon Mall, Lake Brandon Village contains 454,371 This 600,000-square foot retail and entertainment complex is a massive new SUMMARY EXECUTIVE square feet of retail serving the Brandon community. With 18 retailers and development in the Brandon/Tampa area. It features a Bass Pro Shops as the restaurants, Lake Brandon is home to Lowe’s, Publix, Sports Authority and hub for the complex and is three times the size of a Publix grocery store with a Nordstrom Rack to name a few. In addition to shopping, visitors can enjoy a separate boat store and ponds. The project includes several retail and restaurant variety of dining options such as Ford’s Garage, Cheddar’s, Chick-Fil-A and locations, a grocery store, a boutique movie theater and a hotel. Adjacent to First Watch. Topgolf, the Estuary is a space where residents and visitors can eat, shop and play. It will also feature the new Brandon Healthplex, featuring 100,000 square Westfield Brandon Mall – 1.6 Miles from Subject feet of medical space with a freestanding emergency room and physician offices.

PROPERTY Winthrop Town Centre – 3.6 Miles from Subject DESCRIPTION Formerly known as Brandon Town Center, Westfield Brandon expanded in 2007 by adding 150,000 square feet of retail space adding an additional anchor and several restaurants. Dillard’s, JCPenney, Macy’s, Sears and Dick’s Sporting Winthrop is a shopping, dining and entertainment center that brings a historic Goods anchor the mall. The 253 stores span across 1,100,000 square feet of atmosphere to the modern complex. Referred to as Traditional Marketplace, it retail space. hosts a Starbucks, Acropolis Greek Taverna, Five Guys, Publix and a handful of local boutique businesses. Winthrop Town Centre also hosts the annual Ace Golf Range and Pro Shop – 2.1 Miles from Subject Winthrop Arts Festival. ANALYSIS FINANCIAL Ace Golf is an upscale practice range with room to drive 250 yards featuring Seminole Hard Rock Hotel & Casino – 7.1 Miles from Subject six target greens with laser-measured distances and stadium lights for evening practice. In addition to the range, Ace Golf offers a family-friendly tropical Opening its doors in 2004, this 190,000-square foot casino is the sixth largest themed miniature golf course, batting cages with slow and fast pitch machines, worldwide and the most profitable in the country. It features 24-hour service, golf lessons and parties and events. iconic rock n’ roll memorabilia, a large Hard Rock Cafe Restaurant, 12-story hotel tower, pool, fitness center and several other eateries and shops. The Topgolf – 3.0 Miles from Subject Seminole Hard Rock Hotel & Casino, which has a casino floor larger than five combined football fields and has plans for a $1.8 billion expansion including a Topgolf is a sports entertainment complex with 29 venues worldwide. The second hotel tower with more than 500 additional guest rooms, a new Japanese COMPARABLES 65,000-square foot venue is a state of the art driving range with wireless, restaurant, a new lobby bar, remodeling of the existing Hard Rock Café, a microchipped golf balls that provide instant feedback to players, event spaces, new swimming pool and new meeting facilities. This will create 4,867 new restaurant and bar, pool tables and games and a rooftop lounge. With a climate- permanent jobs. controlled venue, guests can play year-round in this social environment with a full food and beverage menu, music and hundreds of TV’s broadcasting MidFlorida Credit Union Amphitheatre – 7.4 Miles from Subject various sports. Topgolf also offers lessons, leagues, tournaments and corporate With a capacity of approximately 20,000 guests, the MidFlorida Credit Union

MARKET and social events. OVERVIEW Amphitheatre is located adjacent to Interstate 4 on the Florida State Fairgrounds. Opening in 2004, the venue has hosted many big-name acts including Kenny

Located in Downtown Tampa, the Florida Aquarium is a 250,000-square foot facility which features more than 20,000 species of aquatic animals from all over the world. Recently, the Florida Aquarium received its accreditation DESCRIPTION PROPERTY by the Association of Zoos and Aquariums (AZA), which is a process that happens every five years. The Florida Aquarium accommodates nearly 750,000 guests annually.

Amalie Arena – 10.3 Miles from Subject

The Amalie Arena, formerly known as The Tampa Bay Times Forum, which is home to the NHL’s Tampa Bay Lightning, is a mixed-use arena that plays host FINANCIAL to sporting events as well as concerts. The arena is located within Downtown ANALYSIS Tampa and is deemed the fourth busiest arena in the country. In 2012, the Amalie Arena played host to the 2012 Republican National Convention just after receiving a $35 million face lift. The Convention contributed $214 Museum of Science and Industry million directly into the Tampa Bay local economy. Annually, the Forum has an economic impact of more than $500 million.

Museum of Science and Industry (MOSI) – 13.3 Miles from Subject COMPARABLES

This not-for-profit science museum is dedicated to advancing knowledge, interest and understanding of science, technology and industry through making science real for people of all ages. The museum holds a scientific playground with more than 450 hands-on activities in the largest science center in the southeast. In addition, MOSI is home to Florida’s only IMAX Dome Theatre providing 10,500 square feet of visual imagery. OVERVIEW Busch Gardens and Adventure Island – 14.2 Miles from Subject MARKET

Busch Gardens Tampa is a 335-acre theme park, which is considered one of the top 25 most visited theme parks worldwide. Busch Gardens features African-themed decor, numerous roller coasters and exotic animal exhibits. Florida Aquarium

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Average Occupancy

100 AVG 94% 90 SUMMARY EXECUTIVE 80

PROPERTY 20 DESCRIPTION 10

0 Lakewood Bridgeport Lakewood The Palms El Dorado Place at Palisades ANALYSIS FINANCIAL Average Rents - Studio and One-Bedroom Average Rents - Two and Three-Bedroom

1,000 1,400

1,200 800 AVG $794 AVG $1,104 1,000 AVG $985 600 AVG $567 800

600

COMPARABLES 400

400 200 200

0 0 Lakewood Brandon Oaks Bridgeport Lakewood The Palms at El Dorado Lakewood Brandon Bridgeport Lakewood The Palms El Dorado Place Palisades Oaks Place at Palisades

1 Bdr Studio 2 Bdr 3 Bdr MARKET OVERVIEW

Rent Comparables EXECUTIVE SUMMARY Lakewood 1 1 Brandon Oaks 1 2 Bridgeport 4 3 Lakewood Place 3 4 The Palms at Palisades 5 DESCRIPTION

5 El Dorado PROPERTY

AKEWOOD FINANCIAL L ANALYSIS COMPARABLES OVERVIEW

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Studio Apartments Studio Apartments Sorted by Net Rent Sorted by Price Per Square Foot SUMMARY EXECUTIVE Year Square Market Price Per Utilities Paid Washer/ Distance From Year Square Market Price Per Utilities Paid Washer/ Distance From Property Built Unit Type # of Units Footage Net Rent Square Foot by Resident Dryer Subject (Miles) Property Built Unit Type # of Units Footage Net Rent Square Foot by Resident Dryer Subject (Miles) Bridgeport 1977 Studio 23 288 $684 $2.38 E,C Connections In Select 4.4 Bridgeport 1977 Studio 23 288 $684 $2.38 E,C Connections In Select 4.4 Lakewood 1981 Studio 17 288 $646 $2.24 E,S,W,T,C Connections In Select 0.0 Lakewood 1981 Studio 17 288 $646 $2.24 E,S,W,T,C Connections In Select 0.0 El Dorado 1969 Studio 3 450 $450 $1.00 E,S,W,T,C No 1.6 El Dorado 1969 Studio 3 450 $450 $1.00 E,S,W,T,C No 1.6 Averages: 1976 14 342 $593 $1.87 2.00 Averages: 1976 14 342 $593 $1.87 2.00

PROPERTY One-Bedroom Apartments One-Bedroom Apartments DESCRIPTION Sorted by Net Rent Sorted by Price Per Square Foot Year Square Market Price Per Utilities Paid Washer/ Distance From Year Square Market Price Per Utilities Paid Washer/ Distance From Property Built Unit Type # of Units Footage Net Rent Square Foot by Resident Dryer Subject (Miles) Property Built Unit Type # of Units Footage Net Rent Square Foot by Resident Dryer Subject (Miles) Lakewood Place 1988 1 x 1 40 600 $918 $1.53 E,S,W,T,C Yes 0.3 Lakewood Place 1988 1 x 1 40 600 $918 $1.53 E,S,W,T,C Yes 0.3 Lakewood Place 1988 1 x 1 90 700 $915 $1.31 E,S,W,T,C Yes 0.3 Bridgeport 1977 1 x 1 62 576 $829 $1.44 E,C Connections In Select 4.4 Bridgeport 1977 1 x 1 62 576 $829 $1.44 E,C Connections In Select 4.4 Lakewood 1981 1 x 1 59 576 $756 $1.31 E,S,W,T,C Connections In Select 0.0 The Palms at Palisades 1981 1 x 1 29 675 $824 $1.22 E,C Connections In Select 2.4 Lakewood Place 1988 1 x 1 90 700 $915 $1.31 E,S,W,T,C Yes 0.3 Brandon Oaks 1973 1 x 1 45 700 $804 $1.15 E,C Connections In Select 2.5 The Palms at Palisades 1981 1 x 1 29 675 $824 $1.22 E,C Connections In Select 2.4 Lakewood 1981 1 x 1 59 576 $756 $1.31 E,S,W,T,C Connections In Select 0.0 Brandon Oaks 1973 1 x 1 45 700 $804 $1.15 E,C Connections In Select 2.5 El Dorado 1969 1 x 1 18 775 $640 $0.83 E,S,W,T,C No 1.6 El Dorado 1969 1 x 1 36 625 $550 $0.88 E,S,W,T,C No 1.6

ANALYSIS El Dorado 1969 1 x 1 36 625 $550 $0.88 E,S,W,T,C No 1.6 El Dorado 1969 1 x 1 18 775 $640 $0.83 E,S,W,T,C No 1.6 FINANCIAL Averages: 1978 47 653 $780 $1.21 1.6 Averages: 1978 47 653 $780 $1.21 1.6

Two-Bedroom Apartments Two-Bedroom Apartments Sorted by Net Rent Sorted by Price Per Square Foot Year Square Market Price Per Utilities Paid Washer/ Distance From Year Square Market Price Per Utilities Paid Washer/ Distance From Property Built Unit Type # of Units Footage Net Rent Square Foot by Resident Dryer Subject (Miles) Property Built Unit Type # of Units Footage Net Rent Square Foot by Resident Dryer Subject (Miles) Lakewood Place 1988 2 x 2 168 1,000 $1,316 $1.32 E,S,W,T,C Yes 0.3 Lakewood Place 1988 2 x 1 48 900 $1,288 $1.43 E,S,W,T,C Yes 0.3 Lakewood Place 1988 2 x 1 48 900 $1,288 $1.43 E,S,W,T,C Yes 0.3 Lakewood Place 1988 2 x 2 168 1,000 $1,316 $1.32 E,S,W,T,C Yes 0.3 COMPARABLES Bridgeport 1977 2 x 1 14 864 $1,050 $1.22 E,C Connections In Select 4.4 Bridgeport 1977 2 x 1 14 864 $1,050 $1.22 E,C Connections In Select 4.4 The Palms at Palisades 1981 2 x 2 88 900 $934 $1.04 E,C Connections In Select 2.4 Lakewood 1981 2 x 1 7 864 $919 $1.06 E,S,W,T,C Connections In Select 0.0 Lakewood 1981 2 x 1 7 864 $919 $1.06 E,S,W,T,C Connections In Select 0.0 The Palms at Palisades 1981 2 x 2 88 900 $934 $1.04 E,C Connections In Select 2.4 Brandon Oaks 1973 2 x 1 65 1,000 $899 $0.90 E,C Connections In Select 2.5 Brandon Oaks 1973 2 x 1 65 1,000 $899 $0.90 E,C Connections In Select 2.5 Brandon Oaks 1973 2 x 2 17 1,050 $899 $0.86 E,C Connections In Select 2.5 Brandon Oaks 1973 2 x 2 17 1,050 $899 $0.86 E,C Connections In Select 2.5 El Dorado 1969 2 x 1 36 877 $740 $0.84 E,S,W,T,C No 1.6 El Dorado 1969 2 x 1 36 877 $740 $0.84 E,S,W,T,C No 1.6 Averages: 1979 55 932 $1,006 $1.08 1.8 Averages: 1979 55 932 $1,006 $1.08 1.8 MARKET OVERVIEW

UNIT TYPE UNITS SQUARE FEET RENT RENT/SF Number of Units: 83 Studio 17 288 $646 $2.24 Occupancy: 100% 1 Bdr 1 Bath 59 576 $756 $1.31 Year Built: 1981 2 Bdr 1 Bath 7 864 $919 $1.06 Total/Wtd. Avg. 83 $774 $1.54 DESCRIPTION PROPERTY COMMENTS: There are no concessions currently being offered . Residents are responsible for all utilities and water is billed at $36 per month for studios; $46 per month for one-bedroom units; $59 per month for two-bedroom units and is reflected in the rents stated above . Amenities include a clubhouse, on-site laundry facilities and washer/dryer connections in the one- and two-bedroom units .

