Pine Ridge

pine ridge offering memorandum 1

CONTENTS LEAD AGENTS 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

“OUR COMMITMENT IS TO HELP OUR CLIENTS CREATE AND PRESERVE WEALTH BY PROVIDING THEM WITH THE BEST REAL ESTATE INVESTMENT SALES, FINANCING,

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

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RESEARCH AND ADVISORY SERVICES AVAILABLE.”

SECTIONS

01 - THE INVESTMENT 02 - local competitors 03 - FINANCIALS 04 - LOCAL MARKET

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 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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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 AUS TI N SUM S E NI OR I N V E S TME N T AS S OC I AT E JD S C H M E R G E I NVE S TME N T A S S O C 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 TI M VA N WI N G ER D E 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 I S I NVE S TME N T A S S O C I AT E

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 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 SN I 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

SKLY E R 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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THE INVESTMENT

OFFERING

SUMMARY Property Address: City, State, Zip: County: Year Built/Reno: Size:

333 S Mock Road Albany, GA, 31705 Dougherty 1980/2022 18.05 Acres

Asking Price: Price Per Unit: Price Per SQFT: Buildings: Net Rentable Area: Average Unit Size: Parking Spaces:

$16,240,000 $70,000 $65.82 20 Residential 246,720 1,028 470 regular, 5 accessible

Utilities: Cable/Internet: Water/Sewer: Trash: HVAC: Pest Control:

Resident Owner Owner Resident Owner

community amenities •

 Ample Parking

•

 Clubhouse

•

 Laundry Facility

•

 Professionally Landscaped

•

 Swimming Pool

•

 Tennis Courts

unit f e at u r e s •

 Cable and Internet Ready

•

 Ceiling Fans

•

 Extra Storage on Balcony

•

 Fully Equipped Kitchens

•

 Laundry/Utility Closets

•

 Patio or Balcony

•

 Renovated Units (Select Units)

•

 W/D Connections

PINE RIDGE

INVESTMENT HIGHLIGHTS SIGNIFICANT CAPTIAL IMPROVEMENTS Ownership has invested approximately $1mm in capital expenditures in 2022.

They will continue the interior upgrades of the units up until the sale.

ROOM TO ELEVATE IN-PLACE VALUE-ADD A new investor has the opportunity to finish the inplace renovation program, boost renovations another level and organically push rent.

CLOSE PROXIMITY TO EMPLOYMENT Pine Ridge is just a half mile south of major thoroughfare E. Oglethorpe Blvd.

(21,900 VPD), and near major job drivers including Proctor & Gamble, Georgia Pacific, Miller Coors, Phoebe Putney Hospital, and the Marine Coorps Logistics Base.

STRONG MARKET FUNDAMENTALS During the past few years, there has been an influx of capital into the Albany market, spurring average projected rent growth to $740 after current rents reached an all-time high. Future job growth is projected to be higher than the national average.

ALBANY’S ROBUST ECONOMY Due to its low cost of living and doing business, excellent highway access, and anchors in resilient industries, Albany continues to attract new jobs and maintains its position as a strong Georgia market.

DEAL SUMMARY 236,832 232 1,021 R EN TABL E S QUA RE FEET

TOTA L UNITS

PROPERTY SUMMARY #1 Bedrooms

80

#2 Bedrooms

80

#3 Bedrooms

72

AVG SF

PINE RIDGE APARTMENTS

*

PINE RIDGE

LEASING INFO Current ownership is seeing an average premium on renovated units of approx. $200. If demand sustains, they plan to push even higher. Asset is currently 75% occupied.

UNIT TYPE

CURRENT AVG RENTS

CURRENT RENTS ON RENOVATED UNITS

1 BED 1 BATH

$570

$715

2 BED 1 BATH

$672

$795

3 BED 2 BATH

$719

$885

AVERAGE

$654

$798

- Occupancy has increased ≈40% from August 2022 to March 2023, increasing gross monthly income by $45,000+.

- Demand continues to be strong for all three floor plans at the property. Management is processing an average of 15 applications per week and seeing walk ins at the management office on a weekly basis. This is a good sign for lease up projections and overall stabilization of the asset.

PINE RIDGE

R E N O VAT I O N U P D AT E S INTERIOR RENOVATIONS •

40% of the units renovated/partially renovated from 2019-2021.

•

Renovation of 70 additional units completed in 2022/2023.

•

Scope of renovations include new flooring, cabinets, countertops, lighting and hardware, appliances, and paint.

EXTERIOR RENOVATIONS •

New landscaping and improved drainage in 2019.

•

25 windows and 8 sliding glass doors replaced in 2022.

•

Roofs replaced in 2017. Flashing on roofs replaced in 2019.

•

Complete repainting of building exteriors in 2020.

MECHANICAL SYSTEMS •

The previous owner had replaced roughly 20% of HVAC units. ≈50 additional HVAC units have been replaced in 2022.

•

All electrical panels replaced within the last 5 years

CAPITAL EXPENDITURES •

Total CapEx in 2022-2023: $1,383,279

•

Price per unit for interior renovations: ≈$10,843

UNIT MIX AND

THE GLADE | 1 BEDROOM, 1 BATH | 804 SF

FLOOR PLANS UNIT MIX SUMMARY TYPE # 1BR-1BA, 2BR-1BA, 3BR-2BA,

UNITS 80 80 72

% UNITS 34.48% 34.48% 31.04%

SIZE (SF)* 804 SF 1,044 SF 1,236 SF

Total / Avg.

232 Units

100%

1,028 SF Avg.

