Price Reduced! $1,250,000. High Occupancy Rate Complex contains 54 units Renovated Presented By

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1 INVESTMENT PROPERTY OFFERING ANTHONY WAYNE FLATS AND RETIREMENT COMMUNITY APARTMENTS Price Reduced! $1,250,000 High Occupancy Rate Complex contains 54 units Renovated 2012 Carolyn Spake-Leeper, SIOR Broker (260) Direct (260) Cell Presented By Robert L. Hudson, CCIM Multi-Family Specialist bhudson@bndcommercial.com (260) Direct (260) Cell 1021 S. Calhoun Street, Fort Wayne, IN (260)

2 Disclaimer BND Commercial has been retained as exclusive advisor and broker for the owners of Anthony Wayne Flats & Retirement Community, & S. Anthony Blvd., Ft. Wayne IN This Offering Memorandum has been prepared by BND Commercial ( Broker ), for use by a limited number of parties and does not purport to provide a complete or fully accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All projections have been developed by Broker and other designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and therefore are subject to variation. No representation is made by Broker or the Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied upon as a promise or representation as to the past, present, and future performance of the property. Although the information contained herein is believed to be correct, the Owner, Broker and their employees and agents disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Owner, and their employees disclaim any and all liability for representation and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are and shall be solely the responsibility of the prospective purchaser and that purchaser s own advisors. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective investors. The Owner and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or to terminate discussions with any entity at any time with or without notice. The Owner shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by the Owner, a written agreement for the purchase of the property has been fully executed, delivered, and approved by the Owner and its legal counsel, and any conditions to the Owner s obligations thereunder have been satisfied or waived. This Offering Memorandum and its contents, except such information that is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of the Owner or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interests of the Owner or Broker. Unless otherwise agreed by all parties in writing, Broker is the agent of only the Seller. If you have no interest in the property at this time, please return the Offering Memorandum forthwith. We obtained the 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 other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumption or estimates for example only and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

3 Executive Summary ANTHONY WAYNE FLATS & RETIREMENT COMMUNITY Address: S. Anthony Blvd S. Anthony Blvd. Fort Wayne, IN List Price: $1,250,000 Price Per Unit: $23, Price/SF: $32.26 SF Cap Rate: 10.75% Trailing 12 NOI: $134,402 GRM: 3.89 Total Units: 54 Building SF: 38,750 SF No. of Buildings: 26 Land Acres: /- Acres Expenses/SF: $4.72 Income/Expense Ratio: 58% Cross Street: McKinnie Ave. / Pettit Ave. Tax Parcel Number: Market: Fort Wayne Sub Market: South Fort Wayne Year Built: 1951 Zoning Type: R1 / single family residential Location Class: C Foundation Type: Concrete slab Building Class: C Roof Type: Asphalt shingles No. of Stories: One HVAC: GFA Utilities: Landlord pays Air Conditioning: Central GFA Washer/Dryer: Tenant provides No: of Parking Spaces: 54 Cable/Internet: Yes, Tenant pays Parking Ratio: 1:1 Bus: Yes Clubhouse: No

4 ANTHONY WAYNE FLATS & RETIREMENT COMMUNITY Executive Summary Property Descriptions Construction Wood frame construction on slab foundation. Utilities Property Landlord provides: heat, air conditioning, water & sewer, electricity, and trash. Anthony Wayne was renovated in 2012 with new windows, HVAC, electric, kitchens, bathroom tub / shower stalls, sinks, medicine cabinets, paint and carpeting throughout. Most of the roof shingles were replaced with 25 year shingles. The owner spent close to $1million on renovations.

