178 Unit Eureka Residences Site Eureka Drive, Miami, FL 33157

Transcription

1 178 Unit Eureka Residences Site Eureka Drive, Miami, FL Exclusive Listing Deme Mekras CEO, Managing Partner Direct: Elliot Shainberg Managing Partner Direct: Sam Mekras Investment Associate Direct:

2 Table of Contents Section 1...Property Description Section 2...Land Sales Comparables Section 3...Rent Comparables Section 4...Multifamily Sales Comparables Section 5...About MSP Group Confidentiality Disclaimer This is a confidential Offering Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest into the acquisition of the Subject Property. This Offering Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner or the Property, to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition, and other factors beyond the control of the Owner or MSP Group,LLC. Therefore, all projections, assumptions, and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to all interested and qualified prospective purchasers. Neither the Owner or MSP Group, LLC., nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Offering Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Offering Memorandum. The Owner shall have no legal commit-ment or obligation to any entity reviewing this Offering Memorandum or making an offer to purchase the Prop-erty unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered, and approved by the Owner and any obligations therein have been satisfied or waived. By receipt of the Offering Memorandum, you agree that this Offering Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Offering Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or MSP Group, LLC. Furthermore, you agree not to use this Offering Memorandum or any of its con-tents in a manner detrimental to the interest of the Owner or MSP Group, LLC. In this Offering Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are so advised and expected to review all such summaries and other documents of whatever nature independently and not to rely on `the contents of this Offering Memoran-dum in any manner. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MSP Group, LLC AGENT FOR MORE DETAILS

3 Property description

4 Property Name: Address: City, State Zip: County: Folio: Proposed Units: Total Square Feet: Year Built: Lot Size(Acres): # of Buildings: # of Stories: HVAC: #Parking Spaces: Eureka Residences Site Eureka Drive Miami, FL Miami Dade and 14 Others ,695 TBD and 6 Central 217 Property description Eureka Residences is a planned development of 178 multifamily units on approximately 2.44 acres. The site is at the southwest corner of Eureka Drive (aka SW 184th Street) and Homestead Avenue. US-1, about 900 to the east, is one of the most heavily trafficked north/south thoroughfares in all of Miami-Dade county. The South Miami-Dade Busway is about 400 to the east and runs parallel to US-1. The Busway offers the future tenants of the Eureka Residences easy access to the Metro Rail s Dadeland station about 6.5 miles north, making it a viable residence for tenants that work in Miami s urban core. 1 mile west on Eureka Drive is an on-off ramp to the Florida Turnpike; further enhancing accessibility for tenants working in Dade, Broward and Monroe Counties. In addition to excellent access to jobs outside the immediate area, the site is ideally situated in close proximity to numerous other employers such as Publix, Walgreens, Home Depot, City Furniture and Bank of America to name a few. The 2.44 acre site currently has a preliminary site plan laid out for a 4 and 6 story, 178 unit apartment building with a mix of surface and structured parking. As currently designed, the property is comprised of twelve (12) four hundred and eighty (480) SF studio units, seventy seven (77) six hundred and forty (640) SF 1 bedroom 1 bathroom units and eighty nine (89) eight hundred and eighty (880) SF 2 bedroom 2 bathroom units. The project would have a total of 133,360 rentable SF and an average unit size of 749 SF, facilitating optimal rent per square foot all while keeping the whole dollar rent within an affordable range. The Eureka Residences site offers developers an exciting opportunity with a critical mass of units in a densely populated and growing area.

5 Offering Price List Price: $4,250,000 Buildable Units: 178 Price/Buildable Unit: $23,876 Rentable SF: 133,360 Price/Rentable SF: $31.87 Acres: /- Price/Acre: $1,741,803

6 Looking West Atlantico Palmetto Bay 271 Unit Mixed Use Development Sandpiper Village 139 Unit Planned Development Biscayne Bay Soleste Palmetto Bay 211 Unit Planned Development South Miami-Dade Busway Homestead Ave Atlantic Pacific Proposed Transit Oriented Development Phase I E SW 184th St/Eureka Dr Eureka Residences Site Planned 178 Units Atlantic Pacific Proposed Transit Oriented Development Phase II SW 186th St/Quail Roost Dr

7 Looking South South Dade Cultural Arts Center South Dade Governemnt Center Complex South Miami-Dade Busway Homestead Ave Eureka Residences Site Planned 178 Units SW 184th St/Eureka Dr Corporate Office S

8 Looking east Biscayne Bay Palmetto Bay Park Tiffany Drive Park Bel Aire Park South Miami-Dade Busway E SW 184th St/Eureka Dr Eureka Residences Site Planned 178 Units Homestead Ave SW 186th St/Quail Roost Dr

9 looking west Biscayne Bay South Miami-Dade Busway Homestead Ave E SW 184th St/Eureka Dr Eureka Residences Site Planned 178 Units

10 looking West SW 186th St/Quail Roost Dr 1 Mile to Exit 13 Exit 13 1 M ile Eureka Residences Site Planned 178 Units SW 184th St/Eureka Dr W Homestead Ave

