Villas At Slazedo

OFFERING MEMORANDUM

1218 Salzedo Street | Coral Gables, Florida

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.

2 1

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

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 ZAD0240253 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 OVERVIEW • Miami-Dade Market Overview MARKET COMPARABLES • Rent Comparables FINANCIAL ANALYSIS • Rent Roll • Operating Statement • Pricing Details

VILLAS AT SALZEDO CORAL GABLES, FL 33134

INVESTMENT OVERVIEW

EXECUTIVE SUMMARY Marcus & Millichap, as exclusive listing broker, is pleased to offer for sale Villas at Salzedo, a 12-unit apartment building located in Coral Gables, Florida.

The property underwent an extensive renovation including PVC plumbing throughout the building, new electrical panels, new laundry facility, landscaping, new railings, painting, exterior light fixtures, and mini split units in a few of the units. Villas at Salzedo is located at 1218 Salzedo Street.

Villas at Salzedo has 12 one-bedroom/one-bathroom units of approximately 450 square feet according to the tax record. The property has been historically 100 percent occupied. Most of the tenants are young professionals that work from home or within the close vicinity of the property. There is plenty of street parking available for all the tenants within a two-block radius. Villas at Salzedo offers a very picturesque Mediterranean look that stands out from other rental properties nearby and has been meticulously maintained.

LOCATION OVERVIEW The city of Coral Gables was one of the first major planned communities and its planning was based on the popular early twentieth century City Beautiful Movement. The city has a total area of 37.2 square miles and it is bordered on the west by Red Road (West 57th Avenue), to the north by Tamiami Trail/ US Route 41 (Southwest 8th Street), to the east by Douglas Road (West 37th Avenue) and to the south by Charles Deering Estate. The city of Coral Gables is recognized by holding several of the wealthiest zip codes (33156, 33143, 33133 and 33146) and neighborhoods in the United States, such as Hammock Oaks, Old Cutler Bay, Gables Estates, Tahiti Beach, Snapper Creek and Lakes, Cocoplum and Gables by the Sea. Coral Gables is a pedestrian friendly destination. It has over 140 dining establishments and gourmet shops, and many notable international retailers.

Moreover, it has its own financial district with multiple international companies, law firms and bank institutions. Among the largest employers in the city are The University of Miami, Baptist Hospital of Miami, Exxon Mobil, Odebrecht Construction, and American Airlines.

8

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

LOCATION HIGHLIGHTS • Excellent Location within the Highly Sought-After City of Coral Gables • Proximity to Employers, Restaurants, Hotels, Grocery Stores, Shops and Public Transportation • Short Drive to Coconut Grove, Downtown Miami/ Brickell, Miami Beach and Wynwood

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 Alejandro J. Gonzalez, Felipe J. Echarte, and Evan P. Kristol, 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:

ALE J ANDRO J. G ONZALE Z

FE LI P E J . E CHART E

EVA N P. K R I S T O L

FIRST VICE PRESIDENT INVESTMENTS

SENIOR VICE PRESIDENT INVESTMENTS

EXECUTIVE MANAGING DIRECTOR INVESTMENTS

Tel: (954) 245-3455 Alejandro.Gonzalez@MarcusMillichap.com LICENSE: FL SL3249949

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

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

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

11

PROPERTY DESCRIPTION

MIAMI, FL SUB-MARKET MAP

Allapattah Wynwood Edgewater Little Haiti Liberty City Buena Vista Coral Gables Coconut Grove Little Havana Downtown Miami Brickell Hammock Coral Way Shenandoah Hialeah Miami Springs Miami Beach

14

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

PROPERTY DESCRIPTION DETAILS Property Address – 1218 Salzedo Street, Coral Gables, FL 33134 Folio Numbers – 03-4108-009-1630 No. of Apartments – 12 Avg. Unit Size – 450 sq ft Year Built – 1925 No. of Stories – 2 Construction – CBS Construction with Wood Joists Site Acreage – 0.13 Parking – Off Street Parking Fire Protection – Smoke Detectors

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

15

PROPERTY HIGHLIGHTS

• Extensively Renovated Property • 100% PVC Plumbing • New Landscaping • Recently Painted • Historically 100% Occupied • Upside in Rental Income • Laundry Facility

16

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

18

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

20

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

21

22

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

24

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

25

N

Miami International Airport Magic City Casino

Allapattah

Coral Gables Museum

S

Miracle Mile Granada Golf Course

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.

