Finish Line Apartments by Jordan.Dickman

FINISH LINE A P A R T M E N T S A Newly Developed 192-Unit Apartment Complex located in Louisville, Kentucky

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

CO NFID E NT IALIT Y AND D ISCLAIM E R The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. SP ECIAL COVID -19 NOT ICE All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making. Any rent or income information in this offering memorandum, with the exception of actual, historical rent collections, represent good faith projections of potential future rent only, and Marcus & Millichap makes no representations as to whether such rent may actually be attainable. Local, state, and federal laws regarding restrictions on rent increases may make these projections impossible, and Buyer and its advisors should conduct their own investigation to determine whether such rent increases are legally permitted and reasonably attainable. NO N-E ND O R SE M E NT NOT ICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

A L L P R O P E R T Y S H O W I N G S A R E B Y A P P O I N T M E N T O N L Y. P L E A S E C O N S U LT Y O U R M A RC U S & M I L L I C H A P AG E N T FO R M O R E D ETA I L S .

O F F I C E S T H R O U G H O U T T H E U . S . A N D C A N A DA W W W. M A R C U S M I L L I C H A P. C O M

T A

EXECUTIVE SUMMARY PG.4

L E

E X C L U S I V E LY L I ST E D BY

02 PROPERTY OVERVIEW PG.16

JORDAN D I CKMAN

First Vice President Investments Director, National Multi-Housing Group Nick.Andrews@marcusmillichap.com D: (513) 878-7741 | C: (614) 402-6685 License: OH SAL.2013003546

First Vice President Investments Director, National Multi-Housing Group Jordan.Dickman@marcusmillichap.com D: (513) 878-7735 | C: (440) 474-2269 License: OH SAL.2014001272 | KY 247078

NICK ANDR EWS

F I N A N C I A L A N A LY S I S

C Associate Tim.Vanwingerden@marcusmillichap.com D: (513) 878-7750 License: KY 264290

T I M VAN W I N G E RD E N

Senior Vice President Investments Director, National Multi-Housing Group Aaron.Johnson@marcusmillichap.com D: (502) 329-5920 | C: (502) 664-0766 License: KY 204560

PG.32

AARON JOHNSON

03 04 COMPETITIVE PROPERTY SET

PG.40

DAVID B ADGET T JR.

E N

Associate David.Badgett@marcusmillichap.com D: (502) 329-5999 | C: (502) 432-2981 License: KY 215224

05 MARKET OVERVIEW

PG.48

Newly built, COVID-19 resistant apartment complex with strong lease-up in desirable Louisville, Kentucky submarket

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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. ÂŠ 2021 Marcus & Millichap.

FINISH LINE A P A R T M E N T S

EXECUTIVE SUMMARY O f fer i n g O v er v i ew _ 0 6 S u m m a r y o f O f fer i n g / Ter m s _ 07 In v est m en t O v er v i ew _ 10 In v est m en t H i g h li g h t s _ 11 R eg i o n a l M a p _ 12 L ea se M o m en t u m _ 13 S u r r o u n d i n g A r ea In f r a st r u c t u r e _ 14

FINISH LINE A P A R T M E N T S

192 TOTAL UNITS

E X ECU TIVE S UMMARY

80%

OF UNITS LEASED

2020 YEAR BUILT

208,608 12.188 RENTABLE SQUARE FEET

TOTAL ACRES

O F F ERI NG

S UMMARY

PRICING SUMMARY Listing Price

SUMMARY OF TERMS

Unpriced. Call For Offers

Number of Units

192

Gross Leasable Area

208,608 SF

Avg. Unit Size

1,087 SF

Yr. 1 Net Operating Income (Pro Forma)

$1,623,352

Avg. Effective Rent/Unit

$1,026

Avg. Pro Forma Rent/Unit

$1,067

Avg. Pro Forma Rent/SF

$0.98

Interested Offer Marcus & Millichap is pleased to exclusively offer for sale Finish Line Apartments, a brand new apartment complex located in Louisville, Kentucky within the Valley Station submarket. This property provides an investor a hard to find deal in an area with access to top-notch employment. Sales Terms This property is being offered unpriced. Please call for offers. Property Tours Prospective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be arranged with the Marcus & Millichap listing agents. At no time shall the tenants, on-site management or staff be contacted without prior approval.

UNIT MIX SUMMARY CURRENT

MARKET RENTS

PRO FORMA/PROJECTED RENTS

Number of Units

Average SF

Total SF

Avg. Effective Rent/Unit

Avg. Effective Rent/SF

Per Unit

Per SF

Per Unit

Per SF

One Bedroom

763

18,312

$862.48

$1.13

$899.00

$1.18

$1,000.00

$1.31

Two Bedroom

120

1,035

124,200

$1,007.32

$0.97

$1,018.00

$0.98

$1,125.00

$1.09

Three Bedroom

1,377

66,096

$1,153.96

$0.84

$1,275.00

$0.93

$1,300.00

$0.94

192 Units

1,087 SF

208,608 SF

$1,025.88

$0.94 SF

$1,067.38

$0.98 SF

$1,153.13

$1.06 SF

Unit Type

Total/Avg.

F I NI S H L I NE A PA RTM ENTS

DOWNTOWN LOUISVILLE

12 MILES FROM LOUISVILLE

31W

FINISH LINE A P A R T M E N T S PARK PLACE MALL

Brand new apartment complex located in the Valley Station submarket providing an investor with a unique opportunity in an area with access to top-notch employment. 8

E X ECU TIVE S UMMARY

COMMUNITY LUXU R Y

F I NI S H L I NE A PA RTM ENTS

I N VEST ME NT

OVERVIEW

FINISH LINE APARTMENTS

Newly built, 192-unit multifamily development in Louisville, Kentucky Marcus & Millichap is pleased to exclusively offer for sale Finish Line Apartments, a newly built apartment complex in the desirable Valley Station submarket of Louisville, Kentucky. Completed in 2020, the asset spans 208,608 square feet on a 12.188-acre lot. The complex has already seen 80% of its 192 units leased, averaging an 8% gain monthover-month since lease-up started. The investment has a unique unit mix of one-, two- and three-bedroom units ranging from 763 average square feet to 1,377 average square feet. Apartment amenities include stone counter tops, new cabinets, stainless steel appliances, modern light fixtures, plank flooring, private balcony and patios and a washer/dryer connection in every unit.

E X ECU TIVE S UMMARY

NEWLY BUILT, COVID-19 RESISTANT APARTMENT COMPLEX WITH STRONG LEASE-UP IN DESIRABLE LOUISVILLE, KENTUCKY SUBMARKET • Exceptional lease-up, with 80% of total units occupied since March 2020 • The asset has a superb amenities package including an outdoor pool, sundeck, fitness center, clubhouse and dog park • Despite three separate rent increases, Finish Line Apartments has maintained leasing momentum and demand throughout COVID-19

HIGH BARRIER-TO-ENTRY APARTMENT MARKET WITH SUBSTANTIAL INFRASTRUCTURE IMPROVEMENTS • In the last 10 years, two Class-A multifamily assets have been sold in the Valley Station submarket to institutional-quality operators

$35 MILLION DIXIE HIGHWAY PROJECT ADJACENT TO FINISH LINE APARTMENTS • The Dixie Highway Project is a city-funded improvement initiative designed to increase roadway safety, public transportation and a new signal light system • The asset is within 5 miles of the planned Bus Rapid Transit System, with access throughout the Dixie Highway Retail Corridor • Significant changes include 14 miles of medians, widened sidewalks and better-defined crosswalks

CONVENIENT ACCESS TO LOUISVILLE’S GROWING EMPLOYMENT HUBS • The UPS Worldport provides more than 25,000 jobs and is the number two cargo airport in America and number four in the entire world • Louisville is home to three Fortune 500 companies and large employers including Yum! Brands Inc., Kindred Healthcare, Humana Inc., and Ford Motor Company • Finish Line Apartments is within a 15-minute drive of Riverport Industrial Park, a 2,000-acre employment hub home to more than 100 companies and more than 6,500 jobs. The park is currently undergoing $4 million in infrastructure improvements to its nearly 200-acre five-phase expansion

LOUISVILLE’S FAVORABLE AND GROWING DEMOGRAPHIC PROFILE • Between 2010 and 2019, Louisville’s population increased from 596,936 to 626,220; during that same period, average household income increased from $61,797 to $76,746 • Louisville has a young and educated demographic, with a median age of 37.6 and a population where at least 29.2% have obtained a bachelor’s degree or higher F I NI S H L I NE A PA RTM ENTS

