Gable Oaks, Columbia, SC OM

EXCLUSIVE OFFERING

UNITS: 200 | RENOVATED: 2000 901 Colleton St., Columbia, SC 29203

INVESTMENT ADVISORS

Brandon Grisham

Senior Managing Director WA License #: 98101 253.653.3313 brandon.grisham@berkadia.com

Mike Terry

Director MT License #89005 425.761.1640 mike.terry@berkadia.com

Mark Boyce

Senior Managing Director SC License #: 57243 843.628.3765 mark.boyce@berkadia.com

TA B L E O F C O N T E N T S

3

S E AT T L E O F F I C E

CHARLESTON OFFICE

601 Union St. Suite 3909 Seattle, WA 98101

207 E. Bay St. Suite 301 & 312 Charleston, SC 29401

12

EXECUTIVE SUMMARY

THE LOCATION

21

28

FINANCIAL ANALYSIS

RENT COMPARABLES

PROPERTY DETAILS

Multifamily LIHTC Property Offering 1, 2, & 3 Bedroom Apartments with a HAP Contract In Place Covering 60 Units

Richland County has Experienced an Increase of 45.28% in FMR on One, Two, & Three Bedrooms Since 2018

Strong AMI Growth in Richland County with an Overall 24.32% Increase Since 2018

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BERKADIA GABLE OAKS APARTMENT HOMES

Property is Past its Initial 15-Year LIHTC Compliance Period and is Eligible for Resyndication

Over $1 Million in Recent Renovations have been Completed at the Property Including, Replacing Aluminum Wiring, Roofs and Balconies, and Exterior Stairwells

PROPERTY OVERVIEW Gable Oaks Apartment Homes is a 200-unit affordable housing community located in Columbia, SC. The property is conveniently located minutes from major retailers including Walmart Supercenter and Trader Joe’s. Numerous restaurants, outdoor recreation, schools, and major transportation arteries are nearby as well.

The property was built in 1971 and rehabbed and placed in service in 2000 under the Section 42 LowIncome Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 60% of the Area Median Income (AMI) limits, which are provided

by South Carolina State Housing Finance and Development Authority.

Additionally, the property is also a recipient of HUD Section 8 project based rental income assistance pursuant to a Housing Assistance Payment (HAP) contract. The current contract has an effective beginning date of November 1, 2016 and provides assistance for 60 units. Within the contract, Section 2(b) states that the contract runs for an effective term of 20 years.

Gable Oaks Apartment Homes offers one, two, and three bedroom apartment homes featuring high speed internet access and air conditioning.

Community amenities include laundry facilities, an on site property manager, business center, a clubhouse, fitness center, and playground.

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BERKADIA GABLE OAKS APARTMENT HOMES

REGULATORY RESTRICTIONS % OF AFFORDABLE UNITS S TAT E AGENCY

100%

1971/2000 Year Built/Reno

27

Building SCSHFDA

2 Stories

YEAR PLACED IN SERVICE

2000*

END OF INITIAL COMPLIANCE

2015*

Total Multifamily Units

END OF LIHTC RESTRICTIONS

2030

162,400 SF

H A P R ENE WA L

11/2016

HAP CONTRACT TERM

200 Rentable Area

812 SF Average Unit Size

20 YEARS

2023 NSPIRE SCORE *Box 10a on the 8609’s is unmarked

91

11.30 ACRES Land Area

RICHLAND County

RENOVATION DETAILS •

In 2016, Gable Oaks underwent over $5.1M in renovations and new construction.

Renovations included the updating of 192 existing apartment units, parking areas and site amenities. New construction consisted of a 3,700 square foot community building and a new 6,750 SF apartment building housing 8 units.

•

Renovations to the existing 192 units included new cabinets, counter-tops, painting, flooring, lighting, ceiling fans, appliances, vanities, toilets and tub surrounds (where needed). Repairs and or replacement of PTAC units, hot water heaters, doors and tubs were also completed on an as needed basis. On the exterior of these buildings, 23 new roofs were installed and the exterior sheathing / stairs were also repainted / repaired.

•

The new community building houses two management offices, a computer lab, restrooms, a service kitchen, and a 1,250 square foot assembly area for the residents. Behind the community building, a new 900 square foot patio/ courtyard was constructed to provide a location for gathering and recreation.

Additionally, a new mailbox kiosk was constructed for all resident mail services.

•

A new apartment building contains (8) 2-bedroom units, replacing a building that was damaged by a fire in 2014. The new apartment building includes a fully handicap accessible unit and a unit specifically designed for the hearing impaired.

•

The existing laundry and maintenance building also received exterior improvements including a new roof and repairs to the siding and doors. The interior was reconfigured; expanding the area for maintenance.

In 2017, additional amenities were added including a new playground and surveillance system.

• •

In April of 2018, a second building previously renovated (Building 4) was heavily damaged by fire. The building was reconstructed and upgraded in 2018 and completed in March 2019. Both new buildings contain sprinkler systems.

•

In 2024, over $1 million in recent renovations have been completed including, replacing aluminum wiring, roofs and balconies, and exterior stairwells.

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BERKADIA GABLE OAKS APARTMENT HOMES

2025 ANTICIPATED TAX EXEMPT BOND PROGRAM SCHEDULE •

May 27, 2025 - Last day SC Housing will accept waiver requests.