30

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

7% 4% 31

MIAMI, FL s at Salzedo_POI_Short List - ALJ POINTS OF INTEREST

ayer

«

Villas at Salzedo

1.

Miracle Mile

18 Salzedo St

acle Mile

al Gables Hospital 2. Coral

14

13

Gables Hospital

conut Grove

3. Coconut Grove Downtown

ops at Merrick Park

4. Shops at Merrick Park

e Hotel Miami Coral

5. Biltmore Hotel Coral Gables

klaus Children's 6. Hospital Nicklaus

netian Pool

7.

12

Children’s Hospital

10

Venetian Pool

11

versity of Miami

7

8. The University of Miami

6

d Tropical Botanic

al Way

2

5

9. Fairchild Tropical Botanic Garden

al Gables Museum 10. Coral

1

3

Gables Museum

4

11. Coral Way

Super Market at Douglas 12.

Publix Supermarket

at 8

Douglas Grand

anDepot Park

13. Loan Depot

ami International Airport

14. Miami International Airport

N

32

9

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

33

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

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

INVESTMENT FORECAST MULTIFAMILY

2022

Low Vacancy Attracts AdditionalMiami-Dade Capital Metro Area From Around the World to South Florida

2022 MIAMI - DADE

Low Vacancy Attracts Additional Capital Miami among tightest apartment markets in the country. the World to South Florida From Around A prime destination for renters seeking to avoid stricter

MIAMI-DADE METRO AREA

to avoid stricter lockdowns in the Northeast and on the West Coast, Miami recorded significant vacancy compression last year. Tight conditions are positioned to persist in the near term as the metro

recorded significant vacancy compression last year. Tight

conditions are positioned to persist in the near term the attracts moreas workers, boosting the local population count. The number of executives and other

metro attracts more workers, boosting the local population employees on waiting lists from JP Morgan Chase and Goldman Sachs requesting transfers to Flor-

EM P L OY M EN T :

count. The number of executives and other employees on high. Recent vacancy compression has come without the benefit of international ida is at an all-time up 4.7% tourism, which will restrictions ease. Furthermore, an increase in cruise waiting lists from JP Morgan Chase and Goldman Sachs increase this year as travel Employment gains 56,000 positions this year as ship calls will enhance hiring in the leisure and hospitality sector. The number of those positions requesting transfers to Florida is at an all-time high. Recent Miami recoups all of the jobs lost during remains approximately 25,000 spots below the pre-recession level and a return to previous staffing vacancy compression has come without the benefit of the recession.

1.4

10%

1.3

5%

1.2

0%

1.1

-5%

1.0

13

14

15

levels should help pull down the unemployment rate, which remains among the highest in Florida.

Investment

Completions/Absorption (000s)

Vacancy Rate 6%

15

5%

10

4%

5

3%

0

13

14

15

16

17

18

19

20

21* 22**

2%

Average Effective Rent

Y-O-Y Percent Change

$2,200

18%

$1,900

12%

$1,600

6%

$1,300

0%

$1,000

13

14

15

16

17

18

19

20

21* 22**

-6%

* Estimate; ** Forecast Sources: CoStar Group, Inc.;Sales Real Capital Analytics; RealPage, Inc. Trends

Average Price

Average Cap Rate

$200

Miami Office:

Scott $175 Lunine Vice President/Regional Manager International investors will compete with institutional capital for top-end apartments in the market. Local buyers will move into the suburbs.

-10%

5201 Blue Lagoon Drive, Suite 100 Miami, FL 33126 $150 (786) 522-7000 | scott.lunine@marcusmillichap.com

8%

7%

6%

Average Cap R

the high-5 percent area.

