Pine Tree Village by Jordan.Dickman

PINE TREE VILLAGE

2023 3170 MELISSA PLACE, COLUMBUS, OHIO

GLOBAL REACH, LOCAL EXPERTISE

$86.3B VA L U E O F R E C E N T LY C L O S E D T R A N S A C T I O N S

12,272 CLOSED SALES IN MOST RECENT YEAR

DAY TO N

$12.8B

C I N C I N N AT I

T O TA L VA L U E O F R E C E N T L I S T I N G S

2,143

LOUISVILLE

LEXINGTON

CLOSED FINANCINGS IN MOST RECENT YEARS

CALABASAS, CALIFORNIA | HQ

80+ | OFFICES

2,500 | EMPLOYEES

YOUR TEAM

C O R P O R AT E S U P P O R T

J O RDAN DICK M A N F I R S T VIC E PR ES I D E N T S D I RE CT O R, N M HG

L I Z P OP P MI DW E S T OP E R A TI ON S MA NAGER

NIC K ANDREWS F I R S T VIC E PR ES I D E N T S D I RE CT O R, N M HG

J OS H C A R U A N A V I C E P R E S I DE N T R E G I ON A L MA N A G E R I N DI A N A P OL I S | C I N C I N N A TI | L O UISVIL L E | S T L O UIS | K ANS AS CITY

AUS T IN SUM S ENIO R INVESTME N T A SSO CI A T E B RI A N JOHNST O N INVESTM ENT ASSO CI A T E AUS T IN Hall INVESTM ENT ASSO CI A T E AL D E N SIMM S INVESTM ENT ASSO CI A T E

J OH N SE B R E E S E N I OR V I C E P R E S I DE N T N A T I ON A L DI R E C T OR N A T I ON A L MULTI H OUS I N G GR O UP MI C H A E L G L A S S S E N I OR V I C E P R E S I DE N T MI DW E S T DI V I S I ON MA N A GER N A T I ON A L DI R E C T OR , MA N UFACTUR ED HO M E CO M M UNITIES GR O UP

BROKER SUPPORT S AM PET ROSino VA L UATIO N & R E S E A RCH

B R I TTA N Y C A MP B E L L- KOC H DI R E C TOR OF OP E R A T I ON S

B RETT MART IN INT ER NAL AC CO UN TA N T

A L E X PA PA MA R K E TI N G C OOR DI N A TOR

LIMITLESS

GEOGRAPHIC BOUNDARIES Through the synergy of our closely-knit team, our expansive proprietary platform, and a far-reaching national network, we possess the innate ability to seamlessly facilitate the fluid movement of capital across the entire expanse of the country. What sets us apart is not just our technological prowess, but the collaborative ethos that infuses every facet of our operation. At the heart of our success lies a culture of collaboration, where diverse minds converge to formulate innovative solutions. This, coupled with our cutting-edge technological infrastructure, propels us to the forefront of the industry. But what truly underpins our efficiency is a time-tested methodology that has consistently yielded remarkable results. One of our core competencies is the art of precision in buyer-seller matching. Whether the focus is on a regional or national scale, our processes are adept at seamlessly aligning buyers with sellers in a manner that goes beyond mere transactions. This approach ensures that your success is

INBOUND / OUTBOUND $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

#1 U.S. brokerage in number of transactions 1031 EXCHANGE LEADER

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 Transactions In most recent year

6.74

Transactions closed Every Business Hour

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.

M O V I N G C A P I TA L . M A X I M I Z I N G VA L U E .