•

June 6, 2025 - Answer to waiver requests will be posted.

•

June 27, 2025 - Full Applications are due by 5:00 p.m. (EST) along with the application fees as detailed in the 2024 Qualified Allocation Plan.

•

September 30, 2025 - SC Housing will post final ranking for the full applications received.

•

December 15, 2025 - Preliminary Resolution drafts submitted to SC Housing’s legal team.

•

January 2026 - Preliminary Resolution brought before the SC Housing Bond Committee Meeting. Members from the development team and bond counsel will need to be in attendance. If approved, SC Housing will forward 42M Letter and STC Preliminary Determination Letter.

•

February 2026 – Complete Bond package due to SFAA.

•

March 2026 - Approval from SFAA. Members from the development team and bond counsel will need to be in attendance.

•

April 16, 2026 – Final Resolution drafts submitted to SC Housing’s legal team.

•

May 6, 2026 - Recommendation from SC Housing Bond Committee to receive Final Resolution from SC Housing Board. Members from the development team and bond counsel will need to be in attendance.

•

May 20, 2026 - Receive Final Resolution from SC Housing Board. Members from the development team and bond counsel will need to be in attendance.

•

November 30, 2026 – Bond Closing must be complete.

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BERKADIA GABLE OAKS APARTMENT HOMES

FLOORPLANS

1BD/1BTH 700 SF

8

BERKADIA GABLE OAKS APARTMENT HOMES

2BD/1BTH 800 SF

3BD/2BTH 900 SF

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BERKADIA GABLE OAKS APARTMENT HOMES

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BERKADIA GABLE OAKS APARTMENT HOMES

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BERKADIA GABLE OAKS APARTMENT HOMES

THE LOCATION

BOUNDARY AERIAL Ca

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NORTH

BERKADIA GABLE OAKS APARTMENT HOMES NORTH

POINTS OF INTEREST

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BERKADIA GABLE OAKS APARTMENT HOMES

NORTH

EMPLOYMENT HUBS

PRISMA HEALTH (4.5 MI.)

1400 Pickens St., Columbia, SC 29201 Prisma Health is South Carolina’s largest private, non-profit healthcare system.

15,000 • 2,947 beds statewide EMPLOYEES • Serves roughly 1.5 million patients annually

UNIVERSITY OF SOUTH CAROLINA (COLUMBIA) (4.8 MI.) The University of South Carolina is the largest institution of higher learning in the state.

• $4.2 billion economic impact

6,400 • 35,470 students enrolled EMPLOYEES • Roughly 28,790 students in need of off-campus housing

LEXINGTON MEDICAL CENTER (10.1 MI)

2720 Sunset Blvd., West Columbia, SC 29169

7,900 EMPLOYEES

Lexington Medical Center anchors a healthcare network that includes 5 community medical centers and has been recognized as a top performing hospital.

• 557 beds

FORT JACKSON (12.1 MI.)

2400 Jackson Blvd., Columbia, SC 29207 Fort Jackson is the largest and most active Initial training Center of the U.S. Army.

20,000 • $2.3 billion economic impact statewide EMPLOYEES • 52,000 acres 15

BERKADIA GABLE OAKS APARTMENT HOMES

ADDITIONAL NEARBY EMPLOYERS

SISTERS OF CHARITY PROVIDENCE HOSPITAL

BLUE CROSS BLUE SHIELD

2435 Forest Dr., Columbia, SC 29204 • 3,100 workers • 258 beds

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BERKADIA GABLE OAKS APARTMENT HOMES

Alpine Rd., Columbia, SC 29209 4.6 MI.

FROM PROPERTY

• 11,500 workers

7.9 MI.

FROM PROPERTY

MAJOR DEVELOPMENTS & CORPORATE EXPANSIONS THE BULLSTREET DISTRICT

1640 Freed St., Columbia, SC 29201

3.1 MI.

FROM PROPERTY

Construction continues on South Carolina’s first gigabit community.

The 181-acre development features commercial and residential space.

• Expected to generate $1.2 billion in economic activity • Projected to create 11,000 new jobs • Features 125,000 SF of office space and retail space, as well as 3,500 residential dwellings • 20-year revitalization project • Scheduled to be completed by 2034

CAMPUS VILLAGE

4.8 MI.

FROM PROPERTY

The University of South Carolina is developing one of the largest projects in school history. The new housing complex will encompass eight residential halls with a mix of amenities such as dining options, retail areas, and more.

• $460 million investment • 3,750 student housing beds • 945-space parking facility

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BERKADIA GABLE OAKS APARTMENT HOMES

LIFESTYLE & ENTERTAINMENT

NICKELODEAN THEATRE

1607 Main St., Columbia, SC 29201

206-SEAT THEATER

The Nickelodean is an art-house theater that hosts film festivals, annual meetings, parties, corporate events, and more.

• Total capacity of 206

TAPP’S ART CENTER

1644 Main St., Columbia, SC 29201

300 GUESTS

• 32 artist studios

1515 Main St., Columbia, SC 29201

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BERKADIA GABLE OAKS APARTMENT HOMES

4.2 MI.

FROM PROPERTY

Tapp’s Art Center is a hub for visual and performing arts. The center boasts more than 30 studios, a multi-use performance venue, and a huge gallery.

