Address City Property Info Sale Info Orland St

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1 Address City Property Info Sale Info Orland St Las Vegas 8,712 SF MultiFamily/Apartments Sold: $650,000 ($81,250/Unit) Sierra Vista Dr Las Vegas 119,250 SF Multi Family/Apartments Sold: $13,453,834 ($84,615/Unit) Spencer St Las Vegas 20,802 SF Multi Family/Apartments Sold: $2,100,000 ($87,500/Unit) E Flamingo Rd Las Vegas 194,110 SF Multi Family/Apartments Sold: $17,425,000 ($90,755/Unit) W Charleston Blvd Las Vegas 44,685 SF Multi Family/Apartments Sold: $3,650,000 ($91,250/Unit) McLeod Dr Las Vegas 7,800 SF MultiFamily/Apartments Sold: $980,000 ($98,000/Unit) O'Bannon Dr Las Vegas 87,270 SF Multi Family/Apartments Sold: $9,100,000 ($101,111/Unit) Haren Dr Henderson 29,120 SF Multi Family/Apartments Sold: $2,850,000 ($101,786/Unit) N 9th St Las Vegas 3,672 SF MultiFamily/Apartments Sold: $850,000 ($106,250/Unit) Sunrise Ave Las Vegas 7,100 SF MultiFamily/Apartments Sold: $1,100,000 ($110,000/Unit) S Bruce St Las Vegas 48,686 SF Multi Family/Apartments Sold: $3,400,000 ($113,333/Unit) Donna St North Las Vegas 4,800 SF MultiFamily/Apartments Sold: $690,000 ($115,000/Unit) Cambridge St Las Vegas 4,884 SF MultiFamily/Apartments Sold: $465,000 ($116,250/Unit)

2 E Sunset Rd Henderson 5,792 SF MultiFamily/Apartments Sold: $600,000 ($120,000/Unit) S Maryland Pky Las Vegas 6,622 SF MultiFamily/Apartments Sold: $840,000 ($120,000/Unit) S Cimarron Rd Las Vegas 70,776 SF Multi Family/Apartments Sold: $9,200,000 ($127,778/Unit) Lynnwood St Las Vegas 7,944 SF MultiFamily/Apartments Sold: $1,300,000 ($130,000/Unit) Kishner Dr Las Vegas 31,500 SF Multi Family/Apartments Sold: $6,000,000 ($150,000/Unit) Albert Ave Las Vegas 63,966 SF Multi Family/Apartments MultiProperty Sale: $10,950,000 ($161,029/Unit) Albert Ave Las Vegas 63,966 SF Multi Family/Apartments MultiProperty Sale: $10,950,000 ($161,029/Unit) Albert Ave Las Vegas 63,966 SF Multi Family/Apartments MultiProperty Sale: $10,950,000 ($161,029/Unit) Albert Ave Las Vegas 63,966 SF Multi Family/Apartments MultiProperty Sale: $10,950,000 ($161,029/Unit)

3 MultiProperty SOLD MultiProperty sale on 1/27/2017 of 4 MultiFamily properties, for $10,950,000 ($171.18/SF) Research Complete Address Summary of Property Info at time of sale City, State TypeClass Property SF Built Sale Price Albert Ave Las Vegas, NV MultiFamily C 17,082 SF 1962 $2,576,471 (Allocated) Albert Ave Las Vegas, NV MultiFamily C 16,156 SF 1962 $2,576,471 (Allocated) Albert Ave Las Vegas, NV MultiFamily C 15,810 SF 1961 $2,576,471 (Allocated) Albert Ave Las Vegas, NV MultiFamily C 14,918 SF 1963 $3,220,588 (Allocated) Buyer & Seller Contact Info Recorded Buyer: Caesars Entertainment Operating Recorded Seller: Nunez Family Trust Company, Inc True Buyer: Caesars Entertainment Corporation True Seller: Nunez Family Trust 3570 S Las Vegas Blvd Las Vegas, NV (702) Sharon Nunez 158 Albert Ave Las Vegas, NV (702) Buyer Type: Corporate/User Seller Type: Trust Buyer Broker: CBRE John Knott (702) Listing Broker: Wardley Real Estate Don Marti (702) Transaction Details ID: Sale Date: 01/27/2017 Escrow Length: Sale Price: $10,950,000Confirmed Asking Price: Price/SF: $ Sale Type: RBA: Land Area: Investment 63,966 SF 1.95 AC (84,942 SF) GRM/GIM: / Sale Conditions: High Vacancy Property Transfer Tax: $55,845 Percent Improved: 19.7% Total Value Assessed: Improved Value Assessed Land Value Assessed: Land Assessed/SF: $45.00 $4,783,494 in 2016 $943,494 $3,840,000 Legal Desc: FLAMINGO EST PLAT BOOK 5 PAGE 22 LOT 79 BLOCK 4 & LOT 80 SEC 16 TWP 21 RNG 61

4 MultiProperty MultiProperty sale on 1/27/2017 of 4 MultiFamily properties, for $10,950,000 ($171.18/SF) Research Complete (con't) SOLD Parcel No: , , , Document No: Financing: Down payment of $10,950, (100.0%) Transaction Notes This transaction represents the sale of 68 MultiFamily units situated on a 1.95acre parcel located in the City of Las Vegas. Units originally delivered in This was a highvacancy property; prior to the sale, occupancy was approximately 59%. When the sale closed, the property was 100% vacant. Property sold for land value only. Buyer intends to redevelop the property; proposed use was not disclosed. Reportedly, the property was not on the market at the time of sale; the listing broker knew that the buyer was interested in this property, and approached the buyer directly when the seller was ready to dispose of the asset. There were no other reported conditions on this transaction. Current Building Information: Albert Ave ID: Bldg Type: Apartments # Units: Avg Unit Size: 16 1,067 SF Bldg Vacant: Owner Type: Corporate/User Zoning: UV Land Area: 22,216 SF Bldg Status: Built in 1962 Bldg Size: Stories: 17,082 SF 2 Typical Floor Size: 8,541 SF Rent/SF/Yr: Elevators: 0 Parking: Expenses: Site Amenities: Metro Market: Submarket: County: CBSA: CSA: DMA: 20 free Surface Spaces are available; Ratio of 1.17/1,000 SF; 1.25/Unit 2016 $328.10/Unit Heating, Kitchen, Range Location Information Las Vegas Las Vegas Strip MF/The Strip MF Clark Las VegasHendersonParadise, NV Las VegasHenderson, NV Las Vegas, NV

