Presidential Apartments

OFFERING MEMORANDUM

447 NE 125th Street | North Miami | Florida 33161

36 UNITS

Real Estate Investment Services

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 Real Estate Investment Services of Florida, Inc. (“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.

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.

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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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

et re St h 5t 12 E N 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. Activity ID ZAC0240847 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.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

TABLE OF CONTENTS INVESTMENT OVERVIEW • Executive Summary • Property Tours / Offering Process PROPERTY DESCRIPTION • Property Highlights • Property Photos

MARKET COMPARABLES • Rent Comparables • Sales Comparables FINANCIAL ANALYSIS • Rent Roll • Operating Statement • Pricing Details MARKET OVERVIEW • Miami - Dade Market Overview • North Miami Submarket Overview • Points of Interest Map

447 NE 125th Street North Miami, Florida 33161

INVESTMENT OVERVIEW

EXECUTIVE SUMMARY Presidential Apartments is a 36-unit, two-story apartment building located in North Miami, Florida which is in Northeast Miami-Dade County. The property is comprised of a “U” shaped building located directly on NE 125th Street. The building was constructed in 1966 of concrete block and painted stucco exterior with a brick facade and sits on a just under one acre of land. The unit mix consists of four studios of approximately 416 RSF, 30 one-bedroom/ one-bathroom units of approximately 608 RSF, and two two-bedroom/one-bathroom units of approximately 760 RSF. All apartments have central heating and air-conditioning except for the studios which have individual wall units. Water, sewer and trash removal are included in the rent and the property has on-site parking and laundry facilities.

Presidential Apartments fronts on NE 125th Street and sits a few blocks west of downtown North Miami and the intersection of NE 125th Street, Dixie Highway and NE 6th Avenue. NE 125th Street is a main east-west corridor through the northern section of Miami-Dade County. The immediate neighborhood is made up of a mix of multifamily buildings and commercial buildings along NE 125th Street with single-family homes and a few parks immediately to the north and south of NE 125th Street. North Miami is home to several universities including Florida International University’s Biscayne Bay campus and Barry University which is several blocks south of the subject. Presidential Apartments is also conveniently located to most of the employment drivers in the area which run along NE 125th Street and Biscayne Boulevard and access to the beaches is easy by way of NE 123rd Street through Bay Harbor Islands or NE 163rd Street which goes to Sunny Isles.

The property offers an investor, attractive cash on cash returns as well as the ability to increase the rental income by continuing to bring rents to market levels.

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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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

INVESTMENT HIGHLIGHTS • • • • • •

Attractive Unit Mix of Studio, One- and Two-Bedroom Apartments Most Units Have Central Air-Conditioning and Heat Off-Street Parking and Laundry Facilities Ability to Increase Value by Bringing Rents to Market Levels Highly Desirable North Miami Location on NE 125th Street Close Proximity to Schools and Universities

PROPERTY TOURS Qualified prospective purchasers will be given an opportunity to tour the Property with the listing team. To arrange a property tour, please contact Maria DiFiore by phone at (954) 245-3482 or by email at maria.difiore@marcusmillichap.com.

OFFERING PROCESS A Call for Offers Date will be announced to qualified prospective purchasers at a later date. Offers should be delivered to the office of Marcus & Millichap, attention Felipe J. Echarte, Evan P. Kristol, and Nicholas A. McAndrew, via email to maria.difiore@marcusmillichap.com. To facilitate analysis of offers, offerors are encouraged to provide information relative to funding sources, experience in owning similar properties, familiarity with the market, and any other information that is likely to reflect favorably on the Offeror’s ability to close the proposed transaction in a timely manner.

The Owner reserves the right to change the schedule at any time without notice or to remove the Property from the market. The Owner will consider only those proposals submitted at the prior invitation of the Owner or its Agent, Marcus & Millichap. The Owner reserves the right to negotiate with any party on an exclusive basis at any time. The Owner also reserves the unrestricted right to reject any and all proposals.

For further information, please contact:

FELI PE J . EC HARTE

E VA N P. K R I STO L

SENIOR VICE PRESIDENT INVESTMENTS

EXECUTIVE MANAGING DIRECTOR INVESTMENTS

NICHOLAS A. MCANDREW ASSOCIATE

Tel: (954) 245-3444 Felipe.Echarte@MarcusMillichap.com LICENSE: FL SL696115

Tel: (954) 245-3459 Evan.Kristol@MarcusMillichap.com LICENSE: FL SL640466

Tel: (954) 245-3526 Nicholas.McAndrew@MarcusMillichap.com LICENSE: FL SL3392230

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

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PROPERTY DESCRIPTION

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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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

PROPERTY DESCRIPTION DETAILS Property Address – 447 NE 125th Street, North Miami, FL 33161 Folio Numbers - 06-2230-025-0200 No. of Apartments – 36 Avg. Unit Size – 595 Sq. Ft. Year Built – 1966 No. of Stories – 2 Construction – Concrete Block Construction Site Acreage – 0.98 Acres Parking – Off-Street Parking

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

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MARKET COMPARABLES

Presidential Apartments RENT COMPARABLES MAP Presidential Apartments 1.

Nomi Apartments

2.

Casa Bonita

3.

Prestige Cornerstone

4.

Northview Terrace Apartments

5.

Prestige aW terfront

6.

Prestige Courtyard

N

4

5 6

1

2 3

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

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Presidential Apartments RENT COMPARABLES OCCUPANCY COMPARISON

Average: 100.0%

100.0% 95.0% 90.0% 85.0% 80.0% 75.0% 70.0% 65.0% 60.0% 55.0% 50.0% 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

Presidential Apartments

Nomi Apartments

Casa Bonita

Prestige Cornerstone

Northview Terrace Apartments

Prestige Waterfront

Prestige Courtyard

PROPERTY NAME Presidential Apartments Nomi Apartments Casa Bonita Prestige Cornerstone Northview Terrace Apartments Prestige Waterfront Prestige Courtyard AVERAGE

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RANKED BY % OCCUPIED YEAR # OF % BUILT UNITS OCCUPIED 1963 36 100.0% 1972 32 100.0% 1967 54 100.0% 1971 66 100.0% 1972 57 100.0% 1965 52 100.0% 1967 24 100.0% 1969

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100.0%

NET MARKET RENT PER UNIT PER SQ. FT. $1,056 $1.77 $1,242 $1.72 $1,333 $1.89 $1,391 $2.15 $1,332 $2.20 $1,887 $2.47 $1,254 $2.03 $1,406

$2.08

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

Presidential Apartments RENT COMPARABLES NET MARKET RENT $2,000 $1,900 $1,800 $1,700 $1,600 $1,500

Average: $1,406

$1,400 $1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0

$1,887

$1,391

$1,333

$1,332

$1,254

$1,242

$1,056

Prestige Waterfront

Prestige Cornerstone

Casa Bonita

Northview Terrace Apartments

Prestige Courtyard

Nomi Apartments

Presidential Apartments

PROPERTY NAME Prestige Waterfront Prestige Cornerstone Casa Bonita Northview Terrace Apartments Prestige Courtyard Nomi Apartments Presidential Apartments AVERAGE

RANKED BY NET MARKET RENT / UNIT YEAR # OF % BUILT UNITS OCCUPIED 1965 52 100.0% 1971 66 100.0% 1967 54 100.0% 1972 57 100.0% 1967 24 100.0% 1972 32 100.0% 1963 36 100.0% 1969

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100.0%

NET MARKET RENT PER UNIT PER SQ. FT. $1,887 $2.47 $1,391 $2.15 $1,333 $1.89 $1,332 $2.20 $1,254 $2.03 $1,242 $1.72 $1,056 $1.77 $1,406

