Wingate at Bella Meadows - OM by Jordan.Dickman

OFFERING MEMORANDUM

Wingate at Belle Meadows 240 Units | 100% LIHTC | Dayton, OH

CONFIDENTIALITY & DISCLAIMER

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Broker makes reasonable efforts to locate the most current property information available. Any person or entity who relies upon this information does so at their own risk. Broker makes no warranties, concerning the accuracy, completeness, reliability of this information.

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.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR AGENT FOR MORE DETAILS. RENT DISCLAIMER

Any rent or income information in this offering memorandum, with the exception of actual, historical rent collections, represent good faith projections of potential future rent only, and Marcus & Millichap makes no representations as to whether such rent may actually be attainable. Local, state, and federal laws regarding restrictions on rent increases may make these projections impossible, and Buyer and its advisors should conduct their own investigation to determine whether such rent increases are legally permitted and reasonably attainable.

SPECIAL COVID-19 NOTICE

All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.

2 | Wingate at Belle Meadows

EXCLUSIVELY LISTED BY

AHA S42 Jeremiah K. Jarmin | Senior National Director LIHTC 602.687.6690 jeremiah@mmaha.com License #: AZ SA694592000; GA 355022

AHA S8 Paul D. Davis | Founder 248.415.2630 paul@mmaha.com License #: MI 6506008394

Andrew S. Daitch | Executive Managing Director 248.415.2537 andy@mmaha.com License #: MI 6501302475

Steven A. Miscavish | Chief Financial Officer 248.415.2647 steve@mmaha.com License #: MI 6506046449

Seth I. Barnett | Senior National Director 248.415.2653 seth@mmaha.com License #: MI 6501346607

Matthew I. Kurzmann | Senior National Director 248.415.3036 matt@mmaha.com License #: MI 6501369303

Tyler J. Martin | National Director 949.419.3287 tyler@mmaha.com License #: CA 01457016

Gerson H. Askenazy | National Director Nonprofit 248.415.3013 gerson@mmaha.com License #: MI 6506047074

Alyssa Van Hyfte | National Director 248.415.2654 alyssa@mmaha.com License #: MI 6501421796

Neil B. Rosenthal | National Director 248.415.2657 neil@mmaha.com License #: MI 6501423232

LISTED IN CONJUNCTION WITH Nicholas Andrews | First Vice President Investments 513.878.7741 nicholas.andrews@marcusmillichap.com

Jordan Dickman | First Vice President Investments 513.878.7735 jordan.dickman@marcusmillichap.com

BROKER OF RECORD Michael Glass | Senior Vice President / Division Manager 216.264.2050 michael.glass@marcusmillichap.com

Wingate at Belle Meadows | 3

PROCESS & TERMS EXCLUSIVE LISTING: This portfolio is exclusively listed by the Affordable Housing Advisors and Marcus & Millichap. CONFIDENTIALITY & COMMUNICATION: This agreement prohibits any contact with the site staff and/or ownership. The highest level of confidentiality is expected, any perceived breach of confidentiality can result in disqualification from the process. PROPERTY TOURS: The owner has specifically requested that all site visits be scheduled through AHA. Unaccompanied site visits are prohibited. Please do not contact the management company or site staff during this process. CALL FOR OFFERS: AHA will announce a Call for Offers date at a later time. INFORMATION ACCESS: Additional information is accessible by registration on the AHA website, which can be found at www. AffordableHousingAdvisors.com. Upon registering, you will receive e-mail updates during the marketing process along with information regarding Property Tours and a Call for Offers Date.

