Colonial Garden Court Suites RENO, NV

OFFERING MEMORANDUM Colonial Garden Court Suites

RENO, NV

CONFIDENTIALITY AND DISCLAIMER

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

NON-ENDORSEMENT NOTICE

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. Colonial Garden Court Suites

TABLE OF CONTENTS

Section 1 PRICING AND FINANCIAL ANALYSIS

Section 2 PROPERTY DESCRIPTION

Section 3 RECENT SALES

Section 4 COMPETITIVE PROPERTIES

Section 5 MARKET OVERVIEW

Section 6 DEMOGRAPHIC ANALYSIS PRICING AND FINANCIAL ANALYSIS

Colonial Garden Court Suites RENO, NV Colonial Garden Court Suites RENO, NV PRICING AND FINANCIAL ANALYSIS

FINANCIAL OVERVIEW

Location 232 West Street Reno, NV 89501

Price $7,500,000 Down Payment 100.0% / $7,500,000 Total Number of Suites 54 Price/Suite $138,889 Occupancy 72.0% ADR $124.00 CAP Rate - Pro Forma 13.69% RRM - Pro Forma 4.71 Year Built/Renovated 1966 / 2011 Lot Size .56 Acres Type of Ownership Fee Simple

Annualized Operating Data

Income Pro Forma % of GR Suites Revenue $1,593,093 100.0% Gross Revenue $1,593,093

Total Expenses $566,227 35.5% Net Operating Income $1,026,866 64.5% Total Return 13.69% / $1,026,866

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 1 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV PRICING AND FINANCIAL ANALYSIS

INCOME AND EXPENSES

Total Number of Suites 54 Pro Forma 54

% of Pro Forma GR PAR Occupancy 72.0%

ADR $124.00

Income

Suites Revenue $1,593,093 100.0% $29,502

GROSS REVENUE $1,593,093 $29,502

Total Departmental Expenses $245,936 15.4% $4,554 Total Undistributed Expenses $233,602 14.7% $4,326 Total Fixed Expenses $86,689 5.4% $1,605 TOTAL EXPENSES $566,227 35.5% $10,486

NET OPERATING INCOME $1,026,866 64.5% $19,016

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 2 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV PRICING AND FINANCIAL ANALYSIS

EXPENSES

% of Pro Forma GR PAR Departmental Expenses Suites (15.25%) $243,000 15.3% $4,500 Telecommunications $2,936 $54 TOTAL DEPARTMENTAL EXPENSES $245,936 15.4% $4,554

Undistributed Expenses Administrative & General $55,591 3.5% $1,029 Sales & Marketing $3,843 0.2% $71 Property Operations & Maintenance $79,800 5.0% $1,478 Utilities $94,368 5.9% $1,748 TOTAL UNDISTRIBUTED EXPENSES $233,602 14.7% $4,326

Fixed Expenses FF&E Reserve $48,000 3.0% $889 Property Taxes $23,521 1.5% $436 Property Insurance $15,168 1.0% $281 TOTAL FIXED EXPENSES $86,689 5.4% $1,605

TOTAL EXPENSES $566,227 35.5% $10,486

NET OPERATING INCOME $1,026,866 64.5% $19,016

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 3 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV PRICING AND FINANCIAL ANALYSIS

DETAILED EXPENSES

Pro Forma % of POR PAR

Salaries-Clerks & Adm $68,386 4.3% $1,266.41 Management $36,000 2.3% $666.67 Accounting $7,240 0.5% $134.07 Advertising $3,843 0.2% $71.17 Credit Check $278 0.0% $5.15 Dues & Subscriptions $250 0.0% $4.63 Insurance $15,168 1.0% $280.89 Contract Services $200 0.0% $3.70 Equipment Rental $1,320 0.1% $24.44 Legal $4,458 0.3% $82.56 Taxes & Licenses $1,057 0.1% $19.57 Lights, Power, Heat $73,709 4.6% $1,364.98 Sewer Use Fees $16,248 1.0% $300.89 Payroll Taxes $8,208 0.5% $152.00 Property Taxes $23,521 1.5% $435.57 Security $7,110 0.5% $131.67 Repairs and Maintenance $17,542 1.1% $324.85 TV-Utilities $21,203 1.3% $392.65 Elevator Maintenance $5,565 0.4% $103.06 Painting-Maintenance $621 0.0% $11.50 Heating & A/C Maintenance $13,182 0.8% $244.11 Supplies $6,442 0.4% $119.30 Pool Supplies $350 0.0% $6.48 Office Supplies $4,715 0.3% $87.31 Coffee Supplies-Room $134 0.0% $2.48 Telephone $2,937 0.2% $54.39 Waste Removal $3,548 0.2% $65.70

TOTAL EXPENSES $343,235 21.5% $6,356.20

Comments These are actual expenses for operations as an apartment building for the twelve months ended December 31, 2016.

