PUBLIC PRICING OPPORTUNITY

EXCLUSIVE LISTING

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

1601 NW 13TH Street BOCA RATON FL 33486

reg

TABLE OF CONTENTS

2

Investment Overview 3 Area Overview 4 Property Summary 9 Re-Development Option 10 Re-Development Site Plan 11 Re-Development Land Planner 12 Area Maps 20 Aerial Photos 21 Property Photos 22 Floor Plans 29 Amenities 32 Recent Sales Map 33 Price SF amp Price Unit 34 Recent Sales 35 Rent Comparables Map 37 Rent Ranking 38 Rent Comparables 39 Unit Mix amp Unit Rent SF 45 Actual 6 Year Income Expense 46 Rent Roll 47 Demographic Report 49 Summary Report 50

COUNTRY CLUB VILLAGE APTS BOCA RATON FL

$7300000

THE GREATEST INVESTMENT

OPPORTUNITY IN ALL OF SOUTH FLORIDA

UNPARALLELED

EAST BOCA RATON LOCATION

OVER $850000

GROSS INCOME

PREPARED BY

Manny Gutierrez DeFalco Real Estate Group Public Pricingreg LLC 1601 NW 13th Street Boca Raton FL 33486 Office 561-391-4141 Extension 207 Mobile 561-352-9406 Fax 561-391-3911 mannydefalcocom wwwdefalcocom wwwpublicpricingcom

INVESTMENT OVERVIEW

This is a Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset The offering is an excellent investment as a multifamily property without any changes It is an automatic and unmatched LAND BANK OPPORTUNITY WITH ITS 6652 CONTIGUOUS ACRES WITH STABLE INCOME Country Club Village brings added value and presents the GREATEST INVESTMENT ANDOR DEVELOPMENT OPPORTUNITY IN ALL OF SOUTH FLORIDA With a recent approved change in zoning from The City of Boca Raton an additional 48 units can be constructed for a total of 132 units The redevelopment plan has a minimum impact on the existing units allowing the new owner to maintain residents and income throughout the construction process Redevelopment land in East Boca Raton is scarce and at a premium Within blocks of the subject property there was a sale of a 4 acre parcel for $13 million dollars (an older 100 unit apartment complex that was torn down) this equates to $325 million per acre in 2005 The Lynn Cancer Research facility was built on that property The property is comprised of seven continuous two story apartment buildings and a central management office with a pool The apartment complex was built in 1975 using concrete block and reinforced concrete construction the exterior is painted stucco Country Club Village sits on 6652 contiguous acres and is an irreplaceable location There are a total of 84 apartments with six different floor plans that include (14) one bedroom one bath units (2) two bedroom one bath units (8) two bedroom two bath units (10) two bedroom one bath with den units (36) two bedroom two bath with den units and (14) three bedroom two bath units Currently (3) of the three bedroom two bath units have been completely stripped down to the studs with the intention of rolling the unit count into the newly constructed buildings these three units are currently being used as storage The property has 156 total parking spaces The majority (approximately 85) of the units have been updated from original kitchen cabinetry appliances counters and lighting About 37 of the total 136 bathrooms have new tile toilets sinks faucets tubshowers and vanities Tenants are responsible for paying electric phone and Internet The water and cable is included in the rent There are a total of 6 laundry rooms one in each building except building one and a total of 13 sets of washers and dryers The laundry machines are all new in 2011 and equipped with an electronic payment card system (no coins) the equipment is owned managed and maintained by Commercial Laundries with 50 of the gross income to the landlord In 2007 amp 2008 $478000 was spent on improvements including but not limited to painting concrete stucco parking areas new pool area and extensive landscaping The management office was completely renovated in 2007 the space consist of 6 new offices new kitchendining area 2 new bathrooms a maintenance office and two large storage rooms Country Club Village has not had a rental increase since 2005 and water and cable is included in the monthly rent Country Club Village is located in the prestigious City of Boca Raton The property is south of Glades Road east of I-95 west of NW 15th Avenue on NW 13th Street Situated in East Boca Raton and conveniently located to FAU and major employers ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY PLEASE CONSULT MANNY GUTIERREZ 561-352-9406 OR MANNYDEFALCOCOM FOR MORE DETAILS

3

AREA OVERVIEW (Located within a few blocks from the property)

Boca Raton Regional Hospital Receives Transformational $25 Million Gift from Marcus Foundation Grant will be used to create the Marcus Neuroscience Institute and transform landscape of neurologic and neurosurgical care in Florida

BOCA RATON FL (January 11 2012) - In what is the largest single philanthropic gift in the institutionrsquos history Boca Raton Regional Hospital has received a $25 million grant from the Marcus Foundation to create the Marcus Neuroscience Institute on the Hospitalrsquos main campus The facility will serve as a new state-of-the-art nexus of care for neurologic and neurosurgical patients and transform the landscape of clinical capabilities available in the region The gift was initiated by Bernie Marcus Chairman of the Marcus Foundation and co-founder and former CEO of The Home Depot and his wife Billi Now residents of Boca Raton Florida the Marcuses are noted philanthropists whose largess has benefited myriad causes including the Marcus Autism Center for children with brain and developmental disorders the Grady Health System in Atlanta the Centers for Disease Control and Prevention the Georgia Aquarium in Atlanta and the Marcus Community Bridge Program at the Sheppard Center in Atlanta to assist patients with spinal cord and brain injuries as they return to their homes workplaces and communities ldquoWe have long tried to help those involved in caring for individuals with neurological disease or impairment on both a pediatric and adult basisrdquo said Mr Marcus ldquoOur plan at Boca Regional is to meld the best in physician skill with the finest technology and a marvelous facility to provide a center of excellence in the neurosciences that is unparalleled in Floridardquo Recent data from the Centers for Medicare amp Medicaid Services reveal that with an aging population one of the largest anticipated needs in healthcare will be in the neurosciences including the treatment of vascular diseases of the brain such as stroke and transient ischemic attack Alzheimerrsquos disease and other memory disorders Parkinsonrsquos disease and other movement disorders multiple sclerosis epilepsy and malignant and benign brain tumors The 52000 square-foot facility will house a 22-bed Neuro Intensive Care and Step-Down unit The rooms all of which are private will be equipped with special monitoring capabilities that provide vital information on both the patientrsquos neurological and cardiovascular functions Each of the rooms features an abundance of natural lighting and an antechamber where family members can stay during the patientrsquos hospitalization as both of these factors have been shown to positively influence recovery in neurological conditions Technology at the Institute will be state-of the-art and provide clinicians with capabilities that are the gold standard in neurological and neurosurgical care The Institute will contain two dedicated operating rooms each equipped with intraoperative MRI and CT scanners These technologies provide real-time scans during all stages of a procedure ensuring greater accuracy and patient safety A Flash CT scanner will be an important component of the radiologic capabilities offered at the Institute This imaging technology provides high-quality scans in virtually seconds and at very low radiation dosages Its speed is invaluable in the neurosciences where time is critical in the recognition and treatment of such conditions as stroke and brain aneurysm Another distinctive feature of the Marcus Neuroscience Institute will be its Biplane Angiography Suite The second such suite at Boca Raton Regional Hospital it is crucial in the diagnosis and care of a host of neurological conditions With this technology physicians can produce highly detailed three-dimensional images simultaneously from two regions of the head from front-to-back and side-to-side This superior visualization greatly enhances diagnostic and therapeutic capabilities and significantly reduces the time to complete a neurological angiogram The Institutersquos medical staff will include highly experienced and qualified clinicians in all facets of the neurosciences including neurologists neurosurgeons neurointerventionalists a neuropsychologist and a Research Director The Executive Medical Director position of the Institute will be filled through a recently initiated national search of prominent physicians in the neurosciences

4

AREA OVERVIEW

Boca Raton Regional Hospital Receives Transformational $25 Million Gift from Marcus Foundation Grant will be used to create the Marcus Neuroscience Institute and transform landscape of neurologic and neurosurgical care in Florida

BOCA RATON FL (January 11 2012) - CONTINUED

The staff will also include three neurointensivists physicians who are specially trained in neurocritical care Recent studies have demonstrated that neuro intensive care units utilizing a neurointensivist-led team see lower mortality rates shorter lengths of stay and a decrease in discharges to nursing homes A robust clinical research component will be a feature of the Institute and collaborate extensively with scientists at Florida Atlantic University especially its Louis and Anne Green Memory and Wellness Center Patients at the Marcus Neuroscience Institute will also benefit from its synergistic relationship with Boca Regionalrsquos Eugene M amp Christine E Lynn Cancer Institute (LCI) offering patients with neurologic malignancies the most advanced radiation and medical oncology therapies available in the Institutersquos renowned and award-winning facility The combination of LCI with the Marcus Neuroscience Institute on the Boca Regional campus will make for a tandem of facilities programs and services that is among the first in the nation ldquoThis is a watershed day for the advancement of the neurosciences in Florida and beyondrdquo said Jerry Fedele President and CEO at Boca Raton Regional Hospital ldquoThe Marcus Foundationrsquos magnificent commitment will allow the creation of an institute that will be sought out not only by those in need of the most sophisticated levels of care but also by those who have the ability training and experience to deliver that care The benefits of this generosity will be felt by generations of patients and professionals alikerdquo Development of clinical programs within the Marcus Neuroscience Institute will commence immediately and include such areas as movement disorders neuro-oncology epilepsy multiple sclerosis and Alzheimerrsquos disease About Boca Raton Regional Hospital - Medicine Redefined Born out of community need in 1967 Boca Raton Regional Hospital is an advanced tertiary medical center (wwwbrrhcom) with 400 beds and more than 800 primary and specialty physicians on staff The Hospital is a recognized leader in oncology cardiovascular disease and surgery minimally invasive surgery orthopedics womenrsquos health and emergency medicine all of which offer state-of-the-art diagnostic and imaging capabilities The Hospital is a Joint Commission Designated Primary Stroke Center Boca Raton Regional Hospital is the recipient of the 2011 Distinguished Hospital for Clinical Excellencetrade and is ranked by HealthGradesreg as 1 in Florida for overall cardiac services and cardiac surgery 1 in Florida for treatment of stroke 2 in Florida for gastrointestinal services and 3 in Florida for gastrointestinal medical treatment Boca Raton Regional Hospital is also recognized in US News Media amp World Reportrsquos 2011 - 2012 Best Hospitals listing as a top ranked hospital in the South Florida metropolitan area Contact Boca Raton Regional Hospital Thomas Chakurda (561) 955-3586 tchakurdabrrhcom httpwwwbrrhcomNewsroomaspxlinkId=-2ampReleaseId=4993

5

TABLE OF CONTENTS

2

Investment Overview 3 Area Overview 4 Property Summary 9 Re-Development Option 10 Re-Development Site Plan 11 Re-Development Land Planner 12 Area Maps 20 Aerial Photos 21 Property Photos 22 Floor Plans 29 Amenities 32 Recent Sales Map 33 Price SF amp Price Unit 34 Recent Sales 35 Rent Comparables Map 37 Rent Ranking 38 Rent Comparables 39 Unit Mix amp Unit Rent SF 45 Actual 6 Year Income Expense 46 Rent Roll 47 Demographic Report 49 Summary Report 50

COUNTRY CLUB VILLAGE APTS BOCA RATON FL

$7300000

THE GREATEST INVESTMENT

OPPORTUNITY IN ALL OF SOUTH FLORIDA

UNPARALLELED

EAST BOCA RATON LOCATION

OVER $850000

GROSS INCOME

PREPARED BY

Manny Gutierrez DeFalco Real Estate Group Public Pricingreg LLC 1601 NW 13th Street Boca Raton FL 33486 Office 561-391-4141 Extension 207 Mobile 561-352-9406 Fax 561-391-3911 mannydefalcocom wwwdefalcocom wwwpublicpricingcom

INVESTMENT OVERVIEW

This is a Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset The offering is an excellent investment as a multifamily property without any changes It is an automatic and unmatched LAND BANK OPPORTUNITY WITH ITS 6652 CONTIGUOUS ACRES WITH STABLE INCOME Country Club Village brings added value and presents the GREATEST INVESTMENT ANDOR DEVELOPMENT OPPORTUNITY IN ALL OF SOUTH FLORIDA With a recent approved change in zoning from The City of Boca Raton an additional 48 units can be constructed for a total of 132 units The redevelopment plan has a minimum impact on the existing units allowing the new owner to maintain residents and income throughout the construction process Redevelopment land in East Boca Raton is scarce and at a premium Within blocks of the subject property there was a sale of a 4 acre parcel for $13 million dollars (an older 100 unit apartment complex that was torn down) this equates to $325 million per acre in 2005 The Lynn Cancer Research facility was built on that property The property is comprised of seven continuous two story apartment buildings and a central management office with a pool The apartment complex was built in 1975 using concrete block and reinforced concrete construction the exterior is painted stucco Country Club Village sits on 6652 contiguous acres and is an irreplaceable location There are a total of 84 apartments with six different floor plans that include (14) one bedroom one bath units (2) two bedroom one bath units (8) two bedroom two bath units (10) two bedroom one bath with den units (36) two bedroom two bath with den units and (14) three bedroom two bath units Currently (3) of the three bedroom two bath units have been completely stripped down to the studs with the intention of rolling the unit count into the newly constructed buildings these three units are currently being used as storage The property has 156 total parking spaces The majority (approximately 85) of the units have been updated from original kitchen cabinetry appliances counters and lighting About 37 of the total 136 bathrooms have new tile toilets sinks faucets tubshowers and vanities Tenants are responsible for paying electric phone and Internet The water and cable is included in the rent There are a total of 6 laundry rooms one in each building except building one and a total of 13 sets of washers and dryers The laundry machines are all new in 2011 and equipped with an electronic payment card system (no coins) the equipment is owned managed and maintained by Commercial Laundries with 50 of the gross income to the landlord In 2007 amp 2008 $478000 was spent on improvements including but not limited to painting concrete stucco parking areas new pool area and extensive landscaping The management office was completely renovated in 2007 the space consist of 6 new offices new kitchendining area 2 new bathrooms a maintenance office and two large storage rooms Country Club Village has not had a rental increase since 2005 and water and cable is included in the monthly rent Country Club Village is located in the prestigious City of Boca Raton The property is south of Glades Road east of I-95 west of NW 15th Avenue on NW 13th Street Situated in East Boca Raton and conveniently located to FAU and major employers ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY PLEASE CONSULT MANNY GUTIERREZ 561-352-9406 OR MANNYDEFALCOCOM FOR MORE DETAILS

3

AREA OVERVIEW (Located within a few blocks from the property)

Boca Raton Regional Hospital Receives Transformational $25 Million Gift from Marcus Foundation Grant will be used to create the Marcus Neuroscience Institute and transform landscape of neurologic and neurosurgical care in Florida

