SALES COMPARABLESJuly 2012 - June 2014

Prepared For 2015 Property Tax Assessment Purposes

A Division of Madison & Company Properties

Provided by:Kyle Malnati & Greg Johnson

Madison Commercial Properties1221 S. Clarkson Street, Suite 410

Denver, CO 80210

Kyle Malnati & Greg JohnsonMadison Commercial Properties1221 S. Clarkson Street, Suite 410 Denver, CO 80210

This report is being presented by Madison Commercial Properties and contains relevant information that may be useful in determining the approximate market value of multifamily properties in the central Denver neighborhoods. We have included sales that occurred in the assessment “base period” for Denver County (July 1, 2012 - June 30, 2014). Because sales that occurred after the base period can be used by the Denver County Assessor if they were under contract by June 30, 2014, we’ve included some of those sales as well.

This is not a complete list of all Denver sales during the base period. This list of comparable sales includes only properties with 10 or more apartment units. Additional sales may have occurred that are not contained in this report.

The Denver County Tax Assessor will be mailing Notice of Value forms in early May, 2015. These forms will include the Assessor’s market value for your property, along with three sales comparables that occurred during the base period. The market value will be used to determine the property taxes for 2015 and 2016, which will be payable in 2016 and 2017.

If you do not agree with the Assessor’s market value, you may protest the value by following the instructions included with the Notice of Value form. Protests must be made by June 1, 2015.

If a protest is made, the property owner is required to state their own opinion of value, and the rationale for the alternate value. The information contained in this report may be helpful as the property owner determines their own value.

Simply protesting the new value because you feel the increase is too much is rarely a winning argument. It is better to make a case that the sales comps used by the Assessor’s Office were misinterpreted, or that a better group of sales comps should have been used.

Characteristic that can be considered when selecting the “base” sales comps include comparable location, condition, unit mix, size, style, age and amenities.

The list of sales contained in this report have been organized by neighborhood and by architectural style. Each property listed has a reference number to help locate the photo and detailed information in the back of the report, displayed in reverse chronological order.

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. The reader is encouraged to conduct their own independent due diligence effort to verify any information they may choose to use in filing a valuation protest or appeal.

C e n t r a l D e n v e r M u l t i f a M i l y e x p e r t s

Kyle Malnati & Greg JohnsonMadison Commercial Properties

1 810 E 12th Ave - Capitol Arms SOLD

5022-29-001

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$222.76$2,200,000 - Confirmed09/02/2014 Bldg Type:

Year Built/Age:RBA:

-5.00%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1925 Age: 899,876 SF

Denver County

Research Status:

Price/Unit: $104,762 # of Units: 21

GRM/GIM: -Sale Conditions: -

Comp ID: 3112206

2 1418 Adams St - Lofts @ 1418 SOLD

-

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$243.97$2,165,225 - Confirmed08/29/2014 (283 days on mkt) Bldg Type:

Year Built/Age:RBA:

-6.56%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1967 Age: 478,875 SF

Denver County

Research Status:

Price/Unit: $120,290 # of Units: 18

GRM/GIM: -Sale Conditions: -

Comp ID: 3106822

3 850 Cherry St - Admiral Apartments SOLD

6063-06-022

Denver, CO 80220Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$161.30$2,300,000 - Confirmed08/28/2014 (140 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1958 Renov 1992 Age: 5614,259 SF

Denver County

Research Status:

Price/Unit: $104,545 # of Units: 22

GRM/GIM: -Sale Conditions: -

Comp ID: 3107667

4 1303 Columbine St - 1303 Columbine SOLD

5012-13-011

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$202.28$1,900,000 - Full Value08/20/2014 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Full Value

Class C Multi-FamilyApartmentsBuilt 1967 Age: 479,393 SF

Denver County

Research Status:

Price/Unit: $111,765 # of Units: 17

GRM/GIM: -Sale Conditions: -

Comp ID: 3104319

5 1412 Steele St - Liv on Steele SOLD

5011-10-031

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$182.64$7,800,000 - Confirmed07/30/2014 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1969 Age: 4542,708 SF

Denver County

Research Status:

Price/Unit: $159,184 # of Units: 49

GRM/GIM: -Sale Conditions: -

Comp ID: 3084900

6 950 Lafayette St - Park Lafayette SOLD

5023-02-026

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$174.83$3,950,000 - Confirmed07/30/2014 (82 days on mkt) Bldg Type:

Year Built/Age:RBA:

-5.30%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1961 Age: 5322,594 SF

Denver County

Research Status:

Price/Unit: $146,296 # of Units: 27

GRM/GIM: -Sale Conditions: -

Comp ID: 3088462

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 1

Source: CoStar

Sales Comps Listed in Reverse Chronological Order

7 815 Sherman St - The Anglesey SOLD

5038-25-011

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$234.37$2,125,000 - Confirmed07/30/2014 (273 days on mkt) Bldg Type:

Year Built/Age:RBA:

-5.46%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1929 Renov 2005 Age: 859,067 SF

Denver County

Research Status:

Price/Unit: $106,250 # of Units: 20

GRM/GIM: -Sale Conditions: -

Comp ID: 3091059

8 707 E 2nd Ave - Elegante SOLD

5101-00-005

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$148.11$3,280,000 - Confirmed07/24/2014 Bldg Type:

Year Built/Age:RBA:

5.94%5.43%

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1940 Age: 7422,146 SF

Denver County

Research Status:

Price/Unit: $149,091 # of Units: 22

GRM/GIM: -Sale Conditions: -

Comp ID: 3079785

9 1525 Fairfax St - The Fairfax SOLD

1314-34-012

Denver, CO 80220Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$127.77$1,200,000 - Confirmed07/03/2014 (45 days on mkt) Bldg Type:

Year Built/Age:RBA:

5.98%5.98%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1948 Age: 669,392 SF

Denver County

Research Status:

Price/Unit: $92,308 # of Units: 13

GRM/GIM: -Sale Conditions: -

Comp ID: 3066871

10 525 Pennsylvania St SOLD

5113-07-017

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$102.45$1,818,000 - Confirmed07/02/2014 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1961 Age: 5317,745 SF

Denver County

Research Status:

Price/Unit: $101,000 # of Units: 18

GRM/GIM: -Sale Conditions: -

Comp ID: 3067732

11 1180 Colorado Blvd - Mountain Star Apartments SOLD

6062-25-001

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$126.37$2,300,000 - Confirmed07/01/2014 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1946 Age: 6818,201 SF

Denver County

Research Status:

Price/Unit: $109,524 # of Units: 21

GRM/GIM: -Sale Conditions: 1031 Exchange

Comp ID: 3067705

12 1934 Grant St SOLD

2349-05-003

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$231.16$1,752,650 - Full Value07/01/2014 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Full Value

Class C Multi-FamilyApartmentsBuilt 1905 Age: 1097,582 SF

Denver County

Research Status:

Price/Unit: $134,819 # of Units: 13

GRM/GIM: -Sale Conditions: -

Comp ID: 3067702

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 2

Kyle Malnati & Greg JohnsonMadison Commercial Properties

Source: CoStar

13 760 E 11th Ave - The Flats at Eleventh Avenue SOLD

-

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$148.92$1,435,000 - Confirmed06/26/2014 (64 days on mkt) Bldg Type:

Year Built/Age:RBA:

6.72%6.65%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1900 Age: 1149,636 SF

Denver County

Research Status:

Price/Unit: $110,385 # of Units: 13

GRM/GIM: -Sale Conditions: -

Comp ID: 3059228

14 70 Clarkson St - 70 Clarkson SOLD

5114-04-006

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$142.88$2,000,000 - Confirmed06/25/2014 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1961 Age: 5313,998 SF

Denver County

Research Status:

Price/Unit: $133,333 # of Units: 15

GRM/GIM: -Sale Conditions: -

Comp ID: 3063528

15 285 S Lincoln St SOLD

5104-28-035

Denver, CO 80209Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$279.91$1,425,000 - Confirmed06/13/2014 (43 days on mkt) Bldg Type:

Year Built/Age:RBA:

7.45%5.72%

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1941 Age: 735,091 SF

Denver County

Research Status:

Price/Unit: $118,750 # of Units: 12

GRM/GIM: -Sale Conditions: -

Comp ID: 3048856

16 1285 Albion St - Concept on Albion SOLD

6062-24-011, 6062-24-012, 6062-24-014, 6062-24-015, 6062-24-016 [Partial List]

Denver, CO 80220Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$187.09$2,825,000 - Confirmed06/06/2014 (238 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1953 Age: 6115,100 SF

Denver County

Research Status:

Price/Unit: $141,250 # of Units: 24

GRM/GIM: -Sale Conditions: 1031 Exchange, Deferred Maintenance, REO

Sale

Comp ID: 3044353

17 1200 Saint Paul St - 1200 St. Paul SOLD

5011-29-013

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$167.70$1,625,000 - Confirmed05/30/2014 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1951 Age: 639,690 SF

Denver County

Research Status:

Price/Unit: $147,727 # of Units: 11

GRM/GIM: -Sale Conditions: -

Comp ID: 3040488

18 25 S Emerson St - Stonehenge Apartments SOLD

5114-05-026

Denver, CO 80209Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$205.09$1,836,000 - Confirmed05/29/2014 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1965 Age: 498,952 SF

Denver County

Research Status:

Price/Unit: $108,000 # of Units: 17

GRM/GIM: -Sale Conditions: -

Comp ID: 3040470

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 3

Kyle Malnati & Greg JohnsonMadison Commercial Properties

Source: CoStar

19 1756 Clarkson St - The Clarkson SOLD

2354-08-046

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$304.00$15,200,000 - Confirmed05/19/2014 Bldg Type:

Year Built/Age:RBA:

5.45%-

Parcel No:

Confirmed

Class A Multi-FamilyApartmentsBuilt 201450,000 SF

Denver County

Research Status:

Price/Unit: $253,333 # of Units: 60

GRM/GIM: -Sale Conditions: 1031 Exchange

Comp ID: 3031366

20 1320 Garfield St - The Gallery SOLD

5011-18-011

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$255.91$2,275,000 - Confirmed05/19/2014 Bldg Type:

Year Built/Age:RBA:

-6.25%

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1961 Age: 538,890 SF

Denver County

Research Status:

Price/Unit: $189,583 # of Units: 12

GRM/GIM: -Sale Conditions: 1031 Exchange

Comp ID: 3031695

21 1170 Logan St - Santa Rita Apartments SOLD

5031-19-001

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$180.15$3,000,000 - Full Value05/15/2014 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Full Value

Class C Multi-FamilyApartmentsBuilt 1924 Age: 9016,653 SF

Denver County

Research Status:

Price/Unit: $76,923 # of Units: 39

GRM/GIM: -Sale Conditions: -

Comp ID: 3034246

22 1899 Gaylord St - Cruise SOLD

2355-12-032, 2355-12-033

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$327.01$11,500,000 - Confirmed05/09/2014 Bldg Type:

Year Built/Age:RBA:

5.50%-

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1969 Renov 2013 Age: 4535,167 SF

Denver County

Research Status:

Price/Unit: $188,525 # of Units: 50

GRM/GIM: -Sale Conditions: -

Comp ID: 3028989

23 1335 Monroe St SOLD

-

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$189.06$1,400,000 - Confirmed04/30/2014 (22 days on mkt) Bldg Type:

Year Built/Age:RBA:

4.06%4.09%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1961 Age: 537,405 SF

Denver County

Research Status:

Price/Unit: $116,667 # of Units: 12

GRM/GIM: -Sale Conditions: -

Comp ID: 3014875

24 4321 E Hale Pky - Hale Parkway Apartments SOLD

6062-28-003

Denver, CO 80220Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$142.00$2,165,000 - Confirmed04/29/2014 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1953 Age: 6115,247 SF

Denver County

Research Status:

Price/Unit: $144,333 # of Units: 15

GRM/GIM: -Sale Conditions: -

Comp ID: 3014559

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 4

Kyle Malnati & Greg JohnsonMadison Commercial Properties

Source: CoStar

25 4185 E Florida Ave - Peak 54 SOLD

-

Denver, CO 80222Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$120.18$4,907,000 - Confirmed04/28/2014 (147 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1959 Age: 5540,830 SF

Denver County

Research Status:

Price/Unit: $94,365 # of Units: 52

GRM/GIM: -Sale Conditions: -

Comp ID: 3014873

26 1229 Bannock St - Art Museum Apartments SOLD

5033-07-009

Denver, CO 80204Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$164.12$3,323,362 - Confirmed04/24/2014 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1922 Age: 9220,250 SF

Denver County

Research Status:

Price/Unit: $118,692 # of Units: 28

GRM/GIM: -Sale Conditions: -

Comp ID: 3016532

27 1135 Ogden St - The Marianne SOLD

5022-30-014

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$302.44$2,500,000 - Confirmed04/15/2014 (61 days on mkt) Bldg Type:

Year Built/Age:RBA:

7.00%5.42%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1930 Age: 848,266 SF

Denver County

Research Status:

Price/Unit: $100,000 # of Units: 25

GRM/GIM: -Sale Conditions: -

Comp ID: 3004654

28 1560 S Albion St - The Duke Apartments SOLD

6193-00-148, 6193-00-149

Denver, CO 80222Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$102.72$1,376,500 - Confirmed04/15/2014 (187 days on mkt) Bldg Type:

Year Built/Age:RBA:

-6.50%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1958 Age: 5613,400 SF

Denver County

Research Status:

Price/Unit: $76,444 # of Units: 18

GRM/GIM: -Sale Conditions: Deferred Maintenance

Comp ID: 3004332

29 1485 Clayton St SOLD

5012-06-042

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$192.77$2,725,000 - Confirmed04/11/2014 Bldg Type:

Year Built/Age:RBA:

-5.62%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 2000 Age: 1414,136 SF

Denver County

Research Status:

Price/Unit: $247,727 # of Units: 11

GRM/GIM: -Sale Conditions: -

Comp ID: 3002934

30 840 Cherry St - Melrose Place Apartments SOLD

6063-06-005

Denver, CO 80220Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$179.52$1,606,500 - Confirmed04/10/2014 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1967 Renov 2010 Age: 478,949 SF

Denver County

Research Status:

Price/Unit: $94,500 # of Units: 17

GRM/GIM: -Sale Conditions: -

Comp ID: 3007419

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 5

Kyle Malnati & Greg JohnsonMadison Commercial Properties

Source: CoStar

31 2421-2449 S Gaylord St SOLD

5266-10-041

Denver, CO 80210Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$232.83$2,550,000 - Confirmed03/31/2014 (181 days on mkt) Bldg Type:

Year Built/Age:RBA:

-7.07%

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1958 Age: 5610,952 SF

Denver County

Research Status:

Price/Unit: $166,667 # of Units: 15

GRM/GIM: -Sale Conditions: 1031 Exchange

Comp ID: 2992510

32 1075 Corona St - 1075 Corona SOLD

5022-42-017

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$227.89$6,300,000 - Confirmed03/24/2014 Bldg Type:

Year Built/Age:RBA:

-3.75%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1955 Age: 5927,645 SF

Denver County

Research Status:

Price/Unit: $175,000 # of Units: 36

GRM/GIM: -Sale Conditions: -

Comp ID: 2989925

33 1778 Gilpin St - Rocket SOLD

2355-19-034

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$291.50$3,010,000 - Confirmed03/05/2014 (81 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1963 Age: 5110,326 SF

Denver County

Research Status:

Price/Unit: $125,417 # of Units: 24

GRM/GIM: -Sale Conditions: -

Comp ID: 2980102

34 1205 Washington St - 1205 Washington St Apartments SOLD

5031-12-012

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$197.88$2,900,000 - Confirmed02/26/2014 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1924 Age: 9014,655 SF

Denver County

Research Status:

Price/Unit: $82,857 # of Units: 35

GRM/GIM: -Sale Conditions: -

Comp ID: 2973172

35 1281 Columbine St - Onyx SOLD

5012-28-029

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$160.60$3,000,000 - Confirmed02/25/2014 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1962 Age: 5218,680 SF

Denver County

Research Status:

Price/Unit: $125,000 # of Units: 24

GRM/GIM: -Sale Conditions: Redevelopment Project

Comp ID: 2976161

36 900 Washington St - Esplanade Apartments SOLD

-

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$200.00$3,540,000 - Confirmed02/21/2014 (87 days on mkt) Bldg Type:

Year Built/Age:RBA:

-6.37%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1958 Age: 5617,700 SF

Denver County

Research Status:

Price/Unit: $136,154 # of Units: 26

GRM/GIM: -Sale Conditions: -

Comp ID: 2965653

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 6

Kyle Malnati & Greg JohnsonMadison Commercial Properties

Source: CoStar

37 230-240 E 19th Ave - 19th Place Apartments SOLD

2349-07-008

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$244.49$3,990,000 - Full Value01/31/2014 (91 days on mkt) Bldg Type:

Year Built/Age:RBA:

-6.90%

Parcel No:

Full Value

Class B Multi-FamilyApartmentsBuilt 1927 Age: 8716,320 SF

Denver County

Research Status:

Price/Unit: $117,353 # of Units: 34

GRM/GIM: -Sale Conditions: -

Comp ID: 2959041

38 600-624 Pennsylvania St - Dwell Apartments SOLD

5039-11-006, 5039-11-007

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$208.80$7,650,000 - Confirmed01/30/2014 (84 days on mkt) Bldg Type:

Year Built/Age:RBA:

-6.58%

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1962 Age: 5236,638 SF

Denver County

Research Status:

Price/Unit: $144,340 # of Units: 50

GRM/GIM: -Sale Conditions: -

Comp ID: 2952932

39 1011 Colorado Blvd - Metropolis (Part of Portfolio) SOLD

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$219.63$11,390,000 - Confirmed01/28/2014 (165 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1971 Age: 4351,860 SF

Denver County

Research Status:

Price/Unit: $160,422 # of Units: 71

GRM/GIM: -Sale Conditions: Bulk/Portfolio Sale

Comp ID: 2951065

40 1355 Pearl St - Shambhala (Part of Portfolio) SOLD

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$210.73$6,000,000 - Confirmed01/28/2014 (165 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1955 Age: 5928,473 SF

Denver County

Research Status:

Price/Unit: $100,000 # of Units: 60

GRM/GIM: -Sale Conditions: Bulk/Portfolio Sale

Comp ID: 2951065

41 136 S Pennsylvania St - Red Fort (Part of Portfolio) SOLD

Denver, CO 80209Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$216.09$4,985,000 - Confirmed01/28/2014 (165 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1969 Age: 4523,069 SF

Denver County

Research Status:

Price/Unit: $138,472 # of Units: 36

GRM/GIM: -Sale Conditions: Bulk/Portfolio Sale

Comp ID: 2951065

42 1443 Elizabeth St - The Lodge Apartments (Part of Portfolio) SOLD

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$246.98$2,225,000 - Confirmed01/28/2014 (165 days on mkt) Bldg Type:

Year Built/Age:RBA:

-6.62%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1966 Age: 489,009 SF

Denver County

Research Status:

Price/Unit: $123,611 # of Units: 18

GRM/GIM: -Sale Conditions: Bulk/Portfolio Sale

Comp ID: 2951065

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 7

Kyle Malnati & Greg JohnsonMadison Commercial Properties

Source: CoStar

43 1345 High St - Route 66 (Part of Portfolio) SOLD

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$244.15$2,200,000 - Confirmed01/28/2014 (165 days on mkt) Bldg Type:

Year Built/Age:RBA:

-6.65%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1966 Age: 489,011 SF

Denver County

Research Status:

Price/Unit: $129,411 # of Units: 17

GRM/GIM: -Sale Conditions: Bulk/Portfolio Sale

Comp ID: 2951065

44 950 Lafayette St - Park Lafayette SOLD

-

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$160.22$3,620,000 - Full Value01/21/2014 (61 days on mkt) Bldg Type:

Year Built/Age:RBA:

-5.40%

Parcel No:

Full Value

Class C Multi-FamilyApartmentsBuilt 1961 Age: 5322,594 SF

Denver County

Research Status:

Price/Unit: $134,074 # of Units: 27

GRM/GIM: -Sale Conditions: -

Comp ID: 2946032

45 1362 Clayton St SOLD

5012-16-003

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$136.04$1,415,000 - Confirmed01/03/2014 (71 days on mkt) Bldg Type:

Year Built/Age:RBA:

-5.22%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1962 Age: 5210,401 SF

Denver County

Research Status:

Price/Unit: $117,917 # of Units: 12

GRM/GIM: -Sale Conditions: 1031 Exchange

Comp ID: 2932269

46 910 S Pearl St SOLD

5156-18-002

Denver, CO 80209Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$207.69$1,350,000 - Confirmed12/20/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1963 Age: 506,500 SF

Denver County

Research Status:

Price/Unit: $112,500 # of Units: 12

GRM/GIM: -Sale Conditions: -

Comp ID: 2921453

47 2315 E 12th Ave - Marlene Apartments SOLD

5012-29-012

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$159.61$2,500,000 - Confirmed12/12/2013 Bldg Type:

Year Built/Age:RBA:

-4.50%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1949 Age: 6415,663 SF

Denver County

Research Status:

Price/Unit: $125,000 # of Units: 20

GRM/GIM: -Sale Conditions: -

Comp ID: 2913145

48 1280 Clayton St - 1280 Clayton SOLD

5012-25-029

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$179.20$1,940,000 - Full Value12/06/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Full Value

Class C Multi-FamilyApartmentsBuilt 1969 Age: 4410,826 SF

Denver County

Research Status:

Price/Unit: $97,000 # of Units: 20

GRM/GIM: -Sale Conditions: -

Comp ID: 2911181

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 8

Kyle Malnati & Greg JohnsonMadison Commercial Properties

Source: CoStar

49 1010 E 13th Ave - Le Cirque SOLD

5022-24-001

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$194.09$6,300,000 - Confirmed11/25/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1904 Age: 10932,459 SF

Denver County

Research Status:

Price/Unit: $143,182 # of Units: 40

GRM/GIM: -Sale Conditions: -

Comp ID: 2909196

50 831 Cherry St - Cherry Street Apartments (Part of Multi-Property) SOLD

Denver, CO 80220Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$129.75$1,964,189 - Allocated11/25/2013 (97 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Allocated

Class C Multi-FamilyApartmentsBuilt 1948 Age: 6515,138 SF

Denver County

Research Status:

Price/Unit: $103,378 # of Units: 19

GRM/GIM: -Sale Conditions: Redevelopment Project

Comp ID: 2906550

51 861 Cherry St - Cherry Street Apartments (Part of Multi-Property) SOLD

Denver, CO 80220Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$110.70$1,860,811 - Allocated11/25/2013 (97 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Allocated

Class C Multi-FamilyApartmentsBuilt 1948 Age: 6516,809 SF

Denver County

Research Status:

Price/Unit: $103,378 # of Units: 18

GRM/GIM: -Sale Conditions: Redevelopment Project

Comp ID: 2906550

52 2156 S University Blvd - The Pioneer Apartments SOLD

5252-21-023

Denver, CO 80210Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$150.00$1,800,000 - Confirmed11/22/2013 (57 days on mkt) Bldg Type:

Year Built/Age:RBA:

4.92%4.50%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1960 Age: 5312,000 SF

Denver County

Research Status:

Price/Unit: $105,882 # of Units: 17

GRM/GIM: -Sale Conditions: -

Comp ID: 2895611

53 1430 Albion St - Albion House Apartments SOLD

-

Denver, CO 80220Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$160.92$2,850,000 - Confirmed11/19/2013 Bldg Type:

Year Built/Age:RBA:

-6.10%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1949 Age: 6417,711 SF

Denver County

Research Status:

