The Summit

THE SUMMIT APARTMENTS

2023 OFFERING MEMORANDUM 105 RONEY LANE , SYRACUSE , NEW YORK

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 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

CAPEX HIGHLIGHTS CONSTRUCTION PLAN

downtown SYRACUSE

THE SUMMIT A PA RT M E N T S

All buildings will be boarded up as vacated. This will be completed

by December 2023. Work will start with pest controlfumigation and trash out of all materials and misc. items. Work will be completed in phases of section highlighted and then will be placed on the market for rent once completed. Finishes: Black appliances, Laminate flooring, modern finishes throughout. Completion will be 9 months from start to finish with the first round of units being completed by month 5. Buyer has the option to get in early to pick their finishes with the GC that will be contracted out.

UNIT TURNS ROOF HALLWAYS SECURITY PLUMBING STRUCTURAL MASONRY FRONTAGE (LANDSCAPE) PEST CONTROL

$3,641,000 $750,000 $100,000 $550,000 $500,000 $200,000 $175,000 $50,000 $80,000

TOTAL FOR VINCENT CAPEX UNDERWRITING

$6,046,000 $7,575,000

INVESTMENT HIGHLIGHTS This 263-unit portfolio offers a unique opportunity to acquire scale in a major growth market – and more notably in a reliable submarket, known for its proximity to Syracuse University’s primary athletic campus. Located 0.7 miles from the John A Lally Athletic Campus, the property offers an ideal location for students and staff of the university, as well as employees of Syracuse’s bustling industrial hub. The asset will be delivered vacant and ready for an owner-operator to add significant value through key capital improvements.

YB:1946 JAM

8 BULDINGS

ESV EA VE

135,430 SQFT

RO NE Y LA NE

263 UNITS

ILL

2 PARCELS SMITH LANE

rent sort One bedroom CORBETT CORNER $1,150 TALLMAN BLOCK $1,488 FAYETTE PLACE $1,438

MADISON TOWERS $945

CARRIAGE HOUSE $900 THE IKON $1,150

CLARENDON HEIGHTS $ 1,103

THE SUMMIT $900

Year Built 2048 2016 2022 2021 1973 1946 1985 1964 1946

# Beds 16 36 24 45 256 263 232 140 263

Avg SF 728 720 828 750 750 474 720 661 474

Avg Rent $1,488 $1,438 $1,150 $1,150 $1,103 $950 $945 $900 $900

Avg Rent/SF $2.04 $2.00 $1.39 $1.53 $1.47 $2.00 $1.31 $1.36 $1.90

SECTION 2 - LOCAL COMPETITORS

One Bedroom Property Tallman Block Fayette Place Corbett Corner The Ikon Clarendon Heights Subject Pro Forma Madison Towers Carriage House Subject Average Effective

rent sort Two bedroom

FAYETTE PLACE $

MADISON TOWERS $1,194

UNIVERSITY VILLAGE $1,463 CARRIAGE HOUSE $950 THE IKON $1,350

CLARENDON HEIGHTS $ 1,313

THE SUMMIT $1,200

NEWBURY APT $1,202

Year Built 1970 2021 1973 1946 1997 1946 1985 1964

# Beds 90 45 256 263 122 263 232 140

Avg SF 1000 900 850 553 925 553 1081 680

Avg Rent $1,463 $1,350 $1,313 $1,250 $1,202 $1,200 $1,194 $950

Avg Rent/SF $1.46 $1.50 $1.54 $2.26 $1.30 $2.17 $1.10 $1.40

SECTION 2 - LOCAL COMPETITORS

Two Bedroom Property University Village on Colvin The Ikon Clarendon Heights Subject Pro Forma Newbury Apartment Homes Subject Average Effective Madison Towers Carriage House

