WW-137 Portfolio OM

WW-137 PORTFOLIO

2023 OFFERING MEMORANDUM CINCINNATI, 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

2

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 3

PROPERTY SNAPSHOT Property Name:

Stonecliff Apts

Property Address:

2100 Harrison Ave

City, State, Zip:

All properties Tenant Pays Electric & Gas All properties Owner Pays Water, Sewer, Trash

Bracken Woods

Robin Woods

Sarvis Court Apts

Silverbirch Apts

2571-2669 Lafeuille Ave

2570-2572 Sarvis Ct

3401 McHenry Ave

Cincinnati, OH, 45214

3034-3042 Bracken Woods Ln Cincinnati, OH, 45211

Cincinnati, OH, 45211

Cincinnati, OH, 45214

Cincinnati, OH 45225

South Fairmount

Westwood

Westwood

South Fairmont

East Westwood

Hamilton

Hamilton

Hamilton

Hamilton

Hamilton

Year Built/Reno:

1975

1972

1977

1969

1975

Number Of Units:

16

17

56

24

24

Avg Unit Size:

638

650

792

720

720

Rentable Sqft:

11,250

11,050

39,075

17,280

16,480

Number of Parcels:

1

2

5

1

1

Lot Size (Acres):

0.53

0.51

1.89

0.63

1.24

# of Buildings:

1

5

5

1

1

# of Stories:

3

2

2-4

2

4

Current Occupancy:

88%

94%

88%

96%

79%

Parking Type:

Off Street

Off Street

Off Street

On & Off Street

Off Street Parking

Parking Surface:

Concrete/ Pavement

Concrete/ Pavement

Concrete/ Pavement

Concrete/ Pavement

Concrete/ Pavement Parking

HVAC:

Gas Boiler Heat, ThroughWall A/C

Gas Boiler Heat, ThroughWall A/C

Electric Baseboard Heat, Through-wall A/C

Electric Baseboard Heat, Through-wall A/C

Electric Baseboard Heat, Through-wall A/C

Roofs:

Flat Rubber Membrane

Pitched Asphalt Shingle: Both Replaced in 2022

Pitched Asphalt Shingle: Two Replaced in 2022. One Repaired in 2022

Flat Rubber Membrane, Replaced in 2023

Flat Rubber Membrane

Wiring:

Copper

Copper

Copper

Copper

Copper

Submarket: County:

4

OCTOBER 2023

THE INVESTMENT

P R O P E R T Y L O C AT I O N S

S I LV E R B I R C H A P T S BRACKEN WOODS STONECLIFF APTS ROBIN WOODS APTS

properties within a 1.5 MILE RADIUS

SARVIS COURT APTS

5

INVESTMENT HIGHLIGHTS

WW-137

WW-137

95,135 RENTABLE SQUARE FEET

137 TOTAL UNITS

694 AVG SQARE FEET

6

#1 Bedrooms #2 Bedrooms #3 Bedrooms Occupancy

74 62 1 92%

INVESTMENT HIGHLIGHTS Close Proximity Portfolio: The five communities making up the WW-137 sit within a one and a half-mile radius of one another in the Westwood Submarket of Cincinnati. The close proximity helps create operational efficiencies for management while providing options to perspective residents searching for rental options in the area.

MANAGEMENT VALUE-ADD: The portfolio went to new management in February 2023 which has consistently been increasing economic occupancy since taking control. With the right management now in place, an incoming investor can continue the momentum and enjoy the increasing cash flow.

WELL MAINTAINED COMMUNITIES: Current ownership has consistently addressed deferred maintenance items with six new roofs in the last 2 years and one partial. In addition, roughly 30%of the units have received new appliances in the last 2 years with another 30% of units being upgraded with LVP flooring throughout.

