ive aks ummerwind...the styles portfolio is a unique opportunity to capture 223 units in...

STYLESPORTFOLIO

SMichael DonaldsonVice President Investments

Nicholas MeoliVice President Investments

Allan HolbrookInvestment Associate

Exclusively Listed By:

MEOLI-DONALDSON PARTNERS

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Offering Memorandum

Brandon | Tampa | Jacksonville

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Tampa, FL

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Brandon, FL

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E X E C U T I V E S U M M A R Y

Brandon, FL

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EXECUTIVE SUMMARYPROPERTYStyles 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 SUMMARYPrice $11,500,000

Price Per Unit $51,569

Number of Units 223

Rentable Square Feet 122,112

Number of Buildings 29

Number of Stories One

Year Built 1981 & 1984

Lot Size 14.06 Acres MOL

VITAL DATANet Operating Income - Takeover $864,391

Net Operating Income - Year One $967,421

Cash-On-Cash Return - Year One 11.44%

NO. OF UNITS UNIT TYPE APPROX SQUARE FEET

14 Studio - Summerwind 288

17 Studio - Live Oak 288

17 Studio - Lakewood 288

38 1 Bdr 1 Bath - Summerwind 576

52 1 Bdr 1 Bath - Live Oak 576

59 1 Bdr 1 Bath - Lakewood 576

10 2 Bdr 1 Bath - Summerwind 864

9 2 Bdr 1 Bath - Live Oak 864

7 2 Bdr 1 Bath - Lakewood 864

223 Total 122,112

UNIT MIX

Hillsborough County Employees

Hillsborough County Schools 25,776

University of South Florida 16,693

Moffitt Cancer Center 4,300

Busch Gardens/Adventure Island 3,800

MAJOR EMPLOYERS

Duval County Employees

Naval Air Station Jacksonville 25,240

Duval County Public Schools 14,480

Naval Station Mayport 9,000

City of Jacksonville 8,820

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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. © 2016 Marcus & Millichap. All rights reserved. X0250610

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

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 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.

Summary of Terms

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The Styles Portfolio is a unique opportunity to capture 223 units in Hillsborough and Duval Counties. With two communities in the Tampa Bay area, one in Tampa and the other in Brandon and one community in Jacksonville, this multifamily portfolio is positioned in two of the fastest growing and bustling metro areas in Florida. Consisting of 29 total buildings, this three-property portfolio is 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 576 rentable square feet and 28, two-bedroom/one-bathroom units with 864 rentable square feet.

The portfolio consists of the following properties:

♦♦ Lakewood, an 83-Unit Community in Brandon, Florida

♦♦ Live Oaks, a 78-Unit Community in Tampa, Florida

♦♦ Summerwind, a 62-Unit Community in Jacksonville, Florida

All three properties are conveniently positioned nearby many local points of interest. Lakewood in Brandon sits off the major arterial Brandon Boulevard 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 the University submarket, which is home to the University of South Florida, The 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 Jacksonville and its many attractions.

Investment Overview

Both metro areas are seeing significant improvements and developments taking place. Tampa is undergoing a major transformation with a massive redevelopment of the downtown and riverside areas totaling roughly $2 billion. Jacksonville is also seeing changes with a new transportation center in the works as well as a multi-million dollar residential and retail community on the river.

♦♦ Three Property Portfolio Offering Economies of Scale in Florida

♦♦ Unique Opportunity to Acquire 223 Units in High Growth Tampa Bay and Jacksonville MSA’s

♦♦ Attractive Unit Mix of Studio, One-Bedroom and Two-Bedroom Apartments

♦♦ Close Proximity to Major Area Retail, Dining and Entertainment Destinations

♦♦ Attractive Assumable Non-Recourse Loan With Approximately Eight Years Remaining

♦♦ Ability to Achieve an 11 Percent Cash-On-Cash Return and Increase Revenue By Approximately $119,000 Through Bringing Rents to Market Levels

♦♦ Average Occupancy Level of 96 Percent Throughout Portfolio

♦♦ Utility Reimbursements Are Implemented on Majority of Portfolio

Investment Highlights

PORTFOLIO OVERVIEW

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Number of Units 83




Year Built 1981

Lot Size 4 .61 +/- Acres

1651 Lake Meadow Circle SouthBrandon, FL 33510

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Property Summaries

PORTFOLIO OVERVIEW

Number of Units 78




Year Built 1981


2232 Spring Glade CircleTampa, FL 33613

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Number of Units 62




Year Built 1984


5262 Timuquana RoadJacksonville, FL 32210

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PROPERTYYEAR BUILT

# OF UNITS

Lakewood 1981 83

Live Oaks 1981 78

Summerwind 1984 62

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PORTFOLIO MAP

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1. University Mall

2. University of South Florida

3. Busch Gardens and Adventure Island

4. Topgolf

5. Westfield Brandon Mall

6. Lowry Park Zoo

7. Seminole Hard Rock Hotel & Casino

8. Midflorida Credit Union Amphitheater

9. Raymond James Stadium

10. Tampa International Airport

11. International Plaza and Bay Street

12. Florida Aquarium

13. Amalie Arena

14. Tampa General Hospital

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HILLSBOROUGH POINTS OF INTEREST MAP

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LAKEWOOD PROPERTY DESCRIPTION

Investment OverviewUniversity of South Florida is one of the top up-and-coming universities in the nation and is ranked as one of the top 150 universities in the country.

Lakewood offers open floorplans consisting of 17, studio/one-bathroom units with 288 rentable square feet; 59, one-bedroom/one-bathroom units with 568 rentable square feet and seven, two-bedroom/one-bathroom units with 848 rentable square feet. Each floorplan has been thoughtfully designed to maximize the usage and functionality of the space. Residents are responsible for all utility expenses.

Lakewood is an 83-unit, garden-style community located within Brandon, which is within Hillsborough County, Florida. The area houses a population of approximately 265,000 residents and has experienced vast growth, largely in part to its proximity to Tampa, impressive retail and dining options and many career and technical institutions in the area.

The property is positioned on Lakewood Drive, just off of Brandon Boulevard, a major area thoroughfare with a daily traffic count of 82,500 vehicles, which holds most of the area’s extensive retail and dining options. Lakewood is also five minutes from Interstate 75 with a daily traffic count of 133,000 vehicles. Interstate 75 provides access to Tampa, Sarasota and Orlando. The Lee Roy Selmon Expressway with a daily traffic count of 62,000 vehicles per day also provides a link to downtown Tampa, MacDill Air Force Base and Tampa International Airport, one of the nation’s premier airports, featuring six terminals and three runways to service over 200 aircraft departures and 46,000 passengers daily. These major highways connect residents to many popular points of interest in Tampa Bay including the Busch Gardens and Adventure Island (14.2 miles away), Seminole Hard Rock Hotel and Casino (7.1 miles away), MOSI Museum (13.3 miles away) and the University of South Florida (13.0 miles away). Also adjacent to Lakewood is the Westfield Brandon Mall, which is a major draw to the area and anchored by Dillard’s, JCPenny, Macy’s, Sears and Dick’s Sporting Goods. In 2007, the mall underwent a major expansion to accommodate the vast growth and popularity of the area.

Built in 1981 of wood frame construction and vinyl siding exterior, Lakewood is situated on a generous, approximate 4.61-acre site and is comprised of 10 residential buildings. The property offers convenient on-site laundry facilities for its residents and a serene park-like setting. The unit interiors offer spacious floorplans, attic storage, washer/dryer connections in select units, built-in cookshelves, fully equipped kitchens, mini-blinds and private balconies/patios.

Additionally, residents will find convenient access to local area schools as the community is served by Mango Elementary School, McLane Middle School, Brandon High School and Hillsborough Community College – all of which are within a seven minute commute. Hillsborough Community College enrolls approximately 47,000 students across its five campuses. Nearby in Tampa, the University of South Florida enrolls approximately 42,000 students in 250 different degree programs. According to the U.S. News & World Report, the

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LAKEWOOD PROPERTY SUMMARY

THE OFFERING

Property Lakewood

Property Address 1651 Lake Meadow Circle SouthBrandon, Florida 33510

Assessor’s Parcel Number U-21-29-20-ZZZ-000002-54800.0

Zoning RMC-20

SITE DESCRIPTION

Number of Units 83



Year Built 1981


Lot Size 4.61 +/- Acres

Type of Ownership Fee Simple

UTILITIES

Water Resident Pays Flat Fee - Hillsborough Water Department

Phone Resident Pays - Bright House

Electric Resident Pays - Tampa Electric Company

CONSTRUCTION

Foundation Slab On Grade

Framing Wood Frame

Exterior Vinyl Siding

Parking Surface Asphalt

Roof Pitched Composition Shingle

MECHANICAL

HVAC Individual PTAC Heating and Air Conditioning

Regional Map

local Map

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Common Area Amenities

Unit Amenities

LAKEWOOD AMENITIES

♦◆ On-Site Laundry Facilities

♦◆ Nearby Dining, Shopping and Entertainment Destinations Including the Westfield Brandon Shopping Mall

♦◆ Walking Distance to Public Transportation

♦◆ Washer/Dryer Connections in One- and Two- Bedroom Units

♦◆ Attic Storage

♦◆ Built-In Bookshelves in Select Units

♦◆ Mini-Blinds

♦◆ Private Patios in One- and Two-Bedroom Units

♦◆ Vinyl Flooring in Majority of Units

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LAKEWOOD FLOOR PLANS

Studio/One-Bathroom288 Square Feet

21% of the Community

Two-Bedroom/One-Bathroom848 Square Feet

8% of the Community

One-Bedroom/One-Bathroom568 Square Feet


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BRANDON AREA OVERVIEW

Immediate Area HighlightsLakewood is centrally located within Brandon, a suburb of Tampa Bay in Hillsborough County, nearby many great local points of interest. The immediate surrounding area is comprised of many dining and shopping destinations. Within a 10-minute drive, residents are offered ease of commute to four major grocers including Publix Supermarket, Save-A-Lot, ALDI and Winn-Dixie. Residents are also furnished with a nationally recognized hospital, Brandon Regional Hospital. Additionally, new local attractions and retail are found at The Estuary, which features a Bass Pro Shops and the increasingly popular golf entertainment complex Topgolf, both under five miles from Lakewood.

Just east of Tampa, Brandon can be accessed easily as it is positioned nearby four major highways. The Lee Roy Selmon Expressway provides access to MacDill Air Force Base and downtown Tampa. It is also a short 30-minute drive to the Tampa International Airport. With over 14,000 businesses, A-rated schools and a nationally recognized hospital, Brandon is proving to be a fast-growing community where residents live, work and play in their own backyards. The Greater Brandon area boasts a population of 265,000 with over 116,000 households. The community is home to many young professionals, many whom commute to Tampa for work.

Less than two miles from the subject property is Westfield Brandon Mall, a large draw to the city, which has been a cornerstone for growth in the area. The mall brings visitors from all over Tampa and is a popular destination for international travelers as Brandon is easily accessible from the Tampa International Airport. The mall’s special tenant structure and advanced design lures new visitors regularly. Area residents can find entertainment venues sprinkled throughout the city including the Center Place Fine Arts and Civic Center, the historic James McCabe Theater and the Barn Theatre at Winthrop.

In addition, Brandon provides several educational institutions. Hillsborough Community College has an 82-acre Brandon Campus just four miles from Lakewood and offers an array of credit classes to earn Associate degrees in arts, aquaculture, engineering technology and biotechnology to name a few. Other institutions include Springfield College, Southern Technical College and Rasmussen College.

Westfield Brandon

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Employers/Economic DriversBrandon has a diverse portfolio of economic contributors with major companies such USAA and Ashley Furniture. USAA, the finance giant serving current and former members of the military and headquartered in Texas, has a new Crosstown Campus by Lee Roy Selmon Expressway. At approximately 250,000 square feet, the new office will house 850 employees with room for about 1,200. This is one of two planned offices at the Crosstown site. As part of the Tampa Bay Area, many Brandon residents work in downtown Tampa or the Westshore Business District. Several large companies include Bank of America, BB&T, Marshall & Ilsley, PNC Financial Services, SunTrust, Sykes Enterprises, TECO Energy and Verizon.

Brandon is known, in part, for the multitude of private and for-profit educational institutions that stimulate Brandon’s local economy such as Southern Technical College, Springfield College, Hillsborough Community College, Rasmussen College, Everest University and Florida Career College, employing many local Brandon and Tampa residents.

Brandon Healthplex is currently underway to be open by the end of the year. This 17.4-acre complex will feature a 100,000-square foot medical center, freestanding emergency room, ambulatory surgery center, physical therapy, imaging services and physician offices. Tampa General and Florida Hospital joined forces in purchasing this land in a new nonprofit partnership. It will be adjacent to the Estuary and Topgolf entertainment complex.

Tampa Bay is in the midst of an economic transformation. In the past year NASDAQ-traded Tech Data added 250 new jobs to its Clearwater headquarters, less than a 30-minute commute from Downtown Tampa. Money magazine named Tampa the “Best Big City in the Southeast” in its August 2015 issue. Since 2012, the public-private partnership Tampa Hillsborough Economic Development Corp. has attracted more than 10,100 new jobs to Hillsborough County and more than $816 million in capital investment for new and existing businesses.


HILLSBOROUGH’S TOP 10 EMPLOYERSPublix Supermarkets 33,035 Employees

Hillsborough County Schools 25,776 Employees

University of South Florida 16,693 Employees

Tampa General Hospital 6,700 Employees

VA Hospital 5,500 Employees

WellCare Health Plans 4,460 Employees

Moffitt Cancer Center 4,200 Employees

The Florida Hospital 4,000 Employees

St. Joseph’s John Knox Village 3,500 Employees

Seminole Hard Rock Hotel & Casino 3,500 Employees

USAA Crosstown

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Hillsborough Community College (Brandon Campus) - 4.2 Miles from Subject

Hillsborough Community College (HCC) is a two-year community college with six campuses countywide and a total student enrollment of nearly 43,000 students annually. Hillsborough Community Collete is the eighth ranking community college in the state of Florida and the 20th ranking in the nation for total number of degrees awarded. The college is also one of the few community colleges nationwide to provide its own residence hall.