1 Brandon Oaks 110 Summerfield Lane, Brandon, Florida 33510

UNIT TYPE UNITS SQUARE FEET NET RENT RENT/SF Number of Units: 160 1 Bdr 1 Bath 45 700 $789 - $819 $1.15 FINANCIAL Occupancy: N/A 2 Bdr 1 Bath 65 1,000 $879 - $919 $0.90 ANALYSIS Year Built: 1973 2 Bdr 2 Bath 17 1,050 $879 - $919 $0.86 3 Bdr 2 Bath 33 1,280 $1,069 - $1,199 $0.89 Total/Wtd. Avg. 160 $934 $0.95

COMMENTS: There are no concessions currently being offered . Water, sewer, trash removal and pest control are included in the rent . Residents are responsible for electric and cable expenses . Amenities include a fitness center, clubhouse, tennis court, two swimming pools, two laundry facilities and a dog park . There are washer/dryer connections in the two-bedroom and three-bedroom units . Recent renovations include upgraded floors to wood plank with a premium represented by the higher rents in the ranges above . COMPARABLES

2 Bridgeport 3385 Creek Ridge Road, Brandon, Florida 33511

UNIT TYPE UNITS SQUARE FEET NET RENT RENT/SF Number of Units: 99 Studio 23 288 $659 - $709 $2.38 Occupancy: 95% 1 Bdr 1 Bath 62 576 $779 - $879 $1.44 Year Built: 1977 2 Bdr 1 Bath 14 864 $1,050 $1.22 OVERVIEW

Total/Wtd. Avg. 99 $854 $1.68 MARKET

COMMENTS: There are no concessions currently being offered . Water, sewer, trash removal and pest control are charged at a flat fee of $42 for studios, $64 for one-bedroom units and $80 for two-bedroom units . Residents are responsible for gas, electric and cable expenses . Amenities include two on-site laundry facilities and washer/dryer connections in one- and two-bedroom units . Recent renovations include full interior upgrades with new cabinetry and white appliances which are reflected in the higher rents in the range above .

3 Lakewood Place 1701 Lake Chapman Drive, Brandon, Florida 33510

UNIT TYPE UNITS SQUARE FEET NET RENT RENT/SF Number of Units: 346 1 Bdr 1 Bath 40 600 $918 $1.53 SUMMARY EXECUTIVE Occupancy: 95% 1 Bdr 1 Bath 90 700 $915 $1.31 Year Built: 1988 2 Bdr 1 Bath 48 900 $1,288 $1.43 2 Bdr 2 Bath 168 1,000 $1,316 $1.32 Total/Wtd. Avg. 346 $1,109 $1.35

COMMENTS: There are no concessions currently being offered . Residents are responsible for all utility expenses . Amenities include a clubhouse, business center, fitness center, tennis court, raquetball court, playground, barbeque/picnic area, two swimming pools, spa, on-site laundry facility and washer/dryers in every unit . Recent renovations include siding repair, new exterior paint, resurfaced pool, grills by pool areas, new mailboxes, stainless steel appliances at a $45 monthly premium and wood vinyl flooring at a $40 monthly premium . PROPERTY DESCRIPTION

4 The Palms at Palisades 512 Camino Real Court, Brandon, Florida 33510

UNIT TYPE UNITS SQUARE FEET NET RENT RENT/SF Number of Units: 125 1 Bdr 1 Bath 29 675 $824 $1.22 Occupancy: 96% 2 Bdr 2 Bath 88 900 $934 $1.04 Year Built: 1981 3 Bdr 2 Bath 8 1,050 $1,074 $1.02 ANALYSIS FINANCIAL Total/Wtd. Avg. 125 $944 $1.07

COMMENTS: There are no concessions currently being offered . Water, sewer, trash removal and pest control are included in the rent . Residents are responsible for electric and cable expenses . Amenities include a tennis court, volleyball court, swimming pool, on-site laundry facilities and washer/dryer connections in all two- and three-bedroom units . There have been no recent renovations .

5 El Dorado 210 Kings Court, Brandon, Florida 33510

COMPARABLES UNIT TYPE UNITS SQUARE FEET RENT RENT/SF Number of Units: 93 Studio 3 450 $450 $1.00 Occupancy: 90% 1 Bdr 1 Bath 36 625 $550 $0.88 Year Built: 1969 1 Bdr 1 Bath 18 775 $640 $0.83 2 Bdr 1 Bath 36 877 $740 $0.84 Total/Wtd. Avg. 93 $595 $0.85 MARKET OVERVIEW COMMENTS: There are no concession currently being offered . Residents are responsible for all utility expenses . Amenities include on-site laundry facilities . There have been no recent renovations .

Tampa, FL S

S TYLESPORTFOLIO

L L S L AKEWOOD L IVE O AKS S UMMERWIND

LIVE OAKS PROPERTY DESCRIPTION

Tampa, FL S

S TYLESPORTFOLIO SUMMARY EXECUTIVE PROPERTY DESCRIPTION ANALYSIS FINANCIAL COMPARABLES MARKET OVERVIEW L L IVE O AKS

Investment Overview EXECUTIVE SUMMARY Live Oaks is a 78-unit, garden-style community located within the University barbeque areas and a convenient on-site laundry facility. The unit interiors offer submarket of Tampa, which is within Hillsborough County, Florida. The area spacious floorplans, washer and dryer connections in two-bedroom units, built-in houses a population of approximately 250,000 residents within a five mile radius bookshelves, fully equipped kitchens, additional storage and private patios. and has experienced a 33.9 percent population growth since 2000, largely in part Additionally, residents will find convenient access to local area schools as the to its close proximity to the University of South Florida’s main campus and three community is served by Mort Elementary School, Buchanan Middle School, major hospitals. Chamberlain High School and the University of South Florida – all of which are

The property is positioned on North 22nd Street, situated between Bearss Avenue within a 15-minute commute. The University of South Florida enrolls approximately DESCRIPTION PROPERTY with a daily traffic count of 42,500 vehicles and Fletcher Avenue with a daily traffic 42,000 students in 250 different degree programs. According to the U.S. News & count of 41,500 vehicles. Bearss Avenue and Fletcher Avenue are both major World Report, the University of South Florida is one of the top up-and-coming area east/west thoroughfares, which provide access within minutes to Interstate universities in the nation and is ranked as one of the top 150 universities in the 275 with a daily traffic count of 116,500 vehicles to the west and Interstate 75 country. Furthermore, the property is near schools with specialized programs such with a daily traffic count of over 101,500 vehicles to the east. Bearss and Fletcher as Bowers/Whitley Career Center, Muller Magnet Elementary School, Brooks- Avenues also provide access to north/south thoroughfare, Highway 41/North DeBartolo Collegiate High School and the environmentally focused Learning Nebraska, located just over one mile west of the property and North 30th Street/ Gate Community School. Bruce B. Downs Boulevard, located just one mile east of the property. North FINANCIAL Live Oaks offers spacious, open floorplans consisting of 17, studio/one-bathroom ANALYSIS 30th Street connects residents to local points of interest including the Florida units with 288 rentable square feet; 52, one-bedroom/one-bathroom units with Hospital Pepin Heart Institute (1.2 miles away), the University of South Florida 576 rentable square feet and nine, two-bedroom/one-bathroom units with 876 (1.2 miles away), Moffitt Cancer Center (1.6 miles away), Shriners Hospital for rentable square feet. Each floorplan has been thoughtfully designed to maximize Children (2.1 miles away), the James A. Haley Veterans’ Hospital (1.3 miles the usage and functionality of the space. Residents are responsible for all electric away) and other retail destinations. Within walking distance residents can find and cable expenses while paying an additional flat fee of $10 for water, sewer and the University Area Community Center complete with indoor and outdoor trash collection. basketball courts, multipurpose and meeting rooms and a playground. Also

within a 10-minute walk is the University Plaza, which houses retailers such as COMPARABLES Target, Ross, ALDI and Dollar Tree. Interstate 275, located 1.6 miles west of the subject, provides convenient connectivity to Tampa International Airport, one of the nation’s premier airports, featuring six terminals and three runways to service over 200 aircraft departures and 46,000 passengers daily. Also adjacent to Live Oak is the University Mall which is undergoing major renovations. Recently announced redevelopment plans call for the addition of three anchors and two freestanding restaurants that have yet to be named. The mall is also home to a newly renovated 16-screen movie theatre called Studio Movie Grill offering OVERVIEW guests a full food menu and bar. MARKET Built in 1981 of wood frame construction with wood siding exterior and stone facade, Live Oaks is situated on a generous, approximate 4.55-acre site and is comprised of 10 residential buildings. The property offers ease of access to public transportation and many dining, shopping and entertainment destinations,

THE OFFERING Property Live Oaks Property Address 2232 Spring Glade Circle, Tampa, Florida 33613 SUMMARY EXECUTIVE Assessor’s Parcel Number U-05-28-19-ZZZ-000001-26170.0

Zoning UCA-MS L L IVEO AKS SITE DESCRIPTION Number of Units 78 Number of Buildings 10 Residential Buildings Number of Stories One PROPERTY

DESCRIPTION Year Built 1981 Rentable Square Feet 42,624 Lot Size 4.55 +/- Acres Type of Ownership Fee Simple Regional Map UTILITIES Water Resident Pays Flat Fee - Tampa Water Department ANALYSIS FINANCIAL Phone Resident Pays - Frontier Electric Resident Pays - Tampa Electric Company

CONSTRUCTION

Foundation Slab On Grade L Framing Wood Frame L IVEO AKS Exterior Wood Siding

COMPARABLES Parking Surface Asphalt Roof Pitched Composition Shingle

MECHANICAL HVAC Individual PTAC Heating and Air Conditioning MARKET OVERVIEW

Local Map

Common Area Amenities EXECUTIVE SUMMARY

◆◆ Convenient On-Site Laundry Facility

◆◆ Barbeque Areas

◆◆ Lush Landscaping and Park-Like Setting

◆◆ DESCRIPTION

Close Proximity to Shopping, Dining and PROPERTY Entertainment Destinations

◆◆ Near Public Transportation FINANCIAL ANALYSIS

Unit Amenities

◆◆ Washer/Dryer Connections in Two-Bedroom Units COMPARABLES ◆◆ Built-In Bookshelves

◆◆ Fully Equipped Kitchen

◆◆ Hardwood Floors in Majority of Units

◆◆ Private Patios in One- and Two-Bedroom Units OVERVIEW MARKET

One-Bedroom/One-Bathroom 576 Square Feet 66% of the Community SUMMARY EXECUTIVE PROPERTY DESCRIPTION

Two-Bedroom/One-Bathroom

ANALYSIS 876 Square Feet FINANCIAL 12% of the Community Studio/One-Bathroom 288 Square Feet 22% of the Community COMPARABLES MARKET OVERVIEW

L L IVE O AKS This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida, Inc. © 47 2016 Marcus & Millichap. All rights reserved. X0250610 Tampa, FL S TAMPA AREA OVERVIEW S TYLESPORTFOLIO

Immediate Area Highlights Live Oaks is centrally located within the University submarket, nearby first phase of the project is slated to include at least one commercial office many great local points of interest. The immediate surrounding area is building, 1,000 residential units, a companion building to the University of

SUMMARY comprised mostly with other multifamily buildings of similar age and EXECUTIVE South Florida’s Morsani College of Medicine, 200,000 square feet of retail, quality as the subject. Three family-friendly community parks, University restaurant and entertainment space, plus renovations to the Tampa Marriott Area Community Park, Ashton Park and the Violet Cury Nature Preserve, Waterside Hotel and Channelside Bay Plaza as well as some infrastructure are all within easy access of the property. The University Area Community work. The entire district will be WELL certified – a focus on air, water, Park sits within a two minute walk from the property and offers a large nourishment, light, fitness, comfort and mind. basketball court, picnic area and playground area. Within a 10-minute drive, residents are offered ease of commute to six major grocers including The optimism over downtown Tampa in the residential construction industry Save-A-Lot, Target, ALDI, Walmart, Winn-Dixie and Publix. Residents is beginning to meet reality, with developers and city officials breaking

PROPERTY are also furnished with four local hospitals including the Florida Hospital, ground in early February 2016 on a 23-story apartment tower in the North DESCRIPTION James A. Haley Veterans’ Hospital, Shriners Hospital for Children and the Franklin neighborhood. Nine15, which will house 362 apartments and 8,000 Moffitt Cancer Center. Additionally, many well-known area attractions sit square feet of street-level retail, is under construction on the block bordered close at hand – University Mall, USF Botanical Gardens, MOSI Museum, by Florida Avenue and Cass, Franklin and Tyler streets. The name comes Busch Gardens and Adventure island are all within minutes of the property. from the tower’s future address, 915 N. Franklin Street. The developer is Atlanta-based Carter, which paid $6.4 million for what had been known as Tampa is currently undergoing a major transformation with a pretty large the “Grant block” after the former W.T. Grant five-and-dime store that did facelift on the way. The owner of the NHL team Tampa Bay Lightning, business there for decades. Carter chairman and chief executive Bob Peterson ANALYSIS FINANCIAL Jeff Vinik has made plans to redevelop Tampa’s Downtown area. The said the building would cost roughly $100 million to build. It will include an project is expected to be completed in two phases and cost $2 billion. The eight-story parking garage, outdoor pool terrace, penthouse-level clubhouse and a fitness center.