Westport

Borden New Providence

Springs

Perry Crossing

Martinsburg

ericksburg

Charlestown

Greenhaven

Bennettsville

Skylight

Starlight Palmyra

21%

Hancock Chapel

Speed

Scottsville

St Joseph

Navilleton

of residents are Bradford millenials

Cementville Floyds Knobs

Watson

Blackiston Mill

265

Crandall median household Moberlyincome in Louisville

Georgetown

Shawneeland

33.10%

Portland

Bellewood

LOUISVILLE

Dixie

Bowman Field

Harrison

Breckenridge 60

estimated Dogwood population within a 5-mile radius

Elizabeth

Waverly Hills

Valley Downs

Prairie Village

Knopp

265

150

Okolona

Parkwood

Hollow Creek Spring Mill

Buena Vista

Glidas

L s Park

Hopewell

Seatonville

Routt Wilsonville

Whitfield

Thixton

Veech

Elk Creek Rivals

Hunters Hollow Brooks Hebron Estates

Long Branch

Brandenburg

West Point Davidson

Brandenburg Station Doe Run

Yoder

Crenshaw

Katharyn

Ekron

Cupio

150

Shepherdsville Salt River

Garrett

Highgrove

Cedar Grove

Wakefield

Solitude

Lickskillet

E X ECU TIVE S UMMARY

TAYLO LAKE P

Barrallton

Muldraugh Tip Top Station Grahamton

Taylorsville

Smithville

Doe Valley Estates Rock Haven

Stites

Normandy

Mt Washington

Laconia

Titus

Figgs

150

Waterford Mauckport

Pitts Point

Bardstown Beech Junction Grove

M H

Needmore Ashville

Penile

Medora

Macedonia

Joyes

Fern Creek

Bethany

A P A Orell R T M E N T S

Montclair Veechdale

Fisherville

Jeffersontown

Louisville Muhammad Ali Int'l Arpt

FINISH LINE

Central

Tucker Station

Beechmont

Scotts Station

Beckley Lincoln Ridge

Lynnview

Sugar Grove

Berrytown Anchorage

Hurstbourne

Springlee

Bridgeport

Greenwood

Rolling Hills

Lyndon

264

Kenwood

215,505

Westwood

Parkway Village

Shively Lottick Corner

Crossgate

Todds Point

Obannon

Chestnu Grove

Floydsburg

Glenview

Jeffersonville

New Middletown

Worthington

Thornhill Clarksville

Lanesville

Grange renter-occupied Corydon in housing Louisville MSA

Crestwood

Green Spring Oak Park

New Albany Silver Hills

Edwardsville

Centerfield

Utica

150

Duncan

Jericho

Glenarm Park Lake

Prospect

New Salisbury

Mott Station

Tarascon

Ballardsville Brownsboro

$57,405

Demplytown

River Bluff

Byrneville

Valley City

Buckner

Greenville Galena

Liro La Grange

Goshen

Clark County Airport

Hamburg

Depauw

White Cloud

Cedar Point

River Ridge

Sellersburg

150

Central Barren

Pendleton

Owen Sunset Village

Brownington Clermont Limestone Springs Hobbs Ridgetop Lotus

Lenore

Fairfield

Bloomfield Deatsville

FINISH LINE A P A R T M E N T S Smithfield

S T R O N G

L E A S E

M O M E N T U M

ut Raymond Hill

OVER

Middletown Heights

Olive Branch

Little Mount

ORSVILLE E STATE PARK

80%

SINCE MARCH 2020

LEASE-UP PROCESS ADDING NEARLY

UNITS ALREADY LEASED

OF OCCUPANCY PER MONTH ON AVERAGE

153

OF UNITS ALREADY LEASED

NEW ASKING RENTS

4.05%

HIGHER THAN ORIGINAL ASKING RENTS

New 1-Bedroom Leases Up 4.23% Higher Than Previously New 2-Bedroom Leases Up 1.06% Higher Than Previously New 3-Bedroom Leases Up 10.49% Higher Than Previously

F I NI S H L I NE A PA RTM ENTS

Strong CONNECTIVIT Y to N E W I N F R AST RUCT UR E

LOUISVILLE

C H U RC H I L L D OW N S

McDonaldâ&#x20AC;&#x2122;s

S H I V E LY 264

31W

PA R K P L AC E M A L L

Walgreens PLEASURE RIDGE PARK

Walgreens

DIXIE MANOR SHOPPING CENTER

FINISH LINE A P A R T M E N T S 31W

E X ECU TIVE S UMMARY

WAV E R LY H I L L S

F I NI S H L I NE A PA RTM ENTS

Exceptional lease-up, with 80% of total units occupied since March 2020

FINISH LINE A P A R T M E N T S

PROPERTY OVERVIEW Pr o p er t y Desc r i p t i o n _ 18 C o m m u n i t y S i t e Pla n _ 19 U n i t M i x S u m m a r y _ 20 C o m m u n i t y A m en i t i es _ 24 A p a r t m en t Fea t u r es _ 26 Flo o r Pla n s _ 28

SUPERB AMENITY PA C K A G E with an outdoor

Address

5420 Eight Bells Lane, Louisville, KY

County

Jefferson County

Gross Leasable Area

208,608 SF

pool, 24/7 f itness center, clubhouse

Year Built

cafe & lounge, dog park, and much

Lot Size

12.188 AC

Parking

Open surface spots

more. All of these amenities are a

P R O P E R T Y D E TA I L S

Buildings

big attraction for existing and

Construction

potential residents.

Roof Type

PROPE RT Y OVERVIEW

2020

9 buildings, each 3 stories and 1 single story clubhouse Concrete foundation, wood framing, brick/vinyl exterior Shingled

31W

CLUBHOUSE MAIL BOX DOG PARK POOL

ELZ OA IE R D

F I NI S H L I NE A PA RTM ENTS

UN I T

M I X

120

FINISH LINE APARTMENTS HAS ALREADY SEEN

3-BEDROOM UNITS

80%

2-BEDROOM UNITS

192

1-BEDROOM UNITS

OF ITS 192 UNITS LEASED-UP SINCE MARCH OF 2020

TOTAL UNITS

153 UNITS HAVE BEEN LEASED ON AVERAGE AND G A I N E D

UNIT MIX SUMMARY CURRENT

PRO FORMA/PROJECTED RENTS

OF OCCUPANCY

Avg. Effective Rent/Unit

Avg. Effective Rent/SF

Per Unit

Per SF

Per Unit

Per SF

PER MONTH SINCE

One Bedroom

763

$862.48

$1.13

$899.00

$1.18

$1,000.00

$1.31

LEASE-UP BEGAN.

Two Bedroom

1,035

$1,007.32

$0.97

$1,018.00

$0.98

$1,125.00

$1.09

Three Bedroom

1,377

$1,153.96

$0.84

$1,275.00

$0.93

$1,300.00

$0.94

1,087 SF

$1,025.88

$0.94 SF

$1,067.38

$0.98 SF

$1,153.13

$1.06 SF

Unit Type

Total/Avg.

MARKET RENTS

Average SF

PROPE RT Y OVERVIEW

F I NI S H L I NE A PA RTM ENTS

PROPE RT Y OVERVIEW

F I NI S H L I NE A PA RTM ENTS

COMMUNITY

AMENITIES

Outdoor Pool

Laundry Facilities

Large Sun Deck

On-Site Management

24/7 Fitness Center

24/7 Maintenance

Clubhouse

Dog Park

Community Kitchen

Meeting Lounge

PROPE RT Y OVERVIEW

F I NI S H L I NE A PA RTM ENTS

A PA RT M E N T

FEATURES Stone Countertops

Plank Flooring

New Cabinets

Private Balcony & Patios

Stainless Steel Appliances

In-Unit Washer & Dryer Connections

Open Floor Plan

Modern Lighting & Fixtures

Ceiling Fans

PROPE RT Y OVERVIEW

F I NI S H L I NE A PA RTM ENTS

F LO O R

T H E

PL ANS

F U R LO N G

1-BEDROOM | 763 RSF

PROPE RT Y OVERVIEW

T H E

PA D D O C K

2-BEDROOM | 1,035 RSF

F LO O R

PL ANS

DEMAND FOR FINISH LINE HAS BEEN SO STRONG THAT THE RENT HAS BEEN INCREASED 3 SEPARATE TIMES SINCE LEASE-UP BEGAN, DESPITE THE EFFECTS OF COVID-19.

