CALL FOR OFFERS OFFERS DUE MAY 31, 2012

BOCA VILLA APARTMENTS

100 West Hidden Valley Blvd Boca Raton, Florida 33487

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT!

REGISTER FOR PREVIEWS CONTACT: MANNY GUTIERREZ CALL: 561-352-9406 EMAIL: MANNY@DEFALCO.COM

Year built: 1988

# units: 53

Total RSF: 49,100

Avg. unit size: 800 SF

Site size: 7.23 acres

Avg. mkt. rent: $945

Rent/SF: $1.18

Occupancy: 100%

This exclusive listing offers the opportunity to purchase a stabilized, multifamily asset. Boca Villa Apartments is located in the renowned City of Boca Raton Florida. The property consist of 5 apartment buildings, pool and conservation area. With 53 units

and 3 different floor plans that include 4 villa one bedroom/one and a half bath units, 8 one bedroom/one and a half bath units, and 40 two bedroom/two bath units. Situated in East Boca Raton, Boca Sol is conveniently located to FAU and major employers.

For a detailed “Offering Memorandum” contact: Fred DeFalco 561-702-3757 Fred@defalco.com (or) Manny Gutierrez 561-352-9406 Manny@defalco.com

WWW.DEFALCO.COM WWW.PUBLICPRICING.COM

HIDDEN VALLEY

UNIT MIX AND UNIT RENT/SF

BUILDING MAKE UP

Building (100) 10 units 9,400 RSF Villa (2) 1/1.5 (0) 2/2 (8) $993 Average Mo Rent Building (200) 12 units 10,800 RSF Villa (0) 1/1.5 (4) 2/2 (8) $974 Average Mo Rent Building (300) 9 units 8,700 RSF Villa (1) 1/1.5 (0) 2/2 (8) $1,000.55 Average Mo Rent Building (400) 20 units 10,800 RSF Villa (0) 1/1.5 (4) 2/2 (8) $974 Average Mo Rent Building (500) 10 units 9,400 RSF Villa (2) 1/1.5 (0) 2/2 (8) $993 Average Mo Rent Management Office: 700sqft

