Maple Glen Apartment & Townhomes

MAPLE GLEN APARTMENTS & TOWNHOuSes PROPOSAL 1

CONTENTS LEAD AGENTS Austin Hall Associate Cincinnati Office D. 513.878.7712 austin.hall@marcusmillichap.com

Jordan Dickman First Vice President Investments Cincinnati Office D. 513.878.7735 jordan.dickman@marcusmillichap.com

Nick Andrews First Vice President Investments Cincinnati Office D. 513.878.7741 nicholas.andrews@marcusmillichap.com

Austin Sum Senior Associate Cincinnati Office D. 513.878.7747 austin.sum@marcusmillichap.com

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“OUR COMMITMENT IS TO HELP OUR CLIENTS CREATE AND PRESERVE WEALTH BY PROVIDING THEM WITH THE BEST REAL ESTATE INVESTMENT SALES, FINANCING, RESEARCH AND ADVISORY SERVICES AVAILABLE.”

SECTIONS

01 - OUR ADVANTAGE

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02 - ADVANCED STRATEGY

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03 - THE INVESTMENT

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04 - local competitors

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NON-ENDORSEMENT & DISCLAIMER NOTICE CONFIDENTIALITY DISCLAIMER THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express 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.

NON-ENDORSEMENT NOTICE

05 - FINANCIALS

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06 - LOCAL MARKET

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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.

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Dear Indira, Thank you for allowing Marcus & Millichap the opportunity to provide a current broker opinion of value (proposal) for Maple Glen Apartments and Townhouses in Cincinnati.

We are excited for the possibility to work with you on the marketing and sale of this asset. As you review this package, you will find our team has had great success in executing multifamily transactions in the Midwest markets. We have an excellent track record of selling the “story” behind each asset we market. We will ensure maximum market value by identifying a diverse buyer pool and leveraging Marcus & Millichap’s national platform to create the most competitive environment for sale.

Austin Hall

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Nicholas Andrews

Jordan Dickman

Austin Sum

INVESTMENT ASSOCIATES Austin Sum Senior Associate Brian Johnston Associate Austin Hall Associate Alden Simms Associate

RESEARCH & EVALUATION Sam Petrosino Financial Analyst CLIENT RELATIONS Skyler Wilson Client Relations Manager MARKETING Alex Papa Marketing Coordinator OPERATIONS Brittany Campbell-Koch Director of Operations

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OUR ADVANTAGE

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CALABASAS, CALIFORNIA | HQ

80+ | OFFICES

2,500 | EMPLOYEES

UNRIVALED SUCCESS IN THE MIDWEST YOUR TEAM

C ORPORATE SUPPORT

JO RDA N DI C K M A N FI RS T V I CE P R E S I D EN T S DI R EC T OR , N M H G

L IZ PO PP M IDW E ST OPE R ATIONS MANAG ER

NI C K A N DR E WS FI RS T V I CE P R E S I D EN T S DI R EC T OR , N M H G

JO S H CA R UA NA V ICE PR E SIDE N T R E GION A L M A N A GER IN DIA N A POL IS | C INC INNATI | LOUISVILLE | ST LOUIS | KANSAS C ITY

AUS TI N SUM S E NI OR I N V E S TME N T AS S OC I AT E B RIAN JO H N ST O N I NVE S TME N T A S S O C I AT E AUS TI N H a l l I NVE S TME N T A S S O C I AT E ALDEN SI M M S I NVE S TME N T A S S O C I AT E

JO HN S E BR E E SE N IOR V ICE PR E SIDENT N A T ION A L DIR E CTOR N A T ION A L M U LT I HOUSING G ROUP MICHA E L G L A S S SE N IOR V ICE PR E SIDENT M IDW E ST DIVISIO N MANAG ER N A T ION A L DIR E CTOR, MANUFAC TURED HOME C OMMUNITIES G ROUP

BROKER SUPPORT SAM PE T R O Si n o VALUA TI O N & R E S E AR C H

BR IT TA NY CA MPBE L L- KO CH DIR E CT OR OF OPE R A T ION S

SKY LER WI L SO N CLI E NT R E LA TI O N S M AN AG ER

A L E X PA PA M A R K E T IN G COOR DIN A T OR

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v a l u e o f r e c e n t ly c l o s e d

$84.4 billion transactions in most recent year

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PREMIER INVESTMENT SERVICES Marcus & Millichap is the premier commercial real estate investment services firm in the United States. Founded in 1971 on a unique model that matches each property with the largest pool of pre-qualified investors, we leverage nearly five decades’ worth of experience and relationships to handle all of your commercial real estate needs. Our team of more than 2,000 professionals in the U.S. and Canada focuses exclusively on real estate investment sales, financing, research, and advisory services.

FOUNDED IN 1971 ON A UNIQUE METHODOLOGY

LARGEST POOL OF PRE-QUALIFIED INVESTORS IN THE INDUSTRY

MOVES CAPITAL ACROSS OUR NETWORK OF INVESTMENT PROFESSIONALS

W ITH AN EXC L U SIVE FOC U S O N REAL ESTATE I N VESTMENT SA L E S, FIN A NC I NG, RESEAR CH, A N D ADVISORY SE RVIC E S

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MORE THAN 2,000 INVESTMENT PROFESSIONALS IN THE U.S. & CANADA

ACCESS TO THE INDUSTRY’S

LARGEST POOL OF PRIVATE & INSTITUTIONAL INVESTORS R E S U LT I N G I N T H E MOST EFFICIENT PROCESS OF

MATCHING BUYERS & SELLERS L O C A L LY, R E G I O N A L LY & N A T I O N A L LY.

L E A D I N G N AT I O N A L P L AT F O R M 8 0 + O F F I C E S T H R O U G H O U T T H E U N I T E D S TA T E S & C A N A D A

#1 U.S. brokerage in number of transactions Marcus & Millichap is the premier commercial real estate investment services firm in the United States.

Founded in 1971 with a unique model that matches each property with the largest pool of pre-qualified investors, we leverage nearly five decades of experience and relationships to handle all your commercial real estate needs. Our team of more than 2,000 professionals in the United States and Canada focuses exclusively on real estate investment sales, financing, research and advisory services.

13,255 6.74

Transactions Transactions closed Every In most recent year Business Hour

MOVING CAPITAL. MAXIMIZING VALUE.

1 0 3 1 E XC H A N G E L E A D E R We execute more tax-deferred exchanges than any other firm in the United States (32% of total transactions), and our market share is a direct benefit to clients. Over the years, we have developed the skills and expertise to maximize value and meet sensitive timelines required in a 1031 Exchange. With billions of dollars of commercial real estate exclusively listed with us at any time, motivated exchange buyers seek out Marcus & Millichap for quality investment opportunities. Through our industry-leading inventory, we deliver the best of both worlds – we maximize the value of your asset through our unparalleled marketing. We then help identify appropriate upleg options to execute a successful tax deferral acquisition.

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INVESTMENT OPTIONS & OPPORTUNITIES The success of Marcus & Millichap is based on our collaborative culture of information sharing across our network of more than 2,000 investment professionals, which maximizes value for each of our clients.

Working with a unique platform that is antithetical to the concept of “pocket listings,” our investment professionals share all listings with the entire Marcus & Millichap team. Each professional specializes in a property type and has a database of local properties and owners, which is leveraged in every client assignment. Because each local agent specializes in a single product type in a specific geographic region, our clients have exposure across the U.S. and Canada with every investment..

Our foundation of information sharing maximizes pricing for our clients and gives us the largest inventory of any firm in the industry.

THE SIZE AND ACCESSIBILITY OF OUR INVENTORY ENABLES YOU TO SELL YOUR PROPERTY AND QUICKLY MOVE INTO ANOTHER PROFITABLE INVESTMENT.