4 | Wingate at Belle Meadows

TABLE OF CONTENTS Section

Page

The Offering

Investment Overview & Highlights Property Description & Amenities Property Photos

Financial Analysis

Unit Mix Area Median Income Annual Operating Cash Flow Financial Footnotes

Rent Comparables

Rent Comps Summary Rent Comps Map Rent Comps Details

Market Overview

Location Highlights Demographics Local Points of Interest

Wingate at Belle Meadows | 5

Wingate at Belle Meadows | DAYTON, OHIO

THE OFFERING

Wingate at Belle Meadows INVESTMENT OVERVIEW Affordable Housing Advisors, listed in conjunction with Marcus & Millichap, are pleased to present the opportunity to acquire Wingate at Belle Meadows Apartments, a 240-unit affordable housing property located in Dayton, Ohio. This opportunity is being offered without an asking price. The property received an allocation of Low Income Housing Tax Credits pursuant to Internal Revenue Code §42 and is subject to rent and income restrictions for a minimum of 30 years. The Placed-in-Service year was 2004, the End of Initial Compliance Period is December 31, 2019 and the End of Extended Use Period is 2034. The property is located in a Qualified Census Tract (130% basis) for Low Income Housing Tax Credit rehabilitation.

INVESTMENT HIGHLIGHTS Proven out value-add opportunity on recently renovated 3 Bed / 2.5 Bath units achieving $100 rental premium over standard units.

8 | Wingate at Belle Meadows

Located in a Qualified Census Tract (130% basis) for LIHTC rehabilitation.

Excellent unit mix: 76% of the units are 2BR & 3BR apartments or townhomes.

Recently installed sub-metering will provide a new owner with significant net positive increase to NOI via RUBS program.

Over $500,000 of recent property improvements including but not limited to roof replacement and new parking overly.

AERIAL IMAGE

Wingate at Belle Meadows | 9

THE OFFERING OFFERING SUMMARY ADDRESS Property Name

Wingate at Belle Meadows Apartments 5 Belle Meadows Drive

Street Address City, State, Zip Code

Dayton, OH 45426 Montgomery County

County REGULATORY Development Type

% Units Affordable

100%

State Agency

OHFA

Year Placed in Service

2004

End of Initial Compliance

2019

End of Extended Use

2034

Qualified Contract Eligible

No Voucher (58 units or 17%)

Section 8 Located in QCT/DDA

QCT

10-Year Chain of Title

Yes

BUILDING INFORMATION Brick Exterior

Construction

Gable / Asphalt Shingle

Roof Type Year Built / LIHTC Rehab

1972 / 2004

Total Buildings

28 Buildings 2 Stories

Stories

22.26 Acres

Lot Size UTILITIES

None

Landlord-Paid

Gas (Heat), Electric & Water*

Tenant-Paid Air Conditioning

Central

*Note: submetering of water/sewer with direct billing to tenants being implemented