21* 22**

Rent Trends

I nves tm en t:

Vacancy acquire a visa. Additionally, metro submarkets enter the year The vacancy rate should rest at 2.3 percent at the end of 2022, one of the lowInternational investors will compete up 20 bps est levels in the nation.

Last year, the rate declined 270 basiswith points. with average cap rates in the low- to mid-5 percent range. Topinstitutional capital for top-end apartments in tier returns fall into the 4 percent area, and even lower in some thepercent market.jump Localinbuyers willaverage move effective into the rent is Rent After an impressive 16.1 2021, the cases for A-plus properties or high-rise apartments. Lower-tier up 7.0% projected to climb tosuburbs. $2,077 per month this year. Rent growth is robust due to assets in the suburbs can be acquired for first-year returns in low housing affordability.

20

Y-O-Y Percent Change

to familial experience or leveraging property ownership to

19

Net Absorption

Average Rent

R EN T :

up 7.0% Employment Employment gains 56,000 positions this year as Miami recoups all of the jobs in the market, accounting for approximately 80 percent of the After an impressive 16.1 percent jump in 2021, up 4.7% lost during the recession. transactions during the past year. More capital from outside the average effective rent is projected to climb toof$2,077 per month this year.

Rent growth is just 2.2 Florida is expected in 2022, especially from Latin America Construction Builders slow the pace construction this year as inventory expands robust due to low housing affordability. buyers. These investors tend to gravitate to6,900 Southunits Florida duepercent. In 2021, developers added 10,300 units to local apartment stock.

18

20

tion. Last year, the rate declined 270 basis points.

providing investors with an opportunity 2022 to acquire assets with Market Forecast upside rent potential. Out-of-state buyers are the most active

Completions

rice per Unit (000s)

very low vacancy level, construction will decline this year,

17

Vacancy Rate

Florida due to familial experience or leveraging property ownership to acquire a visa. Additionally, VACA N CY : metro submarkets enter the year with average cap rates in the low- to mid-5 percent range. Top-tier up 20 bps Elevated yields preserve outside investor activity.

Buyers returns fall into the 4 percent area, and even lower in some cases for A-plus properties or high-rise The vacancy rate should rest atreturns 2.3 percent athigh-5 the are capitalizing on the relatively favorable returns in Miami apartments. Lower-tier assets in the suburbs can be acquired for first-year in the end of 2022, one of the lowest levels in the naand the potential for near-term rent growth.

Despite percent area. the

16

Supply and Demand

international tourism, which will increase this year as travel

O N ST R Buyers U CT I O Nare: capitalizing on the relatively favorrestrictions ease. Furthermore, an increase in cruise shippreserve calls outside investorCactivity.

Elevated yields 6,900 UNITS will enhance hiring in the leisure and hospitality sector.

The and the potential for near-term rent growth. Despite the very low vacancy able returns in Miami Builders slow the pace of construction this year number of those positions remains approximately 25,000 level, construction spots will decline this year, providing investors with an opportunity to acquire assets as inventory expands just 2.2 percent. In 2021, with rentstaffing potential. Out-of-state buyers are the most active in the market, accounting for below the pre-recession level and a return to upside previous developers added 10,300 units to local apartapproximately 80 percent of the transactions during the past year. More capital from outside Florida levels should help pull down the unemployment rate, which ment stock. is expected in 2022, especially from Latin America buyers. These investors tend to gravitate to South remains among the highest in Florida.

Y-O-Y Percent Change

Y-O-Y Percent Change

Miami among tightest apartment markets in the country. A prime destination for renters seeking

lockdowns in the Northeast and on the West Coast, Miami

Total Employment (Millions)

MULTIFAMILY OUTLOOK | MARKET FORECAST

Employment Trends Employment

MARKET COMPARABLES

VILLAS AT SALZEDO RENT COMPARABLES MAP iV llas at Salzedo 1.

344 Mendoza Avenue

2.

1014 Salzedo Street

3.

