Offering MemorandumOffering MemorandumL A K E M A S O N R E T R E A T | P R O P O S E DL A K E M A S O N R E T R E A T | P R O P O S E D

M U L T I F A M I L Y D E V E L O P M E N TM U L T I F A M I L Y D E V E L O P M E N T

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D I S C L A I M E R & L I M I T I N G C O N D I T I O N S 3

E X E C U T I V E S U M M A R Y 4

P R O P E R T Y O V E R V I E W 5

L O C A T I O N M A P 6

L O C A T I O N A E R I A L M A P 7

E M B R Y - R I D D L E A E R O N A U T I C A L U N I V E R S I T Y 8

B E T H U N E - C O O K E M A N U N I V E R S I T Y 9

D A Y T O N A S T A T E C O L L E G E 10

M E D I C A L C E N T E R S 11

S I T E P L A N 12

U N I T P L A N S 13

F L O O R P L A N S 14

D E M A N D A N A L Y S I S R E P O R T - D A N T E R R E P O R T 18

S T U D E N T H O U S I N G R E N T I N D A Y T O N A B E A C H 19

B R O K E R P R O F I L E 22

T E A M P R O F I L E 24

T A B L E O F C O N T E N T ST A B L E O F C O N T E N T S

Michael Bull, CCIMMichael Bull, CCIM

President, National Office GroupPresident, National Office Group

Michael@BullRealty.comMichael@BullRealty.com

404-876-1640 x101404-876-1640 x101

Rick BlumenfeldRick Blumenfeld

V.P. Land & Developer ServicesV.P. Land & Developer Services

RBlumenfeld@BullRealty.comRBlumenfeld@BullRealty.com

404-876-1640 x173404-876-1640 x173

50 Glenlake Parkway, Suite 60050 Glenlake Parkway, Suite 600

Atlanta, GA 30328Atlanta, GA 30328

BullRealty.comBullRealty.com

Exclusively listed by Bull Realty, Inc.

FL License # CQ1026029

D I S C L A I M E R & L I M I T I N G C O N D I T I O N SD I S C L A I M E R & L I M I T I N G C O N D I T I O N SL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

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Bull Realty has been retained as the exclusive listing broker to arrange the sale of the Subject Property.

This Offering Memorandum contains selected information pertaining to the Property but does not purport to be all-inclusive or to contain all of the information

that a prospective purchaser may require. All financial projections are provided for general reference purposes only and are based upon assumptions

relating to the general economy, competition and other factors, which therefore, are subject to material change or variation. Prospective purchasers may not

rely upon the financial projections, as they are illustrative only. An opportunity to inspect the Property will be made available to qualified prospective

purchasers.

In this Offering Memorandum, certain documents, including financial information, are described in summary form and do not purport to be complete or

accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to review

independently all documents.

This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation,

endorsement or advice as to the value of the Property by Bull Realty Inc. or the current Owner/Seller. Each prospective purchaser is to rely upon its own

investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.

Owner/Seller expressly reserve the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate

discussions with any party at any time with or without notice. Owner/Seller shall have no legal commitment or obligation to any purchaser reviewing this

Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed,

delivered and approved by the Owner/Seller and any conditions to the purchaser's obligations therein have been satisfied or waived. The Seller reserves the

right to move forward with an acceptable offer prior to the call for offers deadline.

This Offering Memorandum may be used only by parties approved by the Owner. The Property is privately offered, and by accepting this Offering

Memorandum, the party in possession hereof agrees (i) to return it if requested and (ii) that this Offering Memorandum and its contents are of a confidential

nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed

to anyone without the prior written authorization of Bull Realty, Inc. or Owner/Seller. The terms and conditions set forth above apply to this Offering

Memorandum in its entirety and all documents, disks and other information provided in connection therewith.

• Designed for furnished student housing, nursing students and corporateapartments

• 11.9 acre development• Ground up development: 144 units with a bathroom in each unit, 400 beds

and clubhouse resort style student housing project, fully furnished• All architectural and engineering complete• All permitting except development permits• EB5 approved with offering documents• Market study prepared by Danter Company, LLC• 1.5 acres for commercial can be purchased separately for $1,000,000

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E X E C U T I V E S U M M A R YE X E C U T I V E S U M M A R YL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

PRICE | $4,000,000PRICE | $4,000,000

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P R O P E R T Y O V E R V I E WP R O P E R T Y O V E R V I E WL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

Address: 1650 Mason Avenue, Daytona Beach, FL 32117

County: Volusia

Site Size: 11.9 Acres

Zoning: PD-G

Proposed Use: Development

Proposed # of Buildings: 4 plus clubhouse

Proposed # of Units: 144

Sale Price: $4,000,000

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The site is within 3.1 miles of theacademic centers of three nearbyhigher-learning institutions: DaytonaState College (1.0 mile), Embry-RiddleAeronautical University (1.5 miles) andBethune-Cookman University (3.1miles).

