CourtyardSouth|Overview

Proposed class “A� mixed-use development 15 residential units | 4,000sf commercial

Courtyard South LLC 706-850-7740 (office) 706-850-7741 (fax) info@collegetown-properties.com

Development & Business Plan Introduction The Courtyard on South is a proposed mix-use development incorporating high-end student housing with upscale commercial development. With 56 bedrooms of in-demand housing, The Courtyard on South provides an anchor for its 4,000sf of commercial/retail space attracting a wide variety of prospective commercial tenants. Current interest ranges from professional office space to restaurant/cafe. The residential component offers the very latest in student-driven features and amenities. A combination of thoughtful design and premier location insure long-term sustainability and rent growth. Most importantly, the project increases the local tax base and transforms a currently dilapidated series of buildings into a new destination on the Milledge Avenue corridor. The plan calls for removal of all existing structures on 2005 - 2025 South Milledge Avenue and the addition of 10 attached residential structures, 3 detached residential strucutres, 2 residential lofts above retail and 2,000sf of Class A commercial space bordering a common courtyard. Phase 2 of the development includes an additional 2,000sf of Class A commercial space with 2 additional residential lofts. Extensive landscape buffering will be planted in front of the Phase 2 construction area along the South Milledge corridor. This buffer between development phases will ensure that passing traffic is not exposed to parking or construction on the site. Careful planning and design adhere this new development to the future ACC land plan for the area creating a neighborhood setting integrated with a business district. Steps have been taken to hide parking from view of South Milledge as well as to incorporate a pedestrian friendly environment and interconnect the development with existing walk-ways on South Milledge. The project proposes the addition of another City Bus Stop promoting use of public transportation to service the retail and residential components of the community. Outdoor spaces have been designed to promote community gathering areas and increased synergy between residential and commercial spaces. Overall The Courtyard on South provides a unique opportunity for a truly mixed-use project to thrive in a corridor that caters to both commercial, student and single-family patrons.

Development Plan Due Diligence: The property is currently under contract and under consideration for a PD designation in Athens Clarke County. The 3 existing parcels (2005, 2015, 2025 South Milledge) are in the process of being rezoned and recombined to allow for the proposed development.

Property Description: The Courtyard on South will consist of 11 – 4 bedroom residential homes, 2 – 5 bedroom residential homes, 2 – 1 bedroom residential lofts, and a 2,000sf class A commercial building all in Phase 1. The proposed Phase 2 will include an additional 2,000sf class A commercial building to compliment the Phase 1 structure.

All common areas are to be completed with the first Phase including outdoor green-space, community walkways, a bus stop to promote interconnectivity to surrounding neighborhood and adequate parking for both residents and commercial patrons. An extensive landscape and hardscape plan is included for completion in Phase 1 to shield view of both residential structures and parking from the South Milledge streetscape.

Physical Description: Located less than 1 mile from both Five Points and Sanford Stadium, this 1.921 acre property has undergone extensive due-diligence and is ready for development.

Development Time Line: Property closing is scheduled for October 2012. Site development and pre-leasing efforts will run congruent to the start of development. Project completion scheduled for summer 2013 with occupancy beginning August 1, 2013.

Project Partners CollegeTown Properties LLC, Chase Lawrence principal CollegeTown Properties is a committed group of professionals combining a wealth of industry knowledge in the development, brokerage, leasing and management of high quality student housing. From its base in Athens, Georgia, CollegeTown Properties draws on industry-tested experience to provide the highest level of service to the projects and clients they work with. CollegeTown has proven an ability to adapt and build boutique student brands and maintain maximum occupancy levels. CollegeTown Properties has been on the forefront of the highend student community concept beginning with the development, complete lease-up and sell-out of The Orchard Knoxville, TN which totaled gross sales of over $9 Million. With agility in mind, CTP transitioned The Orchard brand from individual unit sales into a stabilized community concept focused on long-term management. The Orchard Athens, GA opened in August 2011 at above market rates and occupancy. The Orchard Clemson, SC is now set to open August 2012 at 100% occupancy and The Orchard East Lansing, MI is under development for 2013. CTP also recently added 5 new Residences to the South Milledge Corridor with the addition of The Courtyard on Milledge in 2011. This community opened at 100% occupancy and was well received by both planners, neighbors and residents. CTP offers property management services to over 500 residents here in Athens, is headquartered on Pulaski Street in Athens, and has been a proponent of both responsible & sustainable development in the ACC Community since its inception. CollegeTown is dedicated to growing a local and thriving business in its home town of Athens. Since graduating from The University of Georgia, its principal has maintained both a residence and business in Athens Clarke County and is committed to serving Athens’ best interest in all endeavors.