233 Calabria Avenue

3

2

1

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

39

VILLAS AT SALZEDO RENT COMPARABLES

100.0%

40

100.0%

100.0%

100.0%

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

VILLAS AT SALZEDO RENT COMPARABLES

$1,900

$1,897

$1,850

$1,490

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

41

VILLAS AT SALZEDO RENT COMPARABLES

$1,900

42

$1,850

$1,800

$1,490

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

VILLAS AT SALZEDO RENT COMPARABLES 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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

43

VILLAS AT SALZEDO RENT COMPARABLES 4

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

45

35 46

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

S COMPS_v2

VILLAS AT SALZEDO SALES COMPARABLES 3 2

ilV las at Salzedo 1.

340 Madeira Avenue 2.

1208 Salzedo Street

3.

215 Phoenetia Avenue 4.

370 Ponce de Leon 5.

36 Phoenetia Avenue 6.

7 Salamanca Avenue 7.

315 Navaree Avenue 8.

15 Menores Avenue & 222 Sidonia Avenue

5

8

6 8

1 7

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

47

VILLAS AT SALZEDO SALES COMPARABLES AVERAGE PRICE PER SQUARE FOOT $520.00 $500.00 $480.00 $460.00 $440.00 $420.00 $400.00 $380.00 $360.00 $340.00 $320.00 $300.00 $280.00 $260.00 $240.00 $220.00 $200.00 $180.00 $160.00 $140.00 $120.00 $100.00 $80.00 $60.00 $40.00 $20.00 $0.00

Average $362

$485

$468

$351

$348

$341

$307

$300

$296

36 Phoenetia Ave

7 Salamanca Avenue

315 Navaree Avenue

115 Menores Avenue & 222 Sidonia Avenue

340 Madeira Avenue

215 Phoenetia Ave

3700 Ponce de Leon

1208 Salzedo Street

RANKED BY PRICE PER SQUARE FOOT

48

PROPERTY NAME

YEAR BUILT

# OF UNITS

PRICE PER SQ. FT. UNIT

SALE PRICE

CLOSE OF ESCROW

36 Phoenetia Ave

1926

6

$485

$266,667

$1,600,000

September 2021

7 Salamanca Avenue

1959

6

$468

$199,167

$1,195,000

August 2021

315 Navaree Avenue

1927

8

$351

$281,250

$2,250,000

May 2021

115 Menores Avenue & 222 Sidonia Avenue

1926

24

$348

$188,542

$4,525,000

March 2021

340 Madeira Avenue

1962

9

$341

$238,889

$2,150,000

December 2021

215 Phoenetia Ave

1926

4

$307

$390,000

$1,560,000

October 2021

3700 Ponce de Leon

1952

4

$300

$437,500

$1,750,000

September 2021

1208 Salzedo Street

1967

26

$296

$230,769

$6,000,000

December 2021

AVERAGE

1943

11

$362

$279,098

$2,628,750

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

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

VILLAS AT SALZEDO SALES COMPARABLES AVERAGE PRICE PER UNIT $460,000 $440,000 $420,000 $400,000 $380,000 $360,000 $340,000 $320,000 $300,000 $280,000 $260,000 $240,000 $220,000 $200,000 $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0