The site is less than 3 miles to the bay,3.9 miles from the Atlantic Ocean andapproximately 1.5 miles from TangerOutlet Mall. One Daytona, a major$900M commercial mixed-usedevelopment, Daytona InternationalSpeedway and Volusia Mall are lessthan one mile from site.

Lake Mason Retreat is less than fivemiles from two major medical centerswith housing needs for student nursesand interns. Halifax Health is 1.9 milesfrom site and Florida Hospital MemorialCenter is 4.6 miles.

Lake Mason Retreat is close proximity tomajor employers with needs for fullyfurnished corporate housing.

LOCATION DESCRIPTIONLOCATION DESCRIPTION

L O C A T I O N M A PL O C A T I O N M A PL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

L O C A T I O N A E R I A L M A PL O C A T I O N A E R I A L M A PL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

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Embry-Riddle Aeronautical is a world famous aviation university (ranked number 1). It offers 25 undergraduate, 14 graduate and 3 doctoral degree programs. Currently, enrollment is 5,800 and a majority of students need housing.

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E M B R Y - R I D D L E A E R O N A U T I C A L U N I V .E M B R Y - R I D D L E A E R O N A U T I C A L U N I V .L A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

Bethune- Cookeman is a four year, private institution founded in 1904. Offers 35 undergraduate and 2 Masters degree programs with a total of 3,831 students enrolled in 2015.

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B E T H U N E - C O O K E M A N U N I V .B E T H U N E - C O O K E M A N U N I V .L A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

Daytona State is one of the largest community colleges in the country. All students live in off-campus housing.

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D A Y T O N A S T A T E C O L L E G ED A Y T O N A S T A T E C O L L E G EL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

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Florida Hospital Memorial Medical Center - 293 Beds

Florida Hospital Memorial Medical Center - 293 Beds Halifax Health - 678 Beds

M E D I C A L C E N T E R SM E D I C A L C E N T E R SL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

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S I T E P L A NS I T E P L A NL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

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U N I T P L A N SU N I T P L A N SL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

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ONE BEDROOM LOFT - 530 SF1

F L O O R P L A N SF L O O R P L A N SL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

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ONE BEDROOM - 566 SF1

F L O O R P L A N SF L O O R P L A N SL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

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TWO BEDROOM - 963 SF1

F L O O R P L A N SF L O O R P L A N SL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

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FOUR BEDROOM - 1,611 SF1

F L O O R P L A N SF L O O R P L A N SL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

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D E M A N D A N A L Y S I S R E P O R TD E M A N D A N A L Y S I S R E P O R TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

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S T U D E N T H O U S I N G R E N T - O N E B E DS T U D E N T H O U S I N G R E N T - O N E B E DL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

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S T U D E N T H O U S I N G R E N T - T W O B E DS T U D E N T H O U S I N G R E N T - T W O B E DL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

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S T U D E N T H O U S I N G R E N T - F O U R B E DS T U D E N T H O U S I N G R E N T - F O U R B E DL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

B R O K E R P R O F I L EB R O K E R P R O F I L EL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

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50 Glenlake Parkway, Suite 600Atlanta, GA 30328

404-876-1640 x101

Michael@BullRealty.com

BrokerBroker

MICHAEL BULL, CCIMMICHAEL BULL, CCIM Professional BackgroundProfessional BackgroundMichael Bull, CCIM, founder and CEO of Bull Realty, is an active commercial real estate advisor. He is a licensedbroker in nine southeast states and has assisted clients with over 5 billion dollars of transactions over his 30 yearcareer.

Mr. Bull founded Bull Realty in 1998 initially with two primary missions: to provide a company of brokers known forintegrity, and to provide the best disposition marketing in the nation. Now Michael and his brokers providedisposition, acquisition, project leasing, tenant representation, and advisory services in all major propertysectors.

You may know Michael as executive producer and host of America's Commercial Real Estate Show. The popularweekly show began broadcasting in 2010 and today is heard by millions of people around the country. Michaeland other respected industry analysts, economists and leading market participants share market intelligence,forecasts and success strategies. The show is available on-demand on iTunes, YouTube, and the show website,www.CREshow.com.

If you get a chance, see Michael speak at commercial real estate events around the country. Michael is anational speaker and senior instructor with Commercial Agent Success Strategies. The company provides liveand on-demand streaming video training for commercial agents. Preview videos at the website,www.CommercialAgentSuccess.com.

Mr. Bull’s articles have been published nationwide including in the National Real Estate Investor, France MediaPublications, Atlanta Journal Constitution, Atlanta Business Chronicle, Multi-Housing News, Shopping CenterBusiness, The Broker List, and Nation’s Restaurant News.