Price/Unit: $123,913 # of Units: 23

GRM/GIM: -Sale Conditions: -

Comp ID: 2893289

54 966 S Logan St - Burgundy House SOLD

5156-20-011

Denver, CO 80209Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$190.48$1,400,000 - Confirmed11/15/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1969 Age: 447,350 SF

Denver County

Research Status:

Price/Unit: $100,000 # of Units: 14

GRM/GIM: -Sale Conditions: -

Comp ID: 2904049

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 9

Kyle Malnati & Greg JohnsonMadison Commercial Properties

Source: CoStar

55 1125 Marion St - Kendall Arms SOLD

5022-33-015

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$210.61$1,500,000 - Confirmed11/12/2013 Bldg Type:

Year Built/Age:RBA:

6.23%5.21%

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1925 Age: 887,122 SF

Denver County

Research Status:

Price/Unit: $115,385 # of Units: 13

GRM/GIM: -Sale Conditions: -

Comp ID: 2905220

56 263 Grant St - The Grant Apartments (Part of Multi-Property) SOLD

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$132.76$1,991,379 - Allocated11/01/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Allocated

Class C Multi-FamilyApartmentsBuilt 1968 Age: 4515,000 SF

Denver County

Research Status:

Price/Unit: $94,827 # of Units: 21

GRM/GIM: -Sale Conditions: -

Comp ID: 2893846

57 1350 Lafayette St - Chateau Lafayette SOLD

5022-17-033

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$211.59$4,900,000 - Confirmed10/31/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1970 Age: 4323,158 SF

Denver County

Research Status:

Price/Unit: $140,000 # of Units: 35

GRM/GIM: -Sale Conditions: 1031 Exchange

Comp ID: 2882424

58 1594 S Albion St - The Diplomat SOLD

6193-00-091

Denver, CO 80222Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$145.09$1,020,000 - Confirmed10/30/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1959 Renov 2014 Age: 547,030 SF

Denver County

Research Status:

Price/Unit: $85,008 # of Units: 12

GRM/GIM: -Sale Conditions: 1031 Exchange

Comp ID: 2893848

59 1451-1459 Detroit St - Courtyard Garden Apartments SOLD

5012-05-032

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$195.25$3,850,000 - Confirmed10/28/2013 (118 days on mkt) Bldg Type:

Year Built/Age:RBA:

-7.14%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1968 Age: 4519,718 SF

Denver County

Research Status:

Price/Unit: $104,054 # of Units: 37

GRM/GIM: 11.57/-Sale Conditions: -

Comp ID: 2896831

60 1302 Columbine St - Works SOLD

5012-14-034

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$199.93$3,300,000 - Confirmed10/17/2013 (62 days on mkt) Bldg Type:

Year Built/Age:RBA:

-5.90%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1962 Age: 5116,506 SF

Denver County

Research Status:

Price/Unit: $183,333 # of Units: 18

GRM/GIM: -Sale Conditions: -

Comp ID: 2868708

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 10

Kyle Malnati & Greg JohnsonMadison Commercial Properties

253 & 263 Grant St

$2,750,000

2715,776 SF

$101,852$174.32

Source: CoStar

61 1588 S Albion St - Aristocrat Apartments SOLD

6193-00-089

Denver, CO 80222Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$105.39$1,020,000 - Confirmed10/15/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1959 Age: 549,678 SF

Denver County

Research Status:

Price/Unit: $85,000 # of Units: 12

GRM/GIM: -Sale Conditions: 1031 Exchange

Comp ID: 2893866

62 6 Lincoln St - 6 Lincoln SOLD

5104-07-017

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$189.25$5,900,000 - Confirmed10/11/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1964 Age: 4931,175 SF

Denver County

Research Status:

Price/Unit: $151,282 # of Units: 39

GRM/GIM: -Sale Conditions: -

Comp ID: 2862911

63 10 S Sherman St - Sherman Commons SOLD

5104-11-069

Denver, CO 80209Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$184.48$3,788,000 - Confirmed09/30/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1969 Age: 4420,533 SF

Denver County

Research Status:

Price/Unit: $109,143 # of Units: 35

GRM/GIM: -Sale Conditions: -

Comp ID: 2853496

64 1540 Logan St - Hawthorn Apartments SOLD

2349-26-004

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$162.77$3,200,000 - Confirmed09/25/2013 Bldg Type:

Year Built/Age:RBA:

-5.70%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1909 Age: 10419,660 SF

Denver County

Research Status:

Price/Unit: $103,226 # of Units: 31

GRM/GIM: -Sale Conditions: -

Comp ID: 2847159

65 172 S Clarkson St - LaCour Apartments SOLD

5114-16-036

Denver, CO 80209Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$246.42$3,162,500 - Confirmed09/11/2013 Bldg Type:

Year Built/Age:RBA:

7.00%6.20%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1968 Age: 4512,834 SF

Denver County

Research Status:

Price/Unit: $140,400 # of Units: 23

GRM/GIM: -Sale Conditions: 1031 Exchange

Comp ID: 2842187

66 550 Logan St - Prana SOLD

5113-07-005

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$257.55$2,256,178 - Confirmed09/11/2013 (26 days on mkt) Bldg Type:

Year Built/Age:RBA:

-6.32%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1962 Age: 518,760 SF

Denver County

Research Status:

Price/Unit: $150,412 # of Units: 15

GRM/GIM: -Sale Conditions: 1031 Exchange

Comp ID: 2836464

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 11

Kyle Malnati & Greg JohnsonMadison Commercial Properties

Source: CoStar

67 1160 Josephine St SOLD

5012-33-003

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$170.79$2,500,000 - Confirmed08/15/2013 Bldg Type:

Year Built/Age:RBA:

-4.73%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1961 Age: 5214,638 SF

Denver County

Research Status:

Price/Unit: $131,579 # of Units: 19

GRM/GIM: -Sale Conditions: -

Comp ID: 2827544

68 1272 Washington St - The Jesse Apartments SOLD

5031-11-002

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$195.93$1,050,00008/15/2013 Bldg Type:

Year Built/Age:RBA:

-6.00%

Parcel No:

Research Complete

Class C Multi-FamilyApartmentsBuilt 1914 Age: 995,359 SF

Denver County

Research Status:

Price/Unit: $95,455 # of Units: 11

GRM/GIM: -Sale Conditions: -

Comp ID: 2827551

69 2363 S York St - The Florentine Apartments SOLD

5266-02-004

Denver, CO 80210Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$215.54$1,700,000 - Confirmed08/09/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1965 Age: 487,887 SF

Denver County

Research Status:

Price/Unit: $141,667 # of Units: 12

GRM/GIM: -Sale Conditions: 1031 Exchange, Assemblage

Comp ID: 2822190

70 1234 Washington St - The Abigail SOLD

5031-11-006

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$155.33$1,575,000 - Confirmed08/07/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1927 Age: 8610,140 SF

Denver County

Research Status:

Price/Unit: $60,577 # of Units: 26

GRM/GIM: -Sale Conditions: -

Comp ID: 2822154

71 840 Washington St - Washington Square SOLD

5038-19-017

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$168.24$3,950,000 - Confirmed07/25/2013 Bldg Type:

Year Built/Age:RBA:

-4.30%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1968 Age: 4523,478 SF

Denver County

Research Status:

Price/Unit: $98,750 # of Units: 40

GRM/GIM: -Sale Conditions: -

Comp ID: 2810975

72 1285 Clarkson St - Clarkson Arms SOLD

5031-11-020

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$216.88$3,350,000 - Confirmed07/24/2013 (253 days on mkt) Bldg Type:

Year Built/Age:RBA:

-6.50%

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1928 Age: 8515,446 SF

Denver County

Research Status:

Price/Unit: $134,000 # of Units: 26

GRM/GIM: -Sale Conditions: -

Comp ID: 2817044

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 12

Kyle Malnati & Greg JohnsonMadison Commercial Properties

Source: CoStar

73 1117 Pennsylvania St - LaMont Apartments SOLD

5031-19-011

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$210.56$1,950,000 - Confirmed07/24/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1925 Age: 889,261 SF

Denver County

Research Status:

Price/Unit: $139,286 # of Units: 14

GRM/GIM: -Sale Conditions: -

Comp ID: 2809075

74 918 S Pennsylvania St - Ruth Dianne Apartments SOLD

5156-19-004

Denver, CO 80209Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$212.84$3,050,000 - Confirmed07/18/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1962 Age: 5114,330 SF

Denver County

Research Status:

Price/Unit: $127,083 # of Units: 24

GRM/GIM: -Sale Conditions: -

Comp ID: 2805583

75 594-598 S Lincoln St SOLD

5151-23-037

Denver, CO 80209Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$128.15$1,263,000 - Confirmed07/08/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1915 Age: 989,856 SF

Denver County

Research Status:

Price/Unit: $126,300 # of Units: 10

GRM/GIM: -Sale Conditions: -

Comp ID: 2793978

76 2451 S Gaylord St - Cloud 8 Apartments SOLD

5266-10-016

Denver, CO 80210Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$152.27$1,460,000 - Confirmed07/02/2013 Bldg Type:

Year Built/Age:RBA:

-6.48%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1958 Age: 559,588 SF

Denver County

Research Status:

Price/Unit: $146,000 # of Units: 10

GRM/GIM: -Sale Conditions: -

Comp ID: 2789812

77 850 Cherry St - Admiral Apartments SOLD

6063-06-022

Denver, CO 80220Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$129.74$1,850,000 - Confirmed06/28/2013 Bldg Type:

Year Built/Age:RBA:

6.49%-

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1958 Renov 1992 Age: 5514,259 SF

Denver County

Research Status:

Price/Unit: $84,091 # of Units: 22

GRM/GIM: -Sale Conditions: 1031 Exchange

Comp ID: 2779637

78 1235 Clayton St - Greentree Apartments SOLD

5012-26-032

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$179.47$1,710,000 - Confirmed06/17/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1969 Age: 449,528 SF

Denver County

Research Status:

Price/Unit: $100,588 # of Units: 17

GRM/GIM: -Sale Conditions: 1031 Exchange

Comp ID: 2779335

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 13

Source: CoStar

Kyle Malnati & Greg JohnsonMadison Commercial Properties

79 809 Dexter St - 809 Dexter Apartments SOLD

6063-06-011, 6063-09-019

Denver, CO 80220Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$138.20$3,100,000 - Full Value06/14/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Full Value

Class C Multi-FamilyApartmentsBuilt 1968 Age: 4522,431 SF

Denver County

Research Status:

Price/Unit: $81,579 # of Units: 38

GRM/GIM: -Sale Conditions: -

Comp ID: 2777815

80 1560 Sherman St - The Cambridge SOLD

2349-38-002

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$91.72$3,080,000 - Confirmed06/07/2013 (218 days on mkt) Bldg Type:

Year Built/Age:RBA:

-7.51%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1952 Age: 6133,581 SF

Denver County

Research Status:

Price/Unit: $93,333 # of Units: 33

GRM/GIM: -Sale Conditions: -

Comp ID: 2772617

81 8 S Clarkson St - 8 South Clarkson SOLD

5114-05-002

Denver, CO 80209Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$212.18$2,000,000 - Full Value06/03/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Full Value

Class C Multi-FamilyApartmentsBuilt 1967 Age: 469,426 SF

Denver County

Research Status:

Price/Unit: $117,647 # of Units: 17

GRM/GIM: -Sale Conditions: -

Comp ID: 2768584

82 2421-2449 S Gaylord St SOLD

5266-10-041

Denver, CO 80210Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$151.57$1,660,000 - Confirmed06/03/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1958 Age: 5510,952 SF

Denver County

Research Status:

Price/Unit: $110,667 # of Units: 15

GRM/GIM: -Sale Conditions: -

Comp ID: 2769895

83 1626 Logan St - Thomas Jefferson Apartments SOLD

2349-19-006

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$168.13$4,450,000 - Confirmed05/31/2013 Bldg Type:

Year Built/Age:RBA:

-6.14%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1941 Age: 7226,467 SF

Denver County

Research Status:

Price/Unit: $85,577 # of Units: 52

GRM/GIM: -Sale Conditions: -

Comp ID: 2758458

84 285 S Lincoln St SOLD

5104-28-035

Denver, CO 80209Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$120.80$615,000 - Full Value05/31/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Full Value

Class B Multi-FamilyApartmentsBuilt 1941 Age: 725,091 SF

Denver County

Research Status:

Price/Unit: $51,250 # of Units: 12

GRM/GIM: -Sale Conditions: -

Comp ID: 2772588

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 14

Source: CoStar

Kyle Malnati & Greg JohnsonMadison Commercial Properties

85 1410 Albion St - 1410 Albion SOLD

6062-07-007

Denver, CO 80220Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$135.27$1,515,000 - Confirmed05/14/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1948 Age: 6511,200 SF

Denver County

Research Status:

Price/Unit: $89,118 # of Units: 17

GRM/GIM: -Sale Conditions: 1031 Exchange

Comp ID: 2750021

86 1120 York St - Continental Apartments (Part of Multi-Property) SOLD

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$115.27$1,094,500 - Allocated05/14/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Allocated

Class C Multi-FamilyApartmentsBuilt 1962 Age: 519,495 SF

Denver County

Research Status:

Price/Unit: $91,208 # of Units: 12

GRM/GIM: -Sale Conditions: -

Comp ID: 2756387

87 1136 York St - Lyn Ardon Apts (Part of Multi-Property) SOLD

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$125.59$1,094,500 - Allocated05/14/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Allocated

Class C Multi-FamilyApartmentsBuilt 1961 Age: 528,715 SF

Denver County

Research Status:

Price/Unit: $91,208 # of Units: 12

GRM/GIM: -Sale Conditions: -

Comp ID: 2756387

88 764-794 Cherry St - Cherry Street Townhomes SOLD

6063-09-001

Denver, CO 80220Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$139.75$1,425,000 - Confirmed05/07/2013 (141 days on mkt) Bldg Type:

Year Built/Age:RBA:

5.39%6.42%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1945 Age: 6810,197 SF

Denver County

Research Status:

Price/Unit: $118,750 # of Units: 12

GRM/GIM: -Sale Conditions: -

Comp ID: 2742628

89 1050 Emerson St SOLD

5022-43-004

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$169.39$1,056,000 - Confirmed04/30/2013 (382 days on mkt) Bldg Type:

Year Built/Age:RBA:

6.33%5.88%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1966 Age: 476,234 SF

Denver County

Research Status:

Price/Unit: $111,500 # of Units: 10

GRM/GIM: -Sale Conditions: -

Comp ID: 2742636

90 1651 Washington St - The Victorien SOLD

2349-21-014

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$189.50$3,125,000 - Confirmed04/26/2013 Bldg Type:

Year Built/Age:RBA:

-6.20%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1907 Age: 10616,491 SF

Denver County

Research Status:

Price/Unit: $86,806 # of Units: 36

GRM/GIM: -Sale Conditions: -

Comp ID: 2734212

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 15

Source: CoStar

Kyle Malnati & Greg JohnsonMadison Commercial Properties

91 1915 Sherman St - The Adele SOLD

2349-28-014

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$254.61$2,625,000 - Confirmed04/26/2013 (183 days on mkt) Bldg Type:

Year Built/Age:RBA:

-6.55%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1925 Age: 8810,310 SF

Denver County

Research Status:

Price/Unit: $75,000 # of Units: 35

GRM/GIM: -Sale Conditions: -

Comp ID: 2734207

92 3005-3015 E 14th Ave SOLD

5012-02-015

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$180.22$1,640,000 - Confirmed04/25/2013 Bldg Type:

Year Built/Age:RBA:

-5.29%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1949 Age: 649,100 SF

Denver County

Research Status:

Price/Unit: $109,333 # of Units: 15

GRM/GIM: -Sale Conditions: -

Comp ID: 2737356

93 1436 Williams St - 1436 Williams SOLD

5021-05-005

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$145.33$1,350,000 - Confirmed04/18/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1962 Age: 519,289 SF

Denver County

Research Status:

Price/Unit: $112,500 # of Units: 12

GRM/GIM: -Sale Conditions: -

Comp ID: 2727337

94 1901 E 13th Ave - Metropolitan at Cheesman Park SOLD

-

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$108.24$8,350,000 - Confirmed04/09/2013 (183 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1963 Age: 5077,140 SF

Denver County

Research Status:

Price/Unit: $89,785 # of Units: 99

GRM/GIM: -Sale Conditions: -

Comp ID: 2719175

95 1121 Ogden St - The Stardust Apartments SOLD

5022-30-013

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$159.99$1,977,425 - Confirmed04/09/2013 Bldg Type:

Year Built/Age:RBA:

-5.30%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1964 Age: 4912,360 SF

Denver County

Research Status:

Price/Unit: $116,319 # of Units: 17

GRM/GIM: -Sale Conditions: -

Comp ID: 2725163

96 1485 Clayton St SOLD

5012-06-042

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$104.67$1,479,550 - Confirmed03/22/2013 Bldg Type:

Year Built/Age:RBA:

-6.04%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 2000 Age: 1314,136 SF

Denver County

Research Status:

Price/Unit: $134,505 # of Units: 11

GRM/GIM: -Sale Conditions: -

Comp ID: 2713620

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 16

Source: CoStar

Kyle Malnati & Greg JohnsonMadison Commercial Properties

97 1685 Colorado Blvd - Parkview Apartments SOLD

2364-01-028

Denver, CO 80220Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$196.95$2,625,000 - Confirmed03/12/2013 Bldg Type:

Year Built/Age:RBA:

6.35%-

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1972 Age: 4113,328 SF

Denver County

Research Status:

Price/Unit: $109,375 # of Units: 24

GRM/GIM: -Sale Conditions: -

Comp ID: 2707477

98 770 Grant St - Sleek Lofts SOLD

5039-14-025

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$193.22$8,100,000 - Confirmed03/01/2013 (486 days on mkt) Bldg Type:

Year Built/Age:RBA:

7.56%6.50%

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1963 Age: 5041,921 SF

Denver County

Research Status:

Price/Unit: $135,000 # of Units: 60

GRM/GIM: -Sale Conditions: -

Comp ID: 2698582

99 8 S Logan St - The Infinity on Logan SOLD

5104-13-031

Denver, CO 80209Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$165.35$1,190,000 - Confirmed02/25/2013 Bldg Type:

Year Built/Age:RBA:

-6.00%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1969 Age: 447,197 SF

Denver County

Research Status:

Price/Unit: $85,000 # of Units: 14

GRM/GIM: -Sale Conditions: -

Comp ID: 2686491

100 1567 Vine St SOLD

2355-32-017

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$127.42$685,00001/31/2013 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Research Complete

Class C Multi-FamilyApartmentsBuilt 1906 Age: 1075,376 SF

Denver County

Research Status:

Price/Unit: $57,083 # of Units: 12

GRM/GIM: -Sale Conditions: -

Comp ID: 2680443

101 2412 S York St - South York St. Apartments SOLD

5266-12-002

Denver, CO 80210Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$196.83$1,180,000 - Confirmed01/14/2013 Bldg Type:

Year Built/Age:RBA:

-6.25%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1959 Age: 545,995 SF

Denver County

Research Status:

Price/Unit: $107,273 # of Units: 11

GRM/GIM: -Sale Conditions: -

Comp ID: 2659078

102 1205 Washington St - 1205 Washington St Apartments SOLD

5031-12-012

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$153.53$2,250,000 - Confirmed12/31/2012 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1924 Age: 8814,655 SF

Denver County

Research Status:

Price/Unit: $64,286 # of Units: 35

GRM/GIM: -Sale Conditions: High Vacancy Property

Comp ID: 2644836

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 17

Source: CoStar

Kyle Malnati & Greg JohnsonMadison Commercial Properties

103 1455 Vine St - The Vines SOLD

5021-03-013

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$128.72$870,000 - Confirmed12/28/2012 (211 days on mkt) Bldg Type:

Year Built/Age:RBA:

-6.95%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1968 Age: 446,759 SF

Denver County

Research Status:

Price/Unit: $87,000 # of Units: 10

GRM/GIM: -Sale Conditions: -

Comp ID: 2643422

104 515 Clarkson St - 515 Clarkson SOLD

5113-04-029, 5113-04-030

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$110.30$11,400,000 - Confirmed12/27/2012 Bldg Type:

Year Built/Age:RBA:

-5.00%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1971 Age: 41103,356 SF

Denver County

Research Status:

Price/Unit: $126,667 # of Units: 88

GRM/GIM: -Sale Conditions: -

Comp ID: 2634932

105 23-33 Pearl St SOLD

5104-03-033

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$124.65$3,125,000 - Confirmed12/27/2012 Bldg Type:

Year Built/Age:RBA:

-4.00%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1967 Age: 4525,071 SF

Denver County

Research Status:

Price/Unit: $91,912 # of Units: 34

GRM/GIM: -Sale Conditions: -

Comp ID: 2631376

106 2358 S University Blvd SOLD

5253-07-008

Denver, CO 80210Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$159.98$1,200,000 - Confirmed12/26/2012 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1961 Age: 517,501 SF

Denver County

Research Status:

Price/Unit: $100,000 # of Units: 12

GRM/GIM: -Sale Conditions: High Vacancy Property

Comp ID: 2637066

107 1442 Humboldt St SOLD

5021-08-014

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$183.58$825,000 - Full Value12/20/2012 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Full Value

Class C Multi-FamilyApartmentsBuilt 1896 Age: 1164,494 SF

Denver County

Research Status:

Price/Unit: $82,500 # of Units: 10

GRM/GIM: -Sale Conditions: -

Comp ID: 2631327

108 929 Marion St - The Stanley SOLD

5023-04-013

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$209.11$4,800,000 - Full Value12/19/2012 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Full Value

Class C Multi-FamilyApartmentsBuilt 1955 Age: 5722,954 SF

Denver County

Research Status:

Price/Unit: $111,628 # of Units: 43

GRM/GIM: -Sale Conditions: -

Comp ID: 2631309

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 18

Source: CoStar

Kyle Malnati & Greg JohnsonMadison Commercial Properties

109 1250 Logan St - Lori Apartments SOLD

5031-14-006

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$189.08$3,450,000 - Confirmed12/19/2012 Bldg Type:

Year Built/Age:RBA:

-5.76%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1956 Age: 5618,246 SF

Denver County

Research Status:

Price/Unit: $86,250 # of Units: 40

GRM/GIM: -Sale Conditions: -

Comp ID: 2631304

110 1320 Garfield St - The Gallery SOLD

5011-18-011

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$115.30$1,025,000 - Confirmed12/06/2012 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1961 Age: 518,890 SF

Denver County

Research Status:

Price/Unit: $85,417 # of Units: 12

GRM/GIM: -Sale Conditions: Deferred Maintenance, High Vacancy Property

Comp ID: 2621766

111 1170 Corona St SOLD

5022-32-001

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$172.81$900,000 - Confirmed11/08/2012 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1923 Age: 895,208 SF

Denver County

Research Status:

Price/Unit: $75,000 # of Units: 12

GRM/GIM: -Sale Conditions: -

Comp ID: 2600034

112 861-865 Lafayette St - Evelyn's Court SOLD

5023-16-023

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$135.94$1,112,500 - Confirmed11/07/2012 (54 days on mkt) Bldg Type:

Year Built/Age:RBA:

-5.20%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1906 Age: 1068,184 SF

Denver County

Research Status:

Price/Unit: $111,250 # of Units: 10

GRM/GIM: -Sale Conditions: -

Comp ID: 2615414

113 664 S Lincoln St - Lincoln Park Apartments SOLD

5151-26-032

Denver, CO 80209Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$176.43$2,005,000 - Confirmed10/05/2012 (94 days on mkt) Bldg Type:

Year Built/Age:RBA:

-6.44%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1967 Renov 2012 Age: 4511,364 SF

Denver County

Research Status:

Price/Unit: $100,250 # of Units: 20

GRM/GIM: -Sale Conditions: -

Comp ID: 2574789

114 1244 Emerson St - Emerson Flats SOLD

5022-25-009

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$123.99$1,150,000 - Confirmed10/02/2012 (41 days on mkt) Bldg Type:

Year Built/Age:RBA:

5.13%6.75%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1962 Age: 509,275 SF

Denver County

Research Status:

Price/Unit: $95,833 # of Units: 12

GRM/GIM: -Sale Conditions: -

Comp ID: 2576238

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 19

Source: CoStar

Kyle Malnati & Greg JohnsonMadison Commercial Properties

115 1520 S Albion St SOLD

6193-00-143

Denver, CO 80222Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$164.47$2,375,000 - Confirmed09/28/2012 Bldg Type:

Year Built/Age:RBA:

-6.50%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1958 Renov 2011 Age: 5414,440 SF

Denver County

Research Status:

Price/Unit: $103,261 # of Units: 23

GRM/GIM: -Sale Conditions: 1031 Exchange

Comp ID: 2571236

116 1986 S University Blvd - The Savoy SOLD

5252-07-011

Denver, CO 80210Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$96.25$1,925,000 - Confirmed09/17/2012 Bldg Type:

Year Built/Age:RBA:

10.30%-

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 2000 Age: 1220,000 SF

Denver County

Research Status:

Price/Unit: $160,417 # of Units: 12

GRM/GIM: -Sale Conditions: -

Comp ID: 2571468

117 2208 E 17th Ave SOLD

2355-29-001

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$121.57$1,615,000 - Confirmed09/04/2012 (239 days on mkt) Bldg Type:

Year Built/Age:RBA:

-6.26%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1906 Age: 10613,284 SF

Denver County

Research Status:

Price/Unit: $95,000 # of Units: 17

GRM/GIM: -Sale Conditions: -

Comp ID: 2549037

118 1375 Washington St - Washington Apartments SOLD

5031-09-011

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$127.28$2,800,000 - Confirmed08/31/2012 Bldg Type:

Year Built/Age:RBA:

-6.00%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1949 Age: 6321,998 SF

Denver County

Research Status:

Price/Unit: $85,000 # of Units: 34

GRM/GIM: -Sale Conditions: -

Comp ID: 2560070

119 1002 E 10th Ave - Ogden Park Townhomes SOLD

5023-06-069

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$122.45$1,850,000 - Confirmed08/23/2012 (142 days on mkt) Bldg Type:

Year Built/Age:RBA:

-7.05%

Parcel No:

Confirmed

Class B Multi-FamilyApartmentsBuilt 1906 Age: 10615,108 SF

Denver County

Research Status:

Price/Unit: $132,143 # of Units: 14

GRM/GIM: -Sale Conditions: -

Comp ID: 2541032

120 1430 Humboldt St - 1430 Humboldt SOLD

5021-08-029

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$153.18$3,700,000 - Confirmed08/01/2012 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1969 Age: 4324,155 SF

Denver County

Research Status:

Price/Unit: $88,095 # of Units: 42

GRM/GIM: -Sale Conditions: -

Comp ID: 2535885

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 20

Source: CoStar

Kyle Malnati & Greg JohnsonMadison Commercial Properties

121 15 Washington St - 15 Washington (Part of Portfolio) SOLD

Denver, CO 80203Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$156.50$1,470,000 - Confirmed08/01/2012 Bldg Type:

Year Built/Age:RBA:

-7.04%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1967 Age: 459,393 SF

Denver County

Research Status:

Price/Unit: $86,470 # of Units: 17

GRM/GIM: -Sale Conditions: Bulk/Portfolio Sale

Comp ID: 2530688

122 1 S Emerson St - La Roma (Part of Portfolio) SOLD

Denver, CO 80209Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$122.05$1,295,000 - Confirmed08/01/2012 Bldg Type:

Year Built/Age:RBA:

-5.55%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1961 Age: 5110,610 SF

Denver County

Research Status:

Price/Unit: $99,615 # of Units: 13

GRM/GIM: -Sale Conditions: Bulk/Portfolio Sale

Comp ID: 2530688

123 2424 S York St - Aspen Gate SOLD

5266-12-021

Denver, CO 80210Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$171.70$2,060,000 - Confirmed07/20/2012 (182 days on mkt) Bldg Type:

Year Built/Age:RBA:

-7.34%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1970 Age: 4211,998 SF

Denver County

Research Status:

Price/Unit: $121,176 # of Units: 17

GRM/GIM: -Sale Conditions: -

Comp ID: 2517680

124 2075 S Josephine St - Avalon Apartments SOLD

5252-08-034

Denver, CO 80210Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$191.60$1,990,000 - Confirmed07/20/2012 Bldg Type:

Year Built/Age:RBA:

-7.47%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1965 Age: 4710,386 SF

Denver County

Research Status:

Price/Unit: $99,500 # of Units: 20

GRM/GIM: -Sale Conditions: -

Comp ID: 2530513

125 2411 S Gaylord St - Aspen West SOLD

5266-10-019

Denver, CO 80210Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$186.02$1,975,000 - Confirmed07/20/2012 Bldg Type:

Year Built/Age:RBA:

-7.18%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1966 Age: 4610,617 SF

Denver County

Research Status:

Price/Unit: $98,750 # of Units: 20

GRM/GIM: -Sale Conditions: -

Comp ID: 2530512

126 1101-1105 Clarkson St - Francesca Apartments SOLD

5022-29-010, 5031-22-013

Denver, CO 80218Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$79.81$1,900,000 - Confirmed07/12/2012 (323 days on mkt) Bldg Type:

Year Built/Age:RBA:

-4.22%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1940 Age: 7223,808 SF

Denver County

Research Status:

Price/Unit: $47,500 # of Units: 40

GRM/GIM: -Sale Conditions: -

Comp ID: 2515329

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 21

Source: CoStar

Kyle Malnati & Greg JohnsonMadison Commercial Properties

127 4101 E Iowa Ave - Arvell Condominiums SOLD

6193-20-013

Denver, CO 80222Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$135.94$1,140,796 - Confirmed07/12/2012 (708 days on mkt) Bldg Type:

Year Built/Age:RBA:

-6.76%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1957 Renov 2007 Age: 558,392 SF

Denver County

Research Status:

Price/Unit: $95,066 # of Units: 12

GRM/GIM: -Sale Conditions: -

Comp ID: 2517394

128 1458 Gaylord St SOLD

5021-01-002

Denver, CO 80206Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$111.94$614,000 - Confirmed07/09/2012 (307 days on mkt) Bldg Type:

Year Built/Age:RBA:

-8.66%

Parcel No:

Confirmed

Class C Multi-FamilyApartmentsBuilt 1894 Age: 1185,485 SF

Denver County

Research Status:

Price/Unit: $61,400 # of Units: 10

GRM/GIM: -Sale Conditions: -

Comp ID: 2506733

Denver Apartment Buildings Sold! Comps provided by Kyle Malnati (303-358-4250). www.DenverApartmentBuildingsForSale.comCopyrighted report licensed to Madison & Company - 392756.

4/24/2015Page 22

Kyle Malnati & Greg JohnsonMadison Commercial Properties

Source: CoStar

SALES COMPS SORTED BY NEIGHBORHOOD

SALES COMPS SORTED BY NEIGHBORHOOD

NEIGHBORHOOD Style Comp # Property Address Sale Price Price / Unit Sale Date Units Studios 1 Bdrm 2 Bdrm 3 Bdrm Floors Year

CAPITOL HILL Vintage 126 1101-1105 Clarkson St 1,900,000$ 47,500$ 7/12/2012 40 3 33 4 0 3 1940

CAPITOL HILL Vintage 70 1234 Washington St 1,575,000$ 60,577$ 8/7/2013 26 18 8 0 0 4 1927

CAPITOL HILL Vintage 128 1458 Gaylord St 614,000$ 61,400$ 7/9/2012 10 0 6 4 0 2 1894

CAPITOL HILL Vintage 102 1205 Washington St 2,250,000$ 64,286$ 12/31/2012 35 35 0 0 0 2 1924

CAPITOL HILL Vintage 111 1170 Corona St 900,000$ 75,000$ 11/8/2012 12 11 1 0 0 2 1923

CAPITOL HILL Interior 21 1170 Logan St 3,000,000$ 76,923$ 5/15/2014 39 39 0 0 0 2 1924

CAPITOL HILL Interior 118 1375 Washington St 2,800,000$ 82,353$ 8/31/2012 34 0 34 0 0 3 1949

CAPITOL HILL Vintage 107 1442 Humboldt St 825,000$ 82,500$ 12/20/2012 10 10 0 0 0 2 1896

CAPITOL HILL Vintage 34 1205 Washington St 2,900,000$ 82,857$ 2/26/2014 35 35 0 0 0 2 1924

CAPITOL HILL Interior 109 1250 Logan St 3,450,000$ 86,250$ 12/19/2012 40 38 2 0 0 4 1956

CAPITOL HILL Walk-up 103 1455 Vine St 870,000$ 87,000$ 12/28/2012 10 0 8 2 0 3 1968

CAPITOL HILL Interior 120 1430 Humboldt St 3,700,000$ 88,095$ 8/1/2012 42 2 20 20 0 5 1969

CAPITOL HILL Mid-rise 94 1901 E 13th Ave 8,350,000$ 89,785$ 4/9/2013 93 8 41 44 0 12 1963

CAPITOL HILL Interior 86 1120 York St 1,094,500$ 91,208$ 5/14/2013 12 2 10 0 0 3 1962

CAPITOL HILL Interior 87 1136 York St 1,094,500$ 91,208$ 5/14/2013 12 2 10 0 0 2 1961

CAPITOL HILL Vintage 68 1272 Washington St 1,050,000$ 95,455$ 8/15/2013 11 0 7 4 0 4 1914

CAPITOL HILL Interior 114 1244 Emerson St 1,150,000$ 95,833$ 10/2/2012 12 2 10 0 0 3 1962

CAPITOL HILL Walk-up 71 840 Washington St 3,950,000$ 98,750$ 7/25/2013 40 40 0 0 0 3 1968

CAPITOL HILL Interior 40 1355 Pearl St 6,000,000$ 100,000$ 1/28/2014 60 60 0 0 0 4 1955

CAPITOL HILL Vintage 27 1135 Ogden St 2,500,000$ 100,000$ 4/15/2014 25 24 1 0 0 3 1930

CAPITOL HILL Vintage 1 810 E 12th Ave 2,200,000$ 104,762$ 9/2/2014 21 15 6 0 0 2 1925

CAPITOL HILL Walk-up 89 1050 Emerson St 1,056,000$ 105,600$ 4/30/2013 10 1 3 6 0 2 1966

CAPITOL HILL Vintage 7 815 Sherman St 2,125,000$ 106,250$ 7/30/2014 20 5 15 0 0 2 1929

CAPITOL HILL Vintage 13 760 E 11th Ave 1,435,000$ 110,385$ 6/26/2014 13 0 11 2 0 2 1900

CAPITOL HILL Vintage 112 861-865 Lafayette St 1,112,500$ 111,250$ 11/7/2012 10 2 6 1 1 2 1906

CAPITOL HILL Interior 108 929 Marion St 4,800,000$ 111,628$ 12/19/2012 43 43 0 0 0 3 1955

CAPITOL HILL Interior 93 1436 Williams St 1,350,000$ 112,500$ 4/18/2013 12 2 10 0 0 2 1962

CAPITOL HILL Vintage 55 1125 Marion St 1,500,000$ 115,385$ 11/12/2013 13 5 8 0 0 3 1925

CAPITOL HILL Interior 95 1121 Ogden St 1,977,425$ 116,319$ 4/9/2013 17 5 6 6 0 3 1964

CAPITOL HILL Walk-up 43 1345 High St 2,200,000$ 129,412$ 1/28/2014 17 0 17 0 0 3 1966

CAPITOL HILL Vintage 119 1002 E 10th Ave 1,850,000$ 132,143$ 8/23/2012 14 0 10 0 4 2 1906