ASSESSMENT Parcel Identificiation #

H33006050001, H33006050002, H3001190001

2020 Market Value

$4,176,990

2020 Assessed Value (35%)

$1,461,960

10 | Wingate at Belle Meadows

Cleveland, OH

Canton, OH

Wingate At Belle Meadows Apartments Dayton, OH

OHIO Columbus, OH

Cincinnati, OH

Wingate at Belle Meadows | 11

THE PROPERTY COMMUNITY AMENITIES

Clubhouse

Business Center

Tennis Court

Laundry Facilities

Playground

Picnic Area

24-Hour Maintenance

On-Site Management

Dog Park

Close To The Moss Creek Golf Club

Nearby Shopping & Entertainment

Nearby Restaurants

Balcony/Patio

Washer/Dryer Connections

Security System

Walk-In Closets

Central Air & Heating

Oven & Range

Dishwasher

Refrigerator

Disposal

Additional Storage Available

Cable/Satellite Available

High Speed Internet Access

UNIT AMENITIES

12 | Wingate at Belle Meadows

Wingate at Belle Meadows | 13

FLOORPLANS

1 BEDROOM | 1 BATH

2 BEDROOM | 1.75 BATH

3 BEDROOM | 2 BATH

560 SF APARTMENT

950 SF APARTMENT

1,200 SF APARTMENT

14 | Wingate at Belle Meadows

FLOORPLANS

2 BEDROOM | 1.5 BATH

2 BEDROOM | 2.5 BATH

3 BEDROOM | 2.5 BATH

1,100 SF TOWNHOME

1,200 SF TOWNHOME

1,250 SF TOWNHOME

2ND FLOOR

1ST FLOOR

Wingate at Belle Meadows | 15

Wingate at Belle Meadows | DAYTON, OHIO

FINANCIAL ANALYSIS

FINANCIAL ANALYSIS UNIT MIX UNIT COUNT

AMI

AVERAGE SF

CURRENT RENT

CURRENT RENT/SF

PRO FORMA RENTS

PRO FORMA RENT/SF

1X1 60%

60%

650

$586

$0.90

$650

$1.00

11%

$64

$852

$98

$754

22%

2X1.75 60%

60%

959

$683

$0.71

$700

$0.73

$17

$1,023

$131

$892

23%

2X1.5 60% (TOWNHOME)

60%

1,100

$724

$0.66

$725

$0.66

$1,023

$131

$892

19%

2X2.5 60% (DELUXE)

60%

1,200

$716

$0.60

$750

$0.63

$34

$1,023

$131

$892

20%

3X2 60%

60%

1,250

$784

$0.63

$800

$0.64

$16

$1,181

$156

$1,025

23%

3X2.5 60% (TOWNHOME)

60%

1,250

$838

$0.67

$850

$0.68

$12

$1,181

$156

$1,025

18%

3X2.5 60% (UPGRADED)

60%

1,250

$923

$0.74

$925

$0.74

$1,181

$156

$1,025

10%

234,600

$2,014,538

$2,929,920

$370,704

$2,559,216

21%

978

$699

TYPE

TOTALS

240

AVERAGES

$2,088,600 $0.72

BY BEDROOM

$725

% / $ DIFF. BETWEEN CURRENT RENT AND PRO FORMA

4% $0.74

$26

2021 MAX 2021 MAX DISCOUNT UTILITY LIHTC RENT LIHTC TO NET ALLOWANCE (GROSS) RENT (NET) MAX

$1,017

$889

SET ASIDE

1 Bedroom

2 Bedroom

60% AMI

3 Bedroom 1 BR 2 BR

1 Bedroom

23%

2 Bedroom

132

55%

3 Bedroom

22%

240

100%

TYPE

3 BR

TOTALS

18 | Wingate at Belle Meadows

60%

60% AMI

240

100%

TOTALS

240

100%

TYPE

FINANCIAL ANALYSIS AREA MEDIAN INCOME MONTGOMERY COUNTY | OHIO 4-Person AMGI Source: Novogradac

$ 80,000 $ 75,000 $ 70,000 $ 65,000 $ 60,000 $ 55,000 $ 50,000 1999

2001

2003

2005

2007

2009

2011

2013

2015

2017

2019

2021

Wingate at Belle Meadows | 19

FINANCIAL ANALYSIS HISTORICAL & PRO FORMA CASH FLOW TRAILING 12 MONTHS ANNUALIZED CASH FLOW OPERATING REVENUE

PROJECTED CASH FLOW T12 ACTUAL

Aug-21

Per Unit

T3 ANNUALIZED %

Aug-21

PRO FORMA YEAR 1

Per Unit

Dec-22

Per Unit

Notes

Potential Market Rent

$ 2,417,949

$ 10,075

100.00%

$ 2,383,146

$ 9,930

100.00%

$ 2,088,600

$ 8,703

100.00%

(1)

(Loss to Lease) / Gain to Lease

($ 507,149)

($ 2,113)

(20.97%)

($ 428,972)

($ 1,787)

(18.00%)

($ 62,658)

($ 261)

(3.00%)

(2)

$ 1,910,800

$ 7,962

79.03%

$ 1,954,174

$ 8,142

82.00%

$ 2,025,942

$ 8,441

97.00%

Vacancy

($ 92,466)

