Jeff Johnson, Co-Founder, PrincipalMatt Ritter, Co-Founder, PrincipalAndrew Monette, Associate AdvisorCorey Sandberg, Associate AdvisorDallas Sandberg, Associate AdvisorBriana Masullo, Transaction Manager

One Broadway Suite A300 | Denver, CO 80203303.962.9555 | www.PinnacleREA.com

2290 SOUTH ONEIDA STREET | DENVER, COLORADO 80224

AUTUMN RIDGE A P A R T M E N T S

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

Executive Summary

Neighborhood Overview

Location Overview

Property Overview

Property Photos

Comparables

Investment Analysis

Disclosure

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Pinnacle Real Estate Advisors is pleased to announce they have been retained as theexclusive marketing advisor for 2290 S. Oneida Street, Denver, CO 80224. Qualifiedinvestors have the opportunity to acquire a well-maintained and highly-commutable 27-unit multifamily asset in southeast Denver . The asset is located in a quiet residential neighborhood backing up to the High Line Canal and is commuter friendly due to the proximity of I-25 and the Yale and Colorado light rail stations. The professionally landscaped atrium provides residents with a relaxing space complete with gazebos and a community grilling area.

E X E C U T I V E S U M M A R Y INVESTMENT CONTACTS

JEFF JOHNSONCo-Founder, Principal303.962.9556 | JJohnson@PinnacleREA.com

MATT RITTERCo-Founder, Principal303.962.9550 | MRitter@PinnacleREA.com

ANDREW MONETTEAssociate Advisor303.962.9554 | AMonette@PinnacleREA.com

COREY SANDBERGAssociate Advisor303.407.9784 | CSandberg@PinnacleREA.com

DALLAS SANDBERGAssociate Advisor303.407.9781 | DSandberg@PinnacleREA.com

BRIANA MASULLOTransaction Manager720.638.5410 | BMasullo@PinnacleREA.com

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N E I G H B O R H O O D O V E R V I E WThe Denver Southeast Neighborhood consists of Goldsmith, Hampden, Hampden

South, Kennedy, and Southmoor Park. These densely populated suburbs were

packed with single-family homes and multifamily properties following the end

of World War II, spanning multiple decades. Denver Southeast is located 10-15

minutes from Downtown with quick access to I-225, I-25, and multiple light rail

stops allow even great commutability.

1# IN THE NATIONFOR BUSINESSAND CAREERS

3# IN THE US FOR PERCENTAGE OF ADULT POPULATION WITH FULL-TIME EMPLOYMENT

1# IN THE NATIONFOR ECONOMIC & JOB GROWTH

IN MARCH 2017, DENVER'S

UNEMPLOYMENT RATE DROPPED TO

2.4%(LOWEST LEVEL SINCE 2001 AND WELL BELOW THE NATIONAL RATE)

20%

15%

10%

5%

0%

TOTAL DENVER EMPLOYEES (Current Employment Stat is t ics - Bureau of Labor Stat is t ics)

Mining, Lodging, and Construction

Manufacturing Trade Information Financial Business/Professional

Education and Health

Services

Hospitality Government

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HIGHLINE CANAL

AND TRAIL

L O C AT I O N O V E R V I E W

POPULATION RESIDENTIAL COUNT AVERAGE HH INCOME

1 mile 10,053

3 mile 91,150

5 mile 202,260

HOUSEHOLDS

POPULATION RESIDENTIAL COUNT AVERAGE HH INCOME

1 mile $69,095

3 mile $80,159

5 mile $88,436

AVERAGE HH INCOME

POPULATION RESIDENTIAL COUNT AVERAGE HH INCOME

1 mile 21,951

3 mile 187,751

5 mile 430,746

POPULATION

E EVANS AVENUE

E ILIFF AVENUE

S M

ON

AC

O P

AR

KW

AY

S Q

UE

BE

C S

TR

EE

T

AUTUMN RIDGE

JAMES A BIBLEPARK

YALE LIGHTRAIL STATION

E YALE AVENUE

INTERSTATE

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P R O P E R T Y O V E R V I E W

AUTUMN RIDGE 2290 South Oneida Street | Denver, CO 80224

List Price: $4,325,000 ($210.71/SF)