COLUMBIA MUSEUM OF ART

26 GALLERIES

4.1 MI.

FROM PROPERTY

4.4 MI.

FROM PROPERTY

The CMA is internationally renowned and offers a variety of exhibitions and events.

LIFESTYLE & ENTERTAINMENT KOGER CENTER

1051 Greene St., Columbia, SC 29201

2,000+ SEAT THEATER

5.1 MI.

FROM PROPERTY

The Koger Center for the Arts is used for various functions including the State of the State Address, The South Carolina body Building Championships, The South Carolina Science Fair, and other events.

RIVERBANKS ZOO AND GARDEN

500 Wildlife Pkwy., Columbia, SC 29210

170 ACRES

The Riverbanks Zoo and Garden is a zoo, aquarium, and botanical garden.

• 1 million annual visitors • Home to more than 2,000 animals

WILLIAMS-BRICE STADIUM

1644 Main St., Columbia, SC 29201

80,000-SEAT STADIUM 19

5.9 MI.

FROM PROPERTY

7.0 MI.

FROM PROPERTY

Williams-Brice Stadium is the home football stadium for the South Carolina Gamecocks, the college football team representing the University of South Carolina.

• 16th largest on-campus college football stadium in the NCAA

BERKADIA GABLE OAKS APARTMENT HOMES

TRANSPORTATION 15.7 MI.

FROM PROPERTY

COLUMBIA METROPOLITAN AIRPORT (CAE)

3250 Airport Blvd., West Columbia, SC 29170

Transportation in Columbia in serviced by CAE. The airport is a key economic driver in the region.

• $748 million annual economic impact • 437,186 passengers in 2023 • Supports 6,640 direct and indirect jobs

THE COMET-CENTRAL MIDLANDS TRANSIT The COMET serves as Columbia’s regional bus system.

• 34 bus routes • Serves more than 2.8 million passengers annually

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BERKADIA GABLE OAKS APARTMENT HOMES

Sources: BerkadiaTetrad; Research; Tetrad; City of Columbia Sources: Berkadia Research; Real Page; City of Harlingen CAFR 2021 . ACFR 2024

PROPERTY FINANCIALS

UNIT MIX UNIT TYPE

SET-ASIDE

NUMBER OF UNITS

UNIT SIZE (RSF)

ASKING RENT

PROFORMA RENT

MAX TC RENT

CURRENT UA

MAX NET TC RENT

SAFMR

150% SAFMR

1 BD 1 BTH

HAP

2

700

$790

$818

$1,001

$82

$919

$1,110

$1,665

1 BD 1 BTH

60%

8

700

$881

$907

$1,001

$92

$909

$1,110

$1,665

1 BD 1 BTH - Voucher

60%

22

700

$883

$909

$1,001

$96

$905

$1,110

$1,665

32

22,400

$28,048

$28,897

$32,032

$29,020

$35,520

$53,280

700

$877

$903

$1,001

$907

$1,110

$1,665

$920

$952

$1,201

$121

$1,080

$1,230

$1,845

1 BD UNIT TOTAL 1 BD UNIT AVG 2 BD 1 BTH

HAP

40

800

2 BD 1 BTH

60%

23

800

$975

$1,004

$1,201

$120

$1,081

$1,230

$1,845

2 BD 1 BTH - Voucher

60%

49

800

$1,019

$1,050

$1,201

$116

$1,085

$1,230

$1,845

112

89,600

$109,146

$112,604

$134,512

$121,228

$137,760

$206,640

800

$975

$1,005

$1,201

$1,082

$1,230

$1,845

2 BD UNIT TOTAL 2 BD UNIT AVG 3 BD 2 BTH

HAP

18

900

$1,011

$1,046

$1,389

$154

$1,235

$1,570

$2,355

3 BD 2 BTH

60%

21

900

$1,196

$1,232

$1,389

$147

$1,242

$1,570

$2,355

3 BD 2 BTH - Voucher

60%

17

900

$1,289

$1,327

$1,389

$135

$1,254

$1,570

$2,355

56

50,400

$65,220

$67,268

$77,784

$69,630

$87,920

$131,880

900

$1,165

$1,201

$1,389

$1,243

$1,570

$2,355

162,400

$202,414

$208,769

$244,328

$219,878

$261,200

$391,800

812

$1,012

$1,044

$1,222

$1,099

$1,306

$1,959

3 BD UNIT TOTAL 3 BD UNIT AVG

TOTAL

200

AVERAGE

*The unit mix above was based on the 11/30/24 rent roll and the 11/1/24 HUD Rent Schedule. LIHTC rents represent the average leases received. Proforma Rents reflect a 3.5% rent increase for HAP units and a 3% increase for LIHTC units.

AFFORDABILITY RESTRICTIONS LIHTC Regulatory Agreement: 100% of units at 60% AMI with restrictions running through December 2030.

Bond Regulatory Agreement: 40% at 60% AMI, with restrictions running through the later of i) 15 years after the close of the compliance period, ii) when no tax-exempt bonds are outstanding, or iii) the end of the qualified project period.

HAP Renewal Contract (SC16M000108): Option 2 contract covering 60 units through October 31, 2036.