Rasmussen College - 4.4 Miles from Subject

Rassmussen college is a for-profit private college offering associate’s and bachelor’s degrees. With 24 compuses nationally and more than 70 programs, Rasmussen is accredited by the Higher Learning Commission. The school is organized into various schools: health sciences, design, business, justice studies, education, nursing and technology.

University of South Florida - 13.0 Miles from Subject

The University of South Florida, more commonly referred to as USF, is the fourth-largest public university in the state of Florida and houses a student population of more than 42,000 per academic year and employs over 16,000 people. The university offers its students over 80 undergraduate and 130 post graduate and doctoral-level degrees. The U.S. News & World Report ranked The University of South Florida within the top 100 public schools nationwide, and its higher-level degrees have continued to rank within the nation’s top 50. Additionally, the university is considered one of the nation’s leaders in medical research within the disciplines of diabetes, Alzheimer’s, cardio health and more. The University of South Florida creates a generous local economic impact of more than $3.7 billion in revenue annually for Tampa.

Education


University of South Florida

Hillsborough Community College (Brandon)

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Medical

Brandon Regional Hospital – 1.9 Miles from Subject

Brandon Regional Hospital is a 438-bed acute care facility offering a number of specialty services including the Heart & Vascular Center, where the latest in cardiovascular surgery and minimally invasive techniques are performed, The Behavioral Health Center, The Women’s Center, which includes our Baby Suites and 22-bed neonatal intensive care unit, The Reflux Center and a designated Bariatric Center of Excellence.

Johns Hopkins All Children’s Specialty Care - 1.9 Miles from Subject

Johns Hopkins All Children’s Outpatient Care in Brandon is a 21,000-square foot clinic facility that provides high-quality medical and therapeutic services in a convenient outpatient setting. All of the physicians, nurses and other professionals who work in the center are extensively trained to meet the physical, emotional and developmental needs of children of all ages.

St. Joseph’s Hospital – 2.4 Miles from Subject

A 470-bed facility, St. Joseph’s is known for its advanced medical technology and treats some of the most complex medical and surgical conditions. A highly skilled and experienced staff of physicians with national and international reputations cares for infants, children and adults at the hospital. More than 70 specialties are represented among the medical staff, from internal medicine to cardiology, neurology to surgery.

Tampa General Hospital – 10.5 Miles from Subject

Located in Downtown Tampa, Tampa General Hospital (TGH) is a 1,018-bed hospital which has been ranked as Florida’s number one hospital by U.S. News & World Report. TGH employs approximately 6,700 total staff members and works in unison with University of South Florida’s College of Medicine for teaching and research methods. Tampa General is also considered a Level One trauma center with a fleet of five helicopters allowing the hospital to serve 23 counties statewide.

Travel

Tampa International Airport – 15.9 Miles from Subject

For those residents who travel frequently, the Tampa International Airport is within a 30-minute drive of the property, which accommodates more than 16.6 million travelers each year. The Tampa International Airport also employs nearly 7,500 employees. The airport is currently undergoing a $1 billion renovation, set for completion in 2017, which will provide accommodation to more than 25 million travelers per year. The Airport’s face-lift will not only expand its central terminal, but it will create a sleek, wide-open space with a new line-up of unique shops, bars and restaurants. Additionally, the Tampa Bay economy will greatly benefit from these additions as more than 9,000 jobs will be created.


Brandon Regional Hospital

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Lake Brandon Village – 1.6 Miles from Subject

Adjacent to Westfield Brandon Mall, Lake Brandon Village contains 454,371 square feet of retail serving the Brandon community. With 18 retailers and restaurants, Lake Brandon is home to Lowe’s, Publix, Sports Authority and Nordstrom Rack to name a few. In addition to shopping, visitors can enjoy a variety of dining options such as Ford’s Garage, Cheddar’s, Chick-Fil-A and First Watch.

Westfield Brandon Mall – 1.6 Miles from Subject

Formerly known as Brandon Town Center, Westfield Brandon expanded in 2007 by adding 150,000 square feet of retail space adding an additional anchor and several restaurants. Dillard’s, JCPenney, Macy’s, Sears and Dick’s Sporting Goods anchor the mall. The 253 stores span across 1,100,000 square feet of retail space.

Ace Golf Range and Pro Shop – 2.1 Miles from Subject

Ace Golf is an upscale practice range with room to drive 250 yards featuring six target greens with laser-measured distances and stadium lights for evening practice. In addition to the range, Ace Golf offers a family-friendly tropical themed miniature golf course, batting cages with slow and fast pitch machines, golf lessons and parties and events.

Topgolf – 3.0 Miles from Subject

Topgolf is a sports entertainment complex with 29 venues worldwide. The 65,000-square foot venue is a state of the art driving range with wireless, microchipped golf balls that provide instant feedback to players, event spaces, restaurant and bar, pool tables and games and a rooftop lounge. With a climate-controlled venue, guests can play year-round in this social environment with a full food and beverage menu, music and hundreds of TV’s broadcasting various sports. Topgolf also offers lessons, leagues, tournaments and corporate and social events.

Retail/Attractions


The Estuary – 3.3 Miles from Subject

This 600,000-square foot retail and entertainment complex is a massive new development in the Brandon/Tampa area. It features a Bass Pro Shops as the hub for the complex and is three times the size of a Publix grocery store with a separate boat store and ponds. The project includes several retail and restaurant locations, a grocery store, a boutique movie theater and a hotel. Adjacent to Topgolf, the Estuary is a space where residents and visitors can eat, shop and play. It will also feature the new Brandon Healthplex, featuring 100,000 square feet of medical space with a freestanding emergency room and physician offices.

Winthrop Town Centre – 3.6 Miles from Subject

Winthrop is a shopping, dining and entertainment center that brings a historic atmosphere to the modern complex. Referred to as Traditional Marketplace, it hosts a Starbucks, Acropolis Greek Taverna, Five Guys, Publix and a handful of local boutique businesses. Winthrop Town Centre also hosts the annual Winthrop Arts Festival.

Seminole Hard Rock Hotel & Casino – 7.1 Miles from Subject

Opening its doors in 2004, this 190,000-square foot casino is the sixth largest worldwide and the most profitable in the country. It features 24-hour service, iconic rock n’ roll memorabilia, a large Hard Rock Cafe Restaurant, 12-story hotel tower, pool, fitness center and several other eateries and shops. The Seminole Hard Rock Hotel & Casino, which has a casino floor larger than five combined football fields and has plans for a $1.8 billion expansion including a second hotel tower with more than 500 additional guest rooms, a new Japanese restaurant, a new lobby bar, remodeling of the existing Hard Rock Café, a new swimming pool and new meeting facilities. This will create 4,867 new permanent jobs.

MidFlorida Credit Union Amphitheatre – 7.4 Miles from Subject

With a capacity of approximately 20,000 guests, the MidFlorida Credit Union Amphitheatre is located adjacent to Interstate 4 on the Florida State Fairgrounds. Opening in 2004, the venue has hosted many big-name acts including Kenny

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Chesney, Jimmy Buffett, Aerosmith and more. The amphitheater produces a regional economic impact of more than $100 million each year.

Florida Aquarium – 9.4 Miles from Subject

Located in Downtown Tampa, the Florida Aquarium is a 250,000-square foot facility which features more than 20,000 species of aquatic animals from all over the world. Recently, the Florida Aquarium received its accreditation by the Association of Zoos and Aquariums (AZA), which is a process that happens every five years. The Florida Aquarium accommodates nearly 750,000 guests annually.

Amalie Arena – 10.3 Miles from Subject

The Amalie Arena, formerly known as The Tampa Bay Times Forum, which is home to the NHL’s Tampa Bay Lightning, is a mixed-use arena that plays host to sporting events as well as concerts. The arena is located within Downtown Tampa and is deemed the fourth busiest arena in the country. In 2012, the Amalie Arena played host to the 2012 Republican National Convention just after receiving a $35 million face lift. The Convention contributed $214 million directly into the Tampa Bay local economy. Annually, the Forum has an economic impact of more than $500 million.

Museum of Science and Industry (MOSI) – 13.3 Miles from Subject

This not-for-profit science museum is dedicated to advancing knowledge, interest and understanding of science, technology and industry through making science real for people of all ages. The museum holds a scientific playground with more than 450 hands-on activities in the largest science center in the southeast. In addition, MOSI is home to Florida’s only IMAX Dome Theatre providing 10,500 square feet of visual imagery.

Busch Gardens and Adventure Island – 14.2 Miles from Subject

Busch Gardens Tampa is a 335-acre theme park, which is considered one of the top 25 most visited theme parks worldwide. Busch Gardens features African-themed decor, numerous roller coasters and exotic animal exhibits.

Retail/AttractionsAdventure Island is a water park located across the street from the Busch Gardens theme park. Adventure Island features 30 acres of water rides, two swimming pools, family-friendly dining and various other attractions.

Museum of Science and Industry

Florida Aquarium

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LAKEWOOD PROPERTY PHOTOS

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LAKEWOOD PROPERTY PHOTOS

RENT COMPARABLES

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LAKEWOOD RENT COMPARABLES

Average Rents - Two and Three-Bedroom

AVG $1,104

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1,200

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800

600

400

200

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AVG $985

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Brandon Oaks

El DoradoLakewood Place

BridgeportLakewood The Palms at Palisades

Average Occupancy

AVG 94%

Lakewood Bridgeport El DoradoThe Palms at Palisades

Lakewood Place

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Average Rents - Studio and One-Bedroom

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AVG $567

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LAKEWOOD RENT COMPARABLES MAP

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LAKEWOOD RENT SORT

One-Bedroom ApartmentsSorted by Net Rent

PropertyYear Built Unit Type # of Units

Square Footage

Market Net Rent

Price Per Square Foot

Utilities Paid by Resident

Washer/Dryer

Distance From Subject (Miles)

Lakewood Place 1988 1 x 1 40 600 $918 $1.53 E,S,W,T,C Yes 0.3


Bridgeport 1977 1 x 1 62 576 $829 $1.44 E,C Connections In Select 4.4

The Palms at Palisades 1981 1 x 1 29 675 $824 $1.22 E,C Connections In Select 2.4

Brandon Oaks 1973 1 x 1 45 700 $804 $1.15 E,C Connections In Select 2.5

Lakewood 1981 1 x 1 59 576 $756 $1.31 E,S,W,T,C Connections In Select 0.0

El Dorado 1969 1 x 1 18 775 $640 $0.83 E,S,W,T,C No 1.6


Averages: 1978 47 653 $780 $1.21 1.6

One-Bedroom ApartmentsSorted by Price Per Square Foot


Square Footage

Market Net Rent



Washer/Dryer



Bridgeport 1977 1 x 1 62 576 $829 $1.44 E,C Connections In Select 4.4




Brandon Oaks 1973 1 x 1 45 700 $804 $1.15 E,C Connections In Select 2.5



Averages: 1978 47 653 $780 $1.21 1.6

Studio ApartmentsSorted by Net Rent


Square Footage

Market Net Rent



Washer/Dryer


Bridgeport 1977 Studio 23 288 $684 $2.38 E,C Connections In Select 4.4

Lakewood 1981 Studio 17 288 $646 $2.24 E,S,W,T,C Connections In Select 0.0

El Dorado 1969 Studio 3 450 $450 $1.00 E,S,W,T,C No 1.6

Averages: 1976 14 342 $593 $1.87 2.00

Studio ApartmentsSorted by Price Per Square Foot


Square Footage

Market Net Rent



Washer/Dryer


Bridgeport 1977 Studio 23 288 $684 $2.38 E,C Connections In Select 4.4

Lakewood 1981 Studio 17 288 $646 $2.24 E,S,W,T,C Connections In Select 0.0

El Dorado 1969 Studio 3 450 $450 $1.00 E,S,W,T,C No 1.6

Averages: 1976 14 342 $593 $1.87 2.00

Two-Bedroom ApartmentsSorted by Net Rent


Square Footage

Market Net Rent



Washer/Dryer


Lakewood Place 1988 2 x 2 168 1,000 $1,316 $1.32 E,S,W,T,C Yes 0.3

Lakewood Place 1988 2 x 1 48 900 $1,288 $1.43 E,S,W,T,C Yes 0.3

Bridgeport 1977 2 x 1 14 864 $1,050 $1.22 E,C Connections In Select 4.4



Brandon Oaks 1973 2 x 1 65 1,000 $899 $0.90 E,C Connections In Select 2.5



Averages: 1979 55 932 $1,006 $1.08 1.8

Two-Bedroom ApartmentsSorted by Price Per Square Foot


Square Footage

Market Net Rent



Washer/Dryer


Lakewood Place 1988 2 x 1 48 900 $1,288 $1.43 E,S,W,T,C Yes 0.3

Lakewood Place 1988 2 x 2 168 1,000 $1,316 $1.32 E,S,W,T,C Yes 0.3

Bridgeport 1977 2 x 1 14 864 $1,050 $1.22 E,C Connections In Select 4.4






Averages: 1979 55 932 $1,006 $1.08 1.8

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UNIT TYPE UNITS SQUARE FEET NET RENT RENT/SF

1 Bdr 1 Bath 45 700 $789 - $819 $1.15

2 Bdr 1 Bath 65 1,000 $879 - $919 $0.90

2 Bdr 2 Bath 17 1,050 $879 - $919 $0.86

3 Bdr 2 Bath 33 1,280 $1,069 - $1,199 $0.89

Total/Wtd. Avg. 160 $934 $0.95

Brandon Oaks 110 Summerfield Lane, Brandon, Florida 33510

COMMENTS: There are no concessions currently being offered . Water, sewer, trash removal and pest control are included in the rent . Residents are responsible for electric and cable expenses . Amenities include a fitness center, clubhouse, tennis court, two swimming pools, two laundry facilities and a dog park . There are washer/dryer connections in the two-bedroom and three-bedroom units . Recent renovations include upgraded floors to wood plank with a premium represented by the higher rents in the ranges above .