MOSI Museum Downtown Tampa COMPARABLES MARKET OVERVIEW

Employers/Economic Drivers EXECUTIVE SUMMARY Colloquially known as the Tampa Bay Area, the region has a very The port contributes to over 100,000 area jobs and handles more than 34 strong business presence with major companies inhabiting Downtown million tons of cargo each fiscal year. It has seen rapid growth following Tampa such as Bank of America, BB&T, Marshall & Ilsley, PNC the $5.25 billion expansion of the Panama Canal - allowing larger ships Financial Services, SunTrust, Sykes Enterprises, TECO Energy and to transit to Tampa. The Port serves as the energy gateway for western Verizon. Several other large-scale employers, which have deep roots in and central Florida and allows virtually all commodities from such top the area include Badger Computers, H. Lee Moffitt Cancer Center, trading partners as Japan, India, Russia, Canada, Mexico, Brazil, Trinidad, the University Community Hospital, VA Medical Center of Tampa, Australia, Turkey and Argentina. Moreover, with three cruise terminals, DESCRIPTION Florida Orthopedic Institute Surgery Center, Sypris Electronics, the Port conducts nearly one million passenger moves per year. PROPERTY Seminole Hard Rock Casino and Shriners Children’s Hospital. Lastly, in 2015 several local companies made major job-related Tampa Bay is in the midst of an economic transformation. In the past announcements. In August, online behemoth Amazon announced it would year NASDAQ-traded Tech Data added 250 new jobs to its Clearwater add 2,000 jobs to distribution centers in southern Hillsborough County headquarters, less than a 30-minute commute from Downtown Tampa. and neighboring Polk County. In July, Apollo Beach’s BlueGrace Logistics Money magazine named Tampa the “Best Big City in the Southeast” in announced plans to expand its headquarters and add 100 jobs. Hercules its August 2015 issue. Since 2012, the public-private partnership Tampa Fluid Power Group, a leading international distributor of hydraulic and FINANCIAL Hillsborough Economic Development Corp. has attracted more than pneumatic seals for heavy equipment, announced plans in June to open ANALYSIS 10,100 new jobs to Hillsborough County and more than $816 million in a new manufacturing and distribution center in Hillsborough County. capital investment for new and existing businesses. In May, Ashley Furniture announced plans to open its e-commerce headquarters in Ybor City and immediately hire 100 new employees. The One of the largest contributing factors to this transformation in the Ashley operation is expected to become a hub for thousands of employees Channelside downtown area of Tampa is the plan for revitalization of the who will come for training, stay at hotels and eat at local restaurants. District. The plan entails a $2 billion vision by Tampa Bay Lighting NHL franchise owner Jeff Vinik to transform 24 barren acres of downtown land COMPARABLES he owns into a walkable, waterfront, wellness-focused live/work/play district TAMPA’S TOP 10 EMPLOYERS stretching from the Tampa Convention Center to the Florida Aquarium. Vinik’s plans have equity partnership from a Bill Gates-backed investment Publix Supermarkets 33,035 Employees fund. A key driver of the revitalization is the potential relocation of Fortune Hillsborough County Schools 25,776 Employees 500 headquarters to the area. The project is expected to create 3,700 direct University of South Florida 16,693 Employees jobs with an average salary of $78,000. The development will be anchored Tampa General Hospital 6,700 Employees by the relocation The University of South Florida Medical School. VA Hospital 5,500 Employees Following on Vinik’s plans, the Port of Tampa recently unveiled a $2 WellCare Health Plans 4,460 Employees OVERVIEW MARKET billion plan to transform 45 acres of land it controls in the Channelside Moffitt Cancer Center 4,200 Employees District. The vision calls for twin 75-story mixed-use towers, The Florida Hospital 4,000 Employees apartments, hotels, offices and retail; an enlarged cruise ship terminal, a marina and one of Tampa’s largest urban waterfront parks. The Port St. Joseph’s John Knox Village 3,500 Employees of Tampa already provides an economic impact of $8 billion annually. Seminole Hard Rock Hotel & Casino 3,500 Employees

Education The Tampa Bay Area has seen considerate population growth partly due The University of Tampa - 10.7 Miles from Subject to its significantly increased collegiate population over the past decade,

SUMMARY as it plays home to a populace of higher education facilities, totaling

EXECUTIVE Located in the heart of Downtown Tampa, the University of Tampa an enrollment of nearly 75,000 full and part-time students. University (UT) is a private university with a total student enrollment of more of South Florida, which is Tampa’s largest university, has an enrollment than 7,200 students annually. The University of Tampa offers more of over 47,000 students alone. Other major area colleges include The than 150 undergraduate degrees and 12 master’s degrees. Additionally, University of Tampa, Hillsborough Community College, and various the school houses a very diverse and unique student body, as half its other technical schools. Additionally, the Hillsborough County School population is comprised of out-of-state students and students studying District, the third largest among Florida’s School Districts, employs abroad from more than 120 countries. As a result, the University of nearly 21,000 people and serves over 200,000 students in more than Tampa has an annual economic impact of nearly $750 million per year.

PROPERTY 250 schools and offices. The University was also recognized by U.S. News and World Report’s DESCRIPTION 2015 edition of Best Colleges - ranking among the top 25 universities University of South Florida - 1.2 Miles from Subject in the Southern Region.

ANALYSIS U.S. News & World FINANCIAL 130 post graduate and doctoral-level degrees. The Report ranked the University of South Florida within the top 100 public schools nationwide, and its higher-level degrees have continued to rank within the nation’s top 50. Additionally, the university is considered one of the nation’s leaders in medical research within the disciplines of diabetes, Alzheimer’s, cardio health and more. The University of South Florida creates a generous local economic impact of more than $3.7 billion in revenue annually for Tampa.

COMPARABLES Hillsborough Community College (Ybor Campus) - 9.8 Miles from Subject

Hillsborough Community College (HCC) is a two-year community college with six campuses countywide and a total student enrollment of nearly 43,000 students annually. Hillsborough Community College is the eighth ranking community college in the state of Florida and University of South Florida MARKET

OVERVIEW the 20th ranking in the nation for total number of degrees awarded. The college is also one of the few community colleges nationwide to provide its own residence hall.

Medical Travel EXECUTIVE SUMMARY

James A. Haley Veterans Hospital – 1.3 Miles from Subject Tampa International Airport – 15.6 Miles from Subject

The James A. Haley Veterans Hospital is a 415-bed medical and surgical For those residents who travel frequently, the Tampa International Airport center furnished by the Department of Veterans Affairs to provide care for is within a 25-minute drive of the property, which accommodates more those who have served in the United States military. The hospital provides than 16.6 million travelers each year. The Tampa International Airport services to more than 116,000 veterans annually within a four-county radius. also employs nearly 7,500 employees. The airport is currently undergoing

It is also considered a teaching hospital and is accredited by the Commission a $1 billion renovation, set for completion in 2017, which will provide DESCRIPTION PROPERTY on Accreditation of Rehabilitation Facilities (CARF). accommodation to more than 25 million travelers per year. The Airport’s face-lift will not only expand its central terminal, but it will create a sleek, The Florida Hospital Tampa - 1.1 Miles from Subject wide-open space with a new line-up of unique shops, bars and restaurants. Additionally, the Tampa Bay economy will greatly benefit from these Florida Hospital Tampa, which is comprised of 475-beds and employs additions as more than 9,000 jobs will be created. approximately 4,000 people, is within a 5-minute drive of the property. It specializes in cardiovascular care, orthopedics, women’s health and cancer treatments. Florida Hospital Tampa’s Pepin Heart Institute is also considered FINANCIAL a world leader for its advances in disease prevention, treatment and aggressive ANALYSIS research.

Moffitt Cancer Center – 1.6 Miles from Subject

The Moffitt Cancer Center, which is approximately an eight minute drive from the property and is one of the leading facilities for cancer research in the state of Florida. Moffitt Cancer Center employs more than 4,200 and sees COMPARABLES more than 330,000 patients annually. It opened the doors to a $74.2 million, 200,000-square foot outpatient facility. This addition created more than 600 temporary construction jobs and several hundred permanent jobs at the facility upon opening.

Tampa General Hospital – 12.0 Miles from Subject

Located in Downtown Tampa, Tampa General Hospital (TGH) is a 1,018-bed hospital which has been ranked as Florida’s number one hospital by U.S. News OVERVIEW & World Report. TGH employs approximately 6,700 total staff members and MARKET works in unison with University of South Florida’s College of Medicine for teaching and research methods. Tampa General is also considered a Level One The Florida Hospital Tampa trauma center with a fleet of five helicopters allowing the hospital to serve 23 counties statewide.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida, Inc. © 51 2016 Marcus & Millichap. All rights reserved. X0250610 S TAMPA AREA OVERVIEW S TYLESPORTFOLIO Retail/Attractions University Mall – 1.3 Miles from Subject Opening in 2004, the venue has hosted many big-name acts including Kenny Chesney, Jimmy Buffett, Aerosmith and more. The amphitheater produces a University Mall in the primary shopping destination in the immediate area and regional economic impact of more than $100 million each year. SUMMARY EXECUTIVE is about to receive a major facelift. The mall is presently anchored by Sears, Macy’s, Dillard’s, Burlington Coat Factory and K&G Fashion Superstore. Raymond James Stadium – 10.9 Miles from Subject There are a wide variety of national, regional and local retailers and a 16-screen movie theatre, lending itself to many different population and demographic Raymond James Stadium, which is home to the NFL’s Tampa Bay Buccaneers, segments. Recently announced redevelopment plans call for the addition of is a mixed-use football stadium that seats approximately 75,000 guests. The three anchors and two freestanding restaurants that have yet to be named. The stadium hosts the annual college football Outback Bowl on New Year’s Day mall is also home to a newly renovated 16-screen movie theatre called Studio and played host to the Super Bowl in both 2001 and 2009. The Outback Movie Grill offering guests a full food menu and bar. Bowl contributes approximately $750 million annually to the local economy

PROPERTY and generates millions in free exposure to the community. The stadium’s DESCRIPTION Busch Gardens and Adventure Island – 3.9 Miles from Subject most notable feature is a 103-foot replica pirate ship, which shoots confetti whenever the Buccaneers score or enter their opponent’s “red zone.” Recently, Busch Gardens Tampa is a 335-acre theme park, which is considered one of the the stadium released its plans for a $100 million renovation to the stadium. top 25 most visited theme parks worldwide. Busch Gardens features African- Raymond James Stadium accommodates more than 500,000 guests annually. themed decor, numerous roller coasters and exotic animal exhibits. Adventure Island is a water park located across the street from the Busch Gardens theme Florida Aquarium – 11.1 Miles from Subject park. Adventure Island features 30 acres of water rides, two swimming pools, ANALYSIS FINANCIAL family-friendly dining and various other attractions. Combined, Busch Located in Downtown Tampa, the Florida Aquarium is a 250,000-square Gardens and Adventure Island, both part of the SeaWorld Entertainment foot facility which features more than 20,000 species of aquatic animals from family, employ more than 3,800 local residents and attract more than 4.3 all over the world. Recently, the Florida Aquarium received its accreditation million visitors annually. by the Association of Zoos and Aquariums (AZA), which is a process that happens every five years. The Florida Aquarium accommodates nearly 750,000 Lowry Park Zoo - 6.3 Miles from Subject guests annually.

Tampa’s Lowry Park Zoo is a 56-acre site featuring the largest collection of Amalie Arena – 11.3 Miles from Subject Florida species nationwide. The zoo features more than 1,000 animals, family- COMPARABLES friendly interactive exhibits, a petting area, a river ecotour, Asian gardens, The Amalie Arena, formerly known as The Tampa Bay Times Forum, which is Safari Africa and manatee encounters. Recently, the zoo added the addition home to the NHL’s Tampa Bay Lightning, is a mixed-use arena that plays host of its Safari Africa, which is home to an array of exotic African species. Lowry to sporting events as well as concerts. The arena is located within Downtown Park Zoo is a five-time winner of the TripAdvisor’s Certificate of Excellence. Tampa and is deemed the fourth busiest arena in the country. In 2012, the Amalie Arena played host to the 2012 Republican National Convention just MidFlorida Credit Union Amphitheatre – 10.5 Miles from Subject after receiving a $35 million face lift. The Convention contributed $214 million directly into the Tampa Bay local economy. Annually, the Forum has MARKET OVERVIEW With a capacity of approximately 20,000 guests, the MidFlorida Credit Union an economic impact of more than $500 million. Amphitheatre is located adjacent to Interstate 4 on the Florida State Fairgrounds.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage 52 or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida, Inc. © 2016 Marcus & Millichap. All rights reserved. X0250610 S TAMPA AREA OVERVIEW S TYLESPORTFOLIO Retail/Attractions EXECUTIVE Seminole Hard Rock Hotel & Casino – 13.2 Miles from Subject Bay Storm (AFL) and Tampa Bay Rays (MLB). The Outback Bowl, held annually SUMMARY at Raymond James Stadium to host NCAA college football playoff games, attracts Opening its doors in 2004, this 190,000-square foot casino is the sixth a swell of sports fans to the area thus creating an economic surge. The Washington largest worldwide and the most profitable in the country. It features 24-hour Square News also ranked Tampa as a top city for “twenty-somethings” as the city service, iconic rock n’ roll memorabilia, a large Hard Rock Cafe Restaurant, provides a vast range of work and play for all interests. 12-story hotel tower, pool, fitness center and several other eateries and shops. The Seminole Hard Rock Hotel & Casino, which has a casino floor larger

than five combined football fields and has plans for a $1.8 billion expansion DESCRIPTION including a second hotel tower with more than 500 additional guest rooms, PROPERTY a new Japanese restaurant, a new lobby bar, remodeling of the existing Hard Rock Café, a new swimming pool and new meeting facilities. This will create 4,867 new permanent jobs.

Westshore Business District – 12.3 Miles from Subject

The Westshore Business District is one of Tampa’s paramount business districts FINANCIAL which is comprised of more than 10-square miles, over 11,000,000 feet of ANALYSIS commercial office space, nearly 100,000 employees, 38 hotels, two high-end shopping malls, hundreds of restaurants and 4,000 businesses. The Westshore Business District also encompasses the Tampa International Airport, headquarters of national restaurant chains like Outback and Carrabba’s and Seminole Hard Rock Hotel & Casino the team headquarters of the Tampa Bay Buccaneers.