5 MultiProperty MultiProperty sale on 1/27/2017 of 4 MultiFamily properties, for $10,950,000 ($171.18/SF) Research Complete (con't) Current Building Information: Albert Ave SOLD ID: Bldg Type: Apartments # Units: Avg Unit Size: 16 1,009 SF Bldg Vacant: Owner Type: Corporate/User Zoning: UV Land Area: 20,909 SF Bldg Status: Built in 1962 Bldg Size: Stories: 16,156 SF 2 Typical Floor Size: 8,078 SF Rent/SF/Yr: Elevators: 0 Parking: Expenses: Site Amenities: Metro Market: Submarket: County: CBSA: CSA: DMA: 20 free Surface Spaces are available; Ratio of 1.24/1,000 SF; 1.25/Unit 2016 $328.10/Unit Heating, Kitchen, Oven, Range Location Information Las Vegas Las Vegas Strip MF/The Strip MF Clark Las VegasHendersonParadise, NV Las VegasHenderson, NV Las Vegas, NV Current Building Information: Albert Ave ID: Bldg Type: Apartments # Units: Avg Unit Size: SF Bldg Vacant: Owner Type: Corporate/User Zoning: UV Land Area: 21,344 SF Bldg Status: Built in 1961 Bldg Size: Stories: 15,810 SF 2 Typical Floor Size: 7,905 SF Rent/SF/Yr: Elevators: 0 Parking: Expenses: Site Amenities: Metro Market: Submarket: County: CBSA: CSA: DMA: 20 free Surface Spaces are available; Ratio of 1.27/1,000 SF; 1.25/Unit 2016 $328.10/Unit Heating, Kitchen, Oven Location Information Las Vegas Las Vegas Strip MF/The Strip MF Clark Las VegasHendersonParadise, NV Las VegasHenderson, NV Las Vegas, NV

6 MultiProperty MultiProperty sale on 1/27/2017 of 4 MultiFamily properties, for $10,950,000 ($171.18/SF) Research Complete (con't) Current Building Information: 140 Albert Ave SOLD ID: Bldg Type: Apartments # Units: Avg Unit Size: SF Bldg Vacant: Owner Type: Corporate/User Zoning: H1 Land Area: 20,473 SF Bldg Status: Built in 1963 Bldg Size: Stories: 14,918 SF 2 Typical Floor Size: 9,532 SF Rent/SF/Yr: Elevators: 0 Parking: Expenses: Site Amenities: Metro Market: Submarket: County: CBSA: CSA: DMA: 30 free Surface Spaces are available; Ratio of 2.01/1,000 SF; 1.50/Unit 2016 $262.48/Unit Heating, Kitchen, Range Location Information Las Vegas Las Vegas Strip MF/The Strip MF Clark Las VegasHendersonParadise, NV Las VegasHenderson, NV Las Vegas, NV

7 3064 Kishner Dr Siegel Gardens Las Vegas, NV Sale on 9/1/2016 for $6,000,000 ($190.48/SF; $150,000/Unit) Research Complete 40 Unit, 31,500 SF Class C Apartments Building Built in 1961 SOLD Buyer & Seller Contact Info Recorded Buyer: The Siegel Group Nevada, Inc Recorded Seller: Somerset Investments LLC True Buyer: The Siegel Group Stephen Siegel 3790 Paradise Rd Las Vegas, NV (702) True Seller: Somerset Investments LLC Adam Klein 720 S Fourth St Las Vegas, NV Buyer Type: Developer/OwnerRGNL Seller Type: Other Private Buyer Broker: No Buyer Broker on Deal Listing Broker: No Listing Broker on Deal Transaction Details ID: Sale Date: Escrow Length: 09/01/2016 Sale Price: $6,000,000Full Value Asking Price: Price/SF: $ Price/SF Land Gross: $ Sale Type: Bldg Type: Year Built/Age: RBA: Land Area: Investment Apartments Built in 1961 Age: 55 31,500 SF 1.24 AC (54,014 SF) Percent Leased: GRM/GIM: / Transfer Tax: $30,600 No. of Tenants: 1 Tenants at time of sale: Somerset Apartments Percent Improved: 31.5% Total Value Assessed: Improved Value Assessed Land Value Assessed: Land Assessed/SF: $29.00 $2,336,514 in 2016 $736,514 $1,600,000 Legal Desc: Por SE4 Sec 9, T21S, R61E, M.D.M. Parcel No: Document No: # Units: 40 Price/Unit: $150,000 Avg Unit Size: 848 SF

8 3064 Kishner Dr Siegel Gardens SOLD 40 Unit, 31,500 SF Class C Apartments Building Built in 1961 (con't) SF of all Units: 33,940 UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 1/ / / Transaction Notes The Siegel Group Nevada acquired the former Somerset Apartments located at 3064 Kishner Dr in Las Vegas, NV. The full value price was recorded at $6,000,000. The complex will be renamed Siegel Gardens. The sale was an offmarket deal. The apartments were built in 1961 and are situated on 1.24 acres. The twostory complex totals approximately 31,500 square feet and is comprised of a mixture of 40 large one and two bedroom apartment units. The property features an exterior courtyard, swimming pool and laundry facility. Siegel Gardens is centrally located on Kishner Drive contiguous to the parking lot of the Las Vegas Convention Center (LVCC) to the east and adjacent to the former site of the Riviera Hotel that was acquired by the LVCC. The complex is just onehalf block from the Las Vegas Strip. The buyer, in a press release confirmed the acquisition and advised the property would continue to be operated as a traditional apartment complex while they investigated alternative redevelopment uses and further expansion opportunities. The information was verified from public record documents. Income Expense Data Expenses Taxes Operating Expenses Total Expenses $17,387 $17,387 Current Building Information ID: Bldg Type: Apartments # Units: Avg Unit Size: SF Bldg Vacant: 0 SF Owner Type: Developer/OwnerRGNL Zoning: H1 Land Area: 54,014 SF Bldg Status: Built in 1961 Bldg Size: Stories: 31,500 SF 2 Typical Floor Size: 17,303 SF Rent/SF/Yr: Elevators: 0 Parking: Expenses: Site Amenities: Metro Market: Submarket: County: CBSA: CSA: DMA: 90 free Surface Spaces are available; Ratio of 1.77/1,000 SF; 2.25/Unit 2016 $434.69/Unit Air Conditioning, Balcony, Cable Ready, Courtyard, Dishwasher, Disposal, Heating, Kitchen, Lawn, Oven, Pool, Property Manager on Site, Range, Refrigerator, WalkIn Closets Las Vegas Las Vegas Strip MF/The Strip MF Clark Las VegasHendersonParadise, NV Las VegasHenderson, NV Las Vegas, NV Location Information

9 3064 Kishner Dr Siegel Gardens SOLD 40 Unit, 31,500 SF Class C Apartments Building Built in 1961 (con't) Parcel Number: Legal Description: County: Clark Plat Map: 3064 Kishner Dr