Cap Rate: 4.86%

Building Type: Multifamily

Building Size: 20,526 SF

Lot Area: 56,326 SF

Year Built: 1972

PROPERTY HIGHLIGHTS

• Excellent East Denver location near I-25 and retail amenities

• Updated units with spacious floorplans

• Charming and professionally landscaped courtyard

• Approximately 10 units have stacked washers/dryers in addition to on-site laundry facility

• Huge lot that backs up to the High Line Canal trail

• Three units have balconies

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P R O P E R T Y P H O T O S

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P R O P E R T Y P H O T O S

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C O M PA R A B L E S A L E SSALE COMPARABLES

Location YOC Units Unit Breakdown Bldg SF Date Sold Sale Price Price/SF Price/Unit Cap Rate

2290 S Oneida St 1972 271Br/1Ba • 192Br/1Ba • 73Br/1Ba • 1

20,526 - - - - -

6900 W 14th Ave 1952 291Br/1Ba • 192Br/1Ba • 10 18,157 12/28/17 $4,400,000 $242.33 $151,724 5.79%

1020-1030 Carr St 1963 181Br/1Ba • 122Br/1Ba • 43Br/1Ba • 2

12,948 11/15/17 $2,700,000 $208.53 $150,000 5.50%

915 Carr St 1968 241Br/1Ba • 32Br/1Ba • 203Br/1Ba • 1

20,592 11/13/17 $4,150,000 $201.53 $172,917 5.06%

5300 E Asbury Ave 1961 32 2Br/1Ba • 62Br/1.5Ba • 26 34,732 10/03/17 $4,830,000 $139.06 $150,938 -

Comps Averages: $197.86 $156,395 5.45%

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I N V E S T M E N T A N A LY S I S

CONFIDENTIAL

Denver, CO 80224

Acquisition Price: $4,325,000

Unit Type Units Avg SF Avg Rent/Unit Unit Type Rent/SF Total Avg Rent/Unit Unit Type Rent/SF Total Price Per Unit: $160,185

1Br/1Ba 19 700 $824 1Br/1Ba $1.18 187,848$ $875 1Br/1Ba $1.25 199,500$ Price Per SF: $210.71

2Br/1Ba 7 900 $1,014 2Br/1Ba $1.13 85,200$ $1,065 2Br/1Ba $1.18 89,460$

3Br/1Ba 1 1000 $1,230 3Br/1Ba $1.23 14,760$ $1,280 3Br/1Ba $1.28 15,360$

Total Units 27 287,808$ 304,320$

Loan Amount (70%): $3,027,500

Down Payment (30%): $1,297,500

Total Units: 279,174$ 295,190$ Interest Rate: 4.50%

Year Built: RUBS: 22,477$ RUBS: 24,300$ Amortization Years: 30

Building GSF: Garage/Parking: -$ Garage/Parking: -$ Annual Debt Service: ($184,079)

Land SF: Laundry: 2,742$ Laundry: 2,742$ Principal Reduction: $48,840

Miscellaneous: 10,237$ Miscellaneous: 10,237$

314,630$ 332,470$

EXPENSES: % of ERI Per Unit Total EXPENSES: % of ERI Per Unit Total Before Tax Cash Flow: $26,305

Property Tax: 6.24% 645$ 17,427$ Property Tax: 6.08% 665$ 17,950$ Debt Coverage Ratio: 1.14

Insurance: 4.61% 477$ 12,880$ Insurance: 4.49% 491$ 13,266$ Cash-on-Cash Return: 2.03%

Utilities: 8.82% 912$ 24,620$ Utilities: 8.59% 939$ 25,359$ Total Return: 5.79%

Trash: 1.52% 157$ 4,230$ Trash: 1.48% 161$ 4,357$ Cap Rate: 4.86%

Management Fee: 8.00% 827$ 22,334$ Management Fee: 8.00% 875$ 23,615$

Admin/Legal: 0.90% 93$ 2,506$ Admin/Legal: 0.87% 96$ 2,581$

Repairs & Maint.: 7.25% 750$ 20,250$ Repairs & Maint.: 6.86% 750$ 20,250$

Total Expenses: 37% 104,247$ Total Expenses: 36% 107,378$ Before Tax Cash Flow: $41,013

3,861$ 3,977$ Debt Coverage Ratio: 1.22

5.08$ 5.23$ Cash-on-Cash Return: 3.16%

Total Return: 6.93%

Cap Rate: 5.20%

PRICING ANALYSIS

New Estimated Loan

Estimated As-Is NOI: $210,383

Proforma NOI: $225,091

210,383 225,091

Expenses Per Unit:

Expenses Per SF:

Net Operating Income:

General Vacancy:

Expenses Per Unit:

Expenses Per SF:

Net Operating Income:

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Unit Breakdown

56,326 SF

1972

Underwriting Assumptions:

• Building GSF and Land SF based on Denver County

Assessor.