5 Investment Information ANTHONY WAYNE FLATS & RETIREMENT COMMUNITY Revenues and Expenses, August 2016 Through July 2017 Trailing 12 Jul-17 Operating Revenue: Gross Scheduled Income 345,744 Vacancy 7% 24,421 Rents Received 321,323 Security Deposits Forfeited Other Income Gross Operating Income 321,323 Operating Expenses: Court Fees 526 Electricity 35,254 Gas 19,348 Insurance - Property 7,123 Lawn Service 3,740 Maintenance Labor 34,847 Management Fees 11,215 Materials 13,078 New/Used Appliances 967 Pest Control 2,230 Professional Fees & Taxes 525 Property Taxes 20,219 Snow Removal 260 Water/Sewer 37,590 Total Operating Expenses 186,921 Total Net Operating Income 134,402

6 Investment Information ANTHONY WAYNE FLATS & RETIREMENT COMMUNITY

7 Investment Information ANTHONY WAYNE FLATS & RETIREMENT COMMUNITY

8 Investment Information ANTHONY WAYNE FLATS & RETIREMENT COMMUNITY

9 Photos ANTHONY WAYNE FLATS & RETIREMENT COMMUNITY

10 ANTHONY WAYNE FLATS & RETIREMENT COMMUNITY Location Map

11 ANTHONY WAYNE FLATS & RETIREMENT COMMUNITY Location Map S. Anthony Blvd. Pettit Ave. McKinnie Ave. S. Anthony Blvd. S. Anthony Blvd.

12 Area Information DEMOGRAPHICS FORT WAYNE, IN

13 Area Information DEMOGRAPHICS FORT WAYNE, IN

14 Area Information DEMOGRAPHICS FORT WAYNE, IN

15 Multi-family investment provides sustainable growth in the real estate marketplace. Multi-family investment provides a steady source of positive present and future cash flow. Multi-family investment provides numerous tax advantages. Multi-family investment provides equity appreciation over a period of time. Multi-family investment is generally less risky than most other real estate investment. While interest rates are historically low, it is an excellent environment for both buyers and sellers.

16 The BND multi-family investment team is dedicated to assisting clients who wish to acquire or sell properties in Northeast Indiana. With more than 100 successful multi-family closings, our goal is simple: to create wealth for investors by utilizing our experience and in-depth market knowledge of apartments, student housing, senior living and distressed properties to achieve a smooth and successful transaction. The BND team has the capacity to handle multi-family requirements of any size. Our professionals first acquire a complete understanding of our clients needs and then provide the expertise and tools to fulfill those requirements and objectives. Utilizing aggressive marketing strategies and our company s strong partnership with local and national brokerage firms, we are able to carefully screen each potential buying prospect. This saves time and resources by only promoting property listings to those individuals or companies with the greatest potential for a successful closing.

17 As an investor, you can rest assured that your special requirements - whether buying selling or helping you find a replacement property for a 1031 exchange - are considered unique, and our services are customized exclusively to meet your needs. The BND multi-family team will assist you in every stage of the real estate process by representing your interests through buying, selling, financing, or managing and valuing assets. We provide strategic planning and research, portfolio analysis, as well as many other investor services. Thanks to our inside knowledge of the regional multi-family market, our advice to owners and investors is specifically tailored to each individual. Our team has more than 50 years of combined experience, and our commercial real estate sales and investment services have played a critical role in creating wealth for our clients. We are confident that we can do the same for you.

18 Ashley Court Apartments, 316 Units Autumn Woods Apartments (sold 3 times), 211 Units Bovera Apartments, 17 Units Brendonwood Park Apts. (sold 2 times), 210 Units Brentwood Senior Apartments, 120 Units Brighton Meadows Apartments, 248 Units Carriage House Apartments (sold 4 times), 240 Units Casselwood Apartments (sold 2 times), 140 Units Chase Manor Apartments, 144 Units Cobblestone Villas, 224 Units Coliseum Park Apartments, 460 Units DeVille Arms Apartments (sold 2 times), 22 Units Diplomat Apartments (sold 2 times), 140 Units Doehrman Apartments, 26 Units El Dot Apartments, 14 Units Fairfield Gardens Apartments (sold 2 times), 48 Units Fairfield Manor Apartments (sold 2 times), 74 Units Fairview Court Apartments (sold 2 times), 112 Units Florida Apartments (sold 2 times), 46 Units Foster Park Apartments (sold 2 times), 70 Units Garden Royal Apartments, 22 Units Gardenview North Apartments, 22 Units Garrison Flats Apartments, 34 Units Hickory Mill Apartments, 70 Units Hobson Road Apartments, 10 Units Indian Village Garden Apts. (sold 2 times), 100 Units Indian Village Manor Apartments, 22 Units Jackson Manor Apartments, 34 Units Jackson Wayne Apartments (sold 2 times), 33 Units Lakeside Apartments, 61 Units Poagston Arms Apartments, 105 Units Poplar Ridge, 221 units Port-O-Call Apartments, 36 Units Regency House Apartments (sold 4 times), 36 Units Rex Terre Apartments, 40 Units Riverview Terrace Apartments (sold 3 times), 102 Units Sheridan Court Apartments (sold 2 times), 54 Units Shoaff Park Village East Apts. (sold 2 times), 96 Units Stratford Place Apartments, 52 Units Summit Ridge Apartments (sold 2 times), 40 Units Tara Marca Apartments (sold 2 times), 34 Units Three Rivers Apartments, 335 Units Van Buren Wayne Apartments (sold 2 times), 34 Units Victoria Square Apartments, 210 Units Villa Capri Apartments, 172 Units Village Apartments, 12 Units Village Green Apartments, 210 Units Williamsburg Apartments, 144 Units Windsor Apartments, 23 Units Worthington Apartment, 50 Units Hunt Club Apartments, 300 Units