CAPITOL HILL Vintage 72 1285 Clarkson St 3,350,000$ 134,000$ 7/24/2013 25 0 25 0 0 3 1928

CAPITOL HILL Interior 44 950 Lafayette St 3,620,000$ 134,074$ 1/21/2014 27 6 19 2 0 3 1961

CAPITOL HILL Interior 36 900 Washington St 3,540,000$ 136,154$ 2/21/2014 26 4 22 0 0 3 1958

CAPITOL HILL Vintage 73 1117 Pennsylvania St 1,950,000$ 139,286$ 7/24/2013 14 0 8 6 0 3 1925

CAPITOL HILL Interior 57 1350 Lafayette St 4,900,000$ 140,000$ 10/31/2013 35 0 34 1 0 4 1970

CAPITOL HILL Vintage 49 1010 E 13th Ave 6,300,000$ 143,182$ 11/25/2013 44 12 23 9 0 2 1904

CAPITOL HILL Interior 6 950 Lafayette St 3,950,000$ 146,296$ 7/30/2014 27 6 19 2 0 3 1961

CAPITOL HILL Interior 32 1075 Corona St 6,300,000$ 175,000$ 3/24/2014 36 0 24 10 2 3 1955

Provided by:

Kyle Malnati and Greg Johnson, Madison Commercial Properties

Source: CoStar

Page 1 of 4

SALES COMPS SORTED BY NEIGHBORHOOD

NEIGHBORHOOD Style Comp # Property Address Sale Price Price / Unit Sale Date Units Studios 1 Bdrm 2 Bdrm 3 Bdrm Floors Year

CITY PARK Walk-up 97 1685 Colorado Blvd 2,625,000$ 109,375$ 3/12/2013 24 1 23 0 0 5 1972

CITY PARK Interior 22 1899 Gaylord St 11,500,000$ 188,525$ 5/9/2014 61 21 20 20 0 4 1969

CONGRESS PARK Interior 110 1320 Garfield St 1,025,000$ 85,417$ 12/6/2012 12 0 12 0 0 3 1961

CONGRESS PARK Walk-up 48 1280 Clayton St 1,940,000$ 97,000$ 12/6/2013 20 0 20 0 0 3 1969

CONGRESS PARK Walk-up 78 1235 Clayton St 1,710,000$ 100,588$ 6/17/2013 17 0 17 0 0 3 1969

CONGRESS PARK Walk-up 59 1451-1459 Detroit St 3,850,000$ 104,054$ 10/28/2013 37 3 32 2 0 3 1968

CONGRESS PARK Vintage 92 3005-3015 E 14th Ave 1,640,000$ 109,333$ 4/25/2013 15 2 9 4 0 2 1949

CONGRESS PARK Walk-up 4 1303 Columbine St 1,900,000$ 111,765$ 8/20/2014 17 0 17 0 0 3 1967

CONGRESS PARK Interior 23 1335 Monroe St 1,400,000$ 116,667$ 4/30/2014 12 1 11 0 0 1961

CONGRESS PARK Interior 45 1362 Clayton St 1,415,000$ 117,917$ 1/3/2014 12 2 10 0 0 2 1962

CONGRESS PARK Walk-up 2 1418 Adams St 2,165,225$ 120,290$ 8/29/2014 18 1 17 0 0 3 1967

CONGRESS PARK Walk-up 42 1443 Elizabeth St 2,225,000$ 123,611$ 1/28/2014 18 1 17 0 0 3 1966

CONGRESS PARK Interior 35 1281 Columbine St 3,000,000$ 125,000$ 2/25/2014 24 24 0 0 0 3 1962

CONGRESS PARK Vintage 47 2315 E 12th Ave 2,500,000$ 125,000$ 12/12/2013 20 2 3 15 0 3 1949

CONGRESS PARK Interior 67 1160 Josephine St 2,500,000$ 131,579$ 8/15/2013 19 0 10 9 0 3 1961

CONGRESS PARK New 96 1485 Clayton St 1,479,550$ 134,505$ 3/22/2013 11 0 0 11 0 3 2000

CONGRESS PARK Interior 17 1200 Saint Paul St 1,625,000$ 147,727$ 5/30/2014 11 0 5 6 0 2 1951

CONGRESS PARK Mid-rise 5 1412 Steele St 7,800,000$ 159,184$ 7/30/2014 49 0 24 25 0 7 1969

CONGRESS PARK Interior 60 1302 Columbine St 3,300,000$ 183,333$ 10/17/2013 18 0 7 11 0 3 1962

CONGRESS PARK Interior 20 1320 Garfield St 2,275,000$ 189,583$ 5/19/2014 12 0 7 5 0 3 1961

CONGRESS PARK New 29 1485 Clayton St 2,725,000$ 247,727$ 4/11/2014 11 0 0 11 0 3 2000

DU Walk-up 125 2411 S Gaylord St 1,975,000$ 98,750$ 7/20/2012 20 0 20 0 0 3 1966

DU Walk-up 124 2075 S Josephine St 1,990,000$ 99,500$ 7/20/2012 20 20 0 0 0 3 1965

DU Interior 106 2358 S University Blvd 1,200,000$ 100,000$ 12/26/2012 12 2 10 0 0 2 1961

DU Interior 52 2156 S University Blvd 1,800,000$ 105,882$ 11/22/2013 17 0 17 0 0 3 1960

DU Interior 101 2412 S York St 1,180,000$ 107,273$ 1/14/2013 11 0 11 0 0 3 1959

DU Walk-up 82 2421-2449 S Gaylord St 1,660,000$ 110,667$ 6/3/2013 15 0 9 6 0 1 1958

DU Walk-up 123 2424 S York St 2,060,000$ 121,176$ 7/20/2012 17 0 10 7 0 4 1970

DU Interior 69 2363 S York St 1,700,000$ 141,667$ 8/9/2013 12 2 10 0 0 2 1965

DU Walk-up 76 2451 S Gaylord St 1,460,000$ 146,000$ 7/2/2013 10 0 0 9 0 2 1958

DU New 116 1986 S University Blvd 1,925,000$ 160,417$ 9/17/2012 12 0 1 11 0 3 2000

DU Walk-up 31 2421-2449 S Gaylord St 2,550,000$ 170,000$ 3/31/2014 15 0 9 6 0 1 1958

EAST COLFAX Interior 9 1525 Fairfax St 1,200,000$ 92,308$ 7/3/2014 13 0 9 4 0 2 1948

GOLDEN TRIANGLE Vintage 26 1229 Bannock St 3,323,362$ 118,692$ 4/24/2014 28 27 1 0 0 2 1922

Provided by:

Kyle Malnati and Greg Johnson, Madison Commercial Properties

Source: CoStar

Page 2 of 4

SALES COMPS SORTED BY NEIGHBORHOOD

NEIGHBORHOOD Style Comp # Property Address Sale Price Price / Unit Sale Date Units Studios 1 Bdrm 2 Bdrm 3 Bdrm Floors Year

GOVERNOR'S PARK Walk-up 10 525 Pennsylvania St 1,818,000$ 101,000$ 7/2/2014 18 18 0 0 0 3 1961

GOVERNOR'S PARK Mid-rise 104 515 Clarkson St 11,400,000$ 126,667$ 12/27/2012 90 0 45 45 0 12 1971

GOVERNOR'S PARK Interior 98 770 Grant St 8,100,000$ 135,000$ 3/1/2013 60 0 50 10 0 2 1963

GOVERNOR'S PARK Interior 38 600-624 Pennsylvania St 7,650,000$ 144,340$ 1/30/2014 53 6 37 10 0 3 1962

GOVERNOR'S PARK Walk-up 66 550 Logan St 2,256,178$ 150,412$ 9/11/2013 15 3 12 0 0 3 1962

HALE/MAYFAIR Walk-up 79 809 Dexter St 3,100,000$ 81,579$ 6/14/2013 38 0 34 4 0 4 1968

HALE/MAYFAIR Interior 77 850 Cherry St 1,850,000$ 84,091$ 6/28/2013 22 11 10 1 0 3 1958

HALE/MAYFAIR Interior 85 1410 Albion St 1,515,000$ 89,118$ 5/14/2013 17 5 12 0 0 3 1948

HALE/MAYFAIR Walk-up 30 840 Cherry St 1,606,500$ 94,500$ 4/10/2014 17 0 17 0 0 3 1967

HALE/MAYFAIR Interior 50 831 Cherry St 1,964,189$ 103,378$ 11/25/2013 19 0 13 6 0 3 1948

HALE/MAYFAIR Interior 51 861 Cherry St 1,860,811$ 103,378$ 11/25/2013 18 0 12 6 0 3 1948

HALE/MAYFAIR Interior 3 850 Cherry St 2,300,000$ 104,545$ 8/28/2014 22 11 10 1 0 3 1958

HALE/MAYFAIR Interior 11 1180 Colorado Blvd 2,300,000$ 109,524$ 7/1/2014 21 0 12 9 0 3 1946

HALE/MAYFAIR Vintage 88 764-794 Cherry St 1,425,000$ 118,750$ 5/7/2013 12 0 1 11 0 2 1945

HALE/MAYFAIR Interior 53 1430 Albion St 2,850,000$ 123,913$ 11/19/2013 23 0 11 12 0 3 1949

HALE/MAYFAIR Interior 16 1285 Albion St 2,825,000$ 141,250$ 6/6/2014 20 20 0 0 0 3 1953

HALE/MAYFAIR Interior 24 4321 E Hale Pky 2,165,000$ 144,333$ 4/29/2014 15 0 11 4 0 3 1953

HALE/MAYFAIR Mid-rise 39 1011 Colorado Blvd 11,390,000$ 160,423$ 1/28/2014 71 0 48 23 0 12 1971

S COLORADO BLVD Walk-up 28 1560 S Albion St 1,376,500$ 76,472$ 4/15/2014 18 0 2 16 0 2 1958

S COLORADO BLVD Interior 58 1594 S Albion St 1,020,000$ 85,000$ 10/30/2013 12 0 9 3 0 2 1959

S COLORADO BLVD Interior 61 1588 S Albion St 1,020,000$ 85,000$ 10/15/2013 12 0 9 3 0 2 1959

S COLORADO BLVD Interior 25 4185 E Florida Ave 4,907,000$ 94,365$ 4/28/2014 52 4 25 23 0 4 1959

S COLORADO BLVD Walk-up 127 4101 E Iowa Ave 1,140,796$ 95,066$ 7/12/2012 12 0 6 6 0 2 1957

S COLORADO BLVD Interior 115 1520 S Albion St 2,375,000$ 103,261$ 9/28/2012 23 0 23 0 0 3 1958

UPTOWN Vintage 100 1567 Vine St 685,000$ 57,083$ 1/31/2013 12 0 12 0 0 2 1906

UPTOWN Vintage 91 1915 Sherman St 2,625,000$ 75,000$ 4/26/2013 35 32 3 0 0 2 1925

UPTOWN Interior 83 1626 Logan St 4,450,000$ 85,577$ 5/31/2013 52 45 7 0 0 4 1941

UPTOWN Vintage 90 1651 Washington St 3,125,000$ 86,806$ 4/26/2013 36 24 12 0 0 3 1907

UPTOWN Interior 80 1560 Sherman St 3,080,000$ 93,333$ 6/7/2013 33 13 20 0 0 3 1952

UPTOWN Vintage 117 2208 E 17th Ave 1,615,000$ 95,000$ 9/4/2012 17 0 16 1 0 2 1906

UPTOWN Vintage 64 1540 Logan St 3,200,000$ 103,226$ 9/25/2013 31 12 19 0 0 3 1909

UPTOWN Vintage 37 230-240 E 19th Ave 3,990,000$ 117,353$ 1/31/2014 34 0 34 0 0 2 1927

UPTOWN Interior 33 1778 Gilpin St 3,010,000$ 125,417$ 3/5/2014 24 8 16 0 0 4 1963