Number of Units: 160

Occupancy: N/A

Year Built: 1973

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Lakewood 1651 Lake Meadow Circle South, Brandon, Florida 33510

UNIT TYPE UNITS SQUARE FEET RENT RENT/SF

Studio 17 288 $646 $2.24

1 Bdr 1 Bath 59 576 $756 $1.31

2 Bdr 1 Bath 7 864 $919 $1.06

Total/Wtd. Avg. 83 $774 $1.54

COMMENTS: There are no concessions currently being offered . Residents are responsible for all utilities and water is billed at $36 per month for studios; $46 per month for one-bedroom units; $59 per month for two-bedroom units and is reflected in the rents stated above . Amenities include a clubhouse, on-site laundry facilities and washer/dryer connections in the one- and two-bedroom units .

Number of Units: 83

Occupancy: 100%

Year Built: 1981


Studio 23 288 $659 - $709 $2.38

1 Bdr 1 Bath 62 576 $779 - $879 $1.44

2 Bdr 1 Bath 14 864 $1,050 $1.22

Total/Wtd. Avg. 99 $854 $1.68

Bridgeport 3385 Creek Ridge Road, Brandon, Florida 33511

COMMENTS: There are no concessions currently being offered . Water, sewer, trash removal and pest control are charged at a flat fee of $42 for studios, $64 for one-bedroom units and $80 for two-bedroom units . Residents are responsible for gas, electric and cable expenses . Amenities include two on-site laundry facilities and washer/dryer connections in one- and two-bedroom units . Recent renovations include full interior upgrades with new cabinetry and white appliances which are reflected in the higher rents in the range above .

Number of Units: 99

Occupancy: 95%

Year Built: 1977

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4 The Palms at Palisades 512 Camino Real Court, Brandon, Florida 33510

COMMENTS: There are no concessions currently being offered . Water, sewer, trash removal and pest control are included in the rent . Residents are responsible for electric and cable expenses . Amenities include a tennis court, volleyball court, swimming pool, on-site laundry facilities and washer/dryer connections in all two- and three-bedroom units . There have been no recent renovations .


1 Bdr 1 Bath 29 675 $824 $1.22

2 Bdr 2 Bath 88 900 $934 $1.04

3 Bdr 2 Bath 8 1,050 $1,074 $1.02

Total/Wtd. Avg. 125 $944 $1.07


Occupancy: 96%

Year Built: 1981

5 El Dorado 210 Kings Court, Brandon, Florida 33510


Studio 3 450 $450 $1.00

1 Bdr 1 Bath 36 625 $550 $0.88

1 Bdr 1 Bath 18 775 $640 $0.83

2 Bdr 1 Bath 36 877 $740 $0.84

Total/Wtd. Avg. 93 $595 $0.85

COMMENTS: There are no concession currently being offered . Residents are responsible for all utility expenses . Amenities include on-site laundry facilities . There have been no recent renovations .

Number of Units: 93

Occupancy: 90%

Year Built: 1969

3 Lakewood Place 1701 Lake Chapman Drive, Brandon, Florida 33510

COMMENTS: There are no concessions currently being offered . Residents are responsible for all utility expenses . Amenities include a clubhouse, business center, fitness center, tennis court, raquetball court, playground, barbeque/picnic area, two swimming pools, spa, on-site laundry facility and washer/dryers in every unit . Recent renovations include siding repair, new exterior paint, resurfaced pool, grills by pool areas, new mailboxes, stainless steel appliances at a $45 monthly premium and wood vinyl flooring at a $40 monthly premium .


Occupancy: 95%

Year Built: 1988


1 Bdr 1 Bath 40 600 $918 $1.53

1 Bdr 1 Bath 90 700 $915 $1.31

2 Bdr 1 Bath 48 900 $1,288 $1.43

2 Bdr 2 Bath 168 1,000 $1,316 $1.32

Total/Wtd. Avg. 346 $1,109 $1.35

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LIVE OAKS PROPERTY DESCRIPTION

Investment Overviewbarbeque areas and a convenient on-site laundry facility. The unit interiors offer spacious floorplans, washer and dryer connections in two-bedroom units, built-in bookshelves, fully equipped kitchens, additional storage and private patios.

Additionally, residents will find convenient access to local area schools as the community is served by Mort Elementary School, Buchanan Middle School, Chamberlain High School and the University of South Florida – all of which are within a 15-minute commute. The University of South Florida enrolls approximately 42,000 students in 250 different degree programs. According to the U.S. News & World Report, the University of South Florida is one of the top up-and-coming universities in the nation and is ranked as one of the top 150 universities in the country. Furthermore, the property is near schools with specialized programs such as Bowers/Whitley Career Center, Muller Magnet Elementary School, Brooks-DeBartolo Collegiate High School and the environmentally focused Learning Gate Community School.

Live Oaks offers spacious, open floorplans consisting of 17, studio/one-bathroom units with 288 rentable square feet; 52, one-bedroom/one-bathroom units with 576 rentable square feet and nine, two-bedroom/one-bathroom units with 876 rentable square feet. Each floorplan has been thoughtfully designed to maximize the usage and functionality of the space. Residents are responsible for all electric and cable expenses while paying an additional flat fee of $10 for water, sewer and trash collection.

Live Oaks is a 78-unit, garden-style community located within the University submarket of Tampa, which is within Hillsborough County, Florida. The area houses a population of approximately 250,000 residents within a five mile radius and has experienced a 33.9 percent population growth since 2000, largely in part to its close proximity to the University of South Florida’s main campus and three major hospitals.

The property is positioned on North 22nd Street, situated between Bearss Avenue with a daily traffic count of 42,500 vehicles and Fletcher Avenue with a daily traffic count of 41,500 vehicles. Bearss Avenue and Fletcher Avenue are both major area east/west thoroughfares, which provide access within minutes to Interstate 275 with a daily traffic count of 116,500 vehicles to the west and Interstate 75 with a daily traffic count of over 101,500 vehicles to the east. Bearss and Fletcher Avenues also provide access to north/south thoroughfare, Highway 41/North Nebraska, located just over one mile west of the property and North 30th Street/Bruce B. Downs Boulevard, located just one mile east of the property. North 30th Street connects residents to local points of interest including the Florida Hospital Pepin Heart Institute (1.2 miles away), the University of South Florida (1.2 miles away), Moffitt Cancer Center (1.6 miles away), Shriners Hospital for Children (2.1 miles away), the James A. Haley Veterans’ Hospital (1.3 miles away) and other retail destinations. Within walking distance residents can find the University Area Community Center complete with indoor and outdoor basketball courts, multipurpose and meeting rooms and a playground. Also within a 10-minute walk is the University Plaza, which houses retailers such as Target, Ross, ALDI and Dollar Tree. Interstate 275, located 1.6 miles west of the subject, provides convenient connectivity to Tampa International Airport, one of the nation’s premier airports, featuring six terminals and three runways to service over 200 aircraft departures and 46,000 passengers daily. Also adjacent to Live Oak is the University Mall which is undergoing major renovations. Recently announced redevelopment plans call for the addition of three anchors and two freestanding restaurants that have yet to be named. The mall is also home to a newly renovated 16-screen movie theatre called Studio Movie Grill offering guests a full food menu and bar.

Built in 1981 of wood frame construction with wood siding exterior and stone facade, Live Oaks is situated on a generous, approximate 4.55-acre site and is comprised of 10 residential buildings. The property offers ease of access to public transportation and many dining, shopping and entertainment destinations,

Tampa, FL

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LIVE OAKS PROPERTY SUMMARY

THE OFFERING

Property Live Oaks

Property Address 2232 Spring Glade Circle, Tampa, Florida 33613

Assessor’s Parcel Number U-05-28-19-ZZZ-000001-26170.0

Zoning UCA-MS

SITE DESCRIPTION

Number of Units 78

Number of Buildings 10 Residential Buildings


Year Built 1981




UTILITIES

Water Resident Pays Flat Fee - Tampa Water Department

Phone Resident Pays - Frontier

Electric Resident Pays - Tampa Electric Company

CONSTRUCTION


Framing Wood Frame

Exterior Wood Siding



MECHANICAL

HVAC Individual PTAC Heating and Air Conditioning

Regional Map

local Map

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Unit Amenities

LIVE OAKS AMENITIES

♦◆ Convenient On-Site Laundry Facility

♦◆ Barbeque Areas

♦◆ Lush Landscaping and Park-Like Setting

♦◆ Close Proximity to Shopping, Dining and Entertainment Destinations

♦◆ Near Public Transportation

♦◆ Washer/Dryer Connections in Two-Bedroom Units

♦◆ Built-In Bookshelves

♦◆ Fully Equipped Kitchen

♦◆ Hardwood Floors in Majority of Units

♦◆ Private Patios in One- and Two-Bedroom Units

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LIVE OAKS FLOOR PLANS

Two-Bedroom/One-Bathroom876 Square Feet




Studio/One-Bathroom288 Square Feet


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TAMPA AREA OVERVIEW

Immediate Area HighlightsLive Oaks is centrally located within the University submarket, nearby many great local points of interest. The immediate surrounding area is comprised mostly with other multifamily buildings of similar age and quality as the subject. Three family-friendly community parks, University Area Community Park, Ashton Park and the Violet Cury Nature Preserve, are all within easy access of the property. The University Area Community Park sits within a two minute walk from the property and offers a large basketball court, picnic area and playground area. Within a 10-minute drive, residents are offered ease of commute to six major grocers including Save-A-Lot, Target, ALDI, Walmart, Winn-Dixie and Publix. Residents are also furnished with four local hospitals including the Florida Hospital, James A. Haley Veterans’ Hospital, Shriners Hospital for Children and the Moffitt Cancer Center. Additionally, many well-known area attractions sit close at hand – University Mall, USF Botanical Gardens, MOSI Museum, Busch Gardens and Adventure island are all within minutes of the property.

Tampa is currently undergoing a major transformation with a pretty large facelift on the way. The owner of the NHL team Tampa Bay Lightning, Jeff Vinik has made plans to redevelop Tampa’s Downtown area. The project is expected to be completed in two phases and cost $2 billion. The

first phase of the project is slated to include at least one commercial office building, 1,000 residential units, a companion building to the University of South Florida’s Morsani College of Medicine, 200,000 square feet of retail, restaurant and entertainment space, plus renovations to the Tampa Marriott Waterside Hotel and Channelside Bay Plaza as well as some infrastructure work. The entire district will be WELL certified – a focus on air, water, nourishment, light, fitness, comfort and mind.

The optimism over downtown Tampa in the residential construction industry is beginning to meet reality, with developers and city officials breaking ground in early February 2016 on a 23-story apartment tower in the North Franklin neighborhood. Nine15, which will house 362 apartments and 8,000 square feet of street-level retail, is under construction on the block bordered by Florida Avenue and Cass, Franklin and Tyler streets. The name comes from the tower’s future address, 915 N. Franklin Street. The developer is Atlanta-based Carter, which paid $6.4 million for what had been known as the “Grant block” after the former W.T. Grant five-and-dime store that did business there for decades. Carter chairman and chief executive Bob Peterson said the building would cost roughly $100 million to build. It will include an eight-story parking garage, outdoor pool terrace, penthouse-level clubhouse and a fitness center.

Downtown TampaMOSI Museum

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Employers/Economic DriversColloquially known as the Tampa Bay Area, the region has a very strong business presence with major companies inhabiting Downtown Tampa such as Bank of America, BB&T, Marshall & Ilsley, PNC Financial Services, SunTrust, Sykes Enterprises, TECO Energy and Verizon. Several other large-scale employers, which have deep roots in the area include Badger Computers, H. Lee Moffitt Cancer Center, the University Community Hospital, VA Medical Center of Tampa, Florida Orthopedic Institute Surgery Center, Sypris Electronics, Seminole Hard Rock Casino and Shriners Children’s Hospital.

Tampa Bay is in the midst of an economic transformation. In the past year NASDAQ-traded Tech Data added 250 new jobs to its Clearwater headquarters, less than a 30-minute commute from Downtown Tampa. Money magazine named Tampa the “Best Big City in the Southeast” in its August 2015 issue. Since 2012, the public-private partnership Tampa Hillsborough Economic Development Corp. has attracted more than 10,100 new jobs to Hillsborough County and more than $816 million in capital investment for new and existing businesses.

One of the largest contributing factors to this transformation in the downtown area of Tampa is the plan for revitalization of the Channelside District. The plan entails a $2 billion vision by Tampa Bay Lighting NHL franchise owner Jeff Vinik to transform 24 barren acres of downtown land he owns into a walkable, waterfront, wellness-focused live/work/play district stretching from the Tampa Convention Center to the Florida Aquarium. Vinik’s plans have equity partnership from a Bill Gates-backed investment fund. A key driver of the revitalization is the potential relocation of Fortune 500 headquarters to the area. The project is expected to create 3,700 direct jobs with an average salary of $78,000. The development will be anchored by the relocation The University of South Florida Medical School. Following on Vinik’s plans, the Port of Tampa recently unveiled a $2 billion plan to transform 45 acres of land it controls in the Channelside District. The vision calls for twin 75-story mixed-use towers, apartments, hotels, offices and retail; an enlarged cruise ship terminal, a marina and one of Tampa’s largest urban waterfront parks. The Port of Tampa already provides an economic impact of $8 billion annually.

TAMPA AREA OVERVIEW

The port contributes to over 100,000 area jobs and handles more than 34 million tons of cargo each fiscal year. It has seen rapid growth following the $5.25 billion expansion of the Panama Canal - allowing larger ships to transit to Tampa. The Port serves as the energy gateway for western and central Florida and allows virtually all commodities from such top trading partners as Japan, India, Russia, Canada, Mexico, Brazil, Trinidad, Australia, Turkey and Argentina. Moreover, with three cruise terminals, the Port conducts nearly one million passenger moves per year.