THE PINE | 2 BEDROOM, 1 BATH | 1,044 SF

THE FOREST | 3 BEDROOM, 2 BATH | 1,236 SF

LEASING LEASING •

Current ownership is seeing an average premium on renovated units of approx. $200. If demand sustains, they plan to push even higher. Asset is currently 75% occupied.

Unit Type

Current Avg Rents

Current Rents on Renovated Units

1 Bed / 1 Bath

$570

$715

2 Bed / 1 Bath

$672

$795

3 Bed / 2 Bath

$719

$885

AVERAGE

$654

$798

•

Occupancy has increased ≈40% from August 2022 to March 2023, increasing gross monthly income by $45,000+.

•

Demand continues to be strong for all three floor plans at the property. Management is processing an average of 15 applications per week and seeing walk ins at the management office on a weekly basis. This is a good sign for lease up projections and overall stabilization of the asset.

RENOVATION UPDATES INTERIOR RENOVATIONS •

40% of the units renovated/partially renovated from 2019-2021.

•

Renovation of 70 additional units completed in 2022/2023.

•

Scope of renovations include new flooring, cabinets, countertops, lighting and hardware, appliances, and paint.

EXTERIOR RENOVATIONS •

New landscaping and improved drainage in 2019.

•

25 windows and 8 sliding glass doors replaced in 2022.

•

Roofs replaced in 2017. Flashing on roofs replaced in 2019.

•

Complete repainting of building exteriors in 2020.

MECHANICAL SYSTEMS •

The previous owner had replaced roughly 20% of HVAC units. ≈50 additional HVAC units have been replaced in 2022.

•

All electrical panels replaced within the last 5 years

CAPITAL EXPENDITURES •

TOTAL CapEx in 2022-2023: $1,383,279

•

Price per unit for interior renovations: ≈$10,843

PROVEN VALUE-ADD PROGRAM Suggested Renovations for Value-Add Program

1 3 6

4 3

1

1

New Cabinets

2

Vinyl Floors

3

New appliances

4

New Countertops

5

New Paint

6

New Plumbing Fixtures

3 5

6

3 2

RENOVATION UPDATES Standard Renovation

RENOVATION UPDATES Standard Renovation

RENOVATION UPDATES Standard Renovation

CLUBHOUSE & LEASING OFFICE

LAUNDRY FACILITIES

STANDARD LIVING ROOM

CLASSIC UNIT Standard Classic Unit

AERIAL VISUAL

RENT COMPETITORS

LOCAL COMPETITORS

PINE RIDGE APARTMENTS 4 5

RENT COMPARABLES 1

QUAIL CALL APTS

2

HAMPTON EAST APTS

3

WHISPERING PINES APTS

4

SHOREHAM APTS

5

SUMMER TREE APTS

6

WEST TOWN APTS

6

3

PINE RIDGE APARTMENTS 1

2

ONE Bedroom

LOCAL COMPETITORS

One Bedroom Property

Year Built

# Units

Avg SF

Avg Rent

Avg Rent/SF

Summer Tree Whispering Pines Apartments Shoreham Subject Pro Forma Quail Call Apartments West Town Apartments Brick Pointe Pointe North Apartments Subject Average Effective

1981 1973 1965 1980/2006 1984 1971/2021 1947/2007 1986 1980/2006

156 298 176 232 55 148 56 106 232

929 678 745 804 576 600 705 525 804

$795 $785 $765 $735 $726 $653 $650 $650 $597

$0.86 $1.16 $1.03 $0.99 $1.26 $1.09 $0.92 $1.24 $0.80

TWO BEDROOM

LOCAL COMPETITORS

Two Bedroom Property

Year Built

# Units

Avg SF

Avg Rent

Avg Rent/SF

Quail Call Apartments Summer Tree Hampton East Whispering Pines Apartments Pointe North Apartments Shoreham Subject Pro Forma West Town Apartments Brick Pointe Subject Average Effective

1984 1981 1997 1973 1986 1965 1980/2006 1971/2021 1947/2007 1980/2006

55 156 64 298 106 176 232 148 56 232

864 1227 1270 1090 900 960 1044 821 1025 1044

$905 $895 $895 $867 $850 $849 $835 $800 $750 $701

$1.05 $0.73 $0.70 $0.80 $0.94 $0.88 $0.80 $0.97 $0.73 $0.67

three BEDROOM

LOCAL COMPETITORS

Three Bedroom Property

Year Built

# Units

Avg SF

Avg Rent

Avg Rent/SF

Whispering Pines Apartments Summer Tree Shoreham Hampton East Subject Pro Forma West Town Apartments Brick Pointe Subject Average Effective

1973 1981 1965 1997 1980/2006 1971/2021 1947/2007 1980/2006

298 156 176 64 232 148 56 232

1300 1397 1160 1270 1236 1200 1290 1236

$1,100 $995 $950 $945 $915 $905 $875 $778

$0.85 $0.71 $0.82 $0.74 $0.74 $0.75 $0.68 $0.63

RENT COMPETITORS

QUAIL CALL APTS 2414 Brierwood Dr UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom

UNITS 41

SQFT 576

RENT $726

55 1984 N/A RENT/SF $1.26

Two Bedroom

14

864

$905

$1.05

Apartment Interior Amenities Private balcony/patio Built-in Bookshelves High Speed internet Common Area Amenities Storage units

RENT COMPETITORS

HAMPTON EAST 1336 Mercantile Dr Units Year Built Occupancy UNIT MIX Two Bedroom

UNITS 33

Apartment Interior Amenities Washer/Dryer Hook Ups Bay Windows Walk-In Closets Common Area Amenities Pets Allowed