19 Bob Hudson, CCIM Senior Broker Bob Hudson, CCIM, is a well-respected professional in northeast Indiana s commercial real estate arena with more than 40 years experience and over $600 million in successful real estate transactions, including the disposition of over 100 apartment complexes in the Fort Wayne area. Before coming to BND, Bob was the owner / principal broker for Hudson Investment Realty Company and more recently served as local managing director of a national commercial real estate firm where he specialized in the sale of multi-family housing. Bob has a Bachelor of Science degree in business administration and accounting from Indiana University and is a proud veteran with an Honorable Discharge from the U.S. Army. Bob has earned the coveted Certified Commercial Investment Member (CCIM) designation and is a member of the Indiana Commercial Board of REALTORS, the National Association of REALTORS, the Indiana Association of REALTORS and the Fort Wayne Apartment Association. In addition, Bob serves on committees of Faith Lutheran Church. He previously served on boards for the Boy Scouts of America, and Wings of Hope, a prison ministry for women. He was a member of the Fort Wayne Downtown Rotary, and is a past president of the Downtown Sertoma Club. He and his wife, Sheila, have three children and four grandchildren. bhudson@bndcommercial.com (260)

20 Multi-Family Property Assignments Ashley Court Apartments, 316 Units Autumn Woods Apartments (sold 3 times), 211 Units Multi-Family Transactions Indian Village Garden Apts. (sold 2 times), 100 Units Indian Village Manor Apartments, 22 Units Anthony Wayne Apartments, 54 Units Bovera Apartments, 17 Units Brendonwood Park Apts. (sold 2 times), 210 Units Brentwood Senior Apartments, 120 Units Brighton Meadows Apartments, 248 Units Carriage House Apartments (sold 4 times), 240 Units Casselwood Apartments (sold 2 times), 140 Units Chase Manor Apartments, 144 Units Cobblestone Villas, 224 Units Coliseum Park Apartments, 460 Units DeVille Arms Apartments (sold 2 times), 22 Units Diplomat Apartments (sold 3 times), 140 Units Doehrman Apartments, 26 Units El Dot Apartments, 14 Units Fairfield Gardens Apartments (sold 2 times), 48 Units Fairfield Manor Apartments (sold 2 times), 74 Units Fairview Court Apartments (sold 2 times), 112 Units Florida Apartments (sold 2 times), 46 Units Foster Park Apartments (sold 2 times), 70 Units Franklin Apartments, 16 Units Garden Royal Apartments, 22 Units Gardenview North Apartments, 22 Units Garrison Flats Apartments, 34 Units Hickory Mill Apartments, 70 Units Hobson Road Apartments, 10 Units Jackson Manor Apartments, 34 Units Jackson Wayne Apartments (sold 2 times), 33 Units Lakeside Apartments, 61 Units Poagston Arms Apartments, 105 Units Poplar Ridge, 221 units Port-O-Call Apartments, 36 Units Prestwick Square Apartments, 100 Units Regency House Apartments (sold 4 times), 36 Units Rex Terre Apartments, 40 Units Riverview Terrace Apartments (sold 3 times), 102 Units Sheridan Court Apartments (sold 2 times), 54 Units Shoaff Park Village East Apts. (sold 2 times), 96 Units Stratford Place Apartments, 52 Units Summit Ridge Apartments (sold 3 times), 40 Units Tara Marca Apartments (sold 2 times), 34 Units Three Rivers Apartments, 335 Units Van Buren Wayne Apartments (sold 2 times), 34 Units Victoria Square Apartments, 210 Units Villa Capri Apartments, 172 Units Village Apartments, 12 Units Village Green Apartments, 210 Units Washington Apartments, 15 Units Williamsburg Apartments, 144 Units Windsor Apartments, 23 Units Worthington Apartment, 50 Units Hunt Club Apartments, 300 Units 1021 S. Calhoun Street Suite One Fort Wayne, IN Office: Fax:

21 Carolyn Spake-Leeper, SIOR Senior Broker Carolyn joined BND in 2015 after more than a decade as an associate broker at another local commercial real estate company. She specializes in sales and lease transactions of all types including both investment and owner-occupied properties. Carolyn earned a BA from Ball State University in Marketing and Public Relations. She is a current board member of the Indiana Commercial Board of REALTORS (ICBOR) and Risk Management Association. She is also a member of the prestigious Society of Industrial and Office Realtors (SIOR), which is the highest designation to be awarded to an industrial or office commercial realtor. Prior to her real estate career, Carolyn spent more than ten years in the Fort Wayne financial industry, including a position as Vice President of Business Development and Marketing for 3 Rivers. Carolyn is a Fort Wayne native who remains passionate about serving her community through various non-profit boards and committees, including such organizations as SCAN, Fort Wayne Women s Bureau, East Wayne Street Center, Mental Health of America and the American Heart Association. She has been a YWCA Tribute to Women recipient as well as a Future 40 honoree. She is also an active member of WOWnet and former president of the group. Carolyn has three children: Spencer 24, Garrett 20, and Mallory 13. They enjoy sports and lake activities as a family. carolyn@bndcommercial.com (260)

22 Commercial Real Estate Assignments Assignments YWCA (Wells Street Campus) 100,000 SF Sale Emmaus Lutheran Church 60,260 SF Sale Parkwood Office Park 40,800 SF Sale/Leasing Lake Pointe Office Park 17,600 SF Sale/Leasing Shovel Ready I-69 & Lafayette Center Road 28 acres Sale Keystone Distribution Park 273,932 SF Leasing La-Z-Boy Furniture Galleries 23,179 SF Sale Kiddie Academy 7,904 SF Leasing Greater Fort Wayne Inc 14,196 SF Leasing Watersong Office Park Land/Buildings Sale/Leasing Hyde Park By Lancia 20,865 SF Leasing Sycamore Pointe Office Park 17,171 SF Leasing 9901 Auburn Road 7,668 SF Sale Story Pointe/Union Chapel Road Land Sale 5750 Falls Drive 8,348 SF Sale/Leasing Parkview Health/Mutual Drive 8,719 SF Lease Clients Represented Greater Fort Wayne, Inc Citilink Fort Wayne Women s Bureau Scottish Rite 111 Design Fort Wayne Dermatology 3 Rivers YWCA St. Joe Hospital Fort Wayne Housing Authority Howard Toussaint Properties Jeff Gilmore Homes Freedom Industrial Park Lutheran Life Villages Steel Dynamics Inc. Fort Wayne Oncology and Hematology Foresight Engineering Dr. Michael Tom Peg Perego Fort Financial FCU Star Bank Steininger Development Corp Mike & Jeff Thomas Metropolitan Title Company Parkwood Office Park/Ambassador Family Ent. Lancia Office Park Resource Engineers Leeper s Lawn Service Ambassador City of Ft. Wayne/Allen County Auburn Family Dentistry Visiting Nurse East Wayne Street Center Park Center 1021 S. Calhoun Street Suite One Fort Wayne, IN Office: Fax: