sphere apartments richmond va 23220 2009 brook rd · 2019-12-05 · sphere apartments contents...

OFFERING MEMORANDUM

Sphere Apartments 2009 Brook RdRichmond VA 23220

Sphere Apartments CONTENTS

Exclusively Marketed by:

Kevin Palka(703) 201-5330

[email protected]

We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct yourown investigation of the property and transaction.

01 Executive Summary Investment Summary 5 Unit Mix Summary 7 Location Summary 8

02 Property Description Property Features 10

03 Rent Comps 2009 Brook Rent Comp Report 12

04 Financial Analysis PROJECTED CASH FLOW 68 STABLIZED PROFORMA 69 DEVELOPMENT COST 70 Capital Stack 71

05 Demographics Demographics 73 Demographic Charts 74

The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Asset Construction Servicesand it should not be made available to any other person or entity without the written consent of Asset Construction Services. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees thatrecipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property, please promptly return this offering memorandum to AssetConstruction Services. This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only apreliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Asset Construction Services has not made any investigation, and makes no warranty orrepresentation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property andimprovements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvementsthereon, or financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe reliable; however, Asset Construction Services has not verified, and will not verify, any of theinformation contained herein, nor has Asset Construction Services conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding theaccuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsiblefor their costs and expenses of investigating the subject property.

Sphere Apartments Confidentiality and Disclaimer | 03

CONFIDENTIALITY AND DISCLAIMER

PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONTACT ASSET CONSTRUCTION SERVICES FOR MORE DETAILS.Copyright © 2019 CREOP, LLC. All Rights Reserved.

Sphere Apartm

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Executive Summary

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Investment Summary

Unit Mix Summary

Location Summary

Sphere Apartments Investment Summary | 05

OFFERING SUMMARYADDRESS 2009 Brook Rd

Richmond VA 23220BUILDING SF 217,500NUMBER OF UNITS 244YEAR BUILT 2020OWNERSHIP TYPE Fee Simple

FINANCIAL SUMMARYOFFERING PRICE NON - DISCLOSED

DEMOGRAPHICS 1 MILE 3 MILE 5 MILE2019 Population 21,381 136,730 257,5902019 Median HH Income $32,796 $45,724 $49,1102019 Average HH Income $56,644 $71,078 $73,668

Brook Road Apartments, a proposed 224-unit market-rate rental projectto be located at 2009 Brook Road in the core of Richmond, Virginia.Brook Road Apartments will offer 224 units consisting of studio, one- andtwo-bedroom market-rate apartments within two (2) four-story, elevator-served residential buildings.

The unit amenity package at the subject project will include an electricrange, refrigerator, dishwasher, garbage disposal, microwave,laminate/tile flooring, window blinds, central air conditioning, washer/dryerappliances and a patio/balcony.

Community amenities will include on-site management, a swimming pool,fitness center, elevator, dog park, resident park and a bike storage andrepair room. The cost of all utilities, including general electricity, electricheat, electric hot water, electric cooking, cold water, sewer and trashcollection will be the responsibility of the tenant. A surface parking lot with301 spaces will be available to the residents at no additional charge. Inaddition, a total of 21 covered parking spaces will be available for $65 permonth.

ABOUT THE DEVELOPER

THE ASSET COMPANIES

More than a typical development company, we seek out to deliver theextraordinary. With a commitment to sustainability and a proven trackrecord in bringing to life the most innovative ideas, we take a freshapproach to the environments we create.

OUR PEOPLE

As an opportunistic team of driven individuals who play in real estate andhospitality, we do things differently as a company. That starts with ourvision and who is delivering it.

BUILT BY ASSET

Asset has no appetite for the ordinary, and our projects reflect that.Defying boundaries and exceeding limits – we believe in developmentsthat are inspiring and innovative.

Unconstrained by the thinking that limits many builders, we seek out theuntapped potential of rare opportunities, transforming them into projectsas unique as the communities they are in.

Guided by a leadership team with a history of distinguishedaccomplishments and a drive to tackle new benchmarks, Asset hasdemonstrated time and time again a passion and vision for creating theexceptional.

EXIT Strategy

Sphere Apartments Investment Summary | 06

Our current projections show an out right sale based of of current compsand equity markets at 5 years of Approximately 48,000,000.

Offering

The ASSET COMPANIES is currently seeking equity investors with a 8%annual targeted rate of return. Additionally, an ownership interest of 40%will be provided to the equity investor.

Contact Kevin Palka at 703-201-5330 for more information.

CURRENT PROJECT STATUS

The project is under Contract by the Asset Companies. The projectcurrently has SUP permit Approval. The project design phase will becompleted by January 2020. Construction would begin in January 2020with a completion of construction of 16 months.

Marketing Study - Please see marketing study under separate cover.

THE ASSET COMPANIES

Market Rent

Bed Bath # Units % Units Sq/Ft Rent Total Rent $sq/ft Total Sq. Ft.

S-A 1 37 17% 510 965$ 35,705$ 1.89$ 18,870

S-B 1 24 11% 590 995$ 23,880$ 1.69$ 14,160

1 1 88 39% 660 1,100$ 96,800$ 1.67$ 58,080

1 + D 1 2 1% 843 1,200$ 2,400$ 1.42$ 1,686

2-A 2 50 22% 965 1,425$ 71,250$ 1.48$ 48,250

2-B 2 12 5% 995 1,450$ 17,400$ 1.46$ 11,940

2-C 2 11 5% 1035 1,475$ 16,225$ 1.43$ 11,385

224 100% 800 1,230$ 230,035$ 1.63$ 164,371

Comp

Low High Avg Avg Sq/Ft

Studio 923$ 1,129$ 1,026$ 600 1.71$

1BR 921$ 1,245$ 1,083$ 736 1.47$

1BR+D 921$ 1,245$ 1,083$ 736 1.47$

2BR 1,282$ 1,707$ 1,495$ 985 1.52$

1.54$

Unit Type

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Sphere Apartments Location Summary | 08

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Property Features

Aerial Map

Parcel Map

Additional Maps

Amenities

Property Images

Sphere Apartments Property Features | 10

PROPERTY FEATURESNUMBER OF UNITS 244BUILDING SF 217,500LAND ACRES 4.45YEAR BUILT 2020# OF PARCELS 1NUMBER OF STORIES 4NUMBER OF BUILDINGS 2NUMBER OF PARKING SPACES 299PARKING RATIO 1.25POOL / JACUZZI yesFIRE PLACE IN UNIT noWASHER/DRYER yes

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Uploaded Rent Comparables

Rent Comparables

Rent Comparables Map

2009 Brook Rd

PREPARED BY

Ryan Rilee

Rent Comparables

Brook Road Apartments

224 Unit Apartment Building

Richmond, Virginia - Virginia Union Neighborhood

Sphere Apartments 2009 Brook Rent Comp Report | 12

Rent Comparables Summary2009 Brook Rd - Brook Road Apartments

18 $1,410 $1.79 10.7%No. Rent Comps Avg. Rent Per Unit Avg. Rent Per SF Avg. Vacancy Rate

RENT COMP LOCATIONS

RENT COMPS SUMMARY STATISTICS

Unit Breakdown Low Average Median High

Total Units

Studio Units

One Bedroom Units

Two Bedroom Units

Three Bedroom Units

47

0

18

10

0

170

14

97

55

5

165

0

89

48

2

328

130

215

150

32

Property Attributes Low Average Median High

1917Year Built

Number of Floors

Average Unit Size

Vacancy Rate

Star Rating

2

541 SF

0.0%

1990

6

787 SF

10.7%

2015

4

803 SF

1.9%

2019

23

992 SF

80.5%

3.8

8/30/2019Copyrighted report licensed to One South Commercial - 729463.

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Rent Comparables Summary2009 Brook Rd - Brook Road Apartments

Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF

Property Size Asking Rent Per Month Per Unit

-Deco at CNB

200 540 $1,314 $1,225 $1,970 - $2.44219 E Broad St

1 2016

-1 Scott's Addition

129 787 - $1,506 $1,950 - $2.093031 Norfolk St

2 2015

-Residences at the John M…

241 640 $1,097 $1,398 $1,770 - $1.98101 N 5th St

3 1929

-Cary Street Station

287 805 - $1,459 $1,889 $2,304 $1.95103 S Davis Ave

4 2017

-Main 2323

71 617 $1,075 $1,202 $1,395 - $1.942323 E Main St

5 2016

-The Overview

201 802 - $1,477 $1,757 - $1.931817 E Main St

6 2017

-Matrix Midtown

47 804 - $1,250 $1,761 $2,155 $1.92119 N 1st St

7 2016

-The Square Apartments

152 778 - $1,216 $1,531 $2,083 $1.92406 Shafer St

8 2014

-Atrium Lofts at Cold Storage

328 673 $1,153 $1,076 $1,388 - $1.82500 N 18th St

9 1917

-Symbol Apartments

202 916 - $1,460 $1,931 $2,352 $1.801814 Highpoint Ave

10 2018

-Coliseum Lofts

112 803 $1,113 $1,052 $1,552 $1,927 $1.781335-1387 W Broad St

11 1922

-The Cooperage

117 919 - $1,468 $1,894 - $1.761650 Overbrook Rd

12 2017

-Canopy at Ginter Park

301 912 - $1,355 $1,916 $2,583 $1.723200 Brook Rd

13 2019

-Cookie Factory Lofts

178 848 $982 $1,209 $1,703 $2,196 $1.65900 Terminal Pl

14 2015

-Spectrum

103 793 - $1,089 $1,346 $1,743 $1.592017 Brook Rd

15 2015

-Courtyard Lofts at Scott's…

89 746 $1,011 $1,028 $1,347 $1,970 $1.523200 W Clay St

16 2016

-Kensington Court

117 992 - $968 $1,417 - $1.302900 Kensington Ave

17 1930

-Southern Stove Lofts

187 861 - $894 $1,165 $1,700 $1.191215 Hermitage Rd

18 1920

-Brook Road Apartments

224 - - - - - -2009 Brook Rd

2021


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Vacancy 10.4%

101 N 5th St241 Units / 15 Stories

Owner: Dominion Realty Partners, LLC

Rent/SF $1.98,

Residences at the John Mar…3

Vacancy 1.6%

3031 Norfolk St129 Units / 2 Stories

Owner: Main Street Realty

Rent/SF $2.09,

1 Scott's Addition2

Vacancy 6.0%

219 E Broad St200 Units / 23 Stories

Owner: Douglas Development Corpo…

Rent/SF $2.44,

Deco at CNB1

Vacancy 5.0%

1817 E Main St201 Units / 8 Stories

Owner: Historic Housing Ltd.

Rent/SF $1.93,

The Overview6

Vacancy 2.8%

2323 E Main St71 Units / 3 Stories

Owner: MacFarlane Partners, LLC

Rent/SF $1.94,

Main 23235

Vacancy 0%

103 S Davis Ave287 Units / 2 Stories

Owner: The Monument Companies,…

Rent/SF $1.95,

Cary Street Station4

Vacancy 2.1%

500 N 18th St328 Units / 5 Stories

Owner: Historic Housing Ltd.

Rent/SF $1.82,

Atrium Lofts at Cold Storage9

Vacancy 0%

406 Shafer St152 Units / 11 Stories

Owner: Jatinder K Sidhu

Rent/SF $1.92,

The Square Apartments8

Vacancy 0%

119 N 1st St47 Units / 4 Stories

Owner: The Monument Companies,…

Rent/SF $1.92,

Matrix Midtown7

Rent Comparables Photo Comparison2009 Brook Rd


Page 4


Vacancy 1.7%

1650 Overbrook Rd117 Units / 2 Stories

Owner: Main Street Realty

Rent/SF $1.76,

The Cooperage12

Vacancy 3.6%

1335-1387 W Broad St112 Units / 3 Stories

Owner: Time Equities, Inc.

Rent/SF $1.78,

Coliseum Lofts11

Vacancy 1.0%

1814 Highpoint Ave202 Units / 4 Stories

Owner: Spy Rock Real Estate Group

Rent/SF $1.80,

Symbol Apartments10

Vacancy 11.7%

2017 Brook Rd103 Units / 3 Stories

Owner: Mercer Street Partners Spon…

Rent/SF $1.59,

Spectrum15

Vacancy 0%

900 Terminal Pl178 Units / 6 Stories

Owner: Rebkee Company

Rent/SF $1.65,

Cookie Factory Lofts14

Vacancy 80.4%

3200 Brook Rd301 Units / - Stories

Owner: Union Presbyterian Seminary

Rent/SF $1.72,

Canopy at Ginter Park13

Vacancy 0.5%

1215 Hermitage Rd187 Units / 3 Stories

Owner: Pondok Management

Rent/SF $1.19,

Southern Stove Lofts18

Vacancy 5.1%

2900 Kensington Ave117 Units / 7 Stories

Owner: PMC Property Group

Rent/SF $1.30,

Kensington Court17

Vacancy 1.1%

3200 W Clay St89 Units / 3 Stories

Owner: Cushman & Wakefield|Thalhi…

Rent/SF $1.52,

Courtyard Lofts at Scott's A…16



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Vacancy -

2009 Brook Rd224 Units / 4 Stories

Owner: -

Rent/SF -,

Subject Property



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Rent Comparables2009 Brook Rd - Brook Road Apartments

1 219 E Broad St - Deco at CNBRichmond, Virginia - City Center Richmond Neighborhood

PROPERTY MANAGER

Drucker & Falk - Deco at CNB

(804) 447-4052

PROPERTY

1.3 Miles

Property Size: 200 Units, 23 Floors

Avg. Unit Size: 555 SF

Year Built: Mar 2016

Type: Apartments - All

Rent Type:

Parking: -

Distance to Subject:

Distance to Transit: -

Market

OWNER

-

UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions

Unit Mix Availability Avg Asking Rent Avg Effective Rent

UNIT BREAKDOWN

Studio 1 444 33 16.5% 0 0.0% $1,326 $2.99 $1,316 $2.96 0.7%

Studio 1 459 1 0.5% 0 0.0% $1,211 $2.64 $1,203 $2.62 0.7%

Studio 1 474 1 0.5% 1 100% $1,023 $2.16 $1,015 $2.14 0.8%

1 1 - 6 3.0% 0 0.0% $1,387 - $1,378 - 0.7%

1 1 419 30 15.0% 2 6.7% $999 $2.38 $992 $2.37 0.7%

1 1 467 29 14.5% 0 0.0% $1,310 $2.80 $1,300 $2.78 0.7%

1 1 495 26 13.0% 1 3.9% $1,225 $2.47 $1,216 $2.46 0.7%

1 1 507 23 11.5% 1 4.4% $1,341 $2.64 $1,332 $2.63 0.7%

1 1 598 1 0.5% 1 100% $1,173 $1.96 $1,164 $1.95 0.8%

1 1 668 1 0.5% 0 0.0% $1,298 $1.94 $1,289 $1.93 0.7%

1 1 679 15 7.5% 0 0.0% $1,238 $1.82 $1,229 $1.81 0.7%

1 1 682 1 0.5% 0 0.0% $1,423 $2.09 $1,413 $2.07 0.7%

1 1 775 1 0.5% 0 0.0% $1,443 $1.86 $1,432 $1.85 0.8%

2 2 867 9 4.5% 0 0.0% $1,729 $1.99 $1,717 $1.98 0.7%

2 2 934 1 0.5% 0 0.0% $1,874 $2.01 $1,861 $1.99 0.7%

2 2 938 1 0.5% 0 0.0% $1,802 $1.92 $1,789 $1.91 0.7%

2 2 976 10 5.0% 0 0.0% $2,023 $2.07 $2,009 $2.06 0.7%

2 2 1,006 4 2.0% 0 0.0% $1,889 $1.88 $1,876 $1.86 0.7%

2 2 1,016 1 0.5% 0 0.0% $1,906 $1.88 $1,893 $1.86 0.7%

2 2.5 668 5 2.5% 0 0.0% $2,354 $3.52 $2,337 $3.50 0.7%

2 2.5 1,183 1 0.5% 0 0.0% $2,342 $1.98 $2,325 $1.97 0.7%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions

All Studios 445 35 17.5% 1 2.9% $1,314 $2.95 $1,304 $2.93 0.7%

All 1 Beds 500 133 66.5% 5 3.8% $1,225 $2.43 $1,216 $2.41 0.7%

All 2 Beds 906 32 16.0% 0 0.0% $1,970 $2.17 $1,956 $2.16 0.7%

Totals 557 200 100% 6 3.0% $1,359 $2.44 $1,350 $2.42 0.7%

Updated August 30, 2019Estimate

SITE AMENITIES

Clubhouse, Elevator, Fitness Center, Gameroom, Recycling, Storage Space, Wi-Fi


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UNIT AMENITIES

Air Conditioning, Heating, Kitchen, Oven, Range, Refrigerator, Stainless Steel Appliances, Views, Washer/Dryer, Wheelchair Accessible (Rooms)

RECURRING EXPENSES

Dog Rent $25 Cat Rent $25 Storage Fee $60

ONE TIME EXPENSES

Dog Fee $300 Cat Fee $300 Admin Fee $200

Application Fee $50

PET POLICY

Cats Allowed - $25/Mo, 2 Maximum, Maximum Weight 100 lb, One-Time Fee: $300Dogs Allowed - $25/Mo, 2 Maximum, Maximum Weight 100 lb, One-Time Fee: $300


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2 3031 Norfolk St - 1 Scott's AdditionRichmond, Virginia - Scott's Addition Neighborhood

PROPERTY MANAGER

Main Street - 1 Scott's Addition

(804) 257-7333

PROPERTY

1.3 Miles



Year Built: Jan 2015


Rent Type:

Parking: -



Market

OWNER

-



UNIT BREAKDOWN

1 1 732 45 34.9% 5 11.1% $1,413 $1.93 $1,407 $1.92 0.4%

1 1 813 44 34.1% 2 4.6% $1,601 $1.97 $1,594 $1.96 0.4%

2 2 671 20 15.5% 1 5.0% $2,002 $2.98 $1,997 $2.98 0.3%

2 2 974 20 15.5% 0 0.0% $1,898 $1.95 $1,893 $1.94 0.3%


All 1 Beds 772 89 69.0% 7 7.9% $1,506 $1.95 $1,500 $1.94 0.4%

All 2 Beds 823 40 31.0% 1 2.5% $1,950 $2.37 $1,945 $2.36 0.3%

Totals 788 129 100% 8 6.2% $1,644 $2.09 $1,638 $2.08 0.4%


SITE AMENITIES

Breakfast/Coffee Concierge, Fitness Center, Gas Range, Gated, Property Manager on Site, Recycling

UNIT AMENITIES

Air Conditioning, Balcony, Cable Ready, Dishwasher, Disposal, Heating, High Speed Internet Access, Kitchen, Microwave, Refrigerator,Washer/Dryer, Wheelchair Accessible (Rooms)

RECURRING EXPENSES

Dog Rent $25 Cat Rent $25 Bird Rent $25

Fish Rent $25 Unassigned Garage Parking $65-$100 Unassigned Surface Lot Parking $40

Storage Fee $35 Free Gas, Water, Electricity, Heat, Trash…

ONE TIME EXPENSES

Dog Fee $350 Cat Fee $350 Application Fee $50

PET POLICY

Birds Allowed - $25/Mo, 2 MaximumCats Allowed - $25/Mo, 2 Maximum, Maximum Weight 80 lb, One-Time Fee: $350Dogs Allowed - $25/Mo, 2 Maximum, Maximum Weight 80 lb, One-Time Fee: $350Fishes Allowed - $25/Mo


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3 101 N 5th St - Residences at the John MarshallRichmond, Virginia - City Center Richmond Neighborhood

PROPERTY MANAGER

Dominion - Residences at the John Marshall

(804) 212-1620

PROPERTY

1.5 Miles



Year Built: 1929 Renov Apr 2012


Rent Type:

Parking: -



Market

OWNER

Purchased May 2010



UNIT BREAKDOWN

Studio 1 - - - - - $1,275 - $1,262 - 1.0%

Studio 1 398 12 5.0% 1 8.3% $975 $2.45 $965 $2.43 1.0%

Studio 1 411 16 6.6% 1 6.3% $1,055 $2.57 $1,044 $2.54 1.0%

Studio 1 429 14 5.8% 1 7.1% $1,250 $2.91 $1,238 $2.88 1.0%

Studio 1 450 14 5.8% 1 7.1% $1,005 $2.23 $995 $2.21 1.0%

Studio 1 491 12 5.0% 6 50.0% $1,100 $2.24 $1,089 $2.22 1.0%

Studio 1 498 14 5.8% 1 7.1% $1,195 $2.40 $1,183 $2.38 1.0%

Studio 1 505 12 5.0% 1 8.3% $975 $1.93 $965 $1.91 1.0%

Studio 1 506 8 3.3% 1 12.5% $1,181 $2.33 $1,169 $2.31 1.0%

Studio 1 512 4 1.7% 1 25.0% $1,082 $2.11 $1,071 $2.09 1.0%

Studio 1 513 4 1.7% 2 50.0% $995 $1.94 $985 $1.92 1.0%

Studio 1 574 4 1.7% 1 25.0% $1,150 $2.00 $1,139 $1.98 1.0%

Studio 1 577 4 1.7% 0 0.0% $1,122 $1.94 $1,111 $1.93 1.0%

Studio 1 580 4 1.7% 1 25.0% $1,325 $2.28 $1,312 $2.26 1.0%

Studio 1 586 4 1.7% 1 25.0% $1,045 $1.78 $1,035 $1.77 1.0%

Studio 1 615 4 1.7% 0 0.0% $1,122 $1.82 $1,111 $1.81 1.0%

1 1 - - - - - $1,800 - $1,782 - 1.0%

1 1 608 3 1.2% 1 33.3% $1,235 $2.03 $1,222 $2.01 1.0%

1 1 612 6 2.5% 2 33.3% $1,278 $2.09 $1,265 $2.07 1.0%

1 1 629 3 1.2% 0 0.0% $1,280 $2.03 $1,267 $2.01 1.0%

1 1 651 3 1.2% 2 66.7% $1,365 $2.10 $1,351 $2.08 1.0%

1 1 656 3 1.2% 1 33.3% $1,375 $2.10 $1,361 $2.07 1.0%

1 1 659 3 1.2% 0 0.0% $1,265 $1.92 $1,252 $1.90 1.0%

1 1 671 3 1.2% 0 0.0% $1,280 $1.91 $1,267 $1.89 1.0%

1 1 702 3 1.2% 1 33.3% $1,255 $1.79 $1,242 $1.77 1.0%

1 1 707 3 1.2% 1 33.3% $1,305 $1.85 $1,292 $1.83 1.0%

1 1 708 3 1.2% 1 33.3% $1,375 $1.94 $1,361 $1.92 1.0%

1 1 709 6 2.5% 1 16.7% $1,470 $2.07 $1,455 $2.05 1.0%

1 1 735 3 1.2% 1 33.3% $1,195 $1.63 $1,183 $1.61 1.0%

1 1 743 3 1.2% 1 33.3% $1,285 $1.73 $1,272 $1.71 1.0%

1 1 755 3 1.2% 1 33.3% $1,256 $1.66 $1,243 $1.65 1.0%


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UNIT BREAKDOWN CONTINUED

1 1 769 3 1.2% 1 33.3% $1,335 $1.74 $1,321 $1.72 1.0%

1 1 774 3 1.2% 0 0.0% $1,280 $1.65 $1,267 $1.64 1.0%

1 1 780 3 1.2% 1 33.3% $1,425 $1.83 $1,411 $1.81 1.0%

1 1 803 3 1.2% 1 33.3% $1,435 $1.79 $1,420 $1.77 1.0%

1 1 804 3 1.2% 1 33.3% $1,550 $1.93 $1,534 $1.91 1.0%

1 1 806 3 1.2% 1 33.3% $1,335 $1.66 $1,321 $1.64 1.0%

1 1 812 3 1.2% 1 33.3% $1,700 $2.09 $1,683 $2.07 1.0%

1 1 816 3 1.2% 0 0.0% $1,280 $1.57 $1,267 $1.55 1.0%

1 1 822 3 1.2% 3 100% $1,400 $1.70 $1,386 $1.69 1.0%

1 1 873 6 2.5% 2 33.3% $1,325 $1.52 $1,312 $1.50 1.0%

1 1 914 3 1.2% 1 33.3% $1,390 $1.52 $1,376 $1.51 1.0%

1 1 934 1 0.4% 0 0.0% $2,058 $2.20 $2,037 $2.18 1.0%

1 1 1,057 4 1.7% 2 50.0% $2,281 $2.16 $2,258 $2.14 1.0%

2 2 963 3 1.2% 3 100% $1,675 $1.74 $1,658 $1.72 1.0%

2 2 996 6 2.5% 3 50.0% $1,623 $1.63 $1,606 $1.61 1.0%

2 2 1,092 3 1.2% 1 33.3% $1,850 $1.69 $1,831 $1.68 1.0%

2 2 1,221 6 2.5% 2 33.3% $1,834 $1.50 $1,815 $1.49 1.0%

2 2 1,294 1 0.4% 0 0.0% $2,524 $1.95 $2,498 $1.93 1.0%

2 2 1,295 3 1.2% 0 0.0% $1,698 $1.31 $1,681 $1.30 1.0%


All Studios 480 130 53.9% 19 14.6% $1,098 $2.28 $1,087 $2.26 1.0%

All 1 Beds 756 89 36.9% 27 30.3% $1,402 $1.85 $1,388 $1.83 1.0%

All 2 Beds 1,120 22 9.1% 9 40.9% $1,770 $1.58 $1,752 $1.56 1.0%

Totals 641 241 100% 55 22.8% $1,272 $1.98 $1,259 $1.96 1.0%


SITE AMENITIES

Business Center, Clubhouse, Controlled Access, Elevator, Fitness Center, Laundry Facilities, Lounge, Maintenance on site, Meal Service,Package Service, Property Manager on Site, Storage Space, Vintage Building

UNIT AMENITIES

Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Eat-in Kitchen, Heating, High Speed Internet Access,Kitchen, Microwave, Range, Security System, Tile Floors, Tub/Shower, Walk-In Closets, Washer/Dryer, Window Coverings

RECURRING EXPENSES

Dog Rent $50 Cat Rent $50 Unassigned Garage Parking $60

Storage Fee $15 Free Water, Heat, Trash Removal, Sewe…

ONE TIME EXPENSES



Page 11



PET POLICY

Cats Allowed - $0 Deposit, $50/Mo, 2 Maximum, One-Time Fee: $300Restrictions: 2 pet limit. No weight limit for dogs, but we reserve the right to disallow breeds of known aggressive behavior.Dogs Allowed - $0 Deposit, $50/Mo, 2 Maximum, One-Time Fee: $300Restrictions: 2 pet limit. No weight limit for dogs, but we reserve the right to disallow breeds of known aggressive behavior.


Page 12



4 103 S Davis Ave - Cary Street StationRichmond, Virginia - Uptown Richmond Neighborhood

PROPERTY MANAGER

Legend - GRTC

(804) 495-3628

PROPERTY

1.7 Miles



Year Built: Jan 2017


Rent Type:

Parking: -



Market

OWNER

-



UNIT BREAKDOWN

1 1 517 1 0.3% 0 0.0% $1,218 $2.36 $1,214 $2.35 0.3%

1 1 527 1 0.3% 0 0.0% $1,235 $2.34 $1,231 $2.34 0.3%

1 1 541 1 0.3% 0 0.0% $1,260 $2.33 $1,255 $2.32 0.4%

1 1 546 1 0.3% 0 0.0% $1,374 $2.52 $1,369 $2.51 0.4%

1 1 550 3 1.0% 0 0.0% $1,438 $2.61 $1,433 $2.60 0.3%

1 1 560 1 0.3% 0 0.0% $1,242 $2.22 $1,238 $2.21 0.3%

1 1 566 1 0.3% 0 0.0% $1,367 $2.42 $1,362 $2.41 0.4%

1 1 568 1 0.3% 0 0.0% $1,449 $2.55 $1,444 $2.54 0.3%

1 1 570 13 4.5% 0 0.0% $1,436 $2.52 $1,431 $2.51 0.3%

1 1 575 2 0.7% 0 0.0% $1,372 $2.39 $1,368 $2.38 0.3%

1 1 577 15 5.2% 0 0.0% $1,380 $2.39 $1,375 $2.38 0.3%

1 1 580 1 0.3% 0 0.0% $1,243 $2.14 $1,239 $2.14 0.3%

1 1 582 1 0.3% 0 0.0% $1,375 $2.36 $1,370 $2.35 0.4%

1 1 585 1 0.3% 0 0.0% $1,445 $2.47 $1,440 $2.46 0.3%

1 1 588 2 0.7% 0 0.0% $1,403 $2.39 $1,398 $2.38 0.3%

1 1 589 1 0.3% 0 0.0% $1,225 $2.08 $1,221 $2.07 0.3%

1 1 591 4 1.4% 0 0.0% $1,391 $2.35 $1,386 $2.34 0.4%

1 1 593 16 5.6% 0 0.0% $1,437 $2.42 $1,432 $2.41 0.4%

1 1 594 2 0.7% 0 0.0% $1,397 $2.35 $1,392 $2.34 0.4%

1 1 602 1 0.3% 0 0.0% $1,470 $2.44 $1,465 $2.43 0.3%

1 1 604 1 0.3% 0 0.0% $1,361 $2.25 $1,357 $2.25 0.3%

1 1 607 1 0.3% 0 0.0% $1,474 $2.43 $1,469 $2.42 0.3%

1 1 611 3 1.0% 0 0.0% $1,454 $2.38 $1,449 $2.37 0.3%

1 1 614 1 0.3% 0 0.0% $1,360 $2.21 $1,355 $2.21 0.4%

1 1 615 1 0.3% 0 0.0% $1,371 $2.23 $1,366 $2.22 0.4%

1 1 616 1 0.3% 0 0.0% $1,465 $2.38 $1,460 $2.37 0.3%

1 1 617 2 0.7% 0 0.0% $1,429 $2.32 $1,424 $2.31 0.3%

1 1 619 2 0.7% 0 0.0% $1,449 $2.34 $1,444 $2.33 0.3%

1 1 621 3 1.0% 0 0.0% $1,459 $2.35 $1,454 $2.34 0.3%

1 1 622 5 1.7% 0 0.0% $1,397 $2.25 $1,392 $2.24 0.3%

1 1 623 2 0.7% 0 0.0% $1,424 $2.29 $1,419 $2.28 0.4%


Page 13






1 1 625 1 0.3% 0 0.0% $1,300 $2.08 $1,295 $2.07 0.4%

1 1 626 3 1.0% 0 0.0% $1,411 $2.25 $1,406 $2.25 0.4%

1 1 629 2 0.7% 0 0.0% $1,392 $2.21 $1,387 $2.21 0.4%

1 1 632 2 0.7% 1 50.0% $1,416 $2.24 $1,411 $2.23 0.4%

1 1 639 1 0.3% 0 0.0% $1,442 $2.26 $1,436 $2.25 0.4%

1 1 641 6 2.1% 0 0.0% $1,426 $2.22 $1,421 $2.22 0.4%

1 1 643 1 0.3% 0 0.0% $1,329 $2.07 $1,324 $2.06 0.4%

1 1 646 1 0.3% 0 0.0% $1,469 $2.27 $1,463 $2.26 0.4%

1 1 652 1 0.3% 0 0.0% $1,297 $1.99 $1,292 $1.98 0.4%

1 1 676 1 0.3% 0 0.0% $1,496 $2.21 $1,491 $2.21 0.3%

1 1 679 2 0.7% 0 0.0% $1,404 $2.07 $1,399 $2.06 0.4%

1 1 696 1 0.3% 0 0.0% $1,413 $2.03 $1,408 $2.02 0.4%

1 1 705 2 0.7% 0 0.0% $1,456 $2.06 $1,451 $2.06 0.3%

1 1 707 2 0.7% 0 0.0% $1,416 $2.00 $1,411 $2.00 0.4%

1 1 709 5 1.7% 2 40.0% $1,533 $2.16 $1,528 $2.16 0.4%

1 1 718 1 0.3% 0 0.0% $1,493 $2.08 $1,488 $2.07 0.3%

1 1 719 2 0.7% 0 0.0% $1,394 $1.94 $1,389 $1.93 0.4%

1 1 723 16 5.6% 0 0.0% $1,478 $2.04 $1,473 $2.04 0.4%

1 1 739 4 1.4% 0 0.0% $1,478 $2.00 $1,473 $1.99 0.3%

1 1 742 1 0.3% 0 0.0% $1,395 $1.88 $1,390 $1.87 0.4%

1 1 755 1 0.3% 0 0.0% $1,463 $1.94 $1,458 $1.93 0.3%

1 1 775 2 0.7% 0 0.0% $1,561 $2.01 $1,555 $2.01 0.4%

1 1 785 1 0.3% 0 0.0% $1,499 $1.91 $1,494 $1.90 0.3%

1 1 864 1 0.3% 1 100% $1,574 $1.82 $1,568 $1.81 0.4%

1 1 891 1 0.3% 0 0.0% $1,528 $1.71 $1,523 $1.71 0.3%

1 1 929 1 0.3% 0 0.0% $1,558 $1.68 $1,552 $1.67 0.4%

1 1 942 1 0.3% 0 0.0% $1,703 $1.81 $1,697 $1.80 0.4%

1 1 1,023 1 0.3% 0 0.0% $1,564 $1.53 $1,558 $1.52 0.4%

1 1 1,246 1 0.3% 0 0.0% $1,897 $1.52 $1,891 $1.52 0.3%

1 1.5 729 3 1.0% 0 0.0% $1,493 $2.05 $1,488 $2.04 0.3%

1 1.5 735 3 1.0% 0 0.0% $1,495 $2.03 $1,489 $2.03 0.4%

1 1.5 741 1 0.3% 0 0.0% $1,496 $2.02 $1,490 $2.01 0.4%

1 1.5 742 1 0.3% 0 0.0% $1,503 $2.03 $1,497 $2.02 0.4%

1 1.5 757 2 0.7% 0 0.0% $1,480 $1.96 $1,475 $1.95 0.3%

1 1.5 758 2 0.7% 0 0.0% $1,502 $1.98 $1,497 $1.97 0.3%

1 1.5 803 1 0.3% 0 0.0% $1,420 $1.77 $1,415 $1.76 0.4%

1 1.5 824 1 0.3% 0 0.0% $1,550 $1.88 $1,545 $1.88 0.3%

1 1.5 854 4 1.4% 0 0.0% $1,491 $1.75 $1,485 $1.74 0.4%

1 1.5 856 4 1.4% 0 0.0% $1,507 $1.76 $1,502 $1.75 0.3%

1 1.5 878 5 1.7% 0 0.0% $1,594 $1.82 $1,588 $1.81 0.4%

1 1.5 879 1 0.3% 0 0.0% $1,551 $1.76 $1,545 $1.76 0.4%

1 1.5 881 1 0.3% 0 0.0% $1,553 $1.76 $1,548 $1.76 0.3%


Page 14






1 1.5 885 1 0.3% 0 0.0% $1,792 $2.02 $1,786 $2.02 0.3%

1 1.5 886 5 1.7% 0 0.0% $1,572 $1.77 $1,567 $1.77 0.3%

1 1.5 888 3 1.0% 0 0.0% $1,512 $1.70 $1,507 $1.70 0.4%

1 1.5 897 1 0.3% 0 0.0% $1,515 $1.69 $1,510 $1.68 0.3%

1 1.5 898 2 0.7% 0 0.0% $1,542 $1.72 $1,537 $1.71 0.4%

1 1.5 901 1 0.3% 1 100% $1,532 $1.70 $1,526 $1.69 0.4%

1 1.5 902 1 0.3% 0 0.0% $1,534 $1.70 $1,529 $1.70 0.3%

1 1.5 903 2 0.7% 0 0.0% $1,532 $1.70 $1,527 $1.69 0.4%

1 1.5 905 1 0.3% 0 0.0% $1,833 $2.03 $1,827 $2.02 0.3%

1 1.5 911 1 0.3% 0 0.0% $1,471 $1.61 $1,466 $1.61 0.3%

1 1.5 915 1 0.3% 0 0.0% $1,465 $1.60 $1,460 $1.60 0.3%

1 1.5 916 1 0.3% 0 0.0% $1,526 $1.67 $1,521 $1.66 0.3%

1 1.5 918 3 1.0% 0 0.0% $1,519 $1.65 $1,514 $1.65 0.3%

1 1.5 920 2 0.7% 0 0.0% $1,516 $1.65 $1,511 $1.64 0.4%

1 1.5 924 1 0.3% 0 0.0% $1,543 $1.67 $1,537 $1.66 0.4%

1 1.5 928 1 0.3% 0 0.0% $1,553 $1.67 $1,547 $1.67 0.4%

1 1.5 963 1 0.3% 0 0.0% $1,519 $1.58 $1,513 $1.57 0.4%

1 1.5 977 1 0.3% 0 0.0% $1,550 $1.59 $1,545 $1.58 0.3%

1 1.5 987 1 0.3% 0 0.0% $1,517 $1.54 $1,512 $1.53 0.3%

2 1 921 1 0.3% 0 0.0% $1,708 $1.85 $1,704 $1.85 0.2%

2 2 920 1 0.3% 0 0.0% $1,784 $1.94 $1,780 $1.93 0.2%

2 2 929 1 0.3% 0 0.0% $1,847 $1.99 $1,843 $1.98 0.2%

2 2 937 1 0.3% 0 0.0% $1,758 $1.88 $1,753 $1.87 0.3%

2 2 942 2 0.7% 0 0.0% $1,775 $1.88 $1,771 $1.88 0.3%

2 2 943 2 0.7% 0 0.0% $1,762 $1.87 $1,758 $1.86 0.3%

2 2 945 1 0.3% 0 0.0% $1,753 $1.86 $1,748 $1.85 0.3%

2 2 956 1 0.3% 0 0.0% $1,768 $1.85 $1,764 $1.85 0.2%

2 2 958 1 0.3% 0 0.0% $1,774 $1.85 $1,769 $1.85 0.3%

2 2 965 1 0.3% 0 0.0% $1,784 $1.85 $1,780 $1.84 0.2%

2 2 988 1 0.3% 0 0.0% $1,745 $1.77 $1,740 $1.76 0.3%

2 2 1,021 2 0.7% 0 0.0% $1,836 $1.80 $1,832 $1.79 0.2%

2 2 1,026 1 0.3% 0 0.0% $1,857 $1.81 $1,853 $1.81 0.2%

2 2 1,042 1 0.3% 0 0.0% $1,904 $1.83 $1,899 $1.82 0.3%

2 2 1,046 1 0.3% 0 0.0% $1,838 $1.76 $1,833 $1.75 0.3%

2 2 1,058 1 0.3% 0 0.0% $1,838 $1.74 $1,833 $1.73 0.3%

2 2 1,059 1 0.3% 0 0.0% $1,864 $1.76 $1,860 $1.76 0.2%

2 2 1,060 3 1.0% 0 0.0% $1,808 $1.71 $1,804 $1.70 0.2%

2 2 1,061 1 0.3% 0 0.0% $1,841 $1.74 $1,837 $1.73 0.2%

2 2 1,062 2 0.7% 0 0.0% $1,872 $1.76 $1,867 $1.76 0.2%

2 2 1,063 5 1.7% 0 0.0% $1,858 $1.75 $1,853 $1.74 0.2%

2 2 1,064 2 0.7% 0 0.0% $1,912 $1.80 $1,908 $1.79 0.2%

2 2 1,067 3 1.0% 0 0.0% $1,919 $1.80 $1,914 $1.79 0.2%


Page 15






2 2 1,080 1 0.3% 0 0.0% $1,829 $1.69 $1,825 $1.69 0.2%

2 2 1,092 8 2.8% 1 12.5% $1,907 $1.75 $1,902 $1.74 0.2%

2 2 1,093 1 0.3% 0 0.0% $1,885 $1.72 $1,881 $1.72 0.2%

2 2 1,108 1 0.3% 0 0.0% $1,889 $1.70 $1,884 $1.70 0.3%

2 2 1,146 1 0.3% 0 0.0% $1,867 $1.63 $1,862 $1.62 0.3%

2 2 1,188 1 0.3% 0 0.0% $1,894 $1.59 $1,889 $1.59 0.3%

2 2 1,206 1 0.3% 0 0.0% $1,868 $1.55 $1,863 $1.54 0.3%

2 2 1,208 2 0.7% 0 0.0% $2,141 $1.77 $2,136 $1.77 0.2%

2 2 1,209 2 0.7% 0 0.0% $2,108 $1.74 $2,103 $1.74 0.2%

2 2 1,211 1 0.3% 0 0.0% $1,915 $1.58 $1,911 $1.58 0.2%

2 2 1,246 11 3.8% 0 0.0% $1,992 $1.60 $1,987 $1.59 0.2%

2 2 1,247 1 0.3% 0 0.0% $1,890 $1.52 $1,886 $1.51 0.2%

2 2 1,269 1 0.3% 0 0.0% $1,917 $1.51 $1,913 $1.51 0.2%

2 2 1,274 1 0.3% 0 0.0% $1,914 $1.50 $1,909 $1.50 0.3%

2 2 1,299 1 0.3% 0 0.0% $1,864 $1.43 $1,859 $1.43 0.3%

3 2 1,494 1 0.3% 0 0.0% $2,305 $1.54 $2,300 $1.54 0.2%

3 2 1,509 1 0.3% 0 0.0% $2,303 $1.53 $2,298 $1.52 0.2%


All 1 Beds 703 215 74.9% 5 2.3% $1,459 $2.08 $1,454 $2.07 0.3%

All 2 Beds 1,100 70 24.4% 1 1.4% $1,889 $1.72 $1,885 $1.71 0.2%

All 3 Beds 1,502 2 0.7% 0 0.0% $2,304 $1.53 $2,299 $1.53 0.2%

Totals 805 287 100% 6 2.1% $1,570 $1.95 $1,565 $1.94 0.3%


SITE AMENITIES

Fitness Center

UNIT AMENITIES

Air Conditioning, Cable Ready, Dishwasher, Disposal, Heating, Kitchen, Oven, Range, Tub/Shower, Washer/Dryer, Window Coverings

RECURRING EXPENSES

Dog Rent $0 Cat Rent $0 Free Water, Electricity, Trash Removal,…

ONE TIME EXPENSES


PET POLICY

Cats Allowed - $0 Deposit, $0/Mo, 2 Maximum, One-Time Fee: $300Dogs Allowed - $0 Deposit, $0/Mo, 2 Maximum, One-Time Fee: $300


Page 16



5 2323 E Main St - Main 2323Richmond, Virginia - Shockoe Bottom Neighborhood

PROPERTY MANAGER

Property Results - Main 2323

(804) 233-8330

PROPERTY

2.6 Miles



Year Built: Feb 2016


Rent Type:

Parking: 10 Spaces; 0.1 per Unit



Market

OWNER

-



UNIT BREAKDOWN

Studio 1 550 18 25.4% 0 0.0% $1,075 $1.95 $1,072 $1.95 0.3%

1 1 600 39 54.9% 0 0.0% $1,195 $1.99 $1,191 $1.99 0.3%

1 1.5 672 4 5.6% 0 0.0% $1,272 $1.89 $1,267 $1.89 0.3%

2 2 782 10 14.1% 1 10.0% $1,395 $1.78 $1,381 $1.77 1.0%


All Studios 550 18 25.4% 0 0.0% $1,075 $1.95 $1,072 $1.95 0.3%

All 1 Beds 607 43 60.6% 0 0.0% $1,202 $1.98 $1,198 $1.98 0.3%

All 2 Beds 782 10 14.1% 1 10.0% $1,395 $1.78 $1,381 $1.77 1.0%

Totals 617 71 100% 1 1.4% $1,197 $1.94 $1,192 $1.93 0.4%


SITE AMENITIES

Clubhouse, Courtyard, Fitness Center

UNIT AMENITIES

Ceiling Fans, Hardwood Floors, Satellite TV, Stainless Steel Appliances, Wi-Fi

RECURRING EXPENSES

Free Water, Trash Removal, Sewer

ONE TIME EXPENSES

Application Fee $75

PET POLICY

Cats AllowedDogs Allowed


Page 17



6 1817 E Main St - The OverviewRichmond, Virginia - Shockoe Bottom Neighborhood

PROPERTY MANAGER

Main Street - The Overview

(804) 643-5638

PROPERTY

2.3 Miles



Year Built: Apr 2017


Rent Type:




Market

OWNER

-



UNIT BREAKDOWN

1 1 645 6 3.0% 0 0.0% $1,301 $2.02 $1,293 $2.00 0.6%

1 1 654 3 1.5% 3 100% $1,467 $2.24 $1,458 $2.23 0.6%

1 1 682 6 3.0% 0 0.0% $1,322 $1.94 $1,314 $1.93 0.6%

1 1 683 52 25.9% 4 7.7% $1,391 $2.04 $1,383 $2.02 0.6%

1 1 693 6 3.0% 0 0.0% $1,368 $1.97 $1,360 $1.96 0.6%

1 1 750 6 3.0% 1 16.7% $1,592 $2.12 $1,582 $2.11 0.6%

1 1 760 5 2.5% 1 20.0% $1,643 $2.16 $1,633 $2.15 0.6%

1 1 782 43 21.4% 0 0.0% $1,577 $2.02 $1,567 $2.00 0.6%

1 1 799 6 3.0% 0 0.0% $1,501 $1.88 $1,492 $1.87 0.6%

1 1 871 6 3.0% 0 0.0% $1,541 $1.77 $1,531 $1.76 0.6%

1 2 760 4 2.0% 0 0.0% $1,475 $1.94 $1,466 $1.93 0.6%

1 2 886 4 2.0% 0 0.0% $1,625 $1.83 $1,615 $1.82 0.6%

1 2 914 4 2.0% 0 0.0% $1,550 $1.70 $1,540 $1.69 0.6%

2 2 985 47 23.4% 1 2.1% $1,745 $1.77 $1,734 $1.76 0.6%

2 2 1,085 3 1.5% 1 33.3% $1,946 $1.79 $1,934 $1.78 0.6%


All 1 Beds 740 151 75.1% 9 6.0% $1,477 $2.00 $1,468 $1.98 0.6%

All 2 Beds 991 50 24.9% 2 4.0% $1,757 $1.77 $1,746 $1.76 0.6%

Totals 803 201 100% 11 5.5% $1,547 $1.93 $1,537 $1.92 0.6%


SITE AMENITIES

Clubhouse, Courtyard, Fitness Center, Gated, Property Manager on Site

UNIT AMENITIES

Air Conditioning, Balcony, Cable Ready, Dishwasher, Disposal, Hardwood Floors, High Speed Internet Access, Microwave, Refrigerator, Views,Washer/Dryer, Wheelchair Accessible (Rooms)

RECURRING EXPENSES

Dog Rent $25 Cat Rent $25 Unassigned Covered Parking $100

Storage Fee $50 Free Gas, Water, Electricity, Heat, Trash…


Page 18



ONE TIME EXPENSES


PET POLICY

Cats Allowed - $0 Deposit, $25/Mo, 2 Maximum, One-Time Fee: $350Dogs Allowed - $0 Deposit, $25/Mo, 2 Maximum, Maximum Weight 60 lb, One-Time Fee: $350


Page 19



7 119 N 1st St - Matrix MidtownRichmond, Virginia - Midtown Richmond Neighborhood

PROPERTY MANAGER

Legend - Matrix Midtown

(804) 340-7446

PROPERTY

1.5 Miles



Year Built: Aug 2016


Rent Type:

Parking: -



Market

OWNER

-



UNIT BREAKDOWN

1 1 547 1 2.1% 0 0.0% $1,102 $2.01 $1,100 $2.01 0.2%

1 1 564 1 2.1% 0 0.0% $1,175 $2.08 $1,172 $2.08 0.3%

1 1 570 1 2.1% 0 0.0% $1,279 $2.24 $1,276 $2.24 0.2%

1 1 573 1 2.1% 0 0.0% $1,294 $2.26 $1,291 $2.25 0.2%

1 1 575 1 2.1% 0 0.0% $1,318 $2.29 $1,314 $2.29 0.3%

1 1 578 1 2.1% 0 0.0% $1,263 $2.19 $1,259 $2.18 0.3%

1 1 583 1 2.1% 0 0.0% $1,249 $2.14 $1,246 $2.14 0.2%

1 1 584 1 2.1% 0 0.0% $1,227 $2.10 $1,224 $2.10 0.2%

1 1 586 1 2.1% 1 100% $1,203 $2.05 $1,199 $2.05 0.3%

1 1 587 2 4.3% 0 0.0% $1,201 $2.05 $1,198 $2.04 0.2%

1 1 590 1 2.1% 0 0.0% $1,273 $2.16 $1,270 $2.15 0.2%

1 1 591 5 10.6% 0 0.0% $1,235 $2.09 $1,232 $2.08 0.3%

1 1 599 1 2.1% 0 0.0% $1,268 $2.12 $1,264 $2.11 0.3%

1 1 601 1 2.1% 0 0.0% $1,239 $2.06 $1,236 $2.06 0.2%

1 1 612 1 2.1% 0 0.0% $1,286 $2.10 $1,283 $2.10 0.2%

1 1 617 1 2.1% 0 0.0% $1,271 $2.06 $1,268 $2.06 0.2%

1 1 621 1 2.1% 0 0.0% $1,317 $2.12 $1,313 $2.11 0.3%

1 1 622 1 2.1% 0 0.0% $1,284 $2.06 $1,281 $2.06 0.2%

1 1 639 2 4.3% 0 0.0% $1,275 $1.99 $1,271 $1.99 0.3%

1 1 668 1 2.1% 0 0.0% $1,325 $1.98 $1,322 $1.98 0.2%

2 2 791 1 2.1% 0 0.0% $1,616 $2.04 $1,612 $2.04 0.2%

2 2 809 1 2.1% 0 0.0% $1,608 $1.99 $1,604 $1.98 0.2%

2 2 923 2 4.3% 0 0.0% $1,665 $1.80 $1,661 $1.80 0.2%

2 2 961 1 2.1% 0 0.0% $1,802 $1.88 $1,798 $1.87 0.2%

2 2 967 1 2.1% 0 0.0% $1,821 $1.88 $1,816 $1.88 0.3%

2 2 972 1 2.1% 0 0.0% $1,811 $1.86 $1,807 $1.86 0.2%

2 2 984 1 2.1% 0 0.0% $1,813 $1.84 $1,808 $1.84 0.3%

2 2 985 1 2.1% 0 0.0% $1,809 $1.84 $1,804 $1.83 0.3%

2 2 990 2 4.3% 0 0.0% $1,809 $1.83 $1,805 $1.82 0.2%

2 2 994 1 2.1% 0 0.0% $1,822 $1.83 $1,818 $1.83 0.2%

2 2 1,070 1 2.1% 0 0.0% $1,847 $1.73 $1,842 $1.72 0.3%


Page 20






3 3 1,075 1 2.1% 0 0.0% $2,009 $1.87 $2,004 $1.86 0.2%

3 3 1,094 1 2.1% 0 0.0% $2,012 $1.84 $2,007 $1.83 0.2%

3 3 1,115 2 4.3% 0 0.0% $2,016 $1.81 $2,011 $1.80 0.2%

3 3 1,219 1 2.1% 0 0.0% $2,137 $1.75 $2,131 $1.75 0.3%

3 3 1,312 1 2.1% 0 0.0% $2,173 $1.66 $2,168 $1.65 0.2%

3 3 1,496 1 2.1% 0 0.0% $2,513 $1.68 $2,507 $1.68 0.2%

3 3 1,517 1 2.1% 0 0.0% $2,363 $1.56 $2,357 $1.55 0.3%


All 1 Beds 596 26 55.3% 1 3.9% $1,250 $2.10 $1,247 $2.09 0.3%

All 2 Beds 951 13 27.7% 0 0.0% $1,761 $1.85 $1,757 $1.85 0.2%

All 3 Beds 1,243 8 17.0% 0 0.0% $2,155 $1.73 $2,150 $1.73 0.2%

Totals 804 47 100% 1 2.1% $1,545 $1.92 $1,542 $1.92 0.3%


UNIT AMENITIES

Balcony, Granite Countertops, Hardwood Floors, Microwave, Washer/Dryer

RECURRING EXPENSES

Free Water, Electricity, Trash Removal,…

ONE TIME EXPENSES


PET POLICY

Cats Allowed - 2 Maximum, One-Time Fee: $300Dogs Allowed - 2 Maximum, One-Time Fee: $300


Page 21



8 406 Shafer St - The Square ApartmentsRichmond, Virginia - Midtown Richmond Neighborhood

PROPERTY MANAGER

Matrix - The Square Apartments

(804) 823-3082

PROPERTY

0.8 Miles



Year Built: Aug 2014


Rent Type:




Market

OWNER

-



UNIT BREAKDOWN

1 1 537 9 5.9% 0 0.0% $1,237 $2.30 $1,234 $2.30 0.3%

1 1 541 9 5.9% 0 0.0% $1,237 $2.29 $1,234 $2.28 0.3%

1 1 543 9 5.9% 0 0.0% $1,199 $2.21 $1,196 $2.20 0.3%

1 1 544 9 5.9% 0 0.0% $1,199 $2.20 $1,196 $2.20 0.3%

1 1 552 9 5.9% 0 0.0% $1,199 $2.17 $1,196 $2.17 0.3%

1 1 557 9 5.9% 0 0.0% $1,199 $2.15 $1,196 $2.15 0.3%

1 1 579 10 6.6% 0 0.0% $1,247 $2.15 $1,244 $2.15 0.2%

1 1 606 10 6.6% 0 0.0% $1,203 $1.99 $1,200 $1.98 0.2%

2 2 787 9 5.9% 0 0.0% $1,496 $1.90 $1,492 $1.90 0.2%

2 2 789 9 5.9% 0 0.0% $1,474 $1.87 $1,471 $1.86 0.2%

2 2 899 9 5.9% 0 0.0% $1,607 $1.79 $1,603 $1.78 0.3%

2 2 920 10 6.6% 0 0.0% $1,598 $1.74 $1,594 $1.73 0.3%

2 2 942 9 5.9% 0 0.0% $1,474 $1.56 $1,471 $1.56 0.2%

3 2 1,051 1 0.7% 0 0.0% $2,123 $2.02 $2,118 $2.02 0.2%

3 2 1,127 9 5.9% 0 0.0% $2,124 $1.88 $2,118 $1.88 0.3%

3 2.5 1,203 9 5.9% 0 0.0% $2,124 $1.77 $2,118 $1.76 0.3%

3 3 1,027 1 0.7% 0 0.0% $2,674 $2.60 $2,667 $2.60 0.3%

3 3 1,127 1 0.7% 0 0.0% $1,992 $1.77 $1,987 $1.76 0.3%

3 3 1,167 10 6.6% 0 0.0% $1,952 $1.67 $1,947 $1.67 0.3%

3 3 1,203 1 0.7% 0 0.0% $2,123 $1.76 $2,118 $1.76 0.2%


Page 22




All 1 Beds 558 74 48.7% 0 0.0% $1,216 $2.18 $1,213 $2.17 0.3%

All 2 Beds 869 46 30.3% 0 0.0% $1,531 $1.76 $1,528 $1.76 0.2%

All 3 Beds 1,158 32 21.1% 0 0.0% $2,083 $1.80 $2,078 $1.79 0.3%

Totals 778 152 100% 0 0.0% $1,494 $1.92 $1,490 $1.91 0.3%


SITE AMENITIES

24 Hour Access, Bicycle Storage, Breakfast/Coffee Concierge, Business Center, Clubhouse, Controlled Access, Elevator, Fitness Center, GuestApartment, Maintenance on site, On-Site Retail, Package Service, Property Manager on Site, Recycling, Roof Terrace, Security System,Sundeck, Trash Pickup - Door to Door

UNIT AMENITIES

Air Conditioning, Dishwasher, Disposal, Granite Countertops, Hardwood Floors, High Speed Internet Access, Microwave, Range, RecreationRoom, Refrigerator, Stainless Steel Appliances, Vaulted Ceiling, Views, Washer/Dryer, Wheelchair Accessible (Rooms), Wi-Fi

RECURRING EXPENSES

Dog Rent $10 Cat Rent $10 Assigned Garage Parking $125

Unassigned Garage Parking $125 Free Trash Removal, Cable

ONE TIME EXPENSES

Dog Fee $350-$500 Cat Fee $350-$500 Admin Fee $100

Application Fee $50

PET POLICY

Cats Allowed - $10/Mo, 2 Maximum, Maximum Weight 100 lb, One-Time Fee: $350-$500Restrictions: The Square is a pet friendly community that welcome two pets per apartment home. Maximum weight limit is 100 lbs. There is a$350 pet fee for the first pet and $500 for two pets. Monthly pet rent is $10 per pet. Aggressive breeds are prohibited. Please call our communityfor complete pet policy details and restrictions.Dogs Allowed - $10/Mo, 2 Maximum, Maximum Weight 100 lb, One-Time Fee: $350-$500Restrictions: The Square is a pet friendly community that welcome two pets per apartment home. Maximum weight limit is 100 lbs. There is a$350 pet fee for the first pet and $500 for two pets. Monthly pet rent is $10 per pet. Aggressive breeds are prohibited. Please call our communityfor complete pet policy details and restrictions.


Page 23



9 500 N 18th St - Atrium Lofts at Cold StorageRichmond, Virginia - Upper Shockoe Valley Neighborhood

PROPERTY MANAGER

Main Street - Atrium Lofts

(804) 237-8264

PROPERTY

2.1 Miles



Year Built: 1917 Renov 2011


Rent Type:




Market/Affordable

OWNER

-



UNIT BREAKDOWN

Studio 1 486 28 8.5% 1 3.6% $1,153 $2.37 $1,148 $2.36 0.4%

1 1 546 150 45.7% 15 10.0% $1,076 $1.97 $1,072 $1.96 0.4%

2 2 836 150 45.7% 8 5.3% $1,388 $1.66 $1,382 $1.65 0.4%


All Studios 486 28 8.5% 1 3.6% $1,153 $2.37 $1,148 $2.36 0.4%

All 1 Beds 546 150 45.7% 15 10.0% $1,076 $1.97 $1,072 $1.96 0.4%

All 2 Beds 836 150 45.7% 8 5.3% $1,388 $1.66 $1,382 $1.65 0.4%

Totals 674 328 100% 24 7.3% $1,225 $1.82 $1,220 $1.81 0.4%


SITE AMENITIES

24 Hour Access, Bicycle Storage, Clubhouse, Controlled Access, Courtyard, Elevator, Fitness Center, Gated, Grill, Health Club Discount, LaundryFacilities, Laundry Service, Maintenance on site, Package Service, Picnic Area, Property Manager on Site, Recycling

UNIT AMENITIES

Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dishwasher, Disposal, Fireplace, Granite Countertops, Handrails, Hardwood Floors, HighSpeed Internet Access, Microwave, Range, Refrigerator, Skylights, Stainless Steel Appliances, Storage Space, Tile Floors, Tub/Shower, VaultedCeiling, Views, Washer/Dryer, Wheelchair Accessible (Rooms), Window Coverings

RECURRING EXPENSES


Free Water, Electricity, Heat, Trash Rem…

ONE TIME EXPENSES


PET POLICY



Page 24



10 1814 Highpoint Ave - Symbol ApartmentsRichmond, Virginia - Scott's Addition Neighborhood

PROPERTY MANAGER

Steelhead - Symbol Apartments

(804) 442-7641

PROPERTY

1.4 Miles



Year Built: May 2018


Rent Type:




Market

OWNER

-



UNIT BREAKDOWN

1 1 565 16 7.9% 1 6.3% $1,302 $2.30 $1,295 $2.29 0.6%

1 1 755 16 7.9% 0 0.0% $1,499 $1.99 $1,491 $1.97 0.6%

1 1 764 4 2.0% 0 0.0% $1,478 $1.93 $1,470 $1.92 0.6%

1 1 774 32 15.8% 1 3.1% $1,483 $1.92 $1,475 $1.91 0.6%

1 1 776 1 0.5% 0 0.0% $1,458 $1.88 $1,449 $1.87 0.6%

1 1 942 2 1.0% 1 50.0% $1,584 $1.68 $1,575 $1.67 0.6%

1 1.5 784 52 25.7% 1 1.9% $1,476 $1.88 $1,468 $1.87 0.6%

2 2 1,130 2 1.0% 1 50.0% $2,021 $1.79 $2,012 $1.78 0.5%

2 2 1,135 12 5.9% 1 8.3% $2,010 $1.77 $2,001 $1.76 0.5%

2 2 1,137 2 1.0% 0 0.0% $2,032 $1.79 $2,023 $1.78 0.5%

2 2 1,158 4 2.0% 0 0.0% $2,032 $1.75 $2,023 $1.75 0.5%

2 2 1,162 17 8.4% 2 11.8% $1,817 $1.56 $1,808 $1.56 0.5%

2 2 1,166 18 8.9% 1 5.6% $2,010 $1.72 $2,001 $1.72 0.5%

2 2.5 1,154 20 9.9% 2 10.0% $1,864 $1.62 $1,855 $1.61 0.5%

2 2.5 1,413 1 0.5% 0 0.0% $2,042 $1.45 $2,032 $1.44 0.5%

3 3 1,510 2 1.0% 0 0.0% $2,332 $1.54 $2,321 $1.54 0.5%

3 3 1,771 1 0.5% 0 0.0% $2,392 $1.35 $2,380 $1.34 0.5%


All 1 Beds 751 123 60.9% 4 3.3% $1,460 $1.94 $1,452 $1.93 0.6%

All 2 Beds 1,158 76 37.6% 7 9.2% $1,931 $1.67 $1,922 $1.66 0.5%

All 3 Beds 1,597 3 1.5% 0 0.0% $2,352 $1.47 $2,341 $1.47 0.5%

Totals 917 202 100% 11 5.5% $1,650 $1.80 $1,642 $1.79 0.5%


SITE AMENITIES

Clubhouse, Controlled Access, Fitness Center, Grill, Maintenance on site, On-Site Retail, Pet Washing Station

UNIT AMENITIES

Balcony, Granite Countertops, Heating, Kitchen, Range, Tile Floors, Washer/Dryer


Page 25



RECURRING EXPENSES

Dog Rent $40 Cat Rent $40 Unassigned Surface Lot Parking $50

ONE TIME EXPENSES

Dog Deposit $300 Cat Deposit $300 Dog Fee $300-$400

Cat Fee $300-$400 Admin Fee $150 Application Fee $50

PET POLICY

Cats Allowed - $300 Deposit, $40/Mo, 2 Maximum, Maximum Weight 50 lb, One-Time Fee: $300-$400Restrictions: The Symbol Apartments welcomes two pets per apartment. A $300 Non-Refundable Pet Fee Applies for the 1st Pet, and $100 Non-Refundable Pet Fee for the 2nd Pet. Pet Rent is $25.00 per month for the first pet and $15.00 per month for the second. Pets over 50lbs arewelcome on the first floor only. Please call for additional details. Discounts on Pet Fees and Pet Rent for households with 2 pets will be applied bythe leasing office upon application approval.Dogs Allowed - $300 Deposit, $40/Mo, 2 Maximum, Maximum Weight 50 lb, One-Time Fee: $300-$400Restrictions: The Symbol Apartments welcomes two pets per apartment. A $300 Non-Refundable Pet Fee Applies for the 1st Pet, and $100 Non-Refundable Pet Fee for the 2nd Pet. Pet Rent is $25.00 per month for the first pet and $15.00 per month for the second. Pets over 50lbs arewelcome on the first floor only. Please call for additional details. Discounts on Pet Fees and Pet Rent for households with 2 pets will be applied bythe leasing office upon application approval.


Page 26



11 1335-1387 W Broad St - Coliseum LoftsRichmond, Virginia - The Fan Neighborhood

PROPERTY MANAGER

Dodson - Coliseum Lofts

(804) 355-5638

PROPERTY

0.8 Miles



Year Built: 1922


Rent Type:

Parking: -



Market

OWNER

Purchased Jun 2015

$12,300,000 ($109,821/Unit)



UNIT BREAKDOWN

Studio 1 365 1 0.9% 0 0.0% $944 $2.59 $940 $2.58 0.4%

Studio 1 463 1 0.9% 1 100% $1,055 $2.28 $1,051 $2.27 0.4%

Studio 1 465 1 0.9% 0 0.0% $898 $1.93 $894 $1.92 0.4%

Studio 1 468 1 0.9% 0 0.0% $867 $1.85 $863 $1.84 0.5%

Studio 1 469 1 0.9% 0 0.0% $867 $1.85 $863 $1.84 0.5%

Studio 1 483 1 0.9% 0 0.0% $911 $1.89 $907 $1.88 0.4%

Studio 1 554 1 0.9% 0 0.0% $903 $1.63 $899 $1.62 0.4%

Studio 1 556 1 0.9% 0 0.0% $1,040 $1.87 $1,036 $1.86 0.4%

Studio 1 743 2 1.8% 0 0.0% $1,041 $1.40 $1,037 $1.40 0.4%

Studio 1 761 1 0.9% 0 0.0% $951 $1.25 $947 $1.24 0.4%

Studio 1 883 1 0.9% 0 0.0% $1,500 $1.70 $1,494 $1.69 0.4%

Studio 1 910 1 0.9% 0 0.0% $1,250 $1.37 $1,245 $1.37 0.4%

Studio 1 923 1 0.9% 0 0.0% $1,000 $1.08 $996 $1.08 0.4%

Studio 1 983 1 0.9% 0 0.0% $1,229 $1.25 $1,224 $1.25 0.4%

Studio 1 1,152 1 0.9% 0 0.0% $1,300 $1.13 $1,295 $1.12 0.4%

Studio 1 2,090 1 0.9% 0 0.0% $2,122 $1.02 $2,114 $1.01 0.4%

1 1 430 4 3.6% 0 0.0% $973 $2.26 $969 $2.25 0.4%

1 1 511 9 8.0% 0 0.0% $1,029 $2.01 $1,025 $2.01 0.4%

1 1 513 1 0.9% 0 0.0% $1,039 $2.03 $1,035 $2.02 0.4%

1 1 517 1 0.9% 0 0.0% $1,085 $2.10 $1,081 $2.09 0.4%

1 1 620 1 0.9% 0 0.0% $1,321 $2.13 $1,316 $2.12 0.4%

1 1 625 1 0.9% 0 0.0% $1,223 $1.96 $1,218 $1.95 0.4%

1 1 699 1 0.9% 0 0.0% $1,111 $1.59 $1,107 $1.58 0.4%

2 1 782 2 1.8% 0 0.0% $1,223 $1.56 $1,217 $1.56 0.5%

2 1 800 1 0.9% 0 0.0% $1,325 $1.66 $1,319 $1.65 0.5%

2 2 526 9 8.0% 0 0.0% $1,423 $2.71 $1,417 $2.69 0.5%

2 2 688 1 0.9% 0 0.0% $1,392 $2.02 $1,385 $2.01 0.5%

2 2 698 1 0.9% 0 0.0% $1,223 $1.75 $1,217 $1.74 0.5%

2 2 703 1 0.9% 0 0.0% $1,494 $2.13 $1,487 $2.12 0.5%

2 2 733 1 0.9% 0 0.0% $1,464 $2.00 $1,457 $1.99 0.5%

2 2 767 1 0.9% 0 0.0% $1,386 $1.81 $1,379 $1.80 0.5%


Page 27






2 2 768 1 0.9% 0 0.0% $1,172 $1.53 $1,166 $1.52 0.5%

2 2 785 1 0.9% 0 0.0% $1,367 $1.74 $1,360 $1.73 0.5%

2 2 804 1 0.9% 0 0.0% $1,348 $1.68 $1,341 $1.67 0.5%

2 2 830 1 0.9% 0 0.0% $1,448 $1.74 $1,441 $1.74 0.5%

2 2 844 1 0.9% 0 0.0% $1,417 $1.68 $1,410 $1.67 0.5%

2 2 855 1 0.9% 0 0.0% $1,538 $1.80 $1,531 $1.79 0.5%

2 2 863 1 0.9% 0 0.0% $1,442 $1.67 $1,435 $1.66 0.5%

2 2 872 2 1.8% 0 0.0% $1,414 $1.62 $1,407 $1.61 0.5%

2 2 890 1 0.9% 0 0.0% $1,407 $1.58 $1,400 $1.57 0.5%

2 2 892 1 0.9% 0 0.0% $1,438 $1.61 $1,431 $1.60 0.5%

2 2 894 1 0.9% 0 0.0% $1,359 $1.52 $1,352 $1.51 0.5%

2 2 902 1 0.9% 0 0.0% $1,552 $1.72 $1,545 $1.71 0.5%

2 2 912 1 0.9% 0 0.0% $1,638 $1.80 $1,630 $1.79 0.5%

2 2 915 29 25.9% 0 0.0% $1,701 $1.86 $1,693 $1.85 0.5%

2 2 1,013 1 0.9% 0 0.0% $1,596 $1.58 $1,588 $1.57 0.5%

2 2 1,058 1 0.9% 0 0.0% $1,484 $1.40 $1,477 $1.40 0.5%

2 2 1,063 1 0.9% 0 0.0% $1,600 $1.51 $1,592 $1.50 0.5%

2 2 1,064 1 0.9% 0 0.0% $1,600 $1.50 $1,592 $1.50 0.5%

2 2 1,071 1 0.9% 0 0.0% $1,668 $1.56 $1,660 $1.55 0.5%

2 2 1,079 1 0.9% 0 0.0% $1,570 $1.46 $1,562 $1.45 0.5%

2 2 1,080 1 0.9% 0 0.0% $1,590 $1.47 $1,582 $1.46 0.5%

2 2 1,084 1 0.9% 0 0.0% $1,580 $1.46 $1,572 $1.45 0.5%

2 2 1,108 1 0.9% 0 0.0% $1,582 $1.43 $1,574 $1.42 0.5%

3 3 722 1 0.9% 0 0.0% $683 $0.95 $676 $0.94 1.0%

3 3 1,017 1 0.9% 1 100% $2,420 $2.38 $2,395 $2.35 1.0%

3 3 1,021 1 0.9% 0 0.0% $2,078 $2.04 $2,057 $2.01 1.0%

3 3 1,079 1 0.9% 0 0.0% $2,078 $1.93 $2,057 $1.91 1.0%

3 3 1,084 1 0.9% 0 0.0% $1,923 $1.77 $1,903 $1.76 1.0%

3 3 1,087 1 0.9% 0 0.0% $2,070 $1.90 $2,049 $1.89 1.0%

3 3 1,286 1 0.9% 0 0.0% $2,242 $1.74 $2,220 $1.73 1.0%

3 3 1,555 1 0.9% 0 0.0% $1,923 $1.24 $1,903 $1.22 1.0%


All Studios 765 17 15.2% 1 5.9% $1,113 $1.45 $1,108 $1.45 0.4%

All 1 Beds 516 18 16.1% 0 0.0% $1,052 $2.04 $1,048 $2.03 0.4%

All 2 Beds 853 69 61.6% 0 0.0% $1,552 $1.82 $1,545 $1.81 0.5%

All 3 Beds 1,106 8 7.1% 1 12.5% $1,927 $1.74 $1,908 $1.72 1.0%

Totals 803 112 100% 2 1.8% $1,432 $1.78 $1,425 $1.77 0.5%


SITE AMENITIES

Business Center, Controlled Access, Elevator, Gated, Laundry Facilities, Laundry Service, Maintenance on site, On-Site Retail, Package Service,Property Manager on Site, Vintage Building


Page 28



UNIT AMENITIES

Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Heating, Kitchen, Loft Layout, Range, Refrigerator,Skylights, Tile Floors, Tub/Shower, Vinyl Flooring, Walk-In Closets, Window Coverings

RECURRING EXPENSES

Dog Rent $25 Cat Rent $25

ONE TIME EXPENSES

Admin Fee $199 Application Fee $50

PET POLICY

Cats Allowed - $0 Deposit, $25/Mo, 2 Maximum, One-Time Fee: $0Restrictions: We currently accept a maximum of 2 pets (2 cats or 2 dogs or 1 cat/1 dog) with a 25lb. weight limit. Breed restrictions also apply.Dogs Allowed - $0 Deposit, $25/Mo, 2 Maximum, Maximum Weight 100 lb, One-Time Fee: $0


Page 29



12 1650 Overbrook Rd - The CooperageRichmond, Virginia - The Diamond Neighborhood

PROPERTY MANAGER

Main Street - The Cooperage

(804) 649-7579

PROPERTY

0.8 Miles



Year Built: Dec 2017


Rent Type:

Parking: -



Market

OWNER

-



UNIT BREAKDOWN

1 1 623 1 0.9% 1 100% $1,293 $2.08 $1,289 $2.07 0.3%

1 1 654 49 41.9% 0 0.0% $1,351 $2.07 $1,347 $2.06 0.3%

1 1 725 1 0.9% 1 100% $1,293 $1.78 $1,289 $1.78 0.3%

1 1.5 1,232 13 11.1% 0 0.0% $1,839 $1.49 $1,834 $1.49 0.3%

1 2 882 12 10.3% 1 8.3% $1,570 $1.78 $1,565 $1.77 0.3%

2 2 1,013 13 11.1% 0 0.0% $1,897 $1.87 $1,892 $1.87 0.3%

2 2 1,160 15 12.8% 2 13.3% $1,848 $1.59 $1,842 $1.59 0.3%

2 2 1,308 13 11.1% 0 0.0% $1,943 $1.49 $1,938 $1.48 0.3%


All 1 Beds 789 76 65.0% 3 4.0% $1,468 $1.86 $1,463 $1.85 0.3%

All 2 Beds 1,160 41 35.0% 2 4.9% $1,894 $1.63 $1,888 $1.63 0.3%

Totals 919 117 100% 5 4.3% $1,617 $1.76 $1,612 $1.75 0.3%


SITE AMENITIES

Clubhouse, Concierge, Courtyard, Fitness Center, Gated, Grill, Laundry Facilities, Laundry Service, Picnic Area, Pool, Property Manager on Site,Recycling

UNIT AMENITIES

Air Conditioning, Carpet, Granite Countertops, Heating, High Speed Internet Access, Oven, Range, Refrigerator, Wheelchair Accessible (Rooms)

RECURRING EXPENSES

Dog Rent $25 Cat Rent $25 Free Gas, Water, Electricity, Heat, Trash…

ONE TIME EXPENSES

Dog Deposit $350 Cat Deposit $350 Dog Fee $350

Cat Fee $350 Application Fee $50

PET POLICY

Cats Allowed - $350 Deposit, $25/Mo, 2 Maximum, One-Time Fee: $350Dogs Allowed - $350 Deposit, $25/Mo, Neutering Required, 2 Maximum, Maximum Weight 70 lb, One-Time Fee: $350


Page 30



13 3200 Brook Rd - Canopy at Ginter ParkRichmond, Virginia - Sherwood Park Neighborhood

PROPERTY MANAGER

Canopy at Ginter Park

-

PROPERTY

1.1 Miles

Property Size: 301 Units


Year Built: Jul 2019


Rent Type:

Parking: -



Market

OWNER

-



UNIT BREAKDOWN

1 1 629 1 0.3% 1 100% $1,199 $1.91 $1,199 $1.91 0.0%

1 1 699 39 13.0% 3 7.7% $1,390 $1.99 $1,390 $1.99 0.0%

1 1 726 48 15.9% 3 6.3% $1,370 $1.89 $1,370 $1.89 0.0%

1 1 750 43 14.3% 3 7.0% $1,300 $1.73 $1,300 $1.73 0.0%

1 1 755 1 0.3% 1 100% $1,366 $1.81 $1,366 $1.81 0.0%

1 1 784 37 12.3% 3 8.1% $1,265 $1.61 $1,265 $1.61 0.0%

1 1 808 1 0.3% 1 100% $1,462 $1.81 $1,462 $1.81 0.0%

1 1 848 17 5.6% 3 17.7% $1,565 $1.85 $1,565 $1.85 0.0%

2 2 1,050 10 3.3% 3 30.0% $1,695 $1.61 $1,695 $1.61 0.0%

2 2 1,082 19 6.3% 3 15.8% $1,835 $1.70 $1,835 $1.70 0.0%

2 2 1,127 24 8.0% 3 12.5% $1,750 $1.55 $1,750 $1.55 0.0%

2 2 1,204 28 9.3% 3 10.7% $2,130 $1.77 $2,130 $1.77 0.0%

2 2 1,237 18 6.0% 3 16.7% $1,910 $1.54 $1,910 $1.54 0.0%

2 2 1,317 12 4.0% 3 25.0% $2,020 $1.53 $2,020 $1.53 0.0%

2 2 1,536 1 0.3% 1 100% $2,512 $1.64 $2,512 $1.64 0.0%

3 2 1,623 2 0.7% 2 100% $2,583 $1.59 $2,583 $1.59 0.0%


All 1 Beds 749 187 62.1% 18 9.6% $1,355 $1.81 $1,355 $1.81 0.0%

All 2 Beds 1,173 112 37.2% 19 17.0% $1,916 $1.63 $1,916 $1.63 0.0%

All 3 Beds 1,623 2 0.7% 2 100% $2,583 $1.59 $2,583 $1.59 0.0%

Totals 912 301 100% 39 13.0% $1,572 $1.72 $1,572 $1.72 0.0%


SITE AMENITIES

Clubhouse, Fitness Center, Pet Washing Station

UNIT AMENITIES

Kitchen

RECURRING EXPENSES

Dog Rent $0 Cat Rent $0


Page 31



PET POLICY

Cats Allowed - $0 Deposit, $0/Mo, One-Time Fee: $0Dogs Allowed - $0 Deposit, $0/Mo, One-Time Fee: $0


Page 32



14 900 Terminal Pl - Cookie Factory LoftsRichmond, Virginia - Midtown Richmond Neighborhood

PROPERTY MANAGER

Pondok - Cookie Factory Lofts

(804) 234-3539

PROPERTY

1.2 Miles



Year Built: Apr 2015


Rent Type:




Market

OWNER

-



UNIT BREAKDOWN

Studio 1 548 2 1.1% 0 0.0% $994 $1.81 $991 $1.81 0.3%

Studio 1 561 2 1.1% 2 100% $970 $1.73 $968 $1.72 0.3%

Studio 1 577 2 1.1% 0 0.0% $947 $1.64 $945 $1.64 0.3%

Studio 1 642 2 1.1% 1 50.0% $1,050 $1.64 $1,047 $1.63 0.3%

Studio 1 1,056 2 1.1% 0 0.0% $947 $0.90 $945 $0.89 0.3%

1 1 633 3 1.7% 1 33.3% $1,100 $1.74 $1,097 $1.73 0.3%

1 1 641 3 1.7% 1 33.3% $1,100 $1.72 $1,097 $1.71 0.3%

1 1 646 3 1.7% 0 0.0% $1,121 $1.73 $1,118 $1.73 0.2%

1 1 650 3 1.7% 0 0.0% $1,145 $1.76 $1,142 $1.76 0.3%

1 1 669 3 1.7% 0 0.0% $1,171 $1.75 $1,168 $1.75 0.3%

1 1 682 3 1.7% 0 0.0% $1,270 $1.86 $1,267 $1.86 0.2%

1 1 683 3 1.7% 1 33.3% $1,300 $1.90 $1,297 $1.90 0.3%

1 1 684 6 3.4% 1 16.7% $1,225 $1.79 $1,222 $1.79 0.2%

1 1 701 3 1.7% 0 0.0% $1,121 $1.60 $1,118 $1.59 0.2%

1 1 706 3 1.7% 0 0.0% $1,121 $1.59 $1,118 $1.58 0.2%

1 1 707 3 1.7% 1 33.3% $1,225 $1.73 $1,222 $1.73 0.3%

1 1 712 3 1.7% 0 0.0% $1,121 $1.57 $1,118 $1.57 0.2%

1 1 714 3 1.7% 0 0.0% $1,121 $1.57 $1,118 $1.57 0.2%

1 1 718 3 1.7% 1 33.3% $1,200 $1.67 $1,197 $1.67 0.3%

1 1 720 3 1.7% 0 0.0% $1,121 $1.56 $1,118 $1.55 0.2%

1 1 723 3 1.7% 0 0.0% $1,335 $1.85 $1,332 $1.84 0.2%

1 1 750 3 1.7% 0 0.0% $1,121 $1.49 $1,118 $1.49 0.2%

1 1 751 3 1.7% 1 33.3% $1,200 $1.60 $1,197 $1.59 0.3%

1 1 792 3 1.7% 0 0.0% $1,121 $1.41 $1,118 $1.41 0.2%

1 1 806 3 1.7% 0 0.0% $1,121 $1.39 $1,118 $1.39 0.2%

1 1 807 2 1.1% 0 0.0% $1,121 $1.39 $1,118 $1.39 0.2%

1 1 811 2 1.1% 0 0.0% $1,356 $1.67 $1,353 $1.67 0.3%

1 1 868 2 1.1% 0 0.0% $1,121 $1.29 $1,118 $1.29 0.2%

1 1 871 2 1.1% 0 0.0% $1,121 $1.29 $1,118 $1.28 0.2%

1 1 872 2 1.1% 0 0.0% $1,415 $1.62 $1,412 $1.62 0.2%

1 1 873 2 1.1% 0 0.0% $1,121 $1.28 $1,118 $1.28 0.2%


Page 33






1 1 878 3 1.7% 1 33.3% $1,300 $1.48 $1,297 $1.48 0.3%

1 1 963 2 1.1% 0 0.0% $1,121 $1.16 $1,118 $1.16 0.2%

1 1 964 3 1.7% 0 0.0% $1,460 $1.51 $1,456 $1.51 0.3%

1 1.5 829 1 0.6% 1 100% $1,225 $1.48 $1,221 $1.47 0.3%

1 1.5 830 17 9.6% 1 5.9% $1,300 $1.57 $1,297 $1.56 0.3%

2 1 896 2 1.1% 1 50.0% $1,550 $1.73 $1,546 $1.73 0.3%

2 2 - - - - - $1,700 - $1,695 - 0.3%

2 2 531 3 1.7% 0 0.0% $1,624 $3.06 $1,620 $3.05 0.2%

2 2 854 3 1.7% 1 33.3% $1,500 $1.76 $1,496 $1.75 0.3%

2 2 897 3 1.7% 0 0.0% $1,624 $1.81 $1,620 $1.81 0.2%

2 2 931 3 1.7% 1 33.3% $1,600 $1.72 $1,596 $1.71 0.3%

2 2 945 3 1.7% 1 33.3% $1,700 $1.80 $1,696 $1.79 0.3%

2 2 946 3 1.7% 0 0.0% $1,700 $1.80 $1,696 $1.79 0.3%

2 2 949 3 1.7% 1 33.3% $1,700 $1.79 $1,696 $1.79 0.3%

2 2 969 3 1.7% 0 0.0% $1,700 $1.75 $1,696 $1.75 0.3%

2 2 989 6 3.4% 2 33.3% $1,700 $1.72 $1,696 $1.71 0.3%

2 2 994 3 1.7% 1 33.3% $1,500 $1.51 $1,496 $1.51 0.3%

2 2 1,006 3 1.7% 1 33.3% $1,600 $1.59 $1,596 $1.59 0.3%

2 2 1,019 3 1.7% 0 0.0% $1,831 $1.80 $1,827 $1.79 0.3%

2 2 1,022 3 1.7% 1 33.3% $1,700 $1.66 $1,696 $1.66 0.3%

2 2 1,023 3 1.7% 1 33.3% $1,625 $1.59 $1,621 $1.58 0.3%

2 2 1,054 3 1.7% 0 0.0% $1,624 $1.54 $1,620 $1.54 0.2%

2 2 1,055 2 1.1% 0 0.0% $2,130 $2.02 $2,125 $2.01 0.3%

2 2 1,078 2 1.1% 0 0.0% $1,763 $1.63 $1,759 $1.63 0.2%

2 2 1,082 2 1.1% 1 50.0% $1,500 $1.39 $1,496 $1.38 0.3%

2 2 1,085 2 1.1% 0 0.0% $1,736 $1.60 $1,731 $1.60 0.3%

2 2 1,269 2 1.1% 0 0.0% $2,777 $2.19 $2,771 $2.18 0.2%

3 2 - - - - - $2,000 - $1,995 - 0.3%

3 2 1,170 2 1.1% 1 50.0% $2,150 $1.84 $2,145 $1.83 0.3%

3 2 1,298 2 1.1% 1 50.0% $2,025 $1.56 $2,020 $1.56 0.3%

3 2 1,451 1 0.6% 1 100% $2,400 $1.65 $2,394 $1.65 0.3%

3 2 1,494 1 0.6% 1 100% $2,200 $1.47 $2,194 $1.47 0.3%

3 2.5 1,269 1 0.6% 0 0.0% $2,419 $1.91 $2,413 $1.90 0.2%


All Studios 677 10 5.6% 3 30.0% $982 $1.45 $979 $1.45 0.3%

All 1 Beds 761 101 56.7% 10 9.9% $1,209 $1.59 $1,206 $1.58 0.2%

All 2 Beds 971 60 33.7% 12 20.0% $1,703 $1.75 $1,699 $1.75 0.3%

All 3 Beds 1,307 7 3.9% 4 57.1% $2,171 $1.68 $2,166 $1.68 0.3%

Totals 849 178 100% 29 16.3% $1,407 $1.65 $1,403 $1.65 0.3%


SITE AMENITIES

Business Center, Elevator, Fitness Center, Roof Terrace


Page 34



UNIT AMENITIES

Air Conditioning, Smoke Free, Wheelchair Accessible (Rooms)

RECURRING EXPENSES

Dog Rent $25 Cat Rent $25 Assigned Garage Parking $0

Assigned Surface Lot Parking $0 Unassigned Garage Parking $75 Unassigned Surface Lot Parking $0

Free Trash Removal

ONE TIME EXPENSES

Dog Deposit $300 Dog Fee $300 Cat Fee $300

Application Fee $44

PET POLICY

Birds AllowedCats Allowed - $25/Mo, 2 Maximum, One-Time Fee: $300Dogs Allowed - $300 Deposit, $25/Mo, 2 Maximum, Maximum Weight 60 lb, One-Time Fee: $300Restrictions: Agressive Breeds Not AllowedOthers Allowed - 2 Maximum


Page 35



15 2017 Brook Rd - SpectrumRichmond, Virginia - Virginia Union Neighborhood

PROPERTY MANAGER

Dodson - The Spectrum Apartments

(804) 823-3939

PROPERTY

0.0 Miles



Year Built: Jun 2015


Rent Type:

Parking: -



Market

OWNER

Purchased Feb 2017

$11,424,384 ($110,916/Unit)



UNIT BREAKDOWN

1 1 492 30 29.1% 1 3.3% $1,005 $2.04 $995 $2.02 1.0%

1 1 742 20 19.4% 2 10.0% $1,150 $1.55 $1,139 $1.53 1.0%

1 1 840 7 6.8% 0 0.0% $1,179 $1.40 $1,167 $1.39 1.0%

1 1 860 7 6.8% 1 14.3% $1,186 $1.38 $1,174 $1.36 1.0%

2 2 833 5 4.9% 3 60.0% $1,320 $1.58 $1,307 $1.57 1.0%

2 2 837 5 4.9% 0 0.0% $1,367 $1.63 $1,353 $1.62 1.0%

2 2 860 4 3.9% 1 25.0% $1,325 $1.54 $1,312 $1.53 1.0%

2 2 1,054 5 4.9% 0 0.0% $1,367 $1.30 $1,353 $1.28 1.0%

3 3 998 5 4.9% 1 20.0% $1,905 $1.91 $1,886 $1.89 1.0%

3 3 1,185 5 4.9% 0 0.0% $1,689 $1.43 $1,672 $1.41 1.0%

3 3 1,211 5 4.9% 0 0.0% $1,689 $1.39 $1,672 $1.38 1.0%

3 3 1,232 5 4.9% 0 0.0% $1,689 $1.37 $1,672 $1.36 1.0%


All 1 Beds 648 64 62.1% 4 6.3% $1,089 $1.68 $1,078 $1.66 1.0%

All 2 Beds 898 19 18.4% 4 21.1% $1,346 $1.50 $1,332 $1.48 1.0%

All 3 Beds 1,157 20 19.4% 1 5.0% $1,743 $1.51 $1,725 $1.49 1.0%

Totals 793 103 100% 9 8.7% $1,263 $1.59 $1,251 $1.58 1.0%


SITE AMENITIES

24 Hour Access, Business Center, Clubhouse, Controlled Access, Courtyard, Fitness Center, Furnished Units Available, Gameroom, Grill,Lounge, Property Manager on Site

UNIT AMENITIES

Air Conditioning, Cable Ready, Dishwasher, Hardwood Floors, Stainless Steel Appliances, Washer/Dryer, Wheelchair Accessible (Rooms)

RECURRING EXPENSES



Page 36



ONE TIME EXPENSES

Dog Fee $250-$400 Cat Fee $250-$400 Admin Fee $100

Application Fee $50

PET POLICY

Cats Allowed - $35/Mo, 2 Maximum, One-Time Fee: $250-$400Dogs Allowed - $35/Mo, 2 Maximum, One-Time Fee: $250-$400Restrictions: Breed restricted dogs must be temperament tested prior to being approved.


Page 37



16 3200 W Clay St - Courtyard Lofts at Scott's AdditionRichmond, Virginia - Scott's Addition Neighborhood

PROPERTY MANAGER

Thalhimer - Courtyard Lofts at Scott's Addi…

(804) 242-0398

PROPERTY

1.5 Miles



Year Built: Sep 2016


Rent Type:

Parking: -



Market

OWNER

-



UNIT BREAKDOWN

Studio 1 517 9 10.1% 0 0.0% $1,011 $1.96 $1,009 $1.95 0.3%

1 1 517 1 1.1% 0 0.0% $854 $1.65 $851 $1.65 0.4%

1 1 610 10 11.2% 0 0.0% $913 $1.50 $911 $1.49 0.3%

1 1 638 9 10.1% 1 11.1% $1,148 $1.80 $1,145 $1.79 0.3%

1 1 654 10 11.2% 0 0.0% $1,008 $1.54 $1,005 $1.54 0.3%

1 1 759 10 11.2% 0 0.0% $1,034 $1.36 $1,031 $1.36 0.3%

1 1.5 662 10 11.2% 0 0.0% $1,109 $1.68 $1,106 $1.67 0.3%

1 1.5 749 10 11.2% 0 0.0% $988 $1.32 $986 $1.32 0.3%

2 2 953 5 5.6% 0 0.0% $1,304 $1.37 $1,294 $1.36 0.8%

2 2 1,001 5 5.6% 0 0.0% $1,379 $1.38 $1,369 $1.37 0.8%

2 2 1,013 5 5.6% 0 0.0% $1,357 $1.34 $1,347 $1.33 0.8%

3 3 1,275 5 5.6% 0 0.0% $1,970 $1.55 $1,965 $1.54 0.3%


All Studios 517 9 10.1% 0 0.0% $1,011 $1.96 $1,009 $1.95 0.3%

All 1 Beds 677 60 67.4% 1 1.7% $1,028 $1.52 $1,026 $1.52 0.3%

All 2 Beds 989 15 16.9% 0 0.0% $1,347 $1.36 $1,337 $1.35 0.8%

All 3 Beds 1,275 5 5.6% 0 0.0% $1,970 $1.55 $1,965 $1.54 0.3%

Totals 747 89 100% 1 1.1% $1,133 $1.52 $1,129 $1.51 0.4%


SITE AMENITIES

Bicycle Storage, Business Center, Clubhouse, Controlled Access, Fitness Center, Gameroom, Grill, Lounge, Maintenance on site, PackageService, Pet Play Area, Property Manager on Site, Roof Terrace

UNIT AMENITIES

Air Conditioning, Cable Ready, Ceiling Fans, Dishwasher, Granite Countertops, Hardwood Floors, Heating, Ice Maker, Island Kitchen, Microwave,Stainless Steel Appliances, Vaulted Ceiling, Walk-In Closets, Washer/Dryer, Wheelchair Accessible (Rooms), Wi-Fi

RECURRING EXPENSES

Dog Rent $25 Cat Rent $25 Unassigned Garage Parking $50

Storage Fee $30 Free Trash Removal


Page 38



ONE TIME EXPENSES


PET POLICY

Cats Allowed - $25/Mo, 2 Maximum, One-Time Fee: $300Dogs Allowed - $25/Mo, 2 Maximum, One-Time Fee: $300


Page 39



17 2900 Kensington Ave - Kensington CourtRichmond, Virginia - The Museum District Neighborhood

PROPERTY MANAGER

PMC - Kensington Court

(804) 421-3000

PROPERTY

1.5 Miles





Rent Type:

Parking: -



Market

OWNER

Purchased Sep 2009

$9,500,000 ($81,197/Unit)



UNIT BREAKDOWN

1 1 800 34 29.1% 2 5.9% $968 $1.21 $961 $1.20 0.7%

2 1 1,096 17 14.5% 1 5.9% $1,310 $1.20 $1,303 $1.19 0.6%

2 1.5 773 17 14.5% 1 5.9% $1,198 $1.55 $1,191 $1.54 0.6%

2 2 1,100 33 28.2% 2 6.1% $1,546 $1.41 $1,537 $1.40 0.6%

2 2 1,300 16 13.7% 1 6.3% $1,499 $1.15 $1,490 $1.15 0.6%


All 1 Beds 800 34 29.1% 2 5.9% $968 $1.21 $961 $1.20 0.7%

All 2 Beds 1,071 83 70.9% 5 6.0% $1,417 $1.32 $1,409 $1.32 0.6%

Totals 992 117 100% 7 6.0% $1,287 $1.30 $1,279 $1.29 0.6%

Updated July 13, 2019Estimate

SITE AMENITIES

24 Hour Access, Controlled Access, Courtyard, Elevator, Fitness Center, Gated, Grill, Laundry Facilities, Maintenance on site, Online Services,Property Manager on Site

UNIT AMENITIES

Air Conditioning, Carpet, Double Pane Windows, Hardwood Floors, Heating, Walk-In Closets, Washer/Dryer, Wheelchair Accessible (Rooms)

RECURRING EXPENSES


Free Trash Removal

ONE TIME EXPENSES


PET POLICY



Page 40



18 1215 Hermitage Rd - Southern Stove LoftsRichmond, Virginia - The Diamond Neighborhood

PROPERTY MANAGER

Aneka Guna- Southern Stove Lofts

(804) 422-2222

PROPERTY

0.7 Miles





Rent Type:




Market

OWNER

-



UNIT BREAKDOWN

1 1 843 98 52.4% 1 1.0% $875 $1.04 $875 $1.04 0.0%

1 1.5 792 8 4.3% 0 0.0% $1,125 $1.42 $1,125 $1.42 0.0%

2 1 877 14 7.5% 0 0.0% $1,100 $1.25 $1,100 $1.25 0.0%

2 2 873 62 33.2% 0 0.0% $1,175 $1.35 $1,175 $1.35 0.0%

2 2.5 974 1 0.5% 0 0.0% $1,475 $1.51 $1,475 $1.51 0.0%

3 2 1,171 4 2.1% 0 0.0% $1,700 $1.45 $1,695 $1.45 0.3%


All 1 Beds 839 106 56.7% 1 0.9% $894 $1.07 $894 $1.07 0.0%

All 2 Beds 875 77 41.2% 0 0.0% $1,165 $1.33 $1,165 $1.33 0.0%

All 3 Beds 1,171 4 2.1% 0 0.0% $1,700 $1.45 $1,695 $1.45 0.3%

Totals 861 187 100% 1 0.5% $1,023 $1.19 $1,023 $1.19 0.0%


SITE AMENITIES

Clubhouse, Controlled Access, Elevator, Fitness Center, Laundry Facilities, Lounge, Maintenance on site, Package Service, Property Manager onSite, Spa, Storage Space, Sundeck, Tennis Court, Vintage Building

UNIT AMENITIES

Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Hardwood Floors, Heating, High Speed InternetAccess, Kitchen, Loft Layout, Microwave, Range, Skylights, Tile Floors, Tub/Shower, Walk-In Closets, Washer/Dryer, Window Coverings

RECURRING EXPENSES


Free Trash Removal

ONE TIME EXPENSES

Dog Deposit $300 Dog Fee $300 Cat Fee $300

Application Fee $44


Page 41



PET POLICY

Cats Allowed - $0 Deposit, $25/Mo, 2 Maximum, Maximum Weight 60 lb, One-Time Fee: $300Dogs Allowed - $300 Deposit, $25/Mo, Pet Interview Required, 2 Maximum, Maximum Weight 60 lb, One-Time Fee: $300Restrictions: Breed Restrictions ApplyFishes Allowed


Page 42


Rent Comparables by Bedroom2009 Brook Rd - Brook Road Apartments

$1,126 $1,287 $1,642 $2,011Studio Comps One Bed Comps Two Bed Comps Three Bed Comps