UPTOWN Vintage 12 1934 Grant St 1,752,650$ 134,819$ 7/1/2014 13 13 0 0 0 2 1905

UPTOWN New 19 1756 Clarkson St 15,200,000$ 253,333$ 5/19/2014 60 0 52 8 0 5 2014

Provided by:

Kyle Malnati and Greg Johnson, Madison Commercial Properties

Source: CoStar

Page 3 of 4

SALES COMPS SORTED BY NEIGHBORHOOD

NEIGHBORHOOD Style Comp # Property Address Sale Price Price / Unit Sale Date Units Studios 1 Bdrm 2 Bdrm 3 Bdrm Floors Year

WASH PARK Interior 84 285 S Lincoln St 615,000$ 55,909$ 5/31/2013 11 2 8 1 0 2 1941

WASH PARK Walk-up 99 8 S Logan St 1,190,000$ 85,000$ 2/25/2013 14 0 13 1 0 3 1969

WASH PARK Walk-up 121 15 Washington St 1,470,000$ 86,471$ 8/1/2012 17 0 17 0 0 3 1967

WASH PARK Walk-up 105 23-33 Pearl St 3,125,000$ 91,912$ 12/27/2012 34 0 30 4 0 3 1967

WASH PARK Interior 122 1 S Emerson St 1,295,000$ 99,615$ 8/1/2012 13 4 4 5 0 3 1961

WASH PARK Walk-up 54 966 S Logan St 1,400,000$ 100,000$ 11/15/2013 14 0 13 1 0 3 1969

WASH PARK Walk-up 113 664 S Lincoln St 2,005,000$ 100,250$ 10/5/2012 20 0 17 3 0 3 1967

WASH PARK Walk-up 56 253 & 263 Grant St 2,750,000$ 101,852$ 11/1/2013 27 0 22 5 0 3 1968

WASH PARK Walk-up 18 25 S Emerson St 1,836,000$ 108,000$ 5/29/2014 17 0 17 0 0 3 1965

WASH PARK Walk-up 63 10 S Sherman St 3,788,000$ 108,229$ 9/30/2013 35 1 24 10 0 3 1969

WASH PARK Interior 46 910 S Pearl St 1,350,000$ 112,500$ 12/20/2013 12 1 11 0 0 3 1963

WASH PARK Walk-up 81 8 S Clarkson St 2,000,000$ 117,647$ 6/3/2013 17 0 17 0 0 3 1967

WASH PARK Interior 15 285 S Lincoln St 1,425,000$ 118,750$ 6/13/2014 12 1 11 0 0 2 1941

WASH PARK Vintage 75 594-598 S Lincoln St 1,263,000$ 126,300$ 7/8/2013 10 0 6 4 0 2 1915

WASH PARK Interior 74 918 S Pennsylvania St 3,050,000$ 127,083$ 7/18/2013 24 24 0 0 0 4 1962

WASH PARK Interior 14 70 Clarkson St 2,000,000$ 133,333$ 6/25/2014 15 2 10 2 0 3 1961

WASH PARK Walk-up 65 172 S Clarkson St 3,162,500$ 137,500$ 9/11/2013 23 0 22 1 0 3 1968

WASH PARK Interior 41 136 S Pennsylvania St 4,985,000$ 138,472$ 1/28/2014 36 1 35 0 0 5 1969

WASH PARK Vintage 8 707 E 2nd Ave 3,280,000$ 149,091$ 7/24/2014 22 1 21 0 0 2 1940

WASH PARK Interior 62 6 Lincoln St 5,900,000$ 151,282$ 10/11/2013 39 0 30 9 0 4 1964

Provided by:

Kyle Malnati and Greg Johnson, Madison Commercial Properties

Source: CoStar

Page 4 of 4

SALES COMPS SORTED BY STYLE

SALES COMPS SORTED BY STYLE

Neighborhood STYLE Comp # Property Address Sale Price Price / Unit Sale Date Units Studios 1 Bdrm 2 Bdrm 3 Bdrm Floors Year

Wash Park INTERIOR 84 285 S Lincoln St 615,000$ 55,909$ 5/31/2013 11 2 8 1 0 2 1941

Capitol Hill INTERIOR 21 1170 Logan St 3,000,000$ 76,923$ 5/15/2014 39 39 0 0 0 2 1924

Capitol Hill INTERIOR 118 1375 Washington St 2,800,000$ 82,353$ 8/31/2012 34 0 34 0 0 3 1949

Hale/Mayfair INTERIOR 77 850 Cherry St 1,850,000$ 84,091$ 6/28/2013 22 11 10 1 0 3 1958

S Colorado Blvd INTERIOR 58 1594 S Albion St 1,020,000$ 85,000$ 10/30/2013 12 0 9 3 0 2 1959

S Colorado Blvd INTERIOR 61 1588 S Albion St 1,020,000$ 85,000$ 10/15/2013 12 0 9 3 0 2 1959

Congress Park INTERIOR 110 1320 Garfield St 1,025,000$ 85,417$ 12/6/2012 12 0 12 0 0 3 1961

Uptown INTERIOR 83 1626 Logan St 4,450,000$ 85,577$ 5/31/2013 52 45 7 0 0 4 1941

Capitol Hill INTERIOR 109 1250 Logan St 3,450,000$ 86,250$ 12/19/2012 40 38 2 0 0 4 1956

Capitol Hill INTERIOR 120 1430 Humboldt St 3,700,000$ 88,095$ 8/1/2012 42 2 20 20 0 5 1969

Hale/Mayfair INTERIOR 85 1410 Albion St 1,515,000$ 89,118$ 5/14/2013 17 5 12 0 0 3 1948

Capitol Hill INTERIOR 86 1120 York St 1,094,500$ 91,208$ 5/14/2013 12 2 10 0 0 3 1962

Capitol Hill INTERIOR 87 1136 York St 1,094,500$ 91,208$ 5/14/2013 12 2 10 0 0 2 1961

E Colfax INTERIOR 9 1525 Fairfax St 1,200,000$ 92,308$ 7/3/2014 13 0 9 4 0 2 1948

Uptown INTERIOR 80 1560 Sherman St 3,080,000$ 93,333$ 6/7/2013 33 13 20 0 0 3 1952

S Colorado Blvd INTERIOR 25 4185 E Florida Ave 4,907,000$ 94,365$ 4/28/2014 52 4 25 23 0 4 1959

Capitol Hill INTERIOR 114 1244 Emerson St 1,150,000$ 95,833$ 10/2/2012 12 2 10 0 0 3 1962

Wash Park INTERIOR 122 1 S Emerson St 1,295,000$ 99,615$ 8/1/2012 13 4 4 5 0 3 1961

Capitol Hill INTERIOR 40 1355 Pearl St 6,000,000$ 100,000$ 1/28/2014 60 60 0 0 0 4 1955

DU INTERIOR 106 2358 S University Blvd 1,200,000$ 100,000$ 12/26/2012 12 2 10 0 0 2 1961

S Colorado Blvd INTERIOR 115 1520 S Albion St 2,375,000$ 103,261$ 9/28/2012 23 0 23 0 0 3 1958

Hale/Mayfair INTERIOR 50 831 Cherry St 1,964,189$ 103,378$ 11/25/2013 19 0 13 6 0 3 1948

Hale/Mayfair INTERIOR 51 861 Cherry St 1,860,811$ 103,378$ 11/25/2013 18 0 12 6 0 3 1948

Hale/Mayfair INTERIOR 3 850 Cherry St 2,300,000$ 104,545$ 8/28/2014 22 11 10 1 0 3 1958

DU INTERIOR 52 2156 S University Blvd 1,800,000$ 105,882$ 11/22/2013 17 0 17 0 0 3 1960

DU INTERIOR 101 2412 S York St 1,180,000$ 107,273$ 1/14/2013 11 0 11 0 0 3 1959

Hale/Mayfair INTERIOR 11 1180 Colorado Blvd 2,300,000$ 109,524$ 7/1/2014 21 0 12 9 0 3 1946

Capitol Hill INTERIOR 108 929 Marion St 4,800,000$ 111,628$ 12/19/2012 43 43 0 0 0 3 1955

Capitol Hill INTERIOR 93 1436 Williams St 1,350,000$ 112,500$ 4/18/2013 12 2 10 0 0 2 1962

Wash Park INTERIOR 46 910 S Pearl St 1,350,000$ 112,500$ 12/20/2013 12 1 11 0 0 3 1963

Capitol Hill INTERIOR 95 1121 Ogden St 1,977,425$ 116,319$ 4/9/2013 17 5 6 6 0 3 1964

Congress Park INTERIOR 23 1335 Monroe St 1,400,000$ 116,667$ 4/30/2014 12 1 11 0 0 1961

Congress Park INTERIOR 45 1362 Clayton St 1,415,000$ 117,917$ 1/3/2014 12 2 10 0 0 2 1962

Wash Park INTERIOR 15 285 S Lincoln St 1,425,000$ 118,750$ 6/13/2014 12 1 11 0 0 2 1941

Hale/Mayfair INTERIOR 53 1430 Albion St 2,850,000$ 123,913$ 11/19/2013 23 0 11 12 0 3 1949

Congress Park INTERIOR 35 1281 Columbine St 3,000,000$ 125,000$ 2/25/2014 24 24 0 0 0 3 1962

Uptown INTERIOR 33 1778 Gilpin St 3,010,000$ 125,417$ 3/5/2014 24 8 16 0 0 4 1963

Wash Park INTERIOR 74 918 S Pennsylvania St 3,050,000$ 127,083$ 7/18/2013 24 24 0 0 0 4 1962

Provided by:

Kyle Malnati and Greg Johnson, Madison Commercial Properties

Source: CoStar

Page 1 of 4

SALES COMPS SORTED BY STYLE

Neighborhood STYLE Comp # Property Address Sale Price Price / Unit Sale Date Units Studios 1 Bdrm 2 Bdrm 3 Bdrm Floors Year

Congress Park INTERIOR 67 1160 Josephine St 2,500,000$ 131,579$ 8/15/2013 19 0 10 9 0 3 1961

Wash Park INTERIOR 14 70 Clarkson St 2,000,000$ 133,333$ 6/25/2014 15 2 10 2 0 3 1961

Capitol Hill INTERIOR 44 950 Lafayette St 3,620,000$ 134,074$ 1/21/2014 27 6 19 2 0 3 1961

Governor's Park INTERIOR 98 770 Grant St 8,100,000$ 135,000$ 3/1/2013 60 0 50 10 0 2 1963

Capitol Hill INTERIOR 36 900 Washington St 3,540,000$ 136,154$ 2/21/2014 26 4 22 0 0 3 1958

Wash Park INTERIOR 41 136 S Pennsylvania St 4,985,000$ 138,472$ 1/28/2014 36 1 35 0 0 5 1969

Capitol Hill INTERIOR 57 1350 Lafayette St 4,900,000$ 140,000$ 10/31/2013 35 0 34 1 0 4 1970

Hale/Mayfair INTERIOR 16 1285 Albion St 2,825,000$ 141,250$ 6/6/2014 20 20 0 0 0 3 1953

DU INTERIOR 69 2363 S York St 1,700,000$ 141,667$ 8/9/2013 12 2 10 0 0 2 1965

Hale/Mayfair INTERIOR 24 4321 E Hale Pky 2,165,000$ 144,333$ 4/29/2014 15 0 11 4 0 3 1953

Governor's Park INTERIOR 38 600-624 Pennsylvania St 7,650,000$ 144,340$ 1/30/2014 53 6 37 10 0 3 1962

Capitol Hill INTERIOR 6 950 Lafayette St 3,950,000$ 146,296$ 7/30/2014 27 6 19 2 0 3 1961

Congress Park INTERIOR 17 1200 Saint Paul St 1,625,000$ 147,727$ 5/30/2014 11 0 5 6 0 2 1951

Wash Park INTERIOR 62 6 Lincoln St 5,900,000$ 151,282$ 10/11/2013 39 0 30 9 0 4 1964