• "T12 P&L" and "As-Is" Rental Income based on

annualizing Rent Roll dated 1/11/2018, "Proforma" based

on market rate assumptions.

• Miscellaneous Income includes: Late Fees, Application

Fees, Legal Fees, Unallocated Prepaid Income, Move Out

Fees, and Other Income. These categories are itemized

on the T12 P&L.

• "Proforma" assumes RUBs are $75/unit/month.

• "As-Is" and "Proforma" assume Management Fee of

8.0% of Effective Rental Income, and R&M of

$750/unit/year.

• "Proforma" Expenses are 3.0% increases over "As-Is".

20,526 SF

Property Description3.00%

Gross Operating Income:

General Vacancy: (9,130)$

Gross Operating Income:

Effective Rental Income:

3.00% (8,634)$

Effective Rental Income:

2290 S Oneida St

2290 S Oneida St Proforma

Multifamily Investment Analysis

Gross Rental Income: Gross Rental Income:

Estimated As-Is

INCOME:

Thursday, January 18, 2018

INCOME:

Information contained in this analysis has been obtained from sources believed to be reliable, however we accept no responsibility for its correctness, and encourage the verification of all information. 1/18/2018

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D I S C L O S U R EThis confidential Offering Memorandum, has been prepared by Pinnacle Real Estate Advisors, LLC (“Pinnacle REA”) for use by a limited number of qualified parties. This Offering Memorandum has been provided to you at your request based upon your assurances that you are a knowledgeable and sophisticated investor in commercial real estate projects and developments. Pinnacle REA recommends you, as a potential buyer/investor, should perform your own independent examination and inspection of the property described herein as 2290 South Oneida Street located in Denver, Colorado (the “Property”) and of all of the information provided herein related to the Property. By accepting this Offering Memorandum, you acknowledge and agree that you shall rely solely upon your own examination and investigation of the Property and you shall not rely on any statements made in this Offering Memorandum or upon any other materials, statements or information provided by Pinnacle REA or its brokers.

Pinnacle REA makes no guarantee, warranty or representation about the completeness or accuracy of the information set forth in this Offering Memorandum. You are responsible to independently verify its accuracy and completeness. Pinnacle REA has prepared the information concerning the Property based upon assumptions relating to the general economy, its knowledge of other similar properties in the market, and on other market assumptions including factors beyond the control of the Pinnacle REA and the Owner of the Property. Pinnacle Real Estate Advisors make no representation or warranty as to either the accuracy or completeness of the information contained herein, and the information set forth in this Offering Memorandum in not intended to be a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be accurate, Pinnacle REA and the Property Owner disclaim any responsibility or liability for any inaccuracies. Further, Pinnacle REA and the Property Owner disclaim any and all liability for any express or implied representations and warranties contained in, or for any omissions from, the Offering Memorandum and for any other written or oral communication transmitted or made available to you. Pinnacle REA shall make available to you, as a qualified prospective investor, additional information concerning the Property and an opportunity to inspect the Property upon written request.

This Offering Memorandum and the contents are intended to remain confidential except for such information which is in the public domain or is otherwise available to the public. By accepting this Offering Memorandum, you agree that you will hold and treat Offering Memorandum in the strictest confidence, that you will not photocopy or duplicate it, or distribute it. You agree you will not disclose this Offering Memorandum or its contents to any other person or entity, except to outside advisors retained by you and from whom you have obtained an agreement of confidentiality, without the prior written authorization of Pinnacle REA. You agree that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the Property. If you determine you have no interest in the property, kindly return the Offering Memorandum to Pinnacle REA at your earliest convenience.

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Jeff Johnson, Co-Founder, PrincipalMatt Ritter, Co-Founder, PrincipalAndrew Monette, Associate AdvisorCorey Sandberg, Associate AdvisorDallas Sandberg, Associate AdvisorBriana Masullo, Transaction Manager

One Broadway Suite A300 | Denver, CO 80203303.962.9555 | www.PinnacleREA.com