Subject

-

Subject

-

Subject

-

Subject

-

1 Bedroom 2 Bedroom 3 BedroomCurrent Conditions in Rent Comps Studio

Total Number of Units 247 1,739 985 91

Vacancy Rate 6.5% 11.2% 11.3% 7.0%

Asking Rent Per Unit $1,126 $1,287 $1,642 $2,011

Asking Rent Per SF $2.21 $1.85 $1.67 $1.66

Effective Rents Per Unit $1,117 $1,282 $1,636 $2,002

Effective Rents Per SF $2.19 $1.84 $1.66 $1.65

Concessions 0.7% 0.4% 0.4% 0.5%

Changes Past Year in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom

Year-Over-Year Effective Rent Growth 5.8% 0.5% 1.7% 3.9%

Year-Over-Year Vacancy Rate Change

12 Month Net Absorption in Units

0.4%

4

8.3%

94 72

7.2% 2.9%

1

EXISTING UNITS VACANT UNITS

ASKING RENT PER UNIT PER MONTH 12 MONTH NET ABSORPTION IN UNITS


Page 43


Studio Rent Comparables2009 Brook Rd - Brook Road Apartments

Property Name/Address Rating Studio Rent Per Unit YearQuarterRent/SF

Change in Rent

219 E Broad St

Deco at CNB9.5%-0.2%$2.95

$1,314

$1,023 $1,325

500 N 18th St

Atrium Lofts at Cold Storage13.3%2.2%$2.37

$1,153

1335-1387 W Broad St

Coliseum Lofts1.1%-0.3%$1.45

$1,113

$867 $2,122

101 N 5th St

Residences at the John Marshall2.6%1.4%$2.28

$1,097

$975 $1,325

2323 E Main St

Main 232312.0%0.0%$1.95

$1,075

3200 W Clay St

Courtyard Lofts at Scott's Addi…11.1%0.1%$1.96

$1,011

$1,011

900 Terminal Pl

Cookie Factory Lofts2.9%0.1%$1.45

$982

$947 $1,050

$0 $750 $1,500 $2,250 $3,000


Page 44


One Bedroom Rent Comparables2009 Brook Rd - Brook Road Apartments

Property Name/Address Rating One Bedroom Rent Per Unit YearQuarterRent/SF

Change in Rent

3031 Norfolk St

1 Scott's Addition13.1%-0.3%$1.95

$1,506

$1,413 $1,601

1817 E Main St

The Overview5.2%-2.9%$2.00

$1,477

$1,300 $1,643

1650 Overbrook Rd

The Cooperage4.5%-0.3%$1.86

$1,468

$1,293 $1,839

1814 Highpoint Ave

Symbol Apartments3.4%0.7%$1.94

$1,460

$1,302 $1,584

103 S Davis Ave

Cary Street Station2.0%0.2%$2.08

$1,459

$1,218 $1,897

101 N 5th St


$1,398

$1,195 $2,281

3200 Brook Rd

Canopy at Ginter Park-22.8%0.2%$1.81

$1,355

$1,199 $1,565

119 N 1st St

Matrix Midtown1.4%0.0%$2.10

$1,250

$1,102 $1,325

219 E Broad St

Deco at CNB2.1%-0.6%$2.43

$1,225

$999 $1,443

406 Shafer St

The Square Apartments0.6%0.8%$2.18

$1,216

$1,199 $1,247

900 Terminal Pl


$1,209

$1,100 $1,460

2323 E Main St

Main 23239.4%0.0%$1.98

$1,202

$1,195 $1,271

2017 Brook Rd

Spectrum14.4%5.4%$1.68

$1,089

$1,005 $1,185

500 N 18th St

Atrium Lofts at Cold Storage6.6%-5.5%$1.97

$1,076


Coliseum Lofts-4.1%0.0%$2.04

$1,052

$973 $1,321

3200 W Clay St


$1,028

$854 $1,148

2900 Kensington Ave

Kensington Court1.4%0.0%$1.21

$968

$967

1215 Hermitage Rd

Southern Stove Lofts-1.1%-2.6%$1.07

$894

$875 $1,125

$0 $750 $1,500 $2,250 $3,000


Page 45


Two Bedroom Rent Comparables2009 Brook Rd - Brook Road Apartments

Property Name/Address Rating Two Bedroom Rent Per Unit YearQuarterRent/SF

Change in Rent

219 E Broad St

Deco at CNB3.7%-0.2%$2.17

$1,970

$1,729 $2,354

3031 Norfolk St

1 Scott's Addition9.3%1.8%$2.37

$1,950

$1,898 $2,002

1814 Highpoint Ave

Symbol Apartments15.3%-5.3%$1.67

$1,931

$1,816 $2,042

3200 Brook Rd

Canopy at Ginter Park1.0%-0.5%$1.63

$1,916

$1,695 $2,512

1650 Overbrook Rd

The Cooperage8.3%-2.3%$1.63

$1,894

$1,848 $1,943

103 S Davis Ave


$1,889

$1,708 $2,141

101 N 5th St


$1,770

$1,622 $2,524

119 N 1st St


$1,761

$1,608 $1,847

1817 E Main St

The Overview5.6%2.5%$1.77

$1,757

$1,744 $1,946

900 Terminal Pl


$1,703

$1,500 $2,777


Coliseum Lofts2.0%-0.3%$1.82

$1,552

$1,172 $1,701

406 Shafer St


$1,531

$1,474 $1,607

2900 Kensington Ave

Kensington Court1.5%0.0%$1.32

$1,417

$1,198 $1,546

2323 E Main St

Main 2323-3.5%0.0%$1.78

$1,395

500 N 18th St

Atrium Lofts at Cold Storage-13.4%-13.9%$1.66

$1,388

3200 W Clay St

Courtyard Lofts at Scott's Addi…2.8%-3.3%$1.36

$1,347

$1,304 $1,379

2017 Brook Rd

Spectrum0.9%2.4%$1.50

$1,346

$1,320 $1,367

1215 Hermitage Rd

Southern Stove Lofts-4.7%-3.9%$1.33

$1,165

$1,100 $1,475

$0 $875 $1,750 $2,625 $3,500


Page 46


Three Bedroom Rent Comparables2009 Brook Rd - Brook Road Apartments

Property Name/Address Rating Three Bedroom Rent Per Unit YearQuarterRent/SF

Change in Rent

3200 Brook Rd

Canopy at Ginter Park-9.0%-0.2%$1.59

$2,583

$2,582

1814 Highpoint Ave

Symbol Apartments15.1%-3.8%$1.47

$2,352

$2,332 $2,392

103 S Davis Ave


$2,304

$2,303 $2,305

900 Terminal Pl


$2,196

$2,025 $2,419

119 N 1st St


$2,155

$2,009 $2,513

406 Shafer St


$2,083

$1,952 $2,674

3200 W Clay St


$1,970


Coliseum Lofts-5.2%1.6%$1.74

$1,927

$683 $2,420

2017 Brook Rd

Spectrum13.4%2.3%$1.51

$1,743

$1,689 $1,905

1215 Hermitage Rd

Southern Stove Lofts4.9%0.7%$1.45

$1,700

$0 $875 $1,750 $2,625 $3,500


Page 47


Changes in Rent Comparables2009 Brook Rd - Brook Road Apartments

VACANCY CHANGES PAST QUARTER & YEAR

Past QtrLast YearLast QtrNow

Vacancy Levels Change

Property Name - Address Rating Units Past Year

80.5% ---301 -Canopy at Ginter Park - 3200 Brook Rd

0.5% -4.6%-3.4%5.1%187 3.9%Southern Stove Lofts - 1215 Hermitage Rd

2.1% -5.8%-0.9%7.9%328 3.0%Atrium Lofts at Cold Storage - 500 N 18th St

0% -3.7%-0.1%3.7%180 0.1%Cookie Factory Lofts - 900 Terminal Pl

1.6% 0.2%0%1.4%129 1.6%1 Scott's Addition - 3031 Norfolk St

0% 0%0%0%287 0%Cary Street Station - 103 S Davis Ave

3.2% -1.9%0%5.1%112 3.2%Coliseum Lofts - 1335-1387 W Broad St

1.0% 0%0%1.0%89 1.0%Courtyard Lofts at Scott's Addition - 3200 W Cl…

4.7% 2.9%0%1.8%117 4.7%Kensington Court - 2900 Kensington Ave

2.3% 0%0%2.3%71 2.3%Main 2323 - 2323 E Main St

0% 0%0%0%47 0%Matrix Midtown - 119 N 1st St

10.3% 2.9%0%7.4%243 10.3%Residences at the John Marshall - 101 N 5th St

1.2% 0.7%0%0.5%202 1.2%Symbol Apartments - 1814 Highpoint Ave

1.6% -0.3%0%2.0%117 1.6%The Cooperage - 1650 Overbrook Rd

4.8% -0.5%0%5.3%201 4.8%The Overview - 1817 E Main St

0% 0%0%0%152 0%The Square Apartments - 406 Shafer St

11.9% 6.4%0.2%5.5%103 11.7%Spectrum - 2017 Brook Rd

6.2% 2.7%0.6%3.5%200 5.7%Deco at CNB - 219 E Broad St

ASKING RENT CHANGES PAST QUARTER & YEAR - STUDIO


Rents Levels Change


$1,113 1.1%-0.3%$1,10117 $1,116Coliseum Lofts - 1335-1387 W Broad St

$1,314 9.5%-0.2%$1,20035 $1,316Deco at CNB - 219 E Broad St

$1,075 12.0%0%$96018 $1,075Main 2323 - 2323 E Main St

$982 2.9%0.1%$95410 $981Cookie Factory Lofts - 900 Terminal Pl

$1,011 11.1%0.1%$9109 $1,010Courtyard Lofts at Scott's Addition - 3200 W Cl…

$1,098 2.7%1.4%$1,070131 $1,083Residences at the John Marshall - 101 N 5th St

$1,153 13.3%2.2%$1,01728 $1,128Atrium Lofts at Cold Storage - 500 N 18th St


Page 48



ASKING RENT CHANGES PAST QUARTER & YEAR - ONE BEDROOM


Rents Levels Change


$1,076 6.6%-5.5%$1,009150 $1,139Atrium Lofts at Cold Storage - 500 N 18th St

$1,477 5.2%-2.9%$1,404151 $1,522The Overview - 1817 E Main St

$894 -1.1%-2.6%$904106 $918Southern Stove Lofts - 1215 Hermitage Rd


$1,468 4.5%-0.3%$1,40476 $1,472The Cooperage - 1650 Overbrook Rd

$1,506 13.1%-0.3%$1,33289 $1,5101 Scott's Addition - 3031 Norfolk St

$968 1.4%0%$95534 $968Kensington Court - 2900 Kensington Ave

$1,052 -4.1%0%$1,09718 $1,052Coliseum Lofts - 1335-1387 W Broad St

$1,202 9.4%0%$1,09943 $1,202Main 2323 - 2323 E Main St

$1,250 1.4%0%$1,23326 $1,250Matrix Midtown - 119 N 1st St

$1,209 6.4%0.1%$1,137101 $1,208Cookie Factory Lofts - 900 Terminal Pl

$1,459 2.0%0.2%$1,431215 $1,457Cary Street Station - 103 S Davis Ave

$1,355 -22.8%0.2%$1,755187 $1,352Canopy at Ginter Park - 3200 Brook Rd


$1,460 3.4%0.7%$1,412123 $1,450Symbol Apartments - 1814 Highpoint Ave

$1,216 0.6%0.8%$1,20874 $1,205The Square Apartments - 406 Shafer St

$1,028 5.6%3.6%$97460 $993Courtyard Lofts at Scott's Addition - 3200 W Cl…

$1,089 14.4%5.4%$95264 $1,033Spectrum - 2017 Brook Rd


Page 49



ASKING RENT CHANGES PAST QUARTER & YEAR - TWO BEDROOM


Rents Levels Change


$1,388 -13.4%-13.9%$1,602150 $1,612Atrium Lofts at Cold Storage - 500 N 18th St

$1,931 15.3%-5.3%$1,67576 $2,038Symbol Apartments - 1814 Highpoint Ave

$1,165 -4.7%-3.9%$1,22377 $1,212Southern Stove Lofts - 1215 Hermitage Rd

$1,347 2.8%-3.3%$1,31015 $1,392Courtyard Lofts at Scott's Addition - 3200 W Cl…

$1,894 8.3%-2.3%$1,74841 $1,938The Cooperage - 1650 Overbrook Rd

$1,916 1.0%-0.5%$1,898112 $1,926Canopy at Ginter Park - 3200 Brook Rd

$1,552 2.0%-0.3%$1,52269 $1,557Coliseum Lofts - 1335-1387 W Broad St


$1,417 1.5%0%$1,39683 $1,418Kensington Court - 2900 Kensington Ave

$1,395 -3.5%0%$1,44510 $1,395Main 2323 - 2323 E Main St





$1,950 9.3%1.8%$1,78440 $1,9151 Scott's Addition - 3031 Norfolk St


$1,346 0.9%2.4%$1,33419 $1,314Spectrum - 2017 Brook Rd

$1,757 5.6%2.5%$1,66450 $1,715The Overview - 1817 E Main St

ASKING RENT CHANGES PAST QUARTER & YEAR - THREE BEDROOM


Rents Levels Change


$2,352 15.1%-3.8%$2,0433 $2,445Symbol Apartments - 1814 Highpoint Ave

$2,583 -9.0%-0.2%$2,8392 $2,589Canopy at Ginter Park - 3200 Brook Rd

$1,970 3.0%0%$1,9125 $1,970Courtyard Lofts at Scott's Addition - 3200 W Cl…




$1,700 4.9%0.7%$1,6214 $1,688Southern Stove Lofts - 1215 Hermitage Rd


$1,927 -5.2%1.6%$2,0338 $1,897Coliseum Lofts - 1335-1387 W Broad St

$1,743 13.4%2.3%$1,53820 $1,704Spectrum - 2017 Brook Rd


Page 50


Rent Trends2009 Brook Rd - Brook Road Apartments

PROPERTY ATTRIBUTES Brook Road Apartments Rent Comps Northside 3-5 Star Richmond 3-5 Star

Existing Units 1,858 78,597

Building Rating

Under Construction as % of Inventory - 2.6% 6.6%

3,062-

-

3.33.33.8

UNIT MIX Brook Road Apartments Rent Comps Northside 3-5 Star Richmond 3-5 Star

Studio - 1 Bath - 8% 10% 3%

1 Bedroom - 1 Bath - 50% 50% 35%

2 Bedroom - 1 Bath - 1% 6% 10%

ASKING RENTS PER SF Brook Road Apartments Rent Comps Northside 3-5 Star Richmond 3-5 Star

Studio - 1 Bath - $2.21 $2.77 $1.88

1 Bedroom - 1 Bath - $1.87 $1.87 $1.49

2 Bedroom - 1 Bath - $1.29 $1.97 $1.21

Concessions - 0.4% 0.7% 0.4%

AVERAGE EFFECTIVE RENT GROWTH Brook Road Apartments Rent Comps Northside 3-5 Star Richmond 3-5 Star

Current Quarter - -1.1% 2.0% -0.6%

1 Year Rent Growth - 1.4% -5.1% 3.7%

3 Year Rent Growth - 10.0% -0.5% 12.2%

5 Year Rent Growth - 26.3% 0.0% 19.7%

All-Time Average - 2.6% 1.1% 2.0%

Vacancy Rate Brook Road Apartments Rent Comps Northside 3-5 Star Richmond 3-5 Star

Current Quarter - 10.7% 45.6% 6.0%

Last Quarter - 3.4% 6.0% 5.4%

1 Year Ago - 3.6% 3.6% 5.7%

3 Years Ago - 9.1% 11.7% 6.2%

5 Years Ago - 4.6% 4.5% 6.1%


Page 51



OVERALL ASKING RENT PER SQUARE FOOT

OVERALL EFFECTIVE RENT PER SQUARE FOOT


Page 52



ANNUAL EFFECTIVE RENT GROWTH

CONCESSIONS


Page 53



VACANCY RATES

OCCUPANCY RATES


Page 54



RENT COMPARABLES HISTORICAL DATA BY YEAR

RENT COMPARABLES HISTORICAL DATA BY QUARTER PAST 3 YEARS

Rental Rates Per SF Vacancy

Year Units EffectiveAsking Growth Concessions Units Percent Change Net Absorption