SQFT 1270

RENT $895

64 1997 N/A RENT/SF $0.70

RENT COMPETITORS

WHISPERING PINE A PA RT M E N T S 1404 Whispering Pines Rd UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom

UNITS 174

SQFT 678

RENT $785

298 1973 N/A RENT/SF $1.16

Two Bedroom

89

1090

$867

$0.80

Three Bedroom

35

1300

$1,100

$0.98

Apartment Interior Amenities Private balcony/porch Lawn Stainless steel appliances Granite countrertops Common Area Amenities Pool Playground Laundry facilities Picnic Area

Utilities Responsibility Resident pays heat Resiedent pays trash Resident pays sewer Resident pays air conditioning Property pays water

RENT COMPETITORS

SHOREHAM A PA RT M E N T S 2001 Dawson Dr Units Year Built Occupancy UNIT MIX One Bedroom

UNITS 52

SQFT 745

RENT $765

176 1965 N/A RENT/SF $1.03

Two Bedroom

104

960

$849

$0.88

Three Bedroom

20

1160

$950

$0.96

Apartment Interior Amenities Private balcony/patio High speed internet Common Area Amenities Pool Laundry faciolities Playground Clubhouse

RENT COMPETITORS

WEST TOWN A PA RT M E N T S 2304 W Gordon Ave UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom

UNITS 64

SQFT 600

RENT $653

148 1971/2021 N/A RENT/SF $1.09

Two Bedroom

68

821

$800

$0.97

Three Bedroom

16

1200

$905

$1.03

Apartment Interior Amenities Walk in closets Granite countertops Common Area Amenities Playground Laundry facilities

Utilities Responsibility Resident pays water Resident pays sewer Resident pays trash Property pays electricity Property pays gas

RENT COMPETITORS

SUMMER TREE 3110 Graystone Ln Units Year Built Occupancy UNIT MIX One Bedroom

UNITS 76

SQFT 929

RENT $795

156 1981 N/A RENT/SF $0.86

Two Bedroom

48

1227

$895

$0.73

Three Bedroom

32

1397

$995

$0.79

Apartment Interior Amenities Washer/dryer in unit High speed internet Private balcony/patio Common Area Amenities Pool Playground Picnic Area

Utilities Responsibility Tenant pays trash Resident pays gas Resident pays sewer Resident pays electricity Resident pays heat

PINE RIDGE FINANCIALS

PINE RIDGE - 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

80 Units 80 Units 72 Units

804 SF 1,044 SF 1,236 SF

64,320 SF 83,520 SF 88,992 SF

$596.96 $700.75 $778.00

$0.74 $0.67 $0.63

$47,757 $56,060 $56,016

$715.00 $805.00 $830.00

$0.89 SF $0.77 SF $0.67 SF

$57,200 $64,400 $59,760

$735.00 $835.00 $915.00

$0.91 SF $0.80 SF $0.74 SF

$58,800 $66,800 $65,880

Totals / Wtd. Averages

232 Units

1,021 SF

236,832 SF

$688.93

$0.67 SF

$159,833

$781.72

$0.77 SF

$181,360

$825.34

$0.81 SF

$191,480

32

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

PINE RIDGE - 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

UNIT TYPE

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 Bedroom 1BR/1BA

80 Units

804 SF

64,320 SF

$596.96

$0.74 SF

$47,757

$715.00

$0.89 SF

$57,200

$735.00

$0.91 SF

$58,800

Totals / Wtd. Averages

80 Units

804 SF

64,320 SF

$596.96

$0.74 SF

$47,757

$715.00

$0.89 SF

$57,200

$735.00

$0.91 SF

$58,800

Two Bedroom 2BR/1BA

80 Units

1,044 SF

83,520 SF

$700.75

$0.67 SF

$56,060

$805.00

$0.77 SF

$64,400

$835.00

$0.80 SF

$66,800

Totals / Wtd. Averages

80 Units

1,044 SF

83,520 SF

$700.75

$0.67 SF

$56,060

$805.00

$0.77 SF

$64,400

$835.00

$0.80 SF

$66,800

Three Bedroom 3BR/2BA

72 Units

1,236 SF

88,992 SF

$778.00

$0.63 SF

$56,016

$830.00

$0.67 SF

$59,760

$915.00

$0.74 SF

$65,880

Totals / Wtd. Averages

72 Units

1,236 SF

88,992 SF

$778.00

$0.63 SF

$56,016

$830.00

$0.67 SF

$59,760

$915.00

$0.74 SF

$65,880

UNIT RENTS

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

O C C U PA N C Y S TAT U S

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I N C O MI NEC O M E EXPENSE EXPENSE

PINE RIDGE - FINANCIALS

INCOME & EXPENSES 34

CURRENT RENT ROLL: AS OF APRIL 7, 2023 INCOME & EXPENSES: AUGUST 2022 - MARCH 2023 GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT OTHER INCOME Water Income Late Fees Renters Insurance Total Other Income GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME NON-CONTROLLABLE Real Estate Taxes 2022 Taxes Paid Total Real Estate Taxes Insurance Utilities Electric & Stormwater Water, Sewage & Trash 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 Telephone, Cable & Internet (For Office) Replacement & Reserves Total Controllable TOTAL EXPENSES NET OPERATING INCOME

$2,176,320 RR ($190,716) $1,985,604 RR $20,635 $18,575 $14,017 $71,565 $2,057,169 ($853,464) $0 $1,203,705

% of GPR 8.76%

YEAR 1 Per Unit 9,381 (822) 8,559

$2,297,760 ($45,955) $2,251,805

% of GPR

$21,254 $19,132 $14,437 $73,712 $2,325,517 ($112,590) ($22,518) $2,190,408

5.00% 1.00% 92.00%

92 82 62 318 10,024 (485) (97) 9,441

2.00%

T1 T1 T1

1.04% 0.94% 0.71% 3.60%

T1 Economic

42.98% 0.00% 48.25%

89 80 60 308 8,867 (3,679) 0 5,188

$135,124 Auditor $135,124 $82,000

% of EGI 11.23% 11.23% 6.81%

Per Unit 582 582 353

$135,124 $135,124 $92,800

% of EGI 6.17% 6.17% 4.24%

Per Unit 582 582 400

$18,376 T8 $122,775 T8 $141,151 $358,275

1.53% 10.20% 11.73% 29.76%

79 529 608 1,544

$24,808 $165,746 $190,554 $418,478

1.13% 7.57% 8.70% 19.11%

107 714 821 1,804

$0 $12,150 $7,809 $19,959 $9,783 $0 $92,900 $0 $0 $27,752 $1,834 $59,160 $211,389 $569,664 $634,041

0.00% 1.01% 0.65% 1.66% 0.81% 0.00% 7.72% 0.00% 0.00% 2.31% 0.15% 4.91% 17.56% 47.33% 52.67%

0 52 34 86 42 0 400 0 0 120 8 255 911 2,455 2,733

$8,120 $23,200 $8,120 $39,440 $139,200 $17,400 $208,800 $23,200 $23,200 $65,712 $2,320 $60,935 $580,207 $998,685 $1,191,723

0.37% 1.06% 0.37% 1.80% 6.35% 0.79% 9.53% 1.06% 1.06% 3.00% 0.11% 2.78% 26.49% 45.59% 54.41%

35 100 35 170 600 75 900 100 100 283 10 263 2,501 4,305 5,137

T8 T8 T8 T8 T8 T8 Note 1

0.94% 0.85% 0.64% 3.27%

Per Unit 9,904 (198) 9,706

YEAR 2 $2,366,693 ($47,334) $2,319,359

% of GPR 2.00% 0.94% 0.85% 0.64% 3.27%

YEAR 3 Per Unit 10,201 (204) 9,997

$2,437,694 ($48,754) $2,388,940

% of GPR

$22,549 $20,297 $15,317 $78,201 $2,467,141 ($119,447) ($23,889) $2,323,804

5.00% 1.00% 92.00%

97 87 66 337 10,634 (515) (103) 10,016

2.00% 0.94% 0.85% 0.64% 3.27%

Per Unit 10,507 (210) 10,297

$21,892 $19,706 $14,870 $75,923 $2,395,282 ($115,968) ($23,194) $2,256,121

5.00% 1.00% 92.00%

94 85 64 327 10,324 (500) (100) 9,725

$135,124 $135,124 $95,584

% of EGI 5.99% 5.99% 4.24%

Per Unit 582 582 412

$135,124 $135,124 $98,452

% of EGI 5.99% 5.99% 4.36%

Per Unit 582 582 424

$25,304 $169,061 $194,365 $425,073

1.12% 7.49% 8.62% 18.84%

109 729 838 1,832

$25,810 $172,442 $198,252 $431,828

1.14% 7.64% 8.79% 19.14%

111 743 855 1,861

$8,364 $23,896 $8,364 $40,623 $143,376 $17,922 $215,064 $23,896 $23,896 $67,684 $2,390 $62,763 $597,613 $1,022,686 $1,233,434

0.37% 1.06% 0.37% 1.80% 6.35% 0.79% 9.53% 1.06% 1.06% 3.00% 0.11% 2.78% 26.49% 45.33% 54.67%

36 103 36 175 618 77 927 103 103 292 10 271 2,576 4,408 5,317

$8,615 $24,613 $8,615 $41,842 $147,677 $18,460 $221,516 $24,613 $24,613 $69,714 $2,461 $64,646 $615,542 $1,047,369 $1,276,435

0.38% 1.09% 0.38% 1.85% 6.55% 0.82% 9.82% 1.09% 1.09% 3.00% 0.11% 2.87% 27.19% 46.42% 56.58%

37 106 37 180 637 80 955 106 106 292 11 279 2,644 4,515 5,502

UNDERWRITING NOTES

#

NOTE

1

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

GROSS POTENTIAL RENT

O P E R AT I N G E X P E N S E S

35

IINNCCOOMMEE E X P E N SEEX P E N S E

PINE RIDGE - FINANCIALS

CASH FLOW 36

CURRENT

YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

YR 9

YR 10

YE MAR-2024

YE MAR-2025

YE MAR-2026

YE MAR-2027

YE MAR-2028

YE MAR-2029

YE MAR-2030

YE MAR-2031

YE MAR-2032

YE MAR-2033

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

$2,176,320 ($190,716) $1,985,604 $71,565 $2,057,169 ($853,464) $0 $1,203,705

$2,297,760 ($45,955) $2,251,805 $73,712 $2,325,517 ($112,590) ($22,518) $2,190,408

$2,366,693 ($47,334) $2,319,359 $75,923 $2,395,282 ($115,968) ($23,194) $2,256,121

$2,437,694 ($48,754) $2,388,940 $78,201 $2,467,141 ($119,447) ($23,889) $2,323,804

$2,510,824 ($50,216) $2,460,608 $80,547 $2,541,155 ($123,030) ($24,606) $2,393,518