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BERKADIA GABLE OAKS APARTMENT HOMES

RENT & INCOME LIMITS Area Median Income: $86,900

Richland County Effective Year: 2024

Unit Breakdown by Unit Type

TAX CREDIT PROPERTY INCOME LIMITS

16%

28%

56%

1 BD

2 BD

3 BD

Asking Rent to Max Net TC Rents $1,400 $1,196

$1,200 $1,000

$907

$881

$975

$1,243

$1,082

$800 $600 $400 $200 $0 1 BD

2 BD Asking Rent

3 BD

Net Max Rent

* Chart excludes rent from HAP and Voucher units.

23

Gable Oaks Apartment Homes is a Section 42 LIHTC property which means that federal tax credits were given to help finance the property. The property currently is required to hold the maximum rent charged at or below a level considered appropriate for the households that have incomes at or below 60% of the local Area Median Income (AMI) for the county.

BERKADIA GABLE OAKS APARTMENT HOMES

INCOME

60%

1 Person

$37,380

2 Person

$42,720

3 Person

$48,060

4 Person

$53,400

5 Person

$57,720

6 Person

$61,980

7 Person

$66,240

TAX CREDIT MAXIMUM ALLOWABLE RENTS Set Aside

Unit Type

# of Units

Max TC Rent

UA

Max Net Rent

60%/HAP

1 BD

2

$1,001

$82

$919

60%

1 BD

8

$1,001

$92

$909

60%

1 BD

22

$1,001

$96

$905

60%/HAP

2 BD

40

$1,201

$121

$1,080

60%

2 BD

23

$1,201

$120

$1,081

60%

2 BD

49

$1,201

$116

$1,085

60%/HAP

3 BD

18

$1,389

$154

$1,235

60%

3 BD

21

$1,389

$147

$1,242

60%

3 BD

17

$1,389

$135

$1,245

HISTORICAL RENT & INCOME LIMITS RICHLAND COUNTY | SOUTH CAROLINA AMI GROWTH

2 BD 60% RENT GROWTH

$85,000 $80,000

5 Yr Avg

4.87%

10 Yr Avg

4.24%

$1,200

5 Yr Avg

4.53%

10 Yr Avg

3.10%

$1,100

$75,000 $70,000

$1,000

$65,000 $900

$60,000 $55,000

$800

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2014

2015

OCAF

2017

2018

2019

2020

2021

2022

2023

2024

2024

2025

FMR GROWTH 1, 2, & 3 BD UNITS

6.00%

5.00%

2016

$1,400

5 Yr Avg

3.62%

10 Yr Avg

3.22%

$1,300

5 Yr Avg

7.01%

10 Yr Avg

5.41%

$1,200

4.00%

$1,100 3.00%

$1,000

2.00%

$900 $800

1.00% 2014

24

2015

2016

2017

2018

BERKADIA GABLE OAKS APARTMENT HOMES

2019

2020

2021

2022

2023

2024

2015

2016

2017

2018

2019

2020

2021

2022

2023

INCOME & EXPENSES Trailing-12 (Oct. 2023)

OPERATIONAL ANALYSIS

Trailing-12 (Oct. 2024)

PER UNIT

11.30.24 RR / Underwritten Exp

PER UNIT

PER UNIT

PROFORMA

PER UNIT

$2,505,227 $0 $2,505,227 3.22%

$12,526 $0 $12,526

(1)

($250,523) ($25,052) $0 $0 ($275,575)

($1,253) ($125) $0 $0 ($1,378)

(2)

INCOME Gross Potential Rent Gain (Loss) to Lease POTENTIAL RENTAL INCOME % Increase over Prior Year Economic Loss Vacancy Loss Bad Debt Concessions Down Units Total Economic Loss

(3.80%)

$2,379,277 ($90,396) $2,288,881

$11,896 ($452) $11,444

(0.08%)

7.87% 1.04% 0.00% 1.71% 10.62%

($180,146) ($23,746) $0 ($39,177) ($243,069)

($901) ($119) $0 ($196) ($1,215)

13.92% 1.16% 0.42% 1.90% 17.40%

$2,045,811

NET RENTAL INCOME Other Income Late Charges Damages/Cleaning Late Charges Laundry Income Recovered Vacancy Claims - HUD Misc. Other Income Total Other Income EFFECTIVE GROSS INCOME

$2,406,555 ($1,958) $2,404,597 5.06%

$12,033 ($10) $12,023

(0.08%)

$2,428,964 ($1,956) $2,427,008 0.93%

$12,145 ($10) $12,135

0.00%

($334,766) ($27,899) ($10,111) ($45,610) ($418,386)

($1,674) ($139) ($51) ($228) ($2,092)

13.80% 1.16% 0.42% 2.04% 17.41%

($334,893) ($27,899) ($10,111) ($49,439) ($422,342)

($1,674) ($139) ($51) ($247) ($2,112)

10.00% 1.00% 0.00% 0.00% 11.00%

$10,229

$1,986,211

$9,931

$2,004,666

$10,023

$2,229,652

$11,148

$15,093 $16,495 $6,179 $0 $5,290 $43,057

$0 $75 $82 $31 $0 $26 $215

$10,766 $13,591 $4,850 $3,200 $3,737 $36,144

$0 $54 $68 $24 $16 $19 $181

$10,766 $13,591 $4,850 $3,200 $3,737 $36,144

$0 $54 $68 $24 $16 $19 $181

$10,766 $13,591 $4,850 $3,200 $3,737 $36,144

$0 $54 $68 $24 $16 $19 $181

$2,088,869

$10,444

$2,022,355

$10,112

$2,040,810

$10,204

$2,265,796

$11,329

EXPENSES FIXED OPERATIONAL EXPENSE Total Real Estate Property Taxes Total Property Insurance Expense Total Property Utility Expense TOTAL FIXED OPERATIONAL EXP

