Georgetown...Georgetown Apartments #FFMFS4USFFUt"VSPSB $0 9,657 TOTAL GROSS SF 8,276 LOT SIZE (SF) Property Information Buildings Stories Occupancy Average Unit Size 4' Avg. In-Place

CONFIDENTIAL OFFERING MEMORANDUM

Georgetown1990 Beeler Street, Aurora, CO 80010

LEGAL DISCLAIMERSThis Confidential O fering Memorandum (“Memorandum”) is solely for the use of the owner. While the information contained in this Analysis has been compiled fromsources we believe to be reliable, neither Greysteel nor its representatives make any representations or warranties as to the accuracy or completeness of the informationcontained in this Analysis. All financial information and projections are provided for reference only and are based on assumptions relating to the general econom , marketconditions and other factors beyond our control. Owner is encouraged to conduct an independent due diligence investigation, prepare independent financial projectionsand consult with their legal, tax and other professional advisors before making an investment decision. Greysteel does not have authority to legally bind the owner and nocontract or agreement providing for any transaction shall be deemed to exist unless and until a final definitive contract has been executed and delivered by own .

All references to acreage, square footage, distance, and other measurements are approximations and must be independently verified

INVESTMENT SALES TEAMDoug BanerjeeSenior Managing Director

Andrew MuellerDirector

Boyan RadicManaging Director

Andrew HansonDirector

Jack StoneDirector

Charlie HopeInvestment Associate

Chris "Castle" CastilloInvestment Associate

George WaidleichFinance Associate

TRANSACTION SERVICESNicole CapobiancoVice President of TransactionServices

Rebecca WileyVice President of Marketing

Brett BurkhartLead Research Analyst

Natalie AndersonTransaction Coordinator

Alicia SlaterSenior Designer

Hugo ReisenbichlerFinancial Analyst

Prentiss BurtFinancial Analyst

*For more information or to inquire about Greysteel, please contact Ari Firoozabadi, CEO ([email protected] | 202.417.3873).

Property Visitation: Prospective purchasers will be afforded the opportunity to visit the Property during prescheduled tours. Tours will include access to a representativesample of units as well as common areas. To not disturb the Property’s ongoing operations, visitation requires advance notice and scheduling.

Available Tour Dates: To schedule your tour of the Property, please contact Connor Briggs at 303.536.1985 or [email protected]

Offer Submission: Offers should be submitted in the form of a non-binding Letter of Intent to Connor Briggs at 303.536.1985 or [email protected]. Terms andconditions of Purchasers’ offer should at the minimum include:

• Offer price• Earnest money deposit• Due diligence and closing period• Description of Purchaser qualifications and proof of fund

SALESConnor BriggsSenior Investment [email protected]

Doug BanerjeeSenior Managing [email protected]

Ari [email protected]

Property Tour + Offer Process

© 2019 Greysteel / 2

4InvestmentOverview

Investment Highlights

Property Details

Property Aerial

8RegionalOverview

Market Highlights

Demographics

Area Map

Major Employers Map

17Rent

Comparables

Rent Comp Map

Rent Comparable Matrix

Utility Adjusted Rent - PerUnit

Utility Adjusted Rent - PerSF

Individual Comps

25FinancialAnalysis

Unit Mix

Pricing Details

Notes & Assumptions

5-Year Cash Flow


Investment Overview

Investment Highlights•

Property Details•

Property Aerial•

Upside PotentialThe Property consists of a brick building with secured entry and laundry on site. The Property is stabilized and very well maintained with 9 out of 11 units having been updated. Updates include new flooring, kitchens, and bath ooms. Rents are $50-125/month below market depending on floor plan compa ed to the comps nearby, so there’s room to push rents with minor improvements.

Population GrowthThe three-mile radius surrounding the Property is experiencing dramatic growth in population due to recent developments. Population is projected to grow by 9% by 2024, well above the national average.

Stanley MarketplaceLocated 0.5 miles from the Property, Stanley Marketplace is a former aviation manufacturing facility turned community hub. This development brought a new level of entertainment to the Aurora area that includes restaurants, bars, and shopping all to one area.

University of Colorado Hospital (UCH)The Property is in close proximity to UCH, which is a $3.3 billion organization with more than 17,000 employees, making it the largest employer in Aurora. This is also the region’s only academic hospital, being partnered with the University of Colorado School of Medicine.