$2.08

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

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Presidential Apartments RENT COMPARABLES STUDIO UNIT ANALYSIS

$1,200

Average: $967

$1,000

$800

$600

$400

$200

$0

$1,100

$900

$900

$831

Prestige Courtyard

Nomi Apartments

Casa Bonita

Presidential Apartments

PROPERTY NAME Prestige Courtyard Nomi Apartments Casa Bonita Presidential Apartments AVERAGE

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STUDIO RENT COMPARABLES STUDIO - AVERAGE RENT YEAR # OF AVERAGE BUILT UNITS UNIT SIZE NET MARKET PER SQ. FT. 1967 4 450 $1,100 $2.44 1972 3 450 $900 $2.00 1967 12 450 $900 $2.00 1963 4 416 $831 $2.00 1477

6

450

$967

$2.15

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

Presidential Apartments RENT COMPARABLES ONE BEDROOM UNIT ANALYSIS

$1,800 $1,600

Average: $1,334

$1,400 $1,200 $1,000 $800 $600 $400 $200 $0

$1,571

$1,330

$1,300

$1,300

$1,250

$1,250

$1,063

Prestige Waterfront

Casa Bonita

Prestige Cornerstone

Northview Terrace Apartments

Nomi Apartments

Prestige Courtyard

Presidential Apartments

PROPERTY NAME Prestige Waterfront Casa Bonita Prestige Cornerstone Northview Terrace Apartments Nomi Apartments Prestige Courtyard Presidential Apartments AVERAGE

ONE BEDROOM RENT COMPARABLES 1 BR - AVERAGE RENT YEAR # OF AVERAGE BUILT UNITS UNIT SIZE NET MARKET PER SQ. FT. 1965 4 640 $1,571 $2.45 1967 24 700 $1,330 $1.90 1971 51 575 $1,300 $2.26 1972 51 575 $1,300 $2.26 1972 24 695 $1,250 $1.80 1967 18 635 $1,250 $1.97 1963 30 608 $1,063 $1.75 1969

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637

$1,334

$2.11

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

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Presidential Apartments RENT COMPARABLES TWO BEDROOM UNIT ANALYSIS

$2,000 $1,900 $1,800

Average: $1,629

$1,700 $1,600 $1,500 $1,400 $1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0

$1,898

$1,700

$1,625

$1,600

$1,600

$1,400

$1,350

Prestige Waterfront

Prestige Cornerstone

Casa Bonita

Northview Terrace Apartments

Prestige Courtyard

Presidential Apartments

Nomi Apartments

PROPERTY NAME Prestige Waterfront Prestige Cornerstone Casa Bonita Northview Terrace Apartments Prestige Courtyard Presidential Apartments Nomi Apartments AVERAGE

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TWO BEDROOM RENT COMPARABLES 2 BR - AVERAGE RENT YEAR # OF AVERAGE BUILT UNITS UNIT SIZE NET MARKET PER SQ. FT. 1965 44 762 $1,898 $2.49 1971 15 897 $1,700 $1.90 1967 18 883 $1,625 $1.84 1972 6 870 $1,600 $1.84 1967 2 795 $1,600 $2.01 1963 2 760 $1,400 $1.84 1972 2 740 $1,350 $1.82 1969

15

825

$1,629

$1.98

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

Date Surveyed No. of Units Year Built Occupancy

December 21, 2021 36 1963 100%

Water/Sewer Electricity

Presidential Apartments RENT COMPARABLES UNIT TYPE Studio 1 Bdr 1 Bath 2 Bdr 1 Bath

UNITS 4 30 2

UNIT MIX AND RENTAL RATES % OF UNIT TOTAL SQ. FT. 11.1% 416 83.3% 608 5.6% 760

Presidential Apartments Address 447 NE 125th Street North Miami, FL 33161 Date Surveyed December 21, 2021 No. of Units 36 Year Built 1963 Water/Sewer Occupancy 100% Electricity Nomi Apartments Address 360 NE 125th Street UNIT MIX AND RENTAL RATES North Miami, FL 33161 UNIT % OF UNIT Date Surveyed December 2, 2021 TYPE UNITS TOTAL SQ. FT. No. of Units 32 Studio 4 11.1% 416 Year Built 1972 Water/Sewer 1 Bdr 1 Bath 30 83.3% 608 Occupancy 100% Electricity 2 Bdr 1 Bath 2 5.6% 760

TOTAL / AVERAGE

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36 UNIT MIX 100.0% AND RENTAL 595 RATES UNIT % OF UNIT COMMENTS TYPE UNITS TOTAL SQ. FT. Water, sewer and trash removal included in the rent while electric 450 is separately Studio 3 9.4% residents.

1 Bdr 1 Bath 24 75.0% 695 2 Bdr 1 Bath 2 6.3% 740 3 Bdr 2 Bath 3 9.4% 1,190 Nomi Apartments Address 360 NE 125th Street North Miami, FL 33161 Date Surveyed December 2, 2021 No. of Units 32 Year Built 1972 Water/Sewer Occupancy 100% Electricity Casa Bonita Address 390 NE 125th Street UNIT MIX AND RENTAL RATES North Miami, FL 33161 UNIT Surveyed % OF UNIT Date TOTAL / AVERAGEDecember 21, 2021 36 100.0% 595 TYPE UNITS TOTAL SQ. FT. No. of Units 54 StudioBuilt 3 9.4% Water/Sewer 450 Year 1967 COMMENTS 1 Bdr 1 Bath 24 75.0% Electricity 695 Occupancy 100% Water, sewer and trash removal included in the rent while electric is separately 2 Bdr 1 Bath 2 6.3% 740 residents.

3 Bdr 2 Bath 3 9.4% 1,190 UNIT MIX AND RENTAL RATES TOTAL 32 100.0% 721 UNIT / AVERAGE % OF UNIT TYPE UNITS TOTAL SQ. FT. COMMENTS Studio 12 22.2% 450 Water, in the rent while electric 700 is separately 1 Bdr 1sewer Bath and trash removal included 24 44.4% residents.

2 Bdr 1 Bath 6 11.1% 850 2 Bdr 2 Bath

2

Casa Bonita Address Date Surveyed No. of Units Year Built Occupancy

12 390 NE 125th Street North Miami, FL 33161 December 21, 2021 54 1967 100%

22.2%

900

Water/Sewer Electricity

Paid by Owner Paid by Resident

NET MARKET RENT PER UNIT SQ. FT. $831 $2.00 $1,063 $1.75 $1,400 $1.84

Paid by Owner Paid by Resident

NET MARKET RENT PER UNIT SQ. FT. $831 $2.00 Paid by Owner $1,063 $1.75 Paid by Resident $1,400 $1.84

$1,056

$1.77

NET MARKET RENT PER UNIT SQ. FT. metered and paid for by $2.00 the $900 $1,250 $1.80 $1,350 $1.82 $1,450 $1.22

Paid by Owner Paid by Resident

NET$1,056 MARKET RENT PER $1.77 UNIT SQ. FT. $900 Paid by Owner $2.00 $1,250 $1.80 metered and Paid paid by forResident by the $1,350 $1.82 $1,450 $1.22 $1.72 NET$1,242 MARKET RENT PER UNIT SQ. FT. $900 $2.00 metered and paid for by $1.90 the $1,330

$1,625 $1,625

$1.91 $1.81

Paid by Owner Paid by Resident

AND RENTAL 721 RATES TOTAL / AVERAGE 32 UNIT MIX 100.0% $1,242 $1.72 UNIT % OF UNIT NET MARKET RENT PER TYPE UNITS TOTAL SQ. FT. UNIT SQ. FT. COMMENTS Studio sewer and trash removal included 12 22.2% $900 Water, in the rent while electric 450 is separately metered and paid for by $2.00 the 1 Bdr 1 Bath 24 44.4% 700 $1,330 $1.90 residents.