THE PROPERTY STILL

THE

WIN N ERS

C I RC LE

3-BEDROOM | 1,377 RSF

CONTINUES TO LEASE-UP DESPITE THESE RENT PUSHES, STRENGTHENING ITS RENT POSITIONING.

F I NI S H L I NE A PA RTM ENTS

PROPE RT Y OVERVIEW

F I NI S H L I NE A PA RTM ENTS

In the last 10 years, only 2 other A-class multifamily properties were sold in the Valley Station submarket. Additionally, both of these properties were purchased by a REIT, proving the strength and interest in the market.

FINISH LINE A P A R T M E N T S

FINANCIAL A N A LY S I S Fi n a n c i a l S u m m a r y _ 3 4 C a sh Flo w _ 3 5 O p er a t i n g S t a t em en t _ 3 6 N o t es & A ssu m p t i o n s _ 3 8 U n i t M i x Det a i ls _ 3 9

FI N A NC I AL

S UMMA RY

OFFERING SUMMARY

NOI SUMMARY

Purchase Price

Unpriced. Call for offers

Property Name

Finish Line Apartments

Address

Trailing

TOTAL EXPENSES SUMMARY (PER UNIT) $1,215,173

Trailing

$3,162

Year 1

$1,623,352

Year 1

$5,042

Year 2

$1,786,615

Year 2

$5,138

5420 Eight Bells Lane, Louisville, KY

R E N T S U M M A R Y ( M O N T H LY ) Year Built Lot Size Number of Units Rentable SF Avg. Unit Size

F INA N CIA L A NALYSIS

2020 12.188 AC 192 208,608 SF 1,087 SF

ECONOMIC LOSS SUMMARY

Avg. Effective Rent

$1,026

Trailing

29.34%

Per RSF

$0.94

Year 1

6.00%

Avg. Current Market Rent

$1,067

Year 2

5.10%

Per RSF

$0.98

Avg. Projected Rent

$1,153

Per RSF

$1.06

CAS H

FLOW CURRENT

YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

YR 9

YR 10

YE FEB 2022

YE FEB 2023

YE FEB 2024

YE JAN2025

YE JAN 2026

YE JAN 2027

YE JAN 2028

YE JAN 2029

YE JAN 2030

YE JAN 2031

$2,329,056 $26,500 $2,355,556

$2,656,800 ($132,840) $2,523,960

$2,736,504 ($54,730) $2,681,774

$2,818,599 ($56,372) $2,762,227

$2,903,157 ($58,063) $2,845,094

$2,990,252 ($59,805) $2,930,447

$3,079,959 ($61,599) $3,018,360

$3,172,358 ($63,447) $3,108,911

$3,267,529 ($65,351) $3,202,178

$3,365,555 ($67,311) $3,298,244

$3,466,521 ($69,330) $3,397,191

$107,497 $12,360 $7,200 $8,870 $8,851 $5,600 $4,414 $1,170 $1,000 $500 $272 $157,735 $2,513,291 ($473,716) ($22,164) ($13,990) ($181,154) $1,822,267

$135,432 $34,560 $13,824 $10,118 $10,096 $6,388 $5,036 $1,335 $1,141 $570 $310 $218,810 $2,742,770 ($126,198) $0 $0 ($25,240) $2,591,333

$139,495 $35,597 $14,239 $10,422 $10,399 $6,580 $5,187 $1,375 $1,175 $587 $320 $225,375 $2,907,148 ($134,089) $0 $0 $0 $2,773,060

$143,680 $36,665 $14,666 $10,734 $10,711 $6,777 $5,342 $1,416 $1,210 $605 $329 $232,136 $2,994,363 ($138,111) $0 $0 $0 $2,856,252

$146,553 $37,398 $14,959 $10,949 $10,925 $6,913 $5,449 $1,445 $1,234 $617 $336 $236,778 $3,081,872 ($142,255) $0 $0 $0 $2,939,618

$149,484 $38,146 $15,258 $11,168 $11,144 $7,051 $5,558 $1,474 $1,259 $630 $342 $241,514 $3,171,961 ($146,522) $0 $0 $0 $3,025,438

$152,474 $38,909 $15,564 $11,391 $11,367 $7,192 $5,669 $1,503 $1,284 $642 $349 $246,344 $3,264,705 ($150,918) $0 $0 $0 $3,113,786

$155,524 $39,687 $15,875 $11,619 $11,594 $7,336 $5,783 $1,533 $1,310 $655 $356 $251,271 $3,360,182 ($155,446) $0 $0 $0 $3,204,737

$158,634 $40,481 $16,192 $11,852 $11,826 $7,482 $5,898 $1,564 $1,336 $668 $363 $256,297 $3,458,475 ($160,109) $0 $0 $0 $3,298,366

$161,807 $41,290 $16,516 $12,089 $12,062 $7,632 $6,016 $1,595 $1,363 $681 $371 $261,423 $3,559,666 ($164,912) $0 $0 $0 $3,394,754

$165,043 $42,116 $16,846 $12,330 $12,304 $7,785 $6,137 $1,627 $1,390 $695 $378 $266,651 $3,663,842 ($169,860) $0 $0 $0 $3,493,982

EXPENSES Real Estate Taxes Insurance Utilities Contract Services Repairs & Maintenance Marketing & Promotion On-Site Payroll Payroll Taxes & Benefits General & Administrative Management Fee Replacement & Reserves Total Expenses Net Operating Income

$24,908 $52,640 $118,178 $43,342 $40,865 $54,609 $127,006 $23,193 $34,384 $39,008 $48,960 $607,094 $1,215,173

$272,112 $52,800 $147,233 $43,200 $86,400 $19,200 $172,800 $19,200 $14,400 $90,697 $49,939 $967,981 $1,623,352

$272,112 $53,856 $150,178 $44,064 $88,128 $19,584 $176,256 $19,584 $14,688 $97,057 $50,938 $986,445 $1,786,615

$272,112 $54,933 $153,181 $44,945 $89,891 $19,976 $179,781 $19,976 $14,982 $99,969 $51,957 $981,726 $1,874,525

$277,554 $56,032 $156,245 $45,844 $91,688 $20,375 $183,377 $20,375 $15,281 $102,887 $52,996 $1,002,279 $1,937,339

$283,105 $57,152 $159,370 $46,761 $93,522 $20,783 $187,044 $20,783 $15,587 $105,890 $54,056 $1,023,271 $2,002,168

$288,767 $58,295 $162,557 $47,696 $95,393 $21,198 $190,785 $21,198 $15,899 $108,983 $55,137 $1,044,710 $2,069,076

$294,543 $59,461 $165,808 $48,650 $97,300 $21,622 $194,601 $21,622 $16,217 $112,166 $56,240 $1,066,608 $2,138,128

$300,434 $60,651 $169,124 $49,623 $99,246 $22,055 $198,493 $22,055 $16,541 $115,443 $57,364 $1,088,974 $2,209,392

$306,442 $61,864 $172,507 $50,616 $101,231 $22,496 $202,463 $22,496 $16,872 $118,816 $58,512 $1,111,818 $2,282,936

$312,571 $63,101 $175,957 $51,628 $103,256 $22,946 $206,512 $22,946 $17,209 $122,289 $59,682 $1,135,151 $2,358,831

Debt Service - Proposed New Loan Principal Payments Interest Payments Consolidated Debt Service Net Cash Flow After Debt Service

$0 $793,600 $793,600 $421,573

$0 $793,600 $793,600 $829,752

$0 $793,600 $793,600 $993,015

$0 $793,600 $793,600 $1,080,925

$0 $793,600 $793,600 $1,143,739

$0 $793,600 $793,600 $1,208,568

$688,939 $783,866 $1,472,805 $596,271

$710,603 $762,203 $1,472,805 $665,323

$732,947 $739,858 $1,472,805 $736,586

$755,994 $716,811 $1,472,805 $810,130

$779,766 $693,040 $1,472,805 $886,026

INCOME Gross Potential Rent All Units at Market Rent Gain (Loss)-to-Lease Gross Scheduled Rent Other Income Utility RUBs Admin Fees Application Fees Pet Rent Lease Termination Fees Non-Refundable Pet Fees Security Deposits Cable & Telephone Fees NSF Fees Damage Fees Miscellaneous Total Other Income Gross Potential Income Physical Vacancy Non-Revenue Units Bad Debt Concessions Allowance Effective Gross Income