Lastly, in 2015 several local companies made major job-related announcements. In August, online behemoth Amazon announced it would add 2,000 jobs to distribution centers in southern Hillsborough County and neighboring Polk County. In July, Apollo Beach’s BlueGrace Logistics announced plans to expand its headquarters and add 100 jobs. Hercules Fluid Power Group, a leading international distributor of hydraulic and pneumatic seals for heavy equipment, announced plans in June to open a new manufacturing and distribution center in Hillsborough County. In May, Ashley Furniture announced plans to open its e-commerce headquarters in Ybor City and immediately hire 100 new employees. The Ashley operation is expected to become a hub for thousands of employees who will come for training, stay at hotels and eat at local restaurants.

TAMPA’S TOP 10 EMPLOYERSPublix Supermarkets 33,035 Employees

Hillsborough County Schools 25,776 Employees

University of South Florida 16,693 Employees

Tampa General Hospital 6,700 Employees

VA Hospital 5,500 Employees

WellCare Health Plans 4,460 Employees

Moffitt Cancer Center 4,200 Employees

The Florida Hospital 4,000 Employees

St. Joseph’s John Knox Village 3,500 Employees

Seminole Hard Rock Hotel & Casino 3,500 Employees

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The Tampa Bay Area has seen considerate population growth partly due to its significantly increased collegiate population over the past decade, as it plays home to a populace of higher education facilities, totaling an enrollment of nearly 75,000 full and part-time students. University of South Florida, which is Tampa’s largest university, has an enrollment of over 47,000 students alone. Other major area colleges include The University of Tampa, Hillsborough Community College, and various other technical schools. Additionally, the Hillsborough County School District, the third largest among Florida’s School Districts, employs nearly 21,000 people and serves over 200,000 students in more than 250 schools and offices.

University of South Florida - 1.2 Miles from Subject

The University of South Florida, more commonly referred to as USF, is the fourth-largest public university in the state of Florida and houses a student population of more than 42,000 per academic year and employs over 16,000 people. USF offers its students over 80 undergraduate and 130 post graduate and doctoral-level degrees. The U.S. News & World Report ranked the University of South Florida within the top 100 public schools nationwide, and its higher-level degrees have continued to rank within the nation’s top 50. Additionally, the university is considered one of the nation’s leaders in medical research within the disciplines of diabetes, Alzheimer’s, cardio health and more. The University of South Florida creates a generous local economic impact of more than $3.7 billion in revenue annually for Tampa.

Hillsborough Community College (Ybor Campus) - 9.8 Miles from Subject

Hillsborough Community College (HCC) is a two-year community college with six campuses countywide and a total student enrollment of nearly 43,000 students annually. Hillsborough Community College is the eighth ranking community college in the state of Florida and the 20th ranking in the nation for total number of degrees awarded. The college is also one of the few community colleges nationwide to provide its own residence hall.

EducationThe University of Tampa - 10.7 Miles from Subject

Located in the heart of Downtown Tampa, the University of Tampa (UT) is a private university with a total student enrollment of more than 7,200 students annually. The University of Tampa offers more than 150 undergraduate degrees and 12 master’s degrees. Additionally, the school houses a very diverse and unique student body, as half its population is comprised of out-of-state students and students studying abroad from more than 120 countries. As a result, the University of Tampa has an annual economic impact of nearly $750 million per year. The University was also recognized by U.S. News and World Report’s 2015 edition of Best Colleges - ranking among the top 25 universities in the Southern Region.

TAMPA AREA OVERVIEW

University of South Florida

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Medical

James A. Haley Veterans Hospital – 1.3 Miles from Subject

The James A. Haley Veterans Hospital is a 415-bed medical and surgical center furnished by the Department of Veterans Affairs to provide care for those who have served in the United States military. The hospital provides services to more than 116,000 veterans annually within a four-county radius. It is also considered a teaching hospital and is accredited by the Commission on Accreditation of Rehabilitation Facilities (CARF).

The Florida Hospital Tampa - 1.1 Miles from Subject

Florida Hospital Tampa, which is comprised of 475-beds and employs approximately 4,000 people, is within a 5-minute drive of the property. It specializes in cardiovascular care, orthopedics, women’s health and cancer treatments. Florida Hospital Tampa’s Pepin Heart Institute is also considered a world leader for its advances in disease prevention, treatment and aggressive research.

Moffitt Cancer Center – 1.6 Miles from Subject

The Moffitt Cancer Center, which is approximately an eight minute drive from the property and is one of the leading facilities for cancer research in the state of Florida. Moffitt Cancer Center employs more than 4,200 and sees more than 330,000 patients annually. It opened the doors to a $74.2 million, 200,000-square foot outpatient facility. This addition created more than 600 temporary construction jobs and several hundred permanent jobs at the facility upon opening.

Tampa General Hospital – 12.0 Miles from Subject

Located in Downtown Tampa, Tampa General Hospital (TGH) is a 1,018-bed hospital which has been ranked as Florida’s number one hospital by U.S. News & World Report. TGH employs approximately 6,700 total staff members and works in unison with University of South Florida’s College of Medicine for teaching and research methods. Tampa General is also considered a Level One trauma center with a fleet of five helicopters allowing the hospital to serve 23 counties statewide.

Travel

Tampa International Airport – 15.6 Miles from Subject

For those residents who travel frequently, the Tampa International Airport is within a 25-minute drive of the property, which accommodates more than 16.6 million travelers each year. The Tampa International Airport also employs nearly 7,500 employees. The airport is currently undergoing a $1 billion renovation, set for completion in 2017, which will provide accommodation to more than 25 million travelers per year. The Airport’s face-lift will not only expand its central terminal, but it will create a sleek, wide-open space with a new line-up of unique shops, bars and restaurants. Additionally, the Tampa Bay economy will greatly benefit from these additions as more than 9,000 jobs will be created.

TAMPA AREA OVERVIEW

The Florida Hospital Tampa

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University Mall – 1.3 Miles from Subject

University Mall in the primary shopping destination in the immediate area and is about to receive a major facelift. The mall is presently anchored by Sears, Macy’s, Dillard’s, Burlington Coat Factory and K&G Fashion Superstore. There are a wide variety of national, regional and local retailers and a 16-screen movie theatre, lending itself to many different population and demographic segments. Recently announced redevelopment plans call for the addition of three anchors and two freestanding restaurants that have yet to be named. The mall is also home to a newly renovated 16-screen movie theatre called Studio Movie Grill offering guests a full food menu and bar.

Busch Gardens and Adventure Island – 3.9 Miles from Subject

Busch Gardens Tampa is a 335-acre theme park, which is considered one of the top 25 most visited theme parks worldwide. Busch Gardens features African-themed decor, numerous roller coasters and exotic animal exhibits. Adventure Island is a water park located across the street from the Busch Gardens theme park. Adventure Island features 30 acres of water rides, two swimming pools, family-friendly dining and various other attractions. Combined, Busch Gardens and Adventure Island, both part of the SeaWorld Entertainment family, employ more than 3,800 local residents and attract more than 4.3 million visitors annually.

Lowry Park Zoo - 6.3 Miles from Subject

Tampa’s Lowry Park Zoo is a 56-acre site featuring the largest collection of Florida species nationwide. The zoo features more than 1,000 animals, family-friendly interactive exhibits, a petting area, a river ecotour, Asian gardens, Safari Africa and manatee encounters. Recently, the zoo added the addition of its Safari Africa, which is home to an array of exotic African species. Lowry Park Zoo is a five-time winner of the TripAdvisor’s Certificate of Excellence.

MidFlorida Credit Union Amphitheatre – 10.5 Miles from Subject

With a capacity of approximately 20,000 guests, the MidFlorida Credit Union Amphitheatre is located adjacent to Interstate 4 on the Florida State Fairgrounds.

Retail/Attractions

TAMPA AREA OVERVIEW

Opening in 2004, the venue has hosted many big-name acts including Kenny Chesney, Jimmy Buffett, Aerosmith and more. The amphitheater produces a regional economic impact of more than $100 million each year.

Raymond James Stadium – 10.9 Miles from Subject

Raymond James Stadium, which is home to the NFL’s Tampa Bay Buccaneers, is a mixed-use football stadium that seats approximately 75,000 guests. The stadium hosts the annual college football Outback Bowl on New Year’s Day and played host to the Super Bowl in both 2001 and 2009. The Outback Bowl contributes approximately $750 million annually to the local economy and generates millions in free exposure to the community. The stadium’s most notable feature is a 103-foot replica pirate ship, which shoots confetti whenever the Buccaneers score or enter their opponent’s “red zone.” Recently, the stadium released its plans for a $100 million renovation to the stadium. Raymond James Stadium accommodates more than 500,000 guests annually.

Florida Aquarium – 11.1 Miles from Subject

Located in Downtown Tampa, the Florida Aquarium is a 250,000-square foot facility which features more than 20,000 species of aquatic animals from all over the world. Recently, the Florida Aquarium received its accreditation by the Association of Zoos and Aquariums (AZA), which is a process that happens every five years. The Florida Aquarium accommodates nearly 750,000 guests annually.

Amalie Arena – 11.3 Miles from Subject

The Amalie Arena, formerly known as The Tampa Bay Times Forum, which is home to the NHL’s Tampa Bay Lightning, is a mixed-use arena that plays host to sporting events as well as concerts. The arena is located within Downtown Tampa and is deemed the fourth busiest arena in the country. In 2012, the Amalie Arena played host to the 2012 Republican National Convention just after receiving a $35 million face lift. The Convention contributed $214 million directly into the Tampa Bay local economy. Annually, the Forum has an economic impact of more than $500 million.

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TAMPA AREA OVERVIEW

Seminole Hard Rock Hotel & Casino – 13.2 Miles from Subject

Opening its doors in 2004, this 190,000-square foot casino is the sixth largest worldwide and the most profitable in the country. It features 24-hour service, iconic rock n’ roll memorabilia, a large Hard Rock Cafe Restaurant, 12-story hotel tower, pool, fitness center and several other eateries and shops. The Seminole Hard Rock Hotel & Casino, which has a casino floor larger than five combined football fields and has plans for a $1.8 billion expansion including a second hotel tower with more than 500 additional guest rooms, a new Japanese restaurant, a new lobby bar, remodeling of the existing Hard Rock Café, a new swimming pool and new meeting facilities. This will create 4,867 new permanent jobs.

Westshore Business District – 12.3 Miles from Subject

The Westshore Business District is one of Tampa’s paramount business districts which is comprised of more than 10-square miles, over 11,000,000 feet of commercial office space, nearly 100,000 employees, 38 hotels, two high-end shopping malls, hundreds of restaurants and 4,000 businesses. The Westshore Business District also encompasses the Tampa International Airport, headquarters of national restaurant chains like Outback and Carrabba’s and the team headquarters of the Tampa Bay Buccaneers.

International Plaza and Bay Street - 12.5 Miles from Subject

Conveniently located within 25 minutes of the property, within the Westshore Business District, International Plaza is a unique upscale shopping mall, featuring a variety of 200 stores and 15 restaurants. Its major anchors include Nordstrom, Neiman Marcus and Dillard’s, Cheesecake Factory, The Capital Grille and California Pizza Kitchen. As International Mall is an adjacent neighbor to the Tampa International Airport, it also features a Renaissance Hotel directly on its premises.

Other Area Attractions

Tampa Bay is home to a number of professional sports teams such as the Tampa Bay Buccaneers (NFL), the Tampa Bay Lightning (NHL), the Tampa

Retail/AttractionsBay Storm (AFL) and Tampa Bay Rays (MLB). The Outback Bowl, held annually at Raymond James Stadium to host NCAA college football playoff games, attracts a swell of sports fans to the area thus creating an economic surge. The Washington Square News also ranked Tampa as a top city for “twenty-somethings” as the city provides a vast range of work and play for all interests.

Seminole Hard Rock Hotel & Casino

International Plaza and Bay Street

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LIVE OAKS PROPERTY PHOTOS

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AVG $1,1251,200

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Las Villas MontierraVillages at Turtle Creek

USF Gardens

Live Oaks Park East

Average OccupancyAVG 98%

Live Oaks Las Villas Park East MontierraVillages at Turtle Creek

USF Gardens

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AVG $568

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LIVE OAKS RENT COMPARABLES MAP

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LIVE OAKS RENT SORT



Square Footage

Market Net Rent



Washer/Dryer


Villages at Turtle Creek 1984 1 x 1 50 776 $838 $1.08 E,S,W,C Connections 0.7

Park East 1987 1 x 1 48 751 $810 $1.08 E,S,W,T,C Connections In Select 0.6




Montierra 1971 1 x 1 40 680 $695 $1.02 E,S,W,T,C None 0.3

USF Gardens 1973 1 x 1 159 610 $689 $1.13 E None 0.8


Live Oaks 1981 1 x 1 52 576 $660 $1.15 E,S,C Connections 0.0

Las Villas 1977 1 x 1 60 663 $575 $0.87 E,C None 0.6

Averages: 1982 59 642 $727 $1.15 0.6



Square Footage

Market Net Rent



Washer/Dryer










Montierra 1971 1 x 1 40 680 $695 $1.02 E,S,W,T,C None 0.3


Averages: 1982 59 642 $727 $1.15 0.6



Square Footage

Market Net Rent



Washer/Dryer


USF Gardens 1973 Studio 4 450 $569 $1.26 E None 0.8

Live Oaks 1981 Studio 17 288 $560 $1.94 E,S,C Connections 0.0

Averages: 1977 11 369 $565 $1.60 0.40



Square Footage

Market Net Rent



Washer/Dryer


Live Oaks 1981 Studio 17 288 $560 $1.94 E,S,C Connections 0.0

USF Gardens 1973 Studio 4 450 $569 $1.26 E None 0.8

Averages: 1977 11 369 $565 $1.60 0.40



Square Footage

Market Net Rent



Washer/Dryer


Villages at Turtle Creek 1987 2 x 2 18 1,010 $1,068 $1.06 E,S,W,T,C Connections In Select 0.7

Park East 1987 2 x 2 32 1,018 $1,005 $0.99 E,S,W,T,C Connections In Select 0.6

Villages at Turtle Creek 1987 2 x 2 28 900 $958 $1.06 E,S,W,T,C Connections In Select 0.7



USF Gardens 1973 2 x 2 39 1,156 $851 $0.74 E None 0.8

Montierra 1971 2 x 1 56 1,016 $835 $0.82 E,S,W,T,C None 0.3




Averages: 1981 31 940 $881 $0.94 0.6



Square Footage

Market Net Rent



Washer/Dryer



Villages at Turtle Creek 1987 2 x 2 28 900 $958 $1.06 E,S,W,T,C Connections In Select 0.7

Villages at Turtle Creek 1987 2 x 2 18 1,010 $1,068 $1.06 E,S,W,T,C Connections In Select 0.7


Park East 1987 2 x 2 32 1,018 $1,005 $0.99 E,S,W,T,C Connections In Select 0.6



Montierra 1971 2 x 1 56 1,016 $835 $0.82 E,S,W,T,C None 0.3


USF Gardens 1973 2 x 2 39 1,156 $851 $0.74 E None 0.8

Averages: 1981 31 940 $881 $0.94 0.6

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1 Bdr 1 Bath 60 663 $575 $0.87

2 Bdr 1 Bath 1 873 $675 $0.77

Total/Wtd. Avg. 61 $625 $0.87

Las Villas 1503 East 142nd Avenue, Tampa, Florida 33613

COMMENTS: There are no concessions currently being offered . Water, sewer, trash removal and pest control are included in the rent . Residents are responsible for electric and cable expenses . There are no on-site amenities and there have been no recent renovations .