2 Bdr 1 Bath 6 11.1% 850 $1,625 $1.91 2 Bdr 2 Bath 12 22.2% 900 $1,625 $1.81 TOTAL / AVERAGE 54 100.0% 706 $1,333 $1.89 COMMENTS Water, sewer and trash removal included in the rent while electric is separately metered and paid for by the residents.

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

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Date Surveyed No. of Units Year Built Occupancy

December 21, 2021 66 1971 100%

Water/Sewer Electricity

Presidential Apartments RENT COMPARABLES UNIT TYPE 1 Bdr 1 Bath 2 Bdr 2 Bath

3

UNIT MIX AND RENTAL RATES % OF UNIT UNITS TOTAL SQ. FT. 51 77.3% 575 15 22.7% 897

Prestige Cornerstone Address 12300 NE 4th Avenue North Miami, FL 33161 Date Surveyed December 21, 2021 No. of Units 66 Year Built 1971 Occupancy 100%

Paid by Owner Paid by Resident

NET MARKET RENT PER UNIT SQ. FT. $1,300 $2.26 $1,700 $1.90

Water/Sewer Electricity

Northview Terrace Apartments Address 13605 NE 3rd Court UNIT MIX AND RENTAL RATES UNIT % OF UNIT North Miami, FL 33161 Date Surveyed December 21, 2021 TYPE UNITS TOTAL SQ. FT. No. of1Units 57 1 Bdr Bath 51 77.3% 575 Year 1972 2 Bdr Built 2 Bath 15 22.7% Water/Sewer 897 Occupancy 100% Electricity TOTAL / AVERAGE 66 100.0% 648

Paid by Owner Paid by Resident

NET MARKET RENT PER UNIT SQ. FT. $1,300 $2.26 $1,700 Paid by Owner $1.90 $1,391 Paid by Resident $2.15

UNIT MIX AND RENTAL RATES COMMENTS UNIT % OF UNIT NET MARKET RENT PER Water, sewer and trash removal included in the rent while electric is separately metered and paid for by the TYPE UNITS TOTAL SQ. FT. UNIT SQ. FT. residents. Amenities include in unit washer and dryer, impact windows, off-street parking and central air1 Bdr 1 Bath 51 89.5% 575 $1,300 $2.26 condtioning.

2 Bdr 1 Bath

4

5

6

10.5%

870

$1,600

$1.84

Northview Terrace Apartments Address 13605 NE 3rd Court North Miami, FL 33161 Date Surveyed December 21, 2021 No. of Units 57 Year Built 1972 Water/Sewer Paid by Owner Occupancy 100% Electricity Paid by Resident Prestige Waterfront Address 13150 Memorial Highway UNIT MIX AND RENTAL RATES North Miami, FL 33161 UNIT % OF UNIT NET$1,391 MARKET RENT PER TOTAL / AVERAGEDecember 21, 2021 66 100.0% 648 $2.15 Date Surveyed TYPE UNITS TOTAL SQ. FT. UNIT SQ. FT. No. of1Units 52 1 Bdr Bath 51 89.5% 575 $1,300 $2.26 COMMENTS Year 1965 2 Bdr Built 1 Bath 6 10.5% Water/Sewer 870 $1,600 Paid by Owner $1.84 Water, sewer and trash removal included in the rent while electric is separately metered and paid for by the Occupancy 100% Electricity Paid by Resident

residents. Amenities include in unit washer and dryer, impact windows, off-street parking and central aircondtioning.

AND RENTAL 606 RATES TOTAL / AVERAGE 57 UNIT MIX 100.0% $1,332 $2.20 UNIT % OF UNIT NET MARKET RENT PER TYPE UNITS TOTAL SQ. FT. UNIT SQ. FT. COMMENTS 1 Bdr 1sewer Bath and trash removal included 4 7.7% $1,571 Water, in the rent while electric 640 is separately metered and paid for by $2.45 the 2 Bdr 1 Bath 24parking and 46.2% 730 $1,896 $2.60 residents.

Amenities include off street central air-conditioning.

2 Bdr 2 Bath 20 38.5% 800 $1,900 $2.38 3 Bdr 2 Bath 4 7.7% 900 $2,080 $2.31 Prestige Waterfront Address 13150 Memorial Highway North Miami, FL 33161 Date Surveyed December 21, 2021 No. of Units 52 Year Built 1965 Water/Sewer Paid by Owner Occupancy 100% Electricity Paid by Resident

TOTAL / AVERAGE

57 UNIT MIX 100.0% $1,332 $2.20 AND RENTAL 606 RATES UNIT % OF UNIT NET MARKET RENT PER COMMENTS TYPE UNITS TOTAL SQ. FT. UNIT SQ. FT. Water, sewer and trash removal included in the rent while electric is separately metered and paid for by the 1 Bdr 1 Bath 4 7.7% 640 $1,571 $2.45 residents. Amenities include off street parking and central air-conditioning.

2 Bdr 1 Bath 24 46.2% 730 $1,896 $2.60 2 Bdr 2 Bath 20 38.5% 800 $1,900 $2.38 3 Bdr 2 Bath 4 7.7% 900 $2,080 $2.31 TOTAL / AVERAGE 52 100.0% 763 $1,887 $2.47

COMMENTS Water, sewer and trash removal included in the rent while electric is separately metered and paid for by the residents. Amenities include off-street parking, renovated units, laundry facilities and central air-conditioning.

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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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

Date Surveyed No. of Units Year Built Occupancy

North Miami, FL 33161 December 21, 2021 24 1967 100%

Presidential Apartments RENT COMPARABLES UNIT TYPE Studio 1 Bdr 1 Bath 2 Bdr 2 Bath

6

UNITS 4 18 2

UNIT MIX AND RENTAL RATES % OF UNIT TOTAL SQ. FT. 16.7% 450 75.0% 635 8.3% 795

Prestige Courtyard Address 13020 NE 6th Avenue North Miami, FL 33161 Date Surveyed December 21, 2021 No. of Units 24 Year Built 1967 Occupancy 100%

UNIT TYPE Studio 1 Bdr 1 Bath 2 Bdr 2 Bath TOTAL / AVERAGE

UNITS 4 18 2 24

Water/Sewer Electricity

Paid by Owner Paid by Resident

NET MARKET RENT PER UNIT SQ. FT. $1,100 $2.44 $1,250 $1.97 $1,600 $2.01

Water/Sewer Electricity

UNIT MIX AND RENTAL RATES % OF UNIT TOTAL SQ. FT. 16.7% 450 75.0% 635 8.3% 795 100.0%

618

Paid by Owner Paid by Resident

NET MARKET RENT PER UNIT SQ. FT. $1,100 $2.44 $1,250 $1.97 $1,600 $2.01 $1,254

$2.03

COMMENTS Water, sewer and trash removal included in the rent while electric is separately metered and paid for by the residents. Amenities include impact windows, off street parking, in unit washer and dryer and central airconditioning.

TOTAL / AVERAGE

24

100.0%

618

$1,254

$2.03

COMMENTS Water, sewer and trash removal included in the rent while electric is separately metered and paid for by the residents. Amenities include impact windows, off street parking, in unit washer and dryer and central airconditioning.

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

33

35 34

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

Presidential Apartments SALES COMPARABLES Presidential Apartments 1.

Sans Souci iV llas

2.

2031 NE 139th Street

3.

7500-7514 NE 6th Court

4.

St. George Apartments

5.