BOCA RATON FL (January 11 2012) - In what is the largest single philanthropic gift in the institutionrsquos history Boca Raton Regional Hospital has received a $25 million grant from the Marcus Foundation to create the Marcus Neuroscience Institute on the Hospitalrsquos main campus The facility will serve as a new state-of-the-art nexus of care for neurologic and neurosurgical patients and transform the landscape of clinical capabilities available in the region The gift was initiated by Bernie Marcus Chairman of the Marcus Foundation and co-founder and former CEO of The Home Depot and his wife Billi Now residents of Boca Raton Florida the Marcuses are noted philanthropists whose largess has benefited myriad causes including the Marcus Autism Center for children with brain and developmental disorders the Grady Health System in Atlanta the Centers for Disease Control and Prevention the Georgia Aquarium in Atlanta and the Marcus Community Bridge Program at the Sheppard Center in Atlanta to assist patients with spinal cord and brain injuries as they return to their homes workplaces and communities ldquoWe have long tried to help those involved in caring for individuals with neurological disease or impairment on both a pediatric and adult basisrdquo said Mr Marcus ldquoOur plan at Boca Regional is to meld the best in physician skill with the finest technology and a marvelous facility to provide a center of excellence in the neurosciences that is unparalleled in Floridardquo Recent data from the Centers for Medicare amp Medicaid Services reveal that with an aging population one of the largest anticipated needs in healthcare will be in the neurosciences including the treatment of vascular diseases of the brain such as stroke and transient ischemic attack Alzheimerrsquos disease and other memory disorders Parkinsonrsquos disease and other movement disorders multiple sclerosis epilepsy and malignant and benign brain tumors The 52000 square-foot facility will house a 22-bed Neuro Intensive Care and Step-Down unit The rooms all of which are private will be equipped with special monitoring capabilities that provide vital information on both the patientrsquos neurological and cardiovascular functions Each of the rooms features an abundance of natural lighting and an antechamber where family members can stay during the patientrsquos hospitalization as both of these factors have been shown to positively influence recovery in neurological conditions Technology at the Institute will be state-of the-art and provide clinicians with capabilities that are the gold standard in neurological and neurosurgical care The Institute will contain two dedicated operating rooms each equipped with intraoperative MRI and CT scanners These technologies provide real-time scans during all stages of a procedure ensuring greater accuracy and patient safety A Flash CT scanner will be an important component of the radiologic capabilities offered at the Institute This imaging technology provides high-quality scans in virtually seconds and at very low radiation dosages Its speed is invaluable in the neurosciences where time is critical in the recognition and treatment of such conditions as stroke and brain aneurysm Another distinctive feature of the Marcus Neuroscience Institute will be its Biplane Angiography Suite The second such suite at Boca Raton Regional Hospital it is crucial in the diagnosis and care of a host of neurological conditions With this technology physicians can produce highly detailed three-dimensional images simultaneously from two regions of the head from front-to-back and side-to-side This superior visualization greatly enhances diagnostic and therapeutic capabilities and significantly reduces the time to complete a neurological angiogram The Institutersquos medical staff will include highly experienced and qualified clinicians in all facets of the neurosciences including neurologists neurosurgeons neurointerventionalists a neuropsychologist and a Research Director The Executive Medical Director position of the Institute will be filled through a recently initiated national search of prominent physicians in the neurosciences

4

AREA OVERVIEW

Boca Raton Regional Hospital Receives Transformational $25 Million Gift from Marcus Foundation Grant will be used to create the Marcus Neuroscience Institute and transform landscape of neurologic and neurosurgical care in Florida

BOCA RATON FL (January 11 2012) - CONTINUED

The staff will also include three neurointensivists physicians who are specially trained in neurocritical care Recent studies have demonstrated that neuro intensive care units utilizing a neurointensivist-led team see lower mortality rates shorter lengths of stay and a decrease in discharges to nursing homes A robust clinical research component will be a feature of the Institute and collaborate extensively with scientists at Florida Atlantic University especially its Louis and Anne Green Memory and Wellness Center Patients at the Marcus Neuroscience Institute will also benefit from its synergistic relationship with Boca Regionalrsquos Eugene M amp Christine E Lynn Cancer Institute (LCI) offering patients with neurologic malignancies the most advanced radiation and medical oncology therapies available in the Institutersquos renowned and award-winning facility The combination of LCI with the Marcus Neuroscience Institute on the Boca Regional campus will make for a tandem of facilities programs and services that is among the first in the nation ldquoThis is a watershed day for the advancement of the neurosciences in Florida and beyondrdquo said Jerry Fedele President and CEO at Boca Raton Regional Hospital ldquoThe Marcus Foundationrsquos magnificent commitment will allow the creation of an institute that will be sought out not only by those in need of the most sophisticated levels of care but also by those who have the ability training and experience to deliver that care The benefits of this generosity will be felt by generations of patients and professionals alikerdquo Development of clinical programs within the Marcus Neuroscience Institute will commence immediately and include such areas as movement disorders neuro-oncology epilepsy multiple sclerosis and Alzheimerrsquos disease About Boca Raton Regional Hospital - Medicine Redefined Born out of community need in 1967 Boca Raton Regional Hospital is an advanced tertiary medical center (wwwbrrhcom) with 400 beds and more than 800 primary and specialty physicians on staff The Hospital is a recognized leader in oncology cardiovascular disease and surgery minimally invasive surgery orthopedics womenrsquos health and emergency medicine all of which offer state-of-the-art diagnostic and imaging capabilities The Hospital is a Joint Commission Designated Primary Stroke Center Boca Raton Regional Hospital is the recipient of the 2011 Distinguished Hospital for Clinical Excellencetrade and is ranked by HealthGradesreg as 1 in Florida for overall cardiac services and cardiac surgery 1 in Florida for treatment of stroke 2 in Florida for gastrointestinal services and 3 in Florida for gastrointestinal medical treatment Boca Raton Regional Hospital is also recognized in US News Media amp World Reportrsquos 2011 - 2012 Best Hospitals listing as a top ranked hospital in the South Florida metropolitan area Contact Boca Raton Regional Hospital Thomas Chakurda (561) 955-3586 tchakurdabrrhcom httpwwwbrrhcomNewsroomaspxlinkId=-2ampReleaseId=4993

5

INVESTMENT OVERVIEW

This is a Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset The offering is an excellent investment as a multifamily property without any changes It is an automatic and unmatched LAND BANK OPPORTUNITY WITH ITS 6652 CONTIGUOUS ACRES WITH STABLE INCOME Country Club Village brings added value and presents the GREATEST INVESTMENT ANDOR DEVELOPMENT OPPORTUNITY IN ALL OF SOUTH FLORIDA With a recent approved change in zoning from The City of Boca Raton an additional 48 units can be constructed for a total of 132 units The redevelopment plan has a minimum impact on the existing units allowing the new owner to maintain residents and income throughout the construction process Redevelopment land in East Boca Raton is scarce and at a premium Within blocks of the subject property there was a sale of a 4 acre parcel for $13 million dollars (an older 100 unit apartment complex that was torn down) this equates to $325 million per acre in 2005 The Lynn Cancer Research facility was built on that property The property is comprised of seven continuous two story apartment buildings and a central management office with a pool The apartment complex was built in 1975 using concrete block and reinforced concrete construction the exterior is painted stucco Country Club Village sits on 6652 contiguous acres and is an irreplaceable location There are a total of 84 apartments with six different floor plans that include (14) one bedroom one bath units (2) two bedroom one bath units (8) two bedroom two bath units (10) two bedroom one bath with den units (36) two bedroom two bath with den units and (14) three bedroom two bath units Currently (3) of the three bedroom two bath units have been completely stripped down to the studs with the intention of rolling the unit count into the newly constructed buildings these three units are currently being used as storage The property has 156 total parking spaces The majority (approximately 85) of the units have been updated from original kitchen cabinetry appliances counters and lighting About 37 of the total 136 bathrooms have new tile toilets sinks faucets tubshowers and vanities Tenants are responsible for paying electric phone and Internet The water and cable is included in the rent There are a total of 6 laundry rooms one in each building except building one and a total of 13 sets of washers and dryers The laundry machines are all new in 2011 and equipped with an electronic payment card system (no coins) the equipment is owned managed and maintained by Commercial Laundries with 50 of the gross income to the landlord In 2007 amp 2008 $478000 was spent on improvements including but not limited to painting concrete stucco parking areas new pool area and extensive landscaping The management office was completely renovated in 2007 the space consist of 6 new offices new kitchendining area 2 new bathrooms a maintenance office and two large storage rooms Country Club Village has not had a rental increase since 2005 and water and cable is included in the monthly rent Country Club Village is located in the prestigious City of Boca Raton The property is south of Glades Road east of I-95 west of NW 15th Avenue on NW 13th Street Situated in East Boca Raton and conveniently located to FAU and major employers ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY PLEASE CONSULT MANNY GUTIERREZ 561-352-9406 OR MANNYDEFALCOCOM FOR MORE DETAILS

3

AREA OVERVIEW (Located within a few blocks from the property)

Boca Raton Regional Hospital Receives Transformational $25 Million Gift from Marcus Foundation Grant will be used to create the Marcus Neuroscience Institute and transform landscape of neurologic and neurosurgical care in Florida

BOCA RATON FL (January 11 2012) - In what is the largest single philanthropic gift in the institutionrsquos history Boca Raton Regional Hospital has received a $25 million grant from the Marcus Foundation to create the Marcus Neuroscience Institute on the Hospitalrsquos main campus The facility will serve as a new state-of-the-art nexus of care for neurologic and neurosurgical patients and transform the landscape of clinical capabilities available in the region The gift was initiated by Bernie Marcus Chairman of the Marcus Foundation and co-founder and former CEO of The Home Depot and his wife Billi Now residents of Boca Raton Florida the Marcuses are noted philanthropists whose largess has benefited myriad causes including the Marcus Autism Center for children with brain and developmental disorders the Grady Health System in Atlanta the Centers for Disease Control and Prevention the Georgia Aquarium in Atlanta and the Marcus Community Bridge Program at the Sheppard Center in Atlanta to assist patients with spinal cord and brain injuries as they return to their homes workplaces and communities ldquoWe have long tried to help those involved in caring for individuals with neurological disease or impairment on both a pediatric and adult basisrdquo said Mr Marcus ldquoOur plan at Boca Regional is to meld the best in physician skill with the finest technology and a marvelous facility to provide a center of excellence in the neurosciences that is unparalleled in Floridardquo Recent data from the Centers for Medicare amp Medicaid Services reveal that with an aging population one of the largest anticipated needs in healthcare will be in the neurosciences including the treatment of vascular diseases of the brain such as stroke and transient ischemic attack Alzheimerrsquos disease and other memory disorders Parkinsonrsquos disease and other movement disorders multiple sclerosis epilepsy and malignant and benign brain tumors The 52000 square-foot facility will house a 22-bed Neuro Intensive Care and Step-Down unit The rooms all of which are private will be equipped with special monitoring capabilities that provide vital information on both the patientrsquos neurological and cardiovascular functions Each of the rooms features an abundance of natural lighting and an antechamber where family members can stay during the patientrsquos hospitalization as both of these factors have been shown to positively influence recovery in neurological conditions Technology at the Institute will be state-of the-art and provide clinicians with capabilities that are the gold standard in neurological and neurosurgical care The Institute will contain two dedicated operating rooms each equipped with intraoperative MRI and CT scanners These technologies provide real-time scans during all stages of a procedure ensuring greater accuracy and patient safety A Flash CT scanner will be an important component of the radiologic capabilities offered at the Institute This imaging technology provides high-quality scans in virtually seconds and at very low radiation dosages Its speed is invaluable in the neurosciences where time is critical in the recognition and treatment of such conditions as stroke and brain aneurysm Another distinctive feature of the Marcus Neuroscience Institute will be its Biplane Angiography Suite The second such suite at Boca Raton Regional Hospital it is crucial in the diagnosis and care of a host of neurological conditions With this technology physicians can produce highly detailed three-dimensional images simultaneously from two regions of the head from front-to-back and side-to-side This superior visualization greatly enhances diagnostic and therapeutic capabilities and significantly reduces the time to complete a neurological angiogram The Institutersquos medical staff will include highly experienced and qualified clinicians in all facets of the neurosciences including neurologists neurosurgeons neurointerventionalists a neuropsychologist and a Research Director The Executive Medical Director position of the Institute will be filled through a recently initiated national search of prominent physicians in the neurosciences

4

AREA OVERVIEW

Boca Raton Regional Hospital Receives Transformational $25 Million Gift from Marcus Foundation Grant will be used to create the Marcus Neuroscience Institute and transform landscape of neurologic and neurosurgical care in Florida

BOCA RATON FL (January 11 2012) - CONTINUED

The staff will also include three neurointensivists physicians who are specially trained in neurocritical care Recent studies have demonstrated that neuro intensive care units utilizing a neurointensivist-led team see lower mortality rates shorter lengths of stay and a decrease in discharges to nursing homes A robust clinical research component will be a feature of the Institute and collaborate extensively with scientists at Florida Atlantic University especially its Louis and Anne Green Memory and Wellness Center Patients at the Marcus Neuroscience Institute will also benefit from its synergistic relationship with Boca Regionalrsquos Eugene M amp Christine E Lynn Cancer Institute (LCI) offering patients with neurologic malignancies the most advanced radiation and medical oncology therapies available in the Institutersquos renowned and award-winning facility The combination of LCI with the Marcus Neuroscience Institute on the Boca Regional campus will make for a tandem of facilities programs and services that is among the first in the nation ldquoThis is a watershed day for the advancement of the neurosciences in Florida and beyondrdquo said Jerry Fedele President and CEO at Boca Raton Regional Hospital ldquoThe Marcus Foundationrsquos magnificent commitment will allow the creation of an institute that will be sought out not only by those in need of the most sophisticated levels of care but also by those who have the ability training and experience to deliver that care The benefits of this generosity will be felt by generations of patients and professionals alikerdquo Development of clinical programs within the Marcus Neuroscience Institute will commence immediately and include such areas as movement disorders neuro-oncology epilepsy multiple sclerosis and Alzheimerrsquos disease About Boca Raton Regional Hospital - Medicine Redefined Born out of community need in 1967 Boca Raton Regional Hospital is an advanced tertiary medical center (wwwbrrhcom) with 400 beds and more than 800 primary and specialty physicians on staff The Hospital is a recognized leader in oncology cardiovascular disease and surgery minimally invasive surgery orthopedics womenrsquos health and emergency medicine all of which offer state-of-the-art diagnostic and imaging capabilities The Hospital is a Joint Commission Designated Primary Stroke Center Boca Raton Regional Hospital is the recipient of the 2011 Distinguished Hospital for Clinical Excellencetrade and is ranked by HealthGradesreg as 1 in Florida for overall cardiac services and cardiac surgery 1 in Florida for treatment of stroke 2 in Florida for gastrointestinal services and 3 in Florida for gastrointestinal medical treatment Boca Raton Regional Hospital is also recognized in US News Media amp World Reportrsquos 2011 - 2012 Best Hospitals listing as a top ranked hospital in the South Florida metropolitan area Contact Boca Raton Regional Hospital Thomas Chakurda (561) 955-3586 tchakurdabrrhcom httpwwwbrrhcomNewsroomaspxlinkId=-2ampReleaseId=4993