International Plaza and Bay Street - 12.5 Miles from Subject COMPARABLES

Conveniently located within 25 minutes of the property, within the Westshore Business District, International Plaza is a unique upscale shopping mall, featuring a variety of 200 stores and 15 restaurants. Its major anchors include Nordstrom, Neiman Marcus and Dillard’s, Cheesecake Factory, The Capital Grille and California Pizza Kitchen. As International Mall is an adjacent neighbor to the Tampa International Airport, it also features a Renaissance Hotel directly on its premises. OVERVIEW MARKET Other Area Attractions

Tampa Bay is home to a number of professional sports teams such as the Tampa Bay Buccaneers (NFL), the Tampa Bay Lightning (NHL), the Tampa International Plaza and Bay Street

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LIVE OAKS RENT COMPARABLES

Tampa, FL S LIVE OAKS RENT COMPARABLES S TYLESPORTFOLIO

Average Occupancy

100 AVG 98%

90 SUMMARY

EXECUTIVE 80

PROPERTY 20 DESCRIPTION 10

0 Live Oaks Las Villas USF Villages at Park East Montierra Gardens Turtle Creek ANALYSIS FINANCIAL Average Rents - Studio and One-Bedroom Average Rents - Two and Three-Bedroom

800 1,200 AVG $1,125 700 AVG $701 1,000 600 AVG $568 AVG $861 800 500

400 600 COMPARABLES 300 400 200 200 100

0 0 Live Oaks Las Villas USF Gardens Villages at Park East Montierra Live Oaks Las Villas USF Villages at Park East Montierra Turtle Creek Gardens Turtle Creek

1 Bdr Studio 2 Bdr 3 Bdr MARKET OVERVIEW

Rent Comparables EXECUTIVE SUMMARY Live Oaks 1 1 Las Villas 2 USF Gardens 3 Villages at Turtle Creek 4 Park East DESCRIPTION

5 Montierra PROPERTY 3 4

5 FINANCIAL ANALYSIS 1 COMPARABLES

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2 OVERVIEW MARKET

One-Bedroom Apartments One-Bedroom Apartments Sorted by Net Rent Sorted by Price Per Square Foot PROPERTY

DESCRIPTION Year Square Market Price Per Utilities Paid Washer/ Distance From Year Square Market Price Per Utilities Paid Washer/ Distance From Property Built Unit Type # of Units Footage Net Rent Square Foot by Resident Dryer Subject (Miles) Property Built Unit Type # of Units Footage Net Rent Square Foot by Resident Dryer Subject (Miles) Villages at Turtle Creek 1984 1 x 1 50 776 $838 $1.08 E,S,W,C Connections 0.7 Villages at Turtle Creek 1984 1 x 1 60 450 $688 $1.53 E,S,W,C Connections 0.7 Park East 1987 1 x 1 48 751 $810 $1.08 E,S,W,T,C Connections In Select 0.6 Park East 1987 1 x 1 8 528 $750 $1.42 E,S,W,T,C Connections In Select 0.6 Park East 1987 1 x 1 40 714 $800 $1.12 E,S,W,T,C Connections In Select 0.6 Live Oaks 1981 1 x 1 52 576 $660 $1.15 E,S,C Connections 0.0 Villages at Turtle Creek 1984 1 x 1 76 667 $763 $1.14 E,S,W,C Connections 0.7 Villages at Turtle Creek 1984 1 x 1 76 667 $763 $1.14 E,S,W,C Connections 0.7 Park East 1987 1 x 1 8 528 $750 $1.42 E,S,W,T,C Connections In Select 0.6 USF Gardens 1973 1 x 1 159 610 $689 $1.13 E None 0.8 Montierra 1971 1 x 1 40 680 $695 $1.02 E,S,W,T,C None 0.3 Park East 1987 1 x 1 40 714 $800 $1.12 E,S,W,T,C Connections In Select 0.6 USF Gardens 1973 1 x 1 159 610 $689 $1.13 E None 0.8 Villages at Turtle Creek 1984 1 x 1 50 776 $838 $1.08 E,S,W,C Connections 0.7 Villages at Turtle Creek 1984 1 x 1 60 450 $688 $1.53 E,S,W,C Connections 0.7 Park East 1987 1 x 1 48 751 $810 $1.08 E,S,W,T,C Connections In Select 0.6 Live Oaks 1981 1 x 1 52 576 $660 $1.15 E,S,C Connections 0.0 Montierra 1971 1 x 1 40 680 $695 $1.02 E,S,W,T,C None 0.3 ANALYSIS

FINANCIAL Las Villas 1977 1 x 1 60 663 $575 $0.87 E,C None 0.6 Las Villas 1977 1 x 1 60 663 $575 $0.87 E,C None 0.6 Averages: 1982 59 642 $727 $1.15 0.6 Averages: 1982 59 642 $727 $1.15 0.6

COMPARABLES Villages at Turtle Creek 1987 2 x 2 28 900 $958 $1.06 E,S,W,T,C Connections In Select 0.7 Villages at Turtle Creek 1987 2 x 2 18 1,010 $1,068 $1.06 E,S,W,T,C Connections In Select 0.7 Park East 1987 2 x 1 48 914 $933 $1.02 E,S,W,T,C Connections In Select 0.6 Park East 1987 2 x 1 48 914 $933 $1.02 E,S,W,T,C Connections In Select 0.6 Park East 1987 2 x 2 16 791 $910 $1.15 E,S,W,T,C Connections In Select 0.6 Park East 1987 2 x 2 32 1,018 $1,005 $0.99 E,S,W,T,C Connections In Select 0.6 USF Gardens 1973 2 x 2 39 1,156 $851 $0.74 E None 0.8 USF Gardens 1973 2 x 1 64 858 $815 $0.95 E None 0.8 Montierra 1971 2 x 1 56 1,016 $835 $0.82 E,S,W,T,C None 0.3 Live Oaks 1981 2 x 1 9 864 $760 $0.88 E,S,C Connections 0.0 USF Gardens 1973 2 x 1 64 858 $815 $0.95 E None 0.8 Montierra 1971 2 x 1 56 1,016 $835 $0.82 E,S,W,T,C None 0.3 Live Oaks 1981 2 x 1 9 864 $760 $0.88 E,S,C Connections 0.0 Las Villas 1977 2 x 1 1 873 $675 $0.77 E,C None 0.6 Las Villas 1977 2 x 1 1 873 $675 $0.77 E,C None 0.6 USF Gardens 1973 2 x 2 39 1,156 $851 $0.74 E None 0.8 Averages: 1981 31 940 $881 $0.94 0.6 Averages: 1981 31 940 $881 $0.94 0.6 MARKET OVERVIEW

UNIT TYPE UNITS SQUARE FEET 1 RENT RENT/SF Number of Units: 78 Studio 17 288 $560 $1.94 Occupancy: 94% 1 Bdr 1 Bath 52 576 $660 $1.15 Year Built: 1981 2 Bdr 1 Bath 9 864 $760 $0.88 Total/Wtd. Avg. 78 $660 $1.14 DESCRIPTION PROPERTY COMMENTS: There are no concessions currently being offered . Water and trash removal are included in the rent and is reflected in the rents above . Residents are responsible for sewer, electric and cable expenses . Amenities include on-site laundry facilities and washer/dryer connections . There have been no recent renovations .

1 Las Villas 1503 East 142nd Avenue, Tampa, Florida 33613

UNIT TYPE UNITS SQUARE FEET NET RENT RENT/SF Number of Units: 61 1 Bdr 1 Bath 60 663 $575 $0.87 FINANCIAL Occupancy: 100% 2 Bdr 1 Bath 1 873 $675 $0.77 ANALYSIS Year Built: 1977 Total/Wtd. Avg. 61 $625 $0.87

COMMENTS: There are no concessions currently being offered . Water, sewer, trash removal and pest control are included in the rent . Residents are responsible for electric and cable expenses . There are no on-site amenities and there have been no recent renovations . COMPARABLES 2 USF Gardens 2002 Colonial Parc Drive, Tampa, Florida 33612

UNIT TYPE UNITS SQUARE FEET NET RENT RENT/SF Number of Units: 269 Studio 4 350 - 550 $492 - $645 $1.26 Occupancy: 97% 1 Bdr 1 Bath 159 575 - 644 $666 - $711 $1.13 Year Built: 1973 2 Bdr 1 Bath 64 825 - 890 $807 - $822 $0.95 2 Bdr 2 Bath 39 912 - 1,400 $843 - $858 $0.74

3 Bdr 2 Bath 3 1,600 $1,025 - $1,225 $0.70 OVERVIEW MARKET Total/Wtd. Avg. 269 $809 $0.96

COMMENTS: There are no concessions currently being offered . Water, sewer, trash removal, basic cable and pest control are included in the rent and electric is included in the studio and smaller one-bedroom units . Residents are responsible for electric expenses . Amenities include a volleyball court, three swimming pools and on-site laundry facilities . Recent renovations include black appliances, vinyl flooring and upgraded countertops with a $60 monthly premium being charged for these upgrades .

3 Villages at Turtle Creek 14620 Turtle Creek Circle, Lutz, Florida 33549

UNIT TYPE UNITS SQUARE FEET NET RENT RENT/SF Number of Units: 232 1 Bdr 1 Bath 60 450 $688 $1.53 SUMMARY EXECUTIVE Occupancy: 97% 1 Bdr 1 Bath 76 667 $763 $1.14 Year Built: 1984 1 Bdr 1 Bath 50 776 $838 $1.08 2 Bdr 2 Bath 28 900 $958 $1.06 2 Bdr 2 Bath 18 1,010 $1,068 $1.06 Total/Wtd. Avg. 232 $863 $1.17

COMMENTS: There are no concessions currently being offered . Trash is included in the rent . Residents are responsible for water, sewer, electric and cable expenses . Amenities include a fitness center, tennis court, two swimming pools, spa, on-site laundry facilities and washer/dryer connections in every unit . Recent renovations as the units turn include vinyl and carpet flooring, new appliances, light fixtures, door

PROPERTY fixtures and resurfaced countertops . No premiums are being charged for these upgrades . DESCRIPTION

4 Park East 14609 Banyan Bluff Drive, Tampa, Florida 33613

UNIT TYPE UNITS SQUARE FEET NET RENT RENT/SF Number of Units: 192 1 Bdr 1 Bath 8 528 $750 $1.42 Occupancy: 98% 1 Bdr 1 Bath 40 714 $800 $1.12 Year Built: 1987 1 Bdr 1 Bath 48 751 $810 $1.08 ANALYSIS FINANCIAL 2 Bdr 1 Bath 48 909 - 919 $925 - $940 $1.02 2 Bdr 2 Bath 16 791 $910 $1.15 2 Bdr 2 Bath 32 1,013 - 1,023 $1,000 - $1,010 $0.99 Total/Wtd. Avg. 192 $867 $1.13

COMMENTS: There are no concessions currently being offered . Residents are responsible for all utilities and trash is billed at a $15 monthly rate . Amenities include a fitness center, business center, clubhouse, swimming pool, spa, on-site laundry facilities and washer/dryer connections in all units except for the smallest one-bedroom units . There is a $10 additional monthly premium for lake views and a $50 premium for upgraded units . There have been no recent renovations .

5 Montierra 14401 North 22nd Street, Tampa, Florida 33613 COMPARABLES UNIT TYPE UNITS SQUARE FEET RENT RENT/SF Number of Units: 96 1 Bdr 1 Bath 40 680 $695 $1.02 Occupancy: 100% 2 Bdr 1 Bath 56 1,016 $835 $0.82 Year Built: 1971 Total/Wtd. Avg. 96 $765 $0.89 MARKET OVERVIEW COMMENTS: There are no concessions currently being offered . Residents are responsible for all utility expenses . Amenities include clubhouse, tennis court, swimming pool and on-site laundry facilities . The exterior was recently painted . There have been no other recent renovations .

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SUMMERWIND PROPERTY DESCRIPTION S

S TYLESPORTFOLIO SUMMARY EXECUTIVE PROPERTY DESCRIPTION ANALYSIS FINANCIAL COMPARABLES MARKET OVERVIEW S S UMMERWIND

Investment Overview EXECUTIVE SUMMARY Summerwind is a 62-unit, garden-style community located in Jacksonville, Florida, which is in Duval County and offers access to Interstate 295, Interstate 10, Downtown Jacksonville and Jacksonville Landing. The property is well positioned off of Timuquana Road, a major arterial having a traffic count of 22,000 vehicles per day. Downtown Jacksonville is approximately a 20-minute commute to the northeast of Summerwind and offers a wide array of shopping, dining and entertainment options. The city’s core has over 50 restaurants to DESCRIPTION

choose from, anything from food trucks, to casual eateries, to upscale bistros PROPERTY with eclectic menus. Some of the most popular downtown hotspots are Juliette’s Bistro, Fionn MacCool’s Irish Pub, Olio, River City Brewing Company and the Chart House. The community is also within just a few blocks of the Hyde Park Golf and Country Club, San Juan Marina and the St. Johns River. Summerwind is centrally located within the Westside submarket of Jacksonville, Florida, near many noteworthy local points of interest. Within a two-mile radius, residents are offered ease of access to multiple grocers and retailers including FINANCIAL Rowe’s IGA Supermarkets, Family Dollar and CVS Pharmacy. The area is also ANALYSIS home to several Fortune 500 companies: CSX Corporation is located 10.2 miles from Summerwind; Fidelity National Information Services is 9.2 miles away; BI- LO (Southeastern Grocers) and its subsidiary Winn-Dixie are just 6.0 miles from the property. Area public schools include Timucuan Elementary School and JEB Stuart Middle School, both located within two miles of Summerwind. Nathan B. Forrest High School is 2.9 miles away. Private schools Acclaim Academy and

Sacred Heart School are both less than two miles from the property. COMPARABLES Built in 1984, the property consists of nine buildings constructed of wood frame and rests on approximately 4.90 acres. The community is ideally located off main arterial Timuquana Road, offering ease of commute to nearby employment and historical downtown Jacksonville. The residential unit mix consists of 14, studio/one-bathroom units with 288 rentable square feet; 38, one-bedroom/one- bathroom units with 576 rentable square feet; seven, two-bedroom/one-bathroom units with 854 rentable square feet and three, two-bedroom/two-bathroom units

with 900 rentable square feet. The community offers a convenient on-site laundry OVERVIEW MARKET facility, access to public transportation and shopping, dining and entertainment destinations. Unit interiors include spacious foorplans with additional storage, fully equipped kitchens, washer/dryer connections and private patios. Residents are responsible for all utility expenses.