2019 3,066 $1.78 1.2% 0.4% 327 10.7% 7.0% 67$1.79

2018 2,765 $1.76 6.4% 0.7% 101 3.7% -6.6% (2)$1.77

2017 2,563 $1.65 1.9% 1.2% 262 10.2% 3.6% (50)$1.67

2016 1,958 $1.62 5.9% 0.9% 130 6.7% 0.4% 47$1.64

2015 1,551 $1.53 6.8% 1.1% 98 6.3% 1.2% 27$1.55

2014 1,139 $1.43 2.7% 1.9% 59 5.1% 0.4% (6)$1.46

2013 987 $1.40 1.0% 0.2% 47 4.8% -1.5% 23$1.40

2012 987 $1.38 3.3% 0.7% 62 6.3% 0.5% (4)$1.39

2011 987 $1.34 0.4% 0.6% 57 5.8% 1.1% (1)$1.35

2010 987 $1.33 -3.1% 0.6% 47 4.7% 1.9% (7)$1.34

Rental Rates Per SF Vacancy

Quarter Units EffectiveAsking Growth Concessions Units Percent Change Net Absorption

2019 Q3 3,066 $1.78 -1.1% 0.4% 327 10.7% 7.3% 67$1.79

2019 Q2 2,765 $1.80 0.7% 0.5% 93 3.4% -0.3% 7$1.81

2019 Q1 2,765 $1.79 1.6% 0.4% 101 3.6% 0.0% 0$1.79

2018 Q4 2,765 $1.76 0.2% 0.7% 101 3.7% 0.1% (2)$1.77

2018 Q3 2,765 $1.75 1.8% 0.8% 99 3.6% -3.6% 98$1.77

2018 Q2 2,765 $1.72 3.4% 1.4% 197 7.1% -1.3% 220$1.75

2018 Q1 2,563 $1.67 0.9% 0.8% 215 8.4% -1.8% 47$1.68

2017 Q4 2,563 $1.65 -0.5% 1.2% 262 10.2% 6.4% (50)$1.67

2017 Q3 2,446 $1.66 -0.2% 0.4% 95 3.9% -6.4% 156$1.67

2017 Q2 2,446 $1.66 2.1% 0.6% 251 10.2% -5.2% 298$1.67

2017 Q1 2,245 $1.63 0.4% 0.7% 347 15.5% 8.8% 70$1.64

2016 Q4 1,958 $1.62 0.3% 0.9% 130 6.7% -2.4% 47$1.64


Page 55


Sphere Apartm

ents | Financial Analysis

Financial Analysis

SPH

ERE

APA

RTM

ENTS

04

......

......

......

......

......

......

......

......

PROJECTED CASH FLOW

STABLIZED PROFORMA

DEVELOPMENT COST

Capital Stack


Projected Cash Flow ($000) Assumptions 0 1 2 3 4 5 6 7 8 9 10

Gross Operating Income 0 0 3,462,720 3,601,229 3,745,278 3,895,089 4,050,893 4,212,928 4,381,445 4,556,703

- Vacancy/Credit Loss 0 0 (173,940) (180,061) (187,264) (194,754) (202,545) (210,646) (219,072) (227,835)

Effective Gross Income 0 0 3,288,780 3,421,167 3,558,014 3,700,335 3,848,348 4,002,282 4,162,373 4,328,868

+ Misc. Income 0 0 165,243 171,853 178,727 185,876 193,311 201,043 209,085 217,449

Total Operating Income 0 0 3,454,023 3,593,020 3,736,741 3,886,211 4,041,659 4,203,325 4,371,458 4,546,317

- Operating Expenses 0 0 (896,000) (922,880) (950,566) (979,083) (1,008,456) (1,038,710) (1,069,871) (1,101,967)

- Management Fee 0 0 (95,375) (98,236) (101,183) (104,218) (107,345) (110,565) (113,882) (117,299)

- Capital Reserve 0 0 (89,600) (89,600) (89,600) (89,600) (89,600) (89,600) (89,600) (89,600)

- Real Estate Taxes 0 0 (67,200) (68,544) (69,915) (71,313) (72,739) (74,194) (75,678) (77,192)

Net Operating Income 2,305,848 2,413,760 2,525,477 2,641,996 2,763,519 2,890,256 3,022,427 3,160,259

- Debt Service 0 0 (1,944,000) (1,944,000) (1,944,000) (1,944,000) (1,944,000) (1,944,000) (1,944,000) (1,944,000)

Before Tax Cash Flow (14,531,423) 0 0 361,848 469,760 581,477 697,996 819,519 946,256 1,078,427 1,216,259

- Interest 0 0 (1,166,997) (1,150,775) (1,133,638) (1,115,534) (1,096,409) (1,076,205) (1,054,862) (1,032,315)

- Depreciation 0 0 (1,114,729) (1,114,729) (1,114,729) (1,114,729) (1,114,729) (1,114,729) (1,114,729) (1,114,729)

Taxable Income 0 0 24,122 148,256 277,109 411,732 552,380 699,321 852,836 1,013,215

- Tax Payable @ 36.00% 0 0 (8,684) (53,372) (99,759) (148,224) (198,857) (251,756) (307,021) (364,758)

After Tax Cash Flow 0 0 353,164 416,388 481,717 549,772 620,662 694,500 771,406 851,502

- Equity In (14,531,423) 0 0 0 0 0 0 0 0 0 0

+ Net Cash Sale 0 0 0 0 0 0 0 0 0 23,273,703

Total Return (14,531,423) 0 0 353,164 416,388 481,717 549,772 620,662 694,500 771,406 24,125,204

Project Cost 35,880,057 BT Sales Proceeds 46,674,598 Sales Price 48,619,373

+ Capital Expense 0 - Adjusted Basis (26,962,222) - Selling costs (1,944,775)

- Depreciation (8,917,835) Gain on Sale 19,712,376 - Total Tax (5,779,521)

Adjusted basis 26,962,222 - Mortgage Balance (17,621,374)

Depreciation Taken 8,917,835 Net Cash from Sale 23,273,703

Land Value 5,225,000 Taxes @ 36.00% 3,210,420

Depreciable Base 30,655,057 Capital Gain 10,794,541 Sales Price/Unit 217,051

Taxes @ 23.8% 2,569,101

Total Taxes 5,779,521

Returns

Investment Cash Flows Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

BTCF ($14,531,423) $0 $0 $361,848 $469,760 $581,477 $697,996 $819,519 $946,256 $1,078,427 $30,269,483

ATCF ($14,531,423) $0 $0 $353,164 $416,388 $481,717 $549,772 $620,662 $694,500 $771,406 $24,125,204

BTIRR 9.84%

BTNPV ($5,027,926)

ATIRR 7.20%

ATNPV ($5,616,906)

Debt Coverage Ratio 1.19 1.24 1.30 1.36 1.42 1.49 1.55 1.63

Sphere Apartments PROJECTED CASH FLOW | 68

NSF

165,220

DEVELOPMENT COSTS $ Amount $/NSF $/Unit

Rental Revenue 3,462,720 Site Acquisition Costs $5,381,750 $32.57 $24,026

Parking Revenue 16,080 Hard Costs $26,017,804 $157.47 $116,151

POTENTIAL GROSS INCOME 3,478,800 Soft Costs $3,230,503 $18.95 $13,975

Vacancy/Credit Loss (173,940) Financing Costs $1,250,000 $7.57 $5,580

EFFECTIVE GROSS INCOME 3,304,860 Total Costs $35,880,057 $216.56 $159,732

Misc Revenue 165,243

TOTAL OPERATING INCOME 3,470,103

CAPITALIZATION

Operating expenses (896,000) Permanent Loan $21,348,634

Manafement fee (95,375) Required Equity $14,531,423

Capital Reserve (89,600) Total Capitalization $35,880,057

Real estate taxes (67,200)

NET OPERATING INCOME 2,321,928 RISK METRICS

Anticipated Occupancy 95.00%

Debt Service (1,944,000) Net Margin (BTCF ÷ PGI) 10.91%

BEFORE TAX CASH FLOW 377,928 Break-even Occupancy 84.09%

Loan to Value 60%

Interest (1,166,997) Debt Coverage Ratio 1.19

Depreciation (1,114,729)

TAXABLE INCOME 40,202 BREAKDOWN OF REVERSION

Anticipated Appreciation $10,794,541

Income Taxes (14,473) Tax on Depreciation $3,210,420

AFTER TAX CASH FLOW 363,456 Tax on Capital Gains $2,569,101

Net Cash from Sale $23,273,703

FINANCIAL ANALYSIS

BTIRR 9.84%

BTNPV (5,027,926)

ATIRR 7.20%

ATNPV ($5,616,906)

# of Apartments

224

Development Costs

FIRST YEAR SETUP

Square Footage SummaryBrook Road Apartments

224-unit Multifamily Development GSF

217,500

Sphere Apartments STABLIZED PROFORMA | 69

GSF NSF

217,500 165,220

Type of Multi-Family Project New Development RESIDENTIAL UNIT MIX

Total Cost $35,880,057 Price per Sqft Unit Type % # Units SF Rent/Unit/Month

$1.89 Studio 17% 37 510 $965

$1.80 1 bed/ 1 bath 39% 88 660 $1,188

$1.70 2 bed/ 2 bath 22% 50 965 $1,640

$1.89 Studio #2 11% 24 590 $1,115

$1.80 1 bed/ 1 bath #2 1% 2 843 $1,517

$1.70 2 bed/ 2 bath #2 5% 12 995 $1,691

$1.70 2 bed/ 2 bath #3 5% 11 1,035 $1,475

RESIDENTIAL TIMING $1.69 100% 224 728 $1,227

Pre-development period 6 months

Commence

date 10/1/2019

Construction period 15 months End of pre-development 4/30/2020

Leasing Period (stablized) 24 months End of construction 7/31/2021 0%

Total development period 45 months End of leasing/sale date 7/31/2023 0%

Annual Potential Gross Income $3,462,720

RESIDENTIAL CONSTRUCTION PARAMETERS Vacancy/Credit Loss Factor 5.00%

Gross Square Foot (GSF) 217,500 Annual Rent Growth 4.00%

Net Rentable Square Foot (NSF) 165,220

OTHER REVENUE # spaces $ Rent/Month

RESIDENTIAL PARKING PARAMETERS Residential parking spaces 268 $5

Surface parking spaces 268 spaces

Misc. revenue (fees, vending, etc) 5% of EGI

RESIDENTIAL OPERATING EXPENSE PARAMETERS

Operating expenses $4,000 per unit per year SALE PARAMETERS

Management Fee 2.90% of Effective Gross Income Terminal capitalization rate 6.50%

Capital reserves $400 per unit per year Selling costs 4.00%

Real estate taxes $300 per unit per year

Annual fixed/variable expense growth 3.00% PERMANENT FINANCING PARAMETERS

Annual RE taxes growth 2.00% Permanent loan closes 7/31/2021

Marginal Income Tax Rate 36.00% Project Cost $35,880,057

Capital Gains Tax Rate 23.80% Permanent Loan LTV 60%

BT required return 15.00% Permanent Loan Amount $21,348,634

AT required return 13.00% Term in years 30

Contract Interest Rate 5.50%

Permanent loan financing fees 1.0%

Frequency of Payments Monthly

Mortgage Constant 0.57%

DEVELOPMENT/REHABILITATION COST PARAMETERS

ACQUISITION

Property/Land Cost (Net) $5,225,000 ($5172. per unit) CONSTRUCTION FINANCING PARAMETERS

Closing Costs 3.00% of land purchase

Construction loan closes

HARD COSTS Construction loan to cost ratio

Site Development $1.00 per GSF Construction loan interest rate

Parking Construction $3,450.00 per parking space Construction loan closing cost

Base Building Construction $108.00 per GSF Frequency of Payments

General Conditions 3% of site dev, pkg, base build.

Hard Cost Contingency 3% of hard costs

SOFT COSTS

Architectural and engineering fees 1% of hard costs - TBV

Surveys, testing, and inspections $25,000.00

Municipal Fees $210,000.00 (building permit only)

Appraisals and inspections $25,000.00

Insurance and title 1% of property/land purchase

Taxes $70,000 (construction period only)

Legal and accounting $100,000.00

Marketing costs $700 per unit

Overhead $100,000

Construction management $990,000 (3% of project total)

Development fee $1,100,000 (4% /total development cost)

Soft cost contingency 5.0% of soft costs exclud. dev. fee

11/1/2019

100%

5.00%

1%

One-Time (End)

Avg. Rent/Unit/Month

$1,085


224-unit Multifamily Development

Development Costs

Richmond Virginia

Avg. Unit Size (SF)

# of Apartments

224

728.00

Square Footage Summary

Sphere Apartments DEVELOPMENT COST | 70

RETURN PROJECTIONS

Total Project Costs 35,880,056.85$

SOURCES OF FINANCING

Debt

Loan at 60% Land Acquisition & Hard Costs 21,528,034.11$

Equity Investment 14,352,022.74$

Total Sources 35,880,056.85$

Equity

Outside Investors at 90% 12,916,820.47$

Operating Partner/Developer at 10% 1,435,202.27$

Total Equity Investment 14,352,022.74$

Rate of Preferred Return Annual 0.08$

Percentage of Promote to Outside Investors 0.60$

DISTRIBUTION OF RETURN TO EQUITY SOURCES

Outside Investors

Preferred Return on Outside Investor Equity 1,033,345.64$

Annual Return 1,033,345.64$

Total Rate of Return, Annual 8%

Operating Partner/Developer

Preferred Return on Developer Co-investment 114,816.18$

Total Return 114,816.18$

Total Distribution of Gross Return 1,148,161.82$

Sphere Apartments Capital Stack | 71

Sphere Apartm

ents | Dem

ographics

Demographics

SPH

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RTM

ENTS

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Demographic Details

Demographic Charts

Sphere Apartments Demographics | 73

POPULATION 1 MILE 3 MILE 5 MILE

2000 Population 16,452 113,519 223,099

2010 Population 19,127 119,477 233,622

2019 Population 21,381 136,730 257,590

2024 Population 22,858 144,666 270,507

2019 African American 12,006 66,833 126,466

2019 American Indian 57 360 749

2019 Asian 838 4,186 7,284

2019 Hispanic 743 4,164 12,452

2019 White 7,449 60,201 110,396

2019 Other Race 230 1,354 5,664

2019 Multiracial 790 3,737 6,901

2019-2024: Population: Growth Rate 6.70 % 5.65 % 4.90 %

2019 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE

less than $15,000 2,324 12,290 18,703

$15,000-$24,999 975 6,326 11,891

$25,000-$34,999 917 6,040 11,128

$35,000-$49,999 842 7,628 15,111

$50,000-$74,999 1,149 10,010 19,277

$75,000-$99,999 653 6,670 12,858

$100,000-$149,999 645 6,130 12,321

$150,000-$199,999 241 2,367 4,598

$200,000 or greater 361 3,613 6,425

Median HH Income $32,796 $45,724 $49,110

Average HH Income $56,644 $71,078 $73,668

HOUSEHOLDS 1 MILE 3 MILE 5 MILE

2000 Total Housing 7,336 54,254 104,971

2010 Total Households 7,147 52,892 101,715



2019 Average Household Size 2.24 2.09 2.20

2000 Owner Occupied Housing 2,144 20,642 47,689

2000 Renter Occupied Housing 4,127 28,594 49,070



2019 Vacant Housing 912 5,692 10,168

2019 Total Housing 9,018 66,766 122,480



2024 Vacant Housing 861 5,452 10,009

2024 Total Housing 9,638 70,289 127,973

2019-2024: Households: Growth Rate 8.00 % 6.00 % 4.95 %

Source: esri

Sphere Apartments Demographic Charts | 74

1 Mile Radius 3 Mile Radius 5 Mile Radius

2019 Household Income

1 Mile Radius 3 Mile Radius 5 Mile Radius

2019 Population by Race

Sphere Apartments Demographic Charts | 75

2019 Household Occupancy - 1 Mile Radius

Average Income Median Income

2019 Household Income Average and Median

Sphere Apartments

Exclusively Marketed by:

Kevin Palka(703) 201-5330

[email protected]

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sphere apartments richmond va 23220 2009 brook rd · 2019-12-05 · sphere apartments contents...

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