Bay Area Developer Forum11/30/2011

Bay Area Developer Forum11/30/2011

Garrison Development:

The Preserve at Alafia is part of a master planned development which includes Alafia Crossing retail center (60,000 sf) and a 115 room Holiday Inn Express which is in the pipeline for completion in 2012-2013.

Bill Diffenderfer, Managing Partner * 2.2 million square feet of office,

* 1.5 million square feet of retail* 1,795 hotel rooms* 19,600 multifamily residential units* Georgia Institute of Technology Bachelor of Science, Management Minors - Building Construction

Accounting* Georgia licensed real estate broker - 1995* Florida licensed real estate broker - 2005* Certified Public Accountant - 1993* Certified Financial Planner - 1993

Scott Baad, Partner

* Director of Property Management

* 25 years of Property Management experience.

* Former Division Vice President for Archstone

* 32 properties - 10,000 apartment units throughout Florida

* University of South Florida

Bachelor of Science, Mechanical Engineering

* Certified Property Manager - IREM

* Florida State Certified General Contractor

Patriot Residential Management Services

* Southeast Focus

* Current presence in Tampa, Orlando, Fort Lauderdale and Jacksonville.

Property Details:

• 351 units• Mix of Garden and Mid-Rise Product• One, two and three bedroom floor plans• Direct Riverfront on Alafia River• Garage and Carports included• HUD 221 D4 loan

Unit Mix:

• 56 (16%) – 1/1 @ 805sf• 96 (27%) – 1/1 @ 861sf• 16 (5%) – 2/1 @ 1040sf• 103 (29%)– 2/2 @ 1045sf• 72 (20%) – 2/2 @ 1211sf• 8 (3%) – 3/2 @ 1359sf

Lease-up Statistics:

• Pre-leasing in temp office in May.• Leasing Center opened in June.• First Move-ins occurred in July.• Currently 61% leased.• Expect stabilization in May, 2012.

Absorption:

• Temp leasing office opened in May.

• Total units leased thus far = 220

• Absorption has averaged 31 units per month.

Market Rents:

1/1 805sf $1,135 $1.41/sf1/1 861sf $1,345 $1.56/sf2/1 1040sf $1,455 $1.40/sf2/2 1045sf $1,355 $1.30/sf2/2 1211sf $1,675 $1.38/sf3/2 1359sf $1,815 $1.33/sf

Rents include garage and carport charges.

Concessions:

Concessions vary by floor plan and average 1-2 months.

Demographics:

Professional 57%Skilled 27%Military 3%Retired 9%Other 4%

Median Household Income = $57,678

Questions???