Average $279,098

$437,500

$390,000

$281,250

$266,667

$238,889

$230,769

$199,167

$188,542

3700 Ponce de Leon

215 Phoenetia Ave

315 Navaree Avenue

36 Phoenetia Ave

340 Madeira Avenue

1208 Salzedo Street

7 Salamanca Avenue

115 Menores Avenue & 222 Sidonia Avenue

RANKED BY PRICE PER UNIT PROPERTY NAME

YEAR BUILT

# OF UNITS

3700 Ponce de Leon

1952

4

PRICE PER SQ. FT. UNIT $300

$437,500

SALE PRICE

CLOSE OF ESCROW

$1,750,000

September 2021

215 Phoenetia Ave

1926

4

$307

$390,000

$1,560,000

October 2021

315 Navaree Avenue

1927

8

$351

$281,250

$2,250,000

May 2021

36 Phoenetia Ave

1926

6

$485

$266,667

$1,600,000

September 2021

340 Madeira Avenue

1962

9

$341

$238,889

$2,150,000

December 2021

1208 Salzedo Street

1967

26

$296

$230,769

$6,000,000

December 2021

7 Salamanca Avenue

1959

6

$468

$199,167

$1,195,000

August 2021

115 Menores Avenue & 222 Sidonia Avenue

1926

24

$348

$188,542

$4,525,000

March 2021

AVERAGE

1943

11

$362

$279,098

$2,628,750

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

49

VILLAS AT SALZEDO SALES COMPARABLES 1

340 Madeira Avenue 340 Madeira Avenue Coral Gables, FL 33134 No. of Units Year Built Lot Size Sales Price Price/Unit Price/Square Foot Close of Escrow

2

26 1967 0.32 Acres $6,000,000 $230,769 $296.05 December 9, 2021

Units Unit Type 18 1 Bed / 1 Bath 8 2 Bed / 2 Bath

4 1926 0.13 Acres $1,560,000 $390,000 $306.97 October 14, 2021

Units Unit Type 4 2 Bed / 2 Bath

1208 Salzedo Street Coral Gables, FL 33134

Comments 215 Phoenetia Ave 215 Phoenetia Ave Coral Gables, FL 33134 No. of Units Year Built Lot Size Sales Price Price/Unit Price/Square Foot Close of Escrow

50

Units Unit Type 7 1 Bed / 1 Bath 2 2 Bed / 2 Bath

Comments 1208 Salzedo Street

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

3

9 1962 0.23 Acres $2,150,000 $238,889 $341.00 December 28, 2021

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

VILLAS AT SALZEDO SALES COMPARABLES 4

3700 Ponce de Leon 3700 Ponce de Leon Coral Gables, FL 33134 No. of Units Year Built Lot Size Sales Price Price/Unit Price/Square Foot Close of Escrow

4 1952 0.23 Acres $1,750,000 $437,500 $300.33 September 26, 2021

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

6 1926 0.18 Acres $1,600,000 $266,667 $484.70 September 21, 2021

Units Unit Type 4 Studio 2 1 Bed / 1 Bath

6 1959 0.15 Acres $1,195,000 $199,167 $467.71 August 5, 2021

Units Unit Type 6 1 Bed / 1 Bath

Comments

5

36 Phoenetia Ave 36 Phoenetia Ave Coral Gables, FL 33134 No. of Units Year Built Lot Size Sales Price Price/Unit Price/Square Foot Close of Escrow

6

Comments 7 Salamanca Avenue 7 Salamanca Avenue Coral Gables, FL 33134 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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

51

VILLAS AT SALZEDO SALES COMPARABLES 7

315 Navaree Avenue 315 Navaree Avenue Coral Gables, FL 33134 No. of Units Year Built Lot Size Sales Price Price/Unit Price/Square Foot Close of Escrow

8

8 1927 0.28 Acres $2,250,000 $281,250 $350.69 May 10, 2021

Units Unit Type 8 1 Bed / 1 Bath

Comments 115 Menores Avenue & 222 Sidonia Avenue 115 Menores & 222 Sidonia Avenue Coral Gables, FL 33134 No. of Units Year Built Lot Size Sales Price Price/Unit Price/Square Foot Close of Escrow