10 2565 Lynnwood St Las Vegas, NV Sale on 10/18/2016 for $1,300,000 ($163.65/SF; $130,000/Unit) Research Complete 10 Unit, 7,944 SF Class C Apartments Building Built in 1962 SOLD Buyer & Seller Contact Info Recorded Buyer: Meiji Sangyo Co Ltd 8890 Spanish Ridge Ave Las Vegas, NV Recorded Seller: Z Leb Group LLC True Buyer: True Seller: Vibrant Realty Patrick Ziade 8890 Spanish Ridge Ave Las Vegas, NV (702) Seller Type: Corporate/User Buyer Broker: Marcus & Millichap Inc Listing Broker: Marcus & Millichap Inc Michael LaBar (702) Michael Shaffner (702) Michael LaBar (702) Michael Shaffner (702) Transaction Details ID: Sale Date: 10/18/2016 (64 days on market) Escrow Length: Sale Price: $1,300,000Confirmed Asking Price: $1,300,000 Price/SF: $ Price/SF Land Gross: $ Sale Type: Bldg Type: Year Built/Age: RBA: Land Area: Investment Apartments Built in 1962 Age: 54 7,944 SF 0.23 AC (10,019 SF) Percent Leased: GRM/GIM: / Pro Forma Cap Rate: 7.30% Actual Cap Rate: 7.29% Parcel No: Percent Improved: 71.7% Total Value Assessed: Improved Value Assessed Land Value Assessed: Land Assessed/SF: $6.00 $222,869 in 2016 $159,869 $63,000

11 2565 Lynnwood St SOLD 10 Unit, 7,944 SF Class C Apartments Building Built in 1962 (con't) Sale History: Sold for $1,300,000 ($163.65/SF; $130,000/Unit) on 10/18/2016 Portfolio sale of 8 properties sold for $5,220,000 ($62.42/SF; $41,102/Unit) on 8/1/2016 # Units: 10 Price/Unit: $130,000 Avg Unit Size: 794 SF UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 1/ / Transaction Notes The property was purchased for $1.3M, but was rerecorded for the sale price of $1.8 due to a double escrow and was resold with future guarantees. The cap rate was reported as 7.29% at the time of sale. Marcus & Millichap, Inc. represented the parties on the transaction. Current Building Information ID: Bldg Type: Apartments # Units: Avg Unit Size: SF Bldg Vacant: 0 SF Owner Type: Zoning: H1 Land Area: 10,019 SF Bldg Status: Built in 1962 Bldg Size: Stories: 7,944 SF 2 Typical Floor Size: 3,905 SF Rent/SF/Yr: Elevators: 0 Expenses: Metro Market: Submarket: County: CBSA: CSA: DMA: 2015 $175.30/Unit Location Information Las Vegas Downtown/Central Las Vegas MF/Winchester MF Clark Las VegasHendersonParadise, NV Las VegasHenderson, NV Las Vegas, NV

12 1111 S Cimarron Rd Bella Vida Apartments Las Vegas, NV Sale on 5/25/2017 for $9,200,000 ($129.99/SF; $127,778/Unit) Research Complete 72 Unit, 70,776 SF Class B Apartments Building Built in 1996 SOLD Buyer & Seller Contact Info Recorded Buyer: Sunroad Research Center Partners LP Recorded Seller: HZ Oasis Crossing Apartments, LLC True Buyer: Sunroad Enterprises, Inc. Jim McLennan 4445 Eastgate Mall San Diego, CA (858) True Seller: Hamilton Zanze & Company Anthony Zanze 37 Graham St San Francisco, CA (415) Buyer Type: Developer/OwnerRGNL Seller Type: Developer/OwnerNTL Buyer Broker: No Buyer Broker on Deal Listing Broker: CBRE Jeff Swinger (702) Transaction Details ID: Sale Date: Escrow Length: 05/25/ days Sale Price: $9,200,000Confirmed Asking Price: Price/SF: $ Price/SF Land Gross: $67.48 Sale Type: Bldg Type: Year Built/Age: RBA: Land Area: Investment Apartments Built in 1996 Age: 21 70,776 SF 3.13 AC (136,343 SF) Percent Leased: 97.0% GRM/GIM: / Percent Improved: 77.6% Sale Conditions: 1031 Exchange Total Value Assessed: $4,185,314 in 2017 Transfer Tax: $46,920 Improved Value Assessed $3,249,314 Land Value Assessed: $936,000 Land Assessed/SF: $6.00 No. of Tenants: 2 Tenants at time of sale: Avenue5 Bella Vida; Wolff Bella Vida Apartments Financing: Down payment of $2,200, (23.9%) $7,000, from Aetna Life Insurance Company Legal Desc: Lot two of Rock Sport Subdivision, Bk 67 of plats, pg 29 Parcel No:

13 1111 S Cimarron Rd Bella Vida Apartments SOLD 72 Unit, 70,776 SF Class B Apartments Building Built in 1996 (con't) Document No: Sale History: Sold for $9,200,000 ($129.99/SF; $127,778/Unit) on 5/25/2017 Sold for $7,390,000 ($104.41/SF; $102,639/Unit) on 2/12/2014 Portfolio sale of 14 properties sold for $200,175,001 ($73.77/SF; $64,614/Unit) on 5/23/2013 Sold on 6/30/1998 NonArms Length # Units: 72 Avg Unit Size: 982 SF SF of all Units: 70,752 Price/Unit: Avg Rent/Unit/Mo: Avg Rent/SF/Mo: UNIT MIX AT TIME OF SALE $127,778 $1,006 $1.02 Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 1/ $844 $865 $0.99 $1.02 $844 $865 $0.99 $ % 2/ ,146 $961 $1,034 $0.84 $0.90 $961 $1,034 $0.84 $ % Units CONCESSIONS BY UNIT MIX AT SALE Concessions Bed/Bath # Units % Avg SF Vacant Monthly Discount One Time Concession Concessions % 1/ % 2/ , % Transaction Notes Sale consists of the 72 unit Bella Vida Apartments that sold for $9.2M. The multifamily community was approximately 97% occupied at time of sale. Unit mix: 40 one bed/one bath (852 SF at $844$865/month) and 32 two bed/one bath (1,146 SF at $961$1,034/month) Interior amenities: Air Conditioning; Cable Ready; Ceiling Fans; Heating; Kitchen; Microwave; Range; Refrigerator; WalkIn Closets; Washer/Dryer; Wheelchair Accessible (Rooms) Exterior amenities: Business Center; Clubhouse; Fitness Center; Gated; Maintenance on site; Package Service; Pool; Property Manager on Site This was the buyer's upleg in a 1031 exchange Year built: 1996 Land size: 3.13 acres Current Building Information ID: Bldg Type: Apartments Bldg Status: Built in 1996 # Units: Avg Unit Size: SF Bldg Size: Stories: 70,776 SF 2 Bldg Vacant: 0 SF Typical Floor Size: 51,505 SF Owner Type: Developer/OwnerRGNL Metering: Individually Metered Zoning: C1 Rent/SF/Yr: Land Area: 136,343 SF Elevators: 0 Parking: Expenses: Site Amenities: 100 free Surface Spaces are available; 120 free Covered Spaces are available; Ratio of 3.11/1,000 SF; 3.06/Unit 2016 $591.43/Unit; 2014 $ /Unit Air Conditioning, Business Center, Cable Ready, Ceiling Fans, Clubhouse, Fitness Center, Gated, Heating, Kitchen, Maintenance on site, Microwave, Package Service, Pool, Property Manager on Site, Range, Refrigerator, WalkIn Closets, Washer/Dryer... Location Information