($ 385)

(3.82%)

($ 136,543)

($ 569)

(5.73%)

($ 104,430)

($ 435)

(5.00%)

(3)

Concessions

($ 2,685)

($ 11)

(0.11%)

($ 2,317)

($ 10)

(0.10%)

($ 2,837)

($ 12)

(0.14%)

(4)

($ 145,103)

($ 605)

(6.00%)

($ 150,069)

($ 625)

(6.30%)

($ 57,560)

($ 240)

(2.76%)

(5)

$ 1,670,546

$ 6,961

69.09%

$ 1,665,245

$ 6,939

69.88%

$ 1,861,115

$ 7,755

89.11%

Gross Potential Revenue

Collection Loss / Bad Debt Base Rental Revenue Expense Reimbursements

$ 214,942

$ 896

10.29%

(6)

Other Residential Income

$ 91,524

$ 381

3.79%

$ 91,524

$ 381

3.84%

$ 94,269

$ 393

4.51%

(7)

Other Income EFFECTIVE GROSS REVENUE

$ 91,524

$ 381

3.79%

$ 91,524

$ 381

3.84%

$ 309,212

$ 1,288

14.80%

$ 1,762,070

$ 7,342

72.87%

$ 1,756,768

$ 7,320

73.72%

$ 2,170,326

$ 9,043

103.91%

OPERATING EXPENSES

T12 ACTUAL

BUYER ADJUSTED EXPENSES

YEAR 1 PRO FORMA

Repair & Maintenance

$ 240,052

$ 1,000

13.62%

$ 180,000

$ 750

10.25%

$ 185,400

$ 773

8.54%

Contract Services

$ 76,088

$ 317

4.32%

$ 76,088

$ 317

4.33%

$ 78,371

$ 327

3.61%

(8) (9)

Landscaping / Grounds

$ 56,893

$ 237

3.23%

$ 56,893

$ 237

3.24%

$ 58,600

$ 244

2.70%

(10)

Personnel

$ 401,545

$ 1,673

22.79%

$ 312,000

$ 1,300

17.76%

$ 312,000

$ 1,300

14.38%

(11)

Marketing / Advertising

$ 5,269

$ 22

0.30%

$ 5,269

$ 22

0.30%

$ 5,427

$ 23

0.25%

(12)

Administrative Expenses

$ 59,348

$ 247

3.37%

$ 59,348

$ 247

3.38%

$ 61,129

$ 255

2.82%

(13)

Electricity

$ 15,771

$ 66

0.90%

$ 15,771

$ 66

0.90%

$ 16,245

$ 68

0.75%

(14)

Fuel (Gas & Oil)

$ 1,944

0.11%

$ 1,944

0.11%

$ 2,003

0.09%

(15)

Water & Sewer

$ 231,869

$ 966

13.16%

$ 231,869

$ 966

13.20%

$ 238,825

$ 995

11.00%

(16)

$ 2,500

$ 10

0.14%

$ 2,500

$ 10

0.14%

$ 2,575

$ 11

0.12%

(17)

Insurance

$ 116,528

$ 486

6.61%

$ 84,000

$ 350

4.78%

$ 84,000

$ 350

3.87%

(18)

Real Estate Taxes

$ 169,640

$ 707

9.63%

$ 169,640

$ 707

9.66%

$ 174,729

$ 728

8.05%

(19) (20)

Other Utilities

Property Management Fee

$ 51,390

$ 214

2.92%

$ 51,390

$ 214

2.93%

$ 65,110

$ 271

3.00%

TOTAL OPERATING EXPENSES

$ 1,428,839

$ 5,953

81.09%

$ 1,246,714

$ 5,195

70.97%

$ 1,284,414

$ 5,352

59.18%

$ 333,231

$ 1,388

18.91%

$ 510,054

$ 2,125

29.03%

$ 885,913

$ 3,691

40.82%

NET OPERATING INCOME Net Operating Income (Bef. Reserves) Replacement Reserves

$ 72,000

$ 300

4.09%

$ 72,000

$ 300

4.10%

$ 72,000

$ 300

3.32%

NET OPERATING INCOME (Aft. Reserves)

