ABIMultifamily.com/portfolio/granite-reefFor more information please visit:THE FLATS AT GRANITE REEF APARTMENTSTHE FLATS AT GRANITE REEF APARTMENTS

980 NORTH GRANITE REEF ROAD, SCOTTSDALE , AZ 85257980 NORTH GRANITE REEF ROAD, SCOTTSDALE , AZ 85257

135 Low Density Single-Story Units, Originally Built in 1972-1978Value-Add Opportunity Through Additional Renovations and/or Future Re-Development of Existing 10+ Acres of LandAll Utilities Included (7 Master Boilers / Master Electric With Solar Panels /Individual Roof Mounted HVAC’s)

Located in Highly Desirable South Scottsdale & Minutes From Old Town

Scottsdale & Downtown Tempe

All Cash / New Loan OR Option to Assume Existing Freddie Mac Loans

Offering Price: Market Pricing 135 Unit Multifamily Community in Scottsdale, AZ

ABIMultifamily.com Phoenix Headquarters: 5227 North 7th Street, Phoenix, AZ 85014 Tel: 602.714.1400

PROPERTY OVERVIEW

Price

# of Units

Avg SF/Unit

Built

Renovations

Low Density

Market Pricing

135

562 SF

1972-1978

2016-2019

10+ Acres

All information provided in reference to the property has been collected from sources deemed reliable. However, no representations or warranties are made as to the accuracy ofsaid information. In addition, no warranty or representation is extended to errors, omissions, change of price or other conditions. Any projections, estimates, opinions, financial orother assumptions are provided for example purposes and do not represent current or future performance of the property. Please consult with your legal, financial and taxprofessionals to make any determinations regarding whether the property is suitable for your needs and purposes.

RUE BAX ALON SHNITZERSenior Managing Partner Senior Managing Partner602.714.1406 602.714.1283rue.bax@abimultifamily.com alon.shnitzer@abimultifamily.com

Phoenix Sacramento San Diego TucsonABI MULTIFAMILY OFFICES:

For more information please visit:ABIMultifamily.com/portfolio/granite-reef

THE FLATS AT GRANITE REEF APARTMENTS

OFFERING PRICE: MARKET PRICINGTOTAL UNITS: 135YEAR BUILT: 1972-1978 SELECT RENOVATIONS: 2016-2019

THE FLATS AT GRANITE REEF APARTMENTS 980 NORTH GRANITE REEF ROAD SCOTTSDALE, AZ 85257

E . McKe l l i p s Rd .

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E . McDowe l l Rd .

Unit Type Units % Total SF Rent Rent/SF

1 Bed / 1 Bath 91 67.4% 550 $1,175 $2.14

1 Bed / 1 Bath (UG) 13 9.6% 550 $1,175 $2.14

1 Bed / 1 Bath 29 21.5% 600 $1,175 $1.96

2 Bed / 1 Bath 2 1.5% 650 $1,300 $2.00

Totals/Avg 135 100% 562 $1,177 $2.09

Income Total Per Unit

Scheduled Gross Income $1,906,500 $14,122

Less: Loss to Lease 1.0% ($19,065) ($141)

Gross Potential Rent $1,887,435 $13,981

Less: Vacancy / Bad Debt / Concessions 6.5% ($122,683) ($909)

Net Rental Revenue $1,764,752 $13,072

Other Income $96,525 $715

Effective Gross Income $1,861,277 $13,787

Expenses

Payroll $135,000 $1,000

Marketing $10,125 $75

Utilities $310,500 $2,300

Repairs & Maintenance / Contract Services $60,750 $450

Administrative $20,250 $150

Turnover $16,875 $125

Controllable Expenses $553,500 $4,100

Management Fee 3.0% $55,838 $414

Real Estate Taxes / Insurance $65,900 $488

Non Controllable Expenses $121,738 $902

Replacements $40,500 $300

Total Operating Expenses $715,738 $5,302

Expense Ratio / Per SF 38.5% $9.43

Net Operating Income $1,145,538 $8,485

INCOME & EXPENSES

STABILIZED RENOVATION PRO FORMA VS. END OF YEAR ONE PRO FORMA