14 1111 S Cimarron Rd Bella Vida Apartments SOLD 72 Unit, 70,776 SF Class B Apartments Building Built in 1996 (con't) Metro Market: Submarket: County: Las Vegas Summerlin/Spring Valley MF/Canyon Gate MF Clark CBSA: Las VegasHendersonParadise, NV CSA: Las VegasHenderson, NV DMA: Las Vegas, NV Map(Page): Front Boys 455E41

15 420 S Maryland Pky Las Vegas, NV Sale on 6/22/2017 for $840,000 ($126.85/SF; $120,000/Unit) Public Record 7 Unit, 6,622 SF Class C Apartments Building Built in 1954, Renov 2016 SOLD Buyer & Seller Contact Info Recorded Buyer: Fenn C Kimball Trust Recorded Seller: Oaktree Capital Series 3 LLC True Buyer: Fenn C Kimball Trust Fenn Kimball 591 Telegraph Canyon Rd Chula Vista, CA (310) True Seller: Adam Fouladbakhsh Adam Fouladbakhsh 3722 Las Vegas Blvd Las Vegas, NV (702) Buyer Type: Trust Seller Type: Individual Buyer Broker: Simply Vegas Listing Broker: Simply Vegas Paul Macaluso (702) Paul Macaluso (702) Sale Date: 06/22/2017 (52 days on market) Escrow Length: Sale Price: $840,000 Asking Price: $874,999 Price/SF: $ Price/SF Land Gross: $ Transaction Details Sale Type: Bldg Type: Year Built/Age: RBA: Land Area: Investment Apartments Built in 1954, Renov 2016 Age: 63 6,622 SF 0.17 AC (7,405 SF) ID: Percent Leased: GRM/GIM: / Pro Forma Cap Rate: 7.51% Actual Cap Rate: 7.25% Sale History: Sold for $840,000 ($126.85/SF; $120,000/Unit) on 6/22/2017 Sold for $270,000 ($40.77/SF; $38,571/Unit) on 5/3/2016 Sold for $205,000 ($30.96/SF; $29,286/Unit) on 8/8/2013 Sold for $99,000 ($14.95/SF; $14,143/Unit) on 5/11/2012 # Units: Avg Unit Size: SF Price/Unit: $120,000 Avg Rent/Unit/Mo: $500

16 420 S Maryland Pky SOLD 7 Unit, 6,622 SF Class C Apartments Building Built in 1954, Renov 2016 (con't) UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 1/ / Current Building Information ID: Bldg Type: Apartments # Units: Avg Unit Size: SF Bldg Vacant: 0 SF Owner Type: Trust Zoning: R4 Land Area: 7,405 SF Bldg Status: Built in 1954, Renov 2016 Bldg Size: Stories: 6,622 SF 2 Typical Floor Size: 3,311 SF Rent/SF/Yr: Elevators: 0 Parking: Expenses: Metro Market: Submarket: County: CBSA: CSA: DMA: 6 free Surface Spaces are available; 1 free Covered Spaces are available; Ratio of 1.00/1,000 SF; 1.00/Unit 2016 $214.69/Unit; 2015 $ /Unit Location Information Las Vegas Downtown/Central Las Vegas MF/Downtown MF Clark Las VegasHendersonParadise, NV Las VegasHenderson, NV Las Vegas, NV

17 420 S Maryland Pky SOLD 7 Unit, 6,622 SF Class C Apartments Building Built in 1954, Renov 2016 (con't) Parcel Number: Legal Description: County: Clark Plat Map: 420 S Maryland Pky

18 432 E Sunset Rd Henderson, NV Sale on 11/21/2016 for $600,000 ($103.59/SF; $120,000/Unit) 5 Unit, 5,792 SF Class C Apartments Building Built in 1983 SOLD Transaction Details ID: Sale Date: Escrow Length: 11/21/2016 Sale Price: $600,000 Asking Price: Price/SF: $ Price/SF Land Gross: $76.52 Sale Type: Bldg Type: Year Built/Age: RBA: Land Area: Apartments Built in 1983 Age: 33 5,792 SF 0.18 AC (7,841 SF) Percent Leased: GRM/GIM: / Percent Improved: 78.7% Total Value Assessed: Improved Value Assessed Land Value Assessed: $98,796 $77,796 $21,000 Land Assessed/SF: $2.00 Legal Desc: SUNSET CIRCLE APARTMENTS PLAT BOOK 28 PAGE 35 LOT 4 & PT SW4 NE4 SEC SEC 01 TWP 22 RNG 62 Parcel No: , Document No: Sale History: Sold for $290,000 ($50.07/SF; $58,000/Unit) on 11/21/2016 Sold for $600,000 ($103.59/SF; $120,000/Unit) on 11/21/2016 # Units: 5 Price/Unit: $120,000 Avg Unit Size: 1,158 SF Income Expense Data Expenses Taxes Operating Expenses Total Expenses $1,821 $1,821

19 432 E Sunset Rd SOLD 5 Unit, 5,792 SF Class C Apartments Building Built in 1983 (con't) Current Building Information ID: Bldg Type: Apartments # Units: Avg Unit Size: 5 1,158 SF Bldg Vacant: 0 SF Owner Type: Zoning: RH36 Land Area: 7,841 SF Bldg Status: Built in 1983 Bldg Size: Stories: 5,792 SF 2 Typical Floor Size: 2,896 SF Rent/SF/Yr: Elevators: 0 Parking: Expenses: Metro Market: Submarket: County: CBSA: CSA: DMA: 8 free Surface Spaces are available; Ratio of 1.38/1,000 SF; 1.60/Unit 2016 $364.25/Unit Location Information Las Vegas Henderson MF/PittmanHenderson MF Clark Las VegasHendersonParadise, NV Las VegasHenderson, NV Las Vegas, NV