5

AREA OVERVIEW (Located within a few blocks from the property)

Boca Raton Regional Hospital Receives Transformational $25 Million Gift from Marcus Foundation Grant will be used to create the Marcus Neuroscience Institute and transform landscape of neurologic and neurosurgical care in Florida

BOCA RATON FL (January 11 2012) - In what is the largest single philanthropic gift in the institutionrsquos history Boca Raton Regional Hospital has received a $25 million grant from the Marcus Foundation to create the Marcus Neuroscience Institute on the Hospitalrsquos main campus The facility will serve as a new state-of-the-art nexus of care for neurologic and neurosurgical patients and transform the landscape of clinical capabilities available in the region The gift was initiated by Bernie Marcus Chairman of the Marcus Foundation and co-founder and former CEO of The Home Depot and his wife Billi Now residents of Boca Raton Florida the Marcuses are noted philanthropists whose largess has benefited myriad causes including the Marcus Autism Center for children with brain and developmental disorders the Grady Health System in Atlanta the Centers for Disease Control and Prevention the Georgia Aquarium in Atlanta and the Marcus Community Bridge Program at the Sheppard Center in Atlanta to assist patients with spinal cord and brain injuries as they return to their homes workplaces and communities ldquoWe have long tried to help those involved in caring for individuals with neurological disease or impairment on both a pediatric and adult basisrdquo said Mr Marcus ldquoOur plan at Boca Regional is to meld the best in physician skill with the finest technology and a marvelous facility to provide a center of excellence in the neurosciences that is unparalleled in Floridardquo Recent data from the Centers for Medicare amp Medicaid Services reveal that with an aging population one of the largest anticipated needs in healthcare will be in the neurosciences including the treatment of vascular diseases of the brain such as stroke and transient ischemic attack Alzheimerrsquos disease and other memory disorders Parkinsonrsquos disease and other movement disorders multiple sclerosis epilepsy and malignant and benign brain tumors The 52000 square-foot facility will house a 22-bed Neuro Intensive Care and Step-Down unit The rooms all of which are private will be equipped with special monitoring capabilities that provide vital information on both the patientrsquos neurological and cardiovascular functions Each of the rooms features an abundance of natural lighting and an antechamber where family members can stay during the patientrsquos hospitalization as both of these factors have been shown to positively influence recovery in neurological conditions Technology at the Institute will be state-of the-art and provide clinicians with capabilities that are the gold standard in neurological and neurosurgical care The Institute will contain two dedicated operating rooms each equipped with intraoperative MRI and CT scanners These technologies provide real-time scans during all stages of a procedure ensuring greater accuracy and patient safety A Flash CT scanner will be an important component of the radiologic capabilities offered at the Institute This imaging technology provides high-quality scans in virtually seconds and at very low radiation dosages Its speed is invaluable in the neurosciences where time is critical in the recognition and treatment of such conditions as stroke and brain aneurysm Another distinctive feature of the Marcus Neuroscience Institute will be its Biplane Angiography Suite The second such suite at Boca Raton Regional Hospital it is crucial in the diagnosis and care of a host of neurological conditions With this technology physicians can produce highly detailed three-dimensional images simultaneously from two regions of the head from front-to-back and side-to-side This superior visualization greatly enhances diagnostic and therapeutic capabilities and significantly reduces the time to complete a neurological angiogram The Institutersquos medical staff will include highly experienced and qualified clinicians in all facets of the neurosciences including neurologists neurosurgeons neurointerventionalists a neuropsychologist and a Research Director The Executive Medical Director position of the Institute will be filled through a recently initiated national search of prominent physicians in the neurosciences

4

AREA OVERVIEW

Boca Raton Regional Hospital Receives Transformational $25 Million Gift from Marcus Foundation Grant will be used to create the Marcus Neuroscience Institute and transform landscape of neurologic and neurosurgical care in Florida

BOCA RATON FL (January 11 2012) - CONTINUED

The staff will also include three neurointensivists physicians who are specially trained in neurocritical care Recent studies have demonstrated that neuro intensive care units utilizing a neurointensivist-led team see lower mortality rates shorter lengths of stay and a decrease in discharges to nursing homes A robust clinical research component will be a feature of the Institute and collaborate extensively with scientists at Florida Atlantic University especially its Louis and Anne Green Memory and Wellness Center Patients at the Marcus Neuroscience Institute will also benefit from its synergistic relationship with Boca Regionalrsquos Eugene M amp Christine E Lynn Cancer Institute (LCI) offering patients with neurologic malignancies the most advanced radiation and medical oncology therapies available in the Institutersquos renowned and award-winning facility The combination of LCI with the Marcus Neuroscience Institute on the Boca Regional campus will make for a tandem of facilities programs and services that is among the first in the nation ldquoThis is a watershed day for the advancement of the neurosciences in Florida and beyondrdquo said Jerry Fedele President and CEO at Boca Raton Regional Hospital ldquoThe Marcus Foundationrsquos magnificent commitment will allow the creation of an institute that will be sought out not only by those in need of the most sophisticated levels of care but also by those who have the ability training and experience to deliver that care The benefits of this generosity will be felt by generations of patients and professionals alikerdquo Development of clinical programs within the Marcus Neuroscience Institute will commence immediately and include such areas as movement disorders neuro-oncology epilepsy multiple sclerosis and Alzheimerrsquos disease About Boca Raton Regional Hospital - Medicine Redefined Born out of community need in 1967 Boca Raton Regional Hospital is an advanced tertiary medical center (wwwbrrhcom) with 400 beds and more than 800 primary and specialty physicians on staff The Hospital is a recognized leader in oncology cardiovascular disease and surgery minimally invasive surgery orthopedics womenrsquos health and emergency medicine all of which offer state-of-the-art diagnostic and imaging capabilities The Hospital is a Joint Commission Designated Primary Stroke Center Boca Raton Regional Hospital is the recipient of the 2011 Distinguished Hospital for Clinical Excellencetrade and is ranked by HealthGradesreg as 1 in Florida for overall cardiac services and cardiac surgery 1 in Florida for treatment of stroke 2 in Florida for gastrointestinal services and 3 in Florida for gastrointestinal medical treatment Boca Raton Regional Hospital is also recognized in US News Media amp World Reportrsquos 2011 - 2012 Best Hospitals listing as a top ranked hospital in the South Florida metropolitan area Contact Boca Raton Regional Hospital Thomas Chakurda (561) 955-3586 tchakurdabrrhcom httpwwwbrrhcomNewsroomaspxlinkId=-2ampReleaseId=4993

5

AREA OVERVIEW

Boca Raton Regional Hospital Receives Transformational $25 Million Gift from Marcus Foundation Grant will be used to create the Marcus Neuroscience Institute and transform landscape of neurologic and neurosurgical care in Florida

BOCA RATON FL (January 11 2012) - CONTINUED

The staff will also include three neurointensivists physicians who are specially trained in neurocritical care Recent studies have demonstrated that neuro intensive care units utilizing a neurointensivist-led team see lower mortality rates shorter lengths of stay and a decrease in discharges to nursing homes A robust clinical research component will be a feature of the Institute and collaborate extensively with scientists at Florida Atlantic University especially its Louis and Anne Green Memory and Wellness Center Patients at the Marcus Neuroscience Institute will also benefit from its synergistic relationship with Boca Regionalrsquos Eugene M amp Christine E Lynn Cancer Institute (LCI) offering patients with neurologic malignancies the most advanced radiation and medical oncology therapies available in the Institutersquos renowned and award-winning facility The combination of LCI with the Marcus Neuroscience Institute on the Boca Regional campus will make for a tandem of facilities programs and services that is among the first in the nation ldquoThis is a watershed day for the advancement of the neurosciences in Florida and beyondrdquo said Jerry Fedele President and CEO at Boca Raton Regional Hospital ldquoThe Marcus Foundationrsquos magnificent commitment will allow the creation of an institute that will be sought out not only by those in need of the most sophisticated levels of care but also by those who have the ability training and experience to deliver that care The benefits of this generosity will be felt by generations of patients and professionals alikerdquo Development of clinical programs within the Marcus Neuroscience Institute will commence immediately and include such areas as movement disorders neuro-oncology epilepsy multiple sclerosis and Alzheimerrsquos disease About Boca Raton Regional Hospital - Medicine Redefined Born out of community need in 1967 Boca Raton Regional Hospital is an advanced tertiary medical center (wwwbrrhcom) with 400 beds and more than 800 primary and specialty physicians on staff The Hospital is a recognized leader in oncology cardiovascular disease and surgery minimally invasive surgery orthopedics womenrsquos health and emergency medicine all of which offer state-of-the-art diagnostic and imaging capabilities The Hospital is a Joint Commission Designated Primary Stroke Center Boca Raton Regional Hospital is the recipient of the 2011 Distinguished Hospital for Clinical Excellencetrade and is ranked by HealthGradesreg as 1 in Florida for overall cardiac services and cardiac surgery 1 in Florida for treatment of stroke 2 in Florida for gastrointestinal services and 3 in Florida for gastrointestinal medical treatment Boca Raton Regional Hospital is also recognized in US News Media amp World Reportrsquos 2011 - 2012 Best Hospitals listing as a top ranked hospital in the South Florida metropolitan area Contact Boca Raton Regional Hospital Thomas Chakurda (561) 955-3586 tchakurdabrrhcom httpwwwbrrhcomNewsroomaspxlinkId=-2ampReleaseId=4993

5

AREA OVERVIEW

Boca Raton Regional Hospital to Provide Proton Therapy Partnership with ProCure will offer most advanced radiation therapy for many cancers

BOCA RATON FL ndash February 1 2012 ndash Officials at Boca Raton Regional Hospital and ProCure Treatment Centers Inc (ldquoProCurerdquo) today announced a strategic alliance that will result in proton radiation therapy being used to treat patients on the campus of the hospital beginning in 2015 The facility will be only the eleventh proton therapy treatment center in the United States and join a prestigious list of institutions that offer the technology including the MD Anderson Cancer Center Loma Linda University Massachusetts General Hospital and the University of Pennsylvania ldquoThe addition of proton therapy expands our capabilities in radiation oncology exponentiallyrdquo said Tim Williams MD Medical Director of Radiation Oncology at Boca Regionalrsquos Eugene M amp Christine E Lynn Cancer Institute ldquoBy bringing the most advanced radiation treatment machine in the world to Boca Raton we will greatly enhance our Cancer Institutersquos reputation as a destination program for cancer patientsrdquo According to Dr Williams proton therapy is a form of radiation treatment without many of the short and long-term side effects often experienced with standard radiation therapy and is the most advanced cancer treatment for many types of tumors Studies have shown proton therapy to be effective in treating brain head and neck central nervous system lung pediatric and prostate tumors as well as cancers that cannot be removed completely by surgery Unlike standard radiation therapy (which uses X-rays) proton therapy is much more precise killing cancer cells and reducing the risk of damage to nearby structures The difference between the two therapies is that protons deposit almost all of their energy (radiation) directly in the tumor allowing patients to receive higher more effective doses and reducing damage to healthy tissue near the tumor Research shows proton therapy can cause fewer short and long-term side effects than standard radiation therapy reduce the occurrence of secondary tumors and improve patientsrsquo quality of life Proton therapy is safe non-invasive and painless for most patients It does not require an overnight stay in the hospital Depending on the type of tumor treatments can be given in a day or may take up to eight weeks The total number of treatments needed depends on the location size and type of the tumor Actual time under beam is several minutes but total daily treatment sessions typically range from 15 to 30 minutes due to the time spent positioning the patient for this precise treatment Proton therapy patients experience fewer side effects inherent in all therapies that use X-ray radiation including IMRT cyberknife or other radiosurgeries ldquoUnlike X-ray radiation the inherent advantages of proton therapy allow higher doses to be used and it can be used with chemotherapy or other biological therapies because it generally affects less bone marrow or other normal tissue near the target Even when standard radiation is a good alternative for a patient there is a point at which no further X-ray radiation can be tolerated and treatment must be stopped Proton therapy may be an option for some of those patients as wellrdquo said Dr Williams The Centerrsquos 50000 square foot facility will house a superconducting cyclotron that generates the proton beam and weighs over 200000 lbs It feeds the ultra-high energy particle beam into massive three-story gantries and then into individual treatment rooms where they are precisely targeted into a patientrsquos tumor The device will incorporate many new advances in technology unavailable on other proton machines that will allow unsurpassed flexibility accuracy and safety The facility itself will be a model for patient comfort and convenience with many built-in amenities designed to enhance and support the patientrsquos holistic experience building on the level of care currently experienced by patients at the Lynn Cancer Institute It will be the perfect complement to the recently announced Marcus Neuroscience Institute where cutting-edge treatments and world-class research will be conducted on all aspects of the neurosciences including neuro-oncology The combination of the two centers will make Boca Raton Regional Hospital one of the leading centers in the entire world for the treatment of brain tumors The proton center will also be affiliated with the Physics Department at Florida Atlantic University whose graduate students will come for education and training And it will bring dozens of skilled high technology jobs to the local area The center will be operated by ProCure the countryrsquos leading provider of proton therapy ProCure currently operates proton centers in Oklahoma City and Chicago has a third center opening this spring in New Jersey with a fourth in the construction phase in Seattle Boca Raton will be their fifth center and they continue to pursue opportunities in the United States and around the world Boca Raton Regional Hospital will provide the land and a portion of the financial commitment Physicians on the staff of Boca Raton Regional Hospital and the Lynn Cancer Institute will provide the clinical services ldquoProCure is excited to bring proton therapy to Boca Raton Regional Hospital and patients with cancer in south Florida We look forward to moving ahead with this project and making treatment available for patientsrdquo said Chris Chandler Senior Vice President for ProCure Hadley Ford CEO of ProCure added ldquoWe believe that Boca Raton Regional Hospital and the Lynn Cancer Institute has the perfect combination of commitment infrastructure vision and values to make this a tremendously successful projectrdquo ldquoThe creation of a ProCure Center on the campus of Boca Regional is indicative of our cancer programrsquos mission to provide the most advanced sophisticated and effective therapies for our patients with cancerrdquo said Jerry Fedele President and CEO of Boca Raton Regional Hospital ldquoThis facility coupled with our present capabilities at the Lynn Cancer Institute and the recently announced Marcus Neuroscience Institute will provide a nexus of cancer care that is truly second to nonerdquo

Contacts Thomas Chakurda 5619553586 Boca Raton Regional Hospital tchakurdabrrhcom Sky Opila 3125581770 ext 173

Public Communications Inc wwwpciprcom httpwwwbrrhcomNewsroomaspxlinkId=-2ampReleaseId=5179