11 Looking North Dadeland South Metro Rail Station 6.5 Miles From Site Downtown Miami SW 184th St/Eureka Dr 6.5 Miles to Dadeland South South Miami-Dade Busway Eureka Residences Site Planned 178 Units N

12 SW 184th St/Eureka DR Eureka Residences Site Planned 178 Units Homestead Ave South Miami-Dade Busway

13 Site Plan

14 Land sales comparables

15 Land Sales comparables Eureka Residences Site Atlantico Palmetto Bay Soleste Palmetto Bay Sandpiper Village 1 3 2

16 Land Sales comparables $2,500,000 $2,000,000 Price Per Acre Average $2,086,645 $1,500,000 $1,000,000 $500,000 $0 $30, Price Per Buildable Unit $25, Average $23,260 $20, $15, $10, $5, $0.00

17 Land Sales comparables Subject Sales Comparable 1 Sales Comparable 2 Eureka Residences Site Price: $4,250,000 Atlantico Palmetto Bay Price: $7,800,000 Soleste Palmetto Bay Price: $4,400, Eureka Drive Acres: SW 97th Avenue Acres: S Dixie Highway Acres: 1.99 Miami, FL Price/Acre: $1,699,969 Palmetto Bay, FL Price/Acre: $1,958,746 Palmetto Bay, FL Price/Acre: $2,206,204 Sale Date: On Market Units: 178 Sale Date: 7/25/2016 Units: 271 Sale Date: 2/15/2018 Units: 211 Price/Buildable Unit: $23,876 Price/Buildable Unit: $28,782 Price/Buildable Unit: $20,853 Unit Type # Avg SF Unit Type # Avg SF Unit Type # Avg SF Studio Bed 1 Bath Bed 2 Bath Total/Average ,

18 Land Sales comparables Sales Comparable 3 Sales Comparable 4 Sales Comparable 5 Sandpiper Village Price: $2,800, SW 248th Street Price: $1,000, S Dixie Highway Price: $2,400, E Indigo Street Acres: 1.34 Homestead, FL Acres: 4.84 Miami, FL Acres: 6.86 Palmetto Bay, FL Price/Acre: $2,094,986 Price/Acre: $206,399 Price/Acre: $349,725 Sale Date: 12/15/2017 Units: 139 Sale Date: 8/6/2017 Units: 87 Sale Date: 2/15/2018 Units: 200 Price/Buildable Unit: $20,144 Price/Buildable Unit: $11,494 Price/Buildable Unit: $12,000 Comments: Comments: Not sold with plans. Zoning permits 18 units per acre and Developer will develop a 4 story 200 unit apartment maximum height of 2 stories. complex with all surface parking. Sold with site plan for 180 units consisting of 54 1 bedroom apartments and bedroom apartments. Unit Type # Avg SF Unit Type # Avg SF Unit Type # Avg SF 139

19 Rent comparables

20 rent comparables Eureka Residences Site 1 Atlantico at Kendall 2 3 The Park at Kendall Azura Emerald Palms Vista Verde at Deerwood The Park at Sheffield

21 rent comparables 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Occupancy Rate Average 96% 1,200 1, Average Unit Size Average 945 *Emerald Palms is in the midst of a renovation. Average Rent Average Rent Per SF $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 Average $1,562 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 Average $1.70

22 Rent Sort - Asking rent Unit Type 1 Property Name Unit Type # SF Asking Rent Rent/SF Unit Type 2 Property Name Unit Type # SF Asking Rent Rent/SF Azura 1 Bed 1 Bath D $1,627 $1.89 Emerald Palms 2 Bed 2 Bath 12 1,139 $1,860 $1.63 Azura 1 Bed 1 Bath $1,535 $2.01 Azura 2 Bed 2 Bath 36 1,168 $1,858 $1.59 Azura 1 Bed 1 Bath $1,489 $2.04 Emerald Palms 2 Bed 2 Bath 18 1,073 $1,830 $1.71 Emerald Palms 1 Bed 1 Bath $1,419 $1.97 Azura 2 Bed 2 Bath 72 1,112 $1,812 $1.63 The Park at Kendall 1 Bed 1 Bath D $1,399 $1.59 Emerald Palms 2 Bed 2 Bath 2 1,047 $1,784 $1.70 The Park at Kendall 1 Bed 1 Bath $1,358 $1.68 Emerald Palms 2 Bed 2 Bath 56 1,157 $1,780 $1.54 Emerald Palms 1 Bed 1 Bath $1,356 $1.91 Vista Verde at Deerwood 2 Bed 2 Bath 72 1,021 $1,695 $1.66 Emerald Palms 1 Bed 1 Bath $1,356 $1.85 Atlantico at Kendall 2 Bed 2 Bath D 72 1,182 $1,676 $1.42 Vista Verde at Deerwood 1 Bed 1 Bath $1,350 $1.93 Emerald Palms 2 Bed 1.5 Bath 20 1,009 $1,663 $1.65 Emerald Palms 1 Bed 1 Bath $1,341 $1.84 Emerald Palms 2 Bed 2 Bath $1,658 $1.69 The Park at Sheffield 1 Bed 1 Bath $1,249 $2.17 The Park at Kendall 2 Bed 2 Bath D 60 1,253 $1,627 $1.30 The Park at Sheffield Studio $959 $3.33 Emerald Palms 2 Bed 2 Bath $1,620 $1.75 Average 708 $1,370 $2.02 Atlantico at Kendall 2 Bed 2 Bath 90 1,067 $1,606 $1.51 Vista Verde at Deerwood 2 Bed 2 Bath $1,595 $1.69 The Park at Sheffield 2 Bed 2 Bath $1,549 $1.77 The Park at Kendall 2 Bed 2 Bath 76 1,141 $1,543 $1.35 The Park at Sheffield 2 Bed 1 Bath $1,439 $1.67 Unit Type 3 Average 1,056 $1,682 $1.60 Property Name Unit Type # SF Asking Rent Rent/SF Azura 3 Bed 2 Bath 24 1,358 $2,227 $1.64 Emerald Palms 3 Bed 2 Bath 14 1,329 $2,105 $1.58 Emerald Palms 3 Bed 2.5 Bath 27 1,290 $2,036 $1.58 Atlantico at Kendall 3 Bed 2 Bath 48 1,266 $1,854 $1.46 Vista Verde at Deerwood 3 Bed 2 Bath 32 1,176 $1,810 $1.54 The Park at Kendall 3 Bed 2 Bath 48 1,371 $1,785 $1.30 Average 1,298 $1,970 $1.52

23 Rent Sort - rent/square foot Unit Type 1 Property Name Unit Type # SF Asking Rent Rent/SF Unit Type 2 Property Name Unit Type # SF Asking Rent Rent/SF The Park at Sheffield Studio $959 $3.33 The Park at Sheffield 2 Bed 2 Bath $1,549 $1.77 The Park at Sheffield 1 Bed 1 Bath $1,249 $2.17 Emerald Palms 2 Bed 2 Bath $1,620 $1.75 Azura 1 Bed 1 Bath $1,489 $2.04 Emerald Palms 2 Bed 2 Bath 18 1,073 $1,830 $1.71 Azura 1 Bed 1 Bath $1,535 $2.01 Emerald Palms 2 Bed 2 Bath 2 1,047 $1,784 $1.70 Emerald Palms 1 Bed 1 Bath $1,419 $1.97 Emerald Palms 2 Bed 2 Bath $1,658 $1.69 Vista Verde at Deerwood 1 Bed 1 Bath $1,350 $1.93 Vista Verde at Deerwood 2 Bed 2 Bath $1,595 $1.69 Emerald Palms 1 Bed 1 Bath $1,356 $1.91 The Park at Sheffield 2 Bed 1 Bath $1,439 $1.67 Azura 1 Bed 1 Bath D $1,627 $1.89 Vista Verde at Deerwood 2 Bed 2 Bath 72 1,021 $1,695 $1.66 Emerald Palms 1 Bed 1 Bath $1,356 $1.85 Emerald Palms 2 Bed 1.5 Bath 20 1,009 $1,663 $1.65 Emerald Palms 1 Bed 1 Bath $1,341 $1.84 Emerald Palms 2 Bed 2 Bath 12 1,139 $1,860 $1.63 The Park at Kendall 1 Bed 1 Bath $1,358 $1.68 Azura 2 Bed 2 Bath 72 1,112 $1,812 $1.63 The Park at Kendall 1 Bed 1 Bath D $1,399 $1.59 Azura 2 Bed 2 Bath 36 1,168 $1,858 $1.59 Average 708 $1,370 $2.02 Emerald Palms 2 Bed 2 Bath 56 1,157 $1,780 $1.54 Atlantico at Kendall 2 Bed 2 Bath 90 1,067 $1,606 $1.51 Atlantico at Kendall 2 Bed 2 Bath D 72 1,182 $1,676 $1.42 The Park at Kendall 2 Bed 2 Bath 76 1,141 $1,543 $1.35 The Park at Kendall 2 Bed 2 Bath D 60 1,253 $1,627 $1.30 Unit Type 3 Average 1,056 $1,682 $1.60 Property Name Unit Type # SF Asking Rent Rent/SF Azura 3 Bed 2 Bath 24 1,358 $2,227 $1.64 Emerald Palms 3 Bed 2 Bath 14 1,329 $2,105 $1.58 Emerald Palms 3 Bed 2.5 Bath 27 1,290 $2,036 $1.58 Vista Verde at Deerwood 3 Bed 2 Bath 32 1,176 $1,810 $1.54 Atlantico at Kendall 3 Bed 2 Bath 48 1,266 $1,854 $1.46 The Park at Kendall 3 Bed 2 Bath 48 1,371 $1,785 $1.30 Average 1,298 $1,970 $1.52

24 rent comparables Subject Rent Comparable 1 Rent Comparable 2 Eureka Residences Site Total Units: 178 Atlantico at Kendall Total Units: 322 The Park at Kendall Total Units: Eureka Drive Occupancy: TBD SW 137th Avenue Occupancy: 95% SW 137th Avenue Occupancy: 96% Miami, FL Year Built: TBD Miami, FL Year Built: 2016 Miami, FL Year Built: 2015 Comments: Comments: Comments: Tenants are responsible for all utilities. Below rent has Tenants are responsible for all utilities. Below rent has been adjusted to reflect 1 month free if a 14 month lease been adjusted to reflect 1 month free if a 14 month lease is signed along with a $25 monthly valet trash fee. is signed along with a $25 monthly valet trash fee. Unit Type # Avg SF Current MKT Rent/SF Unit Type # Avg SF Rent Rent/SF Unit Type # Avg SF Rent Rent/SF Studio Bed 1 Bath $1,367 $ Bed 1 Bath $1,358 $ Bed 1 Bath Bed 1 Bath D $1,441 $ Bed 1 Bath D $1,399 $ Bed 2 Bath Bed 2 Bath $1,606 $ Bed 2 Bath $1,543 $ Bed 2 Bath D $1,676 $ Bed 2 Bath D $1,627 $ Bed 2 Bath $1,854 $ Bed 2 Bath $1,785 $1.30 Total/Average ,033 $1,589 $ ,092 $1,539 $1.41

25 Rent comparables Rent Comparable 3 Rent Comparable 4 Rent Comparable 5 Azura Total Units: 240 Emerald Palms Total Units: 505 Vista Verde at Deerwood Total Units: SW 136th Street Occupancy: 96% SW 151st Street Occupancy: N/A SW 122nd Avenue Occupancy: 95% Miami, FL Year Built: 2017 Miami, FL Year Built:1985/88/04 Miami, FL Year Built: 1999 Comments: Comments: Comments: Tenants are responsible for all utilities. Below rent has Tenants are responsible for all utilities. Below rents are Tenants are responsible for all utilities. Below rents are for been adjusted to reflect 1 month free if lease is signed rents for renovated units. Property is currently undergoing renovated units. before March with a $25 monthly valet trash fee. a major renovation effort. Unit Type # Avg SF Rent Rent/SF Unit Type # Avg SF Rent Rent/SF Unit Type # Avg SF Rent Rent/SF 1 Bed 1 Bath $1,489 $ Bed 1 Bath $1,341 $ Bed 1 Bath $1,350 $ Bed 1 Bath $1,535 $ Bed 1 Bath $1,356 $ Bed 2 Bath $1,595 $ Bed 1 Bath D $1,627 $ Bed 1 Bath $1,419 $ Bed 2 Bath $1,695 $ Bed 2 Bath $1,812 $ Bed 1 Bath $1,356 $ Bed 2 Bath $1,810 $ Bed 2 Bath $1,858 $ Bed 2 Bath $1,658 $ Bed 2 Bath $2,227 $ Bed 2 Bath $1,620 $ Bed 2 Bath $1,784 $ Bed 2 Bath $1,830 $ Bed 2 Bath $1,860 $ Bed 1.5 Bath $1,663 $ Bed 2 Bath $1,780 $ Bed 2.5 Bath $2,036 $ Bed 2 Bath $2,105 $1.58 Total/Average $1,736 $ ,045 $1,678 $ $1,625 $1.68

26 Rent comparables Rent Comparable 6 Rent Comparable 7 Rent Comparable 8 The Park at Sheffield Total Units: 309 Venice by Garco Total Units: 160 Azura Total Units: SW 137th Avenue Occupancy: 96% 3485 NE 5th Street Occupancy: 100% SW 136th Street Occupancy: 96% Miami, FL Year Built: 1987 Homestead, FL Year Built: 2012 Miami, FL Year Built: 2017 Comments: Comments: Comments: Rent includes water. Below rent has been adjusted down Tenants are responsible for all utilities. This is the 2nd Tenants are responsible for all utilities. Below rent has by $30 for studios, $40 for 1 bedroom units and $50 for 2 phase of apartment development and units have all tile been adjusted to reflect 1 month free if lease is signed bedroom units to reflect water expense. Cardinal and more modern kitchens. Shares gated entrance with before March with a $25 monthly valet trash fee. construction that is being renovated with vinyl floors, condo town house community. formica counter tops and black appliances. Unit Type # Avg SF Rent Rent/SF Unit Type # Avg SF Rent Rent/SF Unit Type # Avg SF Rent Rent/SF Studio $959 $ Bed 2 Bath $1,253 $ Bed 1 Bath $1,489 $ Bed 1 Bath $1,249 $ Bed 2 Bath $1,403 $ Bed 1 Bath $1,535 $ Bed 1 Bath $1,439 $ Bed 1 Bath D $1,627 $ Bed 2 Bath $1,549 $ Bed 2 Bath $1,812 $ Bed 2 Bath $1,858 $ Bed 2 Bath $2,227 $1.64 Total/Average $1,207 $ $1,290 $ $1,736 $1.75

27 Multifamily sales comparables

28 Multifamily Sales comparables 1 Eureka Residences Site Signature at Kendall II Signature at Kendall District West Gables II Manor City Place Doral 5 Soleste Club Prado 6 District West Gables 2 1

29 Multifamily Sales comparables $400,000 Price Per Unit $350,000 $300,000 Average $286,810 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Eureka Residences Site Signature at Kendall II Signature at Kendall District West Gables II Manor City Place Doral Soleste Club Prado District West Gables *Note below average does not include District West Gables II that was sold vacant. 6.00% Approximate Cap Rate 5.00% Average 4.55% 4.00% 3.00% 2.00% 1.00% 0.00% Signature at Kendall II Signature at Kendall District West Gables II Manor City Place Doral Soleste Club Prado District West Gables

30 Multifamily Sales comparables Subject Sales Comparable 1 Sales Comparable 2 Eureka Residences Site Price: $4,250,000 Signature at Kendall II Price: $41,979,400 Signature at Kendall Price: $96,945, Eureka Drive Total Buildable Units: SW 172nd Avenue Total Units: SW 172nd Avenue Total Units: 396 Miami, FL Price/Buildable Unit: $23,876 Miami, FL Price/Unit: $279,863 Miami, FL Price/Unit: $244,812 Year Built: TBD Price/Rentable SF: $31.87 Year Built: 2017 Price/SF: $275 Year Built: 2016 Price/SF: $242 Sale Date: On Market Sale Date: 12/15/2017 Sale Date: 12/15/2017 Comments: Comments: Comments: Average unit size = 749 SF Acres = /- Approximate average rent = $1,771 Average unit size = 1,018 SF Approximate average rent/sf = $1.74 Approximate cap rate = 4.17% Approximate average rent = $1,631 Average unit size = 1,013 SF Approximate average rent/sf = $1.61 Approximate cap rate = 4.12% Unit Type Studio 1 Bed 1 Bath 2 Bed 2 Bath # Avg SF Unit Type # Avg SF Unit Type # Avg SF Bed 1 Bath Bed 1 Bath Bed 1 Bath Den Bed 2 Bath 180 1, Bed 2 Bath 51 1,129 3 Bed 2 Bath 60 1,266 3 Bed 2 Bath 24 1,384 Total/Average , , ,052

31 Multifamily Sales comparables Sales Comparable 3 Sales Comparable 4 Sales Comparable 5 District West Gables II Price: $59,043,500 Manor City Place Doral Price: $135,000,000 Soleste Club Prado Price: $61,000, SW 67th Avenue Total Units: NW 85th Court Total Units: SW 57th Avenue Total Units: 196 West Miami, FL Price/Unit: $267,165 Doral, FL Price/Unit: $339,196 West Miami, FL Price/Unit: $311,224 Year Built: 2017 Price/SF: $305 Year Built: 2015 Price/SF: $359 Year Built: 2016 Price/SF: $361 Sale Date: 10/20/2017 Sale Date: 8/29/201 Sale Date: 6/8/2017 Comments: Comments: Comments: Approximate average rent = $0 Approximate average rent = $2,213 Approximate average rent = $2,168 Average unit size = 875 SF Average unit size = 944 SF Average unit size = 862 SF Approximate average rent/sf = $0 Approximate average rent/sf = $2.34 Approximate average rent/sf = $2.52 Approximate cap rate = see below Approximate cap rate = 4.78% Approximate cap rate = 5.05% Property sold vacant Unit Type # Avg SF Unit Type # Avg SF Unit Type # Avg SF 1 Bed 1 Bath Bed 1 Bath Bed 1 Bath Bed 1 Bath D Bed 1 Bath 36 1,006 2 Bed 2 Bath Bed 2 Bath 136 1,157 3 Bed 2 Bath 14 1,370 3 Bed 2 Bath 30 1,395 Total/Average , , ,870

32 Multifamily Sales comparables Sales Comparable 6 Sales Comparable 7 Sales Comparable 8 District West Gables Price: $57,391,000 Property Name/Adrdress Price: $12,000,000 Property Name/Adrdress Price: $8,000, SW 67th Avenue Total Units: 206 Address Total Units: 100 Address Total Units: 100 West Miami, FL Price/Unit: $278,597 City, State, Zip Price/Unit: $120,000 City, State, Zip Price/Unit: $80,000 Year Built: 2015 Price/SF: $318 Year Built: Price/SF: $213 Year Built: Price/SF: $229 Sale Date: 8/1/2016 Sale Date: Sale Date: 1/1/2015 Comments: Comments: Comments: Approximate average rent = $1,921 This is where to make the comments This is where to make the comments Average unit size = 875 SF Approximate average rent/sf = $2.20 Approximate cap rate = 4.63% Unit Type # Avg SF Unit Type # Avg SF Unit Type # Avg SF Live Work Studio Studio Bed 1 Bath Bed 1 Bath Bed 1 Bath Bed 1 Bath D Bed 1 Bath Bed 1 Bath Bed 1 Bath Bed 2 Bath Bed 2 Bath Bed 2 Bath Bed 2 Bath D Bed 2 Bath Total/Average , , ,000

33 about msp group

34 Team biographies REAL ESTATE EXPERTISE/PROFESSIONAL HISTORY Deme is the visionary and Chief Executive Officer at MSP Group. He is an expert in the multifamily arena and has closed nearly 10,000 units in his career as well as numerous commercial properties and developable land. A dedicated specialist, Deme has a firm command over all aspects of the multifamily business and enjoys a stellar reputation in the market. A Miami native, Deme grew up in the areas of Coral Gables and Coconut Grove. He attended Ransom Everglades middle and high schools before graduating from Coral Gables Senior High. He then attended Southern Methodist University (SMU) where he earned his Bachelors in Business Administration, majoring in Organizational Behavior and Business Management with a double minor in Spanish and Latin American Studies. Deme is fluent in Spanish which vastly enhances his relationship with his Latin American clientele. After finishing at SMU in Dallas, Deme returned home to Miami to begin his professional career. He gained valuable experience in a variety of industries ranging from aviation to telecom. During his time as a salesperson in the telecom industry, Deme s determination and tenacity made him a consistent performer. His last sales position in the tech world was at MCI/Worldcom. Fortunately, he had earned his salespersons license in 2001 and closed his first commercial real estate transaction just as the dot com crash was unfolding. Having closed the telecom chapter of his career, Deme pursued his calling in the real estate business. After a brief stint at CBRE, he joined the ranks at Marcus & Millichap in Ft. Lauderdale, where he earned the esteemed Rookie of the Year award in Later he became a founding member of the firm s Miami office which opened in Prior to his departure from Marcus & Millichap in 2012, Deme was recognized by the firm numerous times for his performance, including receiving the prestigious National Sales Achievement Award multiple times and earning the title of Vice President of Investment Sales. He was pulled away from Marcus & Millichap in late 2012 after being recruited at the partner level to join Franklin Street. Deme brought his entire team with him and opened Franklin Street s Miami office. Over the next 2 years, they put the previously unrecognized brand on the map in South Florida by closing $150,000,000 in deals under the Franklin Street flag. An entrepreneur at heart, going out on his own was a natural evolution for Deme. In March of 2015, Deme and co-founder, Elliot Shainberg, launched MSP Group. Through their hard work and an unwavering commitment to their founding principles, the company surpassed $100,000,000 in sales and closed over 900 units in the first full calendar year. And the rest is history in the making! EDUCATION SALES ACHIEVEMENTS/AWARDS Southern Methodist University BBA in Organizational Behavior and Business Policy, 1998 Double Minor Spanish and Latin American Studies Licensed Real Estate Broker - Florida Surpassed $600 Million in Closed Deals Nearly 10,000 units Closed Power Leader - South Florida Business Journal, 2014 Sales Achievement Award - Franklin Street, 2014 Company Sales Plaque Marcus & Millichap, 2005,2006, 2012 Seven-Figure Club Marcus & Millichap, DEME MEKRAS CEO, Managing Partner DIRECT: MOBILE: DEME@MSPGROUP.COM

35 Team biographies REAL ESTATE EXPERTISE/PROFESSIONAL HISTORY Elliot is a Co-Founder and Managing Partner of MSP Group. He has been in the multifamily business in South FL since late 2003 and has closed on the sale of nearly 7,000 multifamily and fractured condominium units in his career. Dedicated to maximum performance for their clients, Elliot and his business partner Deme Mekras, have built a reputation on putting their Clients need first and foremost while being aggressive and creative deal makers. A Los Angeles, California native, Elliot also spent time living in the New York City area prior to moving to South Florida with his wife in He attended Yeshiva University in New York City where he earned his Bachelor degree, majoring in Political Science. Prior to getting into the real estate business Elliot received multiple sales achievement awards selling payroll related services for Compupay in Midtown Manhattan from 1999 to In 2003 and while still in New York, he entered the real estate industry and gained valuable experience in property management and then multifamily investment sales for Marcus and Millichap. Elliot transferred to the firm s Ft. Lauderdale office in 2003, where he focused on multifamily sales in Dade and Broward counties. Later he became a founding member of the firm s Miami office which opened in 2005 and was the firm s top selling multifamily agent in their Miami office during the economic downturn of 2009, again proving his mettle. He was pulled away from Marcus & Millichap in late 2012 after being recruited with Deme Mekras to join Franklin Street. Elliot and Deme put the previously unrecognized brand on the map in South Florida by closing $150,000,000 in deals under the Franklin Street flag between January 2013 and March of With 12 years of experience under his belt from large and mid-size commercial real estate firms the next logical step for Elliot s career was to co-found MSP Group, which he did in Since opening MSP Group, Elliot and Deme have flourished and repeatedly take business from national and global competitors by cherishing their client relationships and leveraging their deep market knowledge. Their work ethic and commitment to their clients is punctuated by the more than $100,000,000 and 900 units in closed deals achieved in the first full calendar year since MSP Group launched in The future is bright at MSP Group as the firm continues to build on its core principals of success! ELLIOT SHAINBERG Managing Partner EDUCATION Yeshiva University BA in Political Science Licensed Real Estate Salesperson - Florida SALES ACHIEVEMENTS/AWARDS Surpassed $370 Million in career closings Nearly 7,000 Units Closed Sales Achievement Award - Franklin Street, 2014 #1 Agent Marcus & Millichap Miami Office 2009 DIRECT: MOBILE: ELLIOT@MSPGROUP.COM

36 Team biographies REAL ESTATE EXPERTISE/PROFESSIONAL HISTORY In addition to being a founding member of MSP Group, Sam was instrumental in developing MSP Group s proprietary financial models, proposal templates and marketing materials. As MSP Group has progressed out of the start-up phase, Sam is an integral part of the MSP Group sales team, focusing on multifamily properties between 10 and 50 units in South Florida. While Sam was born in Durham, North Carolina, he returned to his family roots, moving to Miami just before Hurricane Andrew in Both of Sam s parents being Miami natives and strong family ties brought them back to Miami. Sam grew up in the South Miami area, attending Kenwood K-8 Center and later graduated from Florida Christian School. He then went on to study at Florida International University (FIU) where he earned a Bachelors of Business Administration, majoring in Finance. Sam completed his post graduate studies at FIU and obtained a Master of Science in Finance; earning a 3.8 grade point average while shouldering a full time work load as a Senior Analyst at Franklin Street. Prior to Franklin Street, Sam began his real estate career with a brief stint at Marcus & Millichap, assisting MSP Group CEO, Deme Mekras in all business functions. Sam logged a combined 3 years at Marcus & Millichap and Franklin Street, where he gained valuable experience, underwriting close to $500,000,000 of multifamily properties and helping to facilitate the teams pipeline of closings. Sam s integrity, knowledge of finance, mastery of Microsoft Excel and rigorous work ethic make him an invaluable asset to MSP Group. Sam Mekras Investment Associate EDUCATION Florida International University Master Science of Finance, 2014 BBA in Finance, 2013 Licensed Real Estate Salesperson - Florida DIRECT: MOBILE: SAM@MSPGROUP.COM

37 MSP Group Deals Available Coral Gables, FL Available Miami, FL Available Opa-Locka, FL Closed Florida Portfolio, FL THE VIRGINIAN 427 Anastasia Avenue Coral Gables, FL EUREKA DEVELOPMENT SITE Eureka Drive Miami, FL MOSAIC DEVELOPMENT SITE NW 22nd Avenue Opa-Locka, FL AVESTA PORTFOLIO Multiple Loations, FL Price: $4,900,000 Units: 24 Price/Unit: $204,167 Year Built: 1963 Price: $4,250,000 Buildable Units: 178 Price/Buildable Unit: $23,876 Year Built: TBD Price: $1,750,000 Buildable Units: 104 Price/Buildable Unit: $16,827 Year Built: TBD Price: $81,363,000 Units: 2,199 Price/Unit: $37,000 Year Built: Multiple Closed Davie, FL Closed Hollywood, FL Closed Hialeah, FL Closed Wilton Manors, FL SUNSET PALMS 7400 Stirling Road, Davie, FL PALM TERRACE 3600 Van Buren Street, Hollywood, FL HIALEAH PORTFOLIO Hialeah, FL PALM GARDENS 2727 N Andrews Ave, Wilton Manors, FL Price: $38,500,000 Units: 318 Price/Unit: $121,069 Year Built: 1975 Price: $19,550,000 Units: 192 Price/Unit: $101,822 Year Built: 1968 Price: $14,100,000 Units: 161 Price/Unit: $87,578 Year Built: Price: $14,000,000 Units: 163 Price/Unit: $85,890 Year Built: 1969

38 MSP Group Deals Closed Tamarac, FL Closed North Lauderdale, FL Closed Miami, FL Closed Miami & North Miami Beach, FL VIZCAYA VILLAS 1000 N Nob Hill Circle, Tamarac, FL KIMBERLY 5101 SW 12th Court, North Lauderdale, FL NODEN 8951 NE 8th St & 800 NE 90th St, Miami, FL GRAND ISLAND II & III Miami & North Miami Beach, FL Price: $12,350,000 Units: 129 Price/Unit: $95,736 Year Built: 1990 Price: $11,900,000 Units: 100 Price/Unit: $119,000 Year Built: 1960 Price: $11,400,000 Units: 94 Price/Unit: $121,277 Year Built: 1968 & 1970 Price: $11,000,000 Units: 110 Price/Unit: $100,000 Year Built: 1959/69 Closed Miami, FL Closed Pompano Beach, FL Closed Florida Portfolio Closed Palm Springs, FL MONSERRATT REFI 3000 SW 3rd Avenue Miami, FL WINDWARD LAKES 3985 W McNab Rd, Pompano Beach, FL SOVEREIGN BANK PORTFOLIO Multiple Locations, FL SABAL POINTE CONDOS 251 Bonnie Blvd, Palm Springs, FL Amount: $10,410,000 Units: 120 Amount/Unit: $86,750 Year Built: 2000 Price: $9,600,000 Units: 104 Price/Unit: $92,308 Year Built: 1992 Price: $9,000,000 Units: 367 Price/Unit: $24,523 Year Built: Multiple Price: $8,190,000 Units: 117 Price/Unit: $70,000 Year Built: 1973

39 MSP Group Deals Closed Miami, FL Closed Largo, FL Closed St Petersburg, FL Closed Miami Dade County, FL INTERMEX 9480 S Dixie Highway, Miami, FL AUTUMN CHASE CONDOS 2200 Gladys St, Largo, FL SHADY OAKS th Ave, St Petersburg, FL 78 UNIT PORTFOLIO Multiple Addresses, FL Price: $7,474,000 SF: 25,420 Price/SF: $294 Year Built: 1994 Price: $7,431,956 Units: 124 of 232 Price/Unit: $56,000 Year Built: 1975 Price: $7,100,000 Units: 189 Price/Unit: $37,566 Year Built: 1972 & 197 Price: $6,300,000 Units: 78 Price/Unit: $80,769 Year Built: Multiple Closed Miami Gardens, FL Closed Hialeah, FL Closed Hialeah, FL Closed Miami Springs, FL MIAMI D 611 NW 177th St, Miami Gardens, FL Price: $6,050,000 Units: 112 Price/Unit: $54,018 Year Built: 1972 JACLYN W 29th St, Hialeah, FL Price: $6,050,000 Units: 72 Price/Unit: $84,028 Year Built: 1970 AMANDA PALMS 6425 W 24th Avenue, Hialeah, FL Price: $5,300,000 Units: 67 Price/Unit: $79,851 Year Built: 1988 CONTINENTAL SPRINGS 801 S Royal Poinciana Blvd, Miami Springs, FL Price: $5,300,000 Units: 55 Price/Unit: $96,364 Year Built: 1966

40 MSP Group Deals Closed Miami, FL Closed Tamarac, FL Closed Miami Beach, FL Closed Miami, FL DEL RIO 125 SW 18th Court, Miami, FL GREENVIEW TAMARAC 1000 N Nob Hill Circle, Tamarac, FL CRESPI WATERFRONT 8101 Crespi Blvd, Miami Beach, FL GALAXY NE 6th Avenue, Miami, FL Price: $4,620,000 Units: 77 Price/Unit: $60,000 Year Built: 1963 Price: $4,515,000 Units: 129 Price/Unit: $35,000 Year Built: 1990 Price: $4,300,000 Units: 24 Price/Unit: $179,167 Year Built: 1969 Price: $4,000,000 Units: 48 Price/Unit: $83,333 Year Built: 1972 Closed Tampa, FL Closed Miami, FL Closed Hialeah, FL Closed Hialeah, FL SUMMERTREE GREEN 7402 Heritage Hills Drive,Tampa, FL Price: $3,850,000 Units: 90 Price/Unit: $42,778 Year Built: 1983 SOUTHWOOD SW 197th St, Miami, FL Price: $3,039,550 Units: 74 Price/Unit: $41,075 Year Built: 1966 ALLEGRO 1255 W Okeechobee Rd, Hialeah, FL Price: $2,950,000 Units: 30 Price/Unit: $98,333 Year Built: 1968 MALAGA PARC CONDOS 6671 W 22nd Ct, Hialeah, FL Price: $2,700,000 Units: 18 Price/Unit: $150,000 Year Built: 2006

41 MSP Group Deals Closed Coral Gables, FL Closed Hialeah, FL Closed North Miami, FL Closed Hialeah, FL 1091 GALIANO LAND 1091 Galiano Street, Coral Gables, FL OMAX 465 E 28th St, Hialeah, FL CONTINENTAL WEST 447 NE 125th St, North Miami, FL SHENANDOAH ARMS 1876 SW 11th Ter, Maimi, FL Price: $2,550,000 Buildable Units: 27 Price/Buildable Unit: $94,444 Year Built: TBD Price: $2,430,000 Units: 24 Price/Unit: $101,250 Year Built: 1959 Price: $2,393,000 Units: 36 Price/Unit: $66,472 Year Built: 1966 Price: $2,266,002 Units: 18 Price/Unit: $125,889 Year Built: 1925/2007 Closed Atlanta, GA Closed Miami Beach, FL Closed Coral Gables, FL Closed Arlington, TX CASCADE OAKS 3820 Old Cascade Road, Atlanta, GA Price: $2,200,000 Units: 112 Price/Unit: $19,643 Year Built: 1969 DECO APARTMENTS 1443 West Ave, Miami Beach, FL Price: $2,182,500 Units: 10 Price/Unit: $218,250 Year Built: 1936 ALMERIA ROW LAND 635 Almeria Avenue, Coral Gables, FL Price: $2,075,000 Units: 5 Price/Unit: $415,000 Year Built: TBD WINDEMERE APARTMENTS 2001 Wesley Dr, Arlington, TX Price: $1,900,000 Units: 60 Price/Unit: $31,667 Year Built: 1980

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