20 3923 Cambridge St Cambridge Garden Las Vegas, NV Sale on 12/2/2016 for $465,000 ($95.21/SF; $116,250/Unit) 4 Unit, 4,884 SF Class C Apartments Building Built in 1977 SOLD Buyer & Seller Contact Info Recorded Buyer: Recorded Seller: Darrell & Norma Jean Powell 2535 Grapewood Way Madera, CA (209) Listing Broker: Rothwell Gornt Companies Chris Brown (702) Richard Crighton (702) Transaction Details ID: Sale Date: Escrow Length: 12/02/2016 (86 days on market) 20 days Sale Price: $465,000 Asking Price: $469,900 Price/SF: $95.21 Sale Type: Bldg Type: Year Built/Age: RBA: Investment Apartments Built in 1977 Age: 39 4,884 SF Percent Leased: GRM/GIM: / Percent Improved: 70.9% Total Value Assessed: Improved Value Assessed Land Value Assessed: Land Assessed/SF: Parcel No: Sale History: Sold for $465,000 ($95.21/SF; $116,250/Unit) on 12/2/2016 Sold for $220,000 ($45.05/SF; $55,000/Unit) on 9/1/1993 # Units: 4 Avg Unit Size: 1,221 SF SF of all Units: 4,885 Price/Unit: $227,020 in 2016 $161,020 $66,000 $116,250

21 3923 Cambridge St Cambridge Garden SOLD 4 Unit, 4,884 SF Class C Apartments Building Built in 1977 (con't) UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 2/ ,000 $750 $750 $0.75 $0.75 2/ ,000 $900 $900 $0.90 $0.90 3/ ,250 $1,150 $1,150 $0.92 $0.92 Income Expense Data Income Expenses Net Income Gross Scheduled Income + Other Income Vacancy Allowance Effective Gross Income Taxes Operating Expenses Total Expenses Net Operating Income Debt Service Capital Expenditure Cash Flow Current Building Information $44,400 $2,332 $11,635 $13,967 $30,545 ID: Bldg Type: Apartments # Units: # of Bldgs: 4 1 Avg Unit Size: 1,221 SF Bldg Vacant: 0 SF Owner Type: Zoning: R4, Clark County Land Area: Bldg Status: Built in 1977 Bldg Size: Stories: 4,884 SF 2 Typical Floor Size: 2,442 SF Rent/SF/Yr: For Sale Only Elevators: 0 Parking: Expenses: Site Amenities: Metro Market: Submarket: County: CBSA: CSA: DMA: 4 free Covered Spaces are available; 4 free Surface Spaces are available; Ratio of 1.64/1,000 SF; 2.00/Unit 2016 $583.03/Unit; 2016 $ /Unit Pool Location Information Las Vegas Las Vegas Strip MF/Outer Las Vegas Strip MF Clark Las VegasHendersonParadise, NV Las VegasHenderson, NV Las Vegas, NV

22 Donna St North Las Vegas, NV Sale on 2/6/2017 for $690,000 ($143.75/SF; $115,000/Unit) Public Record 6 Unit, 4,800 SF Class C Apartments Building Built in 1964 SOLD Buyer & Seller Contact Info Recorded Buyer: Juan C Undaluquin 5220 S Pecos Rd Las Vegas, NV Miguel Undaluquin Recorded Seller: Dida Properties Llc Transaction Details ID: Sale Date: Escrow Length: 02/06/2017 Sale Price: $690,000 Asking Price: Price/SF: $ Price/SF Land Gross: $83.37 Sale Type: Bldg Type: Year Built/Age: RBA: Land Area: Apartments Built in 1964 Age: 53 4,800 SF 0.19 AC (8,276 SF) Percent Leased: GRM/GIM: / Financing: Percent Improved: 57.6% Total Value Assessed: Improved Value Assessed Land Value Assessed: Land Assessed/SF: $2.00 $730, from Private Individual Fas Fiancial Inc Parcel No: , Document No: Sale History: Portfolio sale of 4 properties sold on 2/6/2017 Sold for $690,000 ($143.75/SF; $115,000/Unit) on 2/6/2017 # Units: 6 Price/Unit: Avg Unit Size: 800 SF SF of all Units: 4,800 $54,545 in 2017 $31,445 $23,100 $115,000

23 Donna St SOLD 6 Unit, 4,800 SF Class C Apartments Building Built in 1964 (con't) UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 1/ / Current Building Information ID: Bldg Type: Apartments # Units: Avg Unit Size: SF Bldg Vacant: 0 SF Owner Type: Zoning: RA/R3 Land Area: 8,276 SF Bldg Status: Built in 1964 Bldg Size: Stories: 4,800 SF 1 Typical Floor Size: 4,800 SF Rent/SF/Yr: Elevators: 0 Expenses: Located: Metro Market: Submarket: County: CBSA: CSA: DMA: 2016 $294.31/Unit Location Information Donna St Las Vegas North Las Vegas/Sunrise Manor MF/Downtown North Las Vegas Clark Las VegasHendersonParadise, NV Las VegasHenderson, NV Las Vegas, NV

24 4265 S Bruce St Crossroads at Rochelle Apartments Las Vegas, NV Sale on 2/29/2016 for $3,400,000 ($69.84/SF; $113,333/Unit) Research Complete 60 Unit, 48,686 SF Class C Apartments Building Built in 1983 SOLD Buyer & Seller Contact Info Recorded Buyer: Crossroads At Rochelle LC Recorded Seller: BruceRochelle Apartments LLC True Buyer: Centennial Park Manufacturing John Knudson PO Box 930 Colorado City, AZ (928) True Seller: Jung Soon & Young Chan Choi Jung Choi 4265 Bruce St Las Vegas, NV (702) Buyer Type: Other Private Seller Type: Individual Transaction Details ID: Sale Date: Escrow Length: 02/29/2016 Sale Price: $3,400,000Full Value Asking Price: Price/SF: $69.84 Price/SF Land Gross: $38.07 Sale Type: Bldg Type: Year Built/Age: RBA: Land Area: Investment Apartments Built in 1983 Age: 33 48,686 SF 2.05 AC (89,298 SF) Percent Leased: GRM/GIM: / Percent Improved: 70.5% Total Value Assessed: Improved Value Assessed Land Value Assessed: $299,382 $211,182 $88,200 Land Assessed/SF: $0.00 No. of Tenants: 3 Tenants at time of sale: Bruce & Rochelle Apartments; BruceRochelle Apartment, LLC; Jung Soon Choi Financing: Down payment of $700, (20.6%) $2,700, from Meadows Bank Legal Desc: PT GOV LOT 26 SEC 23 TWP 21 RNG 61 Parcel No: Document No: Sale History: Portfolio sale of 2 properties sold for $3,400,000 ($47.76/SF; $54,839/Unit) on 2/29/2016 Sold for $3,400,000 ($69.84/SF; $113,333/Unit) on 2/29/2016