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 4 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV PRICING AND FINANCIAL ANALYSIS

OFFERING SUMMARY

Major Employers

Local Company Price $7,500,000 Employees Down Payment 100.0% / $7,500,000 VA Sirra Nev Hlth Care Systems 3,000 Total Suites 54 Hilton 2,500 Price/Suite $138,889 Peppermill Hotel Casino 2,250 Occupancy 72.0% County of Washoe 1,987 ADR $124.00 Number of Buildings 3 St Marys Health Network 1,800 Number of Floors 5 Grand Sierra Resort and Casino 1,525 Year Built/Renovated 1966 / 2011 Circus Circus Reno 1,500 Lot Size .56 Acres Grand Sierra Resort Corp 1,500 Type of Ownership Fee Simple US Post Office 1,434 Saint Marys Regional Med Ctr 1,370 Club Cal-Neva 1,300 VITAL DATA Atlantis Casino Resort 1,000 CAP Rate - Pro Forma 13.69% RRM - Pro Forma 4.71 Demographics Net Operating Income - Pro Forma $1,026,866 1-Mile 3-Miles 5-Miles Total Return - Pro Forma 13.69% / $1,026,866 2014 Total 21,160 125,659 227,713 Population 2019 Total 21,979 128,287 235,130 Comments Population

Originally a 100 room hotel, it is now operating as a multifamily 2014 Total 10,769 53,459 92,027 property. Steel and concrete structure with brick and stucco exterior it Households 2019 Total consists of 54 recently renovated studio, one- and two-bedroom 11,465 55,210 95,797 suites and can easily be converted to an Extended Stay Hotel. Households Median HH Income $25,155 $33,954 $39,245 Per Capita Income (based on Total $23,271 $22,544 $24,253 Population)

Average (Mean) HH $40,522 $51,654 $58,940 Income

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 5 Marcus & Millichap. All rights reserved. PROPERTY DESCRIPTION

Colonial Garden Court Suites RENO, NV Colonial Garden Court Suites RENO, NV PROPERTY DESCRIPTION

INVESTMENT OVERVIEW

Investment Highlights

■ Pride of Ownership Property

■ State of the Art Appliances

■ No Deferred Maintenance

■ Ideal for Conversion to Extended Stay

■ Conversion was Originally Approved As Condos

■ There Are No Other Extended Stay Units in Downtown Reno

The subject property, originally a 100 room hotel, is now operating as a multifamily property. It is a steel and concrete structure with brick and stucco exterior. Total area is attractively landscaped and consists of 54 recently renovated studio, one- and two-bedroom suites with very large floor plans. All units have new sprinkler and alarm systems. All units are also equipped with a four-pipe HVAC system. The property features gated access and underground parking. This makes The Colonial Garden Court Suites an excellent choice for the extended stay traveler.

The Colonial Garden Suites is within easy walking distance to: The Truckee River and Water Park, West St. Park, Gaming and Entertainment, Fine Dining, Century Multiplex Cinema, Shops, University of Nevada, Museums, Pioneer Center of Performing Arts, New Events Center, City Bus Terminal, Amtrak, Bowling Stadium, Reno Aces Baseball Park, Post Office, and City of Reno Public Library.

The City of Reno continues to rebound from the effects of the Great Recession. Property values are increasing, the population is growing, and Reno has been named one of the ten most livable mid-sized cities in the United States for 2014. While Reno's economy for most of the 20th century was primarily centered on gaming and entertainment, it is now diversifying into a much broader base which spans healthcare, entrepreneurial startups, and technology-based industries such as Tesla, Apple, and Amazon to name a few.

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 7 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV PROPERTY DESCRIPTION

INVESTMENT OVERVIEW

Reno has been nicknamed "The Biggest Little City in the World." Its unique quality of life contributes to the city's economic vitality. Reno residents have access to first-class entertainment, dining, and recreational opportunities all within view of the snow-covered Sierra Nevada mountains which rise to the west. The Truckee River runs through the heart of downtown and Lake Tahoe is a mere 30 minutes away. Reno is home to outstanding institutions of higher learning, including the Tier 1 University of Nevada and the internationally-recognized Desert Research Institute. It also boasts a Triple-A baseball park, an urban Whitewater Kayak Park, and a number of industrial giants including Microsoft Licensing, International Gaming Technology, and Lincoln Electric.

Today Reno is pioneering an economic future as one of the United States' clean energy, technology, and entrepreneurial leaders. The region is home to 13 geothermal companies and a number of advanced manufacturers. Reno was recently cited by the Kauffman Foundation as the country's "most consistent standout" for startups and with Nevada's designation as one of six national test sites for Unmanned Aerial Systems, there is an emerging concentration of aviation, research-and-development, and high-tech industries.

Nevada has no corporate or personal income tax, and is a right-to-work state. These factors have contributed to the State's tremendous growth in the past several decades. In 2005, Inc. Magazine named Reno No.1 on its list of the "Best Places to Do Business in America" based on job growth figures among 274 metropolitan areas.

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 8 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV PROPERTY DESCRIPTION

RENOVATION REPORT

Investors in income property such as apartments, hotels, timeshares, motels, and condos may be faced with the same decision. Should a project be newly built or renovated. Most existing projects need renovation to compare to a newly built. But the high cost of a new project, versus an existing project, totally renovated, excellent location, with occupancy and earnings increasing, the renovated project, is the superior investment. The Colonial is a good example of the above.

RENOVATION REPORT

· Total renovation of the entire 100 room project. Certificate of Occupancy issued by the City of Reno Building Department in late 2012. · Newly built cost, compared to a renovated value of 7.5 million, indicate the Colonial would be an excellent investment. The property is positioned for long term growth. · Occupancy has risen to the low to mid ninety’s. As the economy improves, as is the case in the Reno area, rents and occupancy will increase. Reno is now attracting major companies and attention. Tesla, Amazon, Switch, Google, Panasonic, Apple and others are locating in Reno. Northern Nevada is diversifying and is now considered a player, in the eyes of major companies.

SUITES SPECIFICATIONS · 14 - 1 Bedroom, 1Bathroom, Full Kitchen, Including Washer/Dryer. · 5 - 1 Bedroom, 2 Bathroom, Full Kitchen, Including Washer/Dryer. · 11 - 2 Bedroom, 2 Bathroom, Full Kitchen, Including Washer/Dryer. · 8 - Studio Deluxe, 1 Bathroom, Full Kitchen. · 16 - Studio Economy, 1 Bathroom, Refrigerator and Microwave. · 54 - Total Suites

The above suites plan, features 38 kitchens, 30 with washer/dryers. If desired, due to flexibility of design, 16 Studios can be converted to 8 additional 1-bedrooms with full kitchens.

The building is a steel and concrete structure with brick and stucco exterior. The area is attractively landscaped, fenced and gated. All units are equipped with excellent soundproofing, double pane windows, appliances and extensive fire protection. Two elevators serve the four and five story buildings and the parking garage. Two separate boiler and air conditioning locations provide the four pipe HVAC and hot water to all 54 suites, lobby, shop, laundry and storage areas. Additional amenities are large lobby with fireplace and restrooms, offices, swimming pool, sauna, sun decks and barbecue area. The total property is fenced and gated.

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 9 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV PROPERTY DESCRIPTION

CONVERSION TO OTHER USE

During the planning stage of the Colonial renovation, extensive efforts were put forth by the architectural team to design a project which could be utilized for the highest and best use for present and future marketability. Multiple usage can be accomplished due to the building's resulting design and location.

Additional uses of this totally renovated property would be Hotel, Timesahare or Condos, with the property originally renovated and approved as Condos. Although apartment investment is feasible, with occupancy and earnings increasing the highest and best use of the property may be as an Extended Stay Hotel as there are currently no Extended Stay properties in the Downtown area.

Preliminary due diligence indicates Extended Stay Hotels in Southern Reno are doing very well. This demand is due to the volume of new companies moving into the Reno area. With no Extended Stays in Downtown Reno the proposed property could achieve a higher rate of return as an Extended Stay Hotel than if positioned as apartments. The demand for boutique full-kitchen hotels available for extended stay is an ideal use for this renovated steel and concrete building with brick and stucco exterior and on site parking garage.

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 10 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV PROPERTY DESCRIPTION

PROPERTY SUMMARY

The Offering Property Colonial Garden Court Suites Property Address 232 West Street Reno, NV 89501

Site Description Year Built/Renovated 1966 / 2011 Lot Size .56 Acres Type of Ownership Fee Simple Parking 80 spaces Handicapped Parking Yes

Utilities Water Truckee Meadow Water Authority Phone AT&T Electric Sierra Pacific Power Company Gas Sierra Pacific Power Company

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 11 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV PROPERTY DESCRIPTION

FEATURES AND AMENITIES

Common Area Features ■ Gated Entry ■ Large Outdoor Swimming Pool ■ Sun Deck in a Garden Setting ■ Sauna ■ Rest Rooms ■ Ground Floor Patio with BBQ