1.48% 8.15% 11.77% 21.40%

$30,855 $170,305 $245,902 $447,062

$154 $852 $1,230 $2,235

1.57% 10.48% 14.91% 26.96%

$31,748 $211,990 $301,450 $545,188

$159 $1,060 $1,507 $2,726

0.00% 10.39% 14.77% 25.16%

$0 $211,990 $301,450 $513,440

$0 $1,060 $1,507 $2,567

0.00% 9.36% 13.30% 22.66%

$0 $211,990 $301,450 $513,440

$0 $1,060 $1,507 $2,567

VARIABLE OPERATIONAL EXPENSE Total Maint. Contract Services Total Repairs & Maintenance Total Administrative Expenses Total Leasing & Marketing Total Payroll and Salary Expenses Property Management Fee Security TOTAL VARIABLE OPERATIONAL EXP

2.72% 7.37% 3.17% 0.81% 15.78% 4.76% 3.95% 38.56%

$56,817 $153,903 $66,239 $16,986 $329,596 $99,440 $82,574 $805,555

$284 $770 $331 $85 $1,648 $497 $413 $4,028

3.00% 9.16% 3.36% 0.53% 17.45% 5.09% 3.56% 42.15%

$60,740 $185,165 $67,936 $10,778 $352,903 $102,950 $71,946 $852,419

$304 $926 $340 $54 $1,765 $515 $360 $4,262

2.98% 7.35% 3.33% 0.53% 17.29% 5.00% 3.53% 40.00%

$60,740 $150,000 $67,936 $10,778 $352,903 $102,041 $71,946 $816,344

$304 $750 $340 $54 $1,765 $510 $360 $4,082

2.68% 6.62% 3.00% 0.48% 15.58% 5.00% 3.18% 36.53%

$60,740 $150,000 $67,936 $10,778 $352,903 $113,290 $71,946 $827,594

$304 $750 $340 $54 $1,765 $566 $360 $4,138

TOTAL FIXED & VARIABLE EXPENSES

59.97%

$1,252,617

$6,263

69.11%

$1,397,607

$6,988

65.16%

$1,329,784

$6,649

59.19%

$1,341,034

$6,705

$60,000

$300

$60,000

$300

$60,000

$300

$60,000

$300

$1,312,617

$6,563

$1,457,607

$7,288

$1,389,784

$6,949

$1,401,034

$7,005

$776,252

$3,881

$564,748

$2,824

$651,026

$3,255

$864,763

$4,324

Reserves & Replacements TOTAL OPERATING EXPENSES

62.84%

NET OPERATING INCOME

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BERKADIA GABLE OAKS APARTMENT HOMES

72.07%

68.10%

61.83%

(3)

(4)

NOTES TO INCOME & EXPENSES NOTES TO PROFORMA (1)

Potential Rental Income: Based on the Proforma Rents as displayed on the Unit Mix page, annualized. Proforma Rents reflect a 3.5% rent increase for HAP units and a 3% increase for LIHTC units.

(2)

Vacancy: Analysis uses a 10% vacancy factor in the Proforma.

(3)

Real Estate Taxes: The property is currently benefitting from a PILOT. Ownership has recently entered into a new tax agreement that will extend the credit enhancement agreement, resulting in a remaining PILOT term of 6 years. Additionally, Please see notes below.

(4)

Repairs & Maintenance: Reduced to $750 per unit based on expenses observed at comparable affordable properties.

REAL ESTATE TAX ANALYSIS Parcel #: R117050301; R117061103

Land Improvement Total Market Value Exemptions Value after Exemptions Assessment Ratio Assessed Value Tax Rate Tax Payable Less: Sales Credit Total Tax Due Before PILOT PILOT Tax 10% Total Taxes Due

2023 $282,600 $10,038,400 $10,500,000 $0 $10,500,000 6.00% $630,000

Proforma $291,078 $10,339,552 $10,815,000 $10,815,000 $0 6.00% $0

55.150% $347,445 ($46,106) $301,340 $30,134 $30,134

55.150% $0 $0 $0 $0 $0

Notes Per the County Assessor's Office, properties are reassessed every 5 years with the last reassessment being in 2019 and the next reassessment being in 2024.

The Proforma property taxes are estimated by assuming a 3% increase in the current market value and applying the same tax rate seen in 2023. Analysis assumes the PILOT agreement currently in place is terminated and a full tax exemption under SC Section 12-37-220 is granted due to a Non-Profit owner purchasing the property.

