Green AcresApartments5904 W Washington Avenue,

Las Vegas, NV 89107

OFFERING MEMORANDUM

For Sale: $3,990,000

CONTENTS

THE NUMBERSProforma Analysis ..................................................... 1Sale Comps................................................................ 2

Demographics .......................................................... 7

The Asset ....................................................................3

THE MARKET

THE STORY

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3

2

EXCLUSIVE OFFERING MEMORANDUM

5904 W Washington Avenue, Las Vegas, NV 89107

T h e N U M B E R S

U N I T M I X

20 1 bedroom 700 14,000 $650 $13,000 $156,000 $0.93 40 2 bedroom 850 34,000 $750 $30,000 $360,000 $0.88 60 800 48,000 $716 $43,000 $516,000 $0.90

Unit Square Footage

Total Rentable Sqft Rent/Sqft

Market Rent

Monthly Income

Annual Income

I N C O M ERENTAL INCOME PRO FORMA Scheduled Market Rent $516,000 Less\Gain: Rental Variance -0.97% ($5,000)Effective Rental Income $511,000 Less: Vacancy 7.00% ($36,120) Less: Concessions 0.00% $0 Less: Non Revenue Units 1.16% ($6,000) Less: Bad Debt 0.50% ($2,580)Net Rental Income $466,300 Plus: Year-One Rent Growth 4.00% $20,640 OPERATIONAL INCOME Laundry Income $10,800 RUBS Income $18,000Estimated Gross Income $515,740

Rental Variance is based on 50% turnover, and a 1% stabilized loss

Vacancy is based on standard underwriting figuresConcessions are reflective of actual lossNon Revenue Unit loss is set as $6000 in employee discountsBad Debt is set at underwriting standards of 0.005, per asset class rating

Laundry Income is $15 per month, per unitRUBS income is $25 per unit

E X P E N S E SOPERATING EXPENSES PRO FORMA per unit

Administrative $83 $5,000 Payroll $700 $42,000 Advertising & Promotion $8 $500 Contracted Services $120 $7,200 Repairs & Maintenance $533 $32,000 Management Fee 4.00% $20,640 Utilities $825 $49,500 Real Estate Taxes $273 $16,369 Insurance $175 $10,500 Miscl $0 $0 Total Expenses $183,709

EXPENSE SUMMARY Per Unit: $3,061.82 Per SF: $3.83

Projected Income to Expense Ratio - 2.807:1

Admin expenses are based on actuals2 employees/100 units; $32,000 median income; 25% load factorCraigslist, drive-by, and social media advertisingBased on trends in actuals, aimed at a standard $120 per unitStandard underwriting range between $525-$550 per unit4% standard feeReflective of actual expensesCalculated on actual taxes paid, with a 3% tax capAimed at $175 per unitReflective of actual expenses

Green Acres Apartments | 1

11.28%Cash-on-

Cash

7.95%CAP Rate

21%5 YR IRR

$2,600,000Loan Amount

4.6%Fixed Rate

$3,990,000Purchase Price

30 YearAmortization

F I N A N C I N G A S S U M P T I O N S

P R O J E C T E D R E T U R N S

Net Operating Income $332,031 Reserves / Capital Expenditures $250 $15,000

To download the complete operating statements, visit www.comre.com/greenacres

S a l eC O M P S

S IM ILAR ASSET CHARACTERI ST I CS

S IM ILAR LOCATION Price/ Price/Property Units Built Price Unit SQ FT SQ FT

Price/ Price/Property Units Built Price Unit SQ FT SQ FT

Camden Hills 184 1991 $13,000,000 $70,652 106,608 $121.94Alterra 192 1996 $17,700,000 $92,188 173,920 $101.77La Ventana 256 1989 $20,475,000 $79,980 238,650 $85.80Kaleidoscope 208 1989 $21,300,000 $102,404 183,120 $116.32Collage 234 1994 $23,000,000 $98,291 269,574 $85.32Pebble Cove 90 1989 $9,100,000 $101,111 87,270 $104.27Portofino Villas 280 1997 $26,000,000 $92,857 267,600 $97.16Casa De Catalina 20 1961 $1,300,000 $65,000 12,000 $108.33