Room Amenities ■ Oak Raised Panel Cabinetry ■ State of the Art Electrical G.E. Appliances ■ Dupont Premium Laminate Flooring ■ Mohawk 100% Nylon Carpeting ■ Ceramic Tile Counters, Floors, Sills and Shower

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 12 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV PROPERTY DESCRIPTION

PROPERTY PHOTOS

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 13 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV PROPERTY DESCRIPTION

PROPERTY PHOTOS

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 14 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV PROPERTY DESCRIPTION

PROPERTY PHOTOS

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 15 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV PROPERTY DESCRIPTION

PROPERTY PHOTOS

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 16 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV PROPERTY DESCRIPTION

AREA MAPS

Local Map Regional Map

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 17 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV PROPERTY DESCRIPTION

AERIAL PHOTO

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 18 Marcus & Millichap. All rights reserved. RECENT SALES

Colonial Garden Court Suites RENO, NV Colonial Garden Court Suites RENO, NV RECENT SALES

RECENT SALES MAP

Colonial Garden Court Suites 1) 3rd Street Flats

2.) 303 West 3rd Street, Reno, NV 89503

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 20 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV RECENT SALES

CAP RATE AND RRM AVERAGE PRICE/SUITE

200,000

180,000

160,000

140,000

120,000

100,000

80,000

60,000

40,000

20,000

0 Subject 3rd Street Flats

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 21 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV RECENT SALES

RECENT SALES Colonial Garden Court Suites 232 West Street Reno, NV 89501

Total Suites: 54 Sale Price: $7,500,000 Year Built/Renovated: 1966/2011 Price/Room: $138,889 Occupancy: 72.0% CAP Rate: 13.69% ADR: $124.00 RRM: 4.71 RevPAR: Rack Rate: Subject Property

1 3rd Street Flats 303 West 3rd Street Reno, NV 89501

Close of 08/01/2017 Sale Price: $18,600,000 Total Rooms: 94 Price/Room: $197,872 Year 1987/2015 CAP Rate: Occupancy: 90.0% RRM: ADR: Rack Rate: $1,425.00 RevPAR:

Comments Property was purchased about two years ago for $1.3M. It had been closed and vacant for approximately 30 years. Buyer fully renovated it and opened in December 2016. Since this is an apartment building the rack rate number is the average rent for the apartments per month.

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 22 Marcus & Millichap. All rights reserved. COMPETITIVE PROPERTIES

Colonial Garden Court Suites RENO, NV Colonial Garden Court Suites RENO, NV COMPETITIVE PROPERTIES

COMPETITIVE PROPERTIES MAP

Colonial Garden Court Suites 1) Homewood Suites by Hilton 2) Residence Inn 3) Staybridge Suites

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 24 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV COMPETITIVE PROPERTIES

GRAPHS AVERAGE RACK RATE

160

140

120

100

0 Homewood Residence Staybridge Suites Inn Suites by Hilton

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 25 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV COMPETITIVE PROPERTIES

COMPETITIVE PROPERTIES Colonial Garden Court Suites 232 West Street Reno, NV 89501

Date Surveyed: Meeting Rooms: Total Rooms: 54 Meeting Space: Year Built/Renovated: 1966/2011 Occupancy: 72.0% AAA Rating: ADR: $124.00 Rack Rate: RevPAR: Subject Property

1 Homewood Suites by Hilton 5450 Kietzke Lane Reno, NV 89511

Date Surveyed: January 30, Meeting Rooms: 1 Total Rooms: 96 Meeting Space: Year Built: Occupancy: AAA Rating: ADR: Rack Rate: $134.00 RevPAR:

2 Residence Inn 9845 Gateway Dr Reno, NV 89521

Date Surveyed: January 30, Meeting Rooms: 1 Total Rooms: 120 Meeting Space: Year Built: Occupancy: AAA Rating: ADR: Rack Rate: $159.00 RevPAR:

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 26 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV COMPETITIVE PROPERTIES

COMPETITIVE PROPERTIES

3 Staybridge Suites 10559 Professional Circle Reno, NV 89521

Date Surveyed: January 30, Meeting Rooms: 1 Total Rooms: 94 Meeting Space: Year Built: Occupancy: AAA Rating: ADR: Rack Rate: $119.00 RevPAR:

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 27 Marcus & Millichap. All rights reserved. MARKET OVERVIEW

Colonial Garden Court Suites RENO, NV Colonial Garden Court Suites RENO, NV MARKET OVERVIEW

RENO

Market Highlights Lower business costs ■ Many California firms, including Apple and Tesla, are expanding operations in Reno due to the metro’s lower costs and friendly business climate. On the cusp of significant change ■ Building the largest industrial park and data center in the U.S.