F I NI S H L I NE A PA RTM ENTS

O P E R AT I N G

STAT E M E N T C U R R E NT

YE AR O N E

T3 INCOME; T12 EXPENSES INCOME Gross Potential Rent All Units at Market Rent Gain (Loss)-to-Lease Gross Scheduled Rent Other Income Utility RUBs Admin Fees Application Fees Pet Rent Lease Termination Fees Non-Refundable Pet Fees Security Deposits Cable & Telephone Fees NSF Fees Damage Fees Miscellaneous Total Other Income Gross Potential Income Physical Vacancy Non-Revenue Units Bad Debt Concessions Allowance Effective Gross Income

Per Unit

-1.14%

12,131 138 12,269

$2,329,056 $26,500 $2,355,556

T3 T3 T3

$107,497 $12,360 $7,200 $8,870 $8,851 $5,600 $4,414 $1,170 $1,000 $500 $272 $157,735 $2,513,291 ($473,716) ($22,164) ($13,990) ($181,154) $1,822,267

T3 T3 T3 T3 T3 T3 T3 T3 T3 T3 T3

4.56% 0.52% 0.31% 0.38% 0.38% 0.24% 0.19% 0.05% 0.04% 0.02% 0.01% 6.70%

RR T3, Note 3 T12 T3

20.11% 0.94% 0.59% 7.69% 71.80%

560 64 38 46 46 29 23 6 5 3 1 822 13,090 (2,467) (115) (73) (944) 9,491

% of GPR

Per Unit

1.37% 0.00% 1.37% 2.89%

130 0 130 274

EXPENSES Non-Controllable Expenses Real Estate Taxes 2019 Taxes Paid Adjustment for Sale Total Real Estate Taxes Insurance Utilities Electric Electric Vacant Gas Vacant Water & Sewage Trash Removal Total Utilities Total Non-Controllable Controllable Expenses Contract Services Security Expense Landscaping/Grounds Pest Control Fire Safety Total Contract Services Repairs & Maintenance Marketing & Promotion On-Site Payroll Payroll Taxes & Benefits General & Administrative Management Fee Replacement & Reserves Total Controllable Total Expenses Net Operating Income

$1,215,173

F INA N CIA L A NALYSIS

% of GPR

RENT INCREASE; STABILIZED OCCUPANCY AND OTHER INCOME % of GPR INCOME Gross Potential Rent All Units at Market Rent $2,656,800 Gain (Loss)-to-Lease ($132,840) 5.00% Gross Scheduled Rent $2,523,960 Other Income Utility RUBs $135,432 Note 6 5.37% Admin Fees $34,560 40% TO 1.37% Application Fees $13,824 40% TO 0.55% Pet Rent $10,118 0.40% Lease Termination Fees $10,096 0.40% Non-Refundable Pet Fees $6,388 0.25% Security Deposits $5,036 0.20% Cable & Telephone Fees $1,335 0.05% NSF Fees $1,141 0.05% Damage Fees $570 0.02% Miscellaneous $310 0.01% Total Other Income $218,810 8.67% Gross Potential Income $2,742,770 Physical Vacancy ($126,198) 5.00% Non-Revenue Units $0 0.00% Bad Debt $0 0.00% Concessions Allowance ($25,240) 1.00% Effective Gross Income $2,591,333 89.00%

$24,908 $0 $24,908 $52,640

Note 4

$18,817 $25,751 $2,298 $56,505 $14,808 $118,178 $195,727

T12 T12 T12 T12 T12

1.03% 1.41% 0.13% 3.10% 0.81% 6.49% 10.74%

98 134 12 294 77 616 1,019

$13,098 $20,382 $3,215 $6,647 $43,342 $40,865 $54,609 $127,006 $23,193 $34,384 $39,008 $48,960 $411,367 $607,094

T12 T12 T12 T12

0.72% 1.12% 0.18% 0.36% 2.38% 2.24% 3.00% 6.97% 1.27% 1.89% 2.14% 2.69% 22.57% 33.32%

68 106 17 35 226 213 284 661 121 179 203 255 2,143 3,162

66.68%

6,329

Net Operating Income

T12

T12 T12 T12 T12 T12 T12 Note 5

Per Unit 13,838 (692) 13,146 705 180 72 53 53 33 26 7 6 3 2 1,140 14,285 (657) 0 0 (131) 13,497

% of GPR

Per Unit

0.96% 9.54% 10.50% 2.04%

130 1,288 1,417 275

0.74% 0.33% 0.03% 4.00% 0.58% 5.68% 18.22%

100 44 4 540 79 767 2,459

$12,480 $19,200 $4,800 $6,720 $43,200 $86,400 $19,200 $172,800 $19,200 $14,400 $90,697 $49,939 $495,836 $967,981

0.48% 0.74% 0.19% 0.26% 1.67% 3.33% 0.74% 6.67% 0.74% 0.56% 3.50% 1.93% 19.13% 37.35%

65 100 25 35 225 450 100 900 100 75 472 260 2,582 5,042

$1,623,352

62.65%

8,455

$24,908 $247,204 $272,112 $52,800 $19,193 $8,498 $758 $103,680 $15,104 $147,233 $472,145

Note 7

Note 8 Note 8

O P E R AT I N G

STAT E M E N T

Y E A R T WO

YE AR THRE E

STABILIZED LTL, CONCESSION BURN OFF INCOME Gross Potential Rent All Units at Market Rent Gain (Loss)-to-Lease Gross Scheduled Rent Other Income Utility RUBs Admin Fees Application Fees Pet Rent Lease Termination Fees Non-Refundable Pet Fees Security Deposits Cable & Telephone Fees NSF Fees Damage Fees Miscellaneous Total Other Income Gross Potential Income Physical Vacancy Non-Revenue Units Bad Debt Concessions Allowance Effective Gross Income EXPENSES Non-Controllable Expenses Real Estate Taxes 2019 Taxes Paid Adjustment for Sale Total Real Estate Taxes Insurance Utilities Electric Electric Vacant Gas Vacant Water & Sewage Trash Removal Total Utilities Total Non-Controllable Controllable Expenses Contract Services Security Expense Landscaping/Grounds Pest Control Fire Safety Total Contract Services Repairs & Maintenance Marketing & Promotion On-Site Payroll Payroll Taxes & Benefits General & Administrative Management Fee Replacement & Reserves Total Controllable Total Expenses Net Operating Income

$2,736,504 ($54,730) $2,681,774 $139,495 $35,597 $14,239 $10,422 $10,399 $6,580 $5,187 $1,375 $1,175 $587 $320 $225,375 $2,907,148 ($134,089) $0 $0 $0 $2,773,060

% of GPR

Per Unit

2.00%

14,253 (285) 13,968

5.20% 1.33% 0.53% 0.39% 0.39% 0.25% 0.19% 0.05% 0.04% 0.02% 0.01% 8.40% 5.00% 0.00% 0.00% 0.00% 93.00%

727 185 74 54 54 34 27 7 6 3 2 1,174 15,141 (698) 0 0 0 14,443

% of GPR

Per Unit

$24,908 $247,204 $272,112 $53,856

0.90% 8.91% 9.81% 1.94%

130 1,288 1,417 281

$19,577 $8,668 $774 $105,754 $15,406 $150,178 $476,146

0.71% 0.31% 0.03% 3.81% 0.56% 5.42% 17.17%

102 45 4 551 80 782 2,480

$12,730 $19,584 $4,896 $6,854 $44,064 $88,128 $19,584 $176,256 $19,584 $14,688 $97,057 $50,938 $510,299 $986,445

0.46% 0.71% 0.18% 0.25% 1.59% 3.18% 0.71% 6.36% 0.71% 0.53% 3.50% 1.84% 18.40% 35.57%

$1,786,615

64.43%

$2,818,599 ($56,372) $2,762,227 $143,680 $36,665 $14,666 $10,734 $10,711 $6,777 $5,342 $1,416 $1,210 $605 $329 $232,136 $2,994,363 ($138,111) $0 $0 $0 $2,856,252

% of GPR

Per Unit

2.00%

14,680 (294) 14,387

5.20% 1.33% 0.53% 0.39% 0.39% 0.25% 0.19% 0.05% 0.04% 0.02% 0.01% 8.40% 5.00% 0.00% 0.00% 0.00% 93.00%