Michael’s involvement with professional organizations include CCIM Member, National Association ofREALTORS, the International Council of Shopping Centers, the Real Estate Brokerage Managers Council, AtlantaLeaders Group, Real Estate Group of Atlanta, the Georgia Bankers Association, the Atlanta Press Club, theAtlanta Chamber of Commerce, the Georgia Real Estate Educators Association, Urban Land Institute, and theNational Association of Real Estate Editors.

Michael lives in the Chastain Park area of Atlanta and enjoys spending time with his family, off-road performancevehicles and performance boating.

Bull Realty Inc.Bull Realty Inc.

Bull Realty is a commercial real estate sales, leasing and advisory firm headquartered in Atlanta and licensed in ten Southeast states.The firm was founded in 1998 with two primary missions: to provide a company of advisors known for their integrity and to provide thebest disposition marketing in the nation. Client services include disposition, acquisition, project leasing, tenant representation, assetmanagement and consulting services. Advisors focus on specific property types including office, retail, industrial, multifamily, land,healthcare, senior housing, self-storage, automotive, hospitality and single tenant net lease properties.

The firm produces America's Commercial Real Estate Show, a national video and talk radio show enjoyed by millions of people aroundthe country. Industry analysts, leading market participants and the firm's founder Michael Bull share market intelligence, forecasts andsuccess strategies. The show has aired every week since 2010 on radio stations, iTunes, YouTube and www.atlCREshow.com. The firmalso produces Atlanta's Commercial Real Estate Show available on Sunday afternoons on AM920 WGKA and www.atlCREshow.com.

B R O K E R P R O F I L EB R O K E R P R O F I L EL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

50 Glenlake Parkway, Suite 600Atlanta, GA 30328

404-876-1640 x173

RBlumenfeld@BullRealty.com

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RICK BLUMENFELDRICK BLUMENFELD

V.P. Land & Developer ServicesV.P. Land & Developer Services

Professional BackgroundProfessional BackgroundRichard Blumenfeld is a seasoned professional with over thirty-five years of senior management experience,primarily in real estate, sales & marketing and business development. He was founder and President ofIntersouth Properties, a full service real estate company with offices in Georgia and Florida. Intersouth workedwith private owner/investors, city & county governments, banks, and federal agencies.

Blumenfeld most recently was President of APEX ADVISORY GROUP, a firm that provides advisory services toreal estate developers and investors, large land owners, construction companies and owner operators ofassisted living/memory care. Blumenfeld is also President/Managing Director of Family Circle Communities, aregional 501C3 Not-for-Profit dedicated to holistic neighborhood revitalization and the provision of quality,affordable, energy efficient housing.

Blumenfeld was Senior Vice President of The Calibre Companies, the 46th largest residential builder in theUSA. For-sale housing responsibilities included development and sales & marketing. He also worked forKillearn, Inc. as Director of Real Estate. His first real estate job was with Citizens & Southern and their REIT.

Over the past years, Blumenfeld has established himself as an effective executive in every field he hasentered. He authored Your Home is Your Castle, a book about the management and operation of residentialhomeowner associations.

Richard Blumenfeld obtained his Bachelors of Science in Marketing & Business Administration from theUniversity of Alabama. He has been a Georgia Real Estate Broker since 1980 and is a Certified Aging-in-PlaceSpecialist.

Bull Realty Inc.Bull Realty Inc.

Bull Realty is a commercial real estate sales, leasing and advisory firm headquartered in Atlanta and licensed in ten Southeast states.The firm was founded in 1998 with two primary missions: to provide a company of advisors known for their integrity and to provide thebest disposition marketing in the nation. Client services include disposition, acquisition, project leasing, tenant representation, assetmanagement and consulting services. Advisors focus on specific property types including office, retail, industrial, multifamily, land,healthcare, senior housing, self-storage, automotive, hospitality and single tenant net lease properties.

The firm produces America's Commercial Real Estate Show, a national video and talk radio show enjoyed by millions of people aroundthe country. Industry analysts, leading market participants and the firm's founder Michael Bull share market intelligence, forecasts andsuccess strategies. The show has aired every week since 2010 on radio stations, iTunes, YouTube and www.atlCREshow.com. The firmalso produces Atlanta's Commercial Real Estate Show available on Sunday afternoons on AM920 WGKA and www.atlCREshow.com.

T E A M P R O F I L ET E A M P R O F I L EL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N TL A K E M A S O N R E T R E A T | P R O P O S E D M U L T I F A M I L Y D E V E L O P M E N T

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Michael Bull, CCIMMichael Bull, CCIMBroker

Michael@BullRealty.com

Rick BlumenfeldRick BlumenfeldV.P. Land & Developer Services

RBlumenfeld@BullRealty.com

404-876-1640 x101

404-876-1640 x173

Preston BlairPreston BlairMarketing

Michelle MehrjerdianMichelle MehrjerdianMarketing

Scott JacksonScott JacksonAnalyst