Higher quality jobs boosting incomes ■ Reno’s median household income is expected to rise 3.3 percent over the next five years. Recreational lifestyle attracts residents ■ Reno is home to numerous recreational activities, including lakes, rivers and ski resorts.

Geography

Located in a high-elevation desert valley beneath the towering Sierra Nevada mountains, the Reno metro consists of Washoe and Storey counties and is centered around the two primary cities of Reno and Sparks. The metro occupies the northwest strip of the state of Nevada and lies contiguous to northern California to the west and southern Oregon to the north. Within Nevada, the Reno metro is bordered by Humboldt, Pershing, Churchill, Lyon and Carson City counties. The metro displays a classical steppe climate and encompasses many fault lines that geologically formed the Sierra Nevada.

Reno Metro

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 29 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV MARKET OVERVIEW

RENO Metro

The metro is home to approximately 444,800 people, making it Nevada’s largest population center outside Las Vegas. The population is mainly concentrated in the cities of Reno and Sparks, although it is also distributed through 14 additional census-designated places and four unincorporated areas. The most populous city is Reno, which has 235,400 residents, followed by Sparks with 94,200 people. Largest Population Centers in Metro Reno 235,400 Infrastructure Sparks 94,200 Sun Valley 20,000 Reno is served by the U.S. interstate system via the I- Spanish Springs 16,200 580 running north-south or U.S. Route 395, as well as Incline Village 9,200 the east-west running I-80. Interstate 80, which Cold Springs 8,900 stretches from San Francisco to Teaneck, New Jersey, is

a vital source of commerce to the Reno economy. Airports ■ Reno-Tahoe International Airport A historical stopover point for the First ■ Reno Stead Airport Transcontinental Railroad, contemporary rail service in Major Roadways Reno is provided by Union Pacific, BNSF and Amtrak. ■ Interstates 80 and 580 or U.S. 395 Reno continues to be an important rail center, providing a major linkage point between East Coast and Rail ■ Freight - Union Pacific and BNSF, via the West Coast ports. Rail track is depressed through the ReTRAC city of Reno, which allows freight rail carriers to ■ Passenger - Amtrak seamlessly bisect the city. Air service in the metro is The Reno Metro is: offered by Reno-Tahoe International Airport and ■ 130 miles from Sacramento general aviation is provided by Reno Stead Airport. ■ 220 miles from San Francisco Additionally, the Regional Transportation Commission ■ 520 miles from Salt Lake City of Washoe County (RTC) operates a public bus ■ 520 miles from Los Angeles network in the metro.

* Forecast Sources: Marcus & Millichap Research Services, U.S. Census Bureau, Experian

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 30 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV MARKET OVERVIEW

RENO Economy The economy of the Reno metro is rapidly diversifying from a tourism and gaming base as a pro-business environment and its proximity to the California border attract companies to the area.

The region is becoming an important center for distribution and industrial expansion as all West Coast markets can be reached in one day. Low land costs, business-friendly tax policies, capacity to provide clean power and the metro’s access to Bay Area ports just three hours away have all attracted many major California firms looking to expand their operations. In this sense, Reno is an extremely low-cost alternative to industrial expansion in California. Apple, Amazon and Jet.com have recently opened facilities in the metro, and Tesla is building a $5 billion auto battery Gigafactory in the Tahoe Reno Industrial Center, one of the world’s largest industrial parks. Nearby Switch is planning the biggest data center on the globe at 6.5 million square feet. The company already has a $3 billion SUPERNAP facility underway with eBay as an anchor tenant. Once completed, Switch’s SUPERLOOP will extend to Las Vegas, Los Angeles, San Jose and back to Reno.

While tourism in Reno has fallen behind that of Las Vegas in recent decades, gaming revenues and the region’s leisure and hospitality sector continue to provide important economic stimulus to the region. Located along the border in both Nevada and * Forecast California, Lake Tahoe also brings many tourist dollars Sources: Marcus & Millichap Research Services, U.S. Census Bureau, Experian, Bureau of Economic Analysis, UNLV into the Reno economy. Center for Gaming Research, Reno-Sparks Convention and Visitors Authority

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 31 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV MARKET OVERVIEW

RENO Labor Reno’s employment base consists of more than 211,400 workers falling into an array of industries. The region’s trade, transportation and utility sector is the metro’s largest local jobs provider. This segment alone makes up 22 percent of local employment, or approximately 47,400 jobs. Additionally, Reno’s huge leisure and hospitality sector provides another 37,200 positions to the metro, representing 18 percent of total employment. Other major employment sectors in the metro include government and professional and business services. These segments both provide 14 percent of jobs.

