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SUNSHINE VILLAGE 1608 Sam Houston Drive, Harlingen, Texas | Offering Memoranda TABLE of CONTENTS

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SUNSHINE VILLAGE 1608 Sam Houston Drive, Harlingen, Texas | Offering Memoranda TABLE of CONTENTS SUNSHINE VILLAGE 1608 Sam Houston Drive, Harlingen, Texas | Offering Memoranda TABLE OF CONTENTS Investment Summary 04 Property Information 10 Apartment Mkt Comparable 20 Pricing & Financial Analysis 26 CONTACT US LEAD J. MICHAEL MOFFITT MANAGING PARTNER +1 512 584 4813 [email protected] J. MICHAEL WATSON MANAGING PARTNER +1 512 557 5060 [email protected] MARK V. DIEBOLD SENIOR DIRECTOR +1 512 667 4380 [email protected] NICHOLAS T. LING SENIOR DIRECTOR +1 469 478 0772 [email protected] RICHARD A. MIRELES SENIOR DIRECTOR +1 512 736 2449 [email protected] 201 W. 5TH STREET 1100 AUSTIN, TX 78701 SUNSHINE VILLAGE INVESTMENT SUMMARY 4 INVESTMENT SUMMARY SUNSHINE VILLAGE SUNSHINE VILLAGE INDEPENDENCE COMMERCIAL ADVISORS 5 SUNSHINE VILLAGE HIGHLIGHTS 1971 / 137,460 2020 RENTABLE SF YEAR BUILT / RENOVATED 171 804 UNITS AVG UNIT SF 93.6% 6.37 OCCUPANCY ACRES $1.16 $930 AVG MKT RENT/SF AVG MKT RENT HARLINGEN, TX 1608 SAM HOUSTON DRIVE, 78550 6 SUNSHINE VILLAGE Value Enhancement with Upgraded Units Achieving 1 $350 Premium Expense Reduction with Stabilization and no 2 Deferred Maintenance Convenient Location Along Interstate 69E Corridor in 3 South Texas Approximately $3,500,000 in Capital Expenditures 4 and Improvements Potential Double-Digit Returns with Attractive 5 Financing Options INDEPENDENCE COMMERCIAL ADVISORS 7 INVESTMENT SUMMARY Independence Commercial Advisors is pleased to announce the exclusive listing of Sunshine Village, a Class-B apartment community in Harlingen, Texas. This 171-unit community has been completely renovated with ownership spending $3,500,000 in total capital expenditures. The luxurious upgrades feature one-bedroom and two-bedroom units with faux hardwood flooring, new granite countertops, black energy efficient appliances, designer cabinetry, upgraded lighting, and 40 units with washer/ dryer connections. Additionally, all roofs were replaced or repaired in 2020 and all parking area’s have new asphalt over layment. Located just off South 77 Business Highway and adjacent to the Harlin- gen Medical District, this property presents an investor with the opportunity to acquire a strategically located and stabilized property in the market. Harlingen offers all the advantages of a Texas location with proximity to Northern Mexico. See why major firms like United Healthcare, Dish Network, Penske Logistics, United Launch Alliance, Panasonic, Cardone Industries, and many others have established profitable and productive homes in Harlingen, Texas. Although agriculture is still very important to the Harlingen economy, Harlingen has veered further away from the agriculture-driven economy and has diversified their employment market, adding the health care and telecommunications industries. Three of the top 10 employers in Harlingen are in the medical field. Health care and related services are destined to play a key role in the future of Harlingen with the Regional Academic Health Center, a branch of the University of Texas-San Antonio Health