2,000+ $84.4B 14

INVESTMENT PROFESSIONALS VALUE OF RECENTLY CLOSED TRANSACTIONS IN MOST RECENT YEAR

3,859 3,378

4,400

E X CLU SIVE LIS TING S IN MO S T R E C EN T YE AR R E TAI L MULTIHOU SIN G

673

OF F ICE

424

INDU S TR IAL

353

L AND

277

HO SPI TALI T Y

271

MI X ED -U SED

227

SELF -S TOR A GE

170

MANU HOU SING

94

SENIOR HOU SIN G

GAIN ACCESS TO THE NATION’S LARGEST EXCLUSIVE INVENTORY OF PROPERTIES FOR ALL PRODUCT TYPES 15

AREN’T BOUND BY

GEOGRAPHIC BOUNDARIES INBOUND / OUTBOUND Our interconnected team, large proprietary platform and national network allows us to effortlessly move capital around the country. With collaborative culture, cutting-edge technology, and proven methodology, we efficiently match buyers both regionally and nationally to maximize your success.

$2.1B - MW. OUTBOUND $3.8B - MW. INBOUND $9.2BB - W. OUTBOUND $1.6B - W. INBOUND $3.1B - S. OUTBOUND $7.8B - S. INBOUND $1.8B - TX/OK OUTBOUND $6.4B - TX/OK INBOUND $6.4B - NE. OUTBOUND $1.4B - NE. INBOUND $3.3B - MOUNTAIN OUTBOUND $5.0B - MOUNTAIN INBOUND

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MARCUS & MILLICHAP

G L O B A L C A P I TA L G R O U P The Marcus & Millichap GLOBE Capital Group provides the opportunity to expose your property to more foreign buyers with the guided expertise of our senior investment specialists. Our firm is comprised of 80+ offices throughout the US and Canada, and we provide investors with exclusive investment opportunities, financing capabilities, research, and advisory services.

CANADA

$49.65 BILLION

CHINA

GERMANY

$22.58 BILLION

$10.87 BILLION

JAPAN

$5.80 BILLION

SOUTH KOREA

$2.08 BILLION

ISRAEL

$4.84 BILLION

FRANCE

SINGAPORE $2.14 BILLION

$808 MILLION

SWITZERLAND

$6.82 BILLION

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PREMIER INVESTMENT SERVICES LARGEST BUYER POOL

COMPETITIVE BID PROCESS

MORE 1031 BUYERS

With more inventory than any other firm, buyers seek Marcus & Millichap to fulfill their investment acquisition needs.

Our structured marketing process, coupled with the industry’s largest sales force, creates a competitive bidding environment for your listing

We maintain active relationships with the industry’s largest pool of 1031 exchange buyers, the most coveted buyers in the market.

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This is why clients choose Marcus & Millichap over local, regional, or other national firms

# 1 c h o i c e i n m u lt i f a m i ly Marcus & Millichap’s National Multi Housing Group (NMHG) provides the industry’s most dynamic and effective marketplace for the acquisition and disposition of apartment properties. With multifamily specialists in offices throughout the U.S. and Canada, NMHG is the industry leader in apartment transactions, having successfully executed on our clients’ behalf more than $106 billion of sales volume in the past five years.

MARCUS & MILLICHAP

4,400

CBRE

3,311

CUSHMAN & WAKEFIELD

2,169

COLLIERS INTERNATIONAL

1,626

JLL

1,550

NKF

13,255 TRANSACTIONS IN MOST RECENT YEAR

$84.4B VOLUME IN MOST RECENT YEAR

NAI

961

6.73

KELLER WILLIAMS

918

TRANSACTIONS CLOSED

LEE & ASSOCIATES COLDWELL BANKER

1,414

600 593

EVERY BUSINESS HOUR 19

THE OWNERSHIP LIFE CYCLE Whether you’re looking to buy, sell, refinance, or hold, Marcus & Millichap leverages real-time market research to assess local and national trends, with special-

A

S DISPO

N & EX

CQU

ISITION

ANGE

SERVICES ACROSS

ITIO

CH

MAN

E & OPER AT E

ADVISORY

AG

INVESTOR CONCERNS

INVESTOR CONCERNS

INVESTOR CONCERNS

• Is holding my asset the most

• Is now the right time to sell?

• When is the right time to buy?

• How can I leverage the capital

• What investment opportunities are

profitable choice in this market?

• How can I best take advantage

markets to maximize my results?

available for my consideration?

• How do I optimize my position via

• What are the risks in the current

of the capital markets to maximize my returns?

a disposition?

market?

• Based on my investment risk tolerance and objectives, what opportunities

• What alternatives and associated

• What are my financing options?

should I consider?

• How will an acquisition impact my

ized focus on individual property

portfolio’s returns?

types. Backed by the collaborative culture of industry experts, your local investment professional will walk you through each phase of your investment strategy.

MARCUS & MILLICHAP’S SOLUTIONS

MARCUS & MILLICHAP’S SOLUTIONS

MARCUS & MILLICHAP’S SOLUTIONS

• Strategic “hold” analysis

• Value and market positioning analysis

• Pre-acquisition analysis

• Refinance and capitalization options

• Disposition buyer financing

• Financial investment analysis

• Quarterly investment return analysis

• New acquisition financing

• Market and submarket research

• 1031 exchange investment

• Product-specific research

• Ongoing market and submarket research • Ongoing product-specific research

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alternatives analysis

MARCUS & MILLICHAP

C A P I TA L C O R P O R AT I O N C A PA B I L I T I E S MMCC—our fully integrated, dedicated financing arm—is committed to providing superior capital market expertise, precisely managed execution, and unparalleled access to capital sources, providing the most competitive rates and terms.

We leverage our prominent capital market relationships with commercial banks, life insurance companies, CMBS, private and public debt/equity funds, Fannie Mae, Freddie Mac, and HUD to provide our clients with the greatest range of financing options.

Our dedicated, knowledgeable experts understand the challenges of financing and work tirelessly to resolve all potential issues for the benefit of our clients.

W HY MMCC? Optimum financing solutions to enhance value Enhanced control through MMCC’s ability to qualify investor finance contingencies Enhanced control through quickly identifying potential debt/equity sources, processing, and closing buyer’s finance alternatives Enhanced control through MMCC’s ability to monitor investor/due diligence and underwriting to ensure timely, predictable closings

CLOSED 1,943 DEBT AND EQUITY FINANCINGS IN MOST RECENT YEAR

NATIONAL PLATFORM OPERATING WITHIN THE FIRM’S BROKERAGE OFFICES

$7.67 BILLION TOTAL NATIONAL VOLUME IN MOST RECENT YEAR

ACCESS TO MORE CAPITAL SOURCES THAN ANY OTHER FIRM IN THE INDUSTRY

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SELECT CLIENTS

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SELECT CLIENTS

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NOTEWORTHY DEALS

ANDREWS DICKMAN TRACK RECORD

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$13,843,387 | 161 Units LaRose, Cincinnati, Ohio

$4,344,556 | 73 Units Williamstown, Cincinnati, Ohio

$9,200,000 | 139 Units Northside Flats, Cincinnati, Ohio

$30,500,000 | 240 Units Burlington Oaks, Burlington, KY

$6,262,760 | 96 Units Eagle Watch, Cincinnati, Ohio

$10,500,000 | 176 Units King’s View, Cincinnati, Ohio

$6,220,760 | 96 Units Wyoming, Cincinnati, Ohio

$4,045,000 | 65 Units Berkshire, Cincinnati, Ohio

PROPERTY NAME

CITY

STATE

CLOSED PRICE

STRIKE PRICE

RATIO

Views of Mount Airy

Cincinnati

Ohio

$15,000,000

$15,250,000

98%

Springfield Portfolio

Springfield

Ohio

$13,880,000

$13,990,700

99%

Arts Apartments at Music Hall

Cincinnati

Ohio

$9,400,000

$9,800,000

96 %

1840 Flats

Lexington

Kentucky

$13,750,000

$14,000,000

98%

Union Hill & Studio Apartments

Dayton

Ohio

$13,000,000

$13,000,000

100%

K e n t u c k y To w e r s

Louisville

Kentucky

$17,700,000

$18,500,000

96 %

Charleston Portfolio

Charleston

West Virginia

$43,900,000

$44,000,000

99%

Woodland Acres

Lewisburg

West Virginia

$6,600,000

$6,600,000

100%

Wayne Estates

Dayton

Ohio

$7,425,000

$7,000,000

106%

Kings View

Cincinnati

Ohio

$10,500,000

$10,700,000

99%

Woods & Grinstead

Louisville

Kentucky

$15,150,000

$15,200,00

99%

Roselawn Village

Cincinnati

Ohio

$9,287,500

$9,400,000

99%

Residences at Summit View

Cincinnati

Ohio

$7,350,000

$7,400,000

99%

Southview Manor

Highland Heights

Kentucky

$4,850,000

$4,850,000

100%

Holly Hills

Louisville

Kentucky

$4,925,000

$4,950,000

99%

Oldham Oaks

La Grange

Kentucky

$ 2 2 , 8 96 , 0 0 0

$23,500,000

97%

Eagle Watch Apartments

Cincinnati

Ohio

$ 3 , 74 0 , 0 0 0

$3,500,000

107%

EXECUTING TODAY. PLANNING FOR THE FUTURE. Our cutting-edge market research helps us advise our clients of existing asset performance and future opportunities.