Over the next five years, every major employment sector in the metro is expected to expand payrolls except for government, which is only down 0.1 percent. Job growth will be led by the metro’s construction sector, which will average 4 percent annual gains through 2020. The strengthening housing market and continued industrial expansion from growing California firms will both fuel this rising demand for construction jobs. The professional and business services industry, follows with gains of 3.4 percent annually over the next five years. Expansion in Reno’s education and health services segment are also forecast to accelerate; this sector is projected to add new workers at a pace of 2.7 percent annually through 2020.

In total, employment opportunities at new companies coming to the area, such as Tesla, SWITCH and Jet.com will contribute to maintaining metro job growth above of the national average during the coming five years.

* Forecast Sources: Marcus & Millichap Research Services, BLS, Moody’s Analytics

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 32 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV MARKET OVERVIEW

RENO Employers While the Reno metro boasts a diversified economy represented by various industries, the majority of the region’s largest private employers fall within the casino and gaming sector. Peppermill Hotel Casino, Atlantis Casino Resort, Silver Legacy Resort Casino and Grand Sierra Resort and Casino are some of the largest gaming centers and simultaneously some of Reno’s largest employers. Additionally, IGT, or International Game Technology, is the world’s largest manufacturer of gaming devices and provider of gambling technological Major Private Sector Employers services. Although the company is based in Las Vegas, it Renown Regional Medical Center maintains sizable operations in Reno. Peppermill Hotel Casino IGT Atlantis Casino Resort Other large-scale employers in Reno outside of the Silver Legacy Resort Casino gambling sector include the region’s healthcare and Grand Sierra Resort and Casino medical service providers. Renown Health and St. Eldorado Hotel & Casino Mary’s Regional Medical Center are both major Saint Mary’s employment sources. With 41 percent of metro Sparks Nugget Inc. residents older than the age of 45, these healthcare Circus Circus Casinos services are projected to be in greater demand. The government is also a significant job provider. The largest single employer in the metro is the Washoe County School District, and the government sector is also represented at the federal level by the Veteran Administration’s Sierra Nevada Healthcare System.

The area will receive a boost from activity at the Tahoe- Reno Industrial Center, where Tesla is building its 13.6 million-square-foot factory, titled Gigafactory 1. The facility is creating at least 3,600 construction jobs and will eventually provide 6,100 full-time positions.

* Forecast Sources: Marcus & Millichap Research Services, BLS, Moody’s Analytics, Experian

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 33 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV MARKET OVERVIEW

RENO Demographics

With a population of 444,800 residents, Reno has consistently outpaced the national population growth rate for the past 30 years and is expected to gain nearly 36,500 people by 2020.

Even though Reno attracts many retirees, the population of the metro is just slightly older than that of the nation. The median age in Reno is 37.8 years, in comparison with the national median of 37.5 years.

Education levels in the metro fall slightly below the national average. Among residents 25 and older, 26.8 percent have attained at least a bachelor’s degree, compared with 28.8 percent for the U.S. That said, job growth that attracts young professionals and the presence of numerous institutions of higher learning in Reno will help provide a skilled labor force in years to come. The University of Nevada, Reno is the largest institution of higher education with an enrollment of more than 17,000 students.

Income levels in the metro are just slightly below that of the country. The median household income in Reno is estimated at $55,300 per year, compared with the U.S. annual median of $56,100.

The median home price in Reno is approximately $298,300, landing it in between the nearby California markets, Riverside-San Bernardino and Sacramento. During 2015, just 56 percent of metro residents own their homes providing a large rental market.

* Forecast Sources: Marcus & Millichap Research Services, AGS, Moody’s Analytics, U.S. Census Bureau, Experian

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 34 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV MARKET OVERVIEW

RENO Quality of Life Reno is home to a rich fabric of recreational activities and cultural amenities, offering residents a high quality of life throughout the year. In the summers, many Reno residents take advantage of the outdoor recreational opportunities offered by Lake Tahoe, Pyramid Lake and the Truckee River, which cuts through downtown. Residents can also enjoy Reno’s $1.5 million whitewater park built on the urban stretch of the Truckee. With numerous courses to challenge various skill levels, the park hosts many whitewater events throughout the year. During colder months, the area is popular with skiers and snowboarders. Numerous ski resorts are located within 100 miles of Reno.

Cultural activities in the metro are offered by the Reno Philharmonic Orchestra, the Reno Pops Orchestra, the Nevada Shakespeare Company, the Pioneer Center for the Performing Arts and various other companies and independent venues. Visual art can be viewed at the Nevada Museum of Art, the only accredited art museum in Nevada. A number of other museums are also popular, including the National Automobile Museum, the Reno Air Racing Association, the Terry Lee Wells Nevada Discovery Museum and the Fleischmann Planetarium and Science Center.