Number of Units: 61

Occupancy: 100%

Year Built: 1977

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Live Oaks 2232 North Spring Glade Circle, Tampa, Florida 33613


Studio 17 288 $560 $1.94

1 Bdr 1 Bath 52 576 $660 $1.15

2 Bdr 1 Bath 9 864 $760 $0.88

Total/Wtd. Avg. 78 $660 $1.14

COMMENTS: There are no concessions currently being offered . Water and trash removal are included in the rent and is reflected in the rents above . Residents are responsible for sewer, electric and cable expenses . Amenities include on-site laundry facilities and washer/dryer connections . There have been no recent renovations .

Number of Units: 78

Occupancy: 94%

Year Built: 1981


Studio 4 350 - 550 $492 - $645 $1.26

1 Bdr 1 Bath 159 575 - 644 $666 - $711 $1.13

2 Bdr 1 Bath 64 825 - 890 $807 - $822 $0.95

2 Bdr 2 Bath 39 912 - 1,400 $843 - $858 $0.74

3 Bdr 2 Bath 3 1,600 $1,025 - $1,225 $0.70

Total/Wtd. Avg. 269 $809 $0.96

USF Gardens 2002 Colonial Parc Drive, Tampa, Florida 33612

COMMENTS: There are no concessions currently being offered . Water, sewer, trash removal, basic cable and pest control are included in the rent and electric is included in the studio and smaller one-bedroom units . Residents are responsible for electric expenses . Amenities include a volleyball court, three swimming pools and on-site laundry facilities . Recent renovations include black appliances, vinyl flooring and upgraded countertops with a $60 monthly premium being charged for these upgrades .


Occupancy: 97%

Year Built: 1973

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4 Park East 14609 Banyan Bluff Drive, Tampa, Florida 33613

COMMENTS: There are no concessions currently being offered . Residents are responsible for all utilities and trash is billed at a $15 monthly rate . Amenities include a fitness center, business center, clubhouse, swimming pool, spa, on-site laundry facilities and washer/dryer connections in all units except for the smallest one-bedroom units . There is a $10 additional monthly premium for lake views and a $50 premium for upgraded units . There have been no recent renovations .


1 Bdr 1 Bath 8 528 $750 $1.42

1 Bdr 1 Bath 40 714 $800 $1.12

1 Bdr 1 Bath 48 751 $810 $1.08

2 Bdr 1 Bath 48 909 - 919 $925 - $940 $1.02

2 Bdr 2 Bath 16 791 $910 $1.15

2 Bdr 2 Bath 32 1,013 - 1,023 $1,000 - $1,010 $0.99

Total/Wtd. Avg. 192 $867 $1.13


Occupancy: 98%

Year Built: 1987

5 Montierra 14401 North 22nd Street, Tampa, Florida 33613


1 Bdr 1 Bath 40 680 $695 $1.02

2 Bdr 1 Bath 56 1,016 $835 $0.82

Total/Wtd. Avg. 96 $765 $0.89

COMMENTS: There are no concessions currently being offered . Residents are responsible for all utility expenses . Amenities include clubhouse, tennis court, swimming pool and on-site laundry facilities . The exterior was recently painted . There have been no other recent renovations .

Number of Units: 96

Occupancy: 100%

Year Built: 1971

3 Villages at Turtle Creek 14620 Turtle Creek Circle, Lutz, Florida 33549

COMMENTS: There are no concessions currently being offered . Trash is included in the rent . Residents are responsible for water, sewer, electric and cable expenses . Amenities include a fitness center, tennis court, two swimming pools, spa, on-site laundry facilities and washer/dryer connections in every unit . Recent renovations as the units turn include vinyl and carpet flooring, new appliances, light fixtures, door fixtures and resurfaced countertops . No premiums are being charged for these upgrades .


Occupancy: 97%

Year Built: 1984


1 Bdr 1 Bath 60 450 $688 $1.53

1 Bdr 1 Bath 76 667 $763 $1.14

1 Bdr 1 Bath 50 776 $838 $1.08

2 Bdr 2 Bath 28 900 $958 $1.06

2 Bdr 2 Bath 18 1,010 $1,068 $1.06

Total/Wtd. Avg. 232 $863 $1.17

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Jacksonville, FL

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SUMMERWIND PROPERTY DESCRIPTION

Investment OverviewSummerwind is a 62-unit, garden-style community located in Jacksonville, Florida, which is in Duval County and offers access to Interstate 295, Interstate 10, Downtown Jacksonville and Jacksonville Landing. The property is well positioned off of Timuquana Road, a major arterial having a traffic count of 22,000 vehicles per day. Downtown Jacksonville is approximately a 20-minute commute to the northeast of Summerwind and offers a wide array of shopping, dining and entertainment options. The city’s core has over 50 restaurants to choose from, anything from food trucks, to casual eateries, to upscale bistros with eclectic menus. Some of the most popular downtown hotspots are Juliette’s Bistro, Fionn MacCool’s Irish Pub, Olio, River City Brewing Company and the Chart House. The community is also within just a few blocks of the Hyde Park Golf and Country Club, San Juan Marina and the St. Johns River.

Summerwind is centrally located within the Westside submarket of Jacksonville, Florida, near many noteworthy local points of interest. Within a two-mile radius, residents are offered ease of access to multiple grocers and retailers including Rowe’s IGA Supermarkets, Family Dollar and CVS Pharmacy. The area is also home to several Fortune 500 companies: CSX Corporation is located 10.2 miles from Summerwind; Fidelity National Information Services is 9.2 miles away; BI-LO (Southeastern Grocers) and its subsidiary Winn-Dixie are just 6.0 miles from the property. Area public schools include Timucuan Elementary School and JEB Stuart Middle School, both located within two miles of Summerwind. Nathan B. Forrest High School is 2.9 miles away. Private schools Acclaim Academy and Sacred Heart School are both less than two miles from the property.

Built in 1984, the property consists of nine buildings constructed of wood frame and rests on approximately 4.90 acres. The community is ideally located off main arterial Timuquana Road, offering ease of commute to nearby employment and historical downtown Jacksonville. The residential unit mix consists of 14, studio/one-bathroom units with 288 rentable square feet; 38, one-bedroom/one-bathroom units with 576 rentable square feet; seven, two-bedroom/one-bathroom units with 854 rentable square feet and three, two-bedroom/two-bathroom units with 900 rentable square feet. The community offers a convenient on-site laundry facility, access to public transportation and shopping, dining and entertainment destinations. Unit interiors include spacious foorplans with additional storage, fully equipped kitchens, washer/dryer connections and private patios. Residents are responsible for all utility expenses.

Jacksonville, FL

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SUMMERWIND PROPERTY SUMMARY

THE OFFERING

Property Summerwind

Property Address 5262 Timuquana Road, Jacksonville, Florida 32210

Assessor’s Parcel Number 103235-0000

Zoning RMD-B

SITE DESCRIPTION

Number of Units 62

Number of Buildings 9 Residential Buildings


Year Built 1984




UTILITIES

Water Resident Pays Flat Fee - City of Jacksonville

Phone Resident Pays - AT&T

Electric Resident Pays - Jacksonville Electric

CONSTRUCTION


Framing Wood Frame

Exterior Vinyl Siding



MECHANICAL

HVAC Individual PTAC Air-Conditioning

Regional Map

local Map

SUMMERWIND

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Unit Amenities

SUMMERWIND AMENITIES

♦◆ Convenient On-Site Laundry Facility

♦◆ Close Proximity to Public Transportation

♦◆ Nearby Shopping, Dining and Entertainment Destinations

♦◆ Well-Maintained Property with Lush Landscaping and Park-Like Setting

♦◆ Washer/Dryer Connections

♦◆ Fully Equipped Kitchens

♦◆ Private Patios

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SUMMERWIND FLOOR PLANS

The AspenOne-Bedroom/One-Bathroom

580 Square Feet30% of the Community The Beechnut



The Cedar with DenOne-Bedroom/One-Bathroom

915 Square Feet16% of the Community

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Downtown Jacksonville Skyline

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JACKSONVILLE AREA OVERVIEW

Immediate Area Highlights

Jacksonville, Florida is the county seat of Duval County and is the largest city in land area in the continental United States and continues to set itself apart with a strong economy, diverse culture and abundant recreational opportunities. Jacksonville is a natural water wonderland. From the majestic St. Johns River and the Atlantic Ocean, to the Intracoastal Waterway, marshes and lakes—there is a way for everyone to enjoy the water in. Spend a day at the beach, paddleboard in the Atlantic, drop a line and go fishing at the Jacksonville Beach Fishing Pier, take a guided eco-kayak tour, or enjoy a surfing lesson. North Florida offers more reefs, more marine life and less people when compared to South Florida. One of the largest artificial reefs in the world is off the coast between Jacksonville and St. Augustine.

Residents can wind down the day with a romantic dinner for two overlooking the ocean or Intracoastal Waterway or on the St. Johns River on The Foxy Lady Cruises-Jacksonville. Or, try a little luck aboard Victory Cruise Casino--a full Vegas style gambling ship that sails twice daily, seven days a week. Northeast Florida is also rich with sports tradition. In 2005, Jacksonville took the international spotlight as host of Super Bowl XXXIX. Jacksonville also hosts national golf, tennis, basketball,

soccer, arena football and baseball events throughout the year including the annual TaxSlayer Bowl in January. Originally named the Gator Bowl, it has been held continuously since 1946, making it the sixth oldest college bowl, as well as the first one ever televised nationally. With a talent for tailgating and a passion for all sports, local residents have honed the art of the sports celebration and welcome visitors to partake in the fun. While football remains the undisputed king, Jacksonville expresses a love for the game - any game - with equal enthusiasm.

Jacksonville boasts the largest urban park system in the nation with more than 80,000 acres of parks, including 10 state and national parks, a national preserve, dozens of city parks and gardens and an arboretum. Explore unspoiled wetlands, marshes and woods to experience the natural beauty of Florida’s first coast.

With over 1,220 golf holes and 70 private and public courses, Northeast Florida is an ideal spot for golf enthusiasts. Northeast Florida featuresplenty of tour-caliber courses designed by experts such as Tom Fazio, Pete Dye, Arnold Palmer, Jack Nicklaus, Gary Player and Mark McCumber. With some of the greatest views in spectator golf and as one of the largest sporting events in the world, THE PLAYERS Championship brings the best golfers in the world together for the purest test in golf. Each May, the PGA TOUR makes its way back to Ponte Vedra for the THE PLAYERS Championship. THE PLAYERS Stadium Course at TPC Sawgrass hosts the best golfer’s in the world and a fan experience that was built into the tournament’s DNA. Year after year it only gets better. In the fall, the Web.com Tour concludes on the Dye’s Valley Course for the Web.com Tour Championship. Golf fans from around the world also come to Northeast Florida to celebrate the history of the sport at World Golf Village and the World Golf Hall of Fame. in St. Augustine.

Locals look forward to high profile events like One Spark, the Jacksonville Jazz Festival, Springing the Blues and Florida Country Superfest. A mustsee arts event is Downtown’s Art Walk. This free art event happens every first Wednesday of the month. On Saturdays, locals head over to The Riverside Arts Market for local paintings, jewelry and other handmade goods, plus a farmer’s market and music.

Downtown Jacksonville

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Employers/Economic Drivers

Jacksonville’s economy has gained meaningful traction recently, as growth in real gross metro product averaged four percent annually over the last two years. Meanwhile, the employment base grew roughly two percent to three percent in each of the past 13 quarters. In the year-ending August 2015, the 15,000 new jobs grew the employment base 2.4 percent, based on preliminary estimates. Strong job gains have been seen in the Education/Heath Services, Leisure/Hospitality Services and Trade/Transportation/Utilities segments. The local economy thrives heavily on golf related tourism, the large United States Navy presence in the area, and the Port of Jacksonville, which is the largest deep-water port in the South. However, the true backbone of Jacksonville’s economy is its broad diversification of businesses. The economy is a balance of distribution, financial services, biomedical technologies, manufacturing, insurance and other industries. As such, the area is home to four Fortune 500 companies: CSX Corporation, Fidelity National Financial, Fidelity National Information Services, BILO and its subsidiary, Winn-Dixie.