ATTRACTIVE ASSUMABLE DEBT: There is the option to assume the Freddie Small Balance Loan that is service by Berkadia: - Loan Balance: $3,930,000 - Interest Rate: 4.06% - Interest Only for Full Length of Term - Matures September 2031

LOAN AMOUNT

E X T R E M E LY AT T R A C T I V E ASSUMABLE Freddie sbl DEBT

$3.9MM INTEREST RATE

4.06% MATURES

SEP 2031 SERVICER

FREDDIE sbl BERKADIA

* I N T E R E S T O N LY F O R E N T I R E T E R M* 7

BREAKDOWN

STONECLIFF APARTMENTS Property Name:

Stonecliff Apts

Property Address:

2100 Harrison Ave

City, State, Zip:

Cincinnati, OH, 45214

Submarket: County:

8

South Fairmount Hamilton

Year Built/Reno:

1975

Number Of Units:

16

Avg Unit Size:

638

Rentable Sqft:

11,250

Number of Parcels:

1

Lot Size (Acres):

0.53

# of Buildings:

1

# of Stories:

3

Current Occupancy:

88%

Parking Type:

Off Street

Parking Surface:

Concrete/ Pavement

HVAC:

Gas Boiler Heat, Through-Wall A/C

Roofs:

Pitched Asphalt Shingle: Replaced in 2022

Wiring:

Copper

stonecliff highlights Occupancy 88%

avg effective $907

# of 1-bed units 2

# of 2-bed units 14

9

BREAKDOWN

BRACKEN WOODS Property Name:

Bracken Woods

Property Address:

3034-3042 Bracken Woods Ln

City, State, Zip:

Cincinnati, OH, 45211

Submarket:

Westwood

County:

Hamilton

Year Built/Reno:

1972

Number Of Units:

17

Avg Unit Size:

650

Rentable Sqft:

11,050

Number of Parcels:

2

Lot Size (Acres):

0.51

# of Buildings:

2

# of Stories: Current Occupancy:

10

Parking Type:

Off Street

Parking Surface:

Concrete/ Pavement

2

HVAC:

Gas Boiler Heat, Through-Wall A/C

94%

Roofs: Wiring:

Pitched Asphalt Shingle: Both Replaced in 2022 Copper

bracken woods highlights Occupancy 94%

avg effective $758

# of 1-bed units 17

# of 2-bed units 0

11

BREAKDOWN

ROBIN WOODS Property Name:

Robin Woods

Property Address:

2571-2669 Lafeuille Ave

City, State, Zip:

Cincinnati, OH, 45211

Submarket:

Westwood

County:

Hamilton

Year Built/Reno:

1977

Number Of Units:

56

Avg Unit Size:

792

Rentable Sqft:

39,075

Number of Parcels:

5

Lot Size (Acres):

1.89

# of Buildings:

5

# of Stories:

3

Current Occupancy:

88%

12

Parking Type:

Off Street

Parking Surface: HVAC: Roofs: Wiring:

Concrete/ Pavement Electric Baseboard Heat, Through-wall A/C Pitched Asphalt Shingle: Two Replaced in 2022. One Repaired in 2022 Copper

robin woods highlights Occupancy 88%

avg effective $801

# of 1-bed units 39

# of 2-bed units 16

13

BREAKDOWN

SARVIS COURT APARTMENTS Property Name:

Sarvis Court Apts

Property Address:

2570-2572 Sarvis Ct

City, State, Zip:

Cincinnati, OH, 45214

Submarket: County:

South Fairmont Hamilton

Year Built/Reno:

1969

Number Of Units:

24

Avg Unit Size:

720

Rentable Sqft:

17,280

Number of Parcels:

1

Lot Size (Acres):

0.63

# of Buildings:

1

# of Stories:

2

Current Occupancy:

96%

14

Parking Type:

On & Off Street

Parking Surface: HVAC: Roofs: Wiring:

Concrete/ Pavement Electric Baseboard Heat, Through-wall A/C Flat Rubber Membrane, Replaced in 2023 Copper

sarvis court apts highlights Occupancy 96%

avg effective $881

# of 1-bed units 0

# of 2-bed units 24

15

BREAKDOWN

SILVERBIRCH APARTMENTS Property Name:

Silverbirch Apts

Property Address:

3401 McHenry Ave

City, State, Zip:

Cincinnati, OH 45225

Submarket: County:

East Westwood Hamilton

Year Built/Reno:

1975

Number Of Units:

24

Avg Unit Size:

720

Rentable Sqft:

16,480

Number of Parcels:

1

Lot Size (Acres):

1.24

# of Buildings:

1

# of Stories:

4

Current Occupancy:

79%

16

Parking Type: Parking Surface: HVAC: Roofs: Wiring:

Off Street Parking Concrete/ Pavement Parking Electric Baseboard Heat, Through-wall A/C Flat Rubber Membrane Copper

silverbirch apts highlights Occupancy 79%

avg effective $768

# of 1-bed units 16

# of 2-bed units 8

17

RENT SORT - ONE BEDROOM

Ferncrest Apts $850 Renata Apts $850

5

Montclair in the Woods $1,025

2

3

WW-137 PORTFOLIO $742

18

OCTOBER 2023 the competitors

4

Candlewood $850

Sunset Ridge $895

1

The Flats $850 WW-137 PORTOFLIO LOCATIONS 1 STONECLIFF APTS 2 BRACKEN WOODS 3 ROBIN WOODS APTS 4 SARVIS COURT APTS 5 SILVERBIRCH APTS

One Bedroom Property Montclair in the Woods Sunset Ridge Subject Pro Forma Candlewood Apartments Renata Apartments Ferncrest Apartments The Flats Subject Average Effective Market Average

Year Built 1969 1965 1962-1988 1961 1966 1966 1960 1962-1988 1965

# Beds 54 57 137 110 121 144 48 137 101

Avg SF 746 600 641 750 650 500 625 641 645

Avg Rent $1,025 $895 $888 $850 $850 $850 $850 $742 $887

Avg Rent/SF $1.37 $1.49 $1.39 $1.13 $1.31 $1.70 $1.36 $1.16 $1.38

19

RENT SORT - TWO BEDROOM

Vista West Apts $1,025 Ferncrest Apts $999 Renata Apts $999

5

Montclair in the Woods $1,200

2

3

WW-137 PORTFOLIO $903

4

Candlewood $1,055

1 WW-137 PORTOFLIO LOCATIONS 1 STONECLIFF APTS 2 BRACKEN WOODS 3 ROBIN WOODS APTS 4 SARVIS COURT APTS 5 SILVERBIRCH APTS

Two Bedroom Property Montclair in the Woods Candlewood Apartments Vista West Apartments Subject Pro Forma Ferncrest Apartments Renata Apartments Subject Average Effective Market Average

Year Built 1969 1961 1973 1962-1988 1966 1966 1962-1988 1968

# Beds 54 110 28 137 144 121 137 87

Avg SF 953 950 850 755 900 900 755 884

Avg Rent $1,200 $1,055 $1,025 $1,006 $999 $999 $903 $1,051

Avg Rent/SF $1.26 $1.11 $1.21 $1.24 $1.11 $1.11 $1.20 $1.19

RENT SORT - THREE BEDROOM

Renata Apts $1,400

5 2

3

WW-137 PORTFOLIO $1,341

4

1 WW-137 PORTOFLIO LOCATIONS 1 STONECLIFF APTS 2 BRACKEN WOODS 3 ROBIN WOODS APTS 4 SARVIS COURT APTS 5 SILVERBIRCH APTS

Three Bedroom Property Renata Apartments Subject Pro Forma Subject Average Effective Average