715 Apartments 12 1946 $695,000 $57,917 3,308 $210.10SK East 12 1954 $710,000 $59,167 8,008 $88.66521 N. 14th St. 45 1962 $3,300,000 $73,333 37,410 $88.21Waikiki Palms Apts. 26 1962 $1,800,000 $69,231 18,111 $99.39Highland Villas 44 1963 $2,650,000 $60,227 34,176 $77.54Anex Apts. 12 1977 $910,000 $75,833 3,268 $278.46McLeod Apartments 10 1981 $680,000 $68,000 7,800 $87.18

Green Acres Apartments | 2

5904 W Washington Avenue, Las Vegas, NV 89107

60 UNITS 1963 BUILT

C+ RATING 2.85 ACRES

48,040 SQUARE FEETRENTABLE

T h eS T O R Y

Green Acres Apartments | 3

Community Highlights

Highly desirable propertyAttractive multi-family opportunity in a great locationEasy freeway access and shoppingValue-add possibilitiesMature Landscaping

Common Area Amenities

Mature LandscapingPatios and Balconies Private Walkways and CourtyardAmple ParkingParking Type - Grade LevelRental Office - Stand Alone

Site Characteristics

Net Site Size - 2.85 acresNet Development Density - 21 units per acreNumber of Buildings - 15County - ClarkAssessors Parcel Number - 13825212019-2033

T h eS T O R Y

Green Acres Apartments spans 5800-5006 block of West Washington Avenue. They boast 1 & 2 Bedroom spacious apartments in the central area

of Las Vegas, NV. Green Acres is located in a family oriented area close to the CAT Bus line, shopping, schools, churches and easy freeway access for quick trips to all parts of the greater Las Vegas valley. Amenities include private patios, cool shady courtyards, no credit check, no lease required, no deposits required and easy freeway access. This property is zoned for Paul E. Cully Elementary, Robert Gibson Middle School and Western High school.

There are 40 two bedroom 850 sq-ft units with rent at $720 and 20 one bedroom 702 sq-ft units renting at $620. Site assets include private balconies and patios, central offices, oversized lots, mature landscaping, private walkways, gated common areas and basketball court.

This asset is being sold by the original owner and has been well-maintained since 1963.

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PRIVATE COURTYARD Residents can take advantage of the private courtyards and grassy areas.

WELL ESTABLISHED LANDSCAPING

Lush trees, grass and landscaping

LOCATED IN NORTHERN LAS VEGAS

Easy access to the freeway and public transportation.

PROXIMITY TO SUMMERLIN 5 miles 15 minute drive

LARGE BALCONIES

Ground level units

SITE

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Mandarin Dr

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Fargo Ave

Tanya Ave

Chinook Way

Bromley Ave

Carmen Blvd

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Ridgetree Ave

Lawton Ave

Maddox Ave

Cat

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Carmen Blvd

Clarice Ave

Hobart Ave

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Ridgeline Ave

Shifting Sands Dr

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Small Point Dr

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Roseridge Ave

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Aberdeen Ln

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Emilia Ave

Kipl

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Cannon Blvd

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Rassler Ave

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Reba Ave

Parsifal Pl

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Glenna Ln

Carmen Blvd

Granada Ave

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M oonstruck Av e

Chelsea Cir

Denver Cir

Empire Cir

Fawn Cir

Granada Cir

Halifax Cir

Iris Cir Ridgegrove Ave

Spanish Moss Ave

Pearldrop Ave

Whiteridge Ave

Goldmount Ave

Shel

ton

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Castle Bay Dr

Saginaw Dr

Seabaugh Ave

Morendo Dr

McAllister Ave

Marka Dr

Forrest Hills Ln

Jerry Dr

Halifax Ave

Rae Dr

Glen Eagles Ln

Apple Valley Ln

Fawn Ave

Pebble Beach Blvd

Ridgem

ount Dr

Win

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Iris Ave

Washington Ave

Jones Blvd

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21,500 AD

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10,500 ADT

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DISTANCE FROM DOWNTOWN LAS VEGAS