24 1926 0.32 Acres $4,525,000 $188,542 $348.08 March 16, 2021

Units Unit Type 8 Studio 16 1 Bed / 1 Bath

Comments

52

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

53

FINANCIAL ANALYSIS

RENT ROLL DETAIL As of April, 2022 As of April,2022

UNIT

CURRENT

CURRENT

POTENTIAL

POTENTIAL

Rent /

Rent / SF/

Month

Month

Rent / Month

Rent/ SF/ Month $4.56

1

1 Bed / 1 Bath

450

$1,385

$3.08

$2,050

2

1 Bed / 1 Bath

450

$1,650

$3.67

$2,050

$4.56

3

1 Bed / 1 Bath

450

$1,825

$4.06

$2,050

$4.56

4

1 Bed / 1 Bath

450

$1,800

$4.00

$2,050

$4.56

5

1 Bed / 1 Bath

450

$2,050

$4.56

$2,050

$4.56

6

1 Bed / 1 Bath

450

$1,650

$3.67

$2,050

$4.56

7

1 Bed / 1 Bath

450

$1,700

$3.78

$2,050

$4.56

8

1 Bed / 1 Bath

450

$1,375

$3.06

$2,050

$4.56

9

1 Bed / 1 Bath

450

$1,700

$3.78

$2,050

$4.56

10

1 Bed / 1 Bath

450

$1,875

$4.17

$2,050

$4.56

11

1 Bed / 1 Bath

450

$1,675

$3.72

$2,050

$4.56

12

1 Bed / 1 Bath

450

$1,650

$3.67

$2,050

$4.56

5 , 400

$ 20,335

$3.77

$24,600

To t a l

56

UNIT TYPE

Square Feet

$4.56

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

PRICING DETAILS As of April, 2022

AVG SQ FEET 450 450

RENTAL RANGE $1,375 - $2,050

GROSS ANNUALIZED RENTS

AVERAGE RENT $2,050 $2,050

# OF UNITS 12 12

AVG SQ FEET 450 450

GROSS ANNUALIZED RENTS

POTENTIAL AVERAGE RENT / SF $4.56 $4.56

$295,200

Unit Rent RENTAL RANGE $1,375 - $2,050

Current $2,500 Average Rent / SF $2,000 $3.77 $3.77 $1,500

Average Rent $1,695 $1,695 $244,020

$2,500

Monthly Income $20,335 $20,335

AVERAGE RENT $2,050 $2,050

$1,000 $500

Unit Distribution

POTENTIAL AVERAGE RENT / SF $4.56 $4.56

Unit Rent

$0

$2,000

Unit Type

$1,500

Rent

Rent SF

$1,000 $500 $0

$5.00 SF $4.50 SF $4.00 SF $3.50 SF $3.00 SF $2.50 SF $2.00 SF $1.50 SF $1.00 SF $0.50 SF $0.00 SF

$2.50 SF $2.00 SF $1.50 SF $1.00 SF $0.50 SF $0.00 SF Rent per SF/Month

Rent per Month

$5.00 SF

MONTHLY $4.50 SF INCOME $4.00 SF $24,600 $3.50 SF $24,600 $3.00 SF

$295,200

1 Bed / 1 Bath 1 Bed / 1 Bath 100%

MONTHLY INCOME $24,600 $24,600

Rent per SF/Month

100%

Monthly Income $20,335 $20,335

$244,020

Unit Distribution UNIT TYPE 1 Bed / 1 Bath 1 Bed / 1 Bath TOTALS/WEIGHTED AVERAGES

Current Average Rent / SF $3.77 $3.77

Average Rent $1,695 $1,695

Rent per Month

UNIT TYPE 1 Bed / 1 Bath TOTALS/WEIGHTED AVERAGES

# OF UNITS 12 12

1 Bed / 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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

57

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

Current

2,000 $2,000 $238,699

2,000 $2,000 $288,344

EXPENSES Real Estate Taxes Insurance Utilities - Electric Utilities - Water & Sewer Trash Removal Repairs & Maintenance Landscaping Pest Control Misc. Expenses Operating Reserves Management Fee TOTAL EXPENSES EXPENSES AS % OF EGI NET OPERATING INCOME

Current 49,493 8,745 975 4,800 4,250 6,000 960 400 1,800 3,000 11,935 $92,358 38.7% $146,342

Year 1 49,493 8,745 975 4,800 4,250 6,000 960 400 1,800 3,000 14,417 $94,840 32.9% $193,504

295,200 (51,180) 244,020 (7,321) ($7,321) 236,699

17.3% 3.0% 3.0%

5.0%

Year 1

NOTES

PER UNIT

PER SF

295,200 0 295,200 (8,856) ($8,856) 286,344

[1]

24,600 0 24,600 (738) ($738) 23,862

54.67 0.00 54.67 (1.64) ($2) 53.03

[3]

167 $167 $24,029

0.37 $0.37 $53.40

NOTES [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14]

PER UNIT 4,124 729 81 400 354 500 80 33 150 250 1,201 $7,903

PER SF 9.17 1.62 0.18 0.89 0.79 1.11 0.18 0.07 0.33 0.56 2.67 $17.56

$16,125

$35.83

3.0% 3.0%

5.0%

[2]

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

NOTES TO OPERATING STATEMENT [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14]

58

Curent rent is based on 2022 rent roll and pro forma rent roll is based on the current market and comparable properties in the submarket.