SECTION 2 - LOCAL COMPETITORS 1 26 -1 3 8 JAMESVILLE AVE

CARRIAGE HOUSE UNITS YEAR BUILT OCCUPANCY UNIT MIX Studio

UNITS 26

SQFT 425

140 1964 89.4% RENT RENT/SF $750 $1.76

One Bedroom

96

661

$900

$1.36

Two Bedroom

18

680

$950

$1.40

601 S TOWNSEND ST

MADISON TOWERS UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom

UNITS 96

SQFT 720

232 1985 99.1% RENT RENT/SF $945 $1.31

Two Bedroom

136

1081

$1,194

$1.10

SECTION 2 - LOCAL COMPETITORS 508 IVY RIDGE RD

CLARENDON HEIGHTS UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom

UNITS 176

SQFT 750

256 1973 92.6% RENT RENT/SF $1,103 $1.47

Two Bedroom

80

850

$1,313

$1.54

444 E GENESEE ST

CORBETT CORNER UNITS YEAR BUILT OCCUPANCY UNIT MIX Studio

UNITS 3

SQFT 476

24 2022 99.4% RENT RENT/SF $950 $2.00

One Bedroom

21

828

$1,150

$1.39

SALE COMPS PROPERTY

SOLD DATE

UNITS

AVG EFFECTIVE RENT

PRICE/DOOR

1

SERENITY VILLAGE

10/19/2021

340

$1,295

$119,118

2

FAYETTEVILLE

12/1/2021

78

$1,148

$76,603

3

PARK VUE

12/21/2021

110

$1,144

$90,909

4

RIDGEWOOD

6/16/2022

75

$812

$78,949

5

BRECKENRIDGE

6/16/2022

93

$919

$89,084

6

AARON MANOR TOWNHOUSES

5/8/2023

52

$1,147

$98,077

7

ORCHARD ESTATES

10/13/2022

300

$743

$79,260

8

VALENTINES GARDENS

10/13/2022

50

$743

$79,260

9

BRIARCLIFF ESTATES

6/16/2022

96

$764

$76,014

10

REMINGTON GARDENS

11/3/2021

156

$1,125

$107,051

263

$1,055

THE SUMMIT APTS

3 1 7 8 4 9

6

2 5

*10

THE SUMMIT APARTMENTS

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 - A 1BR/1BA - B Totals / Wtd. Averages

103 Units 24 Units 127 Units

470 SF 490 SF 474 SF

48,410 SF 11,760 SF 60,170 SF

$900.00 $900.00 $900.00

$1.91 SF $1.84 SF $1.90 SF

$92,700 $21,600 $114,300

$900.00 $900.00 $900.00

$1.91 SF $1.84 SF $1.90 SF

$92,700 $21,600 $114,300

$950.00 $950.00 $950.00

$2.02 SF $1.94 SF $2.01 SF

$97,850 $22,800 $120,650

Two Bedroom 2BR/1BA - A 2BR/1BA - B Totals / Wtd. Averages

26 Units 110 Units 136 Units

500 SF 566 SF 553 SF

13,000 SF 62,260 SF 75,260 SF

$1,200.00 $1,200.00 $1,200.00

$2.40 SF $2.12 SF $2.17 SF

$31,200 $132,000 $163,200

$1,200.00 $1,200.00 $1,200.00

$2.40 SF $2.12 SF $2.17 SF

$31,200 $132,000 $163,200

$1,250.00 $1,250.00 $1,250.00

$2.50 SF $2.21 SF $2.26 SF

$32,500 $137,500 $170,000

Summary One Bedroom Two Bedroom Totals / Wtd. Averages

127 Units 136 Units 263 Units

474 SF 553 SF 515 SF

60,170 SF 75,260 SF 135,430 SF

$900.00 $1,200.00 $1,055.13

$1.90 $2.17 $2.05 SF

$114,300 $163,200 $277,500

$900.00 $1,200.00 $1,055.13

$1.90 SF $2.17 SF $2.05 SF

$114,300 $163,200 $277,500

$950.00 $1,250.00 $1,105.13

$2.01 SF $2.26 SF $2.15 SF

$120,650 $170,000 $290,650

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

THE SUMMIT APARTMENTS

INCOME & EXPENSES

STABILIZED 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 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 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

% of GPR

5.00% 1.00% 92.00%

Per Unit 12,662 (253) 12,408 120 12,528 (620) (124) 11,783

$168,997 Auditor $168,997 $210,400

% of EGI 5.45% 5.45% 6.79%

Per Unit 643 643 800

$46,921 $11,276

1.51% 0.36%

178 43

$86,757

2.80%

330

$23,914 $168,868 $548,265

0.77% 5.45% 17.69%

91 642 2,085

$35,555 $17,760 $15,577 $68,892 $156,332 $6,132 $229,856 $21,660 $30,035 $95,848 $67,065 Note 1 $675,820 $1,224,085 $1,874,956

1.15% 0.57% 0.50% 2.22% 5.04% 0.20% 7.42% 0.70% 0.97% 3.09% 2.16% 21.81% 39.50% 60.50%

135 68 59 262 594 23 874 82 114 364 255 2,570 4,654 7,129

$3,330,000 ($66,600) $3,263,400 $31,445 $3,294,845 ($163,170) ($32,634) $3,099,041

2.00% 0.96%

YEAR 1 % of GPR

YEAR 2

$3,487,800 ($69,756) $3,418,044 $32,388 $3,450,432 ($170,902) ($34,180) $3,245,350

5.00% 1.00% 92.00%

$168,997 $168,997 $210,400

5.21% 5.21% 6.48%

% of EGI 643 643 800

$168,997 $168,997 $214,608

% of EGI 5.06% 5.06% 6.42%

Per Unit 643 643 816

$168,997 $168,997 $218,900

5.06% 5.06% 6.55%

% of EGI 643 643 832

$47,859 $11,502

1.47% 0.35%

182 44

$48,817 $11,732

1.46% 0.35%

186 45

$49,793 $11,966

1.49% 0.36%

189 45

$88,492

2.73%

336

$90,262

2.70%

343

$92,067

2.75%

350

$24,392 $172,245 $551,642

0.75% 5.31% 17.00%

93 655 2,097

$24,880 $175,690 $559,295

0.74% 5.26% 16.73%

95 668 2,127

$25,378 $179,204 $567,101

0.76% 5.36% 16.97%

96 681 2,156

$35,505 $19,725 $13,150 $68,380 $157,800 $13,150 $236,700 $26,300 $26,300 $97,360 $68,406 $694,397 $1,246,039 $1,999,311