$2,586,149 ($51,723) $2,534,426 $82,963 $2,617,389 ($126,721) ($25,344) $2,465,324

$2,663,734 ($53,275) $2,610,459 $85,452 $2,695,911 ($130,523) ($26,105) $2,539,284

$2,743,646 ($54,873) $2,688,773 $88,016 $2,776,788 ($134,439) ($26,888) $2,615,462

$2,825,955 ($56,519) $2,769,436 $90,656 $2,860,092 ($138,472) ($27,694) $2,693,926

$2,910,734 ($58,215) $2,852,519 $93,376 $2,945,895 ($142,626) ($28,525) $2,774,744

$2,998,056 ($59,961) $2,938,095 $96,177 $3,034,272 ($146,905) ($29,381) $2,857,986

Real Estate Taxes Insurance Utilities Contract Services Repairs & Maintenance Marketing & Promotion On-Site Payroll Payroll Taxes & Benefits General & Administrative Management Fee Telephone, Cable & Internet (For Replacement & Reserves TOTAL EXPENSES

$135,124 $82,000 $141,151 $19,959 $9,783 $0 $92,900 $0 $0 $27,752 $1,834 $59,160 $569,664

$135,124 $92,800 $190,554 $39,440 $139,200 $17,400 $208,800 $23,200 $23,200 $65,712 $2,320 $60,935 $998,685

$135,124 $95,584 $194,365 $40,623 $143,376 $17,922 $215,064 $23,896 $23,896 $67,684 $2,390 $62,763 $1,022,686

$135,124 $98,452 $198,252 $41,842 $147,677 $18,460 $221,516 $24,613 $24,613 $69,714 $2,461 $64,646 $1,047,369

$139,178 $101,405 $204,200 $43,097 $152,108 $19,013 $228,161 $25,351 $25,351 $71,806 $2,535 $66,585 $1,078,790

$143,353 $104,447 $210,326 $44,390 $156,671 $19,584 $235,006 $26,112 $26,112 $73,960 $2,611 $68,583 $1,111,154

$147,654 $107,581 $216,636 $45,722 $161,371 $20,171 $242,056 $26,895 $26,895 $76,179 $2,690 $70,640 $1,144,489

$152,083 $110,808 $223,135 $47,093 $166,212 $20,777 $249,318 $27,702 $27,702 $78,464 $2,770 $72,759 $1,178,823

$156,646 $114,132 $229,829 $48,506 $171,198 $21,400 $256,798 $28,533 $28,533 $80,818 $2,853 $74,942 $1,214,188

$161,345 $117,556 $236,723 $49,961 $176,334 $22,042 $264,502 $29,389 $29,389 $83,242 $2,939 $77,190 $1,250,614

$166,185 $121,083 $243,825 $51,460 $181,624 $22,703 $272,437 $30,271 $30,271 $85,740 $3,027 $79,506 $1,288,132

NET OPERATING INCOME

$634,041

$1,191,723

$1,233,434

$1,276,435

$1,314,728

$1,354,170

$1,394,795

$1,436,639

$1,479,738

$1,524,130

$1,569,854

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

5.58% 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%

3.00%

3.00% 3.00%

3.00% 3.00%

3.00% 3.00%

3.00% 3.00%

3.00% 3.00%

3.00% 3.00%

3.00% 3.00%

3.00% 3.00%

3.00% 3.00%

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%

*Calculated as a percentage of Gross Potential Rent | **Calculated as a percentage of Effective Gross Income Tax Breakdown Property Address

Parcel ID

Year Built

Acres

Market Value

Assessed Value

Tax Rate

333 S Mock Rd

00155-00001-08A

1979

10.59

$4,551,900

$1,820,760

0.014451

$78,937.23

333 S Mock Rd

00155-00001-08B

1980

7.46

$3,240,000

$1,296,000

0.014451

$56,186.78

18.05

$7,791,900

$3,116,760

Total

Taxes Payable

$135,124.01

37

LOCAL MARKET

DOWNTOWN ALBANY

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1 M A J O R E M P LOY E R S 1.

2.

3.

United States Post Office 4.

Coats & Clark Albany Storage & 5.

Distribution 6.

7.

Georgia & Florida Railway Clark Distribution Center Lineage Logistics Coats & Clark

R E TA I L

E D U C AT I O N 8.

9.

Dougherty High School & South Georgia Regional Achievement Center Turner Elementary School

10. Dougherty County School System 11. Albany State University (6,122 Student Enrollment)

12.

13.

14.

15.

Pic-N-Sav Grocery Store Walgreens Pharmacy Renasant Bank Oglethorpe Plaza Shopping Center

POINTS OF INTEREST 16. Thornton Community Center

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M A J O R E M P LOY E R S 1.

2.

3.

United States Post Office Corporate Park (Including UPS Customer Center, Amundsen Research Corp., Albany Rubber Gasket) Excel, Venture Logistics

E D U C AT I O N 4.

5.

6.

7.

8.

9.

Proctor & Gamble Paper Products 10. Southern Concrete Construction SRM Concrete 11. Lawson Industries, Lineage Raven Transportation Logistics National Pecan Operation Pfizer Albany, ThermaCare Albany Coats & Clark

12. Dougherty High School & South Georgia Regional Achievement Center 13. International Studies Elementary

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R E TA I L 14. Restaurants 15. Albany Beverage

CLOSE PROXIMITY TO EMPLOYMENT PINE RIDGE: HIGH PROXIMITY TO MAJOR EMPLOYERS

MAJOR EMPLOYERS CORRIDOR

Located on South Mock Road, Pine Ridge connects to East Oglethorpe Blvd. in minutes, offering quick access to essential retail, including Walmart Supercenter, Dollar Tree, Dollar General, Walgreens, and dozens of restaurants and services — all less than one mile from the property.

E

2-M ILE

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Georgia-Pacific announced plans to build a new lumber production facility at an old industrial park on Sylvester Road in a $150 million investment and huge Albany-Dougherty County collaboration effort involving a number of different parties. The facility will bring 130 full-time onsite jobs.

Additionally, operations will support 100 local jobs plus an estimated 100 jobs elsewhere in the state.

F

B

PINE RIDGE C

MAJOR EMPLOYERS

QUICK ACCESS TO MARINE CORPS LOGISTIC BASE Pine Ridge is less than four miles northwest of the Marine Corps Logistics Base which employs more than 3,400 civilians and Marines on the 3,300acre campus.

RA

D

GEORGIA-PACIFIC LUMBER FACILITY UNDERWAY LESS THAN 2 MILES FROM SOUTH MOCK

D

A

Marine Corps Logistics Base (3-5 min)

B

Georgia-Pacific Future Lumber Plant (3-5 min)

C

Proctor & Gamble Plant (3-5 min)

D

MillerCoors Plant (5-7 min)

E

Tara Foods (6-8 min)

F

Coats & Clark (8-10 min)

G

Albany State University Main Campus (8-10 min)

H

The Home Depot (8 min)

A

13 25 22 27 19 11 18 23 20 24

24 21

25 12

SL APPERY BOULEVARD

PINE RIDGE

29 10

30

7

1 12 24 520

16

20 17

28

30

2

27 19 20

32 14

4

520

3

PINE RIDGE

15

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33 2 MILES

M A J O R E M P LOY E R S 1.

2.

3.

4.

5.

6.

7.

Albany Electric Coats & Clark Georgia-Pacific Lumber Outdoor Network Marine Corps Logistics Base Mars Chocolate North America MillerCoors

8.

9.

Procter & Gamble Southern Concrete Construction Co., Georgia-Pacific 10. Tara Foods 11. Teleperformance

H E A LT H C A R E 12. Phoebe Putney Memorial Hospital 13. Lee County Hospital

E D U C AT I O N 14.

15.

16.

17.

Albany State University Albany Technical College Darton College Troy University

R E TA I L 18. Albany Mall Belk, JC Penny, Dillard’s, Sears, Old Navy, Books-AMillion, Best Buy 19. Chick-Fil-A (2) 20. Dollar Tree

R E C R E AT I O N & TO U R I S M 21. Lowe’s 22. Publix 23. Sams Club 24. Starbucks (3) 25. Target 26. The Home Depot 27. Walmart

28. Albany Museum of Art 29. Chehaw Park 30. Flint Riverquarium 31. Radium Springs 32. Ray Charles Memorial 33. Southwest Georgia Regional Airport

ALBANY’S ROBUST ECONOMY UNIQUE COMBINATION OF ADVANTAGES Due to its low cost of living and doing business, excellent highway access, and anchors in resilient industries, Albany continues to attract new jobs and maintain its position as a strong Georgia market.

The Southern River Region economy is strong and steadily transforming itself as it moves towards private-sector industries and becomes less dependent on government and traditional manufacturing. Notably, Albany continues to be a healthcare destination for the region, and Lee County Medical Center will strengthen that position.

PRIMARY ECONOMIC DRIVERS HEALTH CARE

MAJOR ANNOUNCEMENTS

The 691-bed Phoebe Putney Health System employs more than 5,000 in the region, and Lee County Medical Center will bring 350 new jobs when complete in 2021.

• Phoebe Putney Health will bring 350 new jobs in 2021.

MILITARY

• Outdoor Network in Albany, is creating nearly $22 million in capital investment and 92 new jobs for the community.

• Home Meridian International, a division of Hooker Furniture Corp., will open a new distribution facility in Liberty County’s Georgia Ready for Accelerated Development-certified Tradeport East Business Center. The $23.5 million investment will deliver 50 new jobs to the area.

• The Lee County Medical Center just north of Albany is a planned $123M full-service hospital that will add 350 jobs and serve the greater region.

• Georgia-Pacific is underway on a new lumber production facility on Sylvester Road expected to add 230 total direct jobs.

• In late 2017, Constellation and Procter & Gamble completed a $200M biomass plant that supplies steam to P&G’s Albany paper manufacturing.

LEE COUNTY MEDICAL CENTER - RENDERING

The Marine Corps Logistics Base Albany (“MCLB Albany”) contributes $1.4B to the local economy and serves as Albany’s largest employer with 5,000K military and civilian jobs.

MANUFACTURING Household-name manufacturers such as Procter & Gamble and MillerCoors contribute thousands of workforce jobs to Albany, drawn to the region due to its access-oriented location.

EDUCATION Albany State University has almost 9,000 students after consolidating in 2015 with Dalton State, and today not only provides thousands of jobs but also attracts young talent to the region.

AGRICULTURE Agriculture still remains a strong driver for the regional economy with high production in cotton, peanuts, corn, tobacco, pecans, and forest/lumber products.

PROPERTY NAME

ALBANY & DOUGHERTY COUNTY: GEORGIA’S SOUTHWEST FOCAL POINT Known as the Quail Hunting Capital of the World, the Southwest Georgia City of Albany has long been a favorite of hunters and outdoorsmen.

Situated in Georgia’s picturesque Plantation Trace region, Albany is also notably the state’s southwest hub for health care, retail, cultural activities, manufacturing, and higher education.

The Albany, GA MSA consists of five counties, Dougherty, Baker, Lee, Terrell, and Worth. The metro is 78 miles southeast of Columbus, 151 miles south of Atlanta, 93 miles southwest of Macon, 39 miles west of Tifton, and 73 miles northwest of Valdosta. The Marine Corps Logistics Base is the area’s largest employer, aside from Phoebe Putney Memorial Hospital, Procter & Gamble, MillerCoors, and Coats & Clark.

RADIUM SPRINGS

There are several museums, natural parks and monuments within the city including the Albany Civil Rights Memorial, Albany Civic Center, and Radium Springs Garden, one of the Seven Natural Wonders of Georgia, which pumps 70,000 gallons of clear water per minute from an underground cave. The largest natural spring in Georgia, its water contains trace sources of radium and the temperature is 68 degrees year-round.

Albany’s cost of living is 18.6% less than the national average and has the lowest utility rates in Georgia.

FLINT RIVERQUARIUM

Lying below the land around Albany is the Floridan Aquifer, an ocean of fresh water that feeds the area’s rivers and creeks and fuels its economy.

The Kinchafoonee and Muckalee Creeks flow into the Flint River at Lake Chehaw, a 1,400-acre lake popular for boating and fishing. The centerpiece of redevelopment in downtown Albany, the Flint River serves as a natural backdrop to the Flint RiverQuarium, a 175,000-gallon, 22-foot deep Blue Hole aquarium.

Albany’s status as a Camera Ready Community is paying dividends in movies shot there. Sherwood Pictures, a Christian film production company which is part of Sherwood Baptist Church, is best known for Facing the Giants (2006) and Fireproof (2008), the highest-grossing independent film of the year, and Courageous (2011).

CUSHMAN & WAKEFIELD

4

PROPERTY NAME

RESILIENT ECONOMIC MAINSTAYS - HEALTH CARE & THE MILITARY The Albany-Dougherty economy has benefited from two cornerstones that have remained consistently strong even in the worst of economic times - health care and the military.

PHOEBE PUTNEY MEMORIAL HOSPITAL

PHOEBE PUTNEY MEMORIAL HOSPITAL

Phoebe Putney Memorial Hospital has been around for a century and is now expanding rapidly throughout Southwest Georgia. Today, Phoebe’s health system, with more than 691 beds and more than 250 physicians, boasts more than 3,500 employees, a $179M payroll and $1.54 billion total economic impact. The hospital houses the Southwest Georgia Family Medicine Residency program, and services as a satellite campus for the Medical College of Georgia. The community hospital has also partnered with the University of Georgia College of Pharmacy to teach graduate-level pharmacy courses at the Albany campus.

LEE COUNTY MEDICAL CENTER - RENDERING

LEE COUNTY MEDICAL CENTER Proposed new $123M Lee County Medical Center on Grand Island Road in Lee County (just north of Albany), is projected to be a 60-bed full-service facility that will add 350 new jobs.

TOP ALBANY-DOUGHERTY EMPLOYERS EMPLOYER

JOBS

EMPLOYER

JOBS

Marine Corps Logistics Base-Albany

5,040

Teleperformance

600

Phoebe Putney Health System

3,500

Albany State University

550

Dougherty County Board of Education

2,412

Darton College

500

Albany Electric

400

Procter & Gamble

1,000

Coats & Clark

350

City of Albany

930

160

Dougherty County

695

Southern Concrete Construction Co.

Molson Coors

600

Georgia-Pacific

160

Mars Chocolate North America

150

5

LOCATION OVERVIEW

The Lee County Chamber of Commerce has hinted at major plans for the remaining 175 acres surrounding the hospital site, known as Grand Island Club. Envisioned development plans call for an upscale, mixed-use concept with major retailers, plentiful green space, and potentially an amphitheater.

MARINE CORPS LOGISTICS BASE ALBANY (MCLB) Growth and stability have been hallmarks of MCLB, which contributes $1.4B to the local economy. With a civilian workforce of 2,500 working alongside 500 Marines, the base has survived review by the Defense Base Closure and Realignment Commission (BRAC). Commissioned in March 1952, the base sits on more than 3,300 acres in the heart of Albany and is one of two Marine logistics bases in the country.

PROPERTY NAME

STRONG REGIONAL MANUFACTURING HUB Albany’s strategic location and low cost of business has attracted major household-name manufacturers to the region. Most recently, GeorgiaPacific completed a $150M state-of-the-art lumber facility adding to its $1B investment in the state of Georgia.

PROCTER & GAMBLE ALBANY

PROCTER & GAMBLE ALBANY PLANT

As the world’s largest home products manufacturer, Proctor & Gamble (P&G) has continuously expanded, resulting in added jobs to its plant in Albany. The plant today employs nearly 1,000, making it one of the area’s largest manufacturing employers. Further, the factory was one of the few in Albany who ramped up production amid the COVID-19 pandemic. P&G Albany produces billion-dollar brands Bounty paper towels and Charmin toilet tissue, and is the primary supplier of these products to the Southeast and Puerto Rico.

MOLSON COORS ALBANY One of seven brewing facilities in the country and the only Molson Coors (fka MillerCoors) brewery in the Southeast, the Albany Molson Coors Brewery opened in 1979 and employs 600. The facility produces 9 million barrels of beer a year and has boasted zero landfill waste since 2015.

Production here includes Miller Lite, Coors Light, Icehouse, and Miller High Life, among others.

During the COVID-19 pandemic, Molson Coors turned its efforts outward to community support. announcing that it would donate 154,000 cans of fresh drinking water to United States and Canadian truck drivers to assist them in making fewer supply stops during the pandemic.

MOLSON COORS PLANT

GEORGIA-PACIFIC ALBANY Georgia-Pacific's new $150M lumber production facility at an old industrial park on Sylvester Road begin operations in fourth-quarter 2019 with 97 full-time employees and 43 open positions. The new plant is ahead of its time when it comes to mass production. Giving Georgia Pacific a competitive advantage for clients and for new employees. The 320,000 SF state-of-the-art high tech lumber facility is expected to process 180 log trucks a day and produce 300 million board-feet of lumber a year.

The Albany plant marks GP’s third new softwood lumber mill plant in the region, the other two being in Talladega, Alabama and Warrenton, Georgia.

Through GP’s packaging business, it has also operated a corrugated box plant in Albany since 1981 that serves customers throughout the Southeast.

GP has invested an estimated $1 billion in Georgia, employs more than 7,200 at 18 facilities in the state, and contributes an estimated 21,500 indirect jobs statewide.

320K SF

$1B

18

State-of-the-Art Lumber Facility

Georgia-Pacific GA investment since 2012

Georgia-Pacific facilities in GA

CUSHMAN & WAKEFIELD

6

PROPERTY NAME

CONNECTIVITY IS A PLUS FOR DISTRIBUTION Albany’s strategic location is proximate to major trucking corridors, with a reach of 82 percent of the domestic industrial market and 79 percent of the nation’s largest consumer markets in less than two days by truck.

180 Miles to Atlanta

Atlanta

U.S. Route 19 and U.S. Route 82 are the two major thoroughfares through the city. The two join together north of the city for a short freeway known as the Liberty Expressway. Other major highways that run through the city include Georgia State Routes 91, 133, 234, and 520. Georgia Hwy. 300 provides four-lane access to Florida and I-75 and I-10. U.S. Route 82 provides four-lane access to interstates 75, 85, 95 and 185 as well as to the Georgia Coast. U.S. Route 19 provides four-lane access to Atlanta and connects all four lane highways.

16

Rail capacity is offered via Norfolk Southern Corp. and Georgia/Florida Railway and features two switching yards. Six ports are within 250 miles of Albany (Savannah, Charleston, Jacksonville, Panama City, Pensacola, and Mobile).

Albany

SOUTHWEST GEORGIA REGIONAL AIRPORT (ABY) ABY is the state’s second largest cargo airport, and offers three nonstop, daily, 35-minute Delta passenger flights to Atlanta’s Hartsfield-Jackson International Airport. Private jets from throughout the U.S. fly into ABY from November to February for quail hunting season, which also is a large contributor to the local economy.

OTHER GROWTH INDUSTRIES

• 6,601-foot runway, and an additional 5,219-foot cross-wind runway

GROWING FILM INDUSTRY

• UPS sorting facility

Georgia’s generous tax incentives and Albany’s status as a Camera Ready Community is paying dividends in movies shot there. Sherwood Pictures, a Christian film production company which is part of Sherwood Baptist Church, is best known for Facing the Giants (2006) and Fireproof (2008), the highest-grossing independent film of the year, and Courageous (2011).

• 40,000 passengers fly into and out of the airport annually • 8.5M pounds of freight in and out of the airport in 2015

35 min Delta flight to Atlanta

7

LOCATION OVERVIEW

8.5M

Freight Pounds through ABY

Albany partnerships have reinvigorated the energy in downtown and have created opportunities for additional development.

AGRICULTURE Agriculture remains a strong driver for the regional economy with high production in cotton, peanuts, corn, tobacco, pecans, and forest/lumber products.

PROPERTY NAME

EDUCATION

ALBANY TECHNICAL COLLEGE

Albany-Dougherty County offers a wide range of educational opportunities to the residents of southwest Georgia, from technical program certificates to graduate degrees. More than 15,000 students are enrolled in the community’s institutions of higher learning.

ALBANY STATE UNIVERSITY Albany State University (ASU) offers more than 30 undergraduate degree programs and six advanced degrees, and participates in an engineering transfer program and a dual degree program with the Georgia Institute of Technology, one of the top engineering schools in the nation.

ASU is home to the Holley Institute summer program, which consists of an intense four weeks of study to help high school students improve low SAT scores and gain admission to college. The program has a near 100 percent success rate and has received praise from the state Board of Regents. In 2015, the Board of Regents of the University System of Georgia announced the consolidation of ASU and Darton State College. The new school, under the ASU name, has over 6,000 students and is one of the largest historically black universities in the country.

ALBANY STATE UNIVERSITY

ALBANY TECHNICAL COLLEGE Albany Tech offers 34 areas of study and has an annual enrollment of more than 5,000. The school offers Georgia Quick Start training, which is Georgia’s internationally acclaimed workforce development program that provides training to industry sectors including biotech/heath care, warehousing/distribution, automotive, advanced manufacturing, food/ agribusiness, and service.

TROY UNIVERSITY Alabama-based Troy University offers a range of online and in-classroom studies through its Albany campus.

DOUGHERTY COUNTY SCHOOLS The Dougherty County School System currently enrolls approximately 15,000 students annually. The system consists of 21 schools (14 elementary, four middle and three high schools), and all schools are accredited by the Southern Association of Colleges and Schools and the Georgia Accrediting Commission.

CUSHMAN & WAKEFIELD

8

42

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