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BERKADIA GABLE OAKS APARTMENT HOMES

CASH FLOW PROPERTY CASH FLOW ANALYSIS - ASSUMPTIONS CASH FLOW SUMMARY Gross Potential Rent Growth Loss to Lease Vacancy Bad Debt Concessions Other Income Growth Property Taxes Insurance Utilities Property Management Fee Other Expenses Replacement Reserves

Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8

Year 9

Year 10

NA 0.00% 10.00% 1.00% 0.00% NA NA NA NA 5.00% NA NA

2.75% 0.00% 8.00% 1.00% 0.00% 2.50% 3.00% 3.00% 3.00% 5.00% 3.00% 0.00%

2.75% 0.00% 6.00% 1.00% 0.00% 2.50% 3.00% 3.00% 3.00% 5.00% 3.00% 0.00%

2.75% 0.00% 6.00% 1.00% 0.00% 2.50% 3.00% 3.00% 3.00% 5.00% 3.00% 0.00%

2.75% 0.00% 6.00% 1.00% 0.00% 2.50% 3.00% 3.00% 3.00% 5.00% 3.00% 0.00%

2.75% 0.00% 6.00% 1.00% 0.00% 2.50% 3.00% 3.00% 3.00% 5.00% 3.00% 0.00%

2.75% 0.00% 6.00% 1.00% 0.00% 2.50% 3.00% 3.00% 3.00% 5.00% 3.00% 0.00%

2.75% 0.00% 6.00% 1.00% 0.00% 2.50% 3.00% 3.00% 3.00% 5.00% 3.00% 0.00%

2.75% 0.00% 6.00% 1.00% 0.00% 2.50% 3.00% 3.00% 3.00% 5.00% 3.00% 0.00%

2.75% 0.00% 6.00% 1.00% 0.00% 2.50% 3.00% 3.00% 3.00% 5.00% 3.00% 0.00%

INCOME Gross Potential Rent Gain (Loss) to Lease POTENTIAL RENTAL INCOME

$2,505,227 $0 $2,505,227

$2,574,121 $0 $2,574,121

$2,644,909 $0 $2,644,909

$2,717,644 $0 $2,717,644

$2,792,380 $0 $2,792,380

$2,869,170 $0 $2,869,170

$2,948,072 $0 $2,948,072

$3,029,144 $0 $3,029,144

$3,112,446 $0 $3,112,446

$3,198,038 $0 $3,198,038

Economic Operational Loss Vacancy Loss Bad Debt Concessions Total Operational Loss

($250,523) ($25,052) $0 ($275,575)

($205,930) ($25,741) $0 ($231,671)

($158,695) ($26,449) $0 ($185,144)

($163,059) ($27,176) $0 ($190,235)

($167,543) ($27,924) $0 ($195,467)

($172,150) ($28,692) $0 ($200,842)

($176,884) ($29,481) $0 ($206,365)

($181,749) ($30,291) $0 ($212,040)

($186,747) ($31,124) $0 ($217,871)

($191,882) ($31,980) $0 ($223,863)

NET RENTAL INCOME

$2,229,652

$2,342,450

$2,459,766

$2,527,409

$2,596,913

$2,668,328

$2,741,707

$2,817,104

$2,894,574

$2,974,175

$36,144

$37,048

$37,974

$38,923

$39,896

$40,894

$41,916

$42,964

$44,038

$45,139

$2,265,796

$2,379,498

$2,497,740

$2,566,332

$2,636,809

$2,709,222

$2,783,623

$2,860,068

$2,938,612

$3,019,314

OPERATIONAL EXPENSES FIXED OPERATIONAL EXPENSE Total Real Estate Property Taxes Total Property Insurance Expense Total Property Utility Expense TOTAL FIXED OPERATIONAL EXP

$0 $211,990 $301,450 $513,440

$0 $218,350 $310,493 $528,843

$0 $224,900 $319,808 $544,708

$0 $231,647 $329,402 $561,050

$0 $238,597 $339,284 $577,881

$0 $245,755 $349,463 $595,218

$0 $253,127 $359,947 $613,074

$0 $260,721 $370,745 $631,466

$0 $268,543 $381,867 $650,410

$0 $276,599 $393,323 $669,923

VARIABLE OPERATIONAL EXPENSE Total Maint. Contract Services Total Repairs & Maintenance Total Administrative Expenses Total Leasing & Marketing Total Payroll and Salary Expenses Property Management Fee Security

