Service. Success. Perfected. Spotlight on Columbia, Maryland

Service. Success. Perfected. Spotlight on Columbia, Maryland | Multifamily December 2016

Howard Community College

Loosely bounded by Clarksville Pike (MD 108) and the Patuxent Freeway downtown destination is quickly evolving to capture an urban city feel (MD 32), Columbia, Maryland is a planned community comprised of 10 while preserving the comfort of a neighborhood. The mall features anchors self-contained villages that channel James Rouse’s vision of a small-town such as AMC Columbia 14, Nordstrom, Lord and Taylor, and Sears while hamlet. Initially built to promote unity and social engagement, Columbia Maryland’s first Wholefoods is located just across the street. Upcoming has developed into one of the most inclusive areas in Maryland boasting developments include Little Patuxent Square, a nine-floor building social and economic diversity with a mix of apartments, subsidized housing, designed to meet LEED Gold specifications which will provide more and single family homes in each of its neighborhoods. The area is easily than 140,000 square feet of office and retail space as well as 160 luxury accessible by car and via public transportation through RTA Maryland apartment units. The Merriweather District, a 68-acre project, is set to be which offers 15 bus routes, 12 of which meet at The Mall in Columbia. Main the next phase of development for Downtown Columbia, overseen by the corridors of transportation include Columbia Pike (US 29), Little Patuxent Howard Hughes Corporation. The first office building is near completion Parkway (MD 175), and various other roads which link the neighborhoods at 200,000 square feet and will have MedStar as its primarily tenant. Two to one another. Baltimore/Washington International Thurgood Marshall Merriweather, a 130,000-square-foot building is expected to open in the Airport is 15 minutes away and is the busiest, by passenger count, of the fall of next year and will bring the area closer to fulfilling James Rousse’s three major airports in the area. vision of “A City in a Garden.”

Approaching 50 years since its inception, Columbia has developed into a thriving suburb with over 100,000 residents and an unemployment rate of 3.5%. It has been selected by Money Magazine as America’s No. 1 best place to live for 2016 and ranked in the top 5% of the 823 places surveyed for job growth and economic opportunity. Area schools are ranked amongst the best in the state, while median income recently surpassed $100,000, and median home values have risen over $300,000. Growth continues at Fort Meade with the NSA continuing to add approximately 800 personnel a year, collectively representing a $26 billion economic impact on the state. Other major employers headquartered in Columbia include, W.R. Grace and Company, Integral Systems, Sourcefire, and MICROS systems which is now owned by the Oracle Corporation.

Located in the heart of Columbia, Maryland, Town Center is the last of the ten master planned communities to be developed. Home to the Columbia Merriweather Post Pavillion Mall, Merriweather Post Pavilion, and Howard Community College, this

THE METROPOLITAN DOWNTOWN COLUMBIA STONEHAVEN 1000 Town Center Avenue 7030 Gentle Shade Road Columbia, MD 21044 Columbia, MD 21046 UNIT TYPE SF ASKING RENT UNIT TYPE SF ASKING RENT 1 BDR/1 BA 769 $1,615 1 BDR/1 BA 757 $1,590 1 BDR/1 BA/Den 926 $1,798 2 BDR/2 BA 990 $1,699 1 BDR/1 BA/Townhome 1,029 $2,082 3 BDR/2 BA 1,150 $2,100 2 BDR/1.75 BA 1,121 $2,300 • Residents pay a $35 application fee, a $250 security 2 BDR/2BA/Townhome 955 $2,777 deposit, and a $160 move-in fee • Additional fees include a pet deposit of $250 and 3 BDR/3 BA/Townhome 1,322 $2,836 pet rent of $35 • Residents pay a $35 application fee and a $500 • Residents pay for all utilities security deposit • Common area amenities include a swimming pool, • Additional fees include a pet deposit of $300 and fitness center, tennis courts, and a playground No. Units 380 pet rent of $50 No. Units 200 • Unit amenities include a washer/dryer, granite Occupancy 92% • Residents pay for electric and water; property pays Occupancy 90% for trash removal countertops, wood-look vinyl flooring, maple Year Built 2015 Year Built 1999 • Common area amenities include a fitness center, cabinetry, and CleanSteel appliancess Managed by Kettler clubhouse, swimming pool, and cookout area Managed by Fieldstone • Unit amenities include hardwood floors, quartz Properties countertops , stainless steel appliances, and a private balcony/patio