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ADVANCED STRATEGY

AT T R A C T I N G T H E TA R G E T B U Y E R To successfully execute a marketing campaign, it is critical to understand the likely buyer profiles that will be attracted to the asset, in addition to their respective approval process, corporate structure and underwriting methodology.

Whether it be a private investor, pension fund advisor, sponsored capital group, family office, or a discretionary fund manager, every investment group has an approval process/corporate structure that dictates their ability to process with a transaction. We pride ourselves on maintaining vast and deep relationships with each of the buyer profiles that are active in the market place today coupled with a thorough under standing of their required investor returns and standards of underwriting.

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$645M

$1.6B

$431M $731M

$127M

$427M

PREMIER ACCESS TO INVESTOR PROFILES 1ST TIER INVESTORS

FOREIGN & INTERNATIONAL BUYERS

Pension funds, advisors, banks, REITs, and life insurance companies

Foreign investors seeking domestic opportunities and technology enablers that direct foreign demand

1031 EXCHANGE CAPITAL Investors seeking acquisition opportunities for capital gains tax

2ND TIER INVESTORS

deferral

Syndicates, developers, merchant builders, general partnerships, and professional investors

CROSS-PRODUCT CAPITAL Opportunistic investors seeking diversification in other real estate property types

3RD TIER INVESTORS Private, individual investors who account for the majority of transactions in the marketplace

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marketing

Offering Procurement

Conduct Buyer Interviews

Field Initial Offers

Select Buyer

Best & Final Offering Round

Negotiate Contract

OFFER PROCUREMENT d ays

d ays ACTIVE MARKETING ProActive In-Person Meetings

Distribution of offering Materials

Direct Phone Calls & Emails

On-site Property Tours

Strategic Property E-Campaigns

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Weekly Seller Updates

CLOSE OF ESCROW d ays

d ays CONTINGENCY PERIOD Contingency Period Title Work On-Site Property Inspections Third Party Inspections

timeline 33

COMMERCIAL REAL ESTATE

POWERFUL TOOLS - MNET OUR PROPRIETARY TECHNOLOGY PLATFORM, MNET, IS A GAME-CHANGER. NO OTHER FIRM OFFERS ANYTHING LIKE IT OR THE POWERFUL PROPERTY SEARCH TOOLS AND AUTOMATED PROPERTY MATCHING CAPABILITIES IT FEATURES.

A D V A N C E S E A R C H C A PA B I L I T I E S

POPUL ATION

HH INCOME

RADIUS

FINANCIALS

$18B + 1.2M 3,500 + OF CURRENT INVENTORY

SEARCHES ANNUALLY

EXCLUSIVE LISTINGS

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RCM & CREXI CREXI Commercial Real Estate Exchange, Inc. (CREXI) is the commercial real estate industry’s fastest-growing marketplace, advanced technology and data platform dedicated to supporting the CRE industry and its stakeholders. Crexi enables commercial real estate professionals to quickly streamline, manage, grow their businesses, and ultimately close deals faster. Since launching in 2015, Crexi has quickly become the most active marketplace in the industry. With millions of users, the platform has helped buyers, tenants and brokers transact and lease on over 500,000 commercial listings totaling more than $1 trillion in property value.

RCM Real Capital Markets (RCM) is the GLOBE marketplace for buying and selling CRE. RCM increases the speed, exposure, and security of CRE sales through its streamlined online platform. Solutions include integrated property marketing, transaction management, and business intelligence tools to unify broker-level and firm-level data and work flows.

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D I G I TA L E - M A R K E T I N G The main advantage of digital marketing is that a targeted audience can be reached in a cost-effective and measurable way. Over the course of the past several years, our team has managed to collect over twenty thousand emails of potential investors, in a variety of states across the US. This database allows us to tailor future investment opportunity to each investor, and their desired goal. Not only does this database allow us to personalize emails, but it also allows us to measure the results of our out reach.

EMAILS SENT THIS CURRENT MONTH

OVER 190K OVER 60K OVER 20K OVER 1.2K EMAIL OPENS

IN OUR MAILING LIST

INDUSTRY AVERAGE OPEN RATE: 29.97% CLICK RATE: .75% ADG OPEN RATE

34%

ADG CLICK RATE

1.5%

CLICK THROUGH

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“Email has an ability many channels don’t: creating valuable personal touches - a t s c a l e .”

P L AT F O R M S

social media Social media helps us engage with our potential clients and find out what is being said about our business. We also use social media for advertising, attracting clients, get client feedback, build better customer loyalty, increase our market reach, develop our brand etc. Social media is a great tool to use in our industry, especially for building new relationships and keeping up with the market.

ADG IS ON

6 PLATFORMS OVER 1K OVER 1.2K OVER 3K NEW RELATIONSHIPS MADE

MONTHLY IMPRESSIONS ON ISSUU

IMPRESSIONS ON LINKEDIN

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THE INVESTMENT

MAPLE GLEN

PROPERTY DETAILS Property Name: Property Address: City, State, Zip: Submarket: County: Year Built/Renovated: Number Of Units: Avg Unit Size: Rentable Sqft: Number of Parcels: Lot Size (Acres): # of Buildings: # of Stories: Current Occupancy: UTILITIES: Electric: Gas: Water Sewer Trash:

Maple Glen Apartments & Townhouses 720 Ohio Pike Cincinnati, OH 45245 Outer Clermont County Clermont 33 units 1975; 28 units 1988; 23 units 2019 84 1,092 91,728 1 5.42 7 2-stories and 3-stories 96%

Tenant None Owner Owner Owner

PHOTOS

MAPLE GLEN

INVESTMENT HIGHLIGHTS

STRONG SUBMARKET

RENOVATION PLAN

Maple Glen Apartments and Townhouses is located in the Outer Clermont

Maple Glen Apartments and Townhouses has had 50 of its 84 units renovat-

County submarket on the east side of Cincinnati. The average income for

ed. The ones are getting around a $100 premium, twos $250 and townhous-

the 2-mile radius around the property is $94,787 and the median home

es $200. The renovations have included new flooring, cabinets, appliances,

value within a 5-mile radius is $212,172. Rents have continued to grow as

fixtures and bathrooms. This provides an avenue for an incoming investor

shown by an 8.2% increase year-over-year in May 2023 with occupancy

to further increase revenue by continuing the proven renovation value add

holding strong at 97.3% (Yardi).

plan.

DESIRABLE ASSET Maple Glen Apartments and Townhouses has desirable characteristics for many investors including size, unit bedroom counts, and age of construction. Eighty-four units on a single site is large enough for many investors to have a dedicated management team, which helps to attract out-ofstate capital. Also, over 85% of the units are two bedrooms or larger which provides the property with higher potential income and is more attractive to investors. Twenty-six of the units are townhouses which have become more popular in recent years due to the COVID pandemic and many families being priced out of single-family homes. Finally, over half of the units are 1980’s vintage or newer. This stands out in the Cincinnati apartment market as 75% of the apartments were built in the 1970’s or earlier.

DEAL SUMMARY 91,711 84 1,092 R EN TABL E S QUA RE FEET

TOTA L UNITS

PROPERTY SUMMARY #1 Bedrooms

9

#2 Bedrooms

72

#3 Bedrooms

3

Occupancy

100%

* MAPLE GLEN

AVG SF

1.