$ 261,231

$ 1,088

14.83%

$ 438,054

$ 1,825

24.94%

$ 813,913

$ 3,391

37.50%

20 | Wingate at Belle Meadows

(21)

FINANCIAL ANALYSIS PRO FORMA FOOTNOTES (1)

PMR: Pro forma rents increased 3% on average over in-place

(2)

Loss to Lease / Gain to Lease: 3% of PMR

(3)

Vacancy: 5% of PMR

(4)

Concessions: 0.15% of in-place revenue

(5)

Collection Loss/Bad Debt: 3% of Base Rental Revenue

(6)

RUBS: Water Bill Reimbursed at 90% of Property Usage Per New Sub-Metering Plan

(7)

Other Income: T12 average inflated 3%

(8)

R&M: Underwritten at $750/unit

(9)

Contract Services: T12 average inflated 3%

(10)

Landscaping / Grounds: T12 average inflated 3%

(11)

Personnel: Underwritten at $1300/unit; grown 3%

(12)

Marketing / Advertising: T12 average inflated 3%

(13)

Administrative Expenses: T12 average inflated 3%

(14)

Electricity: T12 average inflated 3%

(15)

Fuel (Gas & Oil): T12 average inflated 3%

(16)

Water & Sewer: T12 average inflated 3%

(17)

Other Utilities: T12 average inflated 3%

(18)

Insurance: Underwritten at $350/unit

(19)

Real Estate Taxes: Inflated 2% over actual. Please consult commercial property tax professional.

(20)

Property Management: 3% of EGR

(21)

Replacement Reserves: $300/unit

Wingate at Belle Meadows | 21

Wingate at Belle Meadows | DAYTON, OHIO

RENT COMPARABLES

RENT COMPARABLES SUMMARY

1 BEDROOM

PROPERTIES SORTED BY UNIT RENT MILES TO SUBJECT

AFFORDABILITY PROGRAM

AMI RESTRICTIONS

YEAR BUILT

YEAR RENOV.

AVG. SF

AVG. RENT

AVG. RENT/SF

VACANCY

3001 Shiloh Springs Road

0.1

MKT

1987

720

$685

$0.95

0.0%

Meadowlark

1550 Shiloh Springs Road

1.8

Rent Restricted

600

$662

$1.10

1.8%

Willowood Apartments

3303-B Shiloh Springs Road

0.1

MKT

1983

575

$636

$1.11

8.4%

Broadmoor Apartments

400 Burman Avenue

1.4

MKT/Affordable

1973

2005

681

$593

$0.87

0.0%

Kensington Square

700 Keswick Circle

0.2

MKT

1972

2015

751

$589

$0.78

38.5%

Wingate at Belle Meadows

5 Belle Meadows Drive

LIHTC

60%

PROPERTY NAME

ADDRESS

Belle Meadows

2 3

2 BEDROOM

AVERAGES:

0.7

2004

650

$586

$0.90

8.3%

2010

665

$633

$0.96

9.7%

MILES TO SUBJECT

AFFORDABILITY PROGRAM

AMI RESTRICTIONS

YEAR BUILT

YEAR RENOV.