6

AREA OVERVIEW

Boca Raton is a city in Palm Beach County Florida USA incorporated in May 1925 According to the United States Census Bureau the city has a total area of 291 square miles 272 square miles of this is land and 19 square miles of it is water Boca Raton is a lsquoprincipal cityrsquo (as defined by the Census Bureau) of the South Florida metropolitan area In the 2000 census the city had a total population of 74764 and the 2006 population recorded by the US Census Bureau was 86396 However the majority of the people under the postal address of Boca Raton about 200000 in total are not actually within Boca Ratonrsquos municipal boundaries It is estimated that on any given day there are roughly 350000 people in the city itself In terms of both population and land area Boca Raton is the largest city between West Palm Beach and Pompano Beach Broward County Boca Raton area attractions Mizner Park - a downtown outdoor shopping and dining center that has become a cultural center for southern Palm Beach County Featuring a landscaped central park between the two main roads (collectively called Plaza Real) with stores only on the outside of the roads Mizner Park resembles a Mediterranean suburban ldquotown centerrdquo with a more contemporary look Boca Raton Museum of Art - ldquoThe Official Fine Arts Museum for the City of Boca Ratonrdquo The Museum plays a key role in enhancing the cultural educational and economic vitality of Boca Raton and attracts more than 200000 visitors annually to its galleries and programs Town Center at Boca Raton - an upscale super-regional shopping center It is the largest enclosed and conventional shopping mall within Palm Beach County and second largest by square feet in South Florida behind the Aventura Mall Cinemark Theaters Palace 20 - one of the most luxurious movie theaters in America and one of Boca Ratonrsquos most popular entertainment destinations Gumbo Limbo Nature Center - founded in 1984 is a unique cooperative project of the City of Boca Raton Greater Boca Raton Beach and Park District The Palm Beach County School District Florida Atlantic University (FAU) and Gumbo Limbo Nature Center Inc Each year more than 100000 local and tourist visitors receive valuable environmental education while enjoying respite from the city bustle Boca Raton Schools City of Boca Raton Public Library - located at 200 NW Boca Raton Blvd Boca Raton is less than 10 minutes from the Subject Property Education - 12 Elementary Schools 5 Middle Schools 4 High Schools 17 Private Schools and 5 Universities The schools for this community are JC Mitchell Elementary Boca Raton Middle and Boca Raton Community High

7

AREA OVERVIEW

Universities bull Florida Atlantic University founded in 1961 held its first classes in Boca Raton in 1964 FAU is a member of the State University System of Florida and is the largest university in Boca Raton It has over 26000 students 3000 of which are residential students and a Division I athletics program FAU is located at 777 Glades Rd Boca Raton which is 5 minutes from the subject property bull Palm Beach State College has had a Boca Raton campus adjacent to Florida Atlantic University since 1971 Located at 3000 Saint Lucie Ave Boca Raton which is 34 miles from the subject property bull Lynn University is a four year co-educational institution offering 17 undergraduate degrees and five graduate degrees with more than 114 specializations through its five colleges Located at 3601 N Military Trail Boca Raton which is less than 3 miles from the subject property bull Digital Media Arts College founded in 2001 offers bachelorrsquos and masterrsquos degrees in computer animation and graphic design Current enrollment is approximately 350 students Located at 5400 Broken Sound Boulevard Northwest Boca Raton which is ten minutes from the subject property bull Everglades University is regionally accredited by the Commission on Colleges of the Southern Association of Colleges and Schools to award bachelorrsquos and masterrsquos degrees Located at 5002 TRex Ave Boca Raton which is 10 minutes from the subject property

Employment Presence Palm Beach County boasts some of the finest manufacturers in the world Their presence is a strong indication of the countryrsquos ability to support industry Although the country has a variety of producers there are distinct industry clusters The most prevalent in the country are communications amp information technology aerospace amp engineering agriculture amp food processing business amp financial services and medical amp pharmaceutical products Many of the countryrsquos industrial employers are competing on a worldwide basis with products sold in the international market Some of the largest employers in the state are located within Boca Raton Goods Producing companies include IBM Corporation who employs approximately 600 individuals Tyco Safety Sensormatic has 500 employees Jarden Consumer Solutions employs 450 people and Siemens and Signet Diagnostics Imaging both employ 400 workers Service Producing Companies like FAU which employees 2776 the Boca Raton Resort amp Club has 2200 employees The Office Depot Headquarters which has 2100 employees Boca Raton Community Hospital maintains 2100 employees and the City of Boca Raton employs an additional 1638 employees to name a few

8

PROPERTY SUMMARY

9

THE OFFERING Property Country Club Apartments

Property Address 1601 NW 13th Street

Boca Raton FL 33486

Pacel Number 06-42-47-24-10-027-0050

Zoning R5A

SITE DESCRIPTION Number of Units 84

Number of Buildings 7 + Management Office

Number of Stories 2

Year Built 1975

Lot Size 6652 acres Type of Ownership Free Simple

Density 1263 Units Per Acre

Parking 156 Spaces

Parking Ratio 186 Spacer Per Unit

Landscapting Mature

Topography Level

UTILITIES Water City of Boca Raton - Owner

Phone ATampT Bell South - Resident

Electric FPL - Resident

Cable Comcast - Owner

CONSTRUCTION Foundation Concrete Slab

Framing Concrete Block

Exterior Concrete Block Painted Stucco

Parking Surface Paved Asphalt

Roof Built Up Flat Shingled Mansards

MECHANICAL HVAC Central Air - Conditioning

Wiring Copper

Fire Protection Smoke Detectors Fire Extinguishers

RE-DEVELOPMENT OPTION

10

Country Club Village presents an excellent investment opportunity as a multifamily property without any changes It is an automatic and unmatched Land Bank Opportunity with income Current but optional opportunity With a recent change of zoning from R-3-B to R-5-A the density on the site can be increased immediately from the existing 84 units to 132 units The City of Boca Raton approved a zoning change on September 27 2011 to R-5-A allowing for an additional 48 units to be constructed on the site in a plan that is consistent to that which was prepared by the current owner and submitted along with the application for rezoning The plan was prepared by Slattery amp Associates and is included in this offering memorandum The proposed re-development site plan along with major renovations is approved and consists of the following bull The demolition of the western most building on the site and replacement with a new structure bull The demolition of the current recreational facility and the construction of a new club house and pool bull The construction of new apartments in the central and eastern areas of the site bull The exterior renovation of the six remaining buildings on the site in order to be consistent architecturally with the new buildings (this work is already underway) The re-development plan has minimum impact on the existing units thus allowing the new owner to maintain residents and income throughout the construction process The City of Boca Raton allows for a period of 18 months from the date the zoning was changed to commence the redevelopment project A Phase I Environmental Study was conducted on the site in November 2011 and concludes that ldquono further investigation is deemed necessary at this timerdquo In addition to the existing entitlements which allow for additional units the owner of the property has explored an academic oriented mixed-use development on the site consisting of 80 units of 4 bed dorms for 320 student housing units plus 120 one and two bedroom units for anyone in academia and a 100 room extended stay hotel The development plan is dubbed ldquoAcademic Villagerdquo Boca Raton is home to several colleges and universities and the property is very close to Florida Atlantic and Lynn University which makes the property ideally suited for this type of development Preliminary meetings with the city planning and zoning staff were favorable The concept consists of 214900square feet of finished space and 550 surface and deck parking spaces recreational amenities a small convenience market and a conference hall Over the past few years other considerations conversations and offers of redevelopment for this site have been numerous 1) Affordable housing 2) Senior livingcare facility 3) Specialized livingcare facility 4) High end senior living facility 5) Condotel 6) Development with pedestrian bridge access to Boca Center which is just west of the property across I-95 This is the most unique investment opportunity on the market with all the added value

RE-DEVELOPMENT SITE PLAN

11

RE-DEVELOPMENT LAND PLANNER INFORMATION

12

All the information below is new information on the future redevelopment of the property This new information was researched and discovered May this year Charlie Putman my land planner has worked with me on this property since 2006 All of Charlies contact information is below feel free to contact him with any questions

Information from Charles Putman May 8th 2012 to a developer prospect

From Chasputmanaolcom [mailtoChasputmanaolcom] Sent Tuesday May 08 2012 1137 AM Subject Results of Land Use Review - Country Club Village Property Per our recent meeting I have undertaken some research of City codes and procedures and note the following relative to the Country Club Village property CURRENT LAND USE AND ZONING (SEE ATTACHMENTS) In reviewing the details of the RH Land Use designation that applies both to the Country Club Village site and the surrounding property I noted that the district boundaries encompass land that is actually part of the high school This same situation exists on the zoning map for the area I am enclosing copies of exhibits showing the boundaries of the land use and zoning districts for your review The significance of this to our situation is that Citys Comp Plan anticipates a certain density in this area that is built into all of their long range calculations However the density assigned to the school property will clearly never be built A possible advantage of this to the Country Club Village land would be to create an overlay district that included and set standards for the entire RH district and allowed a transfer of the density within that district to other properties If this were to work it would allow higher densities on the property without needing to actually change the land use plan or challenge the City for higher density OVERLAY DISTRICTS (SEE ATTACHMENTS) Unlike other communities ( like Delray Beach and the County) Boca does not have a formal process in their zoning code for overlay districts However in their recent Comp Plan there is language indicating that the City may consider the use of overlay districts if it meets certain standards I am herein enclosing page LU -25 for the plan - see Policy LU313 Meeting these standards may be a stretch but if the City likes what we might come up with they could use this as a basis for considering an overlay proposal WORKFORCE HOUSING (SEE ATTACHMENTS) Although the City does not have a zoning provision as yet for workforce housing they do have a provision in their comp plan that allows densities to be increased by 125 if you either allocate the bonus units to be workforce or if you pay into the City fund See Policy LU 1114 on Page LU -14 herein transmitted Note that this provision is clear about the fact that the resulting density can exceed the underlying entitlements PLANNING AREAS (SEE ATTACHMENTS) One of the features of the new Comp Plan is that it calls for the City to generate plans for the various planning areas they have created I am enclosing the map showing the planning areas and as you can see we are in the Central District Along with this map I am enclosing the text of the plan that establishes some objectives for the Central District This list could provide some ideas as to specific benefits that we might offer to the City in exchange for additional density See pages LU-29 and LU-30 Note that Policy LU 345 on page LU-30 specifically addresses a pedestrian and bicycle crosswalk over 95 at the end of 13th Street where County Club Village is located That may be something to look into I hope you find the above useful Call when you get a chance so that we can discuss the above in more detail However there do seem to be some options available if you decide you want to proceed further with the idea of getting more density on the project By the way I checked with the City staff and they calculate allowable density to the property line not to the center of the street so picking up addition density that way does not seem to be an option Let me know your thoughts on the above CHARLES PUTMAN CHARLES PUTMAN AND ASSOCIATES INC LAND PLANNING SERVICES 4722 N W Boca Raton Boulevard - Suite C-106 Boca Raton Florida 33431 561-994-6411

AREA OVERVIEW

Universities bull Florida Atlantic University founded in 1961 held its first classes in Boca Raton in 1964 FAU is a member of the State University System of Florida and is the largest university in Boca Raton It has over 26000 students 3000 of which are residential students and a Division I athletics program FAU is located at 777 Glades Rd Boca Raton which is 5 minutes from the subject property bull Palm Beach State College has had a Boca Raton campus adjacent to Florida Atlantic University since 1971 Located at 3000 Saint Lucie Ave Boca Raton which is 34 miles from the subject property bull Lynn University is a four year co-educational institution offering 17 undergraduate degrees and five graduate degrees with more than 114 specializations through its five colleges Located at 3601 N Military Trail Boca Raton which is less than 3 miles from the subject property bull Digital Media Arts College founded in 2001 offers bachelorrsquos and masterrsquos degrees in computer animation and graphic design Current enrollment is approximately 350 students Located at 5400 Broken Sound Boulevard Northwest Boca Raton which is ten minutes from the subject property bull Everglades University is regionally accredited by the Commission on Colleges of the Southern Association of Colleges and Schools to award bachelorrsquos and masterrsquos degrees Located at 5002 TRex Ave Boca Raton which is 10 minutes from the subject property

Employment Presence Palm Beach County boasts some of the finest manufacturers in the world Their presence is a strong indication of the countryrsquos ability to support industry Although the country has a variety of producers there are distinct industry clusters The most prevalent in the country are communications amp information technology aerospace amp engineering agriculture amp food processing business amp financial services and medical amp pharmaceutical products Many of the countryrsquos industrial employers are competing on a worldwide basis with products sold in the international market Some of the largest employers in the state are located within Boca Raton Goods Producing companies include IBM Corporation who employs approximately 600 individuals Tyco Safety Sensormatic has 500 employees Jarden Consumer Solutions employs 450 people and Siemens and Signet Diagnostics Imaging both employ 400 workers Service Producing Companies like FAU which employees 2776 the Boca Raton Resort amp Club has 2200 employees The Office Depot Headquarters which has 2100 employees Boca Raton Community Hospital maintains 2100 employees and the City of Boca Raton employs an additional 1638 employees to name a few

8

PROPERTY SUMMARY

9

THE OFFERING Property Country Club Apartments

Property Address 1601 NW 13th Street

Boca Raton FL 33486

Pacel Number 06-42-47-24-10-027-0050

Zoning R5A

SITE DESCRIPTION Number of Units 84

Number of Buildings 7 + Management Office

Number of Stories 2

Year Built 1975

Lot Size 6652 acres Type of Ownership Free Simple

Density 1263 Units Per Acre

Parking 156 Spaces

Parking Ratio 186 Spacer Per Unit

Landscapting Mature

Topography Level

UTILITIES Water City of Boca Raton - Owner

Phone ATampT Bell South - Resident

Electric FPL - Resident

Cable Comcast - Owner

CONSTRUCTION Foundation Concrete Slab

Framing Concrete Block

Exterior Concrete Block Painted Stucco

Parking Surface Paved Asphalt

Roof Built Up Flat Shingled Mansards

MECHANICAL HVAC Central Air - Conditioning

Wiring Copper

Fire Protection Smoke Detectors Fire Extinguishers

RE-DEVELOPMENT OPTION

10

Country Club Village presents an excellent investment opportunity as a multifamily property without any changes It is an automatic and unmatched Land Bank Opportunity with income Current but optional opportunity With a recent change of zoning from R-3-B to R-5-A the density on the site can be increased immediately from the existing 84 units to 132 units The City of Boca Raton approved a zoning change on September 27 2011 to R-5-A allowing for an additional 48 units to be constructed on the site in a plan that is consistent to that which was prepared by the current owner and submitted along with the application for rezoning The plan was prepared by Slattery amp Associates and is included in this offering memorandum The proposed re-development site plan along with major renovations is approved and consists of the following bull The demolition of the western most building on the site and replacement with a new structure bull The demolition of the current recreational facility and the construction of a new club house and pool bull The construction of new apartments in the central and eastern areas of the site bull The exterior renovation of the six remaining buildings on the site in order to be consistent architecturally with the new buildings (this work is already underway) The re-development plan has minimum impact on the existing units thus allowing the new owner to maintain residents and income throughout the construction process The City of Boca Raton allows for a period of 18 months from the date the zoning was changed to commence the redevelopment project A Phase I Environmental Study was conducted on the site in November 2011 and concludes that ldquono further investigation is deemed necessary at this timerdquo In addition to the existing entitlements which allow for additional units the owner of the property has explored an academic oriented mixed-use development on the site consisting of 80 units of 4 bed dorms for 320 student housing units plus 120 one and two bedroom units for anyone in academia and a 100 room extended stay hotel The development plan is dubbed ldquoAcademic Villagerdquo Boca Raton is home to several colleges and universities and the property is very close to Florida Atlantic and Lynn University which makes the property ideally suited for this type of development Preliminary meetings with the city planning and zoning staff were favorable The concept consists of 214900square feet of finished space and 550 surface and deck parking spaces recreational amenities a small convenience market and a conference hall Over the past few years other considerations conversations and offers of redevelopment for this site have been numerous 1) Affordable housing 2) Senior livingcare facility 3) Specialized livingcare facility 4) High end senior living facility 5) Condotel 6) Development with pedestrian bridge access to Boca Center which is just west of the property across I-95 This is the most unique investment opportunity on the market with all the added value