Strong Submarket -Maple Glen Apartments and Townhouses is located in the Outer Clermont County submarket on the east side of Cincinnati. The average income for the 2-mile radius around the property is $94,787 and the median

1. Water & Sewer RUB Op

a $50 utility RUB. If this

home value within a 5-mile radius is $212,172. Rents have continued to grow as

there is an opportunity

shown by an 8.2% increase year-over-year in May 2023 with a strong occupan-

tional $460,000 in prop

cy of 97.3% (Yardi).

2. Desirable Asset - Maple Glen Apartments and Townhouses has desirable char-

2. Additional Details Prov

acteristics for many investors including size, unit bedroom counts, and age of

known during the under

construction. Eighty-four units on a single site is large enough for many investors to have a dedicated management team, which helps to attract out-ofstate capital. Over 85% of the units are two bedrooms or larger. This provides the property with a higher potential income and is more attractive to investors.

Additionally, twenty-six of the units are townhouses. These have become more popular in recent years due to the COVID pandemic and many individuals being priced out of single-family homes. Finally, over half of the units are 1980’s vintage or newer. This stands out in the Cincinnati apartment market where 75% of the apartments were built in the 1970’s or earlier.

3.

Renovation Plan - Maple Glen Apartments and Townhouses has had 50 of its 84 units renovated. The renovated ones are getting around a $100 premium, renovated twos $250 and renovated townhouses $200. The renovations have included new flooring, cabinets, appliances, fixtures and bathrooms. This provides an attractive value add opportunity for an incoming investor.

tify a different price or

roll and trailing financia

pportunity – currently, thirty tenants are paying

1.

Potential Tax Reassessment – taxes have the potential to increase drastically

s is implemented on all new and renewed leases,

when the sale of the property occurs. An incoming investor will need confi-

to increase NOI by $30,000. This adds an addi-

dence in an LLC transfer to avoid/delay a tax assessment to place a higher

perty value at a stabilized 6.5% cap rate.

value on the property. 2022 taxes were $47,661 and at a $10,500,000 valua-

vided – there were some items that were not

rwriting process that could be used to help jussolidify the existing price. This includes a rent

als.

tion they have the potential to be reassessed for over $200,000.

2. Lack of Amenities – Maple Glen’s competitors that have rents at the same or higher level have additional amenities including a pool, fitness center, dog park or garages.

RENT COMPETITORS

Competitors

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3902

rent sort ONE bedroom

One Bedroom Property Arbors of Anderson Brandy Chase Apartments ReNew 3902 The Links Subject Pro Forma Subject Average Effective The Vinings

Year Built # Units 1990 438 1987 428 1949 144 1976 153 1975, 1988, 2019 84 1975, 1988, 2019 84 1990 159

Avg SF 759 870 750 688 725 725 725

Avg Rent $1,265 $1,120 $1,005 $965 $950 $894 $866

Avg Rent/SF $1.67 $1.29 $1.34 $1.40 $1.31 $1.23 $1.19

rent sort TWO bedroom

Two Bedroom Property Brandy Chase Apartments Gantry East Arbors of Anderson Subject Pro Forma Subject Average Effective The Links ReNew 3902 The Vinings Kennedy's Landing

Carriage Station Townhomes

Year Built # Units 1987 428 2021 96 1990 438 1975, 1988, 2019 84 1975, 1988, 2019 84 1976 153 1949 144 1990 159 1999 112

1972

64

Avg SF 1136 1035 1098 1134 1134 860 850 1078 1090

Avg Rent $1,710 $1,523 $1,459 $1,397 $1,216 $1,200 $1,175 $1,139 $1,035

Avg Rent/SF $1.51 $1.47 $1.33 $1.23 $1.07 $1.40 $1.38 $1.06 $0.95

980

$950

$0.97

rent sort three bedroom

Three Bedroom Property Gantry East Arbors of Anderson Subject Pro Forma Kennedy's Landing Subject Average Effective The Links The Vinings Carriage Station Townhomes

Year Built # Units 2021 96 1990 438 1975, 1988, 2019 84 1999 112 1975, 1988, 2019 84 1976 153 1990 159 1972 64

Avg SF 1243 1264 1183 1925 1183 1090 1381 1300

Avg Rent $1,745 $1,699 $1,667 $1,584 $1,525 $1,450 $1,400 $1,050

Avg Rent/SF $1.40 $1.34 $1.41 $0.82 $1.29 $1.33 $1.01 $0.81

RENT COMPETITORS

THE VININGS 3989 Vinings Dr, Cincinnati, OH 45245 UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom

UNITS 48

SQFT 725

RENT $866

159 1990 99.6% RENT/SF $1.19

Two Bedroom

99

1078

$1,139

$1.06

Three Bedroom

12

1381

$1,400

$1.01

Apartment Interior Amenities Washer and Dryer Connections Patio or Balcony Common Area Amenities Clubhouse Swimming Pool Fitness Center Playground Garages available

RENT COMPETITORS

THE LINKS

370 Saint Andrews Dr, Cincinnati, OH 45245 Units Year Built Occupancy UNIT MIX One Bedroom

UNITS 53

SQFT 688

RENT $965

153 1976 27.4% RENT/SF $1.40

Two Bedroom

76

860

$1,200

$1.40

Three Bedroom

24

1090

$1,450

$1.33

Apartment Interior Amenities Renovated Apartments Patio or Balcony Dishwasher In-Unit Washer and Dryer Common Area Amenities Fitness Center Business Center Resort Style Pool Dog Park Playground Grilling Area

RENT COMPETITORS

RENEW 3902

3902 Old Savannah Dr, Cincinnati, OH 45245 UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom

UNITS 72

SQFT 750

RENT $1,005

144 1949 96.5% RENT/SF $1.34

Two Bedroom

72

850

$1,175

$1.38

Apartment Interior Amenities Renovated Apartments Walk-in Closets Balconies Common Area Amenities On-Site Laundry Centers Dog Park

RENT COMPETITORS

BRANDY CHASE A PA RT M E N T S 3969 Brandychase Way, Cincinnati, OH 45245 Units Year Built Occupancy UNIT MIX One Bedroom

UNITS 100

SQFT 870

RENT $1,120

428 1987 99.5% RENT/SF $1.29

Two Bedroom

328

1136

$1,710

$1.51

Apartment Interior Amenities Fireplaces Washer and Dryer Hookups Garages Available Walk-in Closets Common Area Amenities Dog Park Picnic Area Tennis Courts Swimming Pool Fitness Center Basketball Court

FINANCIALS

MAPLE GLEN - FINANCIALS

UNIT MIX SUMMARY AV E R A G E E F F E C T I V E

MARKET

P RO J E CT E D

UNIT TYPE

NO. OF UNITS

R E N TA B L E S F

T O TA L S F

RENT/UNIT

RENT/SF

T O TA L R E N T POTENTIAL

SUMMARY One Bedroom Two Bedroom Three Bedroom

9 Units 72 Units 3 Units

725 SF 1,134 SF 1,183 SF

6,525 SF 81,636 SF 3,550 SF

$893.89 $1,215.76 $1,525.00

$1.23 $1.07 $1.29

$8,045 $87,535 $4,575

$893.89 $1,223.40 $1,525.00

$1.23 SF $1.08 SF $1.29 SF

$8,045 $88,085 $4,575

$950.00 $1,396.53 $1,666.67

$1.31 SF $1.23 SF $1.41 SF

$8,550 $100,550 $5,000

Totals / Wtd. Averages

84 Units

1,092 SF

91,711 SF

$1,192.32

$1.09 SF

$100,155

$1,198.87

$1.10 SF

$100,705

$1,358.33

$1.24 SF

$114,100

UNIT DISTRIBUTION

64

RENT/UNIT

RENT/SF

TOTA L R E N T P OT E N T I A L

RENT/UNIT

RENT/SF

TOTA L R E N T P OT E N T I A L

UNIT RENTS

MAPLE GLEN - FINANCIALS

UNIT MIX BREAKDOWN AV E R A G E E F F E C T I V E

MARKET

P RO J E CT E D

N O . O F U N I TS

R E N TA B L E S F

T O TA L S F

RENT/UNIT

RENT/SF

T O TA L R E N T POTENTIAL

One Bedrooms 1BR/1BA - (1975) 1BR/1BA - Renovated (1975)

