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

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

L S L IVE O AKS S UMMERWIND L L AKEWOOD 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 S TYLESPORTFOLIO L L S L AKEWOOD L IVE O AKS S UMMERWIND 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 8 L L IVE O AKS S S UMMERWIND L L AKEWOOD 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 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. © 9 2016 Marcus & Millichap. All rights reserved. X0250610 L L IVE O AKS Tampa, FL S S TYLESPORTFOLIO L L S L AKEWOOD L IVE O AKS S UMMERWIND PORTFOLIO OVERVIEW Tampa, FL S PORTFOLIO OVERVIEW S TYLESPORTFOLIO 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 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 12 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 PORTFOLIO OVERVIEW S TYLESPORTFOLIO EXECUTIVE 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 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. © 13 2016 Marcus & Millichap. All rights reserved. X0250610 S PORTFOLIO MAP S TYLESPORTFOLIO 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 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 14 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 HILLSBOROUGH POINTS OF INTEREST MAP S TYLESPORTFOLIO 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 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. © 15 2016 Marcus & Millichap. All rights reserved. X0250610 L L AKEWOOD Brandon, FL S S TYLESPORTFOLIO L L S L AKEWOOD L IVE O AKS S UMMERWIND LAKEWOOD PROPERTY DESCRIPTION Brandon, FL S S TYLESPORTFOLIO SUMMARY EXECUTIVE PROPERTY DESCRIPTION ANALYSIS FINANCIAL COMPARABLES MARKET OVERVIEW 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.

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