Tiberius Apartments

N 5

2

1

3

4

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

35

Presidential Apartments SALES COMPARABLES AVERAGE PRICE PER SQUARE FOOT $500.00 $450.00 $400.00 $350.00 $300.00

Average: $271

$250.00 $200.00 $150.00 $100.00 $50.00 $0.00

$469

$282

$244

$190

$172

7500-7514 NE 6th Court

St. George Apartments

2031 NE 139th Street

Sans Souci Villas

Tiberius Apartments

PROPERTY NAME PROPERTY NAME 940-942 Michigan Avenue

RANKED BY PRICE PER SQUARE FOOT RANKED BY# PRICE PER SQUARE FOOT YEAR OF PRICE PER BUILT UNITS SQ. FT. YEAR # OF PRICE PER UNIT BUILT UNITS SQ. FT. UNIT 1955 12 $447 $300,000

SALE PRICE SALE PRICE $3,600,000

CLOSE OF ESCROW CLOSE OF ESCROW May 2021

7500-7514 NE 6th Court 844-866 Euclid Avenue St.Pennsylvania George Apartments 1110 Avenue

1938 1958 1951

16 22 84 12

$469 $365 $282 $360

$223,438 $210,000 $169,048 $210,000

$3,575,000 $4,620,000 $14,200,000 $2,520,000

November April 2021 2021 November April 2021 2021

2031Michigan NE 139thAvenue Street 715 Sans Souci Villas 1000 7th Street

1970 1946 1961 1951

39 12 10

$244 $318 $190 $307

$179,487 $210,000 $195,000 $197,000

$7,000,000 $2,520,000 $1,950,000 $1,970,000

December April 2021 2021 December April 2021 2021

Tiberius Apartments 951 Jefferson Avenue

1969 1948

12 8

$172 $305

$188,333 $210,000

$2,260,000 $1,680,000

June 2021 2021 April April 2021

762 Lenox Avenue

1950

6

$188

$220,000

$1,320,000

AVERAGE

1959

32

$271

$191,061

$5,797,000

AVERAGE

1948

12

$327

$222,429

$2,604,286

Presidential Apartments SALES COMPARABLES AVERAGE PRICE PER UNIT $240,000 $220,000 Average: $191,061

$200,000 $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0

$223,438

$195,000

$188,333

$179,487

$169,048

7500-7514 NE 6th Court

Sans Souci Villas

Tiberius Apartments

2031 NE 139th Street

St. George Apartments

PROPERTY NAME PROPERTY NAME 940-942 Michigan Avenue 7500-7514 NE 6th Court 762 Lenox Avenue Sans Souci Villas 1110 Pennsylvania Avenue Tiberius Apartments 844-866 Euclid Avenue 2031 NE 139th Street 951 Jefferson Avenue St. George Apartments 715 Michigan Avenue

RANKED BY PRICE PER UNIT

BY PRICE PER UNIT YEAR RANKED # OF PRICE PER BUILT UNITS SQ. FT. YEAR # OF PRICE PER UNIT BUILT UNITS SQ. FT. UNIT 1955 12 $447 $300,000 1938 16 $469 $223,438 1950 6 $188 $220,000 1961 1951 1969 1938

10 12 12 22

$190 $360 $172 $365

$195,000 $210,000 $188,333 $210,000

1970 1948 1958 1946

39 8 84 12

$244 $305 $282 $318

$179,487 $210,000 $169,048 $210,000

SALE PRICE SALE PRICE $3,600,000

CLOSE OF ESCROW CLOSE OF ESCROW May 2021

$3,575,000 $1,320,000 $1,950,000 $2,520,000

November April 2021 2021 December April 2021 2021

$2,260,000 $4,620,000 $7,000,000 $1,680,000

June 2021 2021 April December April 2021 2021

$14,200,000 $2,520,000

November April 2021 2021

1000 7th Street

1951

10

$307

$197,000

$1,970,000

AVERAGE

1959

32

$271

$191,061

$5,797,000

AVERAGE

1948

12

$327

$222,429

$2,604,286

April 2021

Presidential Apartments SALES COMPARABLES 1

Sans Souci Villas 1705 NE 116th Road North Miami, FL 33181 No. of Units Year Built Lot Size Sales Price Price/Unit Price/Square Foot Close of Escrow

2

39 1970 0.87 Acres $7,000,000 $179,487 $243.53 December 7, 2021

Units Unit Type 22 1 Bed / 1 Bath 17 2 Bed / 1 Bath

16 1938 0.31 Acres $3,575,000 $223,438 $469.28 November 1, 2021

Units Unit Type 8 Studio 8 1 Bed / 1 Bath

2031 NE 139th Street North Miami, FL 33181

Comments 7500-7514 NE 6th Court 7500-7514 NE 6th Court Miami, FL 33138 No. of Units Year Built Lot Size Sales Price Price/Unit Price/Square Foot Close of Escrow

38

Units Unit Type 4 2 Bed / 1 Bath 6 2 Bed / 2 Bath

Comments 2031 NE 139th Street

No. of Units Year Built Lot Size Sales Price Price/Unit Price/Square Foot Close of Escrow

3

10 1961 0.30 Acres $1,950,000 $195,000 $190.36 December 14, 2021

This information has been secured from sources we believe to be reliable,Comments 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

Presidential Apartments SALES COMPARABLES 4

St. George Apartments 5200 NW 26th Avenue Miami, FL 33142 No. of Units Year Built Lot Size Sales Price Price/Unit Price/Square Foot Close of Escrow

5

84 1958 1.65 Acres $14,200,000 $169,048 $281.62 November 17, 2021

Units 12 60 12

Unit Type 1 Bed / 1 Bath 2 Bed / 1 Bath 3 Bed / 1 Bath

12 1969 0.24 Acres $2,260,000 $188,333 $172.10 June 9, 2021

Units Unit Type 12 2 Bed / 1 Bath

Comments Tiberius Apartments 1985 NE 168th Street North Miami Beach, FL 33162 No. of Units Year Built Lot Size Sales Price Price/Unit Price/Square Foot Close of Escrow Comments

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

39

FINANCIAL ANALYSIS

RENT ROLL DETAIL As of January, 2022

UNIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 T o ta l

42

UNIT TYPE 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 2 Bdr 1 Bath 1 Bdr 1 Bath Studio Studio 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath 2 Bdr 1 Bath 1 Bdr 1 Bath Studio Studio

Square Feet 608 608 608 608 608 608 608 608 608 608 608 608 608 608 760 608 416 416 608 608 608 608 608 608 608 608 608 608 608 608 608 608 760 608 416 416 2 1, 4 2 4

CURRENT Rent / Month $1,100 $1,100 $1,100 $1,100 $1,100 $975 $1,100 $875 $1,100 $1,100 $975 $1,100 $975 $1,100 $1,400 $975 $850 $775 $1,100 $1,100 $1,100 $1,100 $1,100 $975 $1,100 $975 $1,100 $1,100 $1,100 $975 $1,100 $1,100 $1,400 $1,100 $850 $850 $3 8 , 0 2 5

CURRENT Rent / SF/ Month $1.81 $1.81 $1.81 $1.81 $1.81 $1.60 $1.81 $1.44 $1.81 $1.81 $1.60 $1.81 $1.60 $1.81 $1.84 $1.60 $2.04 $1.86 $1.81 $1.81 $1.81 $1.81 $1.81 $1.60 $1.81 $1.60 $1.81 $1.81 $1.81 $1.60 $1.81 $1.81 $1.84 $1.81 $2.04 $2.04 $1. 7 7