Year Built 1966 1962-1988 1962-1988 1972

# Beds 121 137 137 129

Avg SF 1300 925 925 1113

Avg Rent $1,400 $1,400 $1,341 $1,380

Avg Rent/SF $1.08 $1.51 $1.45 $1.24

1751-1759 GILSEY AVE

sunset ridge UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom

UNITS 57

SQFT 600

57 1965 100.0% RENT RENT/SF $895 $1.49

3175 FERNCREST CT

ferncrest a pa rt m e n t s

24

OCTOBER 2023 the competitors

UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom

UNITS 82

SQFT 500

144 1966 94.4% RENT RENT/SF $850 $1.70

Two Bedroom

62

900

$999

$1.11

2 4 5 9 W E S T W O O D N O R T H E R N B LV D

r e n ata a pa rt m e n t s UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom Two Bedroom Three Bedroom

UNITS 30 70 21

SQFT 650 900 1300

RENT $850 $999 $1,400

121 1966 86.6% RENT/SF $1.31 $1.11 $1.08

1956 WESTWOOD NORTHERN BLCD

the f l at s UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom

UNITS 48

SQFT 625

48 1960 91.7% RENT RENT/SF $850 $1.36

25

WW-137 portfolio

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

One Bedroom 1BR/1BA - Robin Woods 1BR/1BA - Silverbirch 1BR/1BA - Braken Woods 1BR/1BA - Stonecliff Totals / Wtd. Averages

39 Units 16 Units 17 Units 2 Units 74 Units

692 SF 625 SF 750 SF 550 SF 687 SF

26,988 SF 10,000 SF 12,750 SF 1,100 SF 50,838 SF

$751.69 $705.33 $755.20 $725.00 $741.75

$1.09 SF $1.13 SF $1.01 SF $1.32 SF $1.08 SF

$29,316 $11,285 $12,838 $1,450 $54,890

$900.00 $800.00 $850.00 $900.00 $866.89

$1.30 SF $1.28 SF $1.13 SF $1.64 SF $1.26 SF

$35,100 $12,800 $14,450 $1,800 $64,150

$900.00 $875.00 $875.00 $900.00 $888.85

$1.30 SF $1.40 SF $1.17 SF $1.64 SF $1.29 SF

$35,100 $14,000 $14,875 $1,800 $65,775

Two Bedroom 2BR/1BA - Robin Woods 2BR/1BA - Silverbirch 2BR/1BA - Stonecliff 2BR/1BA - Sarvis Ct Totals / Wtd. Averages

16 Units 8 Units 14 Units 24 Units 62 Units

825 SF 820 SF 725 SF 850 SF 811 SF

13,200 SF 6,560 SF 10,150 SF 20,400 SF 50,310 SF

$903.67 $877.14 $922.83 $881.70 $896.07

$1.10 SF $1.07 SF $1.27 SF $1.04 SF $1.10 SF

$14,459 $7,017 $12,920 $21,161 $55,556

$975.00 $950.00 $1,000.00 $950.00 $967.74

$1.18 SF $1.16 SF $1.38 SF $1.12 SF $1.19 SF

$15,600 $7,600 $14,000 $22,800 $60,000

$1,025.00 $1,000.00 $1,000.00 $1,000.00 $1,006.45

$1.24 SF $1.22 SF $1.38 SF $1.18 SF $1.24 SF

$16,400 $8,000 $14,000 $24,000 $62,400

Three Bedroom 3BR/1BA Totals / Wtd. Averages

1 Units 1 Units

925 SF 925 SF

925 SF 925 SF

$1,341.00 $1,341.00

$1.45 SF $1.45 SF

$1,341 $1,341

$1,341.00 $1,341.00

$1.45 SF $1.45 SF

$1,341 $1,341

$1,400.00 $1,400.00

$1.51 SF $1.51 SF

$1,400 $1,400

Summary One Bedroom Two Bedroom Three Bedroom Totals / Wtd. Averages

74 Units 62 Units 1 Units 137 Units

687 SF 811 SF 925 SF 745 SF

50,838 SF 50,310 SF 925 SF 102,073 SF

$741.75 $896.07 $1,341.00 $815.96

$1.08 $1.10 $1.45 $1.10 SF

$54,890 $55,556 $1,341 $111,787

$866.89 $967.74 $1,341.00 $915.99

$1.26 SF $1.19 SF $1.45 SF $1.23 SF

$64,150 $60,000 $1,341 $125,491

$888.85 $1,006.45 $1,400.00 $945.80

$1.29 SF $1.24 SF $1.51 SF $1.27 SF

$65,775 $62,400 $1,400 $129,575

26

OCTOBER 2023

the financials

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

UNIT RENTS

UNIT DISTRIBUTION

27

INCOME

GROSS POTENTIAL RENT

% of GPR

All Units at Market Rent

$1,505,892 RR

Gain (Loss) to Lease

($143,844)