Investment Highlights

UTILITY SERVICE POWER SOURCE PAID BY

Heat Gas Property

Cooking Electric Resident

Hot Water Gas Property

Air Conditioning Electric Resident

Lights and Plugs Electric Resident

Water/Sewer - Property

Utilities

Georgetown Apartments1990 Beeler Street • Aurora, CO 80010

9,657TOTAL GROSS SF

8,276LOT SIZE (SF)

Property Information

Buildings 1

Stories 3

Occupancy 100.0%

Average Unit Size 868 SF

Avg. In-Place Rent $967

Avg. Market Rent $1,077

ConstructionExterior Brick

Parking Street

Roof Flat

Height 34.5’

TaxesOwnership Type Fee Simple

Current Tax Bill $7,972

Projected Tax Bill $7,972

11MULTIFAMILY UNITS

YEAR BUILT RENTABLE SQUARE FEET COUNTY ZONING BLOCK / LOT

1961 9,550 Adams R-4 1823-34-3-04-002

Property Details


MONTVIEW BOULEVARD

BE

ELE

R S

TRE

ET

PROPERTY AERIAL

Regional Overview

Market Highlights•

Demographics•

Area Map•

Major Employers Map•

AREA HIGHLIGHTS

Denver Metropolitan AreaLocated in central Colorado, the Denver-Aurora-Lakewood Metropolitan Statistical area consists of ten Colorado Counties totaling a population of over 2.9 million individuals. As the nation’s 19th most populated metro, the Denver-Aurora-Lakewood MSA is a key economic center for the state, driven by the growth of a diversified economy ranging f om Trade, Transportation, and Utilities to Government, Business, and Health Services. Fortune 500 companies with headquarters in the metro include Arrow Electronics Inc., DaVita HealthCare Partners Inc., DISH Network Corporation, Liberty Interactive, Ball Aerospace and Technologies Corporation, Newmont Mining, Western Union, Level 3 Communications, Envision Healthcare Holdings, CH2M Hill Companies. The region boasts a consistently low unemployment rate accompanied by steady job growth, which contribute to the Denver-Aurora-Lakewood metro serving as home to a highly educated population, prominent schools and universities, and high incomes, as well as a high quality of life and access to a variety of outdoor recreational activities.

Denver Recent Accolades

Best Place to Live 2018 (U.S. News & World Report)

Most Educated State 2018 (U.S. News & World Report)

Best Place for Business and Careers 2018 (Forbes)

#3

#2

#4


LOCAL OVERVIEW

City of AuroraTen miles to the east of Denver is Colorado’s third largest city, Aurora, with a population of about 350,000. Aurora has a larger proportion of its population made up of younger generations than the metro area or the state. The largest employment drivers in the area include Buckley Air Force Base, University of Colorado-Anshultz Medical Campus, Aurora Public Schools, and University of Colorado Health. There is currently over 20 million square feet of retail space in Aurora. The newly constructed light rail line, the R Line, connects Aurora to Downtown Denver and the airport among other places. This new line creates opportunities for transit-oriented development. Other developments such as the Gaylord Rockies and the recently completed Stanley Marketplace creatively incorporate mix uses and will attract new residents and businesses to the community. Aurora has six golf courses, two reservoirs, more than 97 parks, and over 5,000 acres of open space and trails. Situated at the foot of the Rocky Mountains, Aurora is a gateway to all Colorado has to offer. The Children’s Hospital Colorado is ranked 9th best children’s hospital in the United States and the University of Colorado-Anshultz Medical Campus is ranked 8th in primary care in the United States by U.S. News & World Report.

Denver-Aurora-Lakewood, CO MSA Economic Highlights: *Source: U.S. Bureau of Labor Statistics (as of July 2019)

MAJOR GROWTH SECTORS

Professional and Business Services (+4.0%); Education and Health Services

(+2.6%); Information (+1.4%)

2.0%EMPLOYMENT

GROWTH (Y-O-Y)

1,538,800TOTAL NONFARM

EMPLOYMENT

2.7%UNEMPLOYMENT

RATE


LOCAL ECONOMIC HIGHLIGHTS

CenturyLink (4.3 miles): • CenturyLink is a global communications and IT services company

focused on connecting its customers to the power of the digital world. CenturyLink offers network and data systems management, big data analytics, managed security services, hosting, cloud, and IT consulting services. The company provides broadband, voice, video, advanced data and managed network services over a robust 265,000-route-mile U.S. fiber network and a 360,000- oute-mile international transport network.

• CenturyLink employs over 6,300 Denver area residents.• The company is an S&P 500 Company and is on the Fortune 500 list of

America’s largest corporations.

Saint Joseph Hospital (4.8 miles): • Saint Joseph Hospital was founded in Denver in 1873 by the Sisters of

Charity of Leavenworth as the first private teaching hospital in Colorado.Today, it remains the largest private teaching hospital in Denver.