Annually, Jacksonville hosts approximately 2.8 million visitors, which creates an economic impact of approximately $2.2 billion and supports nearly 22,000 jobs in the local workforce. In 2013, tourism employment grew by nearly six percent, which is 3.5 percent higher than the overall Duval County employment rate. In the year-ending February 2016, 21,000 new jobs were created in the local economy over the last year, with the largest gains in trade, transportation and utilities. Those industries were followed by health services, education and leisure/hospitality for the sectors with the greatest job growth. The creation of these additional jobs has significantly lowered the unemployment rate to 4.8 percent, which is well below the National unemployment rate of 6.3 percent. The growth in in Trade/Transportation/Utilities sector is important to the overall economic health largely due to the Port of Jacksonville, the third-largest port in Florida based on total cargo volume.

Jacksonville continues to post solid employment gains. The metro has maintained an average annual employment growth of three percent. Professional and business services, leisure and hospitality, education and health services and construction continue to post strong year-over-year gains. Jacksonville is working on its tourism sector. Based on recent data, three million visitors stayed in the metro during the first half of 2015, up 2.5 percent year-over-year, according to Visit Jacksonville. Recent hiring data indicated the Leisure/Hospitality Services segment added 6,200 jobs, a 12.5 percent increase.

JACKSONVILLE TOP 10 EMPLOYERSNaval Air Station Jacksonville 25,240 Employees

Duval County Public Schools 14,480 Employees

Naval Station Mayport 9,000 Employees

City of Jacksonville 8,820 Employees

Baptist Health 8,270 Employees

Bank of America Merrill Lynch 8,000 Employees

Florida Blue 6,500 Employees

Mayo Clinic 4,970 Employees

Citi 4,200 Employees

JP Morgan Chase 4,200 Employees

Jacksonville Riverside

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Florida State College at Jacksonville – 10.6 Miles from Subject

Florida State College at Jacksonville (FSCJ) is a state college with eight locations throughout Jacksonville, and is a member of the Florida College System. Florida State College offers a variety of college degrees, continuing education classes, and vocational training in the fields of nursing, dental hygiene, cosmetology, auto mechanics and culinary arts. Between the eight campuses, there are approximately 80,000 students enrolled.

University of Florida Health Science Center - 10.8 Miles from Subject

The University of Florida has its second campus located in Jacksonville, the J. Hillis Miller Health Science Center contains six colleges including dentistry, medicine, pharmacy, nursing, veterinary medicine and public health. There are approximately 6,000 students enrolled between these six academic colleges. The Health Science Center is considered a worldleader in research and generates more that half of the research awards the University of Florida receives.

Jacksonville University – 15.4 Miles from Subject

Jacksonville University (JU) is a four-year private university, which offers more than 70-degree variations and has a current student enrollment of approximately 7,482 students. Jacksonville University is most notable for its Flight Team, which is the third largest program in the nation and competes annually in the National Intercollegiate Flying Association against top-rated schools like the Spartan School in Tulsa, Oklahoma and Embry-Riddle Aeronautical University.

University of North Florida - 23.1 Miles from Subject

The University of North Florida (UNF) is a public university located within a 15-minute drive of the property. University of North Florida offers 53 undergraduate and 28 graduate degree programs. Of these, the most notable are business, marine biology, nursing and music. The university employs approximately 510 academic staff persons and has a student enrollment of more than 16,000.

Education Jacksonville University

Florida State College at Jacksonville

University of Florida Health Science Center

University of North Florida

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Medical

St. Vincent’s Medical Center – 7.0 Miles from Subject

St. Vincent’s Medical Center is a 528-bed full service hospital located on the west bank of the St. John’s River. St. Vincent’s is also the largest non-profit Catholic hospital in the country and offers the most extensive cardiovascular care between the major cities of Orlando and Atlanta. More than 20,000 cardiovascular procedures are conducted annually and the hospital accommodates a volume of more than 113,000 patients per year.

Baptist Medical Center - 10.0 Miles from Subject

Baptist Medical Center is a member of the Baptist Health System, which is a Jacksonville Based network of five hospitals with a total of 1,101 beds area-wide. The Baptist Medical Center, an 844-bed facility, is located in Downtown Jacksonville and provides acute care in cardiovascular health, oncology, women’s health, pediatrics, emergency care and more. Additionally, Baptist Medical Center accommodates more than 255,000 patients annually.

UF Health Jacksonville – 10.8 Miles form Subject

A member of the University of Florida’s Health System, UF Health Jacksonville is a 695-bed full-service teaching hospital. The hospital is also home to the North Florida Level I Trauma Center and is one of the Nation’s few centers to offer proton therapy, which is considered a state-of-the-art cancer treatment. UF Health Jacksonville accommodates a patient volume of more than 95,000 annually.

Memorial Hospital Jacksonville - 13.4 Miles from Subject

Considered to be one of Jacksonville’s premier hospitals, the Memorial Hospital Jacksonville is a 418-bed full care center offering care via heart and cardio health, a chest pain center, stroke center, state-of-the-art spine clinic, a large maternity ward and emergency care. U.S. News & World Report recognizes Memorial Hospital as the best hospital in Northern Florida.

Mayo Clinic – 16.7 Miles from Subject

The Mayo Clinic, a 214-bed admitting hospital, contains 22 operating rooms and offers more than 25 different types of medical and surgical procedures. It also features a full-service emergency center. US News & World Report ranked the Mayo Clinic has the 23rd best clinic in the Nation in adult specialization of rheumatology and 46th best.

Travel

Jacksonville International Airport - 22.9 Miles from Subject

Jacksonville International Airport, located approximately 12 miles from Downtown Jacksonville, which offers 27 non-stop destinations throughout the United States between two concourses. The airport currently provides approximately 96,000 aircraft operations per year and accommodates more than 5.6 million passengers annually.

Jacksonville International Airport

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Hyde Park Golf Club - 4.3 Miles from Subject

An eminently walkable course with tees and greens set close to each other and with a liberal walking policy uncommon to the region, Hyde Park’s tight and undulating fairways and frequently uneven lies require more thought than muscle to post a good score. And while much of the layout is relatively “Florida flat,” seven of the holes, primarily on the closing nine, feature either downhill drives to the fairway or uphill shots to the green.

Orange Park Mall - 5.5 Miles from Subject

Located west of the St. Johns River, the Orange Park Mall is a large enclosed shopping mall with approximately 953,000 square feet. The mall features more than 110 stores, a food court and AMC Theater. Major anchors include Dillard’s, JCPenney, Sears, Belk and Dick’s Sporting Goods.

Times-Union Center for Performing Arts - 10.1 Miles from Subject

The Times-Union Center is a mixed-use venue built to accommodate a variety of events small from banquets to concert performances and comedy acts. Within the center, there are three separate performing arts venues, which can accommodate more than 6,300 guests. Annually, the center produces more than $586,000 in direct economic impact to Jacksonville’s local economy.

Historic Florida Theatre - 10.4 Miles from Subject

Constructed in the 1920’s during the Mediterranean architectural boom, the Florida Theatre, a member of the National Register of Historic Places and is a old-fashioned American theater venue located in Downtown Jacksonville. Annually, the Theatre hosts more than 200 cultural events from pop concerts to blues bands. More than 250,000 people visit the center each year.

EverBank Field - 11.8 Miles from Subject

Located in the heart of Downtown Jacksonville, EverBank Stadium is the home of the NFL Jacksonville Jaguars football team. It also plays host to the annual college football rivalry between the University of Florida Gators and

Retail/Attractions


the University of Georgia Bulldogs. The stadium can hold up to 77,000 guests and held the 2005 SuperBowl. In November 2013, the City of Jacksonville began a $90 million renovation project, making way for the upcoming U.S. Assure Club Seating. The renovations are removing 2,700 seats for the club spots and is expected to be complete before preseason.

Jacksonville Ice & Sportsplex - 12.8 Miles from Subject

The Jacksonville Ice & Sportsplex is a recreational ice rink, which offers ice skating lessons, competitive figure skating leagues and recreational ice hockey teams. Additionally, the Sportsplex plays home to two professional minor league hockey teams, the Jacksonville Bullets and the Jacksonville Barracudas.

Jacksonville Zoo - 16.4 Miles from Subject

The Jacksonville Zoo, which is comprised of nearly 110 acres, features a variety of over 2,000 animal species from around the world. The Zoo’s key exhibit is the award winning “Range of the Jaguar”. It also features highlights from the Neotropical Rainforests, Australian Outback, Plains of East Africa and a large collection of Great Apes. In addition to animal exhibits, guests can enjoy several on-site restaurants, a children’s play area, gift shops and botanical gardens.

Regency Square Mall - 16.9 Miles from Subject

The Regency Square Mall is a large 1,390,000-square foot enclosed shopping mall consisting of more than 100 stores, four major anchor stores and a food court. Major anchors include Belk, Dillard’s, JCPenney and Sears.

St. Johns Town Center - 23.3 Miles from Subject

The St. Johns Town Center us an upscale open-air shopping mall, which opened in 2005. The mall features over 100 high-end retailers including Williams-Sonoma, Tommy Bahama, Tiffany & Co., Louis Vuitton, Kate Spade and Brooks Brothers. The mall also features several upscale restaurants including P.F. Chang’s, Maggiano’s Little Italy, The Capital Grille and The Cheesecake Factory.

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River City Market Place - 20.8 Miles from Subject

The River City Marketplace is an open-air town center located on the North side of Jacksonville right by the Jacksonville International Airport. The north side of Jacksonville has received a tremendous amount of growth in the last ten years and the addition of the town center is much welcomed by both locals and visitors alike. Large anchors including Walmart, Marshalls, Lowe’s and Bed Bath and Beyond join charming boutiques taking up residence in the sprawling 125-acre development along with great eateries like Panera Bread Co, Sticky Fingers Rib House and Logan’s Roadhouse.

Fort Caroline National Memorial - 23.3 Miles from Subject

Fort Caroline, which is a member of the Timucuan Ecological and Historic Preserve, is considered to be the first French colony in the United States. The park offers guests beautiful views of the St. John’s River, multiple hiking trails, a historic fort and a family-friendly picnic area.

Mayport Naval Station - 29.5 Miles from Subject

Mayport is a major United States Naval Base located in northeast Jacksonville, at the mouth of the St. Johns River. Opening in 1942, Mayport is considered to house the third largest naval fleet concentration in the county. It accommodates 34 ships, aircraft carrier-size vessels, a large runway and a military airfield. The base employs more than 11,000 and has an annual economic impact of nearly $650 million per year.

Retail/Attractions

Jacksonville Zoo

Mayport Naval Station

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SUMMERWIND PROPERTY PHOTOS

RENT COMPARABLES

LAKEWOOD

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Brandon, FL

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SUMMERWIND RENT COMPARABLES


AVG $899

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AVG $697

3 Bdr2 Bdr

Average Occupancy

AVG 96%

Summerwind Windsor Arms

Ortega Pines

Planters Walk

Mission Springs

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AVG $635AVG $620

Summerwind SummerwindOrtega Pines Ortega PinesPlanters Walk Planters WalkMission Springs

Mission Springs

Windsor Arms

Studio1 Bdr

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SUMMERWIND RENT COMPARABLES MAP

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Summerwind

Windsor Arms

Mission Springs

Planters Walk

Ortega Pines

Rent Comparables

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SUMMERWIND RENT SORT



Square Footage

Market Net Rent



Washer/Dryer


Planters Walk 1974 1 x 1 48 860 $660 $0.77 E,S,W,T,C Connections 3.6

Ortega Pines 1974 1 x 1 32 680 $614 $0.90 S,W,C None 0.8

Summerwind 1984 1 x 1 38 576 $590 $1.02 E,S,W,C Connections 0.0

Mission Springs 1972 1 x 1 128 589 $588 $1.00 E,C Connections In Select 0.3

Averages: 1976 62 676 $613 $0.92 1.2



Square Footage

Market Net Rent



Washer/Dryer



Mission Springs 1972 1 x 1 128 589 $588 $1.00 E,C Connections In Select 0.3


Planters Walk 1974 1 x 1 48 860 $660 $0.77 E,S,W,T,C Connections 3.6

Averages: 1976 62 676 $613 $0.92 1.2



Square Footage

Market Net Rent



Washer/Dryer


Planters Walk 1974 Studio 24 834 $635 $0.76 E,S,W,T,C Connections 3.6

Summerwind 1984 Studio 14 288 $500 $1.74 E,S,W,C Connections 0.0

Averages: 1979 19 561 $568 $1.25 1.80



Square Footage

Market Net Rent



Washer/Dryer


Summerwind 1984 Studio 14 288 $500 $1.74 E,S,W,C Connections 0.0

Planters Walk 1974 Studio 24 834 $635 $0.76 E,S,W,T,C Connections 3.6

Averages: 1979 19 561 $568 $1.25 1.80



Square Footage

Market Net Rent



Washer/Dryer


Mission Springs 1972 2 x 2 40 1,075 $765 $0.71 E,C Connections In Select 0.3

Mission Springs 1972 2 x 2 Twnhs 102 1,350 $761 $0.56 E,C Connections In Select 0.3

Planters Walk 1974 2 x 1 92 1,085 $750 $0.69 E,S,W,T,C Connections 3.6

Planters Walk 1974 2 x 1.5 32 990 $740 $0.75 E,S,W,T,C Connections 3.6




Windsor Arms 1967 2 x 1.5 47 900 $640 $0.71 E,C None 1.5

Averages: 1974 64 1018 $715 $0.71 1.3



Square Footage

Market Net Rent



Washer/Dryer




Planters Walk 1974 2 x 1.5 32 990 $740 $0.75 E,S,W,T,C Connections 3.6


Windsor Arms 1967 2 x 1.5 47 900 $640 $0.71 E,C None 1.5


Planters Walk 1974 2 x 1 92 1,085 $750 $0.69 E,S,W,T,C Connections 3.6

Mission Springs 1972 2 x 2 Twnhs 102 1,350 $761 $0.56 E,C Connections In Select 0.3

Averages: 1974 64 1018 $715 $0.71 1.3

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Summerwind 5262 Timuquana Road, Jacksonville, Florida 32210


Studio 14 288 $500 $1.74

1 Bdr 1 Bath 38 576 $590 $1.02

2 Bdr 1 Bath 10 864 $700 $0.81

Total/Wtd. Avg. 62 $597 $0.82

COMMENTS: There are no concessions currently being offered. Trash removal and water are included in the rent in which water is $50 for the Studio units; $55 for the one-bedroom units and $65 or $75 for the two-bedrooms units depending on number of occupants and is reflected in the rents stated above. Residents are responsible for all other utilities. Amenities include an on-site laundry facility and washer/dryer connections. There have been no recent renovations.