GROSS SCHEDULED RENT

$1,362,048 RR

Total Other Income

$5,130

GROSS POTENTIAL INCOME

$1,367,178

Physical Vacancy

($246,275) T6 Economic

Bad Debt EFFECTIVE GROSS INCOME EXPENSE

WW-137 portfolio

INCOME & EXPENSES

28

T6 RENT ROLL: OCTOBER 2023 INCOME AND EXPENSES: FEBRUARY 2023 - AUGUST 2023 Per Unit 10,992 9.55%

(1,050) 9,942

0.38%

37 9,979

18.08%

(1,798)

$0

0.00%

0

$1,120,904

72.37%

8,182

% of EGI

Per Unit

NON-CONTROLLABLE Real Estate Taxes 2022 Taxes Paid

$69,053 Auditor

6.16%

504

Total Real Estate Taxes

$69,053

6.16%

504

Insurance

$54,800 Note 2

4.89%

400

Total Utilities

$181,928

16.23%

1,328

Total Non-Controllable

$305,781

27.28%

2,232

Total Contract Services

$12,310

1.10%

90

Repairs & Maintenance

$124,190 T6

11.08%

906

Marketing & Promotion

$0

0.00%

0

$126,190 T6

11.26%

921

Payroll Taxes & Benefits

$0

0.00%

0

General & Administrative

$2,857 T6

0.25%

21

Management Fee

$73,531 T6

6.56%

537

Replacement & Reserves

$34,935 Note 1

3.12%

255

Total Controllable

$374,014

33.37%

2,730

TOTAL EXPENSES

$679,796

60.65%

4,962

NET OPERATING INCOME

$441,108

39.35%

3,220

CONTROLLABLE

On-Site Payroll

T3

T1

% of GPR $1,505,892 ($143,844)

9.55%

$1,362,048 $5,130

0.38%

$1,367,178

Per Unit

YEAR 1

% of GPR

10,992

$1,505,892

(1,050)

($143,844)

9,942

$1,362,048

37

$5,130

9,979

$1,367,178

#

9.55% 0.38%

Per Unit

% of GPR

10,992

$1,554,900

(1,050)

($31,098)

9,942

$1,523,802

37

$5,284

9,979

$1,529,086

1

Per Unit 11,350

2.00%

2 Added based on market norms

(227) 11,123

0.35%

39 11,161

($292,368)

21.47%

(2,134)

($115,218)

8.46%

(841)

($76,190)

5.00%

(556)

$0

0.00%

0

$0

0.00%

0

($15,238)

1.00%

(111)