• The hospital provides a tradition of healthcare that includes compassionate caregivers, stellar clinical expertise and active clinical partnerships with Kaiser Permanente, National Jewish Health and community physicians.

• The 831,000-square-foot hospital is home to 365 beds.

Presbyterian Saint Luke’s Hospital (4.8 miles): • Presbyterian/St. Luke’s Medical Center is combined by two separate

hospitals: Denver Presbyterian Hospital and St. Luke’s Hospital. HealthONE acquired them both in 1992 and closed the old St. Luke’s facility. Presyterian/St. Luke’s Medical Center has 680 beds.

• It’s one of the major employers in Denver county, has 1,428 employees.• Presbyterian/St. Luke’s Medical Center meets the highest standards in

maternal processes of care and high-risk delivery outcomes.

Crossroads Commerce Park (6.0 miles): • A modern development of nearly 1.0 million square feet of class A

industrial space located in a central location with building sizes from 17,716-376,598 square feet.

• Minutes from Downtown Denver, providing close proximity to numerous amenities.

• Tenets include ATD, Empire Staple CO, Lennox, GLO, SP, and Inline.

Denver Health (6.0 miles): • Founded in 1997 in response to a need for affordable health care

coverage for employees of the Denver Health Authority and the Career Service Authority.

• Concentrates efforts on delivering quality health care products and services, providing the Denver community with access to high quality, cost-effective, locally managed health care.

• One of the top 10 employers in Metro Denver, with over 6,800 employees.

DENVER HEALTH (6.0 MILES)


LOCAL LIFESTYLE HIGHLIGHTS

The Town Center at Aurora (4.1 miles): • Remodeled in 2005, The Town Center at Aurora is a large mall

containing over 150 stores and boasting 1 million square feet of rentable space spread over two floors.

• Along with popular retail chains such as Hollister, Express and Foot Locker, there are a food court and a range of personal and professional service providers. Large tenants include national department stores Macy?s, JC Penney, Sears and Dillard?s.

• The mall also organizes family events, such as the KidX Club series, seasonal carnivals, and occasional charity initiatives such as blood drives. It also works closely with the Aurora Public Schools system to build reward programs and plan community events..

Coors Field (6.0 miles): • Home of the MLB team the Colorado Rockies, Coors field is a baseball

stadium located in downtown Denver. The stadium was built to be highly accessible to the Denver metropolitan area, sitting right next to interstate 25 and within walking distance to rail access at Union Station.

• The stadium was originally designed to seat 43,000, however following record attendance numbers during the opening season at the park multiple upper levels were added, and the park currently has a seating capacity of over 51,000.

• The park offers concession stands, food trucks, and is located in walking distance to dozens of restaurants and bars for fans who want to grab a bite to eat before or after games.

16th Street Mall (6.0 miles): • The 16th Street Mall is a commercial pedestrian street stretching from

Union Station down to Broadway Avenue.• It encompasses a range of brewpubs, restaurants, retail shops and office

buildings. Total: 300+ shops and 50+ restaurants• This scenic promenade also hosts the Denver Pavilions and is at close

proximity to Larimer Square.• Free shuttles called “MallRide” ride up and down the mall every day.

Colorado Convention Center (6.1 miles): • This Multi-purpose convention center in the center of Denver hosts 400

events per year and is known as one of the architectural landmarks of the city. The center consists of several meeting rooms, two ballrooms, and an indoor amphitheater. The interior and exterior of the center is decorated with over 300 pieces of public art, many of which have become symbols of the city of Denver.

• Events can hold up to 5,000 people in the Mile High Ballroom, which is equipped with a state of the art lighting system which gives the illusion of the night’s sky. On the other side of the center, the Four Seasons Ball room can hold up to 3,500 people.

• Located within walking distance of multiple hotels, over 300 restaurants, 9 theaters for Denver Preforming Arts Complex, and plenty of shopping and retail outlets.

Pepsi Center (6.7 miles): • The Pepsi Center is a nationally recognized multipurpose arena located

in downtown Denver, Colorado. The stadium is home to the Denver Nuggets (NBA), the Colorado Avalanche (NHL), and the Colorado Mammoth (NLL). When not in use by sports teams the arena also hosts concerts and special events. Nicknamed “The Can,” Pepsi center is known for its high quality visual and audio affects which help create it’s buzzing sports atmosphere. The property is 45 acres and the building itself is 675,000 square feet.

• The center is capable of seating over 20,000 people. It hosts about 200 events a year, and with 1000 people needed per event the arena is a strong employment force in the area.

• The arena includes 3 different restaurants as well as dozens of vendors that provide food and drink options during events..