AVG. SF

AVG. RENT

AVG. RENT/SF

VACANCY

3001 Shiloh Springs Road

0.1

MKT

1987

970

$823

$0.85

0.0%

Kensington Square

700 Keswick Circle

0.2

MKT

1972

2015

1,049

$776

$0.74

38.5%

Broadmoor Apartments

400 Burman Avenue

1.4

MKT/Affordable

1973

2005

1,005

$747

$0.74

0.0%

Willowood Apartments

3303-B Shiloh Springs Road

0.1

MKT

1983

875

$731

$0.84

8.4%

Shiloh Villas

4000 Willow Drive

1.9

Rent Restricted

1997

1,041

$725

$0.70

0.0%

Meadowlark

1550 Shiloh Springs Road

1.8

Rent Restricted

1,000

$696

$0.70

1.8%

Wingate at Belle Meadows

5 Belle Meadows Drive

LIHTC

60%

1972

2004

1,009

$694

$0.69

8.3%

1982

2010

990

$750

$0.76

8.1%

AMI RESTRICTIONS

YEAR BUILT

YEAR RENOV.

AVG. SF

AVG. RENT

AVG. RENT/SF

VACANCY

PROPERTY NAME

ADDRESS

Belle Meadows

AVERAGES:

3 BEDROOM

1972 1979

0.9

PROPERTY NAME

ADDRESS

Kensington Square

700 Keswick Circle

Wingate at Belle Meadows

5 Belle Meadows Drive

Meadowlark

1550 Shiloh Springs Road

AVERAGES:

24 | Wingate at Belle Meadows

MILES TO SUBJECT

AFFORDABILITY PROGRAM

0.2

MKT

1972

2015

1,592

$876

$0.55

38.5%

LIHTC

60%

1972

2004

1,250

$835

$0.67

8.3%

1.8

Rent Restricted

1,200

$820

$0.68

1.8%

1972

2015

1,396

$848

$0.62

20.2%

1.0

Wingate at Belle Meadows | 25

RENT COMPARABLES BELLE MEADOWS

MEADOWLARK

PROPERTY DETAILS Property Street Address City, State Zip Miles from Subject Units Rentable SF Vacancy Concessions Year Built Building Type Affordability Program Management Ownership

PROPERTY DETAILS

3001 Shiloh Springs Road Trotwood, OH 45426 0.1 160 144,000 0.0% 0.2% 1987 Garden Market Harvest Properties Harvest Investments LLC

Property Street Address City, State Zip Miles from Subject Units Rentable SF Vacancy Concessions Year Built Building Type Affordability Program Management Ownership

230 Surface; 32 Covered $35 $250 $35 -

Garage/Parking Pet Rent Pet Deposit/Fee Application Fee Admin. Fee

FEES

UNIT MIX 1 Bedroom 2 Bedroom

720 970

ASKING RENT $685 $823

RENT/SF $0.95 $0.85

UNIT TYPE 1 Bedroom 2 Bedroom 3 Bedroom

FEES -

Basketball Court, Clubhouse, Fitness Center, Laundry Facilities, Laundry Service, Maintenance On Site, Pool, Sundeck, Tennis Court

UNIT: A/C, Cable Ready, Dishwasher, Disposal, Fireplace, Heating, Tile Floors, Walk-In Closets, Washer/Dryer Hookup, Window Coverings

26 | Wingate at Belle Meadows

600 1,000 1,200

None listed

UNIT: A/C, Heating, Oven, Range

$40 -

Garage/Parking Pet Rent Pet Deposit/Fee Application Fee Admin. Fee

UNIT MIX

ASKING RENT $662 $696 $820

RENT/SF $1.10 $0.70 $0.68

UNIT TYPE 1 Bedroom 2 Bedroom

AMENITIES SITE:

3303-B Shiloh Springs Road Trotwood, OH 45426 0.1 131 82,521 8.4% 0.9% 1983 Garden Market Nrex Syndication Nrex Syndication

Property Street Address City, State Zip Miles from Subject Units Rentable SF Vacancy Concessions Year Built Building Type Affordability Program Management Ownership

UNIT MIX

AMENITIES SITE:

PROPERTY DETAILS

1550 Shiloh Springs Road Dayton, OH 45426 1.8 112 160,808 1.8% 0.3% Garden Affordable The Church of LDS

FEES

Garage/Parking Pet Rent Pet Deposit/Fee Application Fee Admin. Fee

UNIT TYPE

WILLOWOOD APARTMENTS

575 875

ASKING RENT $636 $731

RENT/SF $1.11 $0.84

AMENITIES SITE:

24 Hour Access, Maintenance On Site, Property Manager On Site, Public Transportation Nearby

UNIT: A/C, Balcony, Heating, Oven, Patio, Refrigerator, Washer/Dryer Hookup

RENT COMPARABLES BROADMOOR APARTMENTS

KENSINGTON SQUARE

PROPERTY DETAILS

400 Burman Avenue Trotwood, OH 45426 1.4 111 97,596 0.0% 0.3% 1973 / 2005 Garden Market/Affordable Broadmoor Apartments Ernest Tschannen

Property Street Address City, State Zip Miles from Subject Units Rentable SF Vacancy Concessions Year Built Building Type Affordability Program Management Ownership

681 1,005

$593 $747

RENT/SF $0.87 $0.74

UNIT TYPE 1 Bedroom 2 Bedroom 3 Bedroom

AMENITIES SITE:

FEES 470 Surface $45 -

Garage/Parking Pet Rent Pet Deposit/Fee Application Fee Admin. Fee

Laundry Facilities, Laundry Service, Property Manager On Site

UNIT: A/C, Cable Ready, Disposal, Heating, Oven,

Refrigerator, Walk-In Closets, Washer/Dryer Hookup, Wheelchair Accessible Rooms

751 1,049 1,592

UNIT MIX

ASKING RENT $589 $776 $876

RENT/SF $0.78 $0.74 $0.55

UNIT TYPE 2 Bedroom

AMENITIES SITE:

$200/$25 $11 -

Garage/Parking Pet Rent Pet Deposit/Fee Application Fee Admin. Fee

UNIT MIX

ASKING RENT

4000 Willow Drive Dayton, OH 45426 1.9 120 147,525 0.0% 0.2% 1997 Garden Affordable Towne Properties Victor Kaufman

Property Street Address City, State Zip Miles from Subject Units Rentable SF Vacancy Concessions Year Built Building Type Affordability Program Management Ownership

FEES 225 Surface $25 $150 $35 $50

UNIT MIX 1 Bedroom 2 Bedroom

PROPERTY DETAILS

700 Keswick Circle Trotwood, OH 45426 0.2 224 302,032 38.5% 1.0% 1972 / 2015 Garden Market Friedman Real Estate The Chetrit Group

Property Street Address City, State Zip Miles from Subject Units Rentable SF Vacancy Concessions Year Built Building Type Affordability Program Management Ownership

FEES Garage/Parking Pet Rent Pet Deposit/Fee Application Fee Admin. Fee

UNIT TYPE

SHILOH VILLAS

Clubhouse, Package Service, Playground, Property Manager On Site, Storage Space

UNIT: A/C, Dishwasher, Disposal, Heating, High Speed

Internet Access, Range, Security System, Vinyl Flooring, Walk-In Closets, Washer/Dryer Hookup

1,041

ASKING RENT $725

RENT/SF $0.70

AMENITIES SITE:

24 Hour Controlled Access, Bicycle Storage, Clubhouse, Fitness Center, Gated, Laundry Facilities, Multi Use Room, Picnic Area, Storage Space

UNIT: A/C, Dishwasher, Disposal, Heating, Storage Space, Tile Floors, Trash Compactor, Vinyl Flooring, Walk-In Closets, Washer/Dryer Hookup

Wingate at Belle Meadows | 27

Wingate at Belle Meadows | DAYTON, OHIO

MARKET OVERVIEW

DAYTON, OHIO The Dayton metro area is often referred to as the birthplace of aviation as it was the home of the Wright brothers and where they researched and experimented with flight. Composed of Greene, Montgomery and Miami counties, it is the fourth largest metropolitan area in Ohio. Defense and aerospace industries comprise a large section of the region’s economy. Additionally, healthcare accounts for a sizable portion of the area’s employment; several key institutes and centers are located here.