RE-DEVELOPMENT SITE PLAN

11

RE-DEVELOPMENT LAND PLANNER INFORMATION

12

All the information below is new information on the future redevelopment of the property This new information was researched and discovered May this year Charlie Putman my land planner has worked with me on this property since 2006 All of Charlies contact information is below feel free to contact him with any questions

Information from Charles Putman May 8th 2012 to a developer prospect

From Chasputmanaolcom [mailtoChasputmanaolcom] Sent Tuesday May 08 2012 1137 AM Subject Results of Land Use Review - Country Club Village Property Per our recent meeting I have undertaken some research of City codes and procedures and note the following relative to the Country Club Village property CURRENT LAND USE AND ZONING (SEE ATTACHMENTS) In reviewing the details of the RH Land Use designation that applies both to the Country Club Village site and the surrounding property I noted that the district boundaries encompass land that is actually part of the high school This same situation exists on the zoning map for the area I am enclosing copies of exhibits showing the boundaries of the land use and zoning districts for your review The significance of this to our situation is that Citys Comp Plan anticipates a certain density in this area that is built into all of their long range calculations However the density assigned to the school property will clearly never be built A possible advantage of this to the Country Club Village land would be to create an overlay district that included and set standards for the entire RH district and allowed a transfer of the density within that district to other properties If this were to work it would allow higher densities on the property without needing to actually change the land use plan or challenge the City for higher density OVERLAY DISTRICTS (SEE ATTACHMENTS) Unlike other communities ( like Delray Beach and the County) Boca does not have a formal process in their zoning code for overlay districts However in their recent Comp Plan there is language indicating that the City may consider the use of overlay districts if it meets certain standards I am herein enclosing page LU -25 for the plan - see Policy LU313 Meeting these standards may be a stretch but if the City likes what we might come up with they could use this as a basis for considering an overlay proposal WORKFORCE HOUSING (SEE ATTACHMENTS) Although the City does not have a zoning provision as yet for workforce housing they do have a provision in their comp plan that allows densities to be increased by 125 if you either allocate the bonus units to be workforce or if you pay into the City fund See Policy LU 1114 on Page LU -14 herein transmitted Note that this provision is clear about the fact that the resulting density can exceed the underlying entitlements PLANNING AREAS (SEE ATTACHMENTS) One of the features of the new Comp Plan is that it calls for the City to generate plans for the various planning areas they have created I am enclosing the map showing the planning areas and as you can see we are in the Central District Along with this map I am enclosing the text of the plan that establishes some objectives for the Central District This list could provide some ideas as to specific benefits that we might offer to the City in exchange for additional density See pages LU-29 and LU-30 Note that Policy LU 345 on page LU-30 specifically addresses a pedestrian and bicycle crosswalk over 95 at the end of 13th Street where County Club Village is located That may be something to look into I hope you find the above useful Call when you get a chance so that we can discuss the above in more detail However there do seem to be some options available if you decide you want to proceed further with the idea of getting more density on the project By the way I checked with the City staff and they calculate allowable density to the property line not to the center of the street so picking up addition density that way does not seem to be an option Let me know your thoughts on the above CHARLES PUTMAN CHARLES PUTMAN AND ASSOCIATES INC LAND PLANNING SERVICES 4722 N W Boca Raton Boulevard - Suite C-106 Boca Raton Florida 33431 561-994-6411

PROPERTY SUMMARY

9

THE OFFERING Property Country Club Apartments

Property Address 1601 NW 13th Street

Boca Raton FL 33486

Pacel Number 06-42-47-24-10-027-0050

Zoning R5A

SITE DESCRIPTION Number of Units 84

Number of Buildings 7 + Management Office

Number of Stories 2

Year Built 1975

Lot Size 6652 acres Type of Ownership Free Simple

Density 1263 Units Per Acre

Parking 156 Spaces

Parking Ratio 186 Spacer Per Unit

Landscapting Mature

Topography Level

UTILITIES Water City of Boca Raton - Owner

Phone ATampT Bell South - Resident

Electric FPL - Resident

Cable Comcast - Owner

CONSTRUCTION Foundation Concrete Slab

Framing Concrete Block

Exterior Concrete Block Painted Stucco

Parking Surface Paved Asphalt

Roof Built Up Flat Shingled Mansards

MECHANICAL HVAC Central Air - Conditioning

Wiring Copper

Fire Protection Smoke Detectors Fire Extinguishers

RE-DEVELOPMENT OPTION

10

Country Club Village presents an excellent investment opportunity as a multifamily property without any changes It is an automatic and unmatched Land Bank Opportunity with income Current but optional opportunity With a recent change of zoning from R-3-B to R-5-A the density on the site can be increased immediately from the existing 84 units to 132 units The City of Boca Raton approved a zoning change on September 27 2011 to R-5-A allowing for an additional 48 units to be constructed on the site in a plan that is consistent to that which was prepared by the current owner and submitted along with the application for rezoning The plan was prepared by Slattery amp Associates and is included in this offering memorandum The proposed re-development site plan along with major renovations is approved and consists of the following bull The demolition of the western most building on the site and replacement with a new structure bull The demolition of the current recreational facility and the construction of a new club house and pool bull The construction of new apartments in the central and eastern areas of the site bull The exterior renovation of the six remaining buildings on the site in order to be consistent architecturally with the new buildings (this work is already underway) The re-development plan has minimum impact on the existing units thus allowing the new owner to maintain residents and income throughout the construction process The City of Boca Raton allows for a period of 18 months from the date the zoning was changed to commence the redevelopment project A Phase I Environmental Study was conducted on the site in November 2011 and concludes that ldquono further investigation is deemed necessary at this timerdquo In addition to the existing entitlements which allow for additional units the owner of the property has explored an academic oriented mixed-use development on the site consisting of 80 units of 4 bed dorms for 320 student housing units plus 120 one and two bedroom units for anyone in academia and a 100 room extended stay hotel The development plan is dubbed ldquoAcademic Villagerdquo Boca Raton is home to several colleges and universities and the property is very close to Florida Atlantic and Lynn University which makes the property ideally suited for this type of development Preliminary meetings with the city planning and zoning staff were favorable The concept consists of 214900square feet of finished space and 550 surface and deck parking spaces recreational amenities a small convenience market and a conference hall Over the past few years other considerations conversations and offers of redevelopment for this site have been numerous 1) Affordable housing 2) Senior livingcare facility 3) Specialized livingcare facility 4) High end senior living facility 5) Condotel 6) Development with pedestrian bridge access to Boca Center which is just west of the property across I-95 This is the most unique investment opportunity on the market with all the added value

RE-DEVELOPMENT SITE PLAN

11

RE-DEVELOPMENT LAND PLANNER INFORMATION

12

All the information below is new information on the future redevelopment of the property This new information was researched and discovered May this year Charlie Putman my land planner has worked with me on this property since 2006 All of Charlies contact information is below feel free to contact him with any questions

Information from Charles Putman May 8th 2012 to a developer prospect

From Chasputmanaolcom [mailtoChasputmanaolcom] Sent Tuesday May 08 2012 1137 AM Subject Results of Land Use Review - Country Club Village Property Per our recent meeting I have undertaken some research of City codes and procedures and note the following relative to the Country Club Village property CURRENT LAND USE AND ZONING (SEE ATTACHMENTS) In reviewing the details of the RH Land Use designation that applies both to the Country Club Village site and the surrounding property I noted that the district boundaries encompass land that is actually part of the high school This same situation exists on the zoning map for the area I am enclosing copies of exhibits showing the boundaries of the land use and zoning districts for your review The significance of this to our situation is that Citys Comp Plan anticipates a certain density in this area that is built into all of their long range calculations However the density assigned to the school property will clearly never be built A possible advantage of this to the Country Club Village land would be to create an overlay district that included and set standards for the entire RH district and allowed a transfer of the density within that district to other properties If this were to work it would allow higher densities on the property without needing to actually change the land use plan or challenge the City for higher density OVERLAY DISTRICTS (SEE ATTACHMENTS) Unlike other communities ( like Delray Beach and the County) Boca does not have a formal process in their zoning code for overlay districts However in their recent Comp Plan there is language indicating that the City may consider the use of overlay districts if it meets certain standards I am herein enclosing page LU -25 for the plan - see Policy LU313 Meeting these standards may be a stretch but if the City likes what we might come up with they could use this as a basis for considering an overlay proposal WORKFORCE HOUSING (SEE ATTACHMENTS) Although the City does not have a zoning provision as yet for workforce housing they do have a provision in their comp plan that allows densities to be increased by 125 if you either allocate the bonus units to be workforce or if you pay into the City fund See Policy LU 1114 on Page LU -14 herein transmitted Note that this provision is clear about the fact that the resulting density can exceed the underlying entitlements PLANNING AREAS (SEE ATTACHMENTS) One of the features of the new Comp Plan is that it calls for the City to generate plans for the various planning areas they have created I am enclosing the map showing the planning areas and as you can see we are in the Central District Along with this map I am enclosing the text of the plan that establishes some objectives for the Central District This list could provide some ideas as to specific benefits that we might offer to the City in exchange for additional density See pages LU-29 and LU-30 Note that Policy LU 345 on page LU-30 specifically addresses a pedestrian and bicycle crosswalk over 95 at the end of 13th Street where County Club Village is located That may be something to look into I hope you find the above useful Call when you get a chance so that we can discuss the above in more detail However there do seem to be some options available if you decide you want to proceed further with the idea of getting more density on the project By the way I checked with the City staff and they calculate allowable density to the property line not to the center of the street so picking up addition density that way does not seem to be an option Let me know your thoughts on the above CHARLES PUTMAN CHARLES PUTMAN AND ASSOCIATES INC LAND PLANNING SERVICES 4722 N W Boca Raton Boulevard - Suite C-106 Boca Raton Florida 33431 561-994-6411

RE-DEVELOPMENT OPTION

10

Country Club Village presents an excellent investment opportunity as a multifamily property without any changes It is an automatic and unmatched Land Bank Opportunity with income Current but optional opportunity With a recent change of zoning from R-3-B to R-5-A the density on the site can be increased immediately from the existing 84 units to 132 units The City of Boca Raton approved a zoning change on September 27 2011 to R-5-A allowing for an additional 48 units to be constructed on the site in a plan that is consistent to that which was prepared by the current owner and submitted along with the application for rezoning The plan was prepared by Slattery amp Associates and is included in this offering memorandum The proposed re-development site plan along with major renovations is approved and consists of the following bull The demolition of the western most building on the site and replacement with a new structure bull The demolition of the current recreational facility and the construction of a new club house and pool bull The construction of new apartments in the central and eastern areas of the site bull The exterior renovation of the six remaining buildings on the site in order to be consistent architecturally with the new buildings (this work is already underway) The re-development plan has minimum impact on the existing units thus allowing the new owner to maintain residents and income throughout the construction process The City of Boca Raton allows for a period of 18 months from the date the zoning was changed to commence the redevelopment project A Phase I Environmental Study was conducted on the site in November 2011 and concludes that ldquono further investigation is deemed necessary at this timerdquo In addition to the existing entitlements which allow for additional units the owner of the property has explored an academic oriented mixed-use development on the site consisting of 80 units of 4 bed dorms for 320 student housing units plus 120 one and two bedroom units for anyone in academia and a 100 room extended stay hotel The development plan is dubbed ldquoAcademic Villagerdquo Boca Raton is home to several colleges and universities and the property is very close to Florida Atlantic and Lynn University which makes the property ideally suited for this type of development Preliminary meetings with the city planning and zoning staff were favorable The concept consists of 214900square feet of finished space and 550 surface and deck parking spaces recreational amenities a small convenience market and a conference hall Over the past few years other considerations conversations and offers of redevelopment for this site have been numerous 1) Affordable housing 2) Senior livingcare facility 3) Specialized livingcare facility 4) High end senior living facility 5) Condotel 6) Development with pedestrian bridge access to Boca Center which is just west of the property across I-95 This is the most unique investment opportunity on the market with all the added value

RE-DEVELOPMENT SITE PLAN

11

RE-DEVELOPMENT LAND PLANNER INFORMATION

12

All the information below is new information on the future redevelopment of the property This new information was researched and discovered May this year Charlie Putman my land planner has worked with me on this property since 2006 All of Charlies contact information is below feel free to contact him with any questions