In addition to all of these offerings, the Reno metro is naturally one of the nation’s premier destinations for casinos and adult gaming. People looking to indulge in the region’s resort scene and nightlife will find no shortage of offerings. * Forecast Sources: Marcus & Millichap Research Services, National Association of Realtors, U.S. Census Bureau, Moody’s Analytics

The information contained in the market overview comes from sources deemed to be reliable, however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. The most timely data available at time of production, including estimates and forecasts, were used and may be subject to revision.

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 35 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV MARKET OVERVIEW

PACIFIC NORTHWEST Stellar Growth Lures Investors to Region Persistent growth in leisure demand and business trips throughout the Pacific Northwest will support additional gains in occupancy, ADR and RevPAR in the region this year. Collectively, Oregon and Washington registered post-recession highs in principal performance measures during the first three months of 2015. Portland continues to exceed nationwide rates of growth, and an increase in available rooms thus far in 2015 appears to be relieving pent-up demand for reasonably priced accommodations. Hotel construction in Portland may simply represent a correction from years of minimal growth, and the market appears capable of absorbing new supply. In Seattle, corporate demand will continue to grow through local company expansions and the opening of facilities by several technology firms, including CenturyLink and SpaceX. Both Oregon and Seattle will also benefit from growing Asian tourism due to favorable currency exchange rates. The region’s robust performance drivers are also triggering more transactions. A significant number of deals so far this year indicate owners are tapping unfaltering investor interest and liquid debt markets to unlock the value that has accumulated in properties. Interest is high in well- performing properties in all markets in the region.

Demand Growth Outpaces Completions Occupied rooms jumped 6.5 percent in the first three months of 2015, topping the rate of growth in the first quarter last year, to raise occupancy 280 basis points to 58 percent. Seattle and Portland are two of the strongest markets in the country, but their results trailed the first-quarter performance of their respective states. Room demand in Portland, for example, jumped 7.3 percent year to date but lagged the statewide gain of 9.0 percent. Additional occupied rooms vaulted statewide occupancy to 55.8 percent. Demand will continue to grow in Portland through the peak leisure season, while development will also increase. Available rooms climbed 1.5 percent year to date and more projects are in the works, including several hundred rooms in suburban Hillsboro. In Seattle, occupancy rose to 67.9 percent in the first quarter and contributed to a 5 percent increase in room nights statewide.

Sources: Marcus & Millichap Research Services; STR, Inc.

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 36 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV MARKET OVERVIEW

PACIFIC NORTHWEST Oregon RevPAR Soars Higher occupancy and vigorous rate-setting are pushing room revenue higher. Compared with the first quarter last year, regional ADR and RevPAR are 5.1 percent and 10.5 percent higher. Operators in Portland are successfully converting higher guest volume into higher rates, lifting the ADR 9.2 percent year to date and raising RevPAR 15.5 percent. In the entire state, RevPAR advanced 15.2 percent. The ADR in Seattle also rose 5.6 percent so far this year, while an increase in available rooms held the gain in RevPAR to a still-respectable 8.0 percent during the period. RevPAR increases in the market will continue to compress as new rooms come online. At the end of the first quarter, more than 2,400 rooms were under construction in the market and an additional 4,700 rooms were in final planning. Select-service rooms account for half of the total in each phase.

Smaller Markets Dominant More flagged hotels changed hands last year to drive up total transaction volume, and sales of higher-end independents underpinned a modest increase in dollar volume. Flagged hotel sales primarily occurred from the economy tier through upper midscale and reflect the presence of a broad and well-capitalized investor pool, ranging from private capital to larger buyers. Only a handful of sales, though, are occurring in the upscale tier, where brands including Courtyard by Marriott are highly sought after nationwide. In addition to the predominance of economy, midscale and upper midscale transactions, investors are also showing a willingness to seek hotels outside of the Portland and Seattle metros, perhaps in search of higher yields and greater potential upsides. Nearly 60 percent of flagged transactions in each of the past two years occurred outside of these markets.

Sources: Marcus & Millichap Research Services; STR, Inc.

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 37 Marcus & Millichap. All rights reserved. DEMOGRAPHIC ANALYSIS

Colonial Garden Court Suites RENO, NV Colonial Garden Court Suites RENO, NV DEMOGRAPHIC ANALYSIS

DEMOGRAPHIC REPORT 1 Mile 3 Miles 5 Miles 2000 Population 18,757 119,245 210,627 2010 Population 20,378 121,794 220,815 2014 Population 21,160 125,659 227,713 2019 Population 21,979 128,287 235,130

2000 Households 9,193 50,206 85,089 2010 Households 10,279 51,477 88,733 2014 Households 10,769 53,459 92,027 2019 Households 11,465 55,210 95,797

2014 Average Household Size 1.72 2.29 2.42

2014 Daytime Population 21,765 70,027 115,962

2000 Owner Occupied Housing Units 16.57% 36.49% 45.01% 2000 Renter Occupied Housing Units 72.44% 56.71% 48.89% 2000 Vacant 10.99% 6.80% 6.10%

2014 Owner Occupied Housing Units 13.36% 32.97% 42.12% 2014 Renter Occupied Housing Units 86.64% 67.03% 57.88% 2014 Vacant 14.96% 10.00% 8.75%

2019 Owner Occupied Housing Units 12.89% 32.54% 41.97% 2019 Renter Occupied Housing Units 87.11% 67.46% 58.03% 2019 Vacant 15.65% 10.44% 9.10%

$ 0 - $14,999 27.4% 20.8% 16.7% $ 15,000 - $24,999 22.3% 17.1% 15.1% $ 25,000 - $34,999 14.0% 13.5% 13.2% $ 35,000 - $49,999 15.6% 16.0% 16.2% $ 50,000 - $74,999 10.1% 14.3% 16.1% $ 75,000 - $99,999 4.5% 7.2% 9.0% $100,000 - $124,999 2.5% 4.7% 5.7% $125,000 - $149,999 0.9% 2.4% 3.1% $150,000 - $199,999 0.9% 1.9% 2.4% $200,000 - $249,999 0.6% 0.9% 1.1% $250,000 + 1.1% 1.3% 1.7%

2014 Median Household Income $25,155 $33,954 $39,245 2014 Per Capita Income $23,271 $22,544 $24,253

2014 Average Household Income $40,522 $51,654 $58,940

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 39 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV DEMOGRAPHIC ANALYSIS

SUMMARY REPORT

Geography: 5 miles

Population In 2014, the population in your selected geography is 227,712. The population has changed by 8.11% since 2000. It is estimated that the population in your area will be 235,130 five years from now, which represents a change of 3.25% from the current year. The current population is 50.88% male and 49.11% female. The median age of the population in your area is 35.1, compare this to the Entire US average which is 37.3. The population density in your area is 2,895.33 people per square mile.

Households There are currently 92,027 households in your selected geography. The number of households has changed by 8.15% since 2000. It is estimated that the number of households in your area will be 95,797 five years from now, which represents a change of 4.09% from the current year. The average household size in your area is 2.42 persons.

Income In 2014, the median household income for your selected geography is $39,245, compare this to the Entire US average which is currently $51,972. The median household income for your area has changed by 0.80% since 2000. It is estimated that the median household income in your area will be $44,022 five years from now, which represents a change of 12.17% from the current year.

The current year per capita income in your area is $24,253, compare this to the Entire US average, which is $28,599. The current year average household income in your area is $58,939, compare this to the Entire US average which is $74,533.

Race & Ethnicity The current year racial makeup of your selected area is as follows: 71.35% White, 3.07% Black, 0.77% Native American and 5.83% Asian/Pacific Islander. Compare these to Entire US averages which are: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander.

People of Hispanic origin are counted independently of race. People of Hispanic origin make up 29.68% of the current year population in your selected area. Compare this to the Entire US average of 17.13%.

Housing In 2000, there were 40,783 owner occupied housing units in your area and there were 44,306 renter occupied housing units in your area. The median rent at the time was $581.

Employment In 2014, there are 115,962 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 55.82% of employees are employed in white-collar occupations in this geography, and 44.20% are employed in blue-collar occupations. In 2014, unemployment in this area is 11.92%. In 2000, the average time traveled to work was 20.3 minutes.

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 40 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV DEMOGRAPHIC ANALYSIS

POPULATION DENSITY

Number of people living in a given area per square mile.

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 41 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV DEMOGRAPHIC ANALYSIS

EMPLOYMENT DENSITY

The number of people employed in a given area per square mile.

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 42 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV DEMOGRAPHIC ANALYSIS

AVERAGE HOUSEHOLD INCOME

Average income of all the people 15 years and older occupying a single housing unit.

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 43 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV DEMOGRAPHIC ANALYSIS

TRAFFIC COUNTS

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 trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 44 Marcus & Millichap. All rights reserved. Presented By:

Colonial Garden Court Suites RENO, NV

OFFERING MEMORANDUM

Todd Manning Broker M&M REIS of Nevada, Inc. Las Vegas Office License: NV: B.1001879.CORP Tel: (702) 215-7150 Fax: (702) 215-7110 [email protected]

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