$60,740 $150,000 $67,936 $10,778 $352,903 $113,290 $71,946

$62,563 $154,500 $69,974 $11,101 $363,490 $118,975 $74,105

$64,440 $159,135 $72,074 $11,434 $374,395 $124,887 $76,328

$66,373 $163,909 $74,236 $11,777 $385,627 $128,317 $78,618

$68,364 $168,826 $76,463 $12,131 $397,196 $131,840 $80,976

$70,415 $173,891 $78,757 $12,494 $409,111 $135,461 $83,406

$72,527 $179,108 $81,119 $12,869 $421,385 $139,181 $85,908

$74,703 $184,481 $83,553 $13,255 $434,026 $143,003 $88,485

$76,944 $190,016 $86,060 $13,653 $447,047 $146,931 $91,139

$79,252 $195,716 $88,641 $14,063 $460,459 $150,966 $93,874

TOTAL VARIABLE OPERATIONAL EXP

$827,594

$854,708

$882,692

$908,856

$935,796

$963,535

$992,097

$1,021,507

$1,051,790

$1,082,970

TOTAL FIXED & VARIABLE EXPENSE

$1,341,034

$1,383,551

$1,427,400

$1,469,905

$1,513,677

$1,558,753

$1,605,171

$1,652,973

$1,702,200

$1,752,893

$60,000

$60,000

$60,000

$60,000

$60,000

$60,000

$60,000

$60,000

$60,000

$60,000

TOTAL OPERATING EXPENSES

$1,401,034

$1,443,551

$1,487,400

$1,529,905

$1,573,677

$1,618,753

$1,665,171

$1,712,973

$1,762,200

$1,812,893

PROPERTY NET OPERATING INCOME

$864,763

$935,947

$1,010,339

$1,036,427

$1,063,132

$1,090,469

$1,118,452

$1,147,095

$1,176,413

$1,206,421

Total Other Income EFFECTIVE GROSS INCOME

Replacement Reserves

27

BERKADIA GABLE OAKS APARTMENT HOMES

RENT COMPARABLES

COMPARABLE RENTAL PROPERTIES PROPERTY

CITY

RENTAL STATUS

DISTANCE

BUILT/RENO

UNITS

OCCUPANCY

AVG. UNIT SF

AVG. RENT

AVG. RENT/SF

S

GABLE OAKS APARTMENT HOMES

COLUMBIA

AFFORDABLE

--

1971/2000

200

86%

812

$1,012

$1.25

1

The Landings at Forest Acres

Columbia

Market

2.80

1967/1996

176

97%

1,011

$963

$0.95

2

Ravenwood Hills

Columbia

Market

2.93

1970/2017

112

92%

964

$1,021

$1.06

3

Reserve at River Walk

Columbia

Market

3.37

1992/2008

220

91%

917

$1,116

$1.22

4

The Farrington

Columbia

Market

4.36

1974

158

98%

1,142

$1,131

$0.99

5

Cypress Run

Columbia

Market

4.86

1997

204

88%

778

$1,043

$1.34

6

Bent Tree

Columbia

Market

4.90

1986

232

94%

883

$959

$1.09

1,102

92%

933

$1,010

$1.08

Total/Averages

29

BERKADIA GABLE OAKS APARTMENT HOMES

COMPARABLE RENTAL PROPERTIES

4

3

30

GABLE OAKS APARTMENT HOMES

1

The Landings at Forest Acres

22

Ravenwood Hills

34

Reserve at River Walk

42

The Farrington

53

Cypress Run

64

Bent Tree

S

5

6

S S

BERKADIA GABLE OAKS APARTMENT HOMES

12

SUBJECT PROPERTY S

1971/2000 YEAR BUILT/RENO

200 TOTAL UNITS

UNIT TYPE

UNIT SF

RENT

RENT/SF

1 BEDROOM

700

$877

$1.25

2 BEDROOM

800

$975

$1.22

3 BEDROOM

900

$1,165

$1.29

AMENITIES

GABLE OAKS 9 01 C O L L E T O N S T. C O LUMBI A , S C 2 9 2 0 3

31

BERKADIA GABLE OAKS APARTMENT HOMES

86% OCCUPANCY

■ Community Room

■ Business Center

■ Playground

■ Ceilings Fans

■ On-Site Laundry Facility

■ Fitness Center

COMPARABLE RENTAL PROPERTIES 1

2

3

32

THE LANDINGS AT FOREST ACRES 3 4 31 C O V E N A N T R D. C O LUMBI A , S C 2 9 2 0 3

BUILT/RENO

1967/1996

UNITS

176

OCCUPANCY

97%

RAVENWOOD HILLS 4 215 BE T HE L CH UR CH R D. C O LUMBI A , S C 2 9 2 0 6

BUILT/RENO

1970/2017

UNITS

112

OCCUPANCY

92%

RESERVE AT RIVER WALK 4 5 01 BE N T L E Y D R .

C O LUMBI A , S C 2 9 210

BUILT/RENO

1992/2008

UNITS

220

OCCUPANCY

91%

BERKADIA GABLE OAKS APARTMENT HOMES

UNIT TYPE

UNIT SF

RENT

RENT/SF

1 BEDROOM

900

$862

$0.96

2 BEDROOM

1,000

$967

$0.97

3 BEDROOM

1,158

$1,052

$0.91

UNIT TYPE

UNIT SF

RENT

RENT/SF

1 BEDROOM

825

$914

$1.11

2 BEDROOM

960

$1,019

$1.06

3 BEDROOM

1,125

$1,135

$1.01

UNIT TYPE

UNIT SF

RENT

RENT/SF

1 BEDROOM

708

$961

$1.36

2 BEDROOM

1,045

$1,231

$1.18

3 BEDROOM

1,250

$1,264

$1.01

NOTES: Tenants pay all utilities.

NOTES: Tenants pay all utilities.

NOTES: Tenants pay all utilities.

COMPARABLE RENTAL PROPERTIES 4

5

6

33

THE FARRINGTON 1513 FA R R IN G T O N WAY C O LUMBI A , S C 2 9 210

BUILT

1974

UNITS

158

OCCUPANCY

98%

CYPRESS RUN 3 4 3 0 BR O A D R I V E R R D. C O LUMBI A , S C 2 9 210

UNIT TYPE

UNIT SF

RENT

RENT/SF

1 BEDROOM

850

$970

$1.14

2 BEDROOM

1,150

$1,155

$1.00

3 BEDROOM

1,450

$1,270

$0.88

UNIT TYPE

UNIT SF

RENT

RENT/SF

STUDIO

300

$704

$2.35

1 BEDROOM

600

$880

$1.47

NOTES: Tenants pay all utilities.

