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Ash Street Courtyard 12026 SE Ash, Portland, OR 97216 CONFIDENTIAL OFFERING MEMORANDUM Contact Details: STEVE MORRIS Vice President 971.888.4010 X107 [email protected] A Multifamily Investment Opportunity | For Sale | $4,700,000 The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

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Page 1: Ash Street Courtyard - LoopNetimages4.loopnet.com/d2/5cmKqPpDXjXJ7o5w8YrMZ7v3g4tjsudZmfkNuyNGS8… · Ash Street Courtyard 12026 SE Ash, Portland, OR 97216 SECTION 3 | SALES COMPARABLES

Ash Street Courtyard12026 SE Ash, Portland, OR 97216

CONFIDENTIAL OFFERING MEMORANDUM

Contact Details:STEVE MORRISVice President971.888.4010 [email protected]

A Multifamily Investment Opportunity | For Sale | $4,700,000

The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

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Ash Street Courtyard12026 SE Ash, Portland, OR 97216

CONTENTS

The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

CONFIDENTIALITY & DISCLAIMER

PROPERTY INFORMATION 3

FINANCIAL ANALYSIS 6

SALES COMPARABLES 10

RENT COMPARABLES 16

ADDITIONAL INFORMATION 22

LOCATION INFORMATION 27

ADVISOR BIOS 31

All materials and information received or derived from Investors Management Group Northwest LLC its directors, officers,agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as tocompleteness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicablegovernmental requirements, developability or suitability, financial performance of the property, projected financialperformance of the property for any party’s intended use or any and all other matters.

Neither Investors Management Group Northwest LLC its directors, officers, agents, advisors, or affiliates makes anyrepresentation or warranty, express or implied, as to accuracy or completeness of the any materials or informationprovided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnishedfor review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters ofsignificance to such party. Investors Management Group Northwest LLC will not investigate or verify any such matters orconduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conducttheir own inspections and investigations including through appropriate third party independent professionals selected bysuch party. All financial data should be verified by the party including by obtaining and reading applicable documents andreports and consulting appropriate independent professionals. Investors Management Group Northwest LLC makes nowarranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions.Investors Management Group Northwest LLC does not serve as a financial advisor to any party regarding any proposedtransaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes,may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to aparty do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate anyapplicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in orderto determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with acertified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney.Questions regarding the condition of the property and whether the property complies with applicable governmentalrequirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants andgovernmental agencies. All properties and services are marketed by Investors Management Group Northwest LLC incompliance with all applicable fair housing and equal opportunity laws.

TABLE OF CONTENTS

2

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The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

PROPERTY INFORMATION

Executive Summary

Project Highlights

1Ash Street Courtyard12026 SE Ash, Portland, OR 97216

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Executive Summary

12026 SE Ash, Portland, OR 97216

ASH STREET COURTYARD

Property Summary:

Sale Price: $4,700,000Number of Units: 47NOI: $279,973Lot Size: 0.45 AcresBuilding Size: 29814 sqftYear Built: 2011Zoning: RHdCap (Actuals): 6.01%Cash-Cash: 5.17%

Property Overview

- All units 60% AMI- 100% Occupancy (accepted apps on vacants- Sub-meters for water on each- W/D connections on each- Buyer to assume existing HUD 223(f) loan

(approx. $3.45M / 3.47% / 35 yr amort)- Current Cap Rate = 6.01% / Cash-Cash = 5.17%- Property Tax Abatement thru 2021

Location

- 1 block walk to MAX light-rail to Downtown- Easy Freeway access – I-205 & I-84- Easy walk to Ventura & Floyd Light parks- Nearby shopping – Mall 205, Gateway and NE 122nd

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Ash Court Apartments

PROJECT HIGHLIGHTS

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The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

