SITE PLAN DESIGN CONCEPT AMENITIES / FINISHES RENTER PROFILE
Section 3
PROJECT ECONOMIC ANALYSIS 35
DEVELOPMENT BUDGET COSTS & ECONOMIC RETURNS
EXECUTIVE SUMMARY 10 YEAR HOLD ANALYSIS
Section 4
OWNERSHIP STRUCTURE 45
WHY EPC / CPC AS PARTNERS? MEET THE TEAMS
Section 5
APPENDIX 59
MARKET SALE COMPS DEMOGRAPHICS
MARKET DEMAND FACTORS
510N
Brookridge Golf Club
BIG PICTURE
Executive Summary
Curtin Property Company (Curtin) and EPC Real Estate Group (EPC) are seeking equity capital for 510N Brookridge (“Project”), located in Overland Park, KS. The project is a mixed-use 317-unit multifamily and 12,596 SqFt retail building, designed as a 6-story mid-rise building consisting of four-stories of wood construction over two-stories of concrete.
The project is located within Curtin’s redevelopment of the Brookridge Golf Club, known as Meridian. As such, the project is positioned to offer unique amenities. The overall development is designed as an ultra-walkable urban neighborhood in a sought-after suburb. The overall redevelopment is approved for approximately 5 million square feet of building space featuring multifamily, retail, office, entertainment, hotels, and ample park space.
Included with each unit, tenants of 510N Brookridge will receive a social membership to Brookridge Golf Club. The club will give tenants access to a large fitness center programmed with complimentary instructor-led fitness and wellness classes, hourly private fitness instruction, an indoor golf studio and lounge with state of the art golf simulators, two dining and bar areas, massage therapy, numerous social events through the year, as well as access to the golf course which many of the apartments will have views of.
The building has been fully designed by WDG architects, and has been approved by the City for the issuance of a building permit. For this reason, construction can commence expeditiously upon financing completion.
A robust incentive package has been approved for this project. The approved tools include Tax Increment Financing (TIF) allowing for recapture of property tax revenues, a Community Improvement District (CID) allowing for a 1.5% added sales tax on all retail tenant’s sales within the building to repay eligible developer expenditures, and Economic Development Revenue Bonds (EDRBs) abating all sales tax on construction materials. These collective incentive tools are projected to generate cash flow and cost savings totaling over $23.2 million. More details on these incentives are included herein.
Project Location
Equity Capital Request
Curtin and EPC are seeking equity commitments of approximately $22M. The Developers have received market feedback indicating construction loan financing of approx. $80M at SOFR + 2.40%.
The Sponsors will be providing all necessary completion, environmental indemnity, and repayment guarantees. Preferred Equity is also available up to about 80% LTC. While requiring some additional cost, preferred equity brings other favorable economics as it relates to returns. Brookridge 510N is projected to yield a very attractive 6.80% un-trended return on cost, and a 27.4% levered equity IRR assuming analysis of a 3 year hold period with no preferred equity. The same IRR is projected at 31.5% when including preferred equity of about 80% LTC.
Below is the capital stack for the project:
Equity (42%) $ 15,378,000 JV Equity (58%)
$ 21,666,000
Total: $ 117,044,000
Project Snapshot
Brookridge Membership
All tenants of 510N will recieve a free social membership to Brookridge Golf & Fitness. While just a 30 second walk away, these complimentary benefits include:
• 14,000 sqft Fitness Center
• Instructor led fitness classes
• Indoor golf simulator
• Reduced rate access to golf course
• Full restaurant & bar with patio seating
• Outdoor food & drink service at 510N pool
Section 2
DESIGNING FOR THE MARKET
Design Concept
510N Brookridge has been designed as a transitional style of building, blending elements of both traditional and modern architecture and epitomizing the urban-suburban nature of the overall master planned development.
The building program has been designed around elevated social connection and wellness experiences. With an emphasis on building connections between residents, and thus driving higher than normal renewals.
Living at 510N Brookridge will have a sense and feel similar to that of a five star hotel, situated within an urban-style neighborhood within a thriving suburb. We intend to attract many young professional residents and empty nesters, along with some of every type of resident in between.
Site Plan
First Level
Second Level
Third Level
Fourth Level
Fifth Level
Sixth Level
Finishes
Our team has a high standard for our facility’s interiors. We want to deliver the best to our tenants and have a record of top quality units and common area.
FLOORING: Each project varies slightly as new products hit the market. We make our selections with durability and appearance top of mind. Primarily, the flooring has been wood-like vinyl plank flooring in the kitchen and family room, carpet in the bedrooms, and tile in the restrooms and laundry room
COUNTERTOPS: As a high quality developer we only use granite or quartz. Primarily, we are currently sourcing quartz, but this is constantly threatened by tariffs. We have partners we work closely with to fabricate counter tops overseas in controlled facilities where we can change 1% of the aggregate mix to avoid certain tariffs. Timing of purchase will guide this selection
HARDWARE, SINKS, ETC: Similar to above, we have proprietary sources and also work closely with sub trades to get the most current looks and best value. Since these are showpieces of a unit, we are always top of the market and due to bulk purchasing for all of our properties we get preferred pricing.
Our interior designer will collaborate with the architect to ensure the best applications are selected at the right price point for our target demographic. On the following page are examples of recent projects that are representative of typical unit and common area finishes.
Amenities
Many residents today are looking to fulfill a need for both social connection and healthy living. A plethora of amenities both within an ultra-walkable neighborhood, and within the building itself have been designed with a focus on fulfilling these needs.
• Pet Wash
• Bike Storage
• Pool Courtyard
• Landscaped Courtyard
• Park Terrace
• Resident Remote-Work Space
• Residential Lobby/Leasing
• Package Concierge And Mail Room
• Secured Access to Garage and Building
• Multiple Outdoor Kitchens
• EV Car Charging
• On-Site Management
• Resident Lounge and Activity Area
• Rentable Common Area, Kitchen and Private Dining Room
• Regional Hike/Bike Trail Access
• Multiple Public Parking Spaces
• New Developments in walkable distance
• 24/7 Fitness Room
• Complimentary BROOKRIDGE Golf Club
Social Membership
• Wellness classes
• Fitness classes
• Regular Social Events
• Two Restaurants
• Large Fitness Center
• Golf Access - indoor & outdoor
• Private Fitness Instruction
Target Market
510N will focus on attracting young professionals and empty nesters, and has been designed to accommodate all types of residents in between.
A desire to live in vibrant neighborhoods with plenty of amenities continues to drive young professionals to buildings and neighborhoods similar to 510N. We expect those most interested in living here to be both successful singles and couples, with some preferring to live with a roommate, and even some young families delaying the purchase of singlefamily homes until later in life in favor of continuing to live in well-located high-quality multifamily buildings. Studios, one bedrooms of all sizes, and various two bedroom units designed specifically for roommates or couples have been included for this market segment.
A mix of lifestyle and economics are pushing healthy empty nester baby boomers to consider alternative housing options, shifting away from their single-family homes. Interestingly, much of what they are looking for in a new multifamily residence mirror that of what their young professional co-residents desire. To further accommodate this cohort, we have included large two-bedroom units, spacious premium-located threebedroom units, and storage units throughout the property.
SOCIOECONOMIC TRAITS OF TARGET USER
• They have cultivated a lifestyle that is both affluent and urban
• More interested in quality than cost
• Prefer living in established neighborhoods
• Single and married primarily still working and self employed
• Purchasing power to live where they want
• Highly educated
• Balanced lifestyle with time for socializing and maintaining close friends
Section 3
PROJECT ECONOMIC ANALYSIS
Development Budget
Economic Returns
PROJECTED RETURNS
510N Unit Mix
*Rent includes one parking spot per unit (equates to about $0.15 PSF/month)
*Rent includes Social Membership to Brookridge Golf Club (equivilant of ~$0.23/mo. in rent, or annual revenue of $855,900)
Pro Forma
FOOTNOTES
(1) Net rentable residential square footage is 304,024; 2025 Apartment GPI is Based on $2.50/Sq.Ft./Month
(2) Net rentable retail/restaurant square footage is 12,596; 2025 Retail GPI is Based on $35/Sq. Ft./Year
(3) Real Estate Taxes are net of taxes attributable to the Retail space -Retail tenants to pay their portion of Real Estate Taxes (estimated retail RE Tax: $121,771)
(4) Capital Reserve is approx. $150 per unit
(5) Operational Costs have been reduced through design, including the following areas: LED lighting, Gas RTU HVAC for common areas, double loaded hallways reducing per unit cost of hallway operating costs.
(6) Apartment rents are reflective of 2025 pricing.
Incentive Summary
SUMMARY OF 510N INCENTIVE PROJECTIONS
TIF Revenue
CID Revenue
EDRB Sales Tax Savings (est.)
$ 16,535,209
$ 2,194,440
$ 4,500,000
Total: $ 23,229,649
Tax Increment Financing (TIF) has been fully approved for the entire Village area. The approved TIF Project Plans provide for 100% of the eligible increased Property Tax revenues from all development to be returned to the developer for reimbursement of eligible expenses (generally; Infrastructure and Parking Structures). The TIF revenues will be received over a 20 year period, providing added revenue for each asset.
Community Improvement District (CID) has been fully approved for the entire Village area. The CID creates an additional 1.5% Sales Tax on all retail sales within the district, including the existing and future sales from the Golf Course and related operations. The additional Sales Tax will be received annually, for a period of 22 years, and will generally reimburse the costs of building construction, infrastructure, and parking structures.
Economic Development Revenue Bonds (EDRBs) have been approved for all of the “Village” buildings. The EDRBs will be used to eliminate any and all Sales Tax on Construction Materials. The Sales Tax never has to be paid, creating an up front cost savings for each building/construction cost. Additional Sales Tax savings will be available for construction of infrastructure, park/amenity spaces, etc.
Projected IRR Sensitivity Analysis
Underwriting Approach
EPC FINANCIAL UNDERWRITING METRICS - GO OR NO-GO DECISION
5 YR Asset IRR Target 20%
10 YR Asset IRR Target 15%
5 YR LP Equity Multiple 2x
10 YR LP Equity Multiple 3x
EPC & Curtin have adopted a set of metrics specific to the risk profile of the areas in which we develop. Below is a summary of the drivers which allow us and our capital partners to move forward at the outlined metrics for our projects:
1. Market driven lower cap rates at exit
2. Increased interest from capital sources (lower cost of capital due to reduced risk profile)
3. Directly in the growth path
4. Demographic Profile
5. Barrier to entry
6. Unique amenity profile in the community
Section 4
OWNERSHIP STRUCTURE
Why EPC / CPC as Partners?
Curtin Property Company (CPC) and EPC Real Estate Group (EPC) will partner as CO-GPs to execute the development of 510N. CPC brings 40+ years of real estate ownership, management, investment and development experience to the partnership.
CPC will contribute the project site within their uniquely positioned master-planned and incentivized 200 acre mixed-use redevelopment in the center of Overland Park, KS.
EPC brings an extensive portfolio of successful Class A development, lease up, and management experience. As well as specialized expertise in project capitalization, market analysis, and construction management.
EPC Highlights
EPC was founded on the idea of reshaping the industry by creating innovative lifestyle properties that change the way people look at real estate. EPC is recognized as an industry leader focused on multi-family, mixed-use, active adult and office and retail.
THE EPC DIFFERENCE
With creativity and innovation at our core, EPC specializes in identifying opportunities to acquire, develop and manage properties where others do not. Through unique branding and attention to marketing detail, EPC has had great success with leasing and stabilizing new to the market developments. Due to premium locations, superior architecture and seamless delivery of amenities, EPC properties are able to create the most value and highest returns to our investors. Our team’s broad experience enables us to create long term value to our clients throughout smart real estate decisions.
EPC Company Highlights
EPC Team
TERENCE P. O’LEARY Chairman
Terence focuses on being a mentor and working on exciting developments. Terence conceptualized the idea of ePartment Communities, now known as EPC, in 1999 with a development focus on technology and successfully developed the first wireless apartment community in 2001. Terence’s personal mission has been to create the “Next” experience for EPC’s residents and providing a platform to investors to realize desired returns on their investment. Prior to EPC, Terence had a prosperous career at ZimmerSteinbach Brokerage Co., where he became the Managing Principal that led to the merger with Turley-Martin in St. Louis; what is now Cushman Wakefield of Kansas City. Terence holds a BSBA from the University of Missouri Columbia and enjoys giving back to the community through Catholic Charities, St. Lawrence Center, and the Folds of Honor organization.
MICHAEL MCKEEN President & CEO
Michael is accountable for the overall strategy of the company with an emphasis on ensuring EPC lives its core values, maintains a healthy organizational culture for its employees, achieves long-term business goals, while supporting the leadership of each business component. Prior to EPC, Michael served as the Director of Development for the Briarcliff Development Company, as well as a Project Manager for Turner Construction Company. Michael’s extensive experience brought him to EPC in 2014 where he has led the company’s growth for the past 8 years. Michael has been involved in over thirty ground-up developments and has achieved numerous recognitions including Ingrams Magazine, “40 under Forty” and “20 in their Twenties.” He was appointed by the KC Mayor to serve the Airport Advisory Committee for Kansas City’s new $1.9B airport. Michael holds accreditations from the MREC, USGBC, AIC and OSHA, and an Engineering degree from the University of Toledo. Michael is passionate about the American Lung Association and Big Brothers Big Sisters, where he served as a “Most Wanted Honoree.”
Executive Vice President
Brendon is responsible for all aspects in new development projects and acts as a liaison between Development and the Asset Management team. Brendon has contributed to numerous EPC projects since he began his career in 2012. Brendon holds a Bachelor of Science in Business Administration with a Major in Finance and a Minor in Economics from the University of Arkansas. Brendon is active in the Police Athletic League and enjoys volunteering with Children’s Mercy Hospital.
BRENDON O’LEARY
EPC Team
AUSTIN BRADLEY
Executive Vice President
Austin oversees the operational processes for EPC’s new development projects, inclusive of office, industrial, multifamily, hospitality, and mixed-use. Austin manages all aspects of development procedures from project identification, feasibility, financing, entitlements, design, to construction management. Several of Austin’s projects have received a Best in Class and/or Capstone award distinguishing himself from competitors. Prior to joining EPC, Austin worked at HOK, formerly 360 Architecture. Austin holds a Master of Architecture and Minor in Business from the University of Kansas and has been named by Ingram’s magazine as one of Kansas City’s “Forty under 40.” Austin serves on the Executive Board for Braden’s Hope for Childhood Cancer Awareness and annually participates in the walk to end Alzheimer’s through the Alzheimer’s Association.
Project Executive
Jeremy collaborates with the Development team on new deal creation and delivery of new projects. Jeremy is accountable for administering architectural, engineering and construction contracts, ensures project schedules and budgets are maintained, reviews loan draws, FF&E procurement and project turnover. Prior to EPC, Jeremy was a Principal at HOK where he completed significant and sizable projects. Jeremy studied Architecture at Kansas State University, receiving his LEED AP registration in 2007, architectural registration in 2013 and is currently licensed in MO, KS, FL, and Alberta Canada. Causes and foundations that Jeremy gives back to include, Alzheimer’s Association, Leukemia & Lymphoma Society, and architectural mentorship at the University of Kansas and Kansas State University.