L E A D I N G

N AT I O N A L

P L AT F O R M

cl ie nt s r epr e sent e d

2014 2015 2016 2017 2018

2024

2019 2020 2021 2022 2023

10 YEARS EXPERIENCE

$1.65B 20k+ CAREER CLOSED

CAREER UNITS CLOSED

NOTEWORTHY DEALS WYNDGATE 240

UNITS CLOSING PRICE CITY

$12M DAYTON, OH

UNION HILL 100

UNITS

$7.150M DAYTON,OH

CLOSING PRICE CITY

BURLINGTON OAKS 240

UNITS CLOSING PRICE CITY

$30.5M CINCINNATI, OH

VIEWS OF MT. AIRY UNITS CLOSING PRICE CITY

282 $15.150M CINCINNATI, OH

FINISH LINE UNITS CLOSING PRICE CITY

192 $32M LOUISVILLE,KY

BOURBON COURT UNITS CLOSING PRICE CITY

218 $9.1M LEXINGTON, KY

RECENT TRANSACTIONS UNITS

SALE PRICE

CITY, STATE

Wayne Estates

$6,000,000.00

Dayton, OH

Union Hill

100

$7,150,000.00

Dayton, OH

Northside Flats

139

$9,200,000.00

Cincinnati, OH

Tri West Portfolio

640

$12,800,000.00

Cincinnati, OH

Springfield Portfolio

333

$14,046,000.00

Springfield, OH

Cedar Ridge

176

$13,850,000.00

Park Hills, KY

1840 McCullough

139

$14,500,000.00

Lexington, KY

Bourbon Court

218

$9,100,000.00

Lexington, KY

Woods and Grinstead

$14,850,000.00

Louisville, KY

Independent Oaks

144

$13,500,000.00

Indepedence, KY

Burlington Oaks

240

$30,500,000.00

Cincinnati, OH

Oldham Oaks

216

$22,896,000.00

Oldham, KY

Kentucky Towers

276

$17,700,000.00

Louisville, KY

Views of Mt Airy

282

$15,150,000.00

Cincinnati, OH

Kingsview

176

$10,500,000.00

Cincinnati, OH

Arts Apartments

248

$9,400,000.00

Cincinnati, OH

REM Portfolio

771

$50,000,000.00

Cincinnat, OH

Finish Line

192

$32,000,000.00

Louisville, KY

Wyndgate

240

$12,000,000.00

Dayton, OH

PINE TREE VILLAGE

snapshots

rent sort TWO bedroom Bexley Commons $1,000

Bexley Village $1,197

College Park $1,300

PINE TREE VILLAGE $941

Charles at Bexley $1,199

Mason Run $914

Subject Average Effective Mason Run

Year Built 1999 1974 1970 1975 1966 1974 1975

# Beds 250 166 650 112 213 166 100

Avg SF 942 850 1015 875 720 850 856

Avg Rent $1,300 $1,200 $1,199 $1,197 $1,000 $941 $914

Avg Rent/SF $1.38 $1.41 $1.18 $1.37 $1.39 $1.11 $1.07

SECTION 2 - LOCAL COMPETITORS

Two Bedroom Property College Park Subject Pro Forma The Charles at Bexley Bexley Village Bexley Commons

SECTION 2 - LOCAL COMPETITORS 8 39 SHERIDAN AVE

BEXLEY VILLAGE UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom Two Bedroom

UNITS 24 88

SQFT 705 875

112 1975 92.0% RENT RENT/SF $961 $1.36 $1,197 $1.37

3090 E LIVINGSTON

BEXLEY COMMONS UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom

UNITS 179

SQFT 680

213 1966 87.0% RENT RENT/SF $890 $1.31

Two Bedroom

720

$1,000

$1.39

SECTION 2 - LOCAL COMPETITORS 1708 CREEKSEDGE DR

COLLEGE PA R K UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom Two Bedroom