Science Center; the recent opening of the South Texas Veterans Administration Health Care Center at Harlingen and the physician-owned Harlingen Medical Center all being important elements. Finally, the newly created University of Texas – Rio Grande Valley will include a Medical School – and Harlingen will play an important role in its location. Telecommunications is also a growing industry in Harlingen. Tapping into Harlingen’s talented and bi-lingual workforce are United Healthcare, Dish Network, Qualfon, Time Warner Cable and Advanced Call Center Technologies, calling Harlingen, Texas home. Texas State Technical College in Harlingen is known for its technology programs. SUNSHINE VILLAGE INDEPENDENCE COMMERCIAL ADVISORS 9 SUNSHINE VILLAGE PROPERTY INFORMATION 10 INVESTMENT DESCRIPTION SUNSHINE VILLAGE SUNSHINE VILLAGE INDEPENDENCE COMMERCIAL ADVISORS 11 SUNSHINE VILLAGE SUNSHINE VILLAGE COMMUNITY AMENITIES • Three Sparkling Pools • Manicured Landscaping • Laundry Facilities Onsite • Playground • BBQ Area • High Speed Internet Included • Pet Friendly UNIT FEATURES • Fully Renovated • Spacious Floor Plans • Granite Countertops • Carpet / Tile • Faux Hardwood Floors* • Dishwashers *select units 12 INVESTMENT DESCRIPTION SUNSHINE VILLAGE PROPERTY SUMMARY Number of Units 171 Units Year Completed 1971 Year Renovated 2020 Stories 2 Net Rentable Area 137,460 SF Average Unit Size 804 SF SITE Address 1608 Sam Houston Drive Harlingen, Texas 78550 County Cameron County Size/Density 6 37 Acres / 26 84 Units per Acre Elementary School: Treasure Hills Elementary School Schools Middle School: Coakley Middle School High School: Harlingen High School Parking Parking Spaces PROPERTY TAX INFORMATION Parcel Size 6 37 Acres Density 27 units/acre Parcel ID 65877 2020 Assessed Value $5,034,587 Total Tax Rate 2 30% 2020 Taxes $116,093 INDEPENDENCE COMMERCIAL ADVISORS 13 SUNSHINE VILLAGE DEMOGRAPHICS 14 INVESTMENT DESCRIPTION SUNSHINE VILLAGE DEMOGRAPHICS 2-MILE 5-MILE 10-MILE POPULATION 2025 Projection 33,958 96,992 156,705 2020 Population 33,905 96,337 155,381 2010 Population 34,367 94,922 151,658 Growth 2020-2025 0% 0 1% 0 2% Growth 2010-2020 -0 1% 0 1% 0 2% RESIDENTS 2025 Projection 11,123 31,199 48,468 2020 Household 11,104 30,997 48,075 2010 Household 11,239 30,572 46,989 Growth 2020 - 2025 0% 0 1% 0 2% Growth 2010 - 2020 0 3% 0 5% 0 6% Owner Occupied 5,736 19,909 33,821 Renter Occupied 5,367 11,088 14,254 HOUSING UNITS Household Income Base $52,724 $52,486 $55,151 <$25,000 4,016 11,072 16,342 $25,000 - $50,000 2,824 7,749 11,974 $50,000 - $75,000 2,069 5,540 8,627 $75,000 - $100,000 940 2,911 4,709 $100,000 - $125,000 426 1,337 2,094 $125,000 - $150,000 292 981 1,707 $150,000 - $200,000 247 902 1,728 $200,000+ 289 505 895 Average Household Income $36,007 $37,210 $39,058 INDEPENDENCE COMMERCIAL ADVISORS 15 SUNSHINE VILLAGE Harlingen Medical District Valley Baptist Medical Center (5,000+ Employees) WONDERLAND OF AMERICAS MALL FREDERICKSBURG ROAD BANDERA ROAD CULEBRA ROAD WOODLAWN LAKE PARK 16 INVESTMENT DESCRIPTION SUNSHINE VILLAGE Harlingen Medical District Valley Baptist Medical Center (5,000+ Employees) 5 MINUTES HARLINGEN MEDICAL DISTRICT VALLEY VISTA MALL FREDERICKSBURG ROAD 10 MINUTES VALLEY HIGH INT’L AIRPORT TEXAS STATE TECHNICAL COLLEGE MARINE MILITARY ACADEMY