Number of Units: 62

Occupancy: 95%

Year Built: 1984


2 Bdr 1.5 Bath 47 900 $640 $0.71

Total/Wtd. Avg. 47 $640 $0.71

ss Windsor Arms 5201 Westconnett Boulevard, Jacksonville, Florida 32210

COMMENTS: There are no concessions currently being offered . Water, sewer, trash removal and pest control are included in the rent . Residents are responsible for electric and cable expenses . Amenities include a swimming pool, picnic area and on-site laundry facilities . Recent renovations include a newly resurfaced swimming pool and as the units turn interior upgrades with new white appliances . No premiums are being charged .

Number of Units: 47

Occupancy: 100%

Year Built: 1967

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3 Planters Walk 7350 Blanding Boulevard, Jacksonville, Florida 32244

COMMENTS: There are no concessions currently being offered . Residents are responsible for all utility expenses . Amenities include fitness center, swimming pool, laundry facilities and washer/dryer connections in every unit . There have been no recent renovations .


Studio 24 834 $635 $0.76

1 Bdr 1 Bath 48 860 $660 $0.77

2 Bdr 1 Bath 92 1,085 $750 $0.69

2 Bdr 1.5 Bath 32 990 $740 $0.75

3 Bdr 2 Bath 16 1,210 $890 $0.74

3 Bdr 2 Bath 4 1,410 $1,105 $0.78

Total/Wtd. Avg. 216 $796 $0.73


Occupancy: 94%

Year Built: 1974

4 Ortega Pines 4800 Ortega Farms Boulevard, Jacksonville, Florida 32210


1 Bdr 1 Bath 32 680 $579 - $649 $0.90

2 Bdr 1 Bath 56 880 $619 - $699 $0.75

3 Bdr 2 Bath 64 1,180 $729 - $899 $0.69

Total/Wtd. Avg. 152 $695 $0.78

COMMENTS: There are no concessions currently being offered . Electricity and trash are included in the rent . Residents are responsible for water, sewer and cable expenses . Amenities include fitness center, clubhouse, basketball court swimming pool and on-site laundry facilities . Recent renovations include an updated clubhouse . No premiums are being charged .


Occupancy: 94%

Year Built: 1974

2 Mission Springs 5327 Timuquana Road, Jacksonville, Florida 32210

COMMENTS: There are no concessions currently being offered . Water and sewer are billed at a flat monthly rate of $37 .50 for one-bedroom units, $44 .50 for two-bedroom units and $58 .50 for three-bedroom units . Residents are responsible for electric and cable expenses . Amenities include fitness center, business center, clubhouse, tennis court, two swimming pools, on-site laundry facilities and washer/dryer connections in the large three-bedroom units . There have been no recent renovations .


Occupancy: 93%

Year Built: 1972


1 Bdr 1 Bath 128 500 - 671 $570 - $605 $1.00

2 Bdr 1 Bath 133 1,000 $701 $0.70

2 Bdr 2 Bath 40 1,050 - 1,100 $754 - $775 $0.71

2 Bdr 2 Bath Twnhs 102 1,350 $761 $0.56

3 Bdr 2 Bath 16 1,300 $871 $0.67

3 Bdr 2 Bath 25 1,400 $904 $0.65

Total/Wtd. Avg. 444 $764 $0.72

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SALES COMPARABLES - PORTFOLIO

Average Price Per Square Foot90.00

80.00

70.00

60.00

50.00

40.00

30.00

20.00

10.00

0.00

AVG $67.26

FrancesApartments

TampaVillas

Silversmith Creek

ParkVillage

Apartments

SouthernCove

Apartments

Mariner’sVillage

AtlanticaGrove/Oak ManorApartments

Average Price Per Unit

80,000

70,000

60,000

50,000

40,000

30,000

20,000

10,000

0

AVG $60,362

TampaVillas

FrancesApartments

ParkVillage

Apartments

SouthernCove

Apartments

Grove/Oak ManorApartments

Silversmith Creek

Atlantica Mariner’sVillage

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SALES COMPARABLES MAP - PORTFOLIO

2

1

1

34

5

678

Summerwind - Duval County

Live Oak - Hillsborough County

Lakewood - Hillsborough County

Tampa Villas

Frances Apartments

Park Village

Southern Cove

Grove/Oak Manor

Silversmith Creek

Atlantica

Mariner’s Village

Sales Comparables

1

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8

7

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1 Tampa Villas 5901 Bryce Lane, Tampa, Florida 33615

COMMENTS: This was a conventional real estate transaction in which the buyer paid all cash .

Units Unit Type

8 Studio 1 Bath

26 1 Bdr 1 Bath

Number of Units: 34

Year Built/Renovated: 1983

Sale Price: $1,685,000

Price/Unit: $49,559

Price/Square Foot: $88 .68

Close of Escrow: April 2016

COMMENTS: This was a conventional real estate transaction in which the buyer received 75 percent loan-to-value financing . The community was 100 percent occupied at the close of escrow .

2 Frances Apartments 12211 North 59th Street, Tampa, Florida 33617

Units Unit Type

24 2 Bdr 1 Bath

1 3 Bdr 1 Bath

Number of Units: 25



Price/Unit: $47,600


Close of Escrow: February 2016

3 Park Village Apartments 7601 Paula Drive, Tampa, Florida 33615

COMMENTS: This was a conventional real estate transaction in which the buyer paid all cash . The community was 100 percent occupied at the close of escrow .

Number of Units: 18



Price/Unit: $77,778


Close of Escrow: January 2016

Units Unit Type

4 1 Bdr 1 Bath

11 2 Bdr 1 Bath

3 2 Bdr 2 Bath

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4 Southern Cove Apartments 8741 Grove Terrace, Tampa, Florida 33617

COMMENTS: This was a conventional real estate transaction . The community was approximately 94 percent occupied at the close of escrow .

Units Unit Type

62 2 Bdr 1 Bath

14 2 Bdr 1.5 Bath

104 2 Bdr 2 Bath


1974 1985

Sale Price: $10,700,000

Price/Unit: $59,444


Close of Escrow: December 2015

5 Grove/Oak Manor Apartments 112 South Hilltop Road, Brandon, Florida 33551

COMMENTS: This was a conventional real estate transaction in which the buyer received 72 percent loan-to-value financing . The community was approximately 94 percent occupied at the close of escrow .

Units Unit Type

15 1 Bdr 1 Bath

17 2 Bdr 1 Bath

Number of Units: 32



Price/Unit: $62,500


Close of Escrow: October 2015

6 Silversmith Creek 7211 Crane Avenue, Jacksonville, Florida 32216


Units Unit Type

61 1 Bdr 1 Bath

31 2 Bdr 2 Bath

39 2 Bdr 2 Bath

9 3 Bdr 2 Bath




Price/Unit: $44,286


Close of Escrow: June 2016

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7 Atlantica 2760 Mayport Road, Jacksonville, Florida 32233

COMMENTS: This was a conventional real estate transaction in which the buyer received 54 percent loan-to-value financing . The community was approximately 97 percent occupied at the close of escrow .

Units Unit Type

100 2 Bdr 2 Bath




Price/Unit: $78,000




8 Mariner’s Village 2130 Mayport Road, Jacksonville, Florida 32233

Units Unit Type

72 1 Bdr 1 Bath

48 2 Bdr 1.5 Bath




Price/Unit: $63,646



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96%

4%

Unit Status

Occupied Available

RENT ROLL SUMMARY - PORTFOLIO

Unit TypeUnit

CountSquare

Feet

Total Square

Feet

Average Rent/Unit/

MonthAverage

Rent/SF/Month

Market Rent/Unit/

Month

Market Rent/Unit/

Month

Studio - Summerwind 14 288 4,032 $497 $497 $500 $1.74

Studio - Live Oak 17 288 4,896 $544 $544 $550 $2

Studio - Lakewood 17 288 4,896 $572 $572 $605 $2

One Bedroom / One Bath - Summerwind 38 576 21,888 $574 $574 $590 $1.02

One Bedroom / One Bath - Live Oak 52 576 29,952 $644 $644 $650 $1.13

One Bedroom / One Bath - Lakewood 59 576 33,984 $668 $668 $695 $1.21

Two Bedroom / One Bath - Summerwind 10 864 8,640 $694 $694 $700 $0.81

Two Bedroom / One Bath - Live Oak 9 864 7,776 $751 $751 $775 $0.90

Two Bedroom / One Bath - Lakewood 7 864 6,048 $833 $833 $889 $1.03

223 548 122,112 $629 $1.15 $646 $1.18

Rent Roll Dated August 23, 2016

Unit Status Unit Count Percent

Physical Occupied Units 215 96%

Available Units 8 3.59%

Total / Percentage 223 100.00%

Occupied with Lease Units 214 95.96%

Available Units 8 3.59%

Model Units 0 0.00%

Down Units 1 0.45%

Total / Percentage 223 100.00%

21%

67%

12%

Unit Distribution

Studio One Bedroom Two Bedroom

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OPERATING STATEMENT - PORTFOLIO

June 2016Trailing 3 Month

Actuals

TakeoverM&M

Actuals

Year One M&M

Projection Notes % of GSRPer

Unit

Income

Effective Rental IncomeGross Potential Rent 1,727,748 1,728,696 1,815,131 [01]

Loss / Gain to Lease (59,676) 3.5% (45,890) 2.7% (18,151) 1.0% [02]

Gross Scheduled Rent 1,668,072 1,682,806 1,796,979 [03]

Physical Vacancy (91,978) 5.5% (84,140) 5.0% (89,849) 5.0% [04] 5.00%

Economic VacancyBad Debt and Recovery 7,491 -0.4% (16,828) 1.0% (17,970) 1.0% [05] 1.00% (81)Concessions (7,776) 0.5% 0 0.0% 0 0.0% [06] 0.00% 0 Employee Concessions (3,174) 0.2% 0 0.0% 0 0.0% [07] 0.00% 0 Down Units (2,600) 0.2% 0 0.0% 0 0.0% [08] 0.00% 0

Total Vacancy (98,037) 5.9% (100,968) 6.0% (107,819) 6.0% 6.00% (483)

Economic Occupancy 94.12% 94.00% 94.0%

Total Effective Rental Income 1,570,034 1,581,838 1,689,161 94.00%

Other IncomeApplication & Administration 20,380 20,380 20,380 [09] 1.13% 91 Cleaning, Damage & Deposit Forfeit 10,236 10,236 10,236 [10] 0.57% 46 Late Charges & NSF Fees 25,651 25,651 25,651 [11] 1.43% 115 Laundry & Vending Income 7,663 7,663 7,663 [12] 0.43% 34 Pet Fees & Charges 6,326 6,326 6,326 [13] 0.35% 28 Utility Reimbursement 86,808 86,808 86,808 [14] 4.83% 389 Other Resident Charges 48,643 48,643 48,643 [15] 2.71% 218

Total Other Income 205,707 205,707 205,707 11.45%

Effective Gross Income 1,775,741 1,787,545 1,894,868 105.45%

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OPERATING STATEMENT - PORTFOLIO

June 2016Trailing 12

Month Actuals% of

EGI

TakeoverM&M

Actuals% of

EGI

Year OneM&M

Projection Notes% of

EGI Per Unit

Expenses

ControllablePayroll 167,000 167,000 167,000 [16] 8.81% 749 Contract Services 28,111 28,111 28,111 [17] 1.48% 126 Repairs & Maintenance 34,720 78,050 78,050 [18] 4.12% 350 General & Administrative 66,047 33,450 33,450 [19] 1.77% 150 Marketing & Advertising 24,201 15,000 15,000 [20] 0.79% 67 Management Fee 86,546 71,502 75,795 4.0% [21] 4.00% 340 Turnover 33,450 33,450 [22] 1.77% 150

Total Controllable 406,625 22.90% 426,562 23.86% 430,855 22.74% 1,932

Non-ControllableReal Estate Taxes 111,309 111,309 111,309 [23] 5.87% 499 RE Tax Increase 52,343 52,343 [24] 2.76% 235

Insurance 78,459 66,900 66,900 [25] 3.53% 300 Utilities - Electric 23,581 23,581 23,581 [26] 1.24% 106 Utilities - Water / Sewer 152,048 152,048 152,048 [27] 8.02% 682 Utilities - Trash 27,015 27,015 27,015 [28] 1.43% 121 Utilities - Gas 1,587 1,587 1,587 [29] 0.08% 7 Utilities - Other 6,057 6,057 6,057 [30] 0.32% 27

Total Non-Controllable 400,057 22.53% 440,842 24.66% 440,842 23.27% 1,977

Reserves 55,750 55,750 55,750 [31] 2.94% 250

Total Expenses 862,432 48.57% 923,154 51.64% 927,447 48.95% 4,159

Net Operating Income 913,309 51.43% 864,391 48.36% 967,421 51.05% 4,338

Notes and assumptions to the above analysis are on the following page .

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NOTES & ASSUMPTIONS - PORTFOLIO

Effective Rental Income

[01] Gross Potential Rent - Based on Rent Roll Dated August 23, 2016 [02] Loss / Gain to Lease - Year One Projection is determined by the Gross Potential Rent times the Growth Rate. [03] Gross Scheduled Rent - Determined by Gross Potential Rent minus the Loss / Gain to Lease. [04] Physical Vacancy - Projects a Vacancy of 5% for year one (1) based on historical annual performance and current leasing efforts. [05] Bad Debt and Recovery - Trailing figures are based on the T-12 bad debt collections. M&M projections are based on the assumption of 1.0% bad debt, net of bad

debt recovery, to reflect the current market norms. [06] Concessions - M&M projections are based on the assumption of no concessions to reflect the current market norms. [07] Employee Concessions - M&M projections are based on the assumption of no employee concessions to reflect the current market norms. [08] Down Units - M&M projections are based on the assumption of no down units to reflect the current market norms.