Information from Charles Putman May 8th 2012 to a developer prospect

From Chasputmanaolcom [mailtoChasputmanaolcom] Sent Tuesday May 08 2012 1137 AM Subject Results of Land Use Review - Country Club Village Property Per our recent meeting I have undertaken some research of City codes and procedures and note the following relative to the Country Club Village property CURRENT LAND USE AND ZONING (SEE ATTACHMENTS) In reviewing the details of the RH Land Use designation that applies both to the Country Club Village site and the surrounding property I noted that the district boundaries encompass land that is actually part of the high school This same situation exists on the zoning map for the area I am enclosing copies of exhibits showing the boundaries of the land use and zoning districts for your review The significance of this to our situation is that Citys Comp Plan anticipates a certain density in this area that is built into all of their long range calculations However the density assigned to the school property will clearly never be built A possible advantage of this to the Country Club Village land would be to create an overlay district that included and set standards for the entire RH district and allowed a transfer of the density within that district to other properties If this were to work it would allow higher densities on the property without needing to actually change the land use plan or challenge the City for higher density OVERLAY DISTRICTS (SEE ATTACHMENTS) Unlike other communities ( like Delray Beach and the County) Boca does not have a formal process in their zoning code for overlay districts However in their recent Comp Plan there is language indicating that the City may consider the use of overlay districts if it meets certain standards I am herein enclosing page LU -25 for the plan - see Policy LU313 Meeting these standards may be a stretch but if the City likes what we might come up with they could use this as a basis for considering an overlay proposal WORKFORCE HOUSING (SEE ATTACHMENTS) Although the City does not have a zoning provision as yet for workforce housing they do have a provision in their comp plan that allows densities to be increased by 125 if you either allocate the bonus units to be workforce or if you pay into the City fund See Policy LU 1114 on Page LU -14 herein transmitted Note that this provision is clear about the fact that the resulting density can exceed the underlying entitlements PLANNING AREAS (SEE ATTACHMENTS) One of the features of the new Comp Plan is that it calls for the City to generate plans for the various planning areas they have created I am enclosing the map showing the planning areas and as you can see we are in the Central District Along with this map I am enclosing the text of the plan that establishes some objectives for the Central District This list could provide some ideas as to specific benefits that we might offer to the City in exchange for additional density See pages LU-29 and LU-30 Note that Policy LU 345 on page LU-30 specifically addresses a pedestrian and bicycle crosswalk over 95 at the end of 13th Street where County Club Village is located That may be something to look into I hope you find the above useful Call when you get a chance so that we can discuss the above in more detail However there do seem to be some options available if you decide you want to proceed further with the idea of getting more density on the project By the way I checked with the City staff and they calculate allowable density to the property line not to the center of the street so picking up addition density that way does not seem to be an option Let me know your thoughts on the above CHARLES PUTMAN CHARLES PUTMAN AND ASSOCIATES INC LAND PLANNING SERVICES 4722 N W Boca Raton Boulevard - Suite C-106 Boca Raton Florida 33431 561-994-6411

RE-DEVELOPMENT SITE PLAN

11

RE-DEVELOPMENT LAND PLANNER INFORMATION

12

All the information below is new information on the future redevelopment of the property This new information was researched and discovered May this year Charlie Putman my land planner has worked with me on this property since 2006 All of Charlies contact information is below feel free to contact him with any questions

Information from Charles Putman May 8th 2012 to a developer prospect

From Chasputmanaolcom [mailtoChasputmanaolcom] Sent Tuesday May 08 2012 1137 AM Subject Results of Land Use Review - Country Club Village Property Per our recent meeting I have undertaken some research of City codes and procedures and note the following relative to the Country Club Village property CURRENT LAND USE AND ZONING (SEE ATTACHMENTS) In reviewing the details of the RH Land Use designation that applies both to the Country Club Village site and the surrounding property I noted that the district boundaries encompass land that is actually part of the high school This same situation exists on the zoning map for the area I am enclosing copies of exhibits showing the boundaries of the land use and zoning districts for your review The significance of this to our situation is that Citys Comp Plan anticipates a certain density in this area that is built into all of their long range calculations However the density assigned to the school property will clearly never be built A possible advantage of this to the Country Club Village land would be to create an overlay district that included and set standards for the entire RH district and allowed a transfer of the density within that district to other properties If this were to work it would allow higher densities on the property without needing to actually change the land use plan or challenge the City for higher density OVERLAY DISTRICTS (SEE ATTACHMENTS) Unlike other communities ( like Delray Beach and the County) Boca does not have a formal process in their zoning code for overlay districts However in their recent Comp Plan there is language indicating that the City may consider the use of overlay districts if it meets certain standards I am herein enclosing page LU -25 for the plan - see Policy LU313 Meeting these standards may be a stretch but if the City likes what we might come up with they could use this as a basis for considering an overlay proposal WORKFORCE HOUSING (SEE ATTACHMENTS) Although the City does not have a zoning provision as yet for workforce housing they do have a provision in their comp plan that allows densities to be increased by 125 if you either allocate the bonus units to be workforce or if you pay into the City fund See Policy LU 1114 on Page LU -14 herein transmitted Note that this provision is clear about the fact that the resulting density can exceed the underlying entitlements PLANNING AREAS (SEE ATTACHMENTS) One of the features of the new Comp Plan is that it calls for the City to generate plans for the various planning areas they have created I am enclosing the map showing the planning areas and as you can see we are in the Central District Along with this map I am enclosing the text of the plan that establishes some objectives for the Central District This list could provide some ideas as to specific benefits that we might offer to the City in exchange for additional density See pages LU-29 and LU-30 Note that Policy LU 345 on page LU-30 specifically addresses a pedestrian and bicycle crosswalk over 95 at the end of 13th Street where County Club Village is located That may be something to look into I hope you find the above useful Call when you get a chance so that we can discuss the above in more detail However there do seem to be some options available if you decide you want to proceed further with the idea of getting more density on the project By the way I checked with the City staff and they calculate allowable density to the property line not to the center of the street so picking up addition density that way does not seem to be an option Let me know your thoughts on the above CHARLES PUTMAN CHARLES PUTMAN AND ASSOCIATES INC LAND PLANNING SERVICES 4722 N W Boca Raton Boulevard - Suite C-106 Boca Raton Florida 33431 561-994-6411

RE-DEVELOPMENT LAND PLANNER INFORMATION

12

All the information below is new information on the future redevelopment of the property This new information was researched and discovered May this year Charlie Putman my land planner has worked with me on this property since 2006 All of Charlies contact information is below feel free to contact him with any questions

Information from Charles Putman May 8th 2012 to a developer prospect

From Chasputmanaolcom [mailtoChasputmanaolcom] Sent Tuesday May 08 2012 1137 AM Subject Results of Land Use Review - Country Club Village Property Per our recent meeting I have undertaken some research of City codes and procedures and note the following relative to the Country Club Village property CURRENT LAND USE AND ZONING (SEE ATTACHMENTS) In reviewing the details of the RH Land Use designation that applies both to the Country Club Village site and the surrounding property I noted that the district boundaries encompass land that is actually part of the high school This same situation exists on the zoning map for the area I am enclosing copies of exhibits showing the boundaries of the land use and zoning districts for your review The significance of this to our situation is that Citys Comp Plan anticipates a certain density in this area that is built into all of their long range calculations However the density assigned to the school property will clearly never be built A possible advantage of this to the Country Club Village land would be to create an overlay district that included and set standards for the entire RH district and allowed a transfer of the density within that district to other properties If this were to work it would allow higher densities on the property without needing to actually change the land use plan or challenge the City for higher density OVERLAY DISTRICTS (SEE ATTACHMENTS) Unlike other communities ( like Delray Beach and the County) Boca does not have a formal process in their zoning code for overlay districts However in their recent Comp Plan there is language indicating that the City may consider the use of overlay districts if it meets certain standards I am herein enclosing page LU -25 for the plan - see Policy LU313 Meeting these standards may be a stretch but if the City likes what we might come up with they could use this as a basis for considering an overlay proposal WORKFORCE HOUSING (SEE ATTACHMENTS) Although the City does not have a zoning provision as yet for workforce housing they do have a provision in their comp plan that allows densities to be increased by 125 if you either allocate the bonus units to be workforce or if you pay into the City fund See Policy LU 1114 on Page LU -14 herein transmitted Note that this provision is clear about the fact that the resulting density can exceed the underlying entitlements PLANNING AREAS (SEE ATTACHMENTS) One of the features of the new Comp Plan is that it calls for the City to generate plans for the various planning areas they have created I am enclosing the map showing the planning areas and as you can see we are in the Central District Along with this map I am enclosing the text of the plan that establishes some objectives for the Central District This list could provide some ideas as to specific benefits that we might offer to the City in exchange for additional density See pages LU-29 and LU-30 Note that Policy LU 345 on page LU-30 specifically addresses a pedestrian and bicycle crosswalk over 95 at the end of 13th Street where County Club Village is located That may be something to look into I hope you find the above useful Call when you get a chance so that we can discuss the above in more detail However there do seem to be some options available if you decide you want to proceed further with the idea of getting more density on the project By the way I checked with the City staff and they calculate allowable density to the property line not to the center of the street so picking up addition density that way does not seem to be an option Let me know your thoughts on the above CHARLES PUTMAN CHARLES PUTMAN AND ASSOCIATES INC LAND PLANNING SERVICES 4722 N W Boca Raton Boulevard - Suite C-106 Boca Raton Florida 33431 561-994-6411

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

13

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

14

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

15

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

16

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

17

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

18

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

19

AREA MAPS

20

LOCAL AREA MAP

REGIONAL MAP

AERIAL PHOTOS

21

PALM TRAN ROUTE 91 BUS ROUTE

PHOTOS

22

PHOTOS

23

PHOTOS

24

PHOTOS

25

PHOTOS

26

PHOTOS

27

PHOTOS

28

FLOOR PLANS

29

1 BEDROOM 1 BATH bull 722 Square Feet bull 14 Units bull 17 of Total Units

AUGUSTA

2 BEDROOM 1 BATH WITHOUT DEN bull 722 Square Feet bull 2 Units bull 14 of Total Units (includes all 21)

CYPRESS POINT

FLOOR PLANS

30

2 BEDROOM 1 BATH WITH DEN bull 836 Square Feet bull 14 Units bull 14 of Total Units (includes all 21)

OAKMONT

2 BEDROOM 2 BATH WITHOUT DEN bull 846 Square Feet bull 8 Units bull 52 of Total Units (includes all 22)

PINE HURST

FLOOR PLANS

31

2 BEDROOM 2 BATH WITH DEN bull 966 Square Feet bull 36 Units bull 52 of Total Units (includes all 22)

BLUE HILL

3 BEDROOM 2 BATH bull 1040 Square Feet bull 14 Units bull 17 of Total Units

WESTCHESTER

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

14

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

15

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

16

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

17

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

18

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

19

AREA MAPS

20

LOCAL AREA MAP

REGIONAL MAP

AERIAL PHOTOS

21

PALM TRAN ROUTE 91 BUS ROUTE

PHOTOS

22

PHOTOS

23

PHOTOS

24

PHOTOS

25

PHOTOS

26

PHOTOS

27

PHOTOS

28

FLOOR PLANS

29

1 BEDROOM 1 BATH bull 722 Square Feet bull 14 Units bull 17 of Total Units

AUGUSTA

2 BEDROOM 1 BATH WITHOUT DEN bull 722 Square Feet bull 2 Units bull 14 of Total Units (includes all 21)

CYPRESS POINT

FLOOR PLANS

30

2 BEDROOM 1 BATH WITH DEN bull 836 Square Feet bull 14 Units bull 14 of Total Units (includes all 21)

OAKMONT

2 BEDROOM 2 BATH WITHOUT DEN bull 846 Square Feet bull 8 Units bull 52 of Total Units (includes all 22)

PINE HURST

FLOOR PLANS

31

2 BEDROOM 2 BATH WITH DEN bull 966 Square Feet bull 36 Units bull 52 of Total Units (includes all 22)

BLUE HILL

3 BEDROOM 2 BATH bull 1040 Square Feet bull 14 Units bull 17 of Total Units

WESTCHESTER

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

15

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

16

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

17

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

18

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

19

AREA MAPS

20

LOCAL AREA MAP

REGIONAL MAP

AERIAL PHOTOS

21

PALM TRAN ROUTE 91 BUS ROUTE

PHOTOS

22

PHOTOS

23

PHOTOS

24

PHOTOS

25

PHOTOS

26

PHOTOS

27

PHOTOS

28

FLOOR PLANS

29

1 BEDROOM 1 BATH bull 722 Square Feet bull 14 Units bull 17 of Total Units

AUGUSTA

2 BEDROOM 1 BATH WITHOUT DEN bull 722 Square Feet bull 2 Units bull 14 of Total Units (includes all 21)

CYPRESS POINT

FLOOR PLANS

30

2 BEDROOM 1 BATH WITH DEN bull 836 Square Feet bull 14 Units bull 14 of Total Units (includes all 21)

OAKMONT

2 BEDROOM 2 BATH WITHOUT DEN bull 846 Square Feet bull 8 Units bull 52 of Total Units (includes all 22)

PINE HURST

FLOOR PLANS

31

2 BEDROOM 2 BATH WITH DEN bull 966 Square Feet bull 36 Units bull 52 of Total Units (includes all 22)

BLUE HILL

3 BEDROOM 2 BATH bull 1040 Square Feet bull 14 Units bull 17 of Total Units

WESTCHESTER

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

16

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

17

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

18

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

19

AREA MAPS

20

LOCAL AREA MAP

REGIONAL MAP

AERIAL PHOTOS

21

PALM TRAN ROUTE 91 BUS ROUTE

PHOTOS

22

PHOTOS

23

PHOTOS

24

PHOTOS

25

PHOTOS

26

PHOTOS

27

PHOTOS

28

FLOOR PLANS

29

1 BEDROOM 1 BATH bull 722 Square Feet bull 14 Units bull 17 of Total Units

AUGUSTA

2 BEDROOM 1 BATH WITHOUT DEN bull 722 Square Feet bull 2 Units bull 14 of Total Units (includes all 21)

CYPRESS POINT

FLOOR PLANS

30

2 BEDROOM 1 BATH WITH DEN bull 836 Square Feet bull 14 Units bull 14 of Total Units (includes all 21)

OAKMONT

2 BEDROOM 2 BATH WITHOUT DEN bull 846 Square Feet bull 8 Units bull 52 of Total Units (includes all 22)

PINE HURST

FLOOR PLANS

31

2 BEDROOM 2 BATH WITH DEN bull 966 Square Feet bull 36 Units bull 52 of Total Units (includes all 22)

BLUE HILL

3 BEDROOM 2 BATH bull 1040 Square Feet bull 14 Units bull 17 of Total Units

WESTCHESTER

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

17

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

18

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

19

AREA MAPS

20

LOCAL AREA MAP

REGIONAL MAP

AERIAL PHOTOS

21

PALM TRAN ROUTE 91 BUS ROUTE

PHOTOS

22

PHOTOS

23

PHOTOS

24

PHOTOS

25

PHOTOS

26

PHOTOS

27

PHOTOS

28

FLOOR PLANS

29

1 BEDROOM 1 BATH bull 722 Square Feet bull 14 Units bull 17 of Total Units

AUGUSTA

2 BEDROOM 1 BATH WITHOUT DEN bull 722 Square Feet bull 2 Units bull 14 of Total Units (includes all 21)

CYPRESS POINT

FLOOR PLANS

30

2 BEDROOM 1 BATH WITH DEN bull 836 Square Feet bull 14 Units bull 14 of Total Units (includes all 21)

OAKMONT

2 BEDROOM 2 BATH WITHOUT DEN bull 846 Square Feet bull 8 Units bull 52 of Total Units (includes all 22)

PINE HURST

FLOOR PLANS

31

2 BEDROOM 2 BATH WITH DEN bull 966 Square Feet bull 36 Units bull 52 of Total Units (includes all 22)

BLUE HILL

3 BEDROOM 2 BATH bull 1040 Square Feet bull 14 Units bull 17 of Total Units

WESTCHESTER

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

18

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

19

AREA MAPS

20

LOCAL AREA MAP

REGIONAL MAP

AERIAL PHOTOS

21

PALM TRAN ROUTE 91 BUS ROUTE

PHOTOS

22

PHOTOS

23

PHOTOS

24

PHOTOS

25

PHOTOS

26

PHOTOS

27

PHOTOS

28

FLOOR PLANS

29

1 BEDROOM 1 BATH bull 722 Square Feet bull 14 Units bull 17 of Total Units

AUGUSTA

2 BEDROOM 1 BATH WITHOUT DEN bull 722 Square Feet bull 2 Units bull 14 of Total Units (includes all 21)

CYPRESS POINT

FLOOR PLANS

30

2 BEDROOM 1 BATH WITH DEN bull 836 Square Feet bull 14 Units bull 14 of Total Units (includes all 21)

OAKMONT

2 BEDROOM 2 BATH WITHOUT DEN bull 846 Square Feet bull 8 Units bull 52 of Total Units (includes all 22)

PINE HURST

FLOOR PLANS

31

2 BEDROOM 2 BATH WITH DEN bull 966 Square Feet bull 36 Units bull 52 of Total Units (includes all 22)

BLUE HILL

3 BEDROOM 2 BATH bull 1040 Square Feet bull 14 Units bull 17 of Total Units

WESTCHESTER

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

RE-DEVELOPMENT LAND PLANNER INFORMATION (ATTACHEMENTS)