JEREMY TINKLER
CPC
Founded by Chris Curtin in 1977, Curtin Property Company is a real estate investment and development company with corporate headquarters in Kansas City. The company’s management services have historically been reserved for management of it’s own portfolio of assets including real estate holdings, and the operation of golf club assets. Curtin Property Company has now developed, owned, and managed retail, multifamily, and office projects for over 40 years.
As a team we believe in ambitious ideas with clear vision, focused execution, and good people. And that doing things right pays the best dividends. We pay careful attention to the details - from creating a top-quality product to delivering the finest customer service possible. Our goal is to go the extra mile to exceed expectations. Our team works hard to make sure we develop places, not just buildings, that are authentic and a credit to communities.
Currently, the firm’s primary development focus is the large-scale walkable mixed-use redevelopment of the Brookridge Golf Club. The infill site features 200 acres located in the center of Kansas City’s most commercially prominent suburb, Overland Park, KS. CPC has successfully rezoned the property for nearly 5M sq.ft. of development. Incentives have also been approved for approx. $270M for the first phase of the redevelopment, including investment from the State of Kansas in the form of two grants totaling $18M.
CPC Highlights
CPC Team
President and CEO
Mr. Curtin is the CEO and Founder of Curtin Property Company, and heads various affiliate companies focused on development and ownership of commercial real estate investments. Mr. Curtin has 40 years of experience in development, investment, management, and ownership of commercial and multi-family real estate. Chris started in real estate sales and leasing, and moved into real estate development in office, multi-family and retail at age 25. By 30, he had developed his first large 300,000 sq. ft. apartment project, which the company still owns and manages. Throughout the entirety of his real estate career Mr. Curtin has never, in any form, had a foreclosure. Nor has any entity of which he has led the operations, or debt on which he has signed. As the son of a CPA, prudent and analytical investing has been more than a slogan, and has been the heart of company decision making. Mr. Curtin holds a CCIM designation and a bachelor’s degree from Kansas State University, where he is a Trustee.
GRANT CURTIN
Principal | Vice President
Grant Curtin is the Vice President of Curtin Property Company, and a Principal in various related real estate entities. Grant holds primary leadership roles in the public and private financing of new-developments and existing assets, in the company’s projectdevelopment team, evaluating project feasibility, and managing the overall development process. Grant has significant experience in working with governmental entities navigating through their respective development processes, directing the design processes for land planning/architecture/ engineering, financial analysis, and project capitalization. Grant holds a Bachelor of Science in Business with a Major in Finance from the University of Kansas.
MIKE GILLASPIE Director of Development
Mike is a licensed architect with a bachelor’s degree in Architecture from the University of Illinois and a Masters of Architecture from Texas A&M University specializing in Project Management. He has 35 years of professional experience as an effective team leader, passionate client advocate, and accomplished technical expert. His resume includes extensive project leadership experience on large and complex design and construction projects, including experience coordinating multidisciplinary project teams and experience navigating complex regulatory requirements. He is known for a well-developed attention to detail combined with big-picture perspective to guide teams to successful project completion. Past projects include the following: International Terminal, O’Hare Airport, Project Manager $618 million; Sprint World Headquarters Campus, Senior PM $1 billion; Village West Entertainment and Retail, Senior PM $1 billion; NNSA National Security Campus, Senior PM $1 billion; Cerner Innovations Campus, Director of Development $1 billion+
CHRIS CURTIN
Section 5
APPENDIX
Market Sale Comps
Market Sale Comps Map
Demographics
TAPESTRY SEGMENTATION
Demographics
Key Facts
Market Demand Factors
Year-Over-Year Rent Growth: Occupancy Rates Tick Up in More Markets
Year-Over-Year Rent Growth: Occupancy Rates Tick Up in More Markets
■ The national average advertised asking rent fell $1 to $1,741 in August, with the year-over-year growth rate holding steady at 0.8%. Gateway cities on the East Coast as well as secondary markets in the Midwest posted the highest rent growth, led by New York City (4.8% year-over-year), Kansas City (4.1%), Washington, D.C. (3.4%), Indianapolis (3.0%) and Boston (2.9%). Meanwhile, negative rent growth remains intense in many Sun Belt metros, led by Austin (-5.5%), Raleigh (-3.4%), Phoenix (-2.9%), Orlando and Atlanta (both -2.7%).
Employment and Supply Trends; Forecast Rent Growth
■ The national occupancy rate in July was 94.7% for the fourth straight month, down 0.3% year-overyear. While rising metro-level occupancy rates have been rare over the last year, in July seven metros posted year-over-year increases, although most gains were modest. Las Vegas led growth, with a 0.9% increase year-over-year to 93.6%. The biggest year-over-year drops in occupancy rates were in Houston (-0.7%), Dallas, Kansas City, Austin and San Diego (all down 0.6%).
■ The national average advertised asking rent fell $1 to $1,741 in August, with the year-over-year growth rate holding steady at 0.8%. Gateway cities on the East Coast as well as secondary markets in the Midwest posted the highest rent growth, led by New York City (4.8% year-over-year), Kansas City (4.1%), Washington, D.C. (3.4%), Indianapolis (3.0%) and Boston (2.9%). Meanwhile, negative rent growth remains intense in many Sun Belt metros, led by Austin (-5.5%), Raleigh (-3.4%), Phoenix (-2.9%), Orlando and Atlanta (both -2.7%).
Year-Over-Year Rent Growth— All Asset Classes
■ The national occupancy rate in July was 94.7% for the fourth straight month, down 0.3% year-overyear. While rising metro-level occupancy rates have been rare over the last year, in July seven metros posted year-over-year increases, although most gains were modest. Las Vegas led growth, with a 0.9% increase year-over-year to 93.6%. The biggest year-over-year drops in occupancy rates were in Houston (-0.7%), Dallas, Kansas City, Austin and San Diego (all down 0.6%).
Year-Over-Year Rent Growth— Renter-by-Necessity Asset Class Year-Over-Year Rent Growth— Lifestyle Asset Class
Year-Over-Year Rent Growth— All Asset Classes
Year-Over-Year Rent Growth— Lifestyle Asset Class
Year-Over-Year Rent Growth— Renter-by-Necessity Asset Class
Source: Yardi Matrix
Source: Yardi Matrix
Source: Yardi Matrix
Market Demand Factors
Disclaimer
This document (“Presentation) is neither an offer to sell nor a solicitation of an offer to buy any security. An offer may only be made via a written offering document by Overland Park Development Company I, LLC or an affiliated entity ( “Developer”). Developer will provide such offering documents (“Documents”) only to qualified accredited investors, and has prepared this Presentation solely to enable you to determine whether you are interested in receiving additional information about it or the project contemplated for redevelopment of the Brookridge Golf Club into a mixed-use development in the northeast corner of I-435 and Antioch Road in Overland Park, Kansas (the “Project”). This Presentation must be read in conjunction with the Documents prior to making any investment decision if Developer makes an offering in the future. In the event of a discrepancy between this Presentation and any Document, the Documents will control. While many of the thoughts expressed in this Presentation are stated in a factual manner, the discussion reflects only the Developer’s beliefs about the market in which the Project would operate when following its strategies described in this Presentation or in the Documents. Prospective Project investors should recognize that an investment in the Project will involve substantial risks, some of which will be disclosed in the Documents. Only by carefully reviewing and considering those factors and the rest of the Documents (in addition to other independent investigations) can an investor determine whether such risks, as well as the Developer’s experience and compensation and other information contained therein are acceptable to the investor. Some of the material contained in this Presentation has been assembled by the Developer based on information provided by third parties. While the Developer is not aware of any inaccuracy in this information, it does not warrant the accuracy of same. You are urged to probe the assumptions contained in this Presentation to satisfy yourself about the accuracy and completeness of such information. The information in this Presentation may be different on the date you review it. The Developer does not undertake any obligation to revise or update any statement in this Presentation for any reason. This Presentation contains confidential information that is intended solely for disclosure to the individual to whom it is delivered. The circulation of this Presentation or the disclosure of its contents to any other party is expressly prohibited. No copies are to be made without the Developer’s prior written consent, and no excerpts or summaries thereof may be distributed, reproduced or included in any documents without such consent. This information must be returned as requested by the Developer. Information about the Project contained herein has not been audited or reviewed by any third party. While projections about the Project’s future performance is based on the Developer’s experience and good faith judgments, the recipient should understand that projections are based on numerous assumptions, including that the current economic environment continues, that existing asset performance trends will continue to track business plans, that historical behavior of the Project’s property type will not change, that sales and property tax trends in the market will continue, that perception of market opportunities for disposition will hold true, and that the competitive landscape within which the Project operates will not change. Returns to investors would be contingent upon numerous events occurring and subject to considerable risks. Significant assumptions were made by the Developer to calculate the presented projections, including assumptions on the amount of leverage used by the Project, sales and property taxes produced by the Project, that certain incentives in particular amounts will be granted to the Project by the applicable authorities, the Project having sufficient assets and cashflows, debt service and capital expenditures, the ability to obtain favorable leasing terms, the operating costs for the Project, the costs of taxes and insurance, the absence of claims against a property or the Project, and other assumptions. Similarly the projections include numerous assumptions at the property level, including that lease terms (including rental rates) will be obtained, that projected occupancy will be obtained, that management and other expenses will be as projected, that property-level debt will not need to be refinanced at less favorable terms; and that the actual construction and other development cost estimates will prove accurate and that development / construction timelines are accurate (including all required governmental and zoning approvals). The Project’s future capitalization will be contingent upon numerous events occurring and subject to considerable risks. The occupancy and rollover rates of assets owned by the Project will be dependent upon many factors beyond the control of the Project or the Developer. Any expression of targeted rates is merely a statement of a goal. Significant assumptions were made by the Project to calculate the presented occupancy and future rollover rates. Many factors can impact the Project’s after-tax returns, including the risk that tax laws may change. A myriad of factors may impact the Project’s ability to achieve any returns. Any number of factors could contribute to results that are materially different. The information included in this Presentation is not all-inclusive or contain all of the information a prospective investor or current investor may desire. To the extent that the Presentation contains historical returns for the Developer’s prior projects, past performance is no guarantee of future results, and may not be viewed as indicative of the returns that may be realized from the Project. All investment opportunities presented by the Project involve substantial risk and may result in the loss of some or all of your investment. Some of the material contained in this Presentation is not based on historical facts and is deemed to be “forward-looking.” In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “predicts,” “believes,” “targeted,” “projected,” “underwritten,” “estimates,” “potential,” or “continue” or the negative of these terms or other comparable terminology. Forward-looking statements reflect the Developer’s current expectations and are inherently uncertain, and actual results may differ significantly from projections herein. You should not rely upon forward-looking statements as predictions of future events. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Project’s actual results, activity level, performance or achievements to be materially and adversely different from any future results expressed or implied by these forward-looking statements. The projected returns are based on a variety of assumptions that are inherently subject to significant economic, political, market and other uncertainties, all of which are difficult or impossible to predict. There can be no assurance that any of the Project’s projections, or its assumptions, estimates or analyses underlying those projections will be consistent with actual results. Although the Developer believes that the expectations reflected in all forward-looking statements are reasonable, it cannot guarantee future results. Neither Developer nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements. The Developer is under no duty to update any of the forward-looking statements to conform them to actual results or to changes in its expectations. Developer is not offering investment advice.