Other Income

[09] Application & Administration - Based on the information provided in the T-12 income and expense statements. [10] Cleaning, Damage & Deposit Forfeit - Based on the information provided in the T-12 income and expense statements. [11] Late Charges & NSF Fees - Based on the information provided in the T-12 income and expense statements. [12] Laundry & Vending Income - Based on the information provided in the T-12 income and expense statements. [13] Pet Fees & Charges - Based on the information provided in the T-12 income and expense statements. [14] Utility Reimbursement - Based on the information provided in the T-12 income and expense statements. [15] Other Resident Charges - Based on the information provided in the T-12 income and expense statements.

Expenses

[16] Payroll - Based on the information provided in the T-12 income and expense statements. [17] Contract Services - Based on the information provided in the T-12 income and expense statements. [18] Repairs & Maintenance - M&M projections are based on the assumption of $350 per unit annually to reflect the current market norms. [19] General & Administrative - M&M projections are based on the assumption of $150 per unit annually to reflect the current market norms. [20] Marketing & Advertising - M&M projections are based on the assumption of $15,000 per unit annually to reflect the current market norms. [21] Management Fee - Year 0 and Year 1 are based on the assumption of 4% management fee to reflect the current market norms. [22] Turnover - M&M projections are based on the assumption of $150 per unit annually to reflect the current market norms. [23] Real Estate Taxes - Based on the Actual 2015 Tax Bill. [24] RE Tax Increase - M&M projections are based on the assumption that the properties will be reassessed at 75% of the purchase price resulting in an increased tax

obligation at the millage rate of 18.8932. [25] Insurance - M&M projections are based on the assumption of $300 per unit annually based on a August 2016 quote from Insurance Office of America. [26] Utilities - Electric - Based on the information provided in the T-12 income and expense statements. [27] Utilities - Water / Sewer - Based on the information provided in the T-12 income and expense statements. [28] Utilities - Trash - Based on the information provided in the T-12 income and expense statements. [29] Utilities - Gas - Based on the information provided in the T-12 income and expense statements. [30] Utilities - Other - Based on the information provided in the T-12 income and expense statements.

Reserves

[31] Reserves - Based on the assumption of $250 per unit annually.

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CASH FLOW - PORTFOLIO

Acquisition Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11Income

Effective Rental IncomeGross Potential Rent 1,815,131 1,869,585 1,925,672 1,983,442 2,042,946 2,104,234 2,167,361 2,232,382 2,299,353 2,368,334 2,439,384 Loss / Gain to Lease (18,151) (18,696) (19,257) (19,834) (20,429) (21,042) (21,674) (22,324) (22,994) (23,683) (24,394)

Gross Scheduled Rent 1,796,979 1,850,889 1,906,416 1,963,608 2,022,516 2,083,192 2,145,687 2,210,058 2,276,360 2,344,651 2,414,990 Physical Vacancy (89,849) (92,544) (95,321) (98,180) (101,126) (104,160) (107,284) (110,503) (113,818) (117,233) (120,750)

Economic VacancyBad Debt and Recovery (17,970) (18,509) (19,064) (19,636) (20,225) (20,832) (21,457) (22,101) (22,764) (23,447) (24,150)

Total Vacancy (107,819) (111,053) (114,385) (117,816) (121,351) (124,992) (128,741) (132,603) (136,582) (140,679) (144,899)

Total Effective Rental Income 1,689,161 1,739,836 1,792,031 1,845,792 1,901,165 1,958,200 2,016,946 2,077,455 2,139,778 2,203,972 2,270,091

Other IncomeApplication & Administration 20,380 20,991 21,621 22,270 22,938 23,626 24,335 25,065 25,817 26,591 27,389 Cleaning, Damage & Deposit Forfeit 10,236 10,543 10,859 11,185 11,521 11,866 12,222 12,589 12,967 13,356 13,756 Late Charges & NSF Fees 25,651 26,420 27,213 28,029 28,870 29,736 30,628 31,547 32,493 33,468 34,472 Laundry & Vending Income 7,663 7,893 8,130 8,374 8,625 8,884 9,151 9,425 9,708 9,999 10,299 Pet Fees & Charges 6,326 6,516 6,712 6,913 7,120 7,334 7,554 7,781 8,014 8,255 8,502 Utility Reimbursement 86,808 89,412 92,094 94,857 97,703 100,634 103,653 106,763 109,965 113,264 116,662 Other Resident Charges 48,643 50,102 51,605 53,154 54,748 56,391 58,082 59,825 61,620 63,468 65,372

Total Other Income 205,707 211,878 218,235 224,782 231,525 238,471 245,625 252,994 260,584 268,401 276,453

Effective Gross Income 1,894,868 1,951,714 2,010,265 2,070,573 2,132,691 2,196,671 2,262,571 2,330,449 2,400,362 2,472,373 2,546,544

Expenses

ControllablePayroll (167,000) (170,340) (173,747) (177,222) (180,766) (184,381) (188,069) (191,830) (195,667) (199,580) (203,572)Contract Services (28,111) (28,673) (29,246) (29,831) (30,428) (31,036) (31,657) (32,290) (32,936) (33,595) (34,267)Repairs & Maintenance (78,050) (79,611) (81,203) (82,827) (84,484) (86,174) (87,897) (89,655) (91,448) (93,277) (95,143)General & Administrative (33,450) (34,119) (34,801) (35,497) (36,207) (36,932) (37,670) (38,424) (39,192) (39,976) (40,775)Marketing & Advertising (15,000) (15,300) (15,606) (15,918) (16,236) (16,561) (16,892) (17,230) (17,575) (17,926) (18,285)Management Fee (75,795) (78,069) (80,411) (82,823) (85,308) (87,867) (90,503) (93,218) (96,014) (98,895) (101,862)Turnover (33,450) (34,119) (34,801) (35,497) (36,207) (36,932) (37,670) (38,424) (39,192) (39,976) (40,775)

Total Controllable (430,855) (440,230) (449,816) (459,616) (469,637) (479,882) (490,359) (501,071) (512,024) (523,225) (534,679)

Non-ControllableReal Estate Taxes (111,309) (113,535) (115,806) (118,122) (120,485) (122,894) (125,352) (127,859) (130,417) (133,025) (135,685)RE Tax Increase (52,343) (53,390) (54,458) (55,547) (56,658) (57,791) (58,947) (60,126) (61,329) (62,555) (63,806)Insurance (66,900) (68,238) (69,603) (70,995) (72,415) (73,863) (75,340) (76,847) (78,384) (79,952) (81,551)Utilities - Electric (23,581) (24,052) (24,533) (25,024) (25,524) (26,035) (26,556) (27,087) (27,628) (28,181) (28,745)Utilities - Water / Sewer (152,048) (155,089) (158,191) (161,355) (164,582) (167,874) (171,231) (174,656) (178,149) (181,712) (185,346)Utilities - Trash (27,015) (27,015) (27,015) (27,015) (27,015) (27,015) (27,556) (28,107) (28,669) (29,242) (29,827)Utilities - Gas (1,587) (1,587) (1,587) (1,587) (1,587) (1,587) (1,619) (1,652) (1,685) (1,718) (1,753)Utilities - Other (6,057) (6,057) (6,057) (6,057) (6,057) (6,057) (6,179) (6,302) (6,428) (6,557) (6,688)

Total Non-Controllable (440,842) (448,965) (457,252) (465,703) (474,324) (483,118) (492,780) (502,635) (512,688) (522,942) (533,401)

Total Expenses (871,697) (889,196) (907,067) (925,319) (943,961) (963,000) (983,139) (1,003,706) (1,024,713) (1,046,167) (1,068,079)

Reserves (55,750) (55,750) (55,750) (55,750) (55,750) (55,750) (55,750) (55,750) (55,750) (55,750) (55,750)

Net Operating Income 967,421 1,006,768 1,047,448 1,089,504 1,132,980 1,177,921 1,223,683 1,270,992 1,319,899 1,370,456 1,422,715

Purchase Price / Net Residual ValuePurchase Price / Net Residual Value (11,500,000) 18,400,445

Cash Flow Before Debt Financing (11,500,000) 967,421 1,006,768 1,047,448 1,089,504 1,132,980 1,177,921 1,223,683 1,270,992 1,319,899 19,770,901 1,422,715

Debt FinancingLoan Amount 7,752,316 - - - - - - - - - - Debt Service - Principal (125,718) (132,479) (139,604) (147,112) (155,024) (163,362) (172,148) (181,406) (191,162) (6,344,301) Debt Service - Interest (404,000) (397,239) (390,114) (382,606) (374,694) (366,356) (357,570) (348,312) (338,556) (328,274)

Cash Flow After Debt Financing (3,825,207) 437,703 477,050 517,730 559,786 603,262 648,204 693,965 741,274 790,182 13,098,325

Acquisition Cap Rate 8.41% 8.75% 9.11% 9.47% 9.85% 10.24% 10.64% 11.05% 11.48% 11.92%

Debt Coverage Ratio 1.83 1.90 1.98 2.06 2.14 2.22 2.31 2.40 2.49 2.96

Investor Cash-on-Cash Return

Unleveraged 8.41% 8.75% 9.11% 9.47% 9.85% 10.24% 10.64% 11.05% 11.48% 11.92%

Leveraged 11.44% 12.47% 13.53% 14.63% 15.77% 16.95% 18.14% 19.38% 20.66% N/A

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GROWTH RATES - PORTFOLIO

Acquisition M&M Year 1 Year 2 Year 3 Year 4 Terminal Growth

Income

Effective Rental IncomeGross Potential Rent 5.00% 3.00% 3.00% 3.00% 3.00% 3.00%Loss / Gain to Lease 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Physical Vacancy * 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

Economic VacancyBad Debt * 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Total Vacancy 6.00% 6.00% 6.00% 6.00% 6.00%

Total Other Income 3.00% 3.00% 3.00% 3.00% 3.00%

Expenses

ControllablePayroll 2.00% 2.00% 2.00% 2.00% 2.00%Contract Services 2.00% 2.00% 2.00% 2.00% 2.00%Repairs & Maintenance 2.00% 2.00% 2.00% 2.00% 2.00%General & Administrative 2.00% 2.00% 2.00% 2.00% 2.00%Marketing & Advertising 2.00% 2.00% 2.00% 2.00% 2.00%

Management Fee ** 4.0% 4.00% 4.00% 4.00% 4.00% 4.00%Turnover 2.00% 2.00% 2.00% 2.00% 2.00%

Non-ControllableReal Estate Taxes 2.00% 2.00% 2.00% 2.00% 2.00%RE Tax Increase 2.00% 2.00% 2.00% 2.00% 2.00%Insurance 2.00% 2.00% 2.00% 2.00% 2.00%Utilities - Electric 2.00% 2.00% 2.00% 2.00% 2.00%Utilities - Water / Sewer 2.00% 2.00% 2.00% 2.00% 2.00%Utilities - Trash 2.00% 2.00% 2.00% 2.00% 2.00%Utilities - Gas 2.00% 2.00% 2.00% 2.00% 2.00%Utilities - Other 2.00% 2.00% 2.00% 2.00% 2.00%

Total Non-Controllable

Reserves 0.00% 0.00% 0.00% 0.00% 0.00%

* Calculated as a percentage of Gross Potential Rent** Calculated as a percentage of Effective Gross Income

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LOAN ASSUMPTION - PORTFOLIO

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Total Number of Residential Units 223Total Square Feet 122,112Average Square Feet Per Unit 548Year of Construction Multiple

PROPERTY DETAILS

Current Physical Occupancy 96.41%Average Monthly Rent Per Unit $630Asset/Location Class C / B-Asset Type Garden Style

Assumable Loan Details

Projected Closing Date 11/1/2016 Loan Balance $7,752,316Loan Maturity Date 9/6/2024

Interest Rate 5.25%Amortization Period 30 YearsAmortization Period Remaining (11/1/2016) 27.9 YearsOriginal Loan Amount $7,994,000Original Loan Term 10 YearsOrigination Date 8/29/2014 Annual Loan Constant 6.83%Annual Debt Service $529,718Lender Ladder Capital Finance

* Current Loan Must Be Assumed

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FINANCIAL ANALYSIS

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PRICING SUMMARY - PORTFOLIO

Price $11,500,000

Analysis Period Cap RateJune 2016 7.94%Takeover 7.52%End of Year One 8.41%

Price Per Unit $51,570 Price Per Square Foot $94.18

Review Analysis

Takeover Cash on Cash Return 8.75% Year Capitalized Year 10Year 1 - Leveraged Cash On Cash Return 11.44% Gross Rent Multipler 6.83 Year Average - Leveraged Cash on Cash Return 12.48%

Holding Period - Unleveraged IRR 13.46% Capitalization Rate - Terminal 7.50%Holding Period - Leveraged IRR 22.28% Cost of Sale 3.00%

Assumable Financing Details

Principal Balance Outstanding (11/1/16 Closing Projection) $7,752,316 Total Debt Service Coverage - Year 1 1.83 Interest Rate (Fixed) 5.25% Total Debt Service Coverage - Year 2 1.90 Assumption Fee 1.00% Total Down Payment $3,747,684 Original Amortization Period 30 YearsYears of Interest Only 0 Years

Annual Loan Constant 6.83%Original Loan Term 10 Years

Loan Term Remaining 7.9 Years

Loan to Value (11/1/16 Closing Projection) 67.41%

Property Detail

Current Physical Occupancy 96.41% Total Number of Units 223Average Monthly Rent Per Unit $629 Total Square Feet 122,112Asset / Location Class C / B- Average Square Feet Per Unit 548Asset Type Garden Style Year of Construction Multiple

Agent Contact:

Michael DonaldsonVice President InvestmentsTampa(813) [email protected]

Nicholas MeoliVice President InvestmentsTampa(813) [email protected]

ive aks ummerwind...the styles portfolio is a unique opportunity to capture 223 units in...

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