POTENTIAL Rent / Month $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,500 $1,300 $1,000 $1,000 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,500 $1,300 $1,000 $1,000 $4 6, 0 0 0

POTENTIAL Rent/ SF/ Month $2.14 $2.14 $2.14 $2.14 $2.14 $2.14 $2.14 $2.14 $2.14 $2.14 $2.14 $2.14 $2.14 $2.14 $1.97 $2.14 $2.40 $2.40 $2.14 $2.14 $2.14 $2.14 $2.14 $2.14 $2.14 $2.14 $2.14 $2.14 $2.14 $2.14 $2.14 $2.14 $1.97 $2.14 $2.40 $2.40 $2 . 15

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

PRICING DETAILS As of January, 2022

UNIT TYPE Studio 1 Bdr 1 Bath 2 Bdr 1 Bath TOTALS/WEIGHTED AVERAGES

# OF UNITS 4 30 2 36

AVG SQ FEET 416 608 760 595

RENTAL RANGE $775 - $850 $875 - $1,100 $1,400 - $1,400

GROSS ANNUALIZED RENTS

CURRENT Average Rent / SF $2.00 $1.75 $1.84 $1.77

Average Rent $831 $1,063 $1,400 $1,056

Monthly Income $3,325 $31,900 $2,800 $38,025

AVERAGE RENT $1,000 $1,300 $1,500 $1,278

$456,300

POTENTIAL AVERAGE RENT / SF $2.40 $2.14 $1.97 $2.15

MONTHLY INCOME $4,000 $39,000 $3,000 $46,000

$552,000

Unit Rent

Unit Distribution

$3.00 SF

$1,600 $1,400 Rent per Month 2 Bdr 1 Bath 6% Studio 11%

$2.50 SF

$1,200

$2.00 SF

$1,000

$1.50 SF

$800 $600

$1.00 SF

$400

$0.50 SF

$200

Rent per SF/Month

1 Bdr 1 Bath 83%

$0.00 SF

$0 Studio

1 Bdr 1 Bath

2 Bdr 1 Bath

Unit Type Rent

Rent SF

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

43

OPERATING STATEMENT INCOME Rental Income Gross Potential Rent Loss / Gain to Lease Gross Current Rent Physical Vacancy TOTAL VACANCY Effective Rental Income Other Income Laundry Income TOTAL OTHER INCOME EFFECTIVE GROSS INCOME EXPENSES Real Estate Taxes Insurance Utilities - Electric Utilities - Water & Sewer Trash Removal Repairs & Maintenance Landscaping Pest Control Operating Reserves Management Fee TOTAL EXPENSES EXPENSES AS % OF EGI NET OPERATING INCOME

Current 552,000 (95,700) 456,300 (22,815) ($22,815) 433,485

Year 1 17.3% 5.0% 5.0%

552,000 0 552,000 (27,600) ($27,600) 524,400

NOTES

5.0% 5.0%

[1]

PER UNIT

PER SF

15,333 0 15,333 (767) ($767) 14,567

25.77 0.00 25.77 (1.29) ($1) 24.48

1,945 $1,945 $435,430

1,945 $1,945 $526,345

[2]

54 $54 $14,621

0.09 $0.09 $24.57

Current 104,437 32,400 1,662 25,253 9,435 14,400 1,200 4,494 7,200 21,772 $222,253 51.0% $213,177

Year 1 104,437 32,400 1,662 25,253 9,435 14,400 1,200 4,494 7,200 26,317 $226,799 43.1% $299,546

NOTES [3] [4] [5] [6] [7] [8] [9] [10] [13] [14]

PER UNIT 2,901 900 46 701 262 400 33 125 200 731 $6,300

PER SF 4.87 1.51 0.08 1.18 0.44 0.67 0.06 0.21 0.34 1.23 $10.59

$8,321

$13.98

5.0%

5.0%

Notes and assumptions to the above analysis are on the following page.

44

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

PRICING DETAILS NOTES TO OPERATING STATEMENT [1]

Vacancy based on average market vacancy of 5 percent of current gross rent.

[2]

[4]

Laundry Income based on actual collections from January 2022 trailing 12 month Profit & Loss statement.

Real estate taxes are reassessed based on 80 percent of purchase price, times the 2021 proposed millage rate (22.8933), plus non ad-valorem taxes ($0), minus 4 percent for early tax payment. 2021 real estate taxes are $65,458.71.

Insurance based on assumption of $900 per unit per year.

[5]

Electric based on actual figure from January 2022 trailing 12 month Profit & Loss statement.

[6]

Water & Sewer based on actual figure from January 2022 trailing 12 month Profit & Loss statement.

[7]

Trash Removal based on actual figure from January 2022 trailing 12 month Profit & Loss statement.

[8]

Repairs & Maintenance based on assumption of $400 per unit per year.

[9]

Landscaping based on assumption of $100 per month.

[10]

Pest Control based on actual figure from January 2022 trailing 12 month Profit & Loss statement.

[11]

Alarm Monitoring/Inspection based on actual figure from January 2022 trailing 12 month Profit & Loss statement.

[12]

Licenses & Permits based on actual figure from January 2022 trailing 12 month Profit & Loss statement.

[13]

Operating Reserves based on assumption of $200 per unit per year.

[14]

Management Fee based on assumption of 5 percent of effective gross income.

[3]

PRICING DETAILS SUMMARY Price Down Payment Number of Units Price Per Unit Price Per SqFt Rentable SqFt Lot Size Approx. Year Built

OPERATING DATA $5,940,000 $2,673,000 36 $165,000 $277.26 21,424 0.98 Acres 1966

RETURNS CAP Rate GRM Cash-on-Cash Debt Coverage Ratio

Current 3.59% 13.02 1.39% 1.21

FINANCING Loan Amount Loan Type Interest Rate Amortization Year Due

45%

Year 1 5.04% 10.76 4.62% 1.70

INCOME Gross Scheduled Rent Less: Vacancy/Deductions Total Effective Rental Income Other Income Effective Gross Income Less: Expenses Net Operating Income Cash Flow Debt Service Net Cash Flow After Debt Service Principal Reduction TOTAL RETURN

0.00 -6.59% 0.00

1st Loan $3,267,000 New 3.50% 30 Years 2032

Loan information is subject to change. Contact your Marcus & Millichap Capital Corporation representative.

# OF UNITS 4 30 2 0 0 IRR Year

UNIT TYPE Studio 1 Bdr 1 Bath 2 Bdr 1 Bath

SQFT/UNIT 416 608 760

IRR Unlevered

MARKET RENTS $1,000 $1,300 $1,500

51.0%

1.39% 3.73%

Current $104,437 $32,400 $1,662 $25,253 $9,435 $14,400 $1,200 $4,494 $7,200 $21,772 $222,253 $6,174 $10.37

5.0%

43.1%

4.62% 7.05%

Year 1 $552,000 $27,600 $524,400 $1,945 $526,345 $226,799 $299,546 $299,546 $176,043 $123,503 $64,928 $188,431

Year 1 $104,437 $32,400 $1,662 $25,253 $9,435 $14,400 $1,200 $4,494 $7,200 $26,317 $226,799 $6,300 $10.59

IRR Levered

5

0.00%

0.00%

7

0.00%

0.00%

10

-7.40%

0.00%

46

SCHEDULED RENTS $831 $1,063 $1,400

EXPENSES Real Estate Taxes Insurance Utilities - Electric Utilities - Water & Sewer Trash Removal Repairs & Maintenance Landscaping Pest Control Operating Reserves Management Fee TOTAL EXPENSES Expenses/Unit Expenses/SF

5.0%

Current $456,300 $22,815 $433,485 $1,945 $435,430 $222,253 $213,177 $213,177 $176,043 $37,133 $62,698 $99,831

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

MARKET OVERVIEW

MIAMI-DADE MARKET OVERVIEW Miami-Dade County is a gateway to South American and Caribbean markets and a tourist destination. The 2,400-square-mile county extends from the Florida Everglades east to the Atlantic Ocean. It is bordered to the north by Broward County and to the south by the Florida Keys. The main portion of the city of Miami lies on the shores of Biscayne Bay and is separated from the Atlantic Ocean by barrier islands, the largest of which holds the city of Miami Beach. The metro, with a population of roughly 2.7 million, is located entirely within Miami-Dade County. Miami is the most populous city, with slightly more than 442,300 residents, followed by Hialeah with roughly 234,800 people.