Unit Type No. of Units Approx. Sq. Ft. Current Rents Price / SF

Villa 1 Bedroom / 1.5 Bath 5 700 $925.00 $1.32

1 Bedroom / 1.5 Bath 8 700 $900.00 $1.29

2 Bedroom / 2 Bath 40 1000 $1010.00 $1.01

GRAND TOTAL 53 49,100

Sales

Villa

1/1.5

2/2

15%

9.5%

75.5%

100

MGMT OFFICE

200

500 400

300

Boca Villa Actual

2006 2007 2008 2009 2010 2011

INCOME

Apartment Rent 551,043$ 573,773$ 559,236$ 529,924$ 572,271$ 578,520$

Washer & Dryer Income 8,844$ 9,532$ 8,173$ 8,155$ 9,565$ 10,537$

Late Fees 4,269$ 7,202$ 8,177$ 9,605$ 6,817$ 6,853$

Forfeited Sec. Deposits 3,251$ 4,980$ 8,020$ 9,071$ 6,080$ 5,200$

Other Income 521$ 411$ 1,462$ 797$ 324$ 150$

Application Fees 1,365$ 975$ 1,320$ 1,495$ 996$ 1,185$

Collections 288$ -$ -$ -$ -$ 500$

Total Income 569,581$ 596,873$ 586,388$ 559,047$ 596,053$ 602,945$

EXPENSES

Advertising/Promotion 1,441$ 3,751$ 5,433$ 3,252$ 735$ 167$

Commissions 463$ 100$ 2,810$ 2,030$ 505$ 3,589$

Office Supplies 1,955$ 1,641$ 1,816$ 974$ 242$ 586$

Travel & Entertainment 67$ 88$ -$ 404$ -$ -$

Meals 24$ 51$ 52$ -$ -$ -$

Postage 291$ 344$ 418$ 285$ 227$ 182$

Management Wages 7,735$ 10,663$ 15,242$ 17,256$ 21,537$ 20,877$

Project Legal Expenses 5,186$ 860$ 860$ 688$ 4,341$ 1,108$

Telephone 3,544$ 3,368$ 5,034$ 4,564$ 3,710$ 3,655$

Dues & Subscriptions 710$ 931$ 1,008$ 590$ 449$ 516$

Employee Benefits 6,291$ 7,981$ 12,536$ 10,961$ 3,988$ 2,136$

Uniforms 139$ 188$ 145$ 79$ 218$ 99$

Gasoline 21$ 58$ 148$ 36$ 5$ 10$

Tools 952$ 88$ 533$ 89$ 145$ 256$

Electric 10,686$ 16,217$ 12,930$ 13,958$ 10,048$ 10,973$

Water 32,645$ 38,987$ 47,545$ 38,713$ 48,684$ 50,094$

Natural Gas 1,549$ 88$ 1,158$ -$ -$ -$

Exterminating 4,917$ 5,730$ 3,598$ 4,034$ 3,973$ 3,214$

Garbage Removal 5,368$ 2,308$ 4,112$ 3,716$ 96$ 840$

Repairs & Replacement 350$ 1,302$ 3,041$ 650$ 264$ 659$

Flooring 4,627$ 2,993$ 4,643$ 2,126$ 4,016$ 6,004$

Plumbing 2,679$ 3,737$ 4,298$ 4,958$ 3,350$ 5,878$

Electrical 6,360$ 3,450$ 5,082$ 3,769$ 1,314$ 2,851$

Carpentry 3,304$ 4,444$ 3,244$ 1,875$ 661$ 2,782$

Janitorial 3,860$ 5,921$ 4,074$ 3,733$ 2,509$ 3,935$

Structural 4,063$ 3,794$ 5,145$ 4,366$ 4,722$ 4,180$

Appliances 2,202$ 1,189$ 1,256$ 1,375$ 1,900$ 1,754$

Security 732$ 394$ 1,044$ 1,120$ 839$ 506$

Landscaping 33,457$ 38,625$ 35,285$ 34,147$ 32,453$ 36,894$

Maintenance Wages 9,461$ 17,563$ 23,475$ 32,605$ 20,435$ 28,796$

Pool Maintenance & Repair 3,568$ 3,217$ 3,312$ 3,972$ 3,762$ 5,099$

Pool Miscellaneous 200$ 200$ 552$ 590$ 1,679$ 1,259$

Air Conditioning 2,226$ 3,762$ 4,652$ 3,730$ 4,520$ 5,069$

Fire Control 1,421$ 1,967$ 924$ 1,197$ 1,262$ 3,091$

Painting Supplies 2,466$ 3,199$ 2,045$ 4,360$ 981$ 2,190$

Painting Contract 2,765$ 3,588$ 5,375$ 4,855$ 3,133$ 2,029$

Parking Lot Maintenance -$ 264$ 300$ 1,400$ 927$ 6$

Signs 499$ 458$ 1,382$ 198$ 388$ 238$

Utility Conservation (10,484)$ (10,259)$ (10,757)$ (10,484)$ (17,517)$ (11,566)$

Equipment Maint. & Repairs -$ -$ 19$ 3$ -$ -$

Equipment Rental 114$ 250$ 111$ 579$ 115$ 208$

Total Operating Expenses 157,854$ 183,500$ 213,880$ 202,753$ 170,616$ 200,164$

Fixed Expenses

Real Estate Taxes 57,294$ 85,771$ 57,205$ 58,897$ 51,793$ 58,650$

Taxes Payroll 1,376$ 2,295$ 3,098$ 3,963$ 3,362$ 4,521$

Taxes Personal Property 753$ 799$ 392$ 535$ 457$ 385$

Taxes Workers Comp -$ 1,705$ 2,889$ 2,885$ 2,161$ 1,702$

Insurance 42,234$ 57,832$ 60,600$ 40,039$ 53,005$ 61,205$

Mortgage Interest -$ -$

Accounting Entity 2,385$ 2,500$ 2,625$ 2,757$ 2,895$ 3,040$

Other Entity Taxes 105$ -$ 605$ -$ -$ -$

Other Entity Expenses 587$ 587$ 192$ 847$ 846$ 997$

Total Fixed Expenses 104,734$ 151,489$ 127,606$ 109,923$ 114,519$ 130,500$

TOTAL EXPENSES 262,588$ 334,989$ 341,486$ 312,676$ 285,135$ 330,664$

NET INCOME 306,993$ 261,884$ 244,902$ 246,371$ 310,918$ 272,281$

NAMES REMOVED FOR PRIVACY