748 191 76 56 56 35 28 7 6 3 2 1,209 15,596 (719) 0 0 0 14,876

% of GPR

Per Unit

$24,908 $247,204 $272,112 $54,933

0.90% 8.91% 9.81% 1.98%

130 1,288 1,417 286

$19,968 $8,841 $789 $107,869 $15,714 $153,181 $480,226

0.72% 0.32% 0.03% 3.89% 0.57% 5.52% 17.32%

104 46 4 562 82 798 2,501

66 102 26 36 230 459 102 918 102 77 506 265 2,658 5,138

$12,984 $19,976 $4,994 $6,991 $44,945 $89,891 $19,976 $179,781 $19,976 $14,982 $99,969 $51,957 $521,476 $1,001,702

0.47% 0.72% 0.18% 0.25% 1.62% 3.24% 0.72% 6.48% 0.72% 0.54% 3.50% 1.87% 18.70% 36.12%

68 104 26 36 234 468 104 936 104 78 506 271 2,701 5,217

9,305

Net Operating Income

$1,854,550

66.88%

9,659

F I NI S H L I NE A PA RTM ENTS

NOT ES

AS S UMPTIONS UNDERWRITING NOTES

Rent Roll Date: January 2021

T12 Date Range: January 2020 - December 2020

Non-Revenue Units: includes officer discount and employee discount

Taxes: information from Jefferson County Auditor

Replacement & Reserves: added based on market norm of $255 per unit per year

Utility RUBs: increased based on assumption of $45 RUB for 1BR, $60 RUB for 2BR, and $75 RUB for 3BR at 95% occupancy

Tax Adjustment: based on 75% reassessment, possibility of LLC transfer

33% reduction from trailing expenses

Gross Potential Rent: assumes a normal growth of 3% starting in year 2

Loss to Lease: assumes a 2% norm starting in year 2

Physical Vacancy: et at 5% starting in year 2 which is the norm for this market

C A S H F LOW P R O J E C T I O N G R OW T H R AT E A S S U M P T I O N S YEAR 1

YEAR 2

YEAR 3

YEAR 4

YEAR 5

YEAR 6

YEAR 7

YEAR 8

YEAR 9

YEAR 10

Gross Potential Rent (Loss) / Gain to Lease*

14.07%

3.00%

5.00%

2.00%

3.00% 2.00%

Other Income EXPENSES

14.07%

3.00%

2.00% 3.50%

2.00%

3.50%

2.00% 3.50%

INCOME

Expenses Management Fee**

3.50%

ECONOMIC OCCUPANC Y / (LOSS) SUMMARY & PROJEC TIONS Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8

Year 9

Year 10

Physical Vacancy Non-Revenue Units Bad Debt

5.00% 0.00% 0.00%

5.00%

Concessions Allowance Total Economic Loss

1.00%

5.00% 0.00% 0.00% 0.00% 5.00%

6.00%

0.00% 0.00% 0.00% 5.00%

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

F INA N CIA L A NALYSIS

UN I T

MI X

D E TA I LS ONE BEDROOM CURRENT

MARKET RENTS

One Bedroom

763

Average Effective Rent $862.48

Total/Avg.

1,087 SF

$1,025.88

Unit Type

# of Units

Average SF

Rentable SF

Total SF

Average Effective Rent $1.13

$899.00

$0.94 SF

$1,067.38

Per Unit

PRO FORMA /PROJECTED RENTS

Per SF

Total

Per Unit

Per SF

Total

$1.18

$1,000.00

$1.31

$0.98 SF

$1,153.13

$1.06 SF

Total

Per Unit

TWO BEDROOM CURRENT Unit Type Two Bedroom Total/Avg.

MARKET RENTS

120

1,035

Average Effective Rent $1,007.32

12024

1,087 SF

$1,025.88

# of Units

Average SF

Rentable SF

Total SF

PRO FORMA /PROJECTED RENTS

Average Effective Rent $0.97

$1,018.00

$0.98

$1,125.00

$1.09

$0.94 SF

$1,067.38

$0.98 SF

$1,153.13

$1.06 SF

Per Unit

Per SF

Total

THREE BEDROOM CURRENT

MARKET RENTS

Three Bedroom

1,377

$1,275.00

$0.93

$1,300.00

$0.94

Total/Avg.

1,087 SF

$1,025.88

$0.94 SF

$1,067.38

$0.98 SF

$1,153.13

$1.06 SF

Total/Avg.

192 Units

1,087 SF

208,608 SF

$1,025.88

$0.94 SF

$196,968

$1,067.38

$0.98 SF

$204,936

$1,153.13

$1.06 SF

$221,400

# of Units

Average SF

Rentable SF

Total SF

Per Unit

Per SF

UNIT DISTRIB UTION

Total

Per Unit

Per SF

Total

UN I T R E N TS

UNIT DISTRIBUTION

63%

$1,400

$0.97

$800

$0.60

$600 $1,300.00

$1,153.96

$1,125.00

$1,007.32

$200

$1,000.00

$400

25%

$0 TWO BEDROOM

Avg. Effective Avg. Effective/SF Two Bedroom

Three Bedroom

$0.40 $0.20 $0.00

ONE BEDROOM

One Bedroom

$1.00 $0.80

$0.84

$862.48

12%

TWO BEDROOM 12%

$0.94

$1.13

Rent per SF/Month

25%

THREE BEDROOM

$1.20

$1.09

$1,000 63%

$1.40

$1.31

$1,200

ONE BEDROOM

Rent per Month

Unit Type

Average Effective Rent $0.84

PRO FORMA /PROJECTED RENTS

Average Effective Rent $1,153.96

THREE BEDROOM

Pro Forma Projection Pro Forma Projection/SF

F I NI S H L I NE A PA RTM ENTS

High barrier-to-entry apartment market with substantial infrastructure improvements

FINISH LINE A P A R T M E N T S

COMPETITIVE PROPERTY SET R en t C o m p a r a b les Pr o x i m i t y M a p _ 42 R en t C o m p a r a b les _ 43 R en t C o m p a r a b les M a t r i x _ 46 R en t C o m p a r a b les S o r t _ 47