PEPSI CENTER (6.7 MILES) COORS FIELD (6.0 MILES)

THE TOWN CENTER AT AURORA (4.1 MILES) 16TH STREET MALL (6.0 MILES) COLORADO CONVENTION CENTER (6.1 MILES)

TOTAL RESIDENTIALPOPULATION

MILES 2019 2024

0.5 8,356 8,920

1 31,440 34,294

3 156,709 169,758

TOTAL EMPLOYEES RENTER OCCUPIED HOUSING UNITS

MILES 2019

0.5 3,892

1 15,360

3 78,755

MILES 2019 2024

0.5 1,810 1,878

1 5,828 6,070

3 27,259 28,847

MEDIAN AGE

MILES 2019 2024

0.5 30.1 30.1

1 31.3 31.2

3 34.5 34.4

MEDIANHOUSEHOLD INCOME

AVERAGEHOUSEHOLD INCOME

MILES 2019 2024

0.5 $37,965 $44,357

1 $54,269 $66,004

3 $62,882 $76,069

MILES 2019 2024

0.5 $66,162 $79,444

1 $87,953 $106,057

3 $98,821 $115,256

Demographics


1-MILE

3-MILE

5-MILE37

35

38

36

88

AREA MAP

EDUCATION10 Community College of Aurora -

Lowry Campus

11 CU Denver College of Engineering and Applied Science

12 Johnson & Wales University

13 MSU Denver

HEALTHCARE14 Children’s Hospital Colorado

Anschutz Medical Campus, Aurora

15 Denver Health

16 National Jewish Health

17 Rose Medical Center

ENTERTAINMENT 1 Denver Botanic Gardens

2 Denver Zoo

3 Downtown Aquarium

4 Empower Field at Mile High

5 Pepsi Center

6 Ogden Theatre

7 Sonora Cinemas Aurora

8 Vintage Theatre Productions

9 Wings Over the Rockies Air & Space Museum

28 Trader Joe’s

29 Walgreens

PARKS & RECREATION30 Aurora Hills Golf Course

31 Bladium Sports & Fitness Club

32 Central Park

33 City Park Golf Course

34 CommonGround Golf Course

35 Denver Country Club

36 Park Hill Golf Club

37 Parklane Swimming Pool

38 Sand Creek Park

39 Stapleton Off Leash Dog Park

18 Saint Joseph Hospital

19 UCHealth University of Colorado Hospital (UCH)

SHOPPING

20 Cherry Creek Shopping Center

21 East 29th Avenue Town Center

22 Larimer Square

23 Quebec Square

24 Safeway

25 Stanley Marketplace

26 The Shops At Northfield Stapleto

27 Town Center at Aurora

29

20

28

24

27

26

21

11

GEORGETOWN APARTMENTS

23

1

4

5

619

18

25

2239

23

1312

10

287

7

8

9

17

16

15

14

32

30

33 31

34 225

2

83

225

25

26

25

20702070

250303856

70

225

30

25030

7070

70

70

20702070

2

N. AIRPORT BO

ULEVARD

CHAMBERS RO

AD

PEORIA STREET

MOUNTVIEW BOULEVARD

N. MO

NACO

PARKWAY

COLO

RADO BO

ULEVARD

E. COLFAX AVENUE

E. 6TH AVENUE

88

FEDERAL BOU

LEVARD

E. ALAMEDA AVENUE

E. 6TH AVENUE PARKWAY

7-MILE

3-MILE 5-MILE


Employer Address Employees Industry Distance from Subject

1 Buckley Air Force Base 18500 E 6th Ave, Aurora, CO 12,000 Military 5.9 Miles

2 UC Anschutz Medical Campus 13001 East 17th Place, Aurora, CO 8850 Healthcare 2.3 Miles

3 UC Health 12605 E 16th Ave, Aurora, CO 7,110 Healthcare 2.1 Miles

4 Aurora Public Schools 15701 E. 1st Ave, Aurora, CO 6300 Public Education 4.4 Miles

5 Children's Hospital Colorado 13123 E 16th Ave, Aurora, CO 5,670 Healthcare 2.5 Miles

6 City of Aurora 15151 E Alameda Pkwy, Aurora, CO 4,091 City Government 4.4 Miles

7 Cherry Creek Schools* 4700 South Yosemite St, Greenwood Village, CO 3,750 Public Education 8.1 Miles

8 Raytheon Company 16800 Hughes Dr, Aurora, CO 2,430 Defense Contracting 5.1 Miles

9 Kaiser Permanente 2500 S Parker Rd, Aurora, CO 1,940 Healthcare 5.3 Miles

10 HealthONE: The Medical Center of Aurora 1501 S Potomac St, Aurora, CO 1,710 Healthcare 4.7 Miles

Source: Aurora Economic Development Council (AEDC) (2018). *includes employees in the cities of Aurora, Centennial, Cherry Hills Village, Englewood, Foxfield, Glendale, and G eenwood Village.

AURORA, CO MAJOR EMPLOYERS

2

6

5

48

9

7

3

225

1

2

10

285

88

83

GEORGETOWNAPARTMENTS

285

225

88

25

26

85

25

20702070 2070

2503025095

250121

3856

25

70

70

225

25

25030

2503025030

225

E-470E-470

E-470

83285

88

250121

250391

2

2

25030

1-MILE3-MILE5-MILE7-MILE9-MILE

Rent Comparables

Rent Comp Map•

Rent Comparable Matrix•

Utility Adjusted Rent - Per Unit•

Utility Adjusted Rent - Per SF•

Individual Comps•

0.25-MILE0.50-MILE

38540

CHESTER STREET

SYRACUSE STREET

QU

EBEC STREET

E. 26TH AVENUE

E. COLFAX AVENUE

E 16TH AVENUE

CENTRAL PARK BOULEVARD

MONTEVIEW BOULEVARD

E. 25TH AVENUE

E. 17TH AVENUE

BEEL

ER S

TREE

T

FULTO

N STREET

YOSEM

ITE STREET

14TH AVENUE

DAYTON

STREET

BOSTO

N STREET

WILLO

W STREET

E. 19TH AVENUE

4

2 3

1

1 Dayton Flats (0.4 Miles)

2 Montview Manor (0.1 Miles)

3 9110 Montview Boulevard (0.1 Miles)

4 1695 Clinton Street (0.3 Miles)

GEORGETOWNAPARTMENTS

RENT COMP MAP

E. MONTEVIEW BOULEVARD

E 13TH AVENUE

14TH AVENUE

E. 26TH AVENUE

E. 22ND AVENUE

PROPERTY UNITSYEAR

BUILTAVG SF

ASKING RENT

PER UNIT

ASKING RENT

PER SF

OCC.

RATE

DIST. TO

SUBJECT

(MILES)

1 Dayton Flats 10 1955 767 $1,170 $1.53 100% 0.4

2 Montview Manor 5 1956 795 $1,047 $1.32 100% 0.1

3 9110 Montview Boulevard 4 1954 725 $1,025 $1.41 100% 0.1

4 1695 Clinton Street 12 1960 653 $1,014 $1.55 100% 0.3

Survey Average 722 $1,071 $1.48 100%

Georgetown* 11 1961 868 $951 $1.10 100% --

$0.60

$0.70

$0.80

$0.90

$1.00

$1.10

$1.20

$1.30

$1.40

$1.50

$1.60

$600

$700

$800

$900

$1,000

$1,100

$1,200

Georgetown* 1695 Clinton Street 9110 MontviewBoulevard

Montview Manor Survey Average Dayton Flats

Ask

ing

Rent

Per

SF

Ask

ing

Rent

Per

Uni

t

Asking Rent Per Unit Asking Rent Per SF

*Subject property effective rent

Rent Comparable Matrix


1 BDR

PROPERTYYEAR

BUILTUNITS SF

ASKING

RENT

UTILITY-ADJUSTED

RENT PER UNIT

UTILITY-ADJUSTED

RENT PER SF

OCC.

RATE

DIST. TO

SUBJECT

(MILES)

Dayton Flats 1955 4 650 $1,050 $1,127 $1.73 100% 0.4

1695 Clinton Street 1960 11 640 $995 $1,072 $1.68 100% 0.3

Montview Manor 1956 3 725 $995 $1,072 $1.48 100% 0.1

9110 Montview Boulevard 1954 2 650 $925 $1,002 $1.54 100% 0.1

Survey Average 656 $999 $1,076 $1.64 100%

Georgetown 1961 10 850 $916 $993 $1.17 100% --

2 BDR

PROPERTYYEAR

BUILTUNITS SF

ASKING

RENT

UTILITY-ADJUSTED

RENT PER UNIT

UTILITY-ADJUSTED

RENT PER SF

OCC.

RATE

DIST. TO

SUBJECT

(MILES)

Dayton Flats 1955 6 845 $1,250 $1,348 $1.60 100% 0.4

1695 Clinton Street 1960 1 800 $1,225 $1,323 $1.65 100% 0.3

Montview Manor 1956 2 900 $1,125 $1,223 $1.36 100% 0.1

9110 Montview Boulevard 1954 2 800 $1,125 $1,223 $1.53 100% 0.1

Survey Average 843 $1,202 $1,300 $1.54 100%

Georgetown 1961 1 1,050 $1,295 $1,393 $1.33 100% --

1. This rent survey was completed in October 2019.2. Utility-adjusted rent is based on HUD-prescribed values for the various utilities residents pay for. HUD tables may be provided upon request.3. Survey Average excludes the Subject Property.4. Subject Property reflects in-place rents.

Utility Adjusted Rent - Per Unit


1 BDR

PROPERTYYEAR

BUILTUNITS SF

ASKING

RENT

UTILITY-ADJUSTED

RENT PER UNIT

UTILITY-ADJUSTED

RENT PER SF

OCC.

RATE

DIST. TO

SUBJECT

(MILES)

Dayton Flats 1955 4 650 $1,050 $1,127 $1.73 100% 0.4

1695 Clinton Street 1960 11 640 $995 $1,072 $1.68 100% 0.3

9110 Montview Boulevard 1954 2 650 $925 $1,002 $1.54 100% 0.1

Montview Manor 1956 3 725 $995 $1,072 $1.48 100% 0.1

Survey Average 656 $999 $1,076 $1.64 100%

Georgetown 1961 10 850 $916 $993 $1.17 100% --

2 BDR

PROPERTYYEAR

BUILTUNITS SF

ASKING

RENT

UTILITY-ADJUSTED

RENT PER UNIT

UTILITY-ADJUSTED

RENT PER SF

OCC.

RATE

DIST. TO

SUBJECT

(MILES)

1695 Clinton Street 1960 1 800 $1,225 $1,323 $1.65 100% 0.3

Dayton Flats 1955 6 845 $1,250 $1,348 $1.60 100% 0.4

9110 Montview Boulevard 1954 2 800 $1,125 $1,223 $1.53 100% 0.1

Montview Manor 1956 2 900 $1,125 $1,223 $1.36 100% 0.1

Survey Average 843 $1,202 $1,300 $1.54 100%

Georgetown 1961 1 1,050 $1,295 $1,393 $1.33 100% --

1. This rent survey was completed in October 2019.2. Utility-adjusted rent is based on HUD-prescribed values for the various utilities residents pay for. HUD tables may be provided upon request.3. Survey Average excludes the Subject Property.4. Subject Property reflects in-place rents.

Utility Adjusted Rent - Per SF


Georgetown1990 Beeler Street | Aurora, CO 80010

Dayton Flats2216-2224 Dayton Street | Aurora, CO 80010

«

1

Unit Type # of Units

Avg. SF

Effective Rent Rent/SF

1 BDR/1 BA 1 850 $880 $1.04

1 BDR/1 BA 1 850 $950 $1.12

1 BDR/1 BA 1 850 $950 $1.12

1 BDR/1 BA 1 850 $995 $1.17

1 BDR/1 BA 1 850 $950 $1.12

1 BDR/1 BA 1 850 $950 $1.12

1 BDR/1 BA 1 850 $770 $0.91

1 BDR/1 BA 1 850 $909 $1.07

1 BDR/1 BA 1 850 $959 $1.13

1 BDR/1 BA 1 850 $850 $1.00

2 BDR/1 BA 1 1,050 $1,295 $1.23

Totals/Avg. 11 868 $951 $1.10


Avg. SF


1 BDR/1 BA 4 650 $1,050 $1.62

2 BDR/1 BA 6 845 $1,250 $1.48

Totals/Avg. 10 767 $1,170 $1.53

Property Overview

Units 11

Occupancy 100%

Year Built 1961

Property Overview

Units 10

Occupancy 100%

Year Built 1955

Miles from Subject 0.4

Utility Service System Type

Powered By Paid By

Air Conditioning Individual Electric Resident

Heat Central Gas Property

Cooking Individual Electric Resident

Water/Sewer Central -- Property

Lights and Plugs Individual Electric Resident

Hot Water Central Gas Property

Trash Removal -- -- Property


Powered By Paid By


Heat Individual Electric Resident




Hot Water Individual Electric Resident

Trash Removal -- -- Property

• Laundry Facilities• Storage Units

• Laundry Facilities

Amenities:

Amenities:

© 2019 Greysteel

9110 Montview Boulevard9110 Montview Boulevard | Aurora, CO 80010

3


Avg. SF


1 BDR/1 BA 2 650 $925 $1.42

2 BDR/1 BA 2 800 $1,125 $1.41

Totals/Avg. 4 725 $1,025 $1.41

Property Overview

Units 4

Occupancy 100%

Year Built 1954



Powered By Paid By







Trash Removal -- -- Property• Dishwasher

Amenities:

Montview Manor9000 E. Montview Boulevard | Aurora, CO 80010

2


Avg. SF


1 BDR/1 BA 3 725 $995 $1.37

2 BDR/1 BA 2 900 $1,125 $1.25

Totals/Avg. 5 795 $1,047 $1.32

Property Overview

Units 5

Occupancy 100%

Year Built 1956



Powered By Paid By




Water/Sewer Central -- Resident



Trash Removal -- -- Resident• Basketball Court• Dishwasher• Hardwood Floors

Amenities:

© 2019 Greysteel

1695 Clinton Street1695 Clinton Street | Aurora, CO 80010

4


Avg. SF


1 BDR/1 BA 11 640 $995 $1.55

2 BDR/1 BA 1 800 $1,225 $1.53

Totals/Avg. 12 653 $1,014 $1.55

Property Overview

Units 12

Occupancy 100%

Year Built 1960



Powered By Paid By


Heat Central Gas Property





Trash Removal -- -- Property• Laundry Facilities• Carports

Amenities:

© 2019 Greysteel

Financial Analysis

Unit Mix•

Pricing Details•

Notes & Assumptions•

5-Year Cash Flow•

Unit Type No. of Units Rentable SFTotal

Rentable SFCurrent

Rent/UnitCurrent Rent/SF

Total Current Rent

Pro Forma Rent/Unit

Pro Forma Rent/SF

Total Pro Forma Rent Potential

One Bedrooms 10 850 8,500 $934 $1.10 $9,340 $1,050 $1.24 $10,500

Two Bedrooms 1 1,050 1,050 $1,295 $1.23 $1,295 $1,350 $1.29 $1,350

Totals / Wtd. Averages 11 868 9,550 $967 $1.11 $10,635 $1,077 $1.24 $11,850

Unit Mix Summary

$934

$1,295

$1,050

$1,350

-

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

One Bedrooms Two Bedrooms

Current Rent/Unit Pro Forma Rent/Unit

One Bedrooms91%

Two Bedrooms9%

Unit Mix


Purchase Price $1,725,000 Operating Revenue Total $/Unit $/GSF %PMR Total $/Unit $/GSF %PMR

Price per SF $178.63 Potential Market Rent $127,656 $11,605 $13.22 100.0% $142,200 $12,927 $14.73 100.0%

Price per Unit $156,818 Vacancy ($6,383) ($580) ($0.66) (5.0%) ($7,110) ($646) ($0.74) (5.0%)

Pro Forma Cap Rate 5.73% Concessions ($2,160) ($196) ($0.22) (1.7%) - - - -

Pro Forma GRM 12.13x Other Income $3,522 $320 $0.36 2.8% $6,823 $620 $0.71 4.8%

Pro Forma Cash-on-Cash 5.31% Effective Gross Revenue $122,635 $11,149 $12.70 96.1% $141,913 $12,901 $14.70 99.8%

Operating Expenses Total $/Unit $/GSF %EGR Total $/Unit $/GSF %EGR

Real Estate Taxes ($7,972) ($725) ($0.83) (6.5%) ($7,972) ($725) ($0.83) (5.6%)

Term 120 Months Insurance ($3,473) ($316) ($0.36) (2.8%) ($3,473) ($316) ($0.36) (2.4%)

Loan to Value 71% Electricity ($920) ($84) ($0.10) (0.8%) ($920) ($84) ($0.10) (0.6%)

Proceeds $1,221,000 Water/Sewer ($6,629) ($603) ($0.69) (5.4%) ($6,629) ($603) ($0.69) (4.7%)

Amortization 30 Years Gas ($6,944) ($631) ($0.72) (5.7%) ($6,944) ($631) ($0.72) (4.9%)

Interest Rate 4.25% Trash ($1,700) ($155) ($0.18) (1.4%) ($1,700) ($155) ($0.18) (1.2%)

YR 1 Debt Payment (P/I) $72,079 Repairs & Maintenance ($4,919) ($447) ($0.51) (4.0%) ($5,500) ($500) ($0.57) (3.9%)

Loan Payoff $970,002 Management Fee - - - - ($9,954) ($905) ($1.03) (7.0%)

Total Expenses ($32,557) ($2,960) ($3.37) (26.5%) ($43,092) ($3,917) ($4.46) (30.4%)

Net Operating Income $90,078 $8,189 $9.33 73.5% $98,821 $8,984 $10.23 69.6%

Historical NOI $90,078 Projected Debt Service ($72,079) ($6,553) ($7.46) (56.5%) ($72,079) ($6,553) ($7.46) (56.5%)

Pro Forma NOI $98,821 Pre-Tax Cash Flow $17,999 $1,636 $1.86 14.1% $26,742 $2,431 $2.77 20.9%

No. Of Units 11 Cap Rate 5.22% - - - 5.73% - - -

GSF 9,657 Cash-on-Cash Return 3.57% - - - 5.31% - - -

Pricing Summary

Acquisition Debt Summary

Property Summary

Historical Cash Flow Pro Forma Cash Flow

Pricing Details


POTENTIAL MARKET RENTPotential Market Rent is based on market rates shown in the UnitMix table and are grown at 4.0% after Year 1 and throughout the remainder ofthe analysis.

VACANCYVacancy is projected to be 5.0% in Year 1 and thereafter, per lender standards.

OTHER INCOMEOther Income is projected to be $6,823 total in Year 1 include a flat $25 per unit per montUtility Reimbursement for Water, Sewer and Gas and is grown at 2.5% per annumthroughout the analysis.

REAL ESTATE TAXESReal Estate Taxes are based on T-12 historical expenses and are grown at 2.5% perannum throughout the analysis.

INSURANCEInsurance expense is projected to be $3,473 total in Year 1 and is grown at 2.5%per annum throughout the analysis. This lower rate is due to the property being removedfrom the flood map

ELECTRICITYElectricity expense is based on T-12 historical expenses and is grown at 2.5% perannum throughout the analysis.

WATER & SEWERWater & Sewer expense is based on T-12 historical expenses and is grown 2.5%per annum throughout the analysis.

GASGas expense is based on T-12 historical expenses and is grown 2.5% perannum throughout the analysis.

TRASHTrash expense is based on T-12 historical expenses and is grown 2.5% per annumthroughout the analysis.

REPAIR & MAINTENANCERepair & Maintenance is based on T-12 historical expenses and is grown 2.5% per annumthroughout the analysis.

PROPERTY MANAGEMENT FEE

Property Management Fee is projected to be 7.0% of effective gross revenue.

Notes & Assumptions


At Close 2020 2021 2022 2023 2024

Operating Cash Flow

Effective Gross Income $141,913 $147,590 $153,493 $159,633 $166,018

Operating Expense ($43,092) ($43,954) ($44,833) ($45,730) ($46,644)

Net Operating Income $98,821 $103,636 $108,660 $113,903 $119,374

Debt Service ($72,079) ($72,079) ($72,079) ($72,079) ($72,079)

Free Cash Flow $26,742 $31,557 $36,581 $41,824 $47,295

Unlevered Investment Cash Flow

Total Cost ($1,725,000) - - - - -

Net Cash Flow - $96,949 $101,427 $106,100 $110,976 $116,063

Unlevered Equity ($1,725,000) $96,949 $101,427 $106,100 $110,976 $116,063

Levered Investment Cash Flow

Equity in ($504,000) - - - - -

Net Cash Flow - $24,870 $29,348 $34,020 $38,897 $43,984

Levered Equity ($504,000) $24,870 $29,348 $34,020 $38,897 $43,984

Returns

Return on Cost/Yield 5.6% 5.9% 6.2% 6.4% 6.7%

Cash-on-Cash 4.9% 5.8% 6.8% 7.7% 8.7%

DSCR 1.37x 1.44x 1.51x 1.58x 1.66x

5-Year Cash Flow


Greysteel, seller, and their respective representatives make no representations or warranties, express or implied, regarding the accuracy or completeness of the information in this Offering Summary. Prospective purchasers shall be responsible for performing their own independent due diligencewith respect to a possible transaction. This offering is subject to prior placement, withdrawal, cancellation or modification without notice. All references to acreage, square footage, and other measurements are approximations and must be independently verifie

For more information or to inquire about Greysteel, please contact Ari Firoozabadi, Co-Founder ([email protected] | 202.417.3873)

390 Interlocken Crescent • Suite 350 • Broomfield, CO 8002

303.479.4860 • www.greysteel.com

New York • Los Angeles • Dallas • Fort Worth • Washington, D.C.* • Philadelphia • Phoenix • Denver • Baltimore • Charlotte • Norfolk

CO LICENSE NO: 100074465

*Corporate Headquarters and Transaction Services Center

Connor BriggsSenior Investment [email protected]

TRANSACTION TEAMDoug BanerjeeSenior Managing [email protected]

Ari [email protected]

© 2019 Greysteel

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Georgetown...Georgetown Apartments #FFMFS4USFFUt"VSPSB $0 9,657 TOTAL GROSS SF 8,276 LOT SIZE (SF) Property Information Buildings Stories Occupancy Average Unit Size 4' Avg. In-Place