2 Units 7 Units

725 SF 725 SF

1,450 SF 5,075 SF

$820.00 $915.00

$1.13 SF $1.26 SF

$1,640 $6,405

$820.00 $915.00

$1.13 SF $1.26 SF

$1,640 $6,405

$950.00 $950.00

$1.31 SF $1.31 SF

$1,900 $6,650

Totals / Wtd. Averages

9 Units

725 SF

6,525 SF

$893.89

$1.23 SF

$8,045

$893.89

$1.23 SF

$8,045

$950.00

$1.31 SF

$8,550

Two Bedrooms 2BR/1BA - New Build (2019) 2BR/1BA - Townhouse (1988) 2BR/1BA - Townhouse - Renovated 2BR/1BA - (1975) 2BR/1BA - Renovated (1975) 2BR/1BA - New Build (2019)

4 Units 13 Units 13 Units 17 Units 7 Units 18 Units

1,050 SF 1,050 SF 1,050 SF 1,114 SF 1,114 SF 1,300 SF

4,200 SF 13,650 SF 13,650 SF 18,938 SF 7,798 SF 23,400 SF

$1,487.50 $1,195.00 $1,395.00 $950.00 $1,195.00 $1,300.00

$1.42 SF $1.14 SF $1.33 SF $0.85 SF $1.07 SF $1.00 SF

$5,950 $15,535 $18,135 $16,150 $8,365 $23,400

$1,625.00 $1,195.00 $1,395.00 $950.00 $1,195.00 $1,300.00

$1.55 SF $1.14 SF $1.33 SF $0.85 SF $1.07 SF $1.00 SF

$6,500 $15,535 $18,135 $16,150 $8,365 $23,400

$1,625.00 $1,425.00 $1,425.00 $1,250.00 $1,250.00 $1,500.00

$1.55 SF $1.36 SF $1.36 SF $1.12 SF $1.12 SF $1.15 SF

$6,500 $18,525 $18,525 $21,250 $8,750 $27,000

Totals / Wtd. Averages

72 Units

1,134 SF

81,636 SF

$1,215.76

$1.07 SF

$87,535

$1,223.40

$1.08 SF

$88,085

$1,396.53

$1.23 SF

$100,550

Three Bedrooms 3BR/1BA - Townhouse (1988) 3BR/1BA - New Build (2019)

2 Units 1 Units

1,150 SF 1,250 SF

2,300 SF 1,250 SF

$1,450.00 $1,675.00

$1.26 SF $1.34 SF

$2,900 $1,675

$1,450.00 $1,675.00

$1.26 SF $1.34 SF

$2,900 $1,675

$1,650.00 $1,700.00

$1.43 SF $1.36 SF

$3,300 $1,700

Totals / Wtd. Averages

3 Units

1,183 SF

3,550 SF

$1,525.00

$1.29 SF

$4,575

$1,525.00

$1.29 SF

$4,575

$1,666.67

$1.41 SF

$5,000

UNIT TYPE

RENT/UNIT

RENT/SF

TOTA L R E N T P OT E N T I A L

RENT/UNIT

RENT/SF

TOTA L R E N T P OT E N T I A L

65

INCOME EXPENSE

MAPLE GLEN - FINANCIALS

INCOME & EXPENSES 66

CURRENT RENT ROLL: AS OF JUNE 2023 INCOME AND EXPENSES: ASSUMED GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT OTHER INCOME Utility Income Total Other Income GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME NON-CONTROLLABLE Real Estate Taxes 2022 Taxes Paid Adjustment for Sale Total Real Estate Taxes Insurance Utilities Electric Water & Sewage Trash Removal Total Utilities Total Non-Controllable CONTROLLABLE Contract Services Snow Removal Landscaping/Grounds Pest Control 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

YEAR 1

% of GPR

Per Unit 14,386 (719) 13,667

$1,369,200 ($27,384) $1,341,816 $47,880 $47,880 $1,389,696 ($67,091) ($13,418) $1,309,187

Note 3 3.57% 3.57%

5.00% 0.00% 90.00%

214 214 13,881 (683) 0 13,198

5.00% 1.00% 92.00%

570 570 16,544 (799) (160) 15,586

$47,661 Auditor

% of EGI 4.30%

Per Unit 567

$47,661

3.64%

% of EGI 567

$200,111 $33,600 Note 2

18.05% 3.03%

2,382 400

$200,111 $33,600

15.29% 2.57%

2,382 400

$1,800 Note 2 $42,000 Note 2 $8,400 Note 2 $52,200 $285,911

0.16% 3.79% 0.76% 4.71% 25.79%

21 500 100 621 3,404

$1,836 $42,840 $8,568 $53,244 $286,955

0.14% 3.27% 0.65% 4.07% 21.92%

22 510 102 634 3,416

$2,940 $8,400 $2,940 $14,280 $50,400 $4,200 $71,400 $8,400 $8,400 $44,345 $21,420 $222,845 $508,756 $599,879

0.27% 0.76% 0.27% 1.29% 4.55% 0.38% 6.44% 0.76% 0.76% 4.00% 1.93% 20.10% 45.89% 54.11%

35 100 35 170 600 50 850 100 100 528 255 2,653 6,057 7,141

$2,940 $8,400 $2,940 $14,280 $50,400 $4,200 $71,400 $8,400 $8,400 $52,367 $21,848 $231,296 $518,251 $790,936

0.22% 0.64% 0.22% 1.09% 3.85% 0.32% 5.45% 0.64% 0.64% 4.00% 1.67% 17.67% 39.59% 60.41%

35 100 35 170 600 50 850 100 100 623 260 2,754 6,170 9,416

$1,208,460 ($60,423) $1,148,037

5.00%

$18,000 RR $18,000 $1,166,037 ($57,402) $0 $1,108,635

$152,450

Note 2 Note 2 Note 2 Note 2 Note 2 Note 2 Note 2 Note 2 Note 2 Note 1

1.57% 1.57%

13.75%

1,815

$152,450

% of GPR 2.00%

11.64%

Per Unit 16,300 (326) 15,974

1,815

YEAR 2 $1,410,276 ($28,206) $1,382,070

YEAR 3

% of GPR 2.00%

Per Unit 16,789 (336) 16,453

$1,452,584 ($29,052) $1,423,533

% of GPR

$50,796 $50,796 $1,474,328 ($71,177) ($14,235) $1,388,917

5.00% 1.00% 92.00%

605 605 17,552 (847) (169) 16,535

$47,661

% of EGI 3.53%

Per Unit 567

2.00%

5.00% 1.00% 92.00%

587 587 17,040 (823) (165) 16,053

$47,661

% of EGI 3.53%

Per Unit 567

$200,111 $34,272

14.84% 2.54%

2,382 408

$200,111 $34,957

14.84% 2.59%

2,382 416

$1,873 $43,697 $8,739 $54,309 $288,692

0.14% 3.24% 0.65% 4.03% 21.41%

22 520 104 647 3,437

$1,910 $44,571 $8,914 $55,395 $290,463

0.14% 3.31% 0.66% 4.11% 21.54%

23 531 106 659 3,458

$2,999 $8,568 $2,999 $14,566 $51,408 $4,284 $72,828 $8,568 $8,568 $53,939 $22,285 $236,445 $525,137 $823,325

0.22% 0.64% 0.22% 1.08% 3.81% 0.32% 5.40% 0.64% 0.64% 4.00% 1.65% 17.53% 38.94% 61.06%

36 102 36 173 612 51 867 102 102 642 265 2,815 6,252 9,801

$3,059 $8,739 $3,059 $14,857 $52,436 $4,370 $74,285 $8,739 $8,739 $55,557 $22,731 $241,714 $532,177 $856,739

0.23% 0.65% 0.23% 1.10% 3.89% 0.32% 5.51% 0.65% 0.65% 4.00% 1.69% 17.81% 39.47% 63.53%

36 104 36 177 624 52 884 104 104 642 271 2,858 6,335 10,199

11.31%

1,815

$152,450

3.57% 3.57%

Per Unit 17,293 (346) 16,947

$49,316 $49,316 $1,431,387 ($69,104) ($13,821) $1,348,463

$152,450

3.57% 3.57%

#

11.31%

1

UNDERWRITING NOTES

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

2

Added based on market norms.

3

Utility Income: All tenants paying $50 a month for water at 95% occupied

1,815

67

INCOME EXPENSE

MAPLE GLEN - FINANCIALS

CASH FLOW 68

CURRENT

YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

YR 9

YR 10

YE JUN-2024

YE JUN-2025

YE JUN-2026

YE JUN-2027

YE JUN-2028

YE JUN-2029

YE JUN-2030

YE JUN-2031

YE JUN-2032

YE JUN-2033

GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT OTHER TOTAL INCOME GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME

$1,208,460 ($60,423) $1,148,037 $18,000 $1,166,037 ($57,402) $0 $1,108,635

$1,369,200 ($27,384) $1,341,816 $47,880 $1,389,696 ($67,091) ($13,418) $1,309,187

$1,410,276 ($28,206) $1,382,070 $49,316 $1,431,387 ($69,104) ($13,821) $1,348,463

$1,452,584 ($29,052) $1,423,533 $50,796 $1,474,328 ($71,177) ($14,235) $1,388,917

$1,496,162 ($29,923) $1,466,239 $51,812 $1,518,050 ($73,312) ($14,662) $1,430,076

$1,541,047 ($30,821) $1,510,226 $52,848 $1,563,074 ($75,511) ($15,102) $1,472,460

$1,587,278 ($31,746) $1,555,533 $53,905 $1,609,438 ($77,777) ($15,555) $1,516,106

$1,634,896 ($32,698) $1,602,198 $54,983 $1,657,182 ($80,110) ($16,022) $1,561,050

$1,683,943 ($33,679) $1,650,264 $56,083 $1,706,347 ($82,513) ($16,503) $1,607,331

$1,734,462 ($34,689) $1,699,772 $57,204 $1,756,977 ($84,989) ($16,998) $1,654,990

$1,786,495 ($35,730) $1,750,766 $58,349 $1,809,114 ($87,538) ($17,508) $1,704,068

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

$200,111 $33,600 $52,200 $14,280 $50,400 $4,200 $71,400 $8,400 $8,400 $44,345 $21,420 $508,756

$200,111 $33,600 $53,244 $14,280 $50,400 $4,200 $71,400 $8,400 $8,400 $52,367 $21,848 $518,251

$200,111 $34,272 $54,309 $14,566 $51,408 $4,284 $72,828 $8,568 $8,568 $53,939 $22,285 $525,137

$200,111 $34,957 $55,395 $14,857 $52,436 $4,370 $74,285 $8,739 $8,739 $55,557 $22,731 $532,177

$204,113 $35,657 $56,503 $15,154 $53,485 $4,457 $75,770 $8,914 $8,914 $57,203 $23,186 $543,356

$208,195 $36,370 $57,633 $15,457 $54,555 $4,546 $77,286 $9,092 $9,092 $58,898 $23,649 $554,774

$212,359 $37,097 $58,786 $15,766 $55,646 $4,637 $78,831 $9,274 $9,274 $60,644 $24,122 $566,438

$216,606 $37,839 $59,961 $16,082 $56,759 $4,730 $80,408 $9,460 $9,460 $62,442 $24,605 $578,351

$220,939 $38,596 $61,161 $16,403 $57,894 $4,824 $82,016 $9,649 $9,649 $64,293 $25,097 $590,521

$225,357 $39,368 $62,384 $16,731 $59,052 $4,921 $83,656 $9,842 $9,842 $66,200 $25,599 $602,952

$229,864 $40,155 $63,632 $17,066 $60,233 $5,019 $85,330 $10,039 $10,039 $68,163 $26,111 $615,650

NET OPERATING INCOME

$599,879

$790,936

$823,325

$856,739

$886,720

$917,686

$949,668

$982,698

$1,016,811

$1,052,039

$1,088,418

DEBT SERVICE - Proposed New Principal Payments Interest Payments TOTAL DS - Proposed New Loan

$90,446 $401,912 $492,358

$90,446 $401,912 $492,358

$95,786 $396,572 $492,358

$101,441 $390,917 $492,358

$107,430 $384,928 $492,358

$113,773 $378,585 $492,358

$120,490 $371,868 $492,358

$127,604 $364,754 $492,358

$135,137 $357,221 $492,358

$143,116 $349,242 $492,358

$151,565 $340,793 $492,358

CONSOLIDATED DEBT SERVICE

$492,358

$492,358

$492,358

$492,358

$492,358

$492,358

$492,358

$492,358

$492,358

$492,358

$492,358

NET CASH FLOW AFTER DEBT DEBT SERVICE COVERAGE RATIO

$107,521 1.22

$298,578 1.61

$330,967 1.67

$364,381 1.74

$394,362 1.80

$425,328 1.86

$457,310 1.93

$490,340 2.00

$524,453 2.07

$559,681 2.14

$596,060 2.21

RETURN ANALYSIS CAP Rate (Purchase Price) 'All-In' CAP Rate (Total Cost) Cash-on-Cash Return IRR

TRAILING 5.76% 5.59% 2.90% n/a

YR 1 7.59% 7.37% 8.06% 29.59%

YR 2 7.90% 7.67% 8.93% 19.93%

YR 3 8.23% 7.98% 9.83% 19.87%

YR 4 8.51% 8.26% 10.64% 18.46%

YR 5 8.81% 8.55% 11.48% 17.62%

YR 6 9.12% 8.85% 12.34% 17.07%

YR 7 9.43% 9.15% 13.23% 16.68%

YR 8 9.76% 9.47% 14.15% 16.39%

YR 9 10.10% 9.80% 15.11% 16.16%

YR 10 10.45% 10.14% 16.09% 15.98%

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

YR 9

YR 10

13.30% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

4.00%

2.00% 4.00%

2.00% 4.00%

2.00% 4.00%

2.00% 4.00%

2.00% 4.00%

2.00% 4.00%

2.00% 4.00%

2.00% 4.00%

2.00% 4.00%

Income Gross Potential Rent (Loss) / Gain to Lease* Other Income Expenses Expenses Management Fee**

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS Physical Vacancy Non-Revenue Units Bad Debt Concessions Allowance Total Economic Loss

YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

YR 9

YR 10

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

Tax Breakdown Property Address 15 Candlewood Ct

Parcel ID D13-00311-0008

Year Built 1976

Acres 0.27

Market Value $138,880

Assessed Value $48,610

Tax Rate 0.025718

Taxes Payable $3,571.66

Land Use Code C-Apartments 4-19 Rental Units

43 Candlewood Ct

D13-00311-0001

61 Candlewood Ct

D13-00311-0002

1976

0.47

$138,880

$48,610

0.025718

$3,571.66

C-Apartments 4-19 Rental Units

1976

0.36

$138,880

$48,610

0.025718

$3,571.66

79 Candlewood Ct

C-Apartments 4-19 Rental Units

D13-00311-0003

1976

0.35

$131,620

$46,070

0.025719

$33,851.00

95 Candlewood Ct

C-Apartments 4-19 Rental Units

D13-00311-0004

1976

0.33

$26,400

$9,240

0.030261

$798.90

C-Apartments 4-19 Rental Units

72 Candlewood Ct

D13-00311-0005

1976

0.37

$288,310

$100,910

0.025717

$7,414.50

C-Apartments 4-19 Rental Units

56 Candlewood Ct

D13-00311-0006

1976

0.30

$128,980

$45,140

0.025715

$3,316.72

C-Apartments 4-19 Rental Units

42 Candlewood Ct

D13-00311-0007

1976

0.35

$138,880

$48,610

0.025718

$3,571.66

C-Apartments 4-19 Rental Units

14 Candlewood Ct

D13-00106-0036

1976

0.31

$162,030

$56,710

0.025717

$4,166.88

C-Apartments 4-19 Rental Units

3.11

$1,292,860

$452,510

$63,834.64

$63,834.64

Total

69

MAPLE GLEN - FINANCIALS

PRICING P U RC H A S E P R I C E

Target Purchase Price Per Unit Per RSF

A N A LY S I S A S S U M P T I O N S

$10,416,000 $124,000 $113.57

Analysis Period Analysis Start Date Terminal Cap Rate Cost of Sale

R E N T S U M M A RY ( M O N T H LY )

10.00 Years Jul-2023 6.50% 6.00%

ACQUISITION / ADDITIONAL COSTS

Projected Capital Expenditures Renovation Cost Closing Costs Transfer Tax Total Loan Fees

$320,000 $0 $0 $0 $0

Total Acquisition Costs

$320,000

P U RC H A S E P R I C E

Total Cost Per Unit Per RSF

70

$10,736,000 $127,810 $117.06

ACQUISITION FINANCING SUMMARY

Loan Amount Loan to Value (LTV) Loan to Cost (LTC) Existing or Proposed Loan Origination Date Interest Rate Years Interest Only

$7,030,800

Equity Required Equity to Value Equity to Cost

$3,705,200

67.50%

Avg. Effective Rent Avg. Current Market Rent Avg. Projected Rent

$1,192 $1,199 $1,358

T O TA L E X P E N S E S S U M M A RY ( P E R U N I T )

Trailing Year 1 Year 2

$6,057 $6,170 $6,252

65.49% Proposed Jul-2023 5.75% 0.00

35.57% 34.51%

N O I S U M M A RY

Trailing Year 1 Year 2

$599,879 $790,936 $823,325

E C O N O M I C L O S S S U M M A RY

Trailing Year 1 10-Year Projected Avg.

5.00% 6.00% 6.00%

MAPLE GLEN - FINANCIALS

TA R G E T VA L U E PRICE

PER UNIT

PER RSF

TRAILING

A L L- I N C A P R AT E YEAR 1

YEAR 2

TRAILING

YEAR 1

$10,936,800 $10,763,200 $10,589,600 $10,416,000 $10,242,400 $10,068,800 $9,895,200

$130,200 $128,133 $126,067 $124,000 $121,933 $119,867 $117,800

$119.25 $117.36 $115.47 $113.57 $111.68 $109.79 $107.90

5.48% 5.57% 5.66% 5.76% 5.86% 5.96% 6.06%

7.03% 7.14% 7.25% 7.37% 7.49% 7.61% 7.74%

7.31% 7.43% 7.55% 7.67% 7.79% 7.93% 8.06%

2.77% 2.81% 2.86% 2.90% 2.95% 3.00% 3.05%

7.69% 7.81% 7.93% 8.06% 8.19% 8.33% 8.47%

SUGGESTED LIST PRICE: MARKET BID

CAS H - O N - CAS H R E T U R N S YEAR 2

Y E A R 3 ( F U L LY A M O R T I Z I N G )

8.52% 8.65% 8.79% 8.93% 9.08% 9.23% 9.39%

9.38% 9.53% 9.68% 9.83% 10.00% 10.16% 10.34%

Marketing the asset without a specific price allows us to customize our sales approach to each investor’s specific rehab costs, cost of debt and minimum return requirements.

Thus facilitating a competitive bidding environment and ultimately maximizing the value of the Property.

TRAILING

YR 1

YR2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

YR 9

YR 10

Cash on Cash Return Internal Rate of Return (IRR) CAP Rate (Purchase Price)

2.90% n/a 5.76%

8.06% 29.59% 7.59%

8.93% 19.93% 7.90%

9.83% 19.87% 8.23%

10.64% 18.46% 8.51%

11.48% 17.62% 8.81%

12.34% 17.07% 9.12%

13.23% 16.68% 9.43%

14.15% 16.39% 9.76%

15.11% 16.16% 10.10%

16.09% 15.98% 10.45%

CAP Rate ("All-In") Gross Revenue Multiplier (GRM)

5.59% 9.07

7.37% 7.76

7.67% 7.54

7.98%

8.26%

8.55%

8.85%

9.15%

9.47%

9.80%

10.14%

71

MAPLE GLEN - FINANCIALS

ADG IQ GRAPHS

tota l p r i c e

+51. 2%

TR A I LI NG N OI

+ 64. 1%

p r i c e pe r be d

+54. 8%

I NTER E ST RAT E

+ 15. 0%

t r a i l i n g c a p r at e

+8. 5%

TR I A LI NG D EB T S ERV I C E

+ 10. 9%

LTC

-12. 7%

Ave r age THR EE B ED REN T

+75. 8%

AV E R AG E on e BE D RE N T

+50. 9%

ave r age A LL B ED REN T

+56. 2%

AV E R AG E t w o BE D RE N T

+53. 7%

LOCAL MARKET

C I N C I N N A T I , Ohio The steady and stable nature of the Cincinnati apartment market due to seasonal demand patterns, the three subsemarket was undoubtfully a benefit through 2020. The MSA quent quarters saw huge demand and absorption totaled saw a 2.7% annual increase in effective asking rents on 1,563 units. That is 38% above the 20-year norm for annual new leases which matched the market’s norm for the 2010s absorption. During the peak of the pandemic challenges the decade. This growth put Cincinnati at #14 amongst the 50 job market declined 4.6%, this ranked Cincinnati 3rd best largest markets for rent growth in 2020. Although occupan- among the Midwest and was significantly better than the cy was down 0.3 points from the prior year’s rate, the 4th national average of 5.8%. quarter 2020 occupancy rate (96.4%) ranked #11 among the top 50 markets and #3 regionally. Only Q1 2020 saw net move-outs, although that’s typically the case in the local

ECONOMIC OVERVIEW Prior to the pandemic, Cincinnati’s real gross metropolitan product grew at an average annual rate of 1.8% from 2015 to 2019.

During that same five-year period, job growth averaged 1.4% annually, with roughly 15,500 jobs added on average each year.

In 2020, COVID-19 mitigation measures and limited business activity caused the local economy to contract as much as 9.7% year-over-year in 2nd quarter. In the year-ending 3rd quarter 2022, the metro’s inflation-adjusted economic output expanded 0.3%. At the same time, the metro recorded a net gain of 1,400 jobs, expanding the employment base 0.1%. Cincinnati’s unemployment rate in August 2022 declined 0.5 points yearover-year to 3.8%, on par with the national average of 3.8%.

During the past year, job gains in Cincinnati were most pronounced in the Manufacturing sector followed by Trade/Transportation/Utilities. Due to job losses stemming from the pandemic, Cincinnati’s current employment base now sits at about 1% below the pre-pandemic level in February 2020. Cincinnati, like many other Rust Belt markets, has long had a concentration in higher-paying manufacturing jobs and has been working to reinvent its economy as a high-skill, high-value manufacturing center. Further, Cincinnati is home to corporate headquarters for seven Fortune 500 companies.

DEMOGRAPHIC OVERVIEW • Cincinnati characteristically managed to escape the more extreme swings in apartment market performance seen over the last two years in the wake of the pandemic. Although apartment absorption cooled considerably in 3rd quarter 2022, Cincinnati apartment demand did not plumet to the degree seen in many other markets nationwide.

• As deliveries mount to a record rate over the next year, operators will be unlikely to sustain Cincinnati’s recent record high rent growth. There were 6,411 units under construction at the end of 3rd quarter, with 3,722

D E M O G R A P H I C S : S TA T I S T I C S Population: 2.2M

Average occupancy: 96.9%

Median age: 37.9

Rent growth: 11.8%

MSA median home value: $270,000

MSA median hhi: $66,900

1 - Year growth: 10.6%

1 - Year growth: 2.35%

of those units slated to come online within the next 12 months. Although those deliveries will be spread more evenly throughout the Cincinnati market, new supply will test the depth of the Class A renter pool in a market that has still yet to recover all its pandemic-era job losses.

• During the year-ending 3rd Quarter 2022, median home prices in Cincinnati increased an average of 10.6%, landing at a median price of roughly $270,000.