FINANCIAL ANALYSIS

Current Operating Actuals

Income & Expense Notes

Market Rate Buyout Notes

2Ash Street Courtyard12026 SE Ash, Portland, OR 97216

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Ash Court Apartments

ACTUAL CURRENT OPERATING

Asking Price = $4,700,000 $100,000 $158.96 Fixed Expenses6.01% 0.85 RE Taxes

Cash On Cash Yr 1 = 5.17% 10.26 Insurance

24.76% 3.13 Total Management

Reserves

Sales Price = $4,700,000 Amt Fncd = $3,448,700 Debt Coverage = 1.31 Int Rate = 3.47%

Down Payment = $1,285,787 Annual Pmt = $216,136 $18,011 LTV = 0.73 Variable ExpensesMarketing/Advertising

Maintenance/Repairs

Count Vacant Min Rent Avg Rent Max Rent SqFt/Unit Rent/Sqft/Mon % Total Rent CapEx

1 Bed 23 1 $697.00 $780.43 $840.00 556.4 $1.40 47.0% Turnover

2 bed / 1 bath 24 1 $785.00 $842.58 $930.00 698.8 $1.21 53.0% Landscape

Totals 47 2 $697.00 $812.17 $930.00 629.1 $1.29 100.0% Garbage

Curr Vac Rate= 4.26% Total Sqft = 29568 Electricity/Gas

Telephone / Computer

Water/Sewer

Misc

Income

Scheduled Rent Total Oper Expenses

Vacancies Net Oper Income (NOI)

Other Income

RUBS

Eff Gross Income (EGI)

Annual Debt

CashFlow Before Taxes

Cash-Cash (Year 1) 5.17%

$216,136 $7.31 $4,598.63 47.2%

$66,446 $2.25 $1,413.75 14.5%

$282,582 $9.56 $6,012 61.7%

CFBT (Cash Flow Before Taxes) and Cash-Cash Return$/Sqft/Yr $/Unit/Yr % of EGI

$175,046 $5.92 $3,724 38.3%

$0 $0.00 $0 0.0%

$2,273 $0.08 $48 0.5%

$4,061 $0.14 $86 0.9%

$0 $0.00 $0 0.0%

$656 $0.02 $14 0.1%

$33,842 $1.14 $720 7.4%

0.0%

$19,975 $0.68 $425 4.4%

Total $/Yr $/Sqft/Yr $/Unit/Yr % of EGI

$457,629 $15.48 $9,737 100.0%

$7,050 $0.24 $150 1.5%

$58,193 $1.97 $1,238 12.7%

$24,656 $0.83 $525 5.4%

$12,640 $0.43 $269 2.8%

$11,702 $0.40 $249 2.6%

$7,746 $0.26 $165 1.7%

Monthly Pmt =

Rent = Actuals, Income from 01-Jan-17 thru 30-Jun-17 Annnualized

$458,064 $15.49

Total Operating Income & Expenses (@ Vac Factor = 3% of gross income)

Total $/Yr

-$13,729

$5,548

$/Sqft/Yr

-$0.46

$0.19

$/Unit/Yr

$9,746

-$292

$118

% of EGI

100.1%

-3.0%

1.2%

Metrics / Financing / Income Operating Expenses / Cash Flow

Unit Mix and Income as of 27-Jul-17 Rent Roll

Cap Rate = Breakeven Ratio =

Gross Rent Multiplier (GRM) =

7 Year IRR (internal Rate of Return) = Payback Period (Years @ IRR) =

Proposed 1st Financing

Financial Metrics$/Unit = $/SqFt =

Operating Expenses from 01-Jan-17 thru 30-Jun-17 AnnualizedTotal $/Yr $/Sqft/Yr $/Unit/Yr % of EGI

$0 $0.00 $0 0.0%

$0 $0.00 $0

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Ash Court Apartments

INCOME & EXPENSE NOTES

* Operating expenses actuals from 1 Jan 17 – 1 Jul 17 annualized

* Rents actual from 25 July 17 rent roll – Vacants have accepted applications.