19

AREA MAPS

20

LOCAL AREA MAP

REGIONAL MAP

AERIAL PHOTOS

21

PALM TRAN ROUTE 91 BUS ROUTE

PHOTOS

22

PHOTOS

23

PHOTOS

24

PHOTOS

25

PHOTOS

26

PHOTOS

27

PHOTOS

28

FLOOR PLANS

29

1 BEDROOM 1 BATH bull 722 Square Feet bull 14 Units bull 17 of Total Units

AUGUSTA

2 BEDROOM 1 BATH WITHOUT DEN bull 722 Square Feet bull 2 Units bull 14 of Total Units (includes all 21)

CYPRESS POINT

FLOOR PLANS

30

2 BEDROOM 1 BATH WITH DEN bull 836 Square Feet bull 14 Units bull 14 of Total Units (includes all 21)

OAKMONT

2 BEDROOM 2 BATH WITHOUT DEN bull 846 Square Feet bull 8 Units bull 52 of Total Units (includes all 22)

PINE HURST

FLOOR PLANS

31

2 BEDROOM 2 BATH WITH DEN bull 966 Square Feet bull 36 Units bull 52 of Total Units (includes all 22)

BLUE HILL

3 BEDROOM 2 BATH bull 1040 Square Feet bull 14 Units bull 17 of Total Units

WESTCHESTER

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

AREA MAPS

20

LOCAL AREA MAP

REGIONAL MAP

AERIAL PHOTOS

21

PALM TRAN ROUTE 91 BUS ROUTE

PHOTOS

22

PHOTOS

23

PHOTOS

24

PHOTOS

25

PHOTOS

26

PHOTOS

27

PHOTOS

28

FLOOR PLANS

29

1 BEDROOM 1 BATH bull 722 Square Feet bull 14 Units bull 17 of Total Units

AUGUSTA

2 BEDROOM 1 BATH WITHOUT DEN bull 722 Square Feet bull 2 Units bull 14 of Total Units (includes all 21)

CYPRESS POINT

FLOOR PLANS

30

2 BEDROOM 1 BATH WITH DEN bull 836 Square Feet bull 14 Units bull 14 of Total Units (includes all 21)

OAKMONT

2 BEDROOM 2 BATH WITHOUT DEN bull 846 Square Feet bull 8 Units bull 52 of Total Units (includes all 22)

PINE HURST

FLOOR PLANS

31

2 BEDROOM 2 BATH WITH DEN bull 966 Square Feet bull 36 Units bull 52 of Total Units (includes all 22)

BLUE HILL

3 BEDROOM 2 BATH bull 1040 Square Feet bull 14 Units bull 17 of Total Units

WESTCHESTER

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

AERIAL PHOTOS

21

PALM TRAN ROUTE 91 BUS ROUTE

PHOTOS

22

PHOTOS

23

PHOTOS

24

PHOTOS

25

PHOTOS

26

PHOTOS

27

PHOTOS

28

FLOOR PLANS

29

1 BEDROOM 1 BATH bull 722 Square Feet bull 14 Units bull 17 of Total Units

AUGUSTA

2 BEDROOM 1 BATH WITHOUT DEN bull 722 Square Feet bull 2 Units bull 14 of Total Units (includes all 21)

CYPRESS POINT

FLOOR PLANS

30

2 BEDROOM 1 BATH WITH DEN bull 836 Square Feet bull 14 Units bull 14 of Total Units (includes all 21)

OAKMONT

2 BEDROOM 2 BATH WITHOUT DEN bull 846 Square Feet bull 8 Units bull 52 of Total Units (includes all 22)

PINE HURST

FLOOR PLANS

31

2 BEDROOM 2 BATH WITH DEN bull 966 Square Feet bull 36 Units bull 52 of Total Units (includes all 22)

BLUE HILL

3 BEDROOM 2 BATH bull 1040 Square Feet bull 14 Units bull 17 of Total Units

WESTCHESTER

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

PHOTOS

22

PHOTOS

23

PHOTOS

24

PHOTOS

25

PHOTOS

26

PHOTOS

27

PHOTOS

28

FLOOR PLANS

29

1 BEDROOM 1 BATH bull 722 Square Feet bull 14 Units bull 17 of Total Units

AUGUSTA

2 BEDROOM 1 BATH WITHOUT DEN bull 722 Square Feet bull 2 Units bull 14 of Total Units (includes all 21)

CYPRESS POINT

FLOOR PLANS

30

2 BEDROOM 1 BATH WITH DEN bull 836 Square Feet bull 14 Units bull 14 of Total Units (includes all 21)

OAKMONT

2 BEDROOM 2 BATH WITHOUT DEN bull 846 Square Feet bull 8 Units bull 52 of Total Units (includes all 22)

PINE HURST

FLOOR PLANS

31

2 BEDROOM 2 BATH WITH DEN bull 966 Square Feet bull 36 Units bull 52 of Total Units (includes all 22)

BLUE HILL

3 BEDROOM 2 BATH bull 1040 Square Feet bull 14 Units bull 17 of Total Units

WESTCHESTER

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

PHOTOS

23

PHOTOS

24

PHOTOS

25

PHOTOS

26

PHOTOS

27

PHOTOS

28

FLOOR PLANS

29

1 BEDROOM 1 BATH bull 722 Square Feet bull 14 Units bull 17 of Total Units

AUGUSTA

2 BEDROOM 1 BATH WITHOUT DEN bull 722 Square Feet bull 2 Units bull 14 of Total Units (includes all 21)

CYPRESS POINT

FLOOR PLANS

30

2 BEDROOM 1 BATH WITH DEN bull 836 Square Feet bull 14 Units bull 14 of Total Units (includes all 21)

OAKMONT

2 BEDROOM 2 BATH WITHOUT DEN bull 846 Square Feet bull 8 Units bull 52 of Total Units (includes all 22)

PINE HURST

FLOOR PLANS

31

2 BEDROOM 2 BATH WITH DEN bull 966 Square Feet bull 36 Units bull 52 of Total Units (includes all 22)

BLUE HILL

3 BEDROOM 2 BATH bull 1040 Square Feet bull 14 Units bull 17 of Total Units

WESTCHESTER

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

PHOTOS

24

PHOTOS

25

PHOTOS

26

PHOTOS

27

PHOTOS

28

FLOOR PLANS

29

1 BEDROOM 1 BATH bull 722 Square Feet bull 14 Units bull 17 of Total Units

AUGUSTA

2 BEDROOM 1 BATH WITHOUT DEN bull 722 Square Feet bull 2 Units bull 14 of Total Units (includes all 21)

CYPRESS POINT

FLOOR PLANS

30

2 BEDROOM 1 BATH WITH DEN bull 836 Square Feet bull 14 Units bull 14 of Total Units (includes all 21)

OAKMONT

2 BEDROOM 2 BATH WITHOUT DEN bull 846 Square Feet bull 8 Units bull 52 of Total Units (includes all 22)

PINE HURST

FLOOR PLANS

31

2 BEDROOM 2 BATH WITH DEN bull 966 Square Feet bull 36 Units bull 52 of Total Units (includes all 22)

BLUE HILL

3 BEDROOM 2 BATH bull 1040 Square Feet bull 14 Units bull 17 of Total Units

WESTCHESTER

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

PHOTOS

25

PHOTOS

26

PHOTOS

27

PHOTOS

28

FLOOR PLANS

29

1 BEDROOM 1 BATH bull 722 Square Feet bull 14 Units bull 17 of Total Units

AUGUSTA

2 BEDROOM 1 BATH WITHOUT DEN bull 722 Square Feet bull 2 Units bull 14 of Total Units (includes all 21)

CYPRESS POINT

FLOOR PLANS

30

2 BEDROOM 1 BATH WITH DEN bull 836 Square Feet bull 14 Units bull 14 of Total Units (includes all 21)

OAKMONT

2 BEDROOM 2 BATH WITHOUT DEN bull 846 Square Feet bull 8 Units bull 52 of Total Units (includes all 22)

PINE HURST

FLOOR PLANS

31

2 BEDROOM 2 BATH WITH DEN bull 966 Square Feet bull 36 Units bull 52 of Total Units (includes all 22)

BLUE HILL

3 BEDROOM 2 BATH bull 1040 Square Feet bull 14 Units bull 17 of Total Units

WESTCHESTER

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

PHOTOS

26

PHOTOS

27

PHOTOS

28

FLOOR PLANS

29

1 BEDROOM 1 BATH bull 722 Square Feet bull 14 Units bull 17 of Total Units

AUGUSTA

2 BEDROOM 1 BATH WITHOUT DEN bull 722 Square Feet bull 2 Units bull 14 of Total Units (includes all 21)

CYPRESS POINT

FLOOR PLANS

30

2 BEDROOM 1 BATH WITH DEN bull 836 Square Feet bull 14 Units bull 14 of Total Units (includes all 21)

OAKMONT

2 BEDROOM 2 BATH WITHOUT DEN bull 846 Square Feet bull 8 Units bull 52 of Total Units (includes all 22)

PINE HURST

FLOOR PLANS

31

2 BEDROOM 2 BATH WITH DEN bull 966 Square Feet bull 36 Units bull 52 of Total Units (includes all 22)

BLUE HILL

3 BEDROOM 2 BATH bull 1040 Square Feet bull 14 Units bull 17 of Total Units

WESTCHESTER

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

PHOTOS

27

PHOTOS

28

FLOOR PLANS

29

1 BEDROOM 1 BATH bull 722 Square Feet bull 14 Units bull 17 of Total Units

AUGUSTA

2 BEDROOM 1 BATH WITHOUT DEN bull 722 Square Feet bull 2 Units bull 14 of Total Units (includes all 21)

CYPRESS POINT

FLOOR PLANS

30

2 BEDROOM 1 BATH WITH DEN bull 836 Square Feet bull 14 Units bull 14 of Total Units (includes all 21)

OAKMONT

2 BEDROOM 2 BATH WITHOUT DEN bull 846 Square Feet bull 8 Units bull 52 of Total Units (includes all 22)

PINE HURST

FLOOR PLANS

31

2 BEDROOM 2 BATH WITH DEN bull 966 Square Feet bull 36 Units bull 52 of Total Units (includes all 22)

BLUE HILL

3 BEDROOM 2 BATH bull 1040 Square Feet bull 14 Units bull 17 of Total Units

WESTCHESTER

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

PHOTOS

28

FLOOR PLANS

29

1 BEDROOM 1 BATH bull 722 Square Feet bull 14 Units bull 17 of Total Units

AUGUSTA

2 BEDROOM 1 BATH WITHOUT DEN bull 722 Square Feet bull 2 Units bull 14 of Total Units (includes all 21)

CYPRESS POINT

FLOOR PLANS

30

2 BEDROOM 1 BATH WITH DEN bull 836 Square Feet bull 14 Units bull 14 of Total Units (includes all 21)

OAKMONT

2 BEDROOM 2 BATH WITHOUT DEN bull 846 Square Feet bull 8 Units bull 52 of Total Units (includes all 22)

PINE HURST

FLOOR PLANS

31

2 BEDROOM 2 BATH WITH DEN bull 966 Square Feet bull 36 Units bull 52 of Total Units (includes all 22)

BLUE HILL

3 BEDROOM 2 BATH bull 1040 Square Feet bull 14 Units bull 17 of Total Units

WESTCHESTER

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

FLOOR PLANS

29

1 BEDROOM 1 BATH bull 722 Square Feet bull 14 Units bull 17 of Total Units

AUGUSTA

2 BEDROOM 1 BATH WITHOUT DEN bull 722 Square Feet bull 2 Units bull 14 of Total Units (includes all 21)

CYPRESS POINT

FLOOR PLANS

30

2 BEDROOM 1 BATH WITH DEN bull 836 Square Feet bull 14 Units bull 14 of Total Units (includes all 21)

OAKMONT

2 BEDROOM 2 BATH WITHOUT DEN bull 846 Square Feet bull 8 Units bull 52 of Total Units (includes all 22)

PINE HURST

FLOOR PLANS

31

2 BEDROOM 2 BATH WITH DEN bull 966 Square Feet bull 36 Units bull 52 of Total Units (includes all 22)

BLUE HILL

3 BEDROOM 2 BATH bull 1040 Square Feet bull 14 Units bull 17 of Total Units

WESTCHESTER

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

FLOOR PLANS

30

2 BEDROOM 1 BATH WITH DEN bull 836 Square Feet bull 14 Units bull 14 of Total Units (includes all 21)

OAKMONT

2 BEDROOM 2 BATH WITHOUT DEN bull 846 Square Feet bull 8 Units bull 52 of Total Units (includes all 22)

PINE HURST

FLOOR PLANS

31

2 BEDROOM 2 BATH WITH DEN bull 966 Square Feet bull 36 Units bull 52 of Total Units (includes all 22)

BLUE HILL

3 BEDROOM 2 BATH bull 1040 Square Feet bull 14 Units bull 17 of Total Units

WESTCHESTER

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

FLOOR PLANS

31

2 BEDROOM 2 BATH WITH DEN bull 966 Square Feet bull 36 Units bull 52 of Total Units (includes all 22)

BLUE HILL

3 BEDROOM 2 BATH bull 1040 Square Feet bull 14 Units bull 17 of Total Units

WESTCHESTER

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

AMENITIES

32

COMMON AREA

bull Open Landscape Spaces

bull Picturesque Pool

bull Laundry Facilities

bull Close to FAU amp Employment

bull Conveniently Located to I-95

bull Close to Municipal Transportation

UNIT AREA

bull Large Floor Plans

bull Central Air-Conditioning

bull Fully Equipped Appliance Package

In Kitchen

bull Walk-in Closets

bull Cable amp Water Included

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

RECENT SALES MAP

33

Country Club Village Apartments

1 Boca Colony

2 Camino Palms amp Camino Woods

3 Keith Garden Apartments

4 Crown Court Apartments

5 Carriage Walk Apartments

6 Dunes Apartment Homes

RECENT SALES MAP

1

2

3 4

5

6

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

PRICESF amp PRICEUNIT

34

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $8594

AVERAGE PRICE SF

13000 12000 11000 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 000

Boca Colony

Camino Palms Camino Woods

Keith Garden

Crown Court

Carriage Walk

Dune Apt

Average $87946

AVERAGE PRICE UNIT

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

RECENT SALES

35

BOCA COLONY 6061 Boca Colony Dr Boca Raton FL 33433

No of Units 180

Year Built 1983

Sales Price $21600000

PriceUnit $120000

PriceSF $12789 Close date July 2011

UNITS TYPE

76 1Bdr 1Bath

76 2Bdr 2Bath

28 3Bdr 2Bath

Comments The property was stabilized and 96 occupied at the time of sale It was stated that the seller chose to market the property because the asset was older than what they were comfortable with The buyer liked the asset primarily for the location It was stated that the buyer expects to improved rents by putting roughly $5000door into unit upgrades