• The local homeownership rate averaged 70.6% in the year-ending 2nd

the rent

• In 3rd quarter 2022, effective asking rents for new leases were up 11.8% year­over-year. That annual rent performance was above the market’s five-year average of 4.7%. Cincinnati’s recent annual rent change performance ranked #2 in the Midwest region.

• Product classes in Cincinnati, annual effective rent change registered at 14.8% in Class A units, 11.6% in Class B units and 8.1% in Class C units.

• Among submarkets, the strongest annual rent change performances over the past year were in Butler County and North Central Cincinnati.

• The weakest performances were in West Cincinnati and North Cincinnati. As of 3rd quarter 2022, effective asking rental rates in Cincinnati averaged S1,286 per month, or $1.372 per square foot.

S U P P LY & D E M A N D • New apartment completions in Cincinnati were modest recently, as

• Over the past five years, annual absorption in Cincinnati has ranged

2,130 units delivered in the year-ending 3rd quarter 2022. With 176

from 675 units to 4,536 units, averaging 2,286 units annually during that

units removed from existing stock over the past year, the local inventory

time.

base grew 1.2%.

• In the year-ending 3rd quarter 2022, the market recorded demand for

• In the past year, supply was greatest in Central Cincinnati and Camp-

1,013 units, trailing concurrent supply volumes. Among submarkets, the

bell/Kenton Counties. New supply was concentrated in Central Cincinna-

strongest absorption over the past five years was seen in Central Cincin-

ti, Campbell/Kenton Counties and Northeast Cincinnati/Warren County,

nati, Campbell/Kenton Counties and Northeast Cincinnati/Warren Coun-

which received 65% of the market’s total completions.

ty.

• At the end of 3rd quarter 2022, there were 6,411 units under construc-

• Those areas accounted for 56% of the market’s total demand over the

tion with 3,722 of those units scheduled to complete in the next four

past five years. In the past year, demand was greatest in Central Cincinna-

quarters.

ti and Campbell/Kenton Counties.

• Scheduled deliveries in the coming year are expected to be concentrated in North Central Cincinnati and Central Cincinnati.

CAPITAL MARKETS

• Transaction dollar volumes in Cincinnati totaled roughly $332.9 million in the year-ending 3rd quarter 2022, down about 40% year-over-year.

• Transactions in the year-ending 3rd quarter 2022 yielded an average cap rate of 5.50%, down 21 basis points year-over-year. By comparison, cap rates averaged 5.05% in the Midwest region and 4.56% nationally.

• The average price per unit in Cincinnati came in at roughly $151,800, up 57.4% annually. Cincinnati’s average price per unit landed below the norms for both the Midwest region ($173,900) and U.S. overall ($238,700).

ATTRACTIONS

HEART OF DOWNTOWN Right on the water and brimming with activity- The Banks is where you will find everything from sports events to a lively nightlife scene. Located along the Ohio River, The Banks provides spectacular riverfront views and lines the water with a family friendly park. Along with great biking, walking, and other recreational amenities during the daytime, The Banks comes alive at night.

With live music and entertainment, a thriving bar scene nestled between two sports stadiums, The Banks is the place to be.

A major attraction at The Banks, the Andrew J Brady ICON Music Center was built for the audience experience, offering an intimate yet spacious setting.

Offering both indoor and outdoor venues, the state-of-the-art facility hosts a wide variety of musical acts, spanning all genres. Visitors can enjoy a live concert while taking in the scenic riverfront view.

Ranked by USA Today readers as a Top 5 Riverwalk in the nation, Smale Riverfront Park offers walking trails, water features, swings, and other amenities to enjoy, while taking in the beautiful views of the Ohio River and the historic John A. Roebling Suspension Bridge. If you have kids in tow, make sure to visit Carol Ann’s Carousel, featuring 44 characters and illustrations incorporating Cincinnati landmarks. Enclosed in a glass building, the carousel is open year-round.

TQL S TA D I U M The FCC-TQL partnership brings together two Cincinnati-grown, leading businesses that share a “no limits” philosophy as well as a deep connection and commitment to our local community. There are a lot of synergies that make this alliance between TQL and FCC a perfect match and are reflected throughout the stadium from — the fin lighting to the TQL Beer District. The stadium features first-in-the-world lighting technology powered by 2.7 miles of LED lights.

ATTRACTIONS

CINCINNATI ZOO The Cincinnati Zoo & Botanical Garden is the second oldest zoo in the United States, founded in 1873 and officially opening in 1875, after the Roger Williams Park Zoo. It is located in the Avondale neighborhood of Cincinnati, Ohio. It originally began with 64.5 acres in the middle of the city, but has spread into the neighboring blocks and several reserves in Cincinnati’s outer suburbs. It was appointed as a National Historic Landmark in 1987.

DORA From 11am – 1am daily, the 85-acre DORA district at The Banks allows guests to take their beverage purchased from one of the 18 Banks establishments and explore our public plazas and green spaces. It simply needs to be in the Official DORA Cup. At risk of missing the first pitch? Late for the opening act? Take your beverage purchased in a DORA cup from a Banks establishment and go! Waiting for a table, or wish to picnic outside in The Banks plazas or greenspaces? Grab a DORA beverage from a Banks establishment and explore!

HARD ROCK CASINO The game is always on at Hard Rock Casinos, where stars are made every night. Come try your hand at the tables, with classic games including blackjack, baccarat and poker, or tap into thousands of the hottest slots on the planet. With the world’s greatest rock memorabilia collection to enhance the thrill, plus the accompaniment of live, world-class entertainment, the atmosphere is like no other.

CINCINNATI ART MUSEUM Located in scenic Eden Park, the Cincinnati Art Museum features a diverse, encyclopedic art collection of more than 67,000 works spanning 6,000 years. In addition to displaying its own broad collection, the museum also hosts several national and international traveling exhibitions each year. Visitors can enjoy the exhibitions or participate in the museum’s wide range of art-related programs, activities and special events. General admission is always free

for all. Museum members receive additional benefits. The museum is supported by the generosity of individuals and businesses that give annually to ArtsWave. The Ohio Arts Council helped fund the museum with state tax dollars to encourage economic growth, educational excellence and cultural enrichment for all Ohioans. The museum gratefully acknowledges operating support from the City of Cincinnati, as well as our museum members.

R E TA I L & S H O P P I N G In addition to the restaurant and nightlight scene, the area has no shortage of retail options. Downtown offers both boutiques and department stores. Over-the-Rhine (OTR) is a historic, walkable district of downtown Cincinnati with many independent shops. Cincinnati’s Over-the-Rhine neighborhood was once a place where residents would not recommend to visitors, but that has changed. The restaurant and nightlife scene is now thriving, and the shopping scene is beginning to catch up. Most of the shops are in the southwest quarter of Over-the-Rhine, on either Vine or Main St. You won’t find chain stores in this walkable shopping district. MiCA 12/v and Urban Eden are a popular gift shops that sell local arts and crafts. Elm & Iron sells vintage and up-cycled items for the home. The Little Mahatma sells exotic jewelry and folk art from around the world. You’ll find several clothing boutiques, including Mannequin, a non-profit upscale and vintage boutique that benefits local charities.

Park + Vine is a popular general store for environmentally-conscious shoppers; they sell a variety of merchandise including green cleaning and personal products, vegan foods, garden products and more.

FINDLAY MARKET Findlay Market is Ohio’s oldest continuously operated public market and is located in the historic Over-the-Rhine neighborhood. The market is a wonderful place for locals to buy their groceries as well as a must-see historic spot for visitors to Cincinnati. Findlay Market is open year-round, Tuesday through Sunday, with a seasonal farmers market. Nearly 40 full-time businesses operate year-round, plus over 100 more vendors operate on weekends or part-time. Many vendors sell raw food while others specialize in prepared foods. Some of the merchants are new startups, while others have been in business for generations. You’ll find everything from fresh meat and produce to imported fine teas to Belgian waffles. There are restaurants as well as a beer garden, so plan to stay for lunch. Findlay Market has a fascinating history. Why not take a tour to learn more? There are several different tour options, including a culinary tour with tasty samples.

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