BUILT

1997

2 BEDROOM

900

$1,173

$1.30

UNITS

204

OCCUPANCY

88%

3 BEDROOM

1,100

$1,190

$1.08

UNIT TYPE

UNIT SF

RENT

RENT/SF

1 BEDROOM

742

$807

$1.09

2 BEDROOM

944

$1,027

$1.09

3 BEDROOM

1,125

$1,200

$1.07

BENT TREE 10 0 0 BE N T T R E E L N. C O LUMBI A , S C 2 9 210

BUILT

1986

UNITS

232

OCCUPANCY

94%

BERKADIA GABLE OAKS APARTMENT HOMES

NOTES: Tenants pay all utilities.

NOTES: Tenants pay all utilities.

OCCUPANCY ANALYSIS 100%

98% 97% 95%

94% 92%

92%

Ravenwood Hills

Average

91%

90%

88% 85%

86%

80%

75% Gable Oaks Apartment Homes

34

Cypress Run

BERKADIA GABLE OAKS APARTMENT HOMES

Reserve at River Walk

Bent Tree

The Landings at Forest Acres

The Farrington

ONE BEDROOM ANALYSIS $1,000 $950

$961

$900

$800

$862

$877

$880 $1.47

$1.50 $1.36

$807

$1.30

$1.23

$750 $1.25

$1.09 $700

$1.14

$1.11

$650

$1.90

$1.70

$914

$904

$850

$970

$0.96

$1.10

$0.90

$600 $0.70

$550 $500

$0.50 Bent Tree

The Landings at Forest Acres

Gable Oaks Apartment Homes

Cypress Run

Average

$/UNIT

35

BERKADIA GABLE OAKS APARTMENT HOMES

Ravenwood Hills

$/SF

Reserve at River Walk

The Farrington

TWO BEDROOM ANALYSIS $1,300 $1.90

$1,231

$1,200

$1,155

$1,100

$1,000

$1,019 $967

$900

$800

$1,173

$1.70

$1.50

$1,051

$1,027

$975

$1.30

$1.22

$1.06

$1.09

$1.09

$1.08

$1.18 $1.10

$0.97 $1.00

$0.90

$700

$600

$0.70

$500

$0.50 The Landings at Gable Oaks Forest Acres Apartment Homes

Ravenwood Hills

Bent Tree

Average

$/UNIT

36

BERKADIA GABLE OAKS APARTMENT HOMES

The Farrington $/SF

Cypress Run

Reserve at River Walk

THREE BEDROOM ANALYSIS $1,300

$1,264 $1,200

$1,128

$1,100

$1,000

$1,135

$1,165

$1,190

$1,270

$1,200

$1.70

$1.50

$1,052 $1.29

$1.30

$900 $1.07

$1.01

$800

$700

$1.10

$1.01

$1.08

$0.91

$0.90

$0.93

$0.88

$600

$0.70

$500

$0.50 The Landings at Forest Acres

Average

Ravenwood Hills

Gable Oaks Apartment Homes

$/UNIT

37

$1.90

BERKADIA GABLE OAKS APARTMENT HOMES

Cypress Run

$/SF

Bent Tree

Reserve at River Walk

The Farrington

INVESTMENT ADVISORS

Brandon Grisham

Senior Managing Director WA License #: 98101 253.653.3313 brandon.grisham@berkadia.com

Mike Terry

Director MT License #89005 425.761.1640 mike.terry@berkadia.com

Mark Boyce

Senior Managing Director SC License #: 57243 843.628.3765 mark.boyce@berkadia.com

The material contained in this document is confidential, furnished solely for the purpose of considering investment in the property described therein and is not to be copied and/or used for any purpose or made available to any other person without the express written consent of Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In accepting this, the recipient agrees to keep all material contained herein confidential.

This information package has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of interest in the property described herein. It does not, however, purport to present all material information regarding the subject property, and it is not a substitute for a thorough due diligence investigation. In particular, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not made any investigation of the actual property, the tenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property, including but not limited to any potential environmental problems that may exist and make no warranty or representation whatsoever concerning these issues. The information contained in this information package has been obtained from sources we believe to be reliable; however, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Any pro formas, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future performance of the property.

Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. and Seller strongly recommend that prospective purchasers conduct an in-depth investigation of every physical and financial aspect of the property to determine if the property meets their needs and expectations. We also recommend that prospective purchasers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent consequences of ownership.

All parties are advised that in any property the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the health of some individuals. Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. recommend, if prospective buyers have questions or concerns regarding this issue, that prospective buyers conduct further inspections by a qualified professional.

The Seller retains the right to withdraw, modify or cancel this offer to sell at any time and without any notice or obligation. Any sale is subject to the sole and unrestricted approval of Seller, and Seller shall be under no obligation to any party until such time as Seller and any other necessary parties have executed a contract of sale containing terms and conditions acceptable to Seller and such obligations of Seller shall only be those in such contract of sale.

For more information on these and other Berkadia® exclusive listings, please visit our website at www.Berkadia.com Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. © 2024 Berkadia Proprietary Holding LLC Berkadia® is a trademark of Berkadia Proprietary Holding LLC

S E AT T L E O F F I C E

CHARLESTON OFFICE

601 Union St. Suite 3909 Seattle, WA 98101

207 E. Bay St. Suite 301 & 312 Charleston, SC 29401

Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Adrienne Barr, CA DRE Lic. # 01308753. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116.

This proposal is not intended to solicit commercial mortgage loan brokerage business in Nevada. For state licensing details, visit: http://www.berkadia.com/licensing.