* Need to assume new HUD loan at 3.47% 35-year. Monthly Payment Schedule:• $18,011.32 – 1 Jul 17 thru 1 Jun 22• $13,075.90 - 1 Jul 22 thru 1 Jun 52 (payoff)

* Passed physical HUD inspection. 3rd party inspection report, Phase I/II and ALTA Survey available with accepted offer. BUYER TO VERIFY.

* Rents to reflect utility allowance for electric and water and are actual. BUYER TO VERIFY.

* Each unit is sub-metered and is in process of putting RUBS in place.

* Each unit has W/D hookups and Cadet space heaters.

* 60% AMI w/ 60 year use restriction from Portland Housing Bureau.

* Property tax abatement (10 years thru 2022). Non-profit owner or GP may be able to extend abatement – BUYER TO VERIFY.

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Ash Court Apartments

MARKET RATE BUYOUT NOTES

* Buyout Amount to Portland Housing Bureau = $593,894 ($12,636/unit) thru 1 Nov 17

* Buyout amount NOT FINAL UNTIL CLOSING – BUYER TO VERIFY

* With Buyout, buyer to lose property tax exemption

* With buyout, current leases must be honored. BUYER TO VERIFY.

* With buyout, new lessees do NOT need to meet 60% AMI qualifying.

* With buyout, full utility billback on new lessees via sub-meter billing.

* Current 1 bed average • Ash Court = $776.52 ($1.40/sqft) • Area Asking average (see rent comps) = $935.83 ($1.43/sqft)

* Current 2 bed average • Ash Court = $838 ($1.20/sqft) • Area Asking average (see rent comps) = $1129 ($1.29/sqft)

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The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

SALES COMPARABLES

Sale Comps

Sale Comps Summary

Sale Comps Map

3Ash Street Courtyard12026 SE Ash, Portland, OR 97216

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Ash Street Courtyard12026 SE Ash, Portland, OR 97216

SECTION 3 | SALES COMPARABLES

11

SALE COMPS

The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

SUBJECT PROPERTY

Portland, OR 9721612026 SE Ash

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

1 bed / 1 bath 23 48.9 556 $777 $1.402 bed / 1 bath 24 51.1 699 $838 $1.20

TOTAL/AVG 47 100% 629 $808 $1.28

$4,700,000Sale Price: 2011Year Built:

29,568 SFBuilding SF: $158.96Price PSF:

47No. Units: $100,000Price / Unit:

$268,265NOI:

JENNIFER ANNE

Portland, OR 9723317316 E Burnside

$2,300,000Sale Price: 1969Year Built:

18,726 SFBuilding SF: $122.82Price PSF:

21No. Units: $109,523Price / Unit:

5.5%Cap: 06/29/2017Closed:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

2 bed 21 100 870 $1,104 $1.27

TOTAL/AVG 21 100% 870 $1,104 $1.27

1

1

PACIFIC COURT

Portland, OR 9723018120 NE Pacific Court

$3,265,000Sale Price: 1972Year Built:

20,734 SFBuilding SF: $157.47Price PSF:

28No. Units: $116,607Price / Unit:

6.1%Cap: 06/01/2017Closed:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

1 bed 16 57.1 6002 bed 12 42.9 828

TOTAL/AVG 28 100% 697 $0 $0.00

2

2

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Ash Street Courtyard12026 SE Ash, Portland, OR 97216

SECTION 3 | SALES COMPARABLES

12

SALE COMPS

The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

WALNUT GROVE

Portland, OR 972303803-3891 NE 152nd

$4,000,000Sale Price: 1978Year Built:

27,155 SFBuilding SF: $147.30Price PSF:

32No. Units: $125,000Price / Unit:

6.4%Cap: 05/26/2017Closed:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

1 bed 7 21.9 6502 bed 20 62.5 7503 bed 5 15.6 975

TOTAL/AVG 32 100% 763 $0 $0.00

Lots of deferred maintenance

3

3

BUSH STREET

Portland, OR 9726611111 SE Bush

$2,500,000Sale Price: 1965Year Built:

42,650 SFBuilding SF: $58.62Price PSF:

24No. Units: $104,166Price / Unit:

04/17/2017Closed:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

2 bed 18 75 7503 bed 6 25 1,250

TOTAL/AVG 24 100% 875 $0 $0.00

4

4

STERLING PARK

Portland, OR 9723616804 SE Powell

$10,950,000Sale Price: 1991Year Built:

78,604 SFBuilding SF: $139.31Price PSF:

73No. Units: $150,000Price / Unit:

12/07/2016Closed:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

2 bed 72 98.6 1,0703 bed 1 1.4 1,564

TOTAL/AVG 73 100% 1,076 $0 $0.00

5

5

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Ash Street Courtyard12026 SE Ash, Portland, OR 97216

SECTION 3 | SALES COMPARABLES

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SALE COMPS

The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

Portland, OR 9723317010 SE Stark

$6,112,000Sale Price: 2001Year Built:

48,984 SFBuilding SF: $124.78Price PSF:

47No. Units: $130,042Price / Unit:

6.6%Cap: 12/06/2016Closed:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

2 bed 35 74.53 bed 12 25.5

TOTAL/AVG 47 100% 0 $0

6

6

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Ash Street Courtyard12026 SE Ash, Portland, OR 97216

SECTION 3 | SALES COMPARABLES

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SALE COMPS SUMMARY

SUBJECT PROPERTY PRICE PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE AMENITIES

Ash Street Courtyard12026 SE AshPortland, OR 97216

$4,700,000 $158.96 $100,000 - - 47 On Market

LIH deal. Great HUD loanallows a starting cash-cashreturn >5%. Recentconstruction (2011) andsub-meters installed. Currentproperty tax exemption.

SALE COMPS PRICE PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE AMENITIES

1Jennifer Anne17316 E BurnsidePortland, OR 97233

$2,300,000 $122.82 $109,523 5.5% - 21 06/29/2017 -

2Pacific Court18120 NE Pacific CourtPortland, OR 97230

$3,265,000 $157.47 $116,607 6.1% - 28 06/01/2017 -

3Walnut Grove3803-3891 NE 152ndPortland, OR 97230

$4,000,000 $147.30 $125,000 6.4% - 32 05/26/2017 Lots of deferred maintenance

4Bush Street11111 SE BushPortland, OR 97266

$2,500,000 $58.62 $104,166 - - 24 04/17/2017 -

5Sterling Park16804 SE PowellPortland, OR 97236

$10,950,000 $139.31 $150,000 - - 73 12/07/2016 -

6 17010 SE StarkPortland, OR 97233

$6,112,000 $124.78 $130,042 6.6% - 47 12/06/2016 -

PRICE PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE

TOTALS/AVERAGES $4,854,500 $122.97 $129,453 6.1% - 37.5 -

The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

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The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

Ash Street Courtyard12026 SE Ash, Portland, OR 97216

SECTION 3 | SALES COMPARABLES

15

SALE COMPS MAP

12026 SE Ash | Portland, OR 97216SUBJECT PROPERTY

117316 E BurnsidePortland, OR 97233

JENNIFER ANNE

218120 NE Pacific CourtPortland, OR 97230

PACIFIC COURT

33803-3891 NE 152ndPortland, OR 97230

WALNUT GROVE

411111 SE BushPortland, OR 97266

BUSH STREET

516804 SE PowellPortland, OR 97236

STERLING PARK

6

17010 SE StarkPortland, OR 97233

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The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

RENT COMPARABLES

Rent Comps

Rent Comps Summary

Rent Comps Map

4Ash Street Courtyard12026 SE Ash, Portland, OR 97216

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Ash Street Courtyard12026 SE Ash, Portland, OR 97216