25 4265 S Bruce St Crossroads at Rochelle Apartments SOLD 60 Unit, 48,686 SF Class C Apartments Building Built in 1983 (con't) # Units: 60 Avg Unit Size: 866 SF SF of all Units: 51,960 Price/Unit: Avg Rent/Unit/Mo: Avg Rent/SF/Mo: UNIT MIX AT TIME OF SALE $113,333 $693 $0.81 Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 1/ / Transaction Notes The sale included a 30unit multifamily complex. Expenses Income Expense Data Taxes Operating Expenses Total Expenses $8,208 $8,208 Current Building Information ID: Bldg Type: Apartments # Units: Avg Unit Size: SF Bldg Vacant: 0 SF Owner Type: Individual Zoning: R4 Land Area: 89,298 SF Bldg Status: Built in 1983 Bldg Size: Stories: 48,686 SF 2 Typical Floor Size: 10,150 SF Rent/SF/Yr: Elevators: 0 Parking: Expenses: Site Amenities: Metro Market: Submarket: County: CBSA: CSA: DMA: 60 free Surface Spaces are available; 50 free Covered Spaces are available; Ratio of 2.58/1,000 SF; 1.83/Unit 2016 $136.79/Unit; 2007 Est $ /Unit Balcony, Heating, Kitchen, Laundry Facilities, Pool Location Information Las Vegas Las Vegas Strip MF/Outer Las Vegas Strip MF Clark Las VegasHendersonParadise, NV Las VegasHenderson, NV Las Vegas, NV

26 4265 S Bruce St Crossroads at Rochelle Apartments SOLD 60 Unit, 48,686 SF Class C Apartments Building Built in 1983 (con't) Parcel Number: Legal Description: County: Clark Plat Map: 4265 S Bruce St

27 2300 Sunrise Ave Las Vegas, NV Sale on 7/5/2016 for $1,100,000 ($154.93/SF; $110,000/Unit) Research Complete 10 Unit, 7,100 SF Class C Apartments Building Built in 1957 SOLD Buyer & Seller Contact Info Recorded Buyer: Madyson Capital Managment LLC Recorded Seller: M L J Properties Sunrise True Buyer: True Seller: Michael Jamail Michael Jamail 8920 Edmond St Las Vegas, NV (702) Seller Type: Individual Listing Broker: Elite Realty Anna Wilk (702) Transaction Details ID: Sale Date: Escrow Length: 07/05/2016 (357 days on market) Sale Price: $1,100,000Full Value Asking Price: $1,100,000 Price/SF: $ Price/SF Land Gross: $ Sale Type: Bldg Type: Year Built/Age: RBA: Land Area: Investment Apartments Built in 1957 Age: 59 7,100 SF 0.20 AC (8,712 SF) Percent Leased: GRM/GIM: / Actual Cap Rate: 8.00% Transfer Tax: $5,610 Financing: $600, from Seller Legal Desc: Lots 1 2blk 2 Moss Trt 4 bk 4 pg 75 Parcel No: , Document No: Percent Improved: 64.5% Total Value Assessed: Improved Value Assessed Land Value Assessed: Land Assessed/SF: $9.00 $228,246 in 2016 $147,246 $81,000

28 2300 Sunrise Ave SOLD 10 Unit, 7,100 SF Class C Apartments Building Built in 1957 (con't) Sale History: Portfolio sale of 2 properties sold on 4/25/2017 Portfolio sale of 2 properties sold for $1,090,000 ($76.76/SF; $54,500/Unit) on 11/2/2016 NonArms Length Sold for $1,090,000 ($153.52/SF; $109,000/Unit) on 10/14/2016 NonArms Length Sold on 10/14/2016 Sold for $1,100,000 ($154.93/SF; $110,000/Unit) on 7/5/2016 Portfolio sale of 2 properties sold for $453,000 ($31.90/SF; $22,650/Unit) on 4/18/2014 Portfolio sale of 2 properties sold for $330,000 ($23.24/SF; $16,500/Unit) on 5/31/2012 Portfolio sale of 2 properties sold for $675,000 ($47.54/SF; $33,750/Unit) on 4/28/2010 NonArms Length Portfolio sale of 2 properties sold for $680,000 ($47.89/SF; $34,000/Unit) on 12/23/2003 Portfolio sale of 2 properties sold for $339,800 ($23.93/SF; $16,990/Unit) on 7/31/1997 Portfolio sale of 2 properties sold for $285,000 ($20.07/SF; $14,250/Unit) on 9/14/1992 # Units: 10 Price/Unit: $110,000 Avg Unit Size: 520 SF SF of all Units: 5,200 UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 1/ Transaction Notes The details to this transaction are not available. Expenses Income Expense Data Taxes Operating Expenses Total Expenses $1,797 $1,797 Current Building Information ID: Bldg Type: Apartments # Units: # of Bldgs: 10 2 Avg Unit Size: 520 SF Units per AC: 49 Bldg Vacant: 0 SF Owner Type: Zoning: R4, Las Vegas Land Area: 8,712 SF Bldg Status: Built in 1957 Bldg Size: Stories: 7,100 SF 2 Typical Floor Size: 2,600 SF Const Type: Reinforced Concrete, Rent/SF/Yr: Elevators: 0 Parking: Expenses: Site Amenities: Metro Market: Submarket: County: CBSA: CSA: DMA: 20 Surface Spaces are available; Ratio of 3.85/1,000 SF; 2.00/Unit 2016 $179.72/Unit Gated, Granite Countertops, Heating, Laundry Facilities, Range Location Information Las Vegas Downtown/Central Las Vegas MF/Downtown MF Clark Las VegasHendersonParadise, NV Las VegasHenderson, NV Las Vegas, NV

29 2300 Sunrise Ave SOLD 10 Unit, 7,100 SF Class C Apartments Building Built in 1957 (con't) Parcel Number: Legal Description: County: Clark Plat Map: 4265 S Bruce St