50

METRO HIGHLIGHTS BUSINESS-FRIENDLY ENVIRONMENT The metro has no local corporate or personal income taxes, which attracts businesses and residents to the area

INTERNATIONAL GATEWAY Miami is a gateway for international trading activities, tourism and immigration, connecting to airports and ports around the world.

MEDICAL COMMUNITY The county contains the largest concentration of medical facilities in Florida, drawing residents needing services throughout the state.

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

MIAMI-DADE ECONOMY • Various industries provide a diverse economy. Trade, international finance, healthcare and entertainment have become major segments in the local business community.

• A strong tourism industry has developed with ties to Latin America and the Caribbean.

• Tourism and trade depend on a large transportation sector. PortMiami and Miami International Airport are both major contributors to employment and the economy.

• The Miami metro gross metropolitan product (GMP) expansion is expected to be on par with the U.S. GDP in 2020 and retail sales for the county are also rising.

MAJOR AREA EMPLOYERS ECONOMIC GROWTH

Baptist Health South Florida

Miami-Dade GMP

8%

U.S. GDP

University of Miami American Airlines Annual Change

4%

Miami Children’s Hospital Publix Supermarkets Winn-Dixie Stores

0%

-4%

Florida Power & Light Co. Carnival Cruise Lines

-8%

AT&T

00 02 04 06 08 10 12 14 16 18 20*

* Forecast

Mount Sinai Medical Center

SHARE OF 2017 EMPLOYMENT

MANUFACTURING

TRADE, TRANSPORTATION AND UTILITIES

3% 25%

PROFESSIONAL AND BUSINESS SERVICES

CONSTRUCTION

15% 4%

GOVERNMENT

EDUCATION AND HEALTH SERVICES

12% 16%

LEISURE AND HOSPITALITY

INFORMATION

12% 2%

FINANCIAL ACTIVITIES

OTHER SERVICES

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

7% 4% 51

MIAMI, FL POINTS OF INTEREST « Presidential Apartments 1. Oleta River State Park 2. FIU Biscayne Bay Campus 3. Barry University 4. Walmart Supercenter 17

5

5. Hard Rock Stadium 6. Target 7. Haulover Park

14

8. CVS 9. Miami Central High School

8

1

12

10. Amazon Mega Warehouse

13

20

11. The Home Depot 12. St. Thomas University

15 11 4

18 6

2

7

10 19

13. Monsignor Edward Pace High School

16

14. Greynolds Park 15. Publix Super Market

3

16. Bal Harbor Shops 17. Aventura Mall

9

18. Dezerland Park Miami 19. North Miami Senior High School 20. North Miami Elementary School

52

N

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

SPORTS

EDUCATION

UNIVERSITY OF MIAMI

ARTS & ENTERTAINMENT

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

53

MIAMI-DADE DEMOGRAPHICS • The metro is expected to add nearly 102,000 people over the next five years. During the same period, approximately 40,100 households will be formed, generating demand for housing.

• The homeownership rate of 48 percent is below the national rate of 57 percent, maintaining a strong rental market.

• The cohort of 20- to 34-year-olds composes 21 percent of the population.

2019 POPULATION BY AGE

6% 17% 6% 28% 27% 16%

0-4 YEARS

5-19 YEARS

20-24 YEARS

25-44 YEARS

45-64 YEARS

65+ YEARS

QUALITY OF LIFE Miami-Dade County has developed into a cosmopolitan urban area offering a vibrant business and cultural community. The metro has an abundance of popular attractions. Miami hosts the Capital One Orange Bowl and is home to several professional sports teams, including the Miami Dolphins, the Miami Marlins and the Miami Heat. The county has a broad array of cultural attractions, historical sites and parks. These include the Adrienne Arsht Center for the Performing Arts, Zoo Miami and Everglades National Park. The region is home to a vibrant and diverse culture, family-friendly neighborhoods, a plethora of shops and restaurants, and beautiful weather and beaches. It also offers easy access to Latin America and the Caribbean.

2019 POPULATION:

2019 HOUSEHOLDS:

2019 MEDIAN AGE:

2019 MEDIAN HOUSEHOLD INCOME:

Growth 2019-2024*

Growth 2019-2024*

U.S. Median:

U.S. Median:

2.7M 3.7%

958K 4.2%

40.1 38.1

48,000

$

60,800

$

* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau

54

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

55

NORTH MIAMI, FL SUBMARKET OVERVIEW North Miami is a suburban city located in northeast Miami-Dade County, Florida, United States, about 10 miles (16 km) north of Miami. The city lies on Biscayne Bay and hosts the Biscayne Bay Campus of Florida International University, and the North Miami campus of Johnson & Wales University. Originally the town of “Arch Creek”, the area was incorporated as the “Town of Miami Shores”, which was renamed the “Town of North Miami” in 1931. It was reincorporated as a city in 1953.

The city is also home to the Oleta River State Park, which is the state’s largest urban park as well as, The Museum of Contemporary Art (MOCA) is a museum located in the heart of downtown North Miami, Florida. The 23,000-square-foot (2,100 m2) structure was designed by the internationally acclaimed architect Charles Gwathmey of Gwathmey Siegel, New York City, who worked in conjunction with the Miami firm of Gelabert-Navia to create the building.

As of 2010, the population recorded by the U.S. Census Bureau is 58,786.[8] With almost 60,000 residents, North Miami is the sixth largest city in Miami-Dade County.

A 2010 All-America City award winner, North Miami is one of South Florida’s best kept secrets. Conveniently located between Miami and Ft. Lauderdale, North Miami provides easy access to the beaches, Miami International Airport, the Port of Miami,

56

and a wide array of tourist attractions. The fifth largest city in Miami-Dade County is also home to one of the most ethnically diverse communities in the entire state.

North Miami has a rich history dating back to the 1800’s. After becoming incorporated on February 5, 1926, the City grew exponentially from then on. A tour through North Miami demonstrates that the City boasts the largest concentration of mid-century modern buildings in South Florida, it is committed to a strong educational and arts community, to pride in its beautiful parks, and is moving forward towards a healthier, greener community.

Come to North Miami to do business. It’s that simple. North Miami is moving forward with a progressive vision to attract and retain businesses, and entice a vibrant clientele to support them. In partnership with the Greater North Miami Chamber of Commerce, both the City and the North Miami Community Redevelopment Agency (CRA) have active programs to assist businesses from concept through to successful implementation.

Our diverse community offers a wide variety of business opportunities. So, grow your business right here in North Miami. You’ll be glad you got to know us.

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

COUNTY

REGION

CITY

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

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NORTH MIAMI, FL POPULATION POPULATION DEMOGRAPHICS

In 2019, the population in this geography is 35,944. The population has changed by 4.40% since 2000. It is estimated that the population will be 36,462.00 five years from now, which represents a change of 1.44% from the current year. The current population is 48.07% male and 51.93% female. The median age of the population is 35.55, compare this to the US average which is 38.08. The population density is 11,458.42 people per square mile. There are currently 11,162 households. The number of households has changed by 0.01% since 2000. It is estimated that the number of households will be 11,330 five years from now, which represents a change of 1.51% from the current year. The average household size is 3.07 persons.