ide Dr hs

C u t Rd

Gen e

Rd Lick

Coral Ridge

d hell Hill R Mi tc

N Preston Hwy

Zoneton

Brooks

W Hebron

C r eek Rd

l Rd Hil

Fox Chase

Fegenbush

Mt Was hingt on Rd

Hillview

e c hel

Cooper Chapel R d

B an k R d

265

Hunters Hollow

JEFFERSON CNTY MEML FOREST HORINE

r Fwy

Mud Ln

CO MPET IT IVE PROPERTY SET

Sny de

Blue

Hollyvilla

ins G

Blue Lick Rd

M i no rs Ln

Ne w

ap R

lick ans EM

South P ark R d

Hwy

Ho lly

s Bro o k

Medora

Shepherdsville Rd

wd .A ve

ze l Ha

Blue L i c k Rd

ap G

d 7t h

Manslick R

U pp er H

Di xie Hw y

e Rd Ridg ral Co

s vin le

Outer Lo op

ton

Joh

Greenbelt Hwy

Okolona

Pres

Lowe r Riv er R d

VALLEY FARM

eek

ark

COOPER CREEK APARTMENTS

P th S ou

Fairdale

Meadow Lawn

South Park

ke Tp

AUSTIN PARK

South Park outh P a r S View

Rd ale ird Fa

3 3

l na

Orell

Valley Village

Smyrna

tio Na

l i c k Rd

le Ln Mi Six

Tpke

R ile

onal

W Ma wy ns

Newburg

Fern Valley Rd

N at i

F er

yd Sn

Penile

Bethany

ell Rd

ne Ge

Prairie Village

APEX ON PRESTON

Outer Loop

ch Dit rn

Hik

ia n

w Ne

3rd

S tr

e ut h So

Buechel West Buechel

Northern Ditch

n ow

Mo orm an

Parkwood

E Ind

Fern Vy. Rd

Knopp

ee t

Edgewood

VALLEY FARM NORTH

h urc

o ld t

1 55

Be tha ny Ln

u So

Petersburg Lynnview FINISH LINE APARTMENTS

Auburndale

Valley Gardens

St on es tr

ry Rd

Dix ie

Ca ne

Te r

P alatka

eek

Johnsontown

Poplar Hills

Whitner

rn he

Waverly Hills

M ill Cr

Ash by

Hazelwood

s ke Hi

R ENT CO M PAR AB LES

Louisville Muhammad Ali Int'l Arpt

Beechmont

Ln op sh Bi

Kenwood

rch Rd hu sC w e dr An St n th o Ch

Valley Downs

Southern Heights

n sL

IROQUOIS PARK

Greenwood Rd

ntown Rd nso

son Ex p y ter W at

ll i p

Camp Taylor

Prestonia

wy nH sto Pre

Cane Run Rd

rce rs T

Pleasure Ridge Park

W Pages Ln

Henry

P hi

264 60

A St

Greenwood

Jacobs Addition

Highland Park

.L Mr

. frd sh Ba

rs Tr ce

Gagel Ave

Wilder Park

xpy on E ers att Watterson W Park

e ev rL

Sylvania

nte

Hunters Trace

Oakdale

Audubon Park

pla Po

L o we rH un te

k f ord Ln

KENTUCKY EXPOSITION CENTER

Progress B lvd

Ro c

St Dennis

MA P

g ur

d slic k R Man

Bridgeport

Shively

Crums Ln

Riverside Gardens

R iv

Heatherfield

Lake Dreamland

Grade Ln

CO MPAR AB LES

rR Oh d io Ri ve r

R E N T

Pioneer Village

Hebron Estates

n Zoneto Rd

R E N T

CO MPAR AB LES

VA L L E Y FA R M N O R T H 1 0 2 0 0 R E N A I S S A N C E WAY

F I N I S H L I N E A PA RT M E N TS 5420 EIGHT BELLS L ANE

2009

YEAR BUILT

2020

YEAR BUILT UNIT MIX

192

80%

UNITS

UNIT MIX

OCCUPANCY

RENT

R E N T/S F

1/1

$1,025.88

1,087 SF

$0.98 SF

2/2

$1,025.88

1,087 SF

$0.98 SF

3/2

$1,025.88

1,087 SF

$0.94 SF

128

100%

UNITS

OCCUPANCY

RENT

R E N T/S F

1/1

$1,050

774

$1.36

2/2

$1,166

1152

$1.01

3/2

$1,379

1430

$0.96

U N I T F E AT U R E S

COMMON AMENITIES

Built-In Microwaves

24-Hour Emergency Maintenance

Cable/Internet Ready

24-Hr Fitness Center

Ceiling Fans & Overhead Lighting

Concierge Move-In Services

U N I T F E AT U R E S

COMMON AMENITIES

Double Vanity in Master Bathroom*

Trash Valet

Stone Countertops

Outdoor Pool

Exterior Patio/Balcony Storage*

Flexible Lease Terms

New Cabinets

Large Sun Deck

Faux-Wood Blinds

Laundry Facilities

Stainless Steel Appliances

24/7 Fitness Center

Granite Countertops

On-Site Professional Management

Open Floor Plan

Clubhouse

In-Home Washer/Dryer Included*

Outdoor Grill & Picnic Area

Plank Flooring

Community Kitchen

Kitchen Islands & Breakfast Bars

Package Receiving

Private Balcony & Patios

Laundry Facilities

Large Soaking Tubs

Lake Views

In-Unit Washer & Dryer Connections

On-Site Management

Monitored Alarm Systems*

Private Garage

Modern Lighting & Fixtures

Dog Park

Open-Concept Floor Plans

Business Center

Meeting Lounge

Premium Slate Appliances

Clubhouse with Kitchen

Private Patios & Balconies

Pool and Sundeck

Tile Backsplash

Wi-Fi in Amenity Spaces

USB Outlets Vaulted Ceilings (Top Floor) Walk-In Closets W/D Hookup

F I NI S H L I NE A PA RTM ENTS

R E N T

CO MPAR AB LES

1160 2 A PE X V I E W D R

2015

YEAR BUILT UNIT MIX

3 12

91%

UNITS

AU ST I N PA R K 2 0 1 PH E A S A N T AV E

2016

OCCUPANCY

YEAR BUILT

RENT

R E N T/S F

1/1

$1,005

789

$1.27

2/2

$1,178

1055

3/2

$1,600

1344

UNIT MIX

95%

UNITS

OCCUPANCY

RENT

R E N T/S F

1/1

$745

903

$0.83

$1.12

2/2

$913

1,164

$0.78

$1.19

3/2

$1,045

1,260

$0.83

U N I T F E AT U R E S

COMMON AMENITIES

U N I T F E AT U R E S

COMMON AMENITIES

Crown Molding

Car Wash Area

Carpeting

Garage space

Extra Storage

Business Center

Front Loading Washer and Dryer

Courtyard

Dishwasher

Pool

Granite Countertops

Garage Space for Rent

Extra Storage

Storage Units

High Ceilings

Clubroom

Large Closets

Park-Like Landscaping

Microwave

On-Site Trash Compactor

Oven/Range

Oversize Garden Tubs

Outdoor Lounge with Grilling Area

Patio/Balcony

Professional On-Site Staff

Wheelchair Access

Resort Style Swimming Pool

Faux Wood Flooring

Fitness Center

Wooded Landscape

Wi-Fi Throughout Clubhouse and Pool Area

W/D Hookup

Business Center Clubhouse with Kitchen Pool and Sundeck Wi-Fi in Amenity Spaces

APE X O N PR ESTO N

CO MPET IT IVE PROPERTY SET

Patio/Balcony Refrigerator

Vinyl Flooring Window Coverings Vaulted Celings (optional)

R E N T

CO MPAR AB LES

C O O P E R C R E E K A PA R T M E N T S 4 8 07 C O O PE R V I L L AG E T E R

1997

YEAR BUILT UNIT MIX

123

98%

UNITS

VA L L E Y FA R M 1 0 2 0 1 VA L L E Y FA R M S B LV D

2007

OCCUPANCY

YEAR BUILT

RENT

R E N T/S F

1/1

$1,016

819

$1.24

2/2

$1,057

1185

3/2

$1,500

1768

UNIT MIX

160

92%

UNITS

OCCUPANCY

RENT

R E N T/S F

1/1

$1,050

869

$1.21

$0.89

2/2

$1,076

1191

$0.90

$0.85

3/2

$1,254

1303

$0.96

U N I T F E AT U R E S

COMMON AMENITIES

U N I T F E AT U R E S

COMMON AMENITIES

9-Foot High Ceilings

Trash Valet

Built-In Microwaves

24-Hour Emergency Maintenance

Walk-In Closets

Fitness Center

Cable/Internet Ready

24-Hr Fitness Center

Ceiling Fans

Natural Walking & Jogging Paths

Exterior Patio/Balcony Storage*

Concierge Move-In Services

Updated Cabinetry

On-Site Laundry Facilities

Faux-Wood Blinds

Trash Valet

Farmhouse-Style Sinks

On-Site Professional Management

Granite Countertops

Flexible Lease Terms

Faux-Wood Blinds

Outdoor Lounge & Grill Area

Kitchen Islands & Breakfast Bars

Laundry Facilities

Fireplaces

Package Receiving

Open-Concept Floor Plans

On-Site Professional Management

W/D Hookup

Pet Friendly - Large Dogs Welcome

Private Patios & Balconies

Package Receiving

Granite Countertops

Rapid-Response Maintenance

USB Outlets

Business Center

LVP Flooring

Swimming Pool and Sun Deck

Walk-In Closets

Pool and Sundeck

Private Patios and Balconies

WiFi in Amenity Areas

W/D Hookup

Scenic Views

Picnic Area

Stainless Appliances

F I NI S H L I NE A PA RTM ENTS

R E N T

CO MPAR AB LES

M AT R I X

$1,200 $1,150

Southgate Landing Valley Farms North

$1,100

Brookview at Apex The Willard at Preston Crossing

$1,050

Cooper Creek Apartments Valley Farms Apartment Homes

RENT

$1,000

Creekside Crossing Apartments

Ashby Green Apartment Homes

$950

FINISH LINE APARTMENTS (Avg Eff) Newberry Parc

$900

Preston Garden Apartments

$850

Austin Park Verde

$800 750

800

850

900

950

1,000

1,050

1,100

1,150

R E N T CO M P M AT R IX

RENT

R E N T CO M P M AT R IX

RENT

Southgate Landing

900

$1,133

Creekside Crossings Apartments

801

$998

Valley Farms North

963

$1,108

Ashby Green Apartment Homes

1,037

$984

Brookview at Apex

922

$1,092

Finish Line Apartments (Avg Eff)