SECTION 4 | RENT COMPARABLES

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RENT COMPS

The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

SUBJECT PROPERTY

Portland, OR 9721612026 SE Ash

2011Year Built: 0.45 ACLot Size:

47No. Units: $1.28Avg. Rent/SF:

$808Avg. Rent: 629 SFAvg. Size:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

1 bed / 1 bath 23 48.9 556 $777 $1.40

2 bed / 1 bath 24 51.1 699 $838 $1.20

TOTAL/AVG 47 100% 629 $808 $1.28

HAMILTON PARK

Portland, OR 972301973 SE 122nd

1969Year Built: 68,294 SFBldg Size:

78No. Units: $0.73Avg. Rent/SF:

800 SFAvg. Size: $585Avg. Rent:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

1 bed / 1 bath 1 50 740 $1,050 $1.42

2 bed / 1 bath 1 50 860 $120 $0.14

TOTAL/AVG 2 100% 800 $585 $0.73

1

1

VILLA STARK

Portland, OR 9723012520 SE Stark

1966Year Built: 14,452 SFBldg Size:

19No. Units: $1.20Avg. Rent/SF:

782 SFAvg. Size: $937Avg. Rent:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

1 bed / 1 bath 1 50 650 $850 $1.31

2 bed / 1 bath 1 50 915 $1,025 $1.12

TOTAL/AVG 2 100% 782 $937 $1.20

2

2

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Ash Street Courtyard12026 SE Ash, Portland, OR 97216

SECTION 4 | RENT COMPARABLES

18

RENT COMPS

The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

PARKLAND

Portland, OR 972303202 SE 92nd

2003Year Built: 85,282 SFBldg Size:

104No. Units: $1.47Avg. Rent/SF:

815 SFAvg. Size: $1,200Avg. Rent:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

1 bed / 1 bath 1 50 740 $1,050 $1.42

2 bed / 2 bath 1 50 890 $1,350 $1.52

TOTAL/AVG 2 100% 815 $1,200 $1.47

3

3

HIDDEN COURT

Portland, OR 972302305 SE 121st

1963Year Built: 43,722 SFBldg Size:

70No. Units: $1.32Avg. Rent/SF:

650 SFAvg. Size: $855Avg. Rent:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

1 bed / 1 bath 1 100 650 $855 $1.32

TOTAL/AVG 1 100% 650 $855 $1.32

4

4

LASSAM TERRACE

Portland, OR 972302160 SE 96th

34,500 SFBldg Size: 36No. Units:

$1.19Avg. Rent/SF: 900 SFAvg. Size:

$1,075Avg. Rent:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

2 bed / 1 bath 1 100 900 $1,075 $1.19

TOTAL/AVG 1 100% 900 $1,075 $1.19

5

5

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Ash Street Courtyard12026 SE Ash, Portland, OR 97216

SECTION 4 | RENT COMPARABLES

19

RENT COMPS

The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

ROCHELLE

Portland, OR 972201111 NE 122nd

28,228 SFBldg Size: 42No. Units:

$1.32Avg. Rent/SF: 755 SFAvg. Size:

$1,000Avg. Rent:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

1 bed / 1 bath 1 50 640 $925 $1.45

2 bed / 1 bath 1 50 870 $1,075 $1.24

TOTAL/AVG 2 100% 755 $1,000 $1.32

6

6

HIGHLANDER

Portland, OR 972201217 NE 122nd

1960Year Built: 33,998 SFBldg Size:

38No. Units: $1.33Avg. Rent/SF:

800 SFAvg. Size: $1,060Avg. Rent:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

1 bed / 1 bath 1 50 700 $975 $1.39

2 bed / 1 bath 1 50 900 $1,145 $1.27

TOTAL/AVG 2 100% 800 $1,060 $1.33

7

7

EAST{POINT

Portland, OR 9723012450 SE Powell

1977Year Built: 59,595 SFBldg Size:

88No. Units: $1.52Avg. Rent/SF:

660 SFAvg. Size: $1,005Avg. Rent:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

1 bed / 1 bath 1 50 560 $960 $1.71

2 bed / 1 bath 1 50 760 $1,050 $1.38

TOTAL/AVG 2 100% 660 $1,005 $1.52

8

8

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Ash Court Apartments

RENT COMPARABLES SUMMARY

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The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

12026 SE Ash | Portland, OR 97216SUBJECT PROPERTY

11973 SE 122ndPortland, OR 97230

HAMILTON PARK 212520 SE StarkPortland, OR 97230

VILLA STARK 33202 SE 92ndPortland, OR 97230

PARKLAND

42305 SE 121stPortland, OR 97230

HIDDEN COURT 52160 SE 96thPortland, OR 97230

LASSAM TERRACE 61111 NE 122ndPortland, OR 97220

ROCHELLE

71217 NE 122ndPortland, OR 97220

HIGHLANDER 812450 SE PowellPortland, OR 97230

EAST{POINT

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RENT COMPS MAP

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The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

ADDITIONAL INFORMATION

Floor Plans

Photos

Multnomah Cnty AMI Limits

Multnomah Cnty Util Allowances

5Ash Street Courtyard12026 SE Ash, Portland, OR 97216

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Ash Court Apartments

FLOOR PLANS

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Ash Court Apartments

PHOTOS

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Ash Court Apartments

60% AMI – MULTNOMAH COUNTY

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Ash Court Apartments

UTILITY ALLOWANCES – MULTNOMAH COUNTY

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The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

LOCATION INFORMATION

WalkScore

Aerial Map

Location Maps

6Ash Street Courtyard12026 SE Ash, Portland, OR 97216

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WALKSCORE

Ash Court Apartments

WALKSCORE

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SECTION 6 | LOCATION INFORMATION

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AERIAL MAP

The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

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SECTION 6 | LOCATION INFORMATION

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LOCATION MAPS

The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

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The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

ADVISOR BIOS

Steve Morris Bio & Contact

7Ash Street Courtyard12026 SE Ash, Portland, OR 97216

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The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

1234 SW 18th AvenuePortland , OR 97205

T 971.888.4010 x107C [email protected]

Vice PresidentSTEVE MORRIS Professional Background

Steve Morris has 10 years of experience in multifamily investments. He is a licensed principal broker in Oregon andmanaging broker in Washington. Steve owns investment properties in the Portland area and deals with the sameissues multi-family owners experience in Portland.

Steve uses his analytical skills to help principals to make quicker and better-informed decisions on what matters tothem by translating complex financial metrics. In addition, his organizational skills and familiarity with high-techallow him to use up-to-date tools to manage large amounts of information which means jobs are done once anddone right.

Steve was involved in all facets of multi-family transactions and was a top producer for SVN-Bluestone. He wasresponsible for financial underwriting, market analysis, prospect calls, property tours, coordination of due diligenceand closing details.

Transaction sizes ranged from $1 million to $20 million. In addition to market-rate properties, Steve has experiencewith LIH sales and is familiar with the unique issues involved in transacting income-qualified properties.

Prior to his career in commercial real estate, Steve was in the high-tech industry with 10 years at Intel as anengineering manager followed by working for a start-up and being partner in a sales rep firm for Intel.

Steve is recognized as a reference on the Portland multi-family market with articles on the same in nationalpublications and frequent quotes in local business journals. He holds a MSEE degree from University of Portlandalong with coursework at Lewis & Clark Law School in Portland, Oregon. Steve has been a volunteer for JuniorAchievement in the Portland public school system.

OR | License No. 200202054WA | License No. 24512

EducationBSEE / MSEE University of Portland

Ash Street Courtyard12026 SE Ash, Portland, OR 97216

SECTION 7 | ADVISOR BIOS

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STEVE MORRIS BIO & CONTACT