Close date August 2011

Comments This was a sale of two property portfolio

CAMINO PALMS ndash CAMINO WOODS 101 SW 12th Street Boca Raton FL 33432

No of Units 102

Year Built 1974

Sales Price $7300000

PriceUnit $71569

PriceSF $8955

UNITS TYPE

12 Studio 1Bath

77 1Bdr 1Bath

8 2Bdr 1Bath

4 2Bdr 2Bath

1 3Bdr 2Bath

KEITH GARDEN 1171 NW 15th Ave Boca Raton FL 33486

No of Units 24

Year Built 1973

Sales Price $1515000

PriceUnit $63125

PriceSF $7728 Close date December 2010

Comments The buyer did not obtain financing toward the purchase of this property after placing a down payment for the full amount The buyer bought the property with the intention of replacing the roof and repaving the parking lot

UNITS TYPE

12 1Bdr 1Bath

12 2Bdr 1Bath

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

RECENT SALES

36

CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton FL 33486

No of Units 35

Year Built 1985

Sales Price $2562450

PriceUnit $73213

PriceSF $7286 Close date May 2010

UNITS TYPE

35 2Bdr 2Bath

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments

Close date May 2010

Comments This was a part of a 3 property portfolio This property consists of all townhome units

CARRAIGE WALK APARTMENTS 1400 NW 13th St Boca Raton FL 33486

No of Units 38

Year Built 1987

Sales Price $4671270

PriceUnit $122928

PriceSF $7355

UNITS TYPE

16 2Bdr 2Bath

22 3Bdr 2Bath

DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton FL 33428

No of Units 36

Year Built 1987

Sales Price $2766280

PriceUnit $76841

PriceSF $7456 Close date May 2010

Comments This was part of a 3 property portfolio This property consists of all two bedrooms two bath apartments The property is on the 9th hole of Boca Dunes Golf Course located just West of 441 and South of Glades Road Financing in the amount of $6570000 from Freddie Mac

UNITS TYPE

36 2Bdr 2Bath

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

RENT COMPARABLES MAP

37

MAP

1 2 3 4 5

Country Club Village Apartments 1 Dolphin Apartments 2 1400 NW 15th Ct 3 Crown Court Apartments 4 Keith Garden Apartments 5 Carriage Walk Apartments 6 1175 NW 16th Ct 7 Boca Sunrise 8 Golden Palms Apartments 9 Bougan Villas 10 Meadow Reach 11 Boca Colony Apartments 12 1580 NW 15th Ave 13 The Vinnings II at Town Place 14 Gables Town Place 15 Reflections of Boca Del Mar 16 Boca Sol Apartments

4 6 10

12

8

9 16

13

14

11

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

RENT RANKING

38

100

90

80

70

60

50

40

30

20

10

0 1

Average 9475

AVERAGE OCCUPANCY

Average 1Bedroom $800

Subject 2 3 4 5 6 7

Subject 1 2 3 4 5 6 7

Average Studio $764

Studio

1Bdr

11 UNIT TYPE

21 UNIT TYPE

22 UNIT TYPE

32 UNIT TYPE

GROUP STATISTICS

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

RENT COMPARABLES

39

Dolphin Apartments 1550 NW 15th St Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 7 800 $800

2 Bdr 1 Bath 7 900 $900

1400 NW 15th Ct 1400 NW 15th Ct Boca Raton FL 33486

Crown Court Apartments 1300 NW 15th Ave Boca Raton FL 33486

Total Average 14 10323 $850

Unit Type Units Rent

3 Bdr 2 Bath 10 1350 $1400-$1450

Total Average 10 14066 $1425

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 35 962 $1100-$1145

Total Average 35 33670 $1120

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking pool washerdryer and central air conditioning

No of Units 14 Occupancy 100 Year Built 1974

No of Units 10 Occupancy 100 Year Built 1999

No of Units 35 Occupancy 97 Year Built 1985

Unit Type Units SF Rent

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

RENT COMPARABLES

40

Keith Garden Apartments 1171 NW 15th Ave Boca Raton FL 33486

Currently offering no concessions Water basic cable sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 12 650 $725

2 Bdr 1 Bath 12 1000 $950

Carriage Walk Apartments 1400 NW 13TH Street Boca Raton FL 33486

1175 NW 16th Ct 1175 NW 16th Ct Boca Raton FL 33486

Total Average 24 19604 $825

Unit Type Units SF Rent

2 Bdr 2 Bath 16 1237-1367 $1100-$1450

3 Bdr 2 Bath 12 1385-1523 $1175-$1520

3 Bdr 2 Bath 10 1483 $1375

Total Average 24 52487 $1448

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 2 750 $800

2 Bdr 2 Bath 4 850 $950

Total Average 35 4970 $875

Currently offering reduced security deposit with approved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer pool and patios

No of Units 24 Occupancy 95 Year Built 1973

No of Units 24 Occupancy 95 Year Built 1973

No of Units 6 Occupancy 100 Year Built 1972

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

RENT COMPARABLES

41

Boca Sunrise Apartments 1600 NW 15TH Ave Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 1 Bath 6 1000 $1000-$1050

3 Bdr 2 Bath 4 1200 $1200-$1300

Golden Palms Apartments 373 NW 4th Diagonal Boca Raton FL 33432

Bougan Villas Apartments 1650 NW 4th Ave Boca Raton FL 33486

Total Average 10 11982 $1137

Unit Type Units SF Rent

1 Bdr 1 Bath 33 650-700 $875-$925

2 Bdr 2 Bath 6 950 $1075

Total Average 41 29576 $987

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking elevator pool on-site laundry and central air conditioning

Unit Type Units SF Rent

2 Bdr 2 Bath 24 975 $1095

Total Average 24 23484 $1095

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool central air conditioning and patios

No of Units 10 Occupancy 100 Year Built 1978

No of Units 41 Occupancy 95 Year Built 1969

No of Units 24 Occupancy 100 Year Built 1985

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

RENT COMPARABLES

42

Meadow Reach Apartments 1200 NW 13th Street Boca Raton FL 33486

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 70 620-725 $725-$795

2 Bdr 1 Bath 26 790 $825-$850

3 Bdr 2 Bath 24 1000 $1050-$1100

Boca Colony Apartments 6061 Boca Colony Dr Boca Raton FL 33433

1580 NW 15th Ave 1580 NW 15th Ave Boca Raton FL 33486

Total Average 120 87694 $890

Unit Type Units SF Rent

1 Bdr 1 Bath 100 730-841 $955-$1178

2 Bdr 2 Bath 60 984-1215 $1139-$1533

3 Bdr 2 Bath 20 1187 $1565-$1575

Total Average 180 29576 $987

Currently offering two months free wapproved credit Water sewer and trash are included in the rent Amenities include on-site parking washerdryer clubhouse tennis courts central air conditioning and patios

Unit Type Units SF Rent

2 Bdr 2 Bath 16 900 $1000

Total Average 16 14400 $1000

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry central air conditioning and patios

No of Units 120 Occupancy 98 Year Built 1974

No of Units 180 Occupancy 98 Year Built 1983

No of Units 16 Occupancy 100 Year Built 1973

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

RENT COMPARABLES

43

The Vinnings II At Town Place 5881 Town Bay Dr Boca Raton FL 33433

Currently offering 1 month free rent pro-rated over 12 months Resident responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts pool fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 72 650 $987

2 Bdr 2 Bath 132 1150 $1283

3 Bdr 2 Bath 48 1400 $1538

Gables Town Place 21409 Town Lake Dr Boca Raton FL 33486

Reflections of Boca Del Mar 5500 Pacific Blvd Boca Raton FL 33433

Total Average 252 246399 $1269

Unit Type Units SF Rent

1 Bdr 1 Bath 122 617 $925-$970

2 Bdr 2 Bath 160 984 $1240-$1310

3 Bdr 2 Bath 32 1356 $1555-$1590

Total Average 314 242023 $1264

Currently offering no concessions Residents responsible for all utilities and water is on RUB system Amenities include on-site parking on-site laundry tennis courts 2 pools fitness center and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 192 550-980 $915-$1105

2 Bdr 2 Bath 128 1150 $1270-$1405

Total Average 320 270570 $1173

Currently offering 1 month free on selected units Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool fitness center clubhouse tennis courts and central air conditioning

No of Units 252 Occupancy 93 Year Built 1988

No of Units 314 Occupancy 96 Year Built 1987

No of Units 320 Occupancy 94 Year Built 1988

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

RENT COMPARABLES

44

Boca Sol Apartments 200 NE 20th St Boca Raton FL 33431

Currently offering no concessions Water sewer and trash are included in the rent Amenities include on-site parking on-site laundry pool and central air conditioning

Unit Type Units SF Rent

1 Bdr 1 Bath 50 719 $810-$875

2 Bdr 1 Bath 40 855 $950

Total Average 90 76082 $896

No of Units 90 Occupancy 98 Year Built 1969

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (1) 14 units 15376 TSF 32 (14) $1150 Average Mo Rent Building (2) 10 units 10286 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (3) 10 units 10296 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (4) 12 units 11144 TSF 21 with den (10) 21 without den (2) $958 Average Mo Rent Building (5) 10 units 10470 TSF 22 with den (8) 22 without den (2) $1045 Average Mo Rent Building (6) 14 units 14372 TSF 22 with den (12) 22 without den (2) $1053 Average Mo Rent Building (7) 14 units 9694 TSF 11 (14) $800 Average Mo Rent

Management Office 2400sqft

Unit Type No of Units Approx Sq Ft Current Rents Price SF

1 Bedroom 1 Bath 14 722 $80000 $111

2 Bedroom 1 Bath 2 716 $87500 $122

2 Bedroom 2 Baths 8 846 $92500 $109

2 Bedroom 1 Bath Den 10 966 $97500 $101

2 Bedroom 2 Baths Den 36 966 $107500 $111

3 Bedroom 2 Baths 14 1040 $115000 $111

GRAND TOTAL 90 77304

MGMT OFFICE

2 4 5 7

6 3

11 bath

21 bath

22 bath

32 bath

52

17 17

14

MGMT OFFICE

1

UNIT MIX AND UNIT RENTSF

45

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

ACTUAL 6 YEAR INCOME EXPENSE

42 FINANCIAL ANALYSIS

46

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

RENT ROLL

47

NAMES REMOVED FOR PRIVACY

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

RENT ROLL

48

NAMES REMOVED FOR PRIVACY

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

DEMOGRAPHIC REPORT

49

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

SUMMARY REPORT

50

RADIUS 5 MILES

Population In 2010 the population in your selected geography was 231951 The population has changed by 510 since 2000 It is estimated that the population in your area will be 236020 five years from now which represents a change of 175 from the current year The current population is 474 male and 526 female The median age of the population in your area is 480 compare this to the US average which is 371 The population density in your area is 295746 people =per square mile Households There are currently 103573 households in your selected geography The number of households has changed by -003 since 2000 It is estimated that the number of households in your area will be 103638 five years from now which represents a change of 006 from the current year The average household size in your area is 219 persons Income In 2010 the median household income for your selected geography is $60636 compare this to the US average which is currently $51517 The median household income for your area has changed by 2398 since 2000 It is estimated that the median household income in your area will be $65277 five years from now which represents a change of 765 from the current year The current year per capita income in your area is $46088 compare this to the US average which is $27867 The current year average household income in your area is $100200 compare this to the US average which is $72148 Race amp Ethnicity The current year racial makeup of your selected area is as follows 823 White 111 Black 04 Native American and 17 AsianPacific Islander Compare these to US averages which are 7352 White 1242 Black 076 Native American and 460 AsianPacific Islander People of Hispanic origin are counted independently of race People of Hispanic origin make up 132 of the current year population in your selected area Compare this to the US average of 1545 Housing The median housing value in your area was $170302 in 2000 compare this to the $US average of $115194 for the same year In 2000 there were 77892 owner occupied housing units in your area and there were 25716 renter occupied housing units in your area The median rent at the time was $799 Employment In 2010 there are 189866 employees in your selected area this is also known as the daytime population The 2000 Census revealed that 724 of employees are employed in white-collar occupations in this geography and 276 are employed in blue-collar occupations In 2010 unemployment in this area is 960 In 2000 the median time traveled to work was 198 minutes

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA

COUNTRY CLUB VILLAGE

APARTMENTS 1601 NW 13TH Street

BOCA RATON FL 33486

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT

REGISTER FOR PREVIEWS CONTACT MANNY GUTIERREZ CALL 561-352-9406 EMAIL MANNYDEFALCOCOM

Year built 1975

units 84

Total RSF 77304

Avg unit size 920 SF

Site size 6652 acres

Avg mkt rent $967

RentSF $113

Occupancy 96

Public Pricingreg Opportunity this exclusive listing offers the opportunity to purchase a stabilized multifamily asset Country Club Village offers the greatest development opportunity in East Boca Raton Located in the renowned City of Boca Raton Florida the

property consist of 7 apartment buildings ranging from one bedroom one bathroom to three bedroom two bathroom with den and one management leasing office with 156 total parking spaces Situated in East Boca Raton and conveniently located to

FAU and major employers For more information contact Manny Gutierrez 561-352-9406 Mannydefalcocom

WWWDEFALCOCOM OR WWWPUBLICPRICINGCOM

COUNTRY CLUB VILLAGE APARTMENTS BOCA RATON FLORIDA

$7300000 THE GREAT INVESTMENT OPPORTUNITY IN ALL OF

SOUTH FLORIDA