$1,074,810

68.98%

7,845

$1,251,961

81.99%

9,138

$1,437,658

92.00%

10,494

% of EGI

Per Unit

% of EGI

UNDERWRITING NOTES

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

% of EGI

$69,053

6.42%

504

$69,053

5.52%

504

$69,053

5.52%

504

$69,053

6.42%

504

$69,053

5.52%

504

$69,053

5.52%

504

$54,800

4.89%

400

$54,800

4.89%

400

$54,800

4.38%

400

$181,928

16.93%

1,328

$181,928

14.53%

1,328

$185,566

14.82%

1,354

$305,781

28.24%

2,232

$305,781

24.94%

2,232

$309,420

24.71%

2,259

$12,310

1.15%

90

$12,310

0.98%

90

$23,290

1.86%

170

$124,190

11.08%

906

$124,190

11.08%

906

$82,200

5.72%

600

$0

0.00%

0

$0

0.00%

0

$10,275

0.71%

75

$126,190

11.26%

921

$126,190

11.26%

921

$116,450

8.10%

850

$0

0.00%

0

$0

0.00%

0

$10,275

0.71%

75

$2,857

0.25%

21

$2,857

0.25%

21

$7,535

0.52%

55

$73,531

6.56%

537

$73,531

6.56%

537

$86,259

6.00%

630

$34,935

3.25%

255

$34,935

2.79%

255

$34,935

2.43%

255

$374,014

33.55%

2,730

$374,014

32.93%

2,730

$371,219

26.06%

2,710

$679,796

63.25%

4,962

$679,796

54.30%

4,962

$680,639

54.37%

4,968

$395,015

36.75%

2,883

$572,165

45.70%

4,176

$757,019

60.47%

5,526

29

INCOME EXPENSE

WW-137 portfolio

CASH FLOW 30

T7

T3

T1

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 TOTAL OTHER INCOME GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME

$1,505,892 ($143,844) $1,362,048 $5,130 $1,367,178 ($246,275) $0 $1,120,904

$1,505,892 ($143,844) $1,362,048 $5,130 $1,367,178 ($292,368) $0 $1,074,810

$1,505,892 ($143,844) $1,362,048 $5,130 $1,367,178 ($115,218) $0 $1,251,961

$1,554,900 ($31,098) $1,523,802 $5,284 $1,529,086 ($76,190) ($15,238) $1,437,658

$1,601,547 ($32,031) $1,569,516 $5,390 $1,574,906 ($78,476) ($15,695) $1,480,735

$1,649,593 ($32,992) $1,616,602 $5,498 $1,622,099 ($80,830) ($16,166) $1,525,103

$1,699,081 ($33,982) $1,665,100 $5,608 $1,670,707 ($83,255) ($16,651) $1,570,801

$1,750,054 ($35,001) $1,715,053 $5,720 $1,720,772 ($85,753) ($17,151) $1,617,869

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

$69,053 $54,800 $181,928 $12,310 $124,190 $0 $126,190 $0 $2,857 $73,531 $34,935 $679,796

$69,053 $54,800 $181,928 $12,310 $124,190 $0 $126,190 $0 $2,857 $73,531 $34,935 $679,796

$69,053 $54,800 $181,928 $12,310 $124,190 $0 $126,190 $0 $2,857 $73,531 $34,935 $679,796

$69,053 $54,800 $185,566 $23,290 $82,200 $10,275 $116,450 $10,275 $7,535 $86,259 $34,935 $680,639

$70,434 $55,896 $189,278 $23,756 $83,844 $10,481 $118,779 $10,481 $7,686 $74,037 $35,634 $680,304

$71,843 $57,014 $193,063 $24,231 $85,521 $10,690 $121,155 $10,690 $7,839 $76,255 $36,346 $694,648

$73,280 $58,154 $196,925 $24,716 $87,231 $10,904 $123,578 $10,904 $7,996 $78,540 $37,073 $709,301

$74,746 $59,317 $200,863 $25,210 $88,976 $11,122 $126,049 $11,122 $8,156 $80,893 $37,815 $724,269

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS YR 1

YR 2

YR 3

YR 4

YR 5

3.25% 9.55% 3.00%

3.00% 9.55% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

5.00%

2.00% 5.00%

2.00% 5.00%

2.00% 5.00%

2.00% 5.00%

LOAN AMOUNT

INTEREST RATE

INCOME Gross Potential Rent (Loss) / Gain to Lease* Other Income

Loan info

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

21.47% 0.00% 0.00% 0.00% 21.47%

8.46% 0.00% 0.00% 0.00% 8.46%

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%

$3.9MM 4.06% MATURES

SEP 2031 SERVICER

FREDDIE sbl

*INTEREST ONLY FOR ENTIRE TERM* 31