UNITS 124 126

SQFT 756 942

250 1999 91.6% RENT RENT/SF $1,145 $1.51 $1,300 $1.38

2765 COLDSTREAM LN

C H A R L E S AT BEXLEY UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom

UNITS 208

SQFT 750

650 1970 NA RENT RENT/SF $1,139 $1.52

Two Bedroom

412

1015

$1,199

$1.18

Three Bedroom

1400

$1,399

$1.00

PINE TREE VILLAGE

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

MARKET

PROJECTED

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

Two Bedroom 2BR/1BA Totals / Wtd. Averages

166 Units 166 Units

850 SF 850 SF

141,100 SF 141,100 SF

$941.25 $941.25

$1.11 SF $1.11 SF

$156,248 $156,248

$1,080.00 $1,080.00

$1.27 SF $1.27 SF

$179,280 $179,280

$1,200.00 $1,200.00

$1.41 SF $1.41 SF

$199,200 $199,200

Summary Two Bedroom Totals / Wtd. Averages

166 Units 166 Units

850 SF 850 SF

141,100 SF 141,100 SF

$941.25 $941.25

$1.11 $1.11 SF

$156,248 $156,248

$1,080.00 $1,080.00

$1.27 SF $1.27 SF

$179,280 $179,280

$1,200.00 $1,200.00

$1.41 SF $1.41 SF

$199,200 $199,200

RENT/UNIT

RENT/SF

T O TA L R E N T POTENTIAL

RENT/UNIT

RENT/SF

T O TA L R E N T POTENTIAL

SECTION 3 - FINANCIALS

UNIT RENTS

UNIT DISTRIBUTION

INCOME EXPENSE

PINE TREE VILLAGE

INCOME & EXPENSES

T12 RENT ROLL: AS OF OCTOBER 19, 2023 INCOME AND EXPENSES: OCTOBER 2022 - SEPTEMBER 2023 GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT

$2,151,360 RR ($258,432) $1,892,928 RR

GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME

$1,892,928 ($224,087) T12 Economic $0 $1,668,841

11.84% 0.00% 76.15%

11,403 (1,350) 0 10,053

$101,845 Auditor $101,845 $41,565 T12

% of EGI 6.10% 6.10% 2.49%

Per Unit 614 614 250

$55,565 $23,012 $80,919 $14,367 $173,863 $317,272

3.33% 1.38% 4.85% 0.86% 10.42% 19.01%

335 139 487 87 1,047 1,911

1.77% 4.88% 0.36% 13.87% 0.00% 3.98% 0.00% 0.09% 2.54% 27.49% 46.50% 53.50%

177 491 37 1,395 0 400 0 9 255 2,763 4,675 5,379

NON-CONTROLLABLE Real Estate Taxes 2022 Taxes Paid Total Real Estate Taxes Insurance Utilities Electric Gas Water & Sewage Trash Removal Total Utilities Total Non-Controllable CONTROLLABLE Contract Services Total Contract Services Repairs & Maintenance Marketing & Promotion Labor Payroll Taxes & Benefits General & Administrative Management Fee Internet Replacement & Reserves Total Controllable TOTAL EXPENSES NET OPERATING INCOME

% of GPR

$29,465 $81,446 $6,071 $231,504 $0 $66,483 $0 $1,439 $42,330 $458,737 $776,009 $892,832

T12 T12 T12 T12

T12 T12

T12 T12 T12 Note 1

12.01%

Per Unit 12,960 (1,557) 11,403

% of GPR

Per Unit 12,960 (1,557) 11,403

$2,151,360 ($258,432) $1,892,928

6.64% 0.00% 81.34%

11,403 (758) 0 10,645

$1,892,928 ($55,798) $0 $1,837,130

$101,845 $101,845 $41,565

5.76% 5.76% 2.49%

% of EGI 614 614 250

$55,565 $23,012 $80,919 $14,367 $173,863 $317,272

3.33% 1.38% 4.85% 0.86% 9.84% 18.09%

$29,465 $81,446 $6,071 $231,504 $0 $66,483 $0 $1,439 $42,330 $458,737 $776,009 $991,138

1.67% 4.88% 0.36% 13.87% 0.00% 3.98% 0.00% 0.09% 2.40% 27.25% 43.91% 56.09%

$2,151,360 ($258,432) $1,892,928 $1,892,928 ($125,781) $0 $1,767,147

12.01%

YEAR 1

% of GPR

Per Unit 12,960 (1,557) 11,403

$2,390,400 ($47,808) $2,342,592

2.95% 0.00% 85.04%

11,403 (336) 0 11,067

$2,342,592 ($117,130) ($23,426) $2,202,036

$101,845 $101,845 $41,565

% of EGI 5.54% 5.54% 2.49%

Per Unit 614 614 250

335 139 487 87 1,047 1,911

$55,565 $23,012 $80,919 $14,367 $173,863 $317,272

3.33% 1.38% 4.85% 0.86% 9.46% 17.50%

177 491 37 1,395 0 400 0 9 255 2,763 4,675 5,971

$29,465 $81,446 $6,071 $231,504 $0 $66,483 $0 $1,439 $42,330 $458,737 $776,009 $1,061,121