989

$935

The Willard at Preston Crossing

1,079

$1,064

Newberry Parc

933

$915

Cooper Creek Apartments

1,002

$1,037

Preston Gardens Apartments

943

$915

Valley Farms Apartment Homes

1,030

$1,026

Austin Park Verde

1,034

$829

NOTE: averages are for 1BR and 2BR units

CO MPET IT IVE PROPERTY SET

R E N T

CO MPAR AB LES

SORT

ONE BEDROOM APARTMENT R ENT S Sorted by Net Rent PROPERTY Valley Farms North Cooper Creek Apartments Brookview at Apex Southgate Landing The Willard at Preston Crossing Valley Farms Apartment Homes Finish Line Apartments Pro Forma Ashby Green Apartment Homes* Tanyard Park Apartments Creekside Crossings Apartments Finish Line Apartments Average Effective Newberry Parc Preston Gardens Apartments* Austin Park Verde AVERAGES

YEAR BUILT 2009 1997 2015 2002 2018 2007 2020 2014 2004 2019 2020 2012 2014 2016 2012

UNIT TYPE 1x1 1x1 1x1 1x1 1x1 1x1 1x1 1x1 1x1 1x1 1x1 1x1 1x1 1x1

# OF UNITS 128 123 312 256 166 160 192 244 175 160 192 132 96 76

SF 774 819 789 719 981 869 763 917 867 668 763 865 801 903 821

MARKET RENT $1,050 $1,016 $1,006 $994 $983 $976 $1,000 $909 $888 $875 $862 $844 $785 $745 $924

UTILITY ADJUSTMENT/MONTH $0 $0 $0 $0 $0 $0 $45 $15 $0 $0 $45 $55 $15 $0 $35

NET RENT $1,050 $1,016 $1,006 $994 $983 $976 $955 $894 $888 $875 $817 $789 $770 $745 $911

NET RENT/SF $1.36 $1.24 $1.27 $1.38 $1.00 $1.12 $1.25 $0.97 $1.02 $1.31 $1.07 $0.91 $0.96 $0.83 $1.12

OCCUPANCY 100% 98% 91% 95% 95% 92%

NET RENT $1,271 $1,178 $1,166 $1,145 $1,120 $1,080 $1,076 $1,057 $1,044 $1,030 $1,013 $962 $930 $913 $1,070

NET RENT/SF $1.18 $1.12 $1.01 $0.97 $1.20 $1.04 $0.90 $0.89 $0.90 $0.99 $0.92 $0.93 $0.93 $0.78 $0.98

OCCUPANCY 95% 91% 100% 95% 97%

NET RENT $1,600 $1,500 $1,500 $1,379 $1,255 $1,254 $1,109 $1,045 $1,330

NET RENT/SF $1.19 $0.85 $0.99 $0.96 $0.91 $0.96 $0.81 $0.83 $0.94

OCCUPANCY 91% 98% 95% 100%

DND DND 97% 92% 98% 92% 95%

T WO BEDROOM APARTMENT R ENT S Sorted by Net Rent PROPERTY Southgate Landing Brookview at Apex Valley Farms North The Willard at Preston Crossing* Creekside Crossings Apartments Finish Line Apartments Pro Forma Valley Farms Apartment Homes Cooper Creek Apartments Ashby Green Apartment Homes* Preston Gardens Apartments* Tanyard Park Apartments Finish Line Apartments Average Effective Newberry Parc Austin Park Verde AVERAGES

YEAR BUILT 2002 2015 2009 2018 2019 2020 2007 1997 2014 2014 2004 2020 2012 2016 2012

UNIT TYPE 2x2 2x2 2x2 2x2 2x2 2x2 2x2 2x2 2x1 2x2 2x2 2x2 2x2 2x2

# OF UNITS 256 312 128 166 160 192 160 123 244 96 175 192 132 76

SF 1080 1055 1152 1176 933 1035 1191 1185 1157 1084 1103 1035 1000 1164 1,096

MARKET RENT $1,271 $1,178 $1,166 $1,145 $1,120 $1,125 $1,076 $1,057 $1,059 $1,045 $1,013 $1,007 $985 $913 $1,083

UTILITY ADJUSTMENT/MONTH $0 $0 $0 $0 $0 $45 $0 $0 $15 $15 $0 $45 $55 $0 $35

92% 98% DND 98% DND 92% 92% 95%

THR EE BEDROOM APARTMENT R ENT S Sorted by Net Rent PROPERTY Brookview at Apex Cooper Creek Apartments The Willard at Preston Crossing* Valley Farms North Finish Line Apartments Pro Forma Valley Farms Apartment Homes Finish Line Apartments Average Effective Austin Park Verde AVERAGES *Weighted Average

YEAR BUILT 2015 1997 2018 2009 2016 2007 2016 2016 2011.75

UNIT TYPE 3x2 3x2 3x2 3x2 3x2 3x2 3x2 3x2

# OF UNITS 312 123 166 128 192 160 192 76

SF 1,344 1,768 1,509 1,430 1,377 1,303 1,377 1,260 1,421

MARKET RENT $1,600 $1,500 $1,500 $1,379 $1,300 $1,254 $1,154 $1,045 $1,341

UTILITY ADJUSTMENT/MONTH $0 $0 $0 $0 $45 $0 $45 $0 $45

92% 92% 95%

F I NI S H L I NE A PA RTM ENTS

The area surrounding Finish Line is full of new real estate developments of all types including multifamily, retail, industrial, and of f ice.

FINISH LINE A P A R T M E N T S

MARKET OVERVIEW L o c a t i o n H i g h li g h t s _ 5 0 L o c a t i o n O v er v i ew _ 5 1 M a r ket Dr i v er s _ 5 2 L o u i sv i lle R i v er p o r t _ 5 4 N ew Di x i e H i g h w a y C o r r i d o r _ 5 6 L o u i sv i lle M et r o Dem o g r a p h i c s _ 5 8

LO C AT I O N

H I G HLIG HTS

OVERVI E W

LOUISVILLE, KENTUCKY

A dynamic, growing city driven by healthcare, distribution & logistics and manufacturing

Logistical hub: freeway system provides Louisville access to 50% of the U.S. within a day’s drive

Louisville, the largest city in Kentucky, sits along the Ohio River in the northern region of the state, on the Indiana border. The city is the seat of Jefferson County and is the 29th most-populous city in the United States. Louisville has recently seen steady growth, with its population increasing from 1,241,373 to 1,301,790 between 2010 and 2018.

General Electric’s Appliance Park is a 2.5 million SF corporate campus spanning 1,000 acres

M A RKET OVE RVIEW

5.7 billion pounds of cargo each year: Louisville Airport ranks 2nd in North America for total air freight cargo handled and 4th in the entire world

Notable healthcare system: Jewish Hospital & St. Mary’s Healthcare, KentuckyOne Health, Humana, and Norton Healthcare

Local attractions: Frazier History Museum, The Louisville Slugger Museum & Factory, and the Muhammad Ali Center

Four of Louisville’s largest employers are in the healthcare sector and include KentuckyOne Health and its subsidiary Jewish Hospital & St. Mary’s HealthCare; Humana; and Norton Healthcare, totaling approximately 36,247 employees. The United Parcel Service and Amazon have large distribution and logistical presences in Louisville, accounting for 27,733 employees. Ford Motor Company and General Electric Appliances have manufacturing plants in Louisville that total 18,600 employees. Ford’s assembly plant has 3,154,173 square feet spanning 180 acres. General Electric’s Appliance Park is a 2.5 million-square-foot corporate campus spanning 1,000 acres.

LOUISVILLE’S CONVENIENT TRANSPORTATION INFRASTRUCTURE Louisville’s road, rail and air transportation offer convenient travel options both regionally and internationally. The city has an inner and outer interstate beltway, I-264 and I-265, providing road transportation around Louisville. The city is also served by I-65 and I-64, providing transportation north to south and east to west. The I-65, I-64 and I-71 all intersect at Spaghetti Junction, which was part of the Ohio River Project. The project’s scope included building the Abraham Lincoln Bridge, Lewis & Clark Bridge and renovating Spaghetti Junction and John F. Kennedy Memorial Bridge. Louisville’s freeway system puts the city within a one-day drive of about 50% of the United States. The Louisville Airport is a logistics hub for the city, providing 28 nonstop flights serving 3.4 million passengers in 2017. During that same year, the airport ranked third in North America and seventh in the world for total air freight cargo, handling 5.7 billion pounds. Louisville’s public transportation is provided by Louisville’s Transit Authority of River City (TARC), serving 45,000 passenger a day. Two public inland ports operate in the metropolitan area with 48 private terminals on the Ohio River, offering convenient access to the U.S. inland waterway system from the St. Lawrence Seaway to the Gulf of Mexico. The area is also served by three major railroad companies, Canadian Pacific, CSX, and Norfolk Southern (NS). The CSX and NS railroads provide direct rail services to all markets east of the Mississippi River, with connecting service to the West Coast.