DOWNTOWN WOODLAWN SAN ANTONIO LAKE PARK AND THE PEARL INDEPENDENCE COMMERCIAL ADVISORS 17 SUNSHINE VILLAGE 18 INVESTMENT DESCRIPTION THE ONE | 1 BEDROOM, 1 BATH | 600-762 SF SUNSHINE VILLAGE THE TWO | 2 BEDROOM, 1 BATH | 860-939 SF 19 INDEPENDENCE COMMERCIAL ADVISORS SUNSHINE VILLAGE APARTMENT MARKET 20 APARTMENT MARKET SUNSHINE VILLAGE SUNSHINE VILLAGE INDEPENDENCE COMMERCIAL ADVISORS 21 SUNSHINE VILLAGE RENT COMPARABLES SUMMARY PROPERTY # UNITS YEAR BUILT OCCUPANCY AVG. SF MKT. RENT EFF. RENT/SF Sunshine Apartments 171 1971 93.60% 804 $930 $1.16 Sierra Apartments 208 1985 90.00% 813 $722 $0.89 1 Diamante Apartments 103 1973 98.10% 842 $693 $0.82 2 Oak Terrace Apartments 240 1994 97.90% 962 $695 $0.72 3 Rosemont of Highland 174 2002 90.80% 1,095 $789 $0.72 4 Gardens Palm Terrace Apartments 124 1982 95.00% 1,058 $715 $0.68 5 TOTALS / AVERAGES 849 94.3% 954 $723 $0.77 NOTES: Rents are based on market advertised rents 22 APARTMENT MARKET SUNSHINE VILLAGE 4 3 5 1 2 INDEPENDENCE COMMERCIAL ADVISORS 23 SUNSHINE VILLAGE FLOOR PLAN ANALYSIS 1 BR ANALYSIS MARKET GROSS UNIT TYPE # UNITS SIZE SF TOTAL SF RENT/SF COMP # RENT POT 1 BR / 1 BA 66 662 43,692 $885 $58,410 $1 34 S 1 BR/ 1 BA 31 625 19,375 $625 $19,375 $1 00 2 1 BR / 1 BA 112 647 72,464 $644 $72,128 $0 99 1 1 BR / 1 5 BA 8 875 7,000 $765 $6,120 $0 87 S 1 BR / 1 BA 54 854 46,116 $677 $36,558 $0 79 5 1 BR / 1 BA 104 725 75,400 $571 $59,384 $0 79 3 2 BR / 1 BA 55 902 49,610 $686 $37,730 $0 76 4 Total / Avg 364 771 269,965 $661 $38,549 $0 87 2 BR ANALYSIS MARKET GROSS UNIT TYPE # UNITS SIZE SF TOTAL SF RENT/SF COMP # RENT POT 2 BR / 1 BA 71 868 61,628 $985 $69,935 $1 13 S 2 BR / 1 5 BA 15 900 13,500 $915 $13,725 $1 02 S 2 BR / 2 BA 10 1,024 10,240 $985 $9,850 $0 96 S 2 BR / 2 BA 80 984 78,720 $785 $62,800 $0 80 1 2 BR / 2 BA 64 925 59,200 $715 $45,760 $0 77 2 2 BR / 1 BA 55 902 49,610 $686 $37,730 $0 76 4 2 BR / 2 BA 136 1,144 155,584 $789 $107,304 $0 69 3 2 BR / 1 BA 70 1,216 85,120 $745 $52,150 $0 61 5 Total / Avg 501 995 513,602 $826 $49,907 $0 84 24 APARTMENT MARKET SUNSHINE VILLAGE 3 BR ANALYSIS MARKET UNIT TYPE # OF UNITS SIZE TOTAL SF GROSS POT RENT / SF COMP # RENT 3 BR / 2 BA 16 1,111 17,776 $951 $15,216 $0 86 1 3 BR / 2 BA 8 1,025 8,200 $775 $6,200 $0 76 2 3 BR / 1 BA 1 1,400 1,400 $1,015 $1,015 $0 73 S 3 BR / 2 BA 62 1,112 68,944 $793 $49,166 $0 71 4 Total / Avg 87 1162 96,320 $884 $17,899 $0 76 INDEPENDENCE COMMERCIAL ADVISORS 25 SUNSHINE VILLAGE FINANCIAL ANALYSIS 26 FINANCIAL ANALYSIS SUNSHINE VILLAGE SUNSHINE VILLAGE INDEPENDENCE COMMERCIAL ADVISORS 27 SUNSHINE VILLAGE SUNSHINE VILLAGE APARTMENTS Address 1608 Sam Houston Street Harlingen, Texas 78550 County Cameron County 1 BR 43% Number of Units 171 Units Year Built 1971 / 2020 Renovations Rentable Area 137,460 3 BR​ 0%1% Site Size 6 37 Acres Density 26 84 Units per Acre 2 BR 56% Occupancy* 93 6% *As of May 25, 2021 UNIT MIX MARKET RENT LEASE RENT # OF MARKET MARKET MONTHLY ANNUAL # UNITS LEASE UNIT TYPE SIZE SF TOTAL SF LEASE RENT/SF UNITS RENT RENT/SF RENT RENT OCCUPIED RENT 1 BR / 1 BA 66 662 43,692 $885 $1.34 $58,410 $700,920 32 $586 $0 78 1 BR / 1.5 BA 8 875 7,000 $765 $0.87 $6,120 $73,440 18 $688 $08 6 2 BR / 1 BA 71 868 61,628 $985 $1.13 $69,935 $839,220 27 $680 $0 79 2 BR / 1.5
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