1.60% 4.88% 0.36% 13.87% 0.00% 3.98% 0.00% 0.09% 2.30% 27.09% 42.24% 57.76%

12.01%

% of GPR 2.00%

Per Unit 14,400 (288) 14,112

5.00% 1.00% 92.00%

14,112 (706) (141) 13,265

$101,845 $101,845 $66,400

5.54% 5.54% 3.61%

% of EGI 614 614 400

335 139 487 87 1,047 1,911

$56,677 $23,472 $82,537 $14,654 $177,340 $345,585

3.09% 1.28% 4.49% 0.80% 9.65% 18.81%

341 141 497 88 1,068 2,082

177 491 37 1,395 0 400 0 9 255 2,763 4,675 6,392

$30,710 $99,600 $8,300 $182,600 $24,900 $33,200 $88,081 $1,660 $42,330 $511,381 $856,966 $1,345,070

1.67% 4.52% 0.38% 8.29% 1.13% 1.51% 4.00% 0.08% 1.92% 23.50% 46.65% 73.22%

185 600 50 1,100 150 200 531 10 255 3,081 5,162 8,103

UNDERWRITING NOTES

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

INCOME EXPENSE

PINE TREE VILLAGE

CASH FLOW

T12

YR 1

YR 2

YR 3

YR 4

YR 5

YE SEP-2024

YE SEP-2025

YE SEP-2026

YE SEP-2027

YE SEP-2028

GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT

$2,151,360 ($258,432) $1,892,928

$2,390,400 ($47,808) $2,342,592

$2,462,112 ($49,242) $2,412,870

$2,535,975 ($50,720) $2,485,256

$2,612,055 ($52,241) $2,559,814

$2,690,416 ($53,808) $2,636,608

GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME

$1,892,928 ($224,087) $0 $1,668,841

$1,892,928 ($125,781) $0 $1,767,147

$1,892,928 ($55,798) $0 $1,837,130

$2,342,592 ($117,130) ($23,426) $2,202,036

$2,412,870 ($120,643) ($24,129) $2,268,098

$2,485,256 ($124,263) ($24,853) $2,336,141

$2,559,814 ($127,991) ($25,598) $2,406,225

$2,636,608 ($131,830) ($26,366) $2,478,411

Real Estate Taxes Insurance Utilities Contract Services Repairs & Maintenance Marketing & Promotion Labor Payroll Taxes & Benefits General & Administrative Management Fee Replacement & Reserves TOTAL EXPENSES

$101,845 $41,565 $173,863 $29,465 $81,446 $6,071 $231,504 $0 $66,483 $0 $42,330 $776,009

$101,845 $66,400 $177,340 $30,710 $99,600 $8,300 $182,600 $24,900 $33,200 $88,081 $42,330 $856,966

$103,882 $67,728 $180,887 $31,324 $101,592 $8,466 $186,252 $25,398 $33,864 $113,405 $43,177 $897,667

$105,959 $69,083 $184,505 $31,951 $103,624 $8,635 $189,977 $25,906 $34,541 $116,807 $44,040 $916,755

$108,078 $70,464 $188,195 $32,590 $105,696 $8,808 $193,777 $26,424 $35,232 $120,311 $44,921 $936,258

$110,240 $71,873 $191,959 $33,241 $107,810 $8,984 $197,652 $26,953 $35,937 $123,921 $45,819 $956,186

NET OPERATING INCOME

$892,832

$991,138

$1,061,121

$1,345,070

$1,370,430

$1,419,386

$1,469,967

$1,522,225

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS YR 1

YR 2

YR 3

YR 4

YR 5

11.11% 12.01% 3.00%

3.00% 12.01% 3.00%

3.00% 2.00% 3.00%

5.00%

2.00% 5.00%

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

6.64% 0.00% 0.00% 0.00% 6.64%

2.95% 0.00% 0.00% 0.00% 2.95%

5.00% 0.00% 1.00% 0.00% 6.00%

PINE TREE