Capitol Hill INTERIOR 32 1075 Corona St 6,300,000$ 175,000$ 3/24/2014 36 0 24 10 2 3 1955

Congress Park INTERIOR 60 1302 Columbine St 3,300,000$ 183,333$ 10/17/2013 18 0 7 11 0 3 1962

City Park INTERIOR 22 1899 Gaylord St 11,500,000$ 188,525$ 5/9/2014 61 21 20 20 0 4 1969

Congress Park INTERIOR 20 1320 Garfield St 2,275,000$ 189,583$ 5/19/2014 12 0 7 5 0 3 1961

Capitol Hill MID-RISE 94 1901 E 13th Ave 8,350,000$ 89,785$ 4/9/2013 93 8 41 44 0 12 1963

Governor's Park MID-RISE 104 515 Clarkson St 11,400,000$ 126,667$ 12/27/2012 90 0 45 45 0 12 1971

Congress Park MID-RISE 5 1412 Steele St 7,800,000$ 159,184$ 7/30/2014 49 0 24 25 0 7 1969

Hale/Mayfair MID-RISE 39 1011 Colorado Blvd 11,390,000$ 160,423$ 1/28/2014 71 0 48 23 0 12 1971

Congress Park NEW 96 1485 Clayton St 1,479,550$ 134,505$ 3/22/2013 11 0 0 11 0 3 2000

DU NEW 116 1986 S University Blvd 1,925,000$ 160,417$ 9/17/2012 12 0 1 11 0 3 2000

Congress Park NEW 29 1485 Clayton St 2,725,000$ 247,727$ 4/11/2014 11 0 0 11 0 3 2000

Uptown NEW 19 1756 Clarkson St 15,200,000$ 253,333$ 5/19/2014 60 0 52 8 0 5 2014

Capitol Hill VINTAGE 126 1101-1105 Clarkson St 1,900,000$ 47,500$ 7/12/2012 40 3 33 4 0 3 1940

Uptown VINTAGE 100 1567 Vine St 685,000$ 57,083$ 1/31/2013 12 0 12 0 0 2 1906

Capitol Hill VINTAGE 70 1234 Washington St 1,575,000$ 60,577$ 8/7/2013 26 18 8 0 0 4 1927

Capitol Hill VINTAGE 128 1458 Gaylord St 614,000$ 61,400$ 7/9/2012 10 0 6 4 0 2 1894

Capitol Hill VINTAGE 102 1205 Washington St 2,250,000$ 64,286$ 12/31/2012 35 35 0 0 0 2 1924

Capitol Hill VINTAGE 111 1170 Corona St 900,000$ 75,000$ 11/8/2012 12 11 1 0 0 2 1923

Uptown VINTAGE 91 1915 Sherman St 2,625,000$ 75,000$ 4/26/2013 35 32 3 0 0 2 1925

Capitol Hill VINTAGE 107 1442 Humboldt St 825,000$ 82,500$ 12/20/2012 10 10 0 0 0 2 1896

Capitol Hill VINTAGE 34 1205 Washington St 2,900,000$ 82,857$ 2/26/2014 35 35 0 0 0 2 1924

Provided by:

Kyle Malnati and Greg Johnson, Madison Commercial Properties

Source: CoStar

Page 2 of 4

SALES COMPS SORTED BY STYLE

Neighborhood STYLE Comp # Property Address Sale Price Price / Unit Sale Date Units Studios 1 Bdrm 2 Bdrm 3 Bdrm Floors Year

Uptown VINTAGE 90 1651 Washington St 3,125,000$ 86,806$ 4/26/2013 36 24 12 0 0 3 1907

Uptown VINTAGE 117 2208 E 17th Ave 1,615,000$ 95,000$ 9/4/2012 17 0 16 1 0 2 1906

Capitol Hill VINTAGE 68 1272 Washington St 1,050,000$ 95,455$ 8/15/2013 11 0 7 4 0 4 1914

Capitol Hill VINTAGE 27 1135 Ogden St 2,500,000$ 100,000$ 4/15/2014 25 24 1 0 0 3 1930

Uptown VINTAGE 64 1540 Logan St 3,200,000$ 103,226$ 9/25/2013 31 12 19 0 0 3 1909

Capitol Hill VINTAGE 1 810 E 12th Ave 2,200,000$ 104,762$ 9/2/2014 21 15 6 0 0 2 1925

Capitol Hill VINTAGE 7 815 Sherman St 2,125,000$ 106,250$ 7/30/2014 20 5 15 0 0 2 1929

Congress Park VINTAGE 92 3005-3015 E 14th Ave 1,640,000$ 109,333$ 4/25/2013 15 2 9 4 0 2 1949

Capitol Hill VINTAGE 13 760 E 11th Ave 1,435,000$ 110,385$ 6/26/2014 13 0 11 2 0 2 1900

Capitol Hill VINTAGE 112 861-865 Lafayette St 1,112,500$ 111,250$ 11/7/2012 10 2 6 1 1 2 1906

Capitol Hill VINTAGE 55 1125 Marion St 1,500,000$ 115,385$ 11/12/2013 13 5 8 0 0 3 1925

Uptown VINTAGE 37 230-240 E 19th Ave 3,990,000$ 117,353$ 1/31/2014 34 0 34 0 0 2 1927

Golden Triangle VINTAGE 26 1229 Bannock St 3,323,362$ 118,692$ 4/24/2014 28 27 1 0 0 2 1922

Hale/Mayfair VINTAGE 88 764-794 Cherry St 1,425,000$ 118,750$ 5/7/2013 12 0 1 11 0 2 1945

Congress Park VINTAGE 47 2315 E 12th Ave 2,500,000$ 125,000$ 12/12/2013 20 2 3 15 0 3 1949

Wash Park VINTAGE 75 594-598 S Lincoln St 1,263,000$ 126,300$ 7/8/2013 10 0 6 4 0 2 1915

Capitol Hill VINTAGE 119 1002 E 10th Ave 1,850,000$ 132,143$ 8/23/2012 14 0 10 0 4 2 1906

Capitol Hill VINTAGE 72 1285 Clarkson St 3,350,000$ 134,000$ 7/24/2013 25 0 25 0 0 3 1928

Uptown VINTAGE 12 1934 Grant St 1,752,650$ 134,819$ 7/1/2014 13 13 0 0 0 2 1905

Capitol Hill VINTAGE 73 1117 Pennsylvania St 1,950,000$ 139,286$ 7/24/2013 14 0 8 6 0 3 1925

Capitol Hill VINTAGE 49 1010 E 13th Ave 6,300,000$ 143,182$ 11/25/2013 44 12 23 9 0 2 1904

Wash Park VINTAGE 8 707 E 2nd Ave 3,280,000$ 149,091$ 7/24/2014 22 1 21 0 0 2 1940

S Colorado Blvd WALK-UP 28 1560 S Albion St 1,376,500$ 76,472$ 4/15/2014 18 0 2 16 0 2 1958

Hale/Mayfair WALK-UP 79 809 Dexter St 3,100,000$ 81,579$ 6/14/2013 38 0 34 4 0 4 1968

Wash Park WALK-UP 99 8 S Logan St 1,190,000$ 85,000$ 2/25/2013 14 0 13 1 0 3 1969

Wash Park WALK-UP 121 15 Washington St 1,470,000$ 86,471$ 8/1/2012 17 0 17 0 0 3 1967

Capitol Hill WALK-UP 103 1455 Vine St 870,000$ 87,000$ 12/28/2012 10 0 8 2 0 3 1968

Wash Park WALK-UP 105 23-33 Pearl St 3,125,000$ 91,912$ 12/27/2012 34 0 30 4 0 3 1967

Hale/Mayfair WALK-UP 30 840 Cherry St 1,606,500$ 94,500$ 4/10/2014 17 0 17 0 0 3 1967

S Colorado Blvd WALK-UP 127 4101 E Iowa Ave 1,140,796$ 95,066$ 7/12/2012 12 0 6 6 0 2 1957

Congress Park WALK-UP 48 1280 Clayton St 1,940,000$ 97,000$ 12/6/2013 20 0 20 0 0 3 1969

Capitol Hill WALK-UP 71 840 Washington St 3,950,000$ 98,750$ 7/25/2013 40 40 0 0 0 3 1968

DU WALK-UP 125 2411 S Gaylord St 1,975,000$ 98,750$ 7/20/2012 20 0 20 0 0 3 1966

DU WALK-UP 124 2075 S Josephine St 1,990,000$ 99,500$ 7/20/2012 20 20 0 0 0 3 1965

Wash Park WALK-UP 54 966 S Logan St 1,400,000$ 100,000$ 11/15/2013 14 0 13 1 0 3 1969

Wash Park WALK-UP 113 664 S Lincoln St 2,005,000$ 100,250$ 10/5/2012 20 0 17 3 0 3 1967

Congress Park WALK-UP 78 1235 Clayton St 1,710,000$ 100,588$ 6/17/2013 17 0 17 0 0 3 1969

Provided by:

Kyle Malnati and Greg Johnson, Madison Commercial Properties

Source: CoStar

Page 3 of 4

SALES COMPS SORTED BY STYLE

Neighborhood STYLE Comp # Property Address Sale Price Price / Unit Sale Date Units Studios 1 Bdrm 2 Bdrm 3 Bdrm Floors Year

Governor's Park WALK-UP 10 525 Pennsylvania St 1,818,000$ 101,000$ 7/2/2014 18 18 0 0 0 3 1961

Wash Park WALK-UP 56 253 & 263 Grant St 2,750,000$ 101,852$ 11/1/2013 27 0 22 5 0 3 1968

Congress Park WALK-UP 59 1451-1459 Detroit St 3,850,000$ 104,054$ 10/28/2013 37 3 32 2 0 3 1968

Capitol Hill WALK-UP 89 1050 Emerson St 1,056,000$ 105,600$ 4/30/2013 10 1 3 6 0 2 1966

Wash Park WALK-UP 18 25 S Emerson St 1,836,000$ 108,000$ 5/29/2014 17 0 17 0 0 3 1965

Wash Park WALK-UP 63 10 S Sherman St 3,788,000$ 108,229$ 9/30/2013 35 1 24 10 0 3 1969

City Park WALK-UP 97 1685 Colorado Blvd 2,625,000$ 109,375$ 3/12/2013 24 1 23 0 0 5 1972

DU WALK-UP 82 2421-2449 S Gaylord St 1,660,000$ 110,667$ 6/3/2013 15 0 9 6 0 1 1958

Congress Park WALK-UP 4 1303 Columbine St 1,900,000$ 111,765$ 8/20/2014 17 0 17 0 0 3 1967

Wash Park WALK-UP 81 8 S Clarkson St 2,000,000$ 117,647$ 6/3/2013 17 0 17 0 0 3 1967

Congress Park WALK-UP 2 1418 Adams St 2,165,225$ 120,290$ 8/29/2014 18 1 17 0 0 3 1967

DU WALK-UP 123 2424 S York St 2,060,000$ 121,176$ 7/20/2012 17 0 10 7 0 4 1970

Congress Park WALK-UP 42 1443 Elizabeth St 2,225,000$ 123,611$ 1/28/2014 18 1 17 0 0 3 1966

Capitol Hill WALK-UP 43 1345 High St 2,200,000$ 129,412$ 1/28/2014 17 0 17 0 0 3 1966

Wash Park WALK-UP 65 172 S Clarkson St 3,162,500$ 137,500$ 9/11/2013 23 0 22 1 0 3 1968

DU WALK-UP 76 2451 S Gaylord St 1,460,000$ 146,000$ 7/2/2013 10 0 0 9 0 2 1958

Governor's Park WALK-UP 66 550 Logan St 2,256,178$ 150,412$ 9/11/2013 15 3 12 0 0 3 1962

DU WALK-UP 31 2421-2449 S Gaylord St 2,550,000$ 170,000$ 3/31/2014 15 0 9 6 0 1 1958

Provided by:

Kyle Malnati and Greg Johnson, Madison Commercial Properties

Source: CoStar

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