Manor Holdings LLC, Brad Stephens principal | Matt Richardson principal Manor Holdings, LLC specializes in the acquisition and development of properties for student housing and has become one of the leaders in Athens, GA in investment properties with over 50 completed projects to date. The team of professionals at Manor Holdings also focuses heavily on the single-family residential market. Whether a custom or speculative build, Manor Holdings is committed to providing quality, value, and lasting relationships.

The principals of Manor Holdings, LLC are Matt Richardson and Brad Stephens who have over 25 years of combined experience. Brad is the current president of the Athens Area Home Builders Association and recipient of the 2010 Builder of the Year award. Matt brings a history of investor relations and luxury development. Manor Holdings has worked on both residential and commercial projects including student housing, custom residential, land acquisition and development and REO acquisition. Manor Holdings is headquartered on Pulaski Street in Athens and it’s principals have been active members of the Athens’ Community since graduating from The University of Georgia.

The company is focused on the long-term sustainability of the Athens Real Estate market and is committed to the highest standards of development on all projects they participate in.

Card Group Properties LLC, Joe Card principal Card Group Properties specializes in the development and acquisition of high-profile student housing in the Athens, Georgia area. Its principal Joe Card brings an acute attention to detail and a desire to create only the very best designs and spaces. Card Group thoughtfully plans each project to ensure that the land use is both appropriate and fitting with the project’s surroundings. Joe most recently developed 125 Hobson Avenue here in Athens. This exciting new community offers 8 residential town homes bordering the river and ACC Greenway.

Completion is set for August 2012 and is opening at 100% occupancy.

Development Concept Student Housing Niche The viability of college town real estate markets shows continuing promise in the student housing niche. Parents desiring the very best in living accommodations for their children are more than willing to pay a rental premium for upscale, well-located properties. Parents and investors also see value in college town markets and their ability to withstand economic fluctuations.

Enrollment at The University of Georgia is at an all time high for 2012.

Intentional Design The Courtyard on South makes a college student’s living accommodations both enjoyable and affordable.

Unrivaled & Innovative Interiors

Interior attention to detail creates comfortable, low maintenance living Polished Concrete floors for sustainable durability, even under heavy use Upgraded energy efficient appliances Comprehensive lighting, cable/internet networking, and security features Marketable new features including: - home audio & home theatre

Elevations 4 Bedroom 4.5 Bath Residences

FRONT ELEVATION 4 BD | 4.5 BA v.A

SIDE ELEVATION Galvalume Metal Roof

4 BD | 4.5 BA v.B FRONT ELEVATION REAR ELEVATION

SIDE ELEVATION SIDE ELEVATION

Gal

HardiePlank® 6.25” Smooth Lap HardieTrim® 3.5” 4/4 Smooth Boards

FRONT 4 BDELEVATION | 4 BA

REAR ELEVATION

SIDE ELEVATION

SIDE ELEVATION Galvalume Metal Roof

HardieTrim® 3.5” 4/4 Smooth Boards

HardiePlank® 6.25” Smo

Elevations 4 Bedroom 4.5 Bath Attached Residences

PREPARED BY:

PROJECT: Cour DATE: 8/6/2012 DRAWING: 4 B SCALE: 3/32” = PROJECT ADDR

FRONT ELEVATION

SIDE ELEVATION

4 BD | 4.5 BA Attached

PREPARED BY: Galvalume Metal Roof

NOTES: PROJECT: Court DATE: 8/6/2012 DRAWING: 4 Be SCALE: 3/32” = A.1: Commercia PROJECT ADDR A.2: Commercia

A.3: 4 Bedroom

A.4: 4 Bedroom REAR ELEVATION

SIDE ELEVATION

FRONT ELEVATION

SIDE ELEVATION

4 BD | 4.5 BA Attached

HardiePlank® 6.25” Smooth Lap Siding

HardieTrim® 3.5” 4/4 Smooth Boards

A.5: 4 Bedroom A.6: 4 Bedroom A.7: 4 Bedroom

A.8: 4 Bedroom

Galvalume Metal Roof

4 Bedroom 4 Bath Attached Residence

PREPARED BY:

NOTES:

Roadside elevati

A.1: Commercia

PROJECT: Courtyard on South A.2: Commercia DATE: 8/6/2012 A.3: 4 Bedroom DRAWING: 4 Bedroom | 4 Bathroom Attac

A.4: 4 Bedroom

REAR ELEVATION

SCALE: 3/32” = 1’ A.5: 4 Bedroom PROJECT ADDRESS: 2005 - 2025 S. Milled

SIDE ELEVATION

HardiePlank® 6.25” Smooth Lap Siding HardieTrim® 3.5” 4/4 Smooth Boards

SIDE ELEVATION

FRONT ELEVATION

4 BD | 4 BA Attached Galvalume Metal Roof

A.6: 4 Bedroom A.7: 4 Bedroom

A.8: 4 Bedroom

PREPARED BY:

Commercial/Retail Buildings

PROJECT: Courtyard on DATE: 8/6/2012

DRAWING: Commercial SCALE: 1/16” = 1’ PROJECT ADDRESS: 20 PREPARED BY:

FRONT ELEVATION 2,000sf Class A Commercial Space | Two 1,000sf Second Floor, Residential Lofts

SIDE ELEVATION

18” Canilever for rain protection

Cantlevered awning for rain protection

18” Canilever for rain protection

Open center bay with interior doors for rain protection Galvalume Metal Roof

PROJECT: Courtyard on South DATE: 8/6/2012 DRAWING: Commercial Building II Elevations SCALE: 1/16” = 1’ PROJECT ADDRESS: 2005 - 2025 S. Milledge Avenue

NOTES: Roadside elevation to m

A.1: Commercial Buildin A.2: Commercial Buildin

FRONT ELEVATION 2,000sf Class A Commercial Space | Two 1,000sf Second Floor, Residential Lofts

A.3: 4 Bedroom | 4.5 Ba

A.4: 4 Bedroom | 4.5 Ba

Galvalume Metal Roof REAR ELEVATION

Location Map

SIDE ELEVATION HardieTrim® 3.5” 4/4 Smooth Boards

Incredibly located less than 1 mile to 5 Points and Sanford Stadium

HardiePlank® 6.25” Smooth Lap Siding

NOTES:

A.5: 4 Bedroom | 4 Bath A.6: 4 Bedroom | 4 Bath A.7: 4 Bedroom | 4.5 Ba

A.8: 4 Bedroom | 4.5 Ba

Roadside elevation to meet minimum 40% window and door coverage.

A.1: Commercial Building I: Elevations A.2: Commercial Building II: Elevations A.3: 4 Bedroom | 4.5 Bathroom v.A: Elevations A.4: 4 Bedroom | 4.5 Bathroom v.B: Elevations

REAR ELEVATION

HardieTrim® 3.5” 4/4 Smooth Boards

HardiePlank® 6.25” Smooth Lap Siding

A.5: 4 Bedroom | 4 Bathroom: Elevations A.6: 4 Bedroom | 4 Bathroom Attached: Elevations A.7: 4 Bedroom | 4.5 Bathroom Attahced v.A: Elevations A.8: 4 Bedroom | 4.5 Bathroom Attahced v.B: Elevations

A.2

Survey of Subject Property

Topographical Survey of Subject Property

Proposed Concept Plan

Proposed Landscape Plan

University of Georgia Demographics

With such an in-demand location, subject property appeals to both undergrads and graduate students.

STUDENTS 26,373 8,443

FALL 2011 ENROLLMENT Undergraduate Enrollment Graduate Enrollment TOTAL

34,816

YEAR US News Ranking 2010 (Public Universities)

RANK 23

RENTER POOL On-Campus Housing O -Campus Housing O -Campus Undergraduate Pool

2011-2012 TUITION In-State Annual Tuition Out-of-State Annual Tuition

Data from the University of Georgia Official Website

Student Capture 19.5% 80.5%

21,230

AMOUNT $9,472 $27,682

Partner Contact Information

Chase Lawrence OFFICE: (706) 850.7740 FAX: (706) 850.7741 CELL: (706) 200.7082 EMAIL: chase@collegetown-properties.com WEB: www.RentCollegeTown.com

Brad Stephens

Matt Richardson

CELL: (706) 254.7400 EMAIL: bradstephens01@gmail.com WEB: www.ManorHoldings.com

CELL: (706) 254.2885 EMAIL: mattalanrich@gmail.com WEB: www.ManorHoldings.com

Thank You for Your Consideration

Courtyard South LLC 706-850-7740 (office) 706-850-7741 (fax) info@collegetown-properties.com