5.5 miles 8 minute drive

MOUNT CHARLESTON/ KYLE CANYON

30 miles 30 minute drive

TENANT TRAFFIC

21.5K ADT Jones Blvd 10.5K ADT Washington Blvd

LOW LAND DENSITY

Reposition opportunity

MCCARRAN INTERNATIONAL AIRPORT

17 miles 25 minute drive

Green Acres Apartments | 6

/ 461,982 POPULATION

/ $185,070 MEDIAN HOME VALUE/ $51,127

AVERAGE HOUSEHOLD INCOME

/ 174,795 HOUSEHOLDS

/ 91.7% EMPLOYMENT / 32.9

MEDIAN AGE

*within 5 miles

2016 POPULATION BY RACE/ETHNICITY WITHIN 5 MILESTotal 461,983 White Alone 53.1% Black Alone 15.3% American Indian Alone 0.8% Asian Alone 8.1% Pacific Islander Alone 0.7% Some Other Race Alone 16.6% Two or More Races 5.4%Hispanic Origin 34.5%Diversity Index 82.9

2016 EMPLOYED POPULATION 16+ BY INDUSTRY Total 205,383 Agriculture/Mining 0.4% Construction 6.3% Manufacturing 2.7% Wholesale Trade 1.7% Retail Trade 13.4% Transportation/Utilities 4.8% Information 1.5% Finance/Insurance/Real Estate 6.0% Services 60.9% Public Administration 2.4%

2016 EMPLOYED POPULATION 16+ BY OCCUPATION Total 205,383 White Collar 49.3% Management/Business/Financial 9.3% Professional 13.1% Sales 12.7% Administrative Support 14.3%Services 32.4%Blue Collar 18.3% Farming/Forestry/Fishing 0.1% Construction/Extraction 5.0% Installation/Maintenance/Repair 3.0% Production 3.3% Transportation/Material Moving 6.9%

T h eD E M O G R A P H I C S

Green Acres Apartments | 7

2016 YEAR-END REVIEW | 2019 | LAS VEGAS APARTMENT MARKET UPDATE

LAS VEGAS MULTIFAMILYINVESTMENT SALES TEAM “ W e l o o k f o r w a r d t o d o i n g

m o r e d e a l s w i t h t h e S i m s T e a m a n d w o u l d s t r o n g l y

r e c o m m e n d t h e m , a s t h e y a r e e x t r e m e l y c o m p e t e n t a p a r t m e n t

b r o k e r s t h a t g e t t h e j o b d o n e i n a p r o f e s s i o n a l m a n n e r . ”

Chris Turitto // Vice President, Haven Realty Capital

/ 36+ Years EXCLUSIVELY MULTIFAMILY

/ Over $3 Billion IN APARTMENT SALES

/ #1 Broker 14 YEARS IN NEVADA

/ $32 Million RECORD BREAKING TAX-CREDIT SALE

Notable ClientsOur Team

CARL SIMS, Executive Director

� CB Commercial’s national apartment sales leader

� Founding Broker, Hendricks & Partners / Berkadia

BRANDY PAPPAS, Sr. Project ManagerJoined the Sims’ multifamily team in 2015, as Senior Project Manager of multi-family investment sales. She serves as marketing, social media and creative design for the team.

TAYLOR SIMS, Director � 2015 – Over $100 million closed in

multi-family investment sales.STACEY PARKER, Administrative AssistantJoined Cushman & Wakefield Commerce in 2015, as an Administrative Assistant of multi-family investment sales. She supports reporting and marketing of multifamily investments.

BEN GALLES, Associate Director

� Reno Capital Markets