METRO HIGHLIGHTS TECHNOLOGY HUB

HEALTHCARE SERVICES

HIGHER EDUCATION

Dayton is known for its high concentration of aerospace and aviation technology. In 2009, it was designated as Ohio’s aerospace innovation hub.

Metro hospitals consistently earn top national rankings and recognition as well as many of HealthGrades’ top ratings.

The University of Dayton and Wright State University are two major higher-education institutions providing a skilled labor pool.

30 | Wingate at Belle Meadows

MARKET OVERVIEW ECONOMY • Hospitals in the Greater Dayton area including Miami Valley

Hospital, Kettering Medical Center and Dayton Children’s Hospital are a major employment sector with nearly 32,000 workers.

DAYTON METRO DEMOGRAPHIC HIGHLIGHTS Approximate Population

Median Household Income

Number of Households

808K

$55,300

330K

• Wright-Patterson U.S. Air Force Base is just east of Dayton. The base employs 27,500 military, civilian and contract employees and has a $4.3 billion annual economic impact.

• The logistics sector is growing buoyed by interstate access, a

dedicated freight runway and on-site warehouse at the Dayton International Airport, CSX Rail and a Foreign Trade Zone designation.

• Tech Town, a 40-acre district developed in downtown Dayton, was

created as a tool to support the attraction and growth of hightechnology business and promote technology commercialization.

PROPERTY DEMOGRAPHICS (1-5 MILE RADIUS) FROM WINGATE AT BELLE MEADOWS

1-MILE

3-MILE

5-MILE

2025 Projection - Total Population

4,141

40,530

92,522

2020 Estimate - Total Population

4,221

41,310

94,696

2020 Estimate - Daytime Population

5,159

34,987

76,811

2025 Projection - Total Households

1,873

17,075

39,008

2020 Estimate - Total Households

1,900

17,282

39,698

2020 Estimate - Average Household Size

2,071

17,841

43,278

2025 Projection

2,440

19,375

46,432

2020 Estimate

POPULATION

HOUSEHOLDS

HOUSING UNITS 2,438

19,493

46,906

Owner Occupied

654

10,752

23,361

Renter Occupied

1,247

6,531

16,337

537

2,211

7,209

$51,262

$64,839

$60,645

Vacant HOUSEHOLDS BY INCOME (2020 ESTIMATE) Average Household Income Median Household Income

$39,464

$49,373

$43,130

Per Capita Income

$23,404

$27,450

$25,668

$110,042

$107,538

$97,948

PROPERTY VALUES 2010 Median Owner Occupied Property Value INCOME CENSUS TRACT INFORMATION 39113070101

Qualified

Wingate at Belle Meadows | 31

LOCAL POINTS OF INTEREST

DAYTON, OHIO

EDUCATION:

HARDWARE STORES:

Trotwood Madison High School

Ace Hardware

Trotwood Middle School

Home Depot

Westbrook Village Elementary School

Lowe’s

Tractor Supply

GROCERY SHOPPING: HOSPITAL:

ALDI

Dayton Nutra Foods

Gordon Food Service

Kroger

Meijer

Art Van Atta Park

Walmart

Meadowbrook at Clayton Golf Course

Miami Valley Golf Club

Sycamore State Park

Wegerzyn Gardens MetroPark

GENERAL SHOPPING: 10

Big Lots

CVS

Dollar General

Family Dollar

Northwest Outlet

32 | Wingate at Belle Meadows

Miami Valley Hospital North

PARKS & REC:

Wingate at Belle Meadows Apartments 2-Mile Radius Per Ring

4 8 19

20 21

3 6

5 17

16 10 12

1 24

2 15

Wingate at Belle Meadows | 33

Wingate at Belle Meadows EXCLUSIVELY LISTED BY