30 217 N 9th St Las Vegas, NV Sale on 10/20/2016 for $850,000 ($231.48/SF; $106,250/Unit) Research Complete 8 Unit, 3,672 SF Class C Apartments Building Built in 1942 SOLD Buyer & Seller Contact Info Recorded Buyer: Madyson Realty Partners, LLC Recorded Seller: Oaktree Capital Series LLC, Series 1 True Buyer: Madyson Capital Management, LLC 3204 N Academy Blvd True Seller: Adam Fouladbakhsh Adam Fouladbakhsh Colorado Springs, CO Las Vegas Blvd (719) Las Vegas, NV (702) Buyer Type: Developer/OwnerRGNL Seller Type: Individual Buyer Broker: Simply Vegas Listing Broker: Simply Vegas Paul Macaluso (702) Paul Macaluso (702) Transaction Details ID: Sale Date: Escrow Length: 10/20/2016 (77 days on market) 30 days Sale Price: $850,000Confirmed Asking Price: $899,999 Price/SF: $ Price/SF Land Gross: $ Sale Type: Bldg Type: Year Built/Age: RBA: Land Area: Investment Apartments Built in 1942 Age: 74 3,672 SF 0.16 AC (6,970 SF) Percent Leased: GRM/GIM: / Actual Cap Rate: 8.00% Legal Desc: Lot 13 in Blk 16 of Buck's Subdiv of Las Vegas Parcel No: Document No: Percent Improved: 33.6% Total Value Assessed: Improved Value Assessed Land Value Assessed: Land Assessed/SF: $14.00 $156,646 in 2016 $52,646 $104,000

31 217 N 9th St SOLD 8 Unit, 3,672 SF Class C Apartments Building Built in 1942 (con't) Sale History: Sold on 5/17/2017 Sold on 4/25/2017 Sold for $850,000 ($231.48/SF; $106,250/Unit) on 10/20/2016 Sold for $215,000 ($58.55/SF; $26,875/Unit) on 10/17/2014 Sold for $215,000 ($58.55/SF; $26,875/Unit) on 1/21/2014 Sold for $150,000 ($40.85/SF; $18,750/Unit) on 4/15/2010 Sold for $550,000 ($149.78/SF; $68,750/Unit) on 11/30/2006 # Units: 8 Price/Unit: Avg Unit Size: 671 SF SF of all Units: 5,373 UNIT MIX AT TIME OF SALE $106,250 Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 1/ / Transaction Notes Maydon Realty Partners, LLC purchased the 8unit multifamily property as an investment. The cap rate at the time of sale was 8.00% and the escrow period was 30 days. No sale condition was mentioned at the time of sale. Paul Macaluso of Simple Vegas represented both the seller and buyer in this transaction. The broker confirmed all the information. Income Expense Data Expenses Taxes Operating Expenses Total Expenses $1,358 $1,358 Current Building Information ID: Bldg Type: Apartments # Units: Avg Unit Size: Avg Vacancy: SF 0.0% Bldg Vacant: 0 SF Owner Type: Developer/OwnerRGNL Zoning: C2, Las Vegas Land Area: 6,970 SF Bldg Status: Built in 1942 Bldg Size: Stories: 3,672 SF 2 Typical Floor Size: 1,836 SF Rent/SF/Yr: Elevators: 0 Parking: Expenses: Metro Market: Submarket: County: CBSA: CSA: DMA: 8 free Surface Spaces are available; Ratio of 2.18/1,000 SF; 1.00/Unit 2016 $169.81/Unit Location Information Las Vegas Downtown/Central Las Vegas MF/Downtown MF Clark Las VegasHendersonParadise, NV Las VegasHenderson, NV Las Vegas, NV

32 217 N 9th St SOLD 8 Unit, 3,672 SF Class C Apartments Building Built in 1942 (con't) Parcel Number: Legal Description: County: Clark Plat Map: 4265 S Bruce St

33 1901 Haren Dr Haren Apartments Henderson, NV Sale on 3/31/2017 for $2,850,000 ($97.87/SF; $101,786/Unit) Research Complete 28 Unit, 29,120 SF Class C Apartments Building Built in 1991 SOLD Buyer & Seller Contact Info Recorded Buyer: FUSO Corporation Recorded Seller: Z Leb Group LLC True Buyer: Vibrant Realty Patrick Ziade 8890 Spanish Ridge Ave Las Vegas, NV (702) True Seller: Vibrant Realty Patrick Ziade 8890 Spanish Ridge Ave Las Vegas, NV (702) Buyer Type: Corporate/User Seller Type: Corporate/User Buyer Broker: No Buyer Broker on Deal Listing Broker: No Listing Broker on Deal Transaction Details ID: Sale Date: Escrow Length: 03/31/ days Sale Price: $2,850,000Confirmed Asking Price: Price/SF: $97.87 Price/SF Land Gross: $70.35 Sale Type: Bldg Type: Year Built/Age: RBA: Land Area: Investment Apartments Built in 1991 Age: 26 29,120 SF 0.93 AC (40,511 SF) Percent Leased: GRM/GIM: / Actual Cap Rate: 6.70% Sale Conditions: Deferred Maintenance, Double Escrow Percent Improved: 82.7% Total Value Assessed: Improved Value Assessed $1,132,603 in 2017 $936,603 Land Value Assessed: $196,000 Land Assessed/SF: $4.00 Legal Desc: Ptn SW4 NE4 S1 T22S R62E M.D.B. & M Parcel No: Sale History: Sold for $2,050,000 ($70.40/SF; $73,214/Unit) on 3/31/2017 Sold for $2,850,000 ($97.87/SF; $101,786/Unit) on 3/31/2017 Sold for $1,700,000 ($58.38/SF; $60,714/Unit) on 3/5/2015 Sold for $1,260,000 ($43.27/SF; $45,000/Unit) on 8/9/2013 Sold for $650,001 ($22.32/SF; $23,214/Unit) on 7/2/2012 NonArms Length

34 1901 Haren Dr Haren Apartments SOLD 28 Unit, 29,120 SF Class C Apartments Building Built in 1991 (con't) # Units: 28 Avg Unit Size: 1,085 SF SF of all Units: 30,400 Price/Unit: Avg Rent/Unit/Mo: Avg Rent/SF/Mo: UNIT MIX AT TIME OF SALE $101,786 $727 $0.67 Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 2/ ,000 $665 $665 $0.67 $0.67 3/ ,200 $810 $810 $0.68 $0.68 Transaction Notes This was part of a double escrow. Comp is related. This transaction did not have any brokers involved. The transaction has been confirmed by the seller/buyer involved. Current Building Information ID: Bldg Type: # Units: Avg Unit Size: Bldg Vacant: Owner Type: Zoning: Land Area: Apartments 28 1,085 SF 0 SF Corporate/User RH36 40,511 SF Bldg Status: Built in 1991 Bldg Size: Stories: 29,120 SF 2 Typical Floor Size: 14,560 SF Rent/SF/Yr: Elevators: 0 Parking: Expenses: Site Amenities: Metro Market: Submarket: County: CBSA: CSA: DMA: 28 free Covered Spaces are available; 20 free Surface Spaces are available; Ratio of 1.65/1,000 SF; 1.71/Unit 2016 $303.52/Unit; 2012 $ /Unit Air Conditioning, Ceiling Fans, Courtyard, Disposal, Kitchen, Laundry Facilities, Property Manager on Site, Range, Refrigerator Las Vegas Henderson MF/PittmanHenderson MF Clark Las VegasHendersonParadise, NV Las VegasHenderson, NV Las Vegas, NV Location Information

