INVESTMENT SUMMARY

Holliday Fenoglio Fowler, L.P. (“HFF”) a Texas licensed real estate broker.

E X E C U T I V E S U M M A R YHFF has been exclusively retained to o� er qualified investors the unique opportunity to purchase fee simple interest in Elm Creek Apartments (the “Property”), an 81-unit boutique garden apartment community located in San Antonio, Texas. Prominently positioned along the heavily traveled NW Military Highway, Elm Creek provides rapid connectivity to the San Antonio International Airport and the entire metro area via Loop 410, Hwy 281, Loop 1604, and IH-10. Situated in the high-performing North Central submarket, Elm Creek is within 10 minutes of San Antonio’s largest employers including Fort Sam Houston (32,000 jobs), USAA (17,000 jobs) and the South Texas Medical Center (55,000 jobs). Built in 1973 on a 4.33-acre tract with sprawling oaks, Elm Creek features very large units (1,048 SF average) with black appliances, wood style flooring, and washer/dryer connections. The property o� ers investors a stable, highly occupied apartment community with no deferred maintenance with the ability to increase rents through continued interior and exterior renovations. In addition, Elm Creek is being o� ered with extremely attractive assumable debt in a rising interest rate environment.

PROPERTY SUMMARY

ADDRESS2358 NW MILITARY HIGHWAY, SAN ANTONIO, TEXAS 78231

YEAR BUILT 1973

ACREAGE 4.33

# OF UNITS 81

AVERAGE UNIT SIZE 1 , 048

BUILDINGS 9

OCCUPANCY 97 .50%

I N V E S T M E N T H I G H L I G H T S

HIGHLY VISIBLE AND DESIRABLE LOCATION WITH EXCELLENT SCHOOLS

Advantageously located with prominent visibility along NW Military Highway frontage, Elm Creek is at the epicenter of San Antonio’s path of growth in the core of North Central San Antonio. The Property is located in one of San Antonio’s best school districts, North East ISD, allowing this family-centric community to benefit from exemplary education opportunities provided by nearby Larkspur Elementary, Jackson Middle School and Church hill High School.

NEARBY AFFLUENT NEIGHBORHOODS POSITION ELM CREEK AS VALUE LIVING OPTION

Elm Creek is prominently located in the Castle Hills subdivision where average home values are north of $300,000, with some recent sales exceeding $1 million. Long-term renter demand for the Property is bolstered by its proximity to San Antonio’s most a� luent neighborhoods, Olmos Park and Alamo Heights, with home values reaching $3 million. The rise in home values due to Northwest San Antonio’s booming economic drivers at USAA, San Antonio International Airport and successful RIM/La Cantera mixed-use developments, have made apartments like Elm Creek an extremely attractive living option for the area. Elm Creek’s large units, townhome options and excellent school district make it the ideal spot for family’s relocating due to the elevated cost of homeownership.

The Property is located in one of San Antonio’s best

school districts.

Average home values are north of $300,000 with some

recent sales exceeding $1,000,000.

NW MILITARY HIG

HWAY

LOC

KH

ILL

SE

LMA

RD

SAN ANTONIO INTERNATIONAL100,000 JOBS

$1.6 BILLION IMPACT

20,000 + JOBS12MM RENTABLE SF-OFFICE5.3 RENTABLE SF-RETAILRIVERWALKTHE ALAMO

200 STORESDILLIARDSJC PENNEYMACY'S

GOLDS GYMAUTO ZONEROSS DRESS FOR LESS

SAKS FIFTHFOREVER 21.

A I R P O R T D O W N T O W NN O R T H S TA R M A L L

WA L G R E E N S

M C G I M S E Y S C O U T PA R K

2 5 , 0 0 0 V P D T R A F F I C

S TA R B U C K S

L O C K H I L L V I L L A G ES H O P P I N G C E N T E R

A I R P O R T

N O R T H S TA RM A L LS O U T H T E X A S

M E D I C A L C E N T E R

T H E R I MT H E S H O P SAT L A C A N T E R A

T H E Q U A R R Y

T H E P E A R L

C A S T L E H I L L SS U B D I V I S I O N

A L A M O H E I G H T SS U B D I V I S I O N

U S A AH E A D Q U A R T E R S

DOWNTOWNSAN ANTONIO

16

8 minutes to San Antonio International Airport (100,000 jobs)

10 Minutes to USAA (17,000 jobs)

13 minutes to RIM/Shops at La Cantera (5MM SF of retail)

15 minutes to UTSA (30,000 students)

15 minutes to South Texas Medical Center (55,000 jobs)

16 minutes to Valero Energy HQ (Fortune 500; 2,000 jobs)

25 minutes to Fort Sam Houston (32,000 jobs)

D R I V E T I M E S T O / F R O M E L M C R E E K

P R O X I M I T Y T O E C O N O M I C D R I V E R S Residents of Elm Creek enjoy a short commute to San Antonio’s major economic generators including the San Antonio International Airport, USAA Headquarters facility, UTSA and South Texas Medical Center. Major thoroughfares IH-10, Loop 410, Loop 1604 and Wurzbach Parkway help connect residents to these employment chubs and other key destinations throughout the city. In addition, Elm Creek is surrounded by an incredible supply of retail and entertainment o� erings, including luxury and necessity based retailers North Star Mall and The Rim/La Cantera.

SHOPPINGMEDICAL SUBDIVISIONS BUSINESS AIRPORT MIXED USE SPACEHOTELS, SHOPPING, DINING

NW MILITARY HWY

S TA B L E P R O P E R T Y W I T H U P S I D EElm Creek provides a stable, low density community with occupancy rates consistently exceeding 95% due to the Property’s excellent visibility, infill location and family-oriented environment. While current ownership has renovated the majority

UNIT INTERIOR OPPORTUNITIES

• Add washer and dryers to units with connections (two and three bedroom floorplans)

• Add tile backsplashes to kitchens

• Stain/paint cabinets a darker color

• Potential to remove non-load bearing wall in kitchen, providing open floor plan

UNIT EXTERIOR OPPORTUNITIES

• Enhance landscaping

• Add new signage near entrance

• Modernize pool area and furniture

• Repurpose laundry room into new amenity space

AT T R A C T I V E A S S U M A B L E D E B TElm Creek is being o� ered subject to the assumption of the current in-place loan which has extremely attractive terms and three years of interest only remaining. Elm Creek’s assumable loan terms are better than the current market rates available.

DEBT SUMMARY*

LENDER FANNIE MAE

TERM 10 YEARS

BALANCE $5,005,000

INTEREST RATE 4.46%

MATURITY 12/1/2025

INTEREST ONLY LEFT 3 YEARS

*Property must be purchased subject to the assumption of in place debt on the property.

of the units with plank flooring, black appliances, faux granite and updated fixtures, multiple revenue enhancement opportunities remain. Additional unit interior and exterior upgrades would garner higher rents and strengthen curb appeal for Elm Creek.

HFF has been engaged by the owner of the properties to market them for sale. Information concerning the properties described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, o� icers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria di� erent from that used by a purchaser, and HFF, its partners, o� icers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.

Debt ContactMATT POHL FORREST BASS SPENCER ROY SEAN WOLFF CASEY WENZEL

Senior Director Senior Director Analyst Analyst Senior Director512.532.1929 512.532.1964 512.532.1977 512.532.1954 512.532.1923

mpohl@h� lp.com fbass@h� lp.com sroy@h� lp.com swol� @h� lp.com cwenzel@h� lp.com