THE OFFERING Property Summerwind Property Address 5262 Timuquana Road, Jacksonville, Florida 32210 SUMMARY EXECUTIVE Assessor’s Parcel Number 103235-0000 Zoning RMD-B

SITE DESCRIPTION S S UMMERWIND Number of Units 62 Number of Buildings 9 Residential Buildings Number of Stories One PROPERTY

DESCRIPTION Year Built 1984 Rentable Square Feet 34,598 Lot Size 4.90 +/- Acres Type of Ownership Fee Simple Regional Map UTILITIES Water Resident Pays Flat Fee - City of Jacksonville ANALYSIS FINANCIAL Phone Resident Pays - AT&T Electric Resident Pays - Jacksonville Electric

CONSTRUCTION S Foundation Slab On Grade S UMMERWIND Framing Wood Frame Exterior Vinyl Siding

COMPARABLES Parking Surface Asphalt Roof Pitched Composition Shingle

MECHANICAL HVAC Individual PTAC Air-Conditioning MARKET OVERVIEW

Local Map

Common Area Amenities EXECUTIVE SUMMARY

◆◆ Convenient On-Site Laundry Facility

◆◆ Close Proximity to Public Transportation

◆◆ Nearby Shopping, Dining and Entertainment Destinations DESCRIPTION PROPERTY ◆◆ Well-Maintained Property with Lush Landscaping and Park-Like Setting FINANCIAL ANALYSIS

Unit Amenities

◆◆ Washer/Dryer Connections COMPARABLES ◆◆ Fully Equipped Kitchens

◆◆ Private Patios OVERVIEW MARKET

The Aspen One-Bedroom/One-Bathroom 580 Square Feet The Beechnut ANALYSIS

FINANCIAL 30% of the Community One-Bedroom/One-Bathroom 765 Square Feet 25% of the Community COMPARABLES

The Cedar with Den One-Bedroom/One-Bathroom

MARKET 915 Square Feet OVERVIEW 16% of the Community

S TYLESPORTFOLIO EXECUTIVE SUMMARY DESCRIPTION PROPERTY FINANCIAL ANALYSIS COMPARABLES OVERVIEW MARKET

Immediate Area Highlights

Jacksonville, Florida is the county seat of Duval County and is the largest city soccer, arena football and baseball events throughout the year including the annual in land area in the continental United States and continues to set itself apart TaxSlayer Bowl in January. Originally named the Gator Bowl, it has been held SUMMARY EXECUTIVE with a strong economy, diverse culture and abundant recreational opportunities. continuously since 1946, making it the sixth oldest college bowl, as well as the first Jacksonville is a natural water wonderland. From the majestic St. Johns River and one ever televised nationally. With a talent for tailgating and a passion for all sports, the Atlantic Ocean, to the Intracoastal Waterway, marshes and lakes—there is a local residents have honed the art of the sports celebration and welcome visitors to way for everyone to enjoy the water in. Spend a day at the beach, paddleboard partake in the fun. While football remains the undisputed king, Jacksonville expresses in the Atlantic, drop a line and go fishing at the Jacksonville Beach Fishing Pier, a love for the game - any game - with equal enthusiasm. take a guided eco-kayak tour, or enjoy a surfing lesson. North Florida offers more Jacksonville boasts the largest urban park system in the nation with more than 80,000 reefs, more marine life and less people when compared to South Florida. One of acres of parks, including 10 state and national parks, a national preserve, dozens of the largest artificial reefs in the world is off the coast between Jacksonville and St. city parks and gardens and an arboretum. Explore unspoiled wetlands, marshes and PROPERTY Augustine. DESCRIPTION woods to experience the natural beauty of Florida’s first coast. Residents can wind down the day with a romantic dinner for two overlooking the With over 1,220 golf holes and 70 private and public courses, Northeast Florida is an ocean or Intracoastal Waterway or on the St. Johns River on The Foxy Lady Cruises- ideal spot for golf enthusiasts. Northeast Florida featuresplenty of tour-caliber courses Jacksonville. Or, try a little luck aboard Victory Cruise Casino--a full Vegas style designed by experts such as Tom Fazio, Pete Dye, Arnold Palmer, Jack Nicklaus, Gary gambling ship that sails twice daily, seven days a week. Northeast Florida is also Player and Mark McCumber. With some of the greatest views in spectator golf and as rich with sports tradition. In 2005, Jacksonville took the international spotlight as one of the largest sporting events in the world, THE PLAYERS Championship brings host of Super Bowl XXXIX. Jacksonville also hosts national golf, tennis, basketball, the best golfers in the world together for the purest test in golf. Each May, the PGA ANALYSIS

FINANCIAL TOUR makes its way back to Ponte Vedra for the THE PLAYERS Championship. THE PLAYERS Stadium Course at TPC Sawgrass hosts the best golfer’s in the world and a fan experience that was built into the tournament’s DNA. Year after year it only gets better. In the fall, the Web.com Tour concludes on the Dye’s Valley Course for the Web.com Tour Championship. Golf fans from around the world also come to Northeast Florida to celebrate the history of the sport at World Golf Village and the World Golf Hall of Fame. in St. Augustine. Locals look forward to high profile events like One Spark, the Jacksonville Jazz Festival, Springing the Blues and Florida Country Superfest. A mustsee arts event COMPARABLES is Downtown’s Art Walk. This free art event happens every first Wednesday of the month. On Saturdays, locals head over to The Riverside Arts Market for local paintings, jewelry and other handmade goods, plus a farmer’s market and music. MARKET OVERVIEW Downtown Jacksonville

Employers/Economic Drivers EXECUTIVE SUMMARY

Jacksonville’s economy has gained meaningful traction recently, as growth in JACKSONVILLE TOP 10 EMPLOYERS real gross metro product averaged four percent annually over the last two years. Naval Air Station Jacksonville 25,240 Employees Meanwhile, the employment base grew roughly two percent to three percent in each of the past 13 quarters. In the year-ending August 2015, the 15,000 new jobs grew Duval County Public Schools 14,480 Employees the employment base 2.4 percent, based on preliminary estimates. Strong job gains Naval Station Mayport 9,000 Employees have been seen in the Education/Heath Services, Leisure/Hospitality Services City of Jacksonville 8,820 Employees and Trade/Transportation/Utilities segments. The local economy thrives heavily DESCRIPTION Baptist Health 8,270 Employees PROPERTY on golf related tourism, the large United States Navy presence in the area, and the Port of Jacksonville, which is the largest deep-water port in the South. However, Bank of America Merrill Lynch 8,000 Employees the true backbone of Jacksonville’s economy is its broad diversification of businesses. Florida Blue 6,500 Employees The economy is a balance of distribution, financial services, biomedical technologies, Mayo Clinic 4,970 Employees manufacturing, insurance and other industries. As such, the area is home to four Citi 4,200 Employees Fortune 500 companies: CSX Corporation, Fidelity National Financial, Fidelity National Information Services, BILO and its subsidiary, Winn-Dixie. JP Morgan Chase 4,200 Employees FINANCIAL Annually, Jacksonville hosts approximately 2.8 million visitors, which creates an ANALYSIS economic impact of approximately $2.2 billion and supports nearly 22,000 jobs in the local workforce. In 2013, tourism employment grew by nearly six percent, which is 3.5 percent higher than the overall Duval County employment rate. In the year-ending February 2016, 21,000 new jobs were created in the local economy over the last year, with the largest gains in trade, transportation and utilities. Those industries were followed by health services, education and leisure/hospitality for

the sectors with the greatest job growth. The creation of these additional jobs has COMPARABLES significantly lowered the unemployment rate to 4.8 percent, which is well below the National unemployment rate of 6.3 percent. The growth in in Trade/Transportation/ Utilities sector is important to the overall economic health largely due to the Port of Jacksonville, the third-largest port in Florida based on total cargo volume. Jacksonville continues to post solid employment gains. The metro has maintained an average annual employment growth of three percent. Professional and business services, leisure and hospitality, education and health services and construction

continue to post strong year-over-year gains. Jacksonville is working on its tourism OVERVIEW MARKET sector. Based on recent data, three million visitors stayed in the metro during the first half of 2015, up 2.5 percent year-over-year, according to Visit Jacksonville. Recent hiring data indicated the Leisure/Hospitality Services segment added 6,200 jobs, a Jacksonville Riverside 12.5 percent increase.

Education Jacksonville University

Florida State College at Jacksonville – 10.6 Miles from Subject Florida State College at Jacksonville (FSCJ) is a state college with eight locations SUMMARY EXECUTIVE throughout Jacksonville, and is a member of the Florida College System. Florida State College offers a variety of college degrees, continuing education classes, and vocational training in the fields of nursing, dental hygiene, cosmetology, auto mechanics and culinary arts. Between the eight campuses, there are approximately 80,000 students enrolled.

University of Florida Health Science Center - 10.8 Miles from Subject PROPERTY

DESCRIPTION The University of Florida has its second campus located in Jacksonville, the J. Hillis Miller Health Science Center contains six colleges including dentistry, medicine, pharmacy, nursing, veterinary medicine and public health. There are approximately 6,000 students enrolled between these six academic colleges. The Health Science Center is considered a worldleader in research and generates more that half of the research awards the University of Florida receives. Florida State College at Jacksonville ANALYSIS FINANCIAL Jacksonville University – 15.4 Miles from Subject Jacksonville University (JU) is a four-year private university, which offers more than 70-degree variations and has a current student enrollment of approximately 7,482 students. Jacksonville University is most notable for its Flight Team, which is the third largest program in the nation and competes annually in the National Intercollegiate Flying Association against top-rated schools like the Spartan School in Tulsa, Oklahoma and Embry-Riddle Aeronautical University. University of Florida Health Science Center COMPARABLES University of North Florida - 23.1 Miles from Subject The University of North Florida (UNF) is a public university located within a 15-minute drive of the property. University of North Florida offers 53 undergraduate and 28 graduate degree programs. Of these, the most notable are business, marine biology, nursing and music. The university employs approximately 510 academic staff persons

MARKET and has a student enrollment of more than 16,000. OVERVIEW University of North Florida

Medical EXECUTIVE SUMMARY St. Vincent’s Medical Center – 7.0 Miles from Subject Mayo Clinic – 16.7 Miles from Subject

St. Vincent’s Medical Center is a 528-bed full service hospital located on the west The Mayo Clinic, a 214-bed admitting hospital, contains 22 operating rooms bank of the St. John’s River. St. Vincent’s is also the largest non-profit Catholic and offers more than 25 different types of medical and surgical procedures. It hospital in the country and offers the most extensive cardiovascular care between also features a full-service emergency center. US News & World Report ranked the major cities of Orlando and Atlanta. More than 20,000 cardiovascular the Mayo Clinic has the 23rd best clinic in the Nation in adult specialization of rheumatology and 46th best.

procedures are conducted annually and the hospital accommodates a volume DESCRIPTION of more than 113,000 patients per year. PROPERTY Travel Baptist Medical Center - 10.0 Miles from Subject Jacksonville International Airport - 22.9 Miles from Subject Baptist Medical Center is a member of the Baptist Health System, which is a Jacksonville Based network of five hospitals with a total of 1,101 beds area- Jacksonville International Airport, located approximately 12 miles from wide. The Baptist Medical Center, an 844-bed facility, is located in Downtown Downtown Jacksonville, which offers 27 non-stop destinations throughout Jacksonville and provides acute care in cardiovascular health, oncology, FINANCIAL

the United States between two concourses. The airport currently provides ANALYSIS women’s health, pediatrics, emergency care and more. Additionally, Baptist approximately 96,000 aircraft operations per year and accommodates more than Medical Center accommodates more than 255,000 patients annually. 5.6 million passengers annually. UF Health Jacksonville – 10.8 Miles form Subject

A member of the University of Florida’s Health System, UF Health Jacksonville is a 695-bed full-service teaching hospital. The hospital is also home to the North Florida Level I Trauma Center and is one of the Nation’s few centers to COMPARABLES offer proton therapy, which is considered a state-of-the-art cancer treatment. UF Health Jacksonville accommodates a patient volume of more than 95,000 annually.

Memorial Hospital Jacksonville - 13.4 Miles from Subject

Considered to be one of Jacksonville’s premier hospitals, the Memorial Hospital Jacksonville is a 418-bed full care center offering care via heart and OVERVIEW cardio health, a chest pain center, stroke center, state-of-the-art spine clinic, a MARKET large maternity ward and emergency care. U.S. News & World Report recognizes Memorial Hospital as the best hospital in Northern Florida. Jacksonville International Airport

Retail/Attractions Hyde Park Golf Club - 4.3 Miles from Subject the University of Georgia Bulldogs. The stadium can hold up to 77,000 guests and held the 2005 SuperBowl. In November 2013, the City of Jacksonville An eminently walkable course with tees and greens set close to each other began a $90 million renovation project, making way for the upcoming U.S. SUMMARY EXECUTIVE and with a liberal walking policy uncommon to the region, Hyde Park’s tight Assure Club Seating. The renovations are removing 2,700 seats for the club and undulating fairways and frequently uneven lies require more thought than spots and is expected to be complete before preseason. muscle to post a good score. And while much of the layout is relatively “Florida flat,” seven of the holes, primarily on the closing nine, feature either downhill Jacksonville Ice & Sportsplex - 12.8 Miles from Subject drives to the fairway or uphill shots to the green. The Jacksonville Ice & Sportsplex is a recreational ice rink, which offers ice Orange Park Mall - 5.5 Miles from Subject skating lessons, competitive figure skating leagues and recreational ice hockey teams. Additionally, the Sportsplex plays home to two professional minor PROPERTY DESCRIPTION Located west of the St. Johns River, the Orange Park Mall is a large enclosed league hockey teams, the Jacksonville Bullets and the Jacksonville Barracudas. shopping mall with approximately 953,000 square feet. The mall features more than 110 stores, a food court and AMC Theater. Major anchors include Jacksonville Zoo - 16.4 Miles from Subject Dillard’s, JCPenney, Sears, Belk and Dick’s Sporting Goods. The Jacksonville Zoo, which is comprised of nearly 110 acres, features a variety Times-Union Center for Performing Arts - 10.1 Miles from Subject of over 2,000 animal species from around the world. The Zoo’s key exhibit is the award winning “Range of the Jaguar”. It also features highlights from the ANALYSIS

FINANCIAL The Times-Union Center is a mixed-use venue built to accommodate a variety Neotropical Rainforests, Australian Outback, Plains of East Africa and a large of events small from banquets to concert performances and comedy acts. collection of Great Apes. In addition to animal exhibits, guests can enjoy several Within the center, there are three separate performing arts venues, which can on-site restaurants, a children’s play area, gift shops and botanical gardens. accommodate more than 6,300 guests. Annually, the center produces more than $586,000 in direct economic impact to Jacksonville’s local economy. Regency Square Mall - 16.9 Miles from Subject

Historic Florida Theatre - 10.4 Miles from Subject The Regency Square Mall is a large 1,390,000-square foot enclosed shopping mall consisting of more than 100 stores, four major anchor stores and a food Constructed in the 1920’s during the Mediterranean architectural boom, the court. Major anchors include Belk, Dillard’s, JCPenney and Sears.

COMPARABLES Florida Theatre, a member of the National Register of Historic Places and is a old-fashioned American theater venue located in Downtown Jacksonville. St. Johns Town Center - 23.3 Miles from Subject Annually, the Theatre hosts more than 200 cultural events from pop concerts to blues bands. More than 250,000 people visit the center each year. The St. Johns Town Center us an upscale open-air shopping mall, which opened in 2005. The mall features over 100 high-end retailers including Williams- EverBank Field - 11.8 Miles from Subject Sonoma, Tommy Bahama, Tiffany & Co., Louis Vuitton, Kate Spade and Brooks Brothers. The mall also features several upscale restaurants including MARKET

OVERVIEW Located in the heart of Downtown Jacksonville, EverBank Stadium is the P.F. Chang’s, Maggiano’s Little Italy, The Capital Grille and The Cheesecake home of the NFL Jacksonville Jaguars football team. It also plays host to the Factory. annual college football rivalry between the University of Florida Gators and

Retail/Attractions EXECUTIVE SUMMARY River City Market Place - 20.8 Miles from Subject

The River City Marketplace is an open-air town center located on the North side of Jacksonville right by the Jacksonville International Airport. The north side of Jacksonville has received a tremendous amount of growth in the last ten years and the addition of the town center is much welcomed by both locals and visitors alike. Large anchors including Walmart, Marshalls, Lowe’s DESCRIPTION and Bed Bath and Beyond join charming boutiques taking up residence in the PROPERTY sprawling 125-acre development along with great eateries like Panera Bread Co, Sticky Fingers Rib House and Logan’s Roadhouse.

Fort Caroline National Memorial - 23.3 Miles from Subject

Fort Caroline, which is a member of the Timucuan Ecological and Historic Preserve, is considered to be the first French colony in the United States. The FINANCIAL park offers guests beautiful views of the St. John’s River, multiple hiking trails, ANALYSIS a historic fort and a family-friendly picnic area. Jacksonville Zoo Mayport Naval Station - 29.5 Miles from Subject

Mayport is a major United States Naval Base located in northeast Jacksonville, at the mouth of the St. Johns River. Opening in 1942, Mayport is considered to

house the third largest naval fleet concentration in the county. It accommodates COMPARABLES 34 ships, aircraft carrier-size vessels, a large runway and a military airfield. The base employs more than 11,000 and has an annual economic impact of nearly $650 million per year. OVERVIEW MARKET

Mayport Naval Station

S TYLESPORTFOLIO SUMMARY EXECUTIVE PROPERTY DESCRIPTION ANALYSIS FINANCIAL COMPARABLES MARKET OVERVIEW

L L AKEWOOD Brandon, FL S

S TYLESPORTFOLIO

L L S L AKEWOOD L IVE O AKS S UMMERWIND

SUMMERWIND RENT COMPARABLES

Brandon, FL S SUMMERWIND RENT COMPARABLES S TYLESPORTFOLIO

Average Occupancy

100 AVG 96% 90 SUMMARY EXECUTIVE 80

PROPERTY 20 DESCRIPTION

0 Summerwind Windsor Mission Planters Ortega Arms Springs Walk Pines ANALYSIS FINANCIAL Average Rents - Studio and One-Bedroom Average Rents - Two and Three-Bedroom

700 1,000 AVG $635 AVG $620 900 AVG $899 600 800

500 700 AVG $697 600 400 500 300 400 COMPARABLES 300 200 200 100 100

0 0 Summerwind Mission Planters Walk Ortega Pines Summerwind Windsor Mission Planters Walk Ortega Pines Springs Arms Springs

1 Bdr Studio 2 Bdr 3 Bdr MARKET OVERVIEW

Rent Comparables EXECUTIVE SUMMARY Summerwind 1 1 Windsor Arms 2 Mission Springs 4 3 Planters Walk 4 Ortega Pines 1 DESCRIPTION PROPERTY

S FINANCIAL ANALYSIS S UMMERWIND COMPARABLES OVERVIEW

3 MARKET

Studio Apartments Studio Apartments Sorted by Net Rent Sorted by Price Per Square Foot Year Square Market Price Per Utilities Paid Washer/ Distance From Year Square Market Price Per Utilities Paid Washer/ Distance From SUMMARY EXECUTIVE Property Built Unit Type # of Units Footage Net Rent Square Foot by Resident Dryer Subject (Miles) Property Built Unit Type # of Units Footage Net Rent Square Foot by Resident Dryer Subject (Miles) Planters Walk 1974 Studio 24 834 $635 $0.76 E,S,W,T,C Connections 3.6 Summerwind 1984 Studio 14 288 $500 $1.74 E,S,W,C Connections 0.0 Summerwind 1984 Studio 14 288 $500 $1.74 E,S,W,C Connections 0.0 Planters Walk 1974 Studio 24 834 $635 $0.76 E,S,W,T,C Connections 3.6 Averages: 1979 19 561 $568 $1.25 1.80 Averages: 1979 19 561 $568 $1.25 1.80 PROPERTY DESCRIPTION One-Bedroom Apartments One-Bedroom Apartments Sorted by Net Rent Sorted by Price Per Square Foot Year Square Market Price Per Utilities Paid Washer/ Distance From Year Square Market Price Per Utilities Paid Washer/ Distance From Property Built Unit Type # of Units Footage Net Rent Square Foot by Resident Dryer Subject (Miles) Property Built Unit Type # of Units Footage Net Rent Square Foot by Resident Dryer Subject (Miles) Planters Walk 1974 1 x 1 48 860 $660 $0.77 E,S,W,T,C Connections 3.6 Summerwind 1984 1 x 1 38 576 $590 $1.02 E,S,W,C Connections 0.0 Ortega Pines 1974 1 x 1 32 680 $614 $0.90 S,W,C None 0.8 Mission Springs 1972 1 x 1 128 589 $588 $1.00 E,C Connections In Select 0.3 Summerwind 1984 1 x 1 38 576 $590 $1.02 E,S,W,C Connections 0.0 Ortega Pines 1974 1 x 1 32 680 $614 $0.90 S,W,C None 0.8 Mission Springs 1972 1 x 1 128 589 $588 $1.00 E,C Connections In Select 0.3 Planters Walk 1974 1 x 1 48 860 $660 $0.77 E,S,W,T,C Connections 3.6 Averages: 1976 62 676 $613 $0.92 1.2 Averages: 1976 62 676 $613 $0.92 1.2 ANALYSIS FINANCIAL

COMPARABLES Planters Walk 1974 2 x 1 92 1,085 $750 $0.69 E,S,W,T,C Connections 3.6 Planters Walk 1974 2 x 1.5 32 990 $740 $0.75 E,S,W,T,C Connections 3.6 Planters Walk 1974 2 x 1.5 32 990 $740 $0.75 E,S,W,T,C Connections 3.6 Mission Springs 1972 2 x 2 40 1,075 $765 $0.71 E,C Connections In Select 0.3 Mission Springs 1972 2 x 1 133 1,000 $701 $0.70 E,C Connections In Select 0.3 Windsor Arms 1967 2 x 1.5 47 900 $640 $0.71 E,C None 1.5 Summerwind 1984 2 x 1 10 864 $700 $0.81 E,S,W,C Connections 0.0 Mission Springs 1972 2 x 1 133 1,000 $701 $0.70 E,C Connections In Select 0.3 Ortega Pines 1974 2 x 1 56 880 $659 $0.75 S,W,C None 0.8 Planters Walk 1974 2 x 1 92 1,085 $750 $0.69 E,S,W,T,C Connections 3.6 Windsor Arms 1967 2 x 1.5 47 900 $640 $0.71 E,C None 1.5 Mission Springs 1972 2 x 2 Twnhs 102 1,350 $761 $0.56 E,C Connections In Select 0.3 Averages: 1974 64 1018 $715 $0.71 1.3 Averages: 1974 64 1018 $715 $0.71 1.3 MARKET OVERVIEW

Summerwind 5262 Timuquana Road, Jacksonville, Florida 32210

UNIT TYPE UNITS SQUARE FEET RENT RENT/SF Number of Units: 62 Studio 14 288 $500 $1.74 Occupancy: 95% 1 Bdr 1 Bath 38 576 $590 $1.02 DESCRIPTION PROPERTY Year Built: 1984 2 Bdr 1 Bath 10 864 $700 $0.81 Total/Wtd. Avg. 62 $597 $0.82

COMMENTS: There are no concessions currently being offered. Trash removal and water are included in the rent in which water is $50 for the Studio units; $55 for the one-bedroom units and $65 or $75 for the two-bedrooms units depending on number of occupants and is reflected in the rents stated above. Residents are responsible for all other utilities. Amenities include an on-site laundry facility and washer/dryer connections. There have been no recent renovations. FINANCIAL ANALYSIS

1 ssWindsor Arms 5201 Westconnett Boulevard, Jacksonville, Florida 32210

UNIT TYPE UNITS SQUARE FEET NET RENT RENT/SF Number of Units: 47 2 Bdr 1.5 Bath 47 900 $640 $0.71 COMPARABLES Occupancy: 100% Total/Wtd. Avg. 47 $640 $0.71 Year Built: 1967

COMMENTS: There are no concessions currently being offered . Water, sewer, trash removal and pest control are included in the rent . Residents are responsible for electric and cable expenses . Amenities include a swimming pool, picnic area and on-site laundry facilities . Recent renovations include a newly resurfaced swimming pool and as the units turn interior upgrades with new white appliances . No premiums are being charged . OVERVIEW MARKET

2 Mission Springs 5327 Timuquana Road, Jacksonville, Florida 32210

UNIT TYPE UNITS SQUARE FEET NET RENT RENT/SF Number of Units: 444 1 Bdr 1 Bath 128 500 - 671 $570 - $605 $1.00 Occupancy:

SUMMARY 93%

EXECUTIVE 2 Bdr 1 Bath 133 1,000 $701 $0.70 Year Built: 1972 2 Bdr 2 Bath 40 1,050 - 1,100 $754 - $775 $0.71 2 Bdr 2 Bath Twnhs 102 1,350 $761 $0.56 3 Bdr 2 Bath 16 1,300 $871 $0.67 3 Bdr 2 Bath 25 1,400 $904 $0.65 Total/Wtd. Avg. 444 $764 $0.72

COMMENTS: There are no concessions currently being offered . Water and sewer are billed at a flat monthly rate of $37 .50 for one-bedroom units, $44 .50 for two-bedroom units and $58 .50 for three-bedroom

PROPERTY units . Residents are responsible for electric and cable expenses . Amenities include fitness center, business center, clubhouse, tennis court, two swimming pools, on-site laundry facilities and washer/dryer

DESCRIPTION connections in the large three-bedroom units . There have been no recent renovations .

3 Planters Walk 7350 Blanding Boulevard, Jacksonville, Florida 32244

UNIT TYPE UNITS SQUARE FEET NET RENT RENT/SF Number of Units: 216 Studio 24 834 $635 $0.76 Occupancy: 94% 1 Bdr 1 Bath 48 860 $660 $0.77 Year Built: 1974 2 Bdr 1 Bath 92 1,085 $750 $0.69 ANALYSIS FINANCIAL 2 Bdr 1.5 Bath 32 990 $740 $0.75 3 Bdr 2 Bath 16 1,210 $890 $0.74 3 Bdr 2 Bath 4 1,410 $1,105 $0.78 Total/Wtd. Avg. 216 $796 $0.73

COMMENTS: There are no concessions currently being offered . Residents are responsible for all utility expenses . Amenities include fitness center, swimming pool, laundry facilities and washer/dryer connections in every unit . There have been no recent renovations .

4 Ortega Pines 4800 Ortega Farms Boulevard, Jacksonville, Florida 32210 COMPARABLES UNIT TYPE UNITS SQUARE FEET RENT RENT/SF Number of Units: 152 1 Bdr 1 Bath 32 680 $579 - $649 $0.90 Occupancy: 94% 2 Bdr 1 Bath 56 880 $619 - $699 $0.75 Year Built: 1974 3 Bdr 2 Bath 64 1,180 $729 - $899 $0.69 Total/Wtd. Avg. 152 $695 $0.78 MARKET OVERVIEW COMMENTS: There are no concessions currently being offered . Electricity and trash are included in the rent . Residents are responsible for water, sewer and cable expenses . Amenities include fitness center, clubhouse, basketball court swimming pool and on-site laundry facilities . Recent renovations include an updated clubhouse . No premiums are being charged .

L L IVE O AKS

L L AKEWOOD Brandon, FL S

S TYLESPORTFOLIO

L L S L AKEWOOD L IVE O AKS S UMMERWIND

PORTFOLIO SALES COMPARABLES

Brandon, FL S SALES COMPARABLES - PORTFOLIO S TYLESPORTFOLIO

Average Price Per Square Foot 90.00

80.00

70.00 AVG $67.26 SUMMARY EXECUTIVE 60.00

50.00

40.00

30.00

20.00 PROPERTY

DESCRIPTION 10.00

0.00 Tampa Frances Park Southern Grove/ Silversmith Atlantica Mariner’s Villas Apartments Village Cove Oak Manor Creek Village Apartments Apartments Apartments ANALYSIS FINANCIAL Average Price Per Unit

80,000

70,000

AVG $60,362 60,000

50,000

40,000 COMPARABLES

30,000

20,000

10,000

0 MARKET OVERVIEW Tampa Frances Park Southern Grove/ Silversmith Atlantica Mariner’s Villas Apartments Village Cove Oak Manor Creek Village Apartments Apartments Apartments

7 EXECUTIVE 6 SUMMARY 8 Sales Comparables 1

Summerwind - Duval County Live Oak - Hillsborough County Lakewood - Hillsborough County DESCRIPTION

1 Tampa Villas PROPERTY 2 Frances Apartments 3 Park Village 4 Southern Cove

5 Grove/Oak Manor

6 Silversmith Creek FINANCIAL 7 Atlantica ANALYSIS 8 Mariner’s Village COMPARABLES OVERVIEW MARKET 2 1 4 3 5

1 Tampa Villas 5901 Bryce Lane, Tampa, Florida 33615

Number of Units: 34 Units Unit Type Year Built/Renovated: 1983 8 Studio 1 Bath SUMMARY EXECUTIVE Sale Price: $1,685,000 26 1 Bdr 1 Bath Price/Unit: $49,559 Price/Square Foot: $88 .68 Close of Escrow: April 2016

COMMENTS: This was a conventional real estate transaction in which the buyer paid all cash . PROPERTY DESCRIPTION 2 Frances Apartments 12211 North 59th Street, Tampa, Florida 33617

Number of Units: 25 Units Unit Type Year Built/Renovated: 1982 24 2 Bdr 1 Bath Sale Price: $1,190,000 1 3 Bdr 1 Bath Price/Unit: $47,600 Price/Square Foot: $63 .73 ANALYSIS FINANCIAL Close of Escrow: February 2016

COMMENTS: This was a conventional real estate transaction in which the buyer received 75 percent loan-to-value financing . The community was 100 percent occupied at the close of escrow .

3 Park Village Apartments 7601 Paula Drive, Tampa, Florida 33615

Number of Units: 18 Units Unit Type Year Built/Renovated: 1967 4 1 Bdr 1 Bath COMPARABLES Sale Price: $1,400,000 11 2 Bdr 1 Bath Price/Unit: $77,778 3 2 Bdr 2 Bath Price/Square Foot: $87 .12 Close of Escrow: January 2016

COMMENTS: This was a conventional real estate transaction in which the buyer paid all cash . The community was 100 percent occupied at the close of escrow . MARKET OVERVIEW

4 Southern Cove Apartments 8741 Grove Terrace, Tampa, Florida 33617 EXECUTIVE SUMMARY

Number of Units: 180 Units Unit Type 1974 1985 62 2 Bdr 1 Bath Sale Price: $10,700,000 14 2 Bdr 1.5 Bath Price/Unit: $59,444 104 2 Bdr 2 Bath Price/Square Foot: $51 .67 Close of Escrow: December 2015 DESCRIPTION PROPERTY

COMMENTS: This was a conventional real estate transaction . The community was approximately 94 percent occupied at the close of escrow .

5 Grove/Oak Manor Apartments 112 South Hilltop Road, Brandon, Florida 33551

Number of Units: 32 Units Unit Type Year Built/Renovated: 1968 15 1 Bdr 1 Bath FINANCIAL Sale Price: $2,000,000 17 2 Bdr 1 Bath ANALYSIS Price/Unit: $62,500 Price/Square Foot: $89 .08 Close of Escrow: October 2015

COMMENTS: This was a conventional real estate transaction in which the buyer received 72 percent loan-to-value financing . The community was approximately 94 percent occupied at the close of escrow . COMPARABLES 6 Silversmith Creek 7211 Crane Avenue, Jacksonville, Florida 32216

Number of Units: 140 Units Unit Type Year Built/Renovated: 1971 61 1 Bdr 1 Bath Sale Price: $6,200,000 31 2 Bdr 2 Bath Price/Unit: $44,286 39 2 Bdr 2 Bath Price/Square Foot: $50 .89 9 3 Bdr 2 Bath Close of Escrow: June 2016 OVERVIEW MARKET

COMMENTS: This was a conventional real estate transaction . The community was approximately 98 percent occupied at the close of escrow .

7 Atlantica 2760 Mayport Road, Jacksonville, Florida 32233

Number of Units: 100 Units Unit Type Year Built/Renovated: 1987 100 2 Bdr 2 Bath SUMMARY EXECUTIVE Sale Price: $7,800,000 Price/Unit: $78,000 Price/Square Foot: $43 .05 Close of Escrow: February 2016

COMMENTS: This was a conventional real estate transaction in which the buyer received 54 percent loan-to-value financing . The community was approximately 97 percent occupied at the close of escrow . PROPERTY DESCRIPTION 8 Mariner’s Village 2130 Mayport Road, Jacksonville, Florida 32233

Number of Units: 120 Units Unit Type Year Built/Renovated: 1978 72 1 Bdr 1 Bath Sale Price: $7,637,500 48 2 Bdr 1.5 Bath Price/Unit: $63,646 Price/Square Foot: $63 .86 ANALYSIS FINANCIAL Close of Escrow: February 2016

COMMENTS: This was a conventional real estate transaction . The community was approximately 97 percent occupied at the close of escrow . COMPARABLES MARKET OVERVIEW

S TYLESPORTFOLIO EXECUTIVE SUMMARY DESCRIPTION PROPERTY FINANCIAL ANALYSIS COMPARABLES OVERVIEW MARKET

L L IVE O AKS This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida, Inc. © 95 2016 Marcus & Millichap. All rights reserved. X0250610 Tampa, FL L L AKEWOOD Brandon, FL S

S TYLESPORTFOLIO

L L S L AKEWOOD L IVE O AKS S UMMERWIND

CURRENT PORTFOLIO FINANCIALS

Brandon, FL S RENT ROLL SUMMARY - PORTFOLIO S TYLESPORTFOLIO

Rent Roll Dated August 23, 2016 Total Average Market Market Unit Square Square Rent/Unit/ Average Rent/Unit/ Rent/Unit/ Unit Type Count Feet Feet Month Rent/SF/Month Month Month SUMMARY

EXECUTIVE Studio - Summerwind 14 288 4,032 $497 $497 $500 $1.74 Studio - Live Oak 17 288 4,896 $544 $544 $550 $2 Studio - Lakewood 17 288 4,896 $572 $572 $605 $2 One Bedroom / One Bath - Summerwind 38 576 21,888 $574 $574 $590 $1.02 One Bedroom / One Bath - Live Oak 52 576 29,952 $644 $644 $650 $1.13 One Bedroom / One Bath - Lakewood 59 576 33,984 $668 $668 $695 $1.21 Two Bedroom / One Bath - Summerwind 10 864 8,640 $694 $694 $700 $0.81 PROPERTY

DESCRIPTION Two Bedroom / One Bath - Live Oak 9 864 7,776 $751 $751 $775 $0.90 Two Bedroom / One Bath - Lakewood 7 864 6,048 $833 $833 $889 $1.03 223 548 122,112 $629 $1.15 $646 $1.18

Unit Status Unit Count Percent Physical Occupied Units 215 96% Unit Distribution Unit Status ANALYSIS

FINANCIAL Available Units 8 3.59% 12% 4% 21%

Total / Percentage 223 100.00%

Occupied with Lease Units 214 95.96% 96% Available Units 8 3.59%

COMPARABLES 67% Model Units 0 0.00%

Studio One Bedroom Two Bedroom Occupied Available Down Units 1 0.45%

Total / Percentage 223 100.00% MARKET OVERVIEW

June 2016 Takeover Year One

Trailing 3 Month M&M M&M Per EXECUTIVE SUMMARY Actuals Actuals Projection Notes % of GSR Unit

Income

Effective Rental Income Gross Potential Rent 1,727,748 1,728,696 1,815,131 [01] Loss / Gain to Lease (59,676) 3.5% (45,890) 2.7% (18,151) 1.0% [02] DESCRIPTION PROPERTY Gross Scheduled Rent 1,668,072 1,682,806 1,796,979 [03]

Physical Vacancy (91,978) 5.5% (84,140) 5.0% (89,849) 5.0% [04] 5.00%

Economic Vacancy Bad Debt and Recovery 7,491 -0.4% (16,828) 1.0% (17,970) 1.0% [05] 1.00% (81) Concessions (7,776) 0.5% 0 0.0% 0 0.0% [06] 0.00% 0 FINANCIAL

Employee Concessions (3,174) 0.2% 0 0.0% 0 0.0% [07] 0.00% 0 ANALYSIS Down Units (2,600) 0.2% 0 0.0% 0 0.0% [08] 0.00% 0

Total Vacancy (98,037) 5.9% (100,968) 6.0% (107,819) 6.0% 6.00% (483)

Economic Occupancy 94.12% 94.00% 94.0%

Total Effective Rental Income 1,570,034 1,581,838 1,689,161 94.00% COMPARABLES

Other Income Application & Administration 20,380 20,380 20,380 [09] 1.13% 91 Cleaning, Damage & Deposit Forfeit 10,236 10,236 10,236 [10] 0.57% 46 Late Charges & NSF Fees 25,651 25,651 25,651 [11] 1.43% 115 Laundry & Vending Income 7,663 7,663 7,663 [12] 0.43% 34 Pet Fees & Charges 6,326 6,326 6,326 [13] 0.35% 28 Utility Reimbursement 86,808 86,808 86,808 [14] 4.83% 389

Other Resident Charges 48,643 48,643 48,643 [15] 2.71% 218 OVERVIEW MARKET

Total Other Income 205,707 205,707 205,707 11.45%

Effective Gross Income 1,775,741 1,787,545 1,894,868 105.45%

June 2016 Takeover Year One Trailing 12 % of M&M % of M&M % of Month Actuals EGI Actuals EGI Projection Notes EGI Per Unit SUMMARY EXECUTIVE

Expenses

Controllable Payroll 167,000 167,000 167,000 [16] 8.81% 749 Contract Services 28,111 28,111 28,111 [17] 1.48% 126 Repairs & Maintenance 34,720 78,050 78,050 [18] 4.12% 350 General & Administrative 66,047 33,450 33,450 [19] 1.77% 150 PROPERTY DESCRIPTION Marketing & Advertising 24,201 15,000 15,000 [20] 0.79% 67 Management Fee 86,546 71,502 75,795 4.0% [21] 4.00% 340 Turnover 33,450 33,450 [22] 1.77% 150

Total Controllable 406,625 22.90% 426,562 23.86% 430,855 22.74% 1,932

Non-Controllable

ANALYSIS Real Estate Taxes 111,309 111,309 111,309 [23] 5.87% 499 FINANCIAL RE Tax Increase 52,343 52,343 [24] 2.76% 235 Insurance 78,459 66,900 66,900 [25] 3.53% 300 Utilities - Electric 23,581 23,581 23,581 [26] 1.24% 106 Utilities - Water / Sewer 152,048 152,048 152,048 [27] 8.02% 682 Utilities - Trash 27,015 27,015 27,015 [28] 1.43% 121 Utilities - Gas 1,587 1,587 1,587 [29] 0.08% 7 Utilities - Other 6,057 6,057 6,057 [30] 0.32% 27

COMPARABLES Total Non-Controllable 400,057 22.53% 440,842 24.66% 440,842 23.27% 1,977

Reserves 55,750 55,750 55,750 [31] 2.94% 250

Total Expenses 862,432 48.57% 923,154 51.64% 927,447 48.95% 4,159

Net Operating Income 913,309 51.43% 864,391 48.36% 967,421 51.05% 4,338 MARKET OVERVIEW

Notes and assumptions to the above analysis are on the following page .

[01] Gross Potential Rent - Based on Rent Roll Dated August 23, 2016 [02] Loss / Gain to Lease - Year One Projection is determined by the Gross Potential Rent times the Growth Rate. [03] Gross Scheduled Rent - Determined by Gross Potential Rent minus the Loss / Gain to Lease. [04] Physical Vacancy - Projects a Vacancy of 5% for year one (1) based on historical annual performance and current leasing efforts. [05] Bad Debt and Recovery - Trailing figures are based on the T-12 bad debt collections. M&M projections are based on the assumption of 1.0% bad debt, net of bad debt recovery, to reflect the current market norms. [06] Concessions - M&M projections are based on the assumption of no concessions to reflect the current market norms.

[07] Employee Concessions - M&M projections are based on the assumption of no employee concessions to reflect the current market norms. DESCRIPTION [08] Down Units - M&M projections are based on the assumption of no down units to reflect the current market norms. PROPERTY

Other Income

[09] Application & Administration - Based on the information provided in the T-12 income and expense statements. [10] Cleaning, Damage & Deposit Forfeit - Based on the information provided in the T-12 income and expense statements. [11] Late Charges & NSF Fees - Based on the information provided in the T-12 income and expense statements. [12] Laundry & Vending Income - Based on the information provided in the T-12 income and expense statements. [13] Pet Fees & Charges - Based on the information provided in the T-12 income and expense statements.

[14] Utility Reimbursement - Based on the information provided in the T-12 income and expense statements. FINANCIAL ANALYSIS [15] Other Resident Charges - Based on the information provided in the T-12 income and expense statements.

Expenses

[16] Payroll - Based on the information provided in the T-12 income and expense statements. [17] Contract Services - Based on the information provided in the T-12 income and expense statements. [18] Repairs & Maintenance - M&M projections are based on the assumption of $350 per unit annually to reflect the current market norms. [19] General & Administrative - M&M projections are based on the assumption of $150 per unit annually to reflect the current market norms.

[20] Marketing & Advertising - M&M projections are based on the assumption of $15,000 per unit annually to reflect the current market norms. COMPARABLES [21] Management Fee - Year 0 and Year 1 are based on the assumption of 4% management fee to reflect the current market norms. [22] Turnover - M&M projections are based on the assumption of $150 per unit annually to reflect the current market norms. [23] Real Estate Taxes - Based on the Actual 2015 Tax Bill. [24] RE Tax Increase - M&M projections are based on the assumption that the properties will be reassessed at 75% of the purchase price resulting in an increased tax obligation at the millage rate of 18.8932. [25] Insurance - M&M projections are based on the assumption of $300 per unit annually based on a August 2016 quote from Insurance Office of America. [26] Utilities - Electric - Based on the information provided in the T-12 income and expense statements. [27] Utilities - Water / Sewer - Based on the information provided in the T-12 income and expense statements. [28] Utilities - Trash - Based on the information provided in the T-12 income and expense statements.

[29] Utilities - Gas - Based on the information provided in the T-12 income and expense statements. OVERVIEW [30] Utilities - Other - Based on the information provided in the T-12 income and expense statements. MARKET

Reserves

[31] Reserves - Based on the assumption of $250 per unit annually.

Acquisition Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Income Effective Rental Income Gross Potential Rent 1,815,131 1,869,585 1,925,672 1,983,442 2,042,946 2,104,234 2,167,361 2,232,382 2,299,353 2,368,334 2,439,384 Loss / Gain to Lease (18,151) (18,696) (19,257) (19,834) (20,429) (21,042) (21,674) (22,324) (22,994) (23,683) (24,394) SUMMARY EXECUTIVE Gross Scheduled Rent 1,796,979 1,850,889 1,906,416 1,963,608 2,022,516 2,083,192 2,145,687 2,210,058 2,276,360 2,344,651 2,414,990 Physical Vacancy (89,849) (92,544) (95,321) (98,180) (101,126) (104,160) (107,284) (110,503) (113,818) (117,233) (120,750) Economic Vacancy Bad Debt and Recovery (17,970) (18,509) (19,064) (19,636) (20,225) (20,832) (21,457) (22,101) (22,764) (23,447) (24,150) Total Vacancy (107,819) (111,053) (114,385) (117,816) (121,351) (124,992) (128,741) (132,603) (136,582) (140,679) (144,899) Total Effective Rental Income 1,689,161 1,739,836 1,792,031 1,845,792 1,901,165 1,958,200 2,016,946 2,077,455 2,139,778 2,203,972 2,270,091 Other Income Application & Administration 20,380 20,991 21,621 22,270 22,938 23,626 24,335 25,065 25,817 26,591 27,389 Cleaning, Damage & Deposit Forfeit 10,236 10,543 10,859 11,185 11,521 11,866 12,222 12,589 12,967 13,356 13,756 Late Charges & NSF Fees 25,651 26,420 27,213 28,029 28,870 29,736 30,628 31,547 32,493 33,468 34,472 Laundry & Vending Income 7,663 7,893 8,130 8,374 8,625 8,884 9,151 9,425 9,708 9,999 10,299 Pet Fees & Charges 6,326 6,516 6,712 6,913 7,120 7,334 7,554 7,781 8,014 8,255 8,502 Utility Reimbursement 86,808 89,412 92,094 94,857 97,703 100,634 103,653 106,763 109,965 113,264 116,662 Other Resident Charges 48,643 50,102 51,605 53,154 54,748 56,391 58,082 59,825 61,620 63,468 65,372 PROPERTY

DESCRIPTION Total Other Income 205,707 211,878 218,235 224,782 231,525 238,471 245,625 252,994 260,584 268,401 276,453 Effective Gross Income 1,894,868 1,951,714 2,010,265 2,070,573 2,132,691 2,196,671 2,262,571 2,330,449 2,400,362 2,472,373 2,546,544 Expenses Controllable Payroll (167,000) (170,340) (173,747) (177,222) (180,766) (184,381) (188,069) (191,830) (195,667) (199,580) (203,572) Contract Services (28,111) (28,673) (29,246) (29,831) (30,428) (31,036) (31,657) (32,290) (32,936) (33,595) (34,267) Repairs & Maintenance (78,050) (79,611) (81,203) (82,827) (84,484) (86,174) (87,897) (89,655) (91,448) (93,277) (95,143) General & Administrative (33,450) (34,119) (34,801) (35,497) (36,207) (36,932) (37,670) (38,424) (39,192) (39,976) (40,775) Marketing & Advertising (15,000) (15,300) (15,606) (15,918) (16,236) (16,561) (16,892) (17,230) (17,575) (17,926) (18,285) Management Fee (75,795) (78,069) (80,411) (82,823) (85,308) (87,867) (90,503) (93,218) (96,014) (98,895) (101,862) Turnover (33,450) (34,119) (34,801) (35,497) (36,207) (36,932) (37,670) (38,424) (39,192) (39,976) (40,775) Total Controllable (430,855) (440,230) (449,816) (459,616) (469,637) (479,882) (490,359) (501,071) (512,024) (523,225) (534,679)

ANALYSIS Non-Controllable FINANCIAL Real Estate Taxes (111,309) (113,535) (115,806) (118,122) (120,485) (122,894) (125,352) (127,859) (130,417) (133,025) (135,685) RE Tax Increase (52,343) (53,390) (54,458) (55,547) (56,658) (57,791) (58,947) (60,126) (61,329) (62,555) (63,806) Insurance (66,900) (68,238) (69,603) (70,995) (72,415) (73,863) (75,340) (76,847) (78,384) (79,952) (81,551) Utilities - Electric (23,581) (24,052) (24,533) (25,024) (25,524) (26,035) (26,556) (27,087) (27,628) (28,181) (28,745) Utilities - Water / Sewer (152,048) (155,089) (158,191) (161,355) (164,582) (167,874) (171,231) (174,656) (178,149) (181,712) (185,346) Utilities - Trash (27,015) (27,015) (27,015) (27,015) (27,015) (27,015) (27,556) (28,107) (28,669) (29,242) (29,827) Utilities - Gas (1,587) (1,587) (1,587) (1,587) (1,587) (1,587) (1,619) (1,652) (1,685) (1,718) (1,753) Utilities - Other (6,057) (6,057) (6,057) (6,057) (6,057) (6,057) (6,179) (6,302) (6,428) (6,557) (6,688) Total Non-Controllable (440,842) (448,965) (457,252) (465,703) (474,324) (483,118) (492,780) (502,635) (512,688) (522,942) (533,401) Total Expenses (871,697) (889,196) (907,067) (925,319) (943,961) (963,000) (983,139) (1,003,706) (1,024,713) (1,046,167) (1,068,079) Reserves (55,750) (55,750) (55,750) (55,750) (55,750) (55,750) (55,750) (55,750) (55,750) (55,750) (55,750) Net Operating Income 967,421 1,006,768 1,047,448 1,089,504 1,132,980 1,177,921 1,223,683 1,270,992 1,319,899 1,370,456 1,422,715 Purchase Price / Net Residual Value Purchase Price / Net Residual Value (11,500,000) 18,400,445 COMPARABLES Cash Flow Before Debt Financing (11,500,000) 967,421 1,006,768 1,047,448 1,089,504 1,132,980 1,177,921 1,223,683 1,270,992 1,319,899 19,770,901 1,422,715 Debt Financing Loan Amount 7,752,316 ------Debt Service - Principal (125,718) (132,479) (139,604) (147,112) (155,024) (163,362) (172,148) (181,406) (191,162) (6,344,301) Debt Service - Interest (404,000) (397,239) (390,114) (382,606) (374,694) (366,356) (357,570) (348,312) (338,556) (328,274) Cash Flow After Debt Financing (3,825,207) 437,703 477,050 517,730 559,786 603,262 648,204 693,965 741,274 790,182 13,098,325 Acquisition Cap Rate 8.41% 8.75% 9.11% 9.47% 9.85% 10.24% 10.64% 11.05% 11.48% 11.92% Debt Coverage Ratio 1.83 1.90 1.98 2.06 2.14 2.22 2.31 2.40 2.49 2.96 Investor Cash-on-Cash Return Unleveraged 8.41% 8.75% 9.11% 9.47% 9.85% 10.24% 10.64% 11.05% 11.48% 11.92% MARKET

OVERVIEW Leveraged 11.44% 12.47% 13.53% 14.63% 15.77% 16.95% 18.14% 19.38% 20.66% N/A

Acquisition M&M Year 1 Year 2 Year 3 Year 4 Terminal Growth EXECUTIVE SUMMARY Income

Effective Rental Income Gross Potential Rent 5.00% 3.00% 3.00% 3.00% 3.00% 3.00% Loss / Gain to Lease 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% Physical Vacancy * 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

Economic Vacancy DESCRIPTION Bad Debt * 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% PROPERTY Total Vacancy 6.00% 6.00% 6.00% 6.00% 6.00%

Total Other Income 3.00% 3.00% 3.00% 3.00% 3.00%

Expenses

Controllable Payroll 2.00% 2.00% 2.00% 2.00% 2.00% FINANCIAL ANALYSIS Contract Services 2.00% 2.00% 2.00% 2.00% 2.00% Repairs & Maintenance 2.00% 2.00% 2.00% 2.00% 2.00% General & Administrative 2.00% 2.00% 2.00% 2.00% 2.00% Marketing & Advertising 2.00% 2.00% 2.00% 2.00% 2.00% Management Fee ** 4.0% 4.00% 4.00% 4.00% 4.00% 4.00% Turnover 2.00% 2.00% 2.00% 2.00% 2.00%

Non-Controllable COMPARABLES Real Estate Taxes 2.00% 2.00% 2.00% 2.00% 2.00% RE Tax Increase 2.00% 2.00% 2.00% 2.00% 2.00% Insurance 2.00% 2.00% 2.00% 2.00% 2.00% Utilities - Electric 2.00% 2.00% 2.00% 2.00% 2.00% Utilities - Water / Sewer 2.00% 2.00% 2.00% 2.00% 2.00% Utilities - Trash 2.00% 2.00% 2.00% 2.00% 2.00% Utilities - Gas 2.00% 2.00% 2.00% 2.00% 2.00% Utilities - Other 2.00% 2.00% 2.00% 2.00% 2.00% OVERVIEW MARKET Total Non-Controllable

Reserves 0.00% 0.00% 0.00% 0.00% 0.00%

* Calculated as a percentage of Gross Potential Rent ** Calculated as a percentage of Effective Gross Income

S SUMMARY EXECUTIVE S TYLESPORTFOLIO

Assumable Loan Details PROPERTY DESCRIPTION Projected Closing Date 11/1/2016 Loan Balance $7,752,316 Loan Maturity Date 9/6/2024 Interest Rate 5.25% Amortization Period 30 Years Amortization Period Remaining (11/1/2016) 27.9 Years Original Loan Amount $7,994,000 Original Loan Term 10 Years ANALYSIS FINANCIAL Origination Date 8/29/2014 Annual Loan Constant 6.83% Annual Debt Service $529,718 Lender Ladder Capital Finance

* Current Loan Must Be Assumed

COMPARABLES PROPERTY DETAILS

Total Number of Residential Units 223 Current Physical Occupancy 96.41% Total Square Feet 122,112 Average Monthly Rent Per Unit $630 Average Square Feet Per Unit 548 Asset/Location Class C / B- Year of Construction Multiple Asset Type Garden Style MARKET OVERVIEW

Price $11,500,000 EXECUTIVE Agent Contact: SUMMARY

Analysis Period Cap Rate Michael Donaldson Nicholas Meoli June 2016 7.94% Vice President Investments Vice President Investments Takeover 7.52% Tampa Tampa End of Year One 8.41% (813) 658-8278 (813) 387-4731 [email protected] [email protected] Price Per Unit $51,570 DESCRIPTION

Price Per Square Foot $94.18 PROPERTY

Review Analysis

Takeover Cash on Cash Return 8.75% Year Capitalized Year 10 Year 1 - Leveraged Cash On Cash Return 11.44% Gross Rent Multipler 6.8 3 Year Average - Leveraged Cash on Cash Return 12.48%

Holding Period - Unleveraged IRR 13.46% Capitalization Rate - Terminal 7.50% FINANCIAL Holding Period - Leveraged IRR 22.28% Cost of Sale 3.00% ANALYSIS

Assumable Financing Details

Principal Balance Outstanding (11/1/16 Closing Projection) $7,752,316 Total Debt Service Coverage - Year 1 1.83 Interest Rate (Fixed) 5.25% Total Debt Service Coverage - Year 2 1.90 Assumption Fee 1.00% Total Down Payment $3,747,684 Original Amortization Period 30 Years COMPARABLES Years of Interest Only 0 Years Annual Loan Constant 6.83% Original Loan Term 10 Years Loan Term Remaining 7.9 Years Loan to Value (11/1/16 Closing Projection) 67.41%

Property Detail OVERVIEW MARKET Current Physical Occupancy 96.41% Total Number of Units 223 Average Monthly Rent Per Unit $629 Total Square Feet 122,112 Asset / Location Class C / B- Average Square Feet Per Unit 548 Asset Type Garden Style Year of Construction Multiple