35 5101 O'Bannon Dr Fifty 101 Las Vegas, NV Sale on 12/26/2016 for $9,100,000 ($104.27/SF; $101,111/Unit) Research Complete 90 Unit, 87,270 SF Class B Apartments Building Built in 1989, Renov 2002 SOLD Buyer & Seller Contact Info Recorded Buyer: The Bascom Group LLC Recorded Seller: Pebble Cove LLC True Buyer: The Bascom Group Scott McClave 26 Corporate Park Dr Irvine, CA (949) True Seller: Bountiful Properties & Investments, Inc. Malcolm MacNaughton 365 Mira Montes Dr Woodside, CA (650) Bountiful Property Management Claudine RuizLivingston 525 Harris St Henderson, NV (702) Buyer Type: Equity Funds Seller Type: Other Private Buyer Broker: NAI Vegas Listing Broker: NAI Vegas Patrick Sauter (702) Art Carll (702) Patrick Sauter (702) Art Carll (702) Sale Date: Escrow Length: 12/26/2016 (167 days on market) 75 days Sale Price: $9,100,000Confirmed Asking Price: $9,500,000 Price/SF: $ Price/SF Land Gross: $50.58 Percent Leased: 95.0% GRM/GIM: / Actual Cap Rate: 6.50% No. of Tenants: 1 Tenants at time of sale: Bountiful Pebble Cove Transaction Details Sale Type: Bldg Type: Year Built/Age: RBA: Land Area: Investment Apartments Built in 1989, Renov 2002 Age: 27 87,270 SF 4.13 AC (179,903 SF) ID:

36 5101 O'Bannon Dr Fifty 101 SOLD 90 Unit, 87,270 SF Class B Apartments Building Built in 1989, Renov 2002 (con't) Financing: Down payment of $640, (7.0%) $8,460, from TCF Bank Parcel No: , Document No: # Units: 90 Avg Unit Size: 969 SF SF of all Units: 87,270 Price/Unit: Avg Rent/Unit/Mo: Avg Rent/SF/Mo: UNIT MIX AT TIME OF SALE $101,111 $1,129 $1.16 Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 1/ $860 $860 $1.24 $1.24 2/ $995 $995 $1.06 $1.06 2/ / ,225 $1,115 $1,115 $0.91 $0.91 Transaction Notes Sale consists of the 90 unit Pebble Cove Apartment community that traded for $9.1M ($101,111 per unit). Property totals 87,270 SF over several buildings, built in 1989, renovated 2002, and sits on 4.13 acres. The average unit rents were about $1,000/month and the average size is approx. 951 SF. Talonvest secured the financing for the buyer for $8.46M from TCF Bank. The community unit mix comprises of 16 one bed/one bath ($860/month at 695 SF), and 50 two bed/two bath ($995/month at 935 SF), and 24 three bed/two bath ($1,115/month at 1,225 SF). At the time of sale the property was 95% occupied and actual Cap Rate of 6.5%. Interior Amenities: Air Conditioning; Balcony; Barbecue Area; Cable Ready; Ceiling Fans; Dishwasher; Disposal; Hardwood Floors; High Speed Internet Access; Microwave; Oven; Patio; Range; Refrigerator; Views; Washer/Dryer; Wheelchair Accessible (Rooms); Yard Community Amenities: Basketball Court; Clubhouse; Courtyard; Fitness Center; Grill; Online Services; Picnic Area; Pool; Sauna; Spa; Storage Space Income Expense Data Estimated Income Expenses Estimated Net Income Gross Scheduled Income + Other Income Vacancy Allowance Effective Gross Income Taxes Operating Expenses Total Expenses Net Operating Income Debt Service Capital Expenditure Cash Flow $1,018,440 $83,267 ($71,291) $1,030,416 $51,000 $391,542 $442,542 $587,874 $587,874

37 5101 O'Bannon Dr Fifty 101 SOLD 90 Unit, 87,270 SF Class B Apartments Building Built in 1989, Renov 2002 (con't) Current Building Information ID: Bldg Type: Apartments Bldg Status: Built in 1989, Renov 2002 # Units: Avg Unit Size: SF Bldg Size: Stories: 87,270 SF 2 Bldg Vacant: 0 SF Typical Floor Size: 54,903 SF Owner Type: Equity Funds Metering: Individually Metered Zoning: RPD18 Rent/SF/Yr: Land Area: 179,903 SF Elevators: 0 Parking: Expenses: Site Amenities: Metro Market: Submarket: County: CBSA: CSA: DMA: 50 free Surface Spaces are available; 90 free Covered Spaces are available; Ratio of 1.60/1,000 SF; 1.56/Unit 2016 $566.66/Unit; 2016 $ /Unit Air Conditioning, Balcony, Barbecue Area, Basketball Court, Cable Ready, Ceiling Fans, Clubhouse, Courtyard, Dishwasher, Disposal, Fitness Center, Grill, Hardwood Floors, High Speed Internet Access, Microwave, Online Services, Oven, Patio... Location Information Las Vegas Downtown/Central Las Vegas MF/Outer Downtown/Central La Clark Las VegasHendersonParadise, NV Las VegasHenderson, NV Las Vegas, NV

38 4855 McLeod Dr Las Vegas, NV Sale on 8/10/2016 for $980,000 ($125.64/SF; $98,000/Unit) Research Complete 10 Unit, 7,800 SF Class C Apartments Building Built in 1981 SOLD Buyer & Seller Contact Info Recorded Buyer: Tatsunori Kitao Recorded Seller: Z Leb Group LLC True Buyer: Vibrant Realty Jude Nassar 8890 Spanish Ridge Ave Las Vegas, NV (702) True Seller: Appleton Properties Philippe Ziade 8890 Spanish Ridge Las Vegas, NV (702) Buyer Type: Corporate/User Seller Type: Developer/OwnerRGNL Buyer Broker: Vibrant Realty Jude Nassar (702) Listing Broker: No Listing Broker on Deal Transaction Details ID: Sale Date: Escrow Length: 08/10/2016 Sale Price: $980,000Confirmed Asking Price: Price/SF: $ Price/SF Land Gross: $60.80 