1.09% 0.61% 0.41% 2.11% 4.86% 0.41% 7.29% 0.81% 0.81% 3.00% 2.11% 21.40% 38.39% 61.61%

135 75 50 260 600 50 900 100 100 370 260 2,640 4,738 7,602

$36,215 $20,120 $13,413 $69,748 $160,956 $13,413 $241,434 $26,826 $26,826 $100,281 $69,774 $709,258 $1,268,554 $2,074,157

1.08% 0.60% 0.40% 2.09% 4.82% 0.40% 7.22% 0.80% 0.80% 3.00% 2.09% 21.22% 37.95% 62.05%

138 77 51 265 612 51 918 102 102 381 265 2,697 4,823 7,887

$36,939 $20,522 $13,681 $71,143 $164,175 $13,681 $246,263 $27,363 $27,363 $103,290 $71,170 $724,446 $1,291,548 $2,151,444

1.11% 0.61% 0.41% 2.13% 4.91% 0.41% 7.37% 0.82% 0.82% 3.00% 2.13% 21.58% 38.64% 64.36%

140 78 52 271 624 52 936 104 104 381 271 2,743 4,911 8,180

0.95%

$3,592,434 ($71,849) $3,520,585 $33,360 $3,553,945 ($176,029) ($35,206) $3,342,710

5.00% 1.00% 92.00%

Per Unit 13,659 (273) 13,386 127 13,513 (669) (134) 12,710

$3,700,207 ($74,004) $3,626,203 $34,361 $3,660,564 ($181,310) ($36,262) $3,442,992

5.00% 1.00% 92.00%

Per Unit 14,069 (281) 13,788 131 13,918 (689) (138) 13,091

2.00% 0.95%

% of GPR

#

Per Unit 13,262 (265) 12,996 123 13,120 (650) (130) 12,340

2.00%

% of GPR

YEAR 3

2.00% 0.95%

1

UNDERWRITING NOTES

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

INCOME EXPENSE

THE SUMMIT APARTMENTS

CASH FLOW

STABILIZED

YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

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

$3,330,000 ($66,600) $3,263,400 $31,445 $3,294,845 ($163,170) ($32,634) $3,099,041

$3,487,800 ($69,756) $3,418,044 $32,388 $3,450,432 ($170,902) ($34,180) $3,245,350

$3,592,434 ($71,849) $3,520,585 $33,360 $3,553,945 ($176,029) ($35,206) $3,342,710

$3,700,207 ($74,004) $3,626,203 $34,361 $3,660,564 ($181,310) ($36,262) $3,442,992

$3,811,213 ($76,224) $3,734,989 $35,048 $3,770,037 ($186,749) ($37,350) $3,545,938

$3,925,550 ($78,511) $3,847,039 $35,749 $3,882,788 ($192,352) ($38,470) $3,651,965

$4,043,316 ($80,866) $3,962,450 $36,464 $3,998,914 ($198,122) ($39,624) $3,761,167

$4,164,616 ($83,292) $4,081,323 $37,193 $4,118,517 ($204,066) ($40,813) $3,873,637

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

$168,997 $210,400 $168,868 $68,892 $156,332 $6,132 $229,856 $21,660 $30,035 $95,848 $67,065 $1,224,085

$168,997 $210,400 $172,245 $68,380 $157,800 $13,150 $236,700 $26,300 $26,300 $97,360 $68,406 $1,246,039

$168,997 $214,608 $175,690 $69,748 $160,956 $13,413 $241,434 $26,826 $26,826 $100,281 $69,774 $1,268,554

$168,997 $218,900 $179,204 $71,143 $164,175 $13,681 $246,263 $27,363 $27,363 $103,290 $71,170 $1,291,548

$172,377 $223,278 $182,788 $72,565 $167,459 $13,955 $251,188 $27,910 $27,910 $106,378 $72,593 $1,318,401

$175,825 $227,744 $186,444 $74,017 $170,808 $14,234 $256,212 $28,468 $28,468 $109,559 $74,045 $1,345,822

$179,341 $232,299 $190,173 $75,497 $174,224 $14,519 $261,336 $29,037 $29,037 $112,835 $75,526 $1,373,824

$182,928 $236,945 $193,976 $77,007 $177,708 $14,809 $266,563 $29,618 $29,618 $116,209 $77,037 $1,402,418

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS YR 1

YR 2

YR 3

YR 4

YR 5

4.74% 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%

2.00% 3.00%

2.00% 3.00%

2.00% 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

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%

THE SUMMIT APARTMENTS