Vacancy is based on the assumption of five percent of three percent of gross current rent.

Laundry income is based on the assumption of $2000 of income per year.

Real estate taxes are reassessed based on 80 percent of the listing price, times the 2021 millage rate (18.8671), plus 2021 non ad-valorem taxes ($840), minus 4 percent for early tax payment. 2021 real estate taxes were $27,193.16.

Insurance expense is based off the actual cost of insurance the 2021 Income and Loss Report.

Electric expense is based off the actual cost of electricity from the 2021 Income and Loss Report.

Water and Sewer expense is based on the actual cost of water and sewer from the 2021 Income and Loss Report.

Trash Removal expense is based on the actual cost of trash removal from the 2021 Income and Loss Report.

Repairs and Maintenance expense based of the pro forma assumption of $500 per unit.

Landscaping expense is based on the actual cost of landscaping from the 2021 Income and Loss Report.

Pest Control expense is based on the actual cost of pest control from the 2021 Income and Loss Report.

Miscellaneous expense is based on the actual ocost of miscellaneous expenses from the 2021 Income and Loss Report.

Operating Reserves are based on the pro forma assumption of $250 per unit per year.

Management Fee is based on assumption of five percent of effective gross income.

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. © 2022 Marcus & Millichap. All rights reserved. Activity ID ZAD0240253.

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

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

OPERATING DATA $3,360,000 $1,176,000 12 $280,000 $622.22 5,400 0.13 Acres 1925

Current 4.36% 13.77 2.12% 1.21

FINANCING Loan Amount Loan Type Interest Rate Amortization Year Due

35%

Year 1 5.76% 11.38 6.13% 1.59

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 -10.32% 0.00

1st Loan $2,184,000 New 3.75% 30 Years 2052

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

# OF UNITS 12 0 0 0 0 IRR Year 5 7 10

UNIT TYPE 1 Bed / 1 Bath

IRR Unlevered 0.00% 0.00% -5.47%

SQFT/UNIT 450

IRR Levered 0.00% 0.00% 0.00%

SCHEDULED RENTS $1,695

MARKET RENTS $2,050

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

3.0%

38.7%

2.12% 5.54%

Current $244,020 $7,321 $236,699 $2,000 $238,699 $92,358 $146,342 $146,342 $121,373 $24,969 $40,159 $65,127

Current $49,493 $8,745 $975 $4,800 $4,250 $6,000 $960 $400 $1,800 $3,000 $11,935 $92,358 $7,696 $17.10

3.0%

32.9%

6.13% 9.68%

Year 1 $295,200 $8,856 $286,344 $2,000 $288,344 $94,840 $193,504 $193,504 $121,373 $72,131 $41,691 $113,822

Year 1 $49,493 $8,745 $975 $4,800 $4,250 $6,000 $960 $400 $1,800 $3,000 $14,417 $94,840 $7,903 $17.56

OFFERING MEMORANDUM

E x clus ively Lis ted b y

ALE J ANDRO J. G ONZ ALE Z

FE LI P E J . E CHART E

EVA N P. K R I S T O L

FIRST VICE PRESIDENT INVESTMENTS

SENIOR VICE PRESIDENT INVESTMENTS

EXECUTIVE MANAGING DIRECTOR INVESTMENTS

Tel: (954) 245-3455 Alejandro.Gonzalez@MarcusMillichap.com LICENSE: FL SL3249949

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

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

Real Estate Investment Services FORT LAUDERDALE OFFICE 5900 North Andrews Avenue, Ste. 100 Fort Lauderdale, Florida 33309