ECONOMY

The economy of North Miami, FL employs 29.1k people. The largest industries in North Miami, FL are Accommodation & Food Services, Health Care & Social Assistance, and Retail Trade, and the highest paying industries are Public Administration, Information, and Professional, Scientific, & Technical Services. Median household income in North Miami, FL is $39,723.

Site: https://datausa.io/profile/geo/north‐miami‐fl#economy

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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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

NORTH MIAMI, FL POPULATION POPULATION BY AGE

In 2019, the median age of the total population in the study area was 35.55. Females represented 51.93% of the population and males represented 48.07% of the population.

eholds by Income Group

9K 9K 99 99 99 99 99 K

0.83% 1.93% 5.41% 6.95% 16.88% 16.96% 14.27% 15.72% 21.07%

HOUSEHOLDS BY INCOME

2019 Households by Income Group 25.00% 20.00%

In 2019, the median household income is $34,115, compare this to the US average which is currently $60,811. The median household income has changed by 26.90% since 2000. It is estimated that the median household income will be $38,118 five years from now, which represents a change of 11.73% from the current year. The current year per capita income is $14,541, compare this to the US average, which is $33,623. The current year average household income is $45,463, compare this to the US average which is $87,636.

15.00% 10.00% 5.00% 0.00%

1 200,000 +

150K ‐ 199K

100K ‐ 149K

75K ‐ 99,999

50K ‐ 74,999

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAC0240847.

59

Miami-Dade Metro Area

Employment Trends Metro

United States

4%

in 2020 and longer to return to the

17

18

19

20

21*

Sources: BLS; RealPage, Inc.; CoStar Group, Inc.

Supply and Demand

Completions

Net Absorption

below-2 percent unemployment rate recorded pre-pandemic. However, the

E M P L OY M E N metro’s T: job count is expected to grow

4 5 ,000 J OBS wi l l by b e acre at e d 3.9 percent in 2021. healthy It will likely take beyond this year to recover all of the 67,400 positions lost in 2020 and longer to return to theCONSTRUCTION: below-2 percent unemployment rate recorded pre-pandemic.

However, metThe pace of completions willthe accelerate ro’s job count is expected to grow by a healthy with projects in the 2021 pipeline set 3.9 percent in to 2021. grow market inventory by more than UNITS

9,500

will be completed

rentals 9 ,5 00 UNITS wi l l 4,900 b e comp l e t e d were finalized in each of the last five The pace of completions years. will accelerate with projects in the 2021 pipeline set to grow market inventory by more than 3 percent. Annual VACANCY: delivery volume will reach a new high this year A slew of apartments scheduled after at least 4,900 rentals were finalized in each finalize after vacant stock grew of the last five to years.

BASIS POINT by 3,360 units in 2020 pose some

80

VACAN CY :

increase in vacancy

8%

20

Vacancy Rate

12

8%

9

6%

6

4%

3

2%

• Th 20

$1,800

8%

• Dr rat

$1,700

4%

$1,600

0%

$1,500

-4%

17

18

19

20

21*

$1,400

17

18

Y-O-Y Percent Change

19

20

21*

-8%

2021, though the downward pressure will be partially offset by newly built

luxury apartments charging premium

• Cla tic in

• Th tie po

challenges. The vacancy rate will rise

the imid-5 area, a level not 8 0 BASIS POINT i into ncre ase n vaca percent ncy experienced in Miami-Dade since the A slew of apartments scheduled to finalize after great financial crisis in 2009. vacant stock grew by 3,360 units in 2020 pose some challenges. The vacancy rate will rise into the mid-5 percent area, a level not experienced RENT: in Miami-Dade since the great financial crisis Higher vacancy will burden rent in in 2009

• La ye Ro

0%

0

Sales Trends $180

8%

• Co ste

$165

7%

Inve

$150

6%

$135

5%

Average Price

$120

16

17

Average Cap Rate

18

19

20

* Forecast Sources: RealPage, Inc.; CoStar Group, Inc.; Real Capital Analytics Miami Office:

Ryan Nee First Vice President, District Manager 5201 Blue Lagoon Drive, Suite 100

Vacancy Rate

21*

Rent Trends

3 percent. Annual delivery volume will

C O N STR U CTI reach O N : a new high this year after at least

Net Absorption

Average Rent

Average Effective Rent

will be created

20

Supply and Demand Completions Completions/Absorption (000s)

recover all of the 67,400 positions lost

0.2% DE CR E ASE i nrates. e f f e ctThe i ve market’s re nt average effective Higher vacancy will burden rent in 2021, rent is expected to decline marginally though the downward pressure will be parto $1,665 per month. tially offset by newly built luxury apartments charging premium rates. The market’s average effective rent is expected to decline marginally to $1,665 per month.

* Forecast

)

It will likely take beyond this year to

in effective rent

-4%

12

MULTIFAMILYEMPLOYMENT: OUTLOOK 1Q/21 METRO AREA 45,000MIAMI-DADE JOBS

0.2%R EDECREASE N T:

0%

-8%

Multifamily 2021 Outlook

19

Miami, FL 33126 Tel: (786) 522-7000 | ryan.nee@marcusmillichap.com Prepared and edited by:

4%

Average Cap Rate

Y-O-Y Percent Change

8%

2021 MIAMI - DADE

18

Y-O-Y Percent Change

Influxofofnew newapartments apartments could momentum.

Greater Influx couldstunt stunt momentum.

Greater demand forrentals rentalswill will be byby thethe bulky pipeline of demand for beoverwhelmed overwhelmed bulky pipeline slated to finalize.

Annual completions are setare to of projects projectsthat thatare are slated to finalize.

Annual completions setgrow to grow forfourth the fourth consecutive and the of majority for the consecutive year andyear the majority supply of will supply will to bejust added tocorridors just a few corridors of the metro. be added a few of the metro. Downtown Downtown Miami-South Beach3,600 has almost units in the Miami-South Beach has almost units in 3,600 the 2021 pipeline, 2021 pipeline, by theDowntown 1,000 unit-plus Downtown highlighted byhighlighted the 1,000 unit-plus 5th project that will 5thbegin project that will lease-up.

New arrivals could lease-up.

Newbegin arrivals could lengthen the recovery of funlengthen theinrecovery fundamentals therose urban core than after damentals the urbanofcore after vacant in stock by more vacant stocklast roseyear.

by The more thanGables-South 60 percent last year.

The 60 percent Coral Miami area willCoral also Gables-South Miami areaabsorption will also add though add 3,320 rentals, though was 3,320 strong rentals, here in 2020. absorption was strong here in 2020.

17

Vacancy Rate

Recovery of service jobs will enhance demand. The need for Recovery of service jobs will enhance demand. The need for multifamily space will increase as the vaccine rollout allows multifamily space will increase as the vaccine rollout allows more stores and entertainment venues to reopen and replenish more stores and entertainment venues to reopen and replenish staff.

The leisure and hospitality sector was hit hard by the staff. The leisure and hospitality sector was hit hard by the panpandemic, cutting almost 24,000 positions in Miami-Dade last demic, cutting almost 24,000 positions in Miami-Dade last year. year.

Some of those who lost jobs coupled up with roommates Some of those who lost jobs coupled up with roommates or famor family to reduce expenses, and returning to work supports ily to reduce expenses, and returning to work supports moving moving back out. The Follow the Sun campaign may also lure back out.to The Sun campaign may alsoRenting lure newwill firms new firms theFollow metrothe and underpin demand. thepractical metro and underpin demand.

Renting will themetro’s practical betothe option for many, especially afterbethe optionhome for many, especially after metro’s median home price median price expanded bythe nearly 14 percent in 2020 to expandedSuburban by nearly 14 percent in 2020 toin$456,000. $456,000. units, particularly the CoralSuburban Gablesunits,Miami particularly in the Coral Gables-South Miamihave and West South and West Miami-Doral submarkets, been Miami-Doral submarkets, garnering greater interest. have been garnering greater interest.

-4%

-8%

Average Price per Unit (000s)

New Supply Downtown a Near-Term Hurdle; New Supply Downtown a Near-Term Hurdle; Demand Recalibrates DemandWill WillImprove Improve as as the the Economy Economy Recalibrates

Y-O-Y P

1Q/21

MULTIFAMILY

• Tr th du th to ch sid ma

• Ap wa av co

385,000 units completed

4.6 percent Y-O-Y increase

2021 MULTIFAMILY FORCAST: U.S.

• The U.S. is expected to create 6.5 million jobs in 2021,

• Annual deliveries will climb from last year’s nearly 30-year

producing the highest annual growth rate in more than 30

peak of 339,000 units as inventory expands by 2.1 percent

years. Business closings in challenged industries, a shortage

in 2021. Nevertheless, rising material, supply and labor

of workers and higher wages will delay the replacement of all 9.4 million positions lost in 2020 into next year, however.

costs could push the completion of some underway projects into next year.

2021 INVESTMENT OUTLOOK U.S. VACANCY

2021 INVESTMENT OUTLOOK

• Despite elevated deliveries, robust demand that results from employment growth and barriers to homeownership will push vacancy rate hamper. down to 3.9 Deal flow recovering afterthehealth crisis percent at year end. Net will totalpriced almost$1 Nationwide, the trading of absorption multifamily assets 460,000 units, up 64 percent from 2020. million and above increased during the second quarter of

MIDYEAR 2021

• Following the first rent decline in over a decade last year, the average effective rate will climb to $1,507 per month in 2021. This will be the largest annual jump since 1998.

Tenants are competing for units as the vacancy rate becomes extremely tight, allowing operators to raise rent.

Sales Trends Average Price

Average Cap Rate

$180

12%

$135

10%

$90

8%

$45

6%

$0

01

03

05

07

09

11

13

15

17

19

21*

Average Cap Rate

2021 compared with the previous three-month period. Deal flow from April through June also surpassed the trailingfive-year quarterly average, indicating a level of confidence U.S. C ONST R U CT IO N : in the property type.

An array of investors were involved 2021 INVESTMENT OUTLOOK across various tiers of multifamily as improved economic 38 5 ,0 0 0 uni t s c om p l et ed recoveringand after health crisis hamper.

Nationwide, the trading Annual deliveries will climb from last year’s • Deal flow conditions apartment metrics fueled buyer demand forof mulnearly 30-year peak of 339,000 units as inven- tifamily complexes assets pricedin$1both million andand above increased during the second quarter urban suburban settings. tory expands by 2.1 percent in 2021. Never- of 2021 compared with the previous three-month period. Deal flow from April theless, rising material, supply and labor costs through June also surpassed the trailing-five-year quarterly average, indicating a Buyers drawn to emerging midsize markets. Buyers are could push the completion of some underway level of confidence in the property type. An array of investors were involved across following renters to apartments in less densely populated projects into next year. various tiers of multifamily as improved economic conditions and apartment metros. Trades in secondary/tertiary markets accounted metrics fueled buyer demand for complexes in both urban and suburban settings. for more than 60 percent of deal flow for the first time on U.S. VACAN CY : • Buyers drawn to emerging midsize markets. Buyers are following renters to record, after primary metros had comprised roughly that 5 0 bas i s po i nt Y- O-Y dec rease apartments in less densely populated metros. Trades in secondary/tertiary marsame share just 15 years ago. Midsize metros that recorded Despite elevated deliveries, robust demand kets accounted for more than 60 percent of deal flow for the first time on record, that results from employment growth and notable hikes in activity over the past year include Phoenix, after primary metros had comprised roughly that same share just 15 years ago. barriers to homeownership will push the Charlotte, Denver, Minneapolis-St. Paul and metros that recorded notable hikes in activity over the past year include vacancy rate down to 3.9 percent at year end. Midsize Tampa-St. Petersburg.

Phoenix, Charlotte, Denver, Minneapolis-St. Paul and Tampa-St. Petersburg.

Net absorption will total almost 460,000 units, up 64 percent from 2020.

• Well-capitalized investors returning. After many institutional investors and Well-capitalized investors returning. After many REITs paused acquisitions for a portion of 2020, additional clarity brought more institutional investors and REITs paused acquisitions for buyers to the table in the first half of 2021. Transactions of assets priced $20 milU.S. RENT: portion 2020, additional clarity buyers during lion andaabove wereofmore than 30 percent higherbrought than themore total recorded 6 .8 pe rc e nt Y- O-Y i n c rease to the table in the first half of 2021.

Transactions of assets assets the same six-month stretch in 2020. Renewed interest in luxury apartment Following the first rent decline in over a priced $20 million and above were more than 30 percent also drove the overall average sale price up 4 percent from the end of last year to decade last year, the average effective rate will climb to $1,507 per month in 2021. This $171,000higher total recordedthe during the same six-month per unitthan as ofthe June.

Meanwhile, average initial yield fell to 5.1 percent will be the largest annual jump since 1998. in the second quarter as intense competition for apartment complexes stretch in 2020. Renewed interest in luxury apartment is applying Tenants are competing for units as the vadownward pressure cap rates. assets also to drove the overall average sale price up 4 percent cancy rate becomes extremely tight, allowing from the end of last year to $171,000 per unit as of June. operators to raise rent.

Meanwhile, the average initial yield fell to 5.1 percent in the second quarter as intensecompetition for apartment complexes is applying downward pressure to cap rates.

6.8 percent Y-O-Y increase

Average Price per Unit (000s)

4 .6 pe rc e nt Y- O-Y i n c rease The U.S. is expected to create 6.5 million jobs in 2021, producing the highest annual growth rate in more than 30 years. Business closings in challenged industries, a shortage of workers and higher wages will delay the replacement of all 9.4 million positions lost in 2020 into next year, however.

50 basis point Y-O-Y decrease

4%

Buyer Composition Trends 100%

Percent of Dollar Volume

U.S. EMPLOY M EN T :

U.S. RENT

75%

Cross-Border

50%

Inst’l/Eq. Fund

25%

Private

User/Other Listed/REITs

0% 15

16

17

18

19

20

21**

* Through 2Q; ** Trailing 12 months through 2Q Buyer composition for sales $2.5 million and greater Sources: CoStar Group, Inc.; Real Capital Analytics

OFFERING MEMORANDUM

E xcl u s i ve l y Li s t e d by

FELI PE J . EC HARTE

E VA N P. K R I STO L

SENIOR VICE PRESIDENT INVESTMENTS

EXECUTIVE MANAGING DIRECTOR INVESTMENTS

ASSOCIATE

Tel: (954) 245-3444 Felipe.Echarte@MarcusMillichap.com LICENSE: FL SL696115

Tel: (954) 245-3459 Evan.Kristol@MarcusMillichap.com LICENSE: FL SL640466

Tel: (954) 245-3526 Nicholas.McAndrew@MarcusMillichap.com LICENSE: FL SL3392230

FORT LAUDERDALE OFFICE 5900 North Andrews Avenue, Ste. 100 Fort Lauderdale, Florida 33309

NICHOLAS A. MCANDREW