LOUISVILLE’S LARGEST ATTRACTIONS AND ENTERTAINMENT DESTINATIONS Louisville has several world-renowned attractions including sports arenas, museums and attractions. Louisville is home to the Kentucky Derby, the world’s most popular horse race, known as “The Most Exciting Two Minutes in Sports.” The derby occurs every first weekend in May at Churchill Downs. The city’s notable museums include the Frazier History Museum, the Louisville Slugger Museum & Factory, the Kentucky Science Center and the Muhammad Ali Center. Louisville’s entertainment hub is located at Fourth Street Live!, which is within walking distance of historic downtown hotels, the Kentucky International Convention Center, Waterfront Park, the KFC YUM Center, and Slugger Field. Louisville has also earned the moniker of the bourbon capital of the world as home to more than a dozen craft and heritage distillers and distillery headquarters.

LO U I S V I L L E

LOCAL ECONOMY DRIVEN BY HEALTHCARE, DISTRIBUTION/LOGISTICS AND MANUFACTURING

F I NI S H L I NE A PA RTM ENTS

St Joseph Navilleton

Buckner

Greenville

Floyds Knobs

Byrneville

Georgetown

Cementville

Lanesville

Jeffersonville UNIVERSITY OF

LOUISVILLE 31

Sugar Grove

Elizabeth

LOUISVILLE INTERNATIONAL AIRPORT 31

Waverly Hills

Valley Downs

Berrytown Anchorage

Lyndon Hurstbourne

Springlee

Beckley

Tucker Station

Fisherville

Jeffersontown

Lynnview Louisville Muhammad Ali Int'l Arpt

Knopp

GE APPLIANCE PARK

Okolona

Parkwood

Medora

Hollow Creek Spring Mill

Hopewell

Fern Creek Ashville

Seatonville

Routt

FORD LOUISVILLE ASSEMBLY PLAN

Penile

Whitfield

Thixton Hunters Hollow

Orell

265

150

A P A R T M EBethany N T S

Macedonia

Rolling Hills

Beechmont

Village F I N I S H L I NPrairie E

Buena Vista

Westwood

60 KENTUCKY EXPO 264 CENTER

Kenwood

ogwood

Obannon

Parkway VillageCARDINAL STADIUM

Bridgeport

Greenwood

Bowman Field

Shively New Middletown

Crossgate

Bellewood

Breckenridge

Floydsbu

Glenview

LOUISVILLE HOSPITAL 71

UNIVERSITY OF LOUISVILLE

Lottick Corner

Worthington

Thornhill

Clarksville

KENTUCKY DERBY

Crestwood

Green Spring Oak Park

Shawneeland

Glenarm Park Lake

Prospect

LOUISVILLE SLUGGER MUSEUM & FACTORY

Portland

150

Brooks Hebron Estates

Crenshaw

Mt Washington Waterford

M A RKET OVE RVIEW

Katharyn

Utica

MUHAMMAD 31 ALI CENTER

New Albany Silver Hills

Edwardsville

Brownsboro

Watson

Blackiston Mill

265

150

Duncan

Demplytown

River Bluff

Galena

ndall

conia 52

Clark County Airport

Hamburg

MARKET DRIVERS

Bradford

Goshen

Sellersburg

150

Smithville

MUHAMMAD ALI CENTER KENTUCKY DERBY

UNIVERSITY OF LOUISVILLE LOUISVILLE SLUGGER MUSEUM

F I NI S H L I NE A PA RTM ENTS

LO U I S V I L L E R I V E R P O R T is Louisville’s premier industrial development authority. Riverport’s fully developed transportation facilities complement Louisville’s central location to make it one of the most accessible industrial parks in the nation.

WALMART SUPERCENTER

Cane Run Generating Miyama USA

Louisville Riverport is home to over 120 companies from advanced manufacturing to logistics, business services to retail. Companies enjoy a strong network of suppliers, customers, and partners within the Riverport area.

RIVERPORT AUTHORITY

Siskin Steel & Supply DAFCO Inc. PORT OF LOUISVILLE

2,000+ ACRES

RIVERVIEW PARK Parker Hannifin Corp.

6,500 J O B S C R E AT E D

M A RKET OVE RVIEW

Marathon Petroleum Corporation VE

• Rail service by CSX, Norfolk Southern and Paducah & Louisville. • Financial incentive opportunities for qualified projects. • Port includes cargo dock, barge fleeting area and ground storage. • Abundant and inexpensive water, electric, and natural gas. • U.S. Foreign-Trade Zone • Accessible to a skilled, available workforce including public transportation for employees. • Minutes from UPS Worldport at Louisville International Airport.

F I NI S H L I NE A PA RTM ENTS

The New Dixie Highway project represents a $35 million investment to improve s afety, mobility and livability along the corridor. These initial improvements will help spur more investment in future Dixie Highway enhancements in the coming years. As part of the Louisville Metro Complete Streets initiative, The New Dixie Highway project will make infrastructure improvements in high-traffic areas (between Crums Lane and Greenwood Road) including: • More pedestrian pathways • Improved connections in the most dangerous areas, especially for pedestrians and bus riders • Increased use of raised medians to improve safety for left turns • Some driveway consolidations • Signage and striping upgrades • Other safety enhancements

Source: LouisvilleKY.gove 56

M A RKET OVE RVIEW

The New Dixie Highway â&#x20AC;&#x2122;s new B us Rapid Transit System A faster than express TARC route will be the first of its kind in the region. Planners are in the process of proposing stops for the route, which will follow the Dixie Highway/18th Street corridor all the way to Broadway and then into downtown.Â

F I NI S H L I NE A PA RTM ENTS

LO U I S V I L L E M E T R O A PA R T M E N T R E N TA L G R O W T H $960

LO U I S V I L L E M E T R O A PA R T M E N T VA C A N C Y R AT E S 5.8%

$941

$940

5.6% $901

$900 $880 $840

5.4%

Vacancy Rate

Average Effective Rent

$917

$920

$865

5.2% 5.0%

5.1% 4.9%

4.8%

$829

$800 $780

5.7%

4.9% 4.8%

4.6% 2017

2018

2019

2020

4.4%

2021*

2017

2018

Year (*Projected)

Between 2017 and 2021, the market’s average effective rent is projected to increase from $829 to $941. Since 2017, the market’s vacancy rate has maintained at about 5%. The market is not oversupplied due to the about equal number of completions and absorption.

2020

LO U I S V I L L E M E T R O COMPLE TION & AB SORPTION 3,000 2,500 2,000

1,677

1,630

1,500 1,000

2,475

2,194

2,247

1,701

925

500 0

2017

2018

2019

Completions

M A RKET OVE RVIEW

1,995

1,465 1,411

2020

Year (*Projected)

2021*

Year (*Projected)

Number of Units

The Louisville Metro apartment market has seen favorable and growing fundamentals this past cycle and during the pandemic.

2019

Absorption

2021*

F I NI S H L I NE A PA RTM ENTS

FINISH LINE A P A R T M E N T S

E X C L U S I V E LY L I ST E D BY

NI CK ANDREWS

J O RDAN D I CKMAN

A A RO N J O HN SO N

First Vice President Investments Director, National Multi-Housing Group Nick.Andrews@marcusmillichap.com D: (513) 878-7741 | C: (614) 402-6685 License: OH SAL.2013003546

First Vice President Investments Director, National Multi-Housing Group Jordan.Dickman@marcusmillichap.com D: (513) 878-7735 | C: (440) 474-2269 License: OH SAL.2014001272 | KY 247078

Senior Vice President Investments Director, National Multi-Housing Group Aaron.Johnson@marcusmillichap.com D: (502) 329-5920 | C: (502) 664-0766 License: KY 204560

T I M VANW I NG E RD E N

DAV I D B A D G ET T J R .

Associate Tim.Vanwingerden@marcusmillichap.com D: (513) 878-7750 License: KY 264290

Associate David.Badgett@marcusmillichap.com D: (502) 329-5999 | C: (502) 432-2981 License: KY 215224