ASHTON GREEN THE BERKSHIRES OF COLUMBIA 5320 Cedar Lane 5361 Brook Way Columbia, MD 21044 Columbia, MD 21044 UNIT TYPE SF ASKING RENT UNIT TYPE SF ASKING RENT 1 BDR/1 BA 837 $1,550 1 BDR/1 BA 725 $1,176 2 BDR/1 BA 918 $1,750 2 BDR/1 BA 919 $1,333 2 BDR/2 BA 966 $1,842 2 BDR/2 BA 966 $1,518 2 BDR/2 BA/Townhome 1,093 $1,870 3 BDR/2 BA 1,152 $1,851 3 BDR/2 BA/Townhouse 1,390 $2,185 3 BDR/ 2.5 BA/Townhouse 1,282 $2,177 • Residents pay a $25 application fee and a $500 4 BDR/ 2.5 BA/Townhouse 1,835 $2,426 security deposit 5 BDR/ 2.5 BA/Townhouse 1,835 $2,256 • Additional fees include a non-refundable pet deposit • Residents pay a $25 application fee and a $750 of $250 and pet rent of $50 security deposit or non-refundable SureDeposit No. Units 170 • Residents pay for electric and water; property pays No. Units 316 of $131 Occupancy 93% for trash removal Occupancy 91% • Additional fees include a pet deposit of $250 and • Common area amenities include a fitness center, Year Built 1990 Year Built 1969 pet rent of $30 business center, clubhouse, and swimming pool • Residents pay for all utilities Managed by Gables • Unit amenities include a washer/dryer, high ceilings, Managed by Berkshire Residential Communities • Common area amenities include on-site laundry a fireplace, and private balcony/patio facilities, a cookout area, and playground • Unit amenities include a washer/dryer, wall-to-wall carpeting, and a private balcony/patio

POPULAR GLEN HUNTINGTON SQUARE 11670 Little Patuxent Parkway 9705 Clocktower Lane Columbia, MD 21044 Columbia MD 21046 UNIT TYPE SF ASKING RENT UNIT TYPE SF ASKING RENT 1 BDR/1 BA 763 $1,474 1 BDR/1 BA 781 $1,340 2 BDR/1.5 BA 1,060 $1,585 2 BDR/1.5 BA 1,058 $1,560 2 BDR/2 BA 1,160 $1,692 2 BDR/2 BA 1,050 $1,650 • Residents pay a $25 application fee and a security • Residents pay a $30 application fee and a $500 deposit ranging from $500 up to one month’s rent security deposit or a SureDeposit of $87.50 • Additional fees include a pet deposit of $250 and • Additional fees include a pet deposit up to $450 and pet rent of $35 pet rent of $40 per pet for a maximum of two pets • Residents pay for partial electric; property pays for • Residents pay for all utilities HVAC, water, and trash removal No. Units 191 • Common area amenities include a fitness center, No. Units 172 • Common area amenities include a fitness center, business center, clubhouse, and walking trails business center, clubhouse, and jogging paths Occupancy 95% Occupancy 89% • Unit amenities include hardwood floors, a washer/dryer, • Unit amenities include a washer/dryer, fully equipped Year Built 1986 fireplace, and large bay windows Year Built 1986 kitchens with steel appliances, a private balcony/patio, Managed by ZRS Management Managed by Klingbeil Capital and in select units, a fireplace Management

The report below features a sampling of properties sold within the last eight months in Howard County. Please note the different locations and adjust comparisons accordingly. Also note that sales comparables provide a snapshot of recent transactions and are not a perfect predictor of future market movement and behavior.

ALISTER TOWN CENTER COLUMBIA BEECH’S FARM 5331 Columbia Road 7260 Eden Brook Drive Columbia, MD 21044 Columbia, MD 21046

Close Date: 10/18/16 Close Date: 9/15/16 Units: 176 Units: 102 Year Built: 1987 Year Built: 1985 Price: $35,500,000 Price: $25,500,000 Price/Unit: $201,704 Price/Unit: $250,000 Price/SF: $132.24 Price/SF: $196.13 Seller: McDowell Properties Seller: McDowell Properties Mill Creek Residential Buyer: Buyer: Stonebridge Investments Trust LLC *Part of portfolio

AT COLUMBIA OVERLOOK COLUMBIA AT PARAGON AT COLUMBIA OVERLOOK GATEWAY VILLAGE APARTMENTS 8151 Robinson Jefferson Drive 9978 Guilford Road Elkridge, MD 21075 Jessup, MD 20794

Close Date: 8/1/16 Close Date: 7/8/16 Units: 320 Units: 132 Year Built: 2014 Year Built: 1989 Price: $86,289,672 Price: $25,000,000 Price/Unit: $269,655 Price/Unit: $189,394 Price/SF: $220.69 Price/SF: $181 Seller: Chesapeake Realty Partners Seller: Hudson Americas, LP Howard County Housing Buyer: Private Owner Buyer: Commission BROKER OPINION OF VALUE OF OPINION BROKER PREPARED FOR PREPARED CHESAPEAKE REALTY PARTNERS REALTY CHESAPEAKE

GRAND POINTE APARTMENTS SHERWOOD CROSSING APARTMENTS 5764 Stevens Forest Road 6731 Old Waterloo Road Columbia, MD 21045 Elkridge, MD 21075

Close Date: 6/29/16 Close Date: 4/29/16 Units: 325 Units: 634 Year Built: 1972 Year Built: 1989 Price: $46,875,000 Price: $119,450,000 Price/Unit: $144,231 Price/Unit: $188,406 Price/SF: $88.18 Price/SF: $205.33 Klingbeil Capital Seller: AIMCO Seller: Management LLC Buyer: Morgan Properties Buyer: TruAmerica Multifamily LLC *Part of portfolio

REMINGTON VILLAGE 2530 MARYLAND AVENUE BALTIMORE, MD 21218 AVAILABLE INVESTMENT HIGHLIGHTS • Below-market rents on the border of Remington and Charles Village • Residents pay all utilities via Ratio Utility Billing System (RUBS) • Large units with significant natural light

LOCATION HIGHLIGHTS • Rapidly developing Remington location • Near transformative development and retail including Remington Row, Charmington’s, Parts and Labor, and the Single Carrot Theatre • Walk Score of 91 and Bike Score of 89

1777 Reisterstown Road, Suite 206 Pikesville, MD 21208 P. 410.505.0003 MD License No: 636050

SALES Ari Azarbarzin W. Kyle Tangney Investment Associate Senior Director [email protected] [email protected] P. 410.505.0003 P. 202.280.2730

FINANCE Brittany Wismer Senior Finance Associate [email protected] P. 202.280.2826

DEBT & STRUCTURED FINANCE TRANSACTION SERVICES

Brendan Scanlon Ari Firoozabadi* Duerk Brewer Yassi Farzaneh Andy Stief Senior Director Co-Founder Managing Director Director Corporate Services Marketing Director

Mark Bittenbender Jared Emery Max Gross Anne Elizabeth Martin Sarah Cornejo Director Lead Research Analyst Senior Analyst Transaction Coordinator Senior Designer

*For more information or to inquire about Greysteel, please contact Ari Firoozabadi, Co-Founder ([email protected] | 202.417.3873)

Los Angeles Washington, D.C.** Baltimore Philadelphia Dallas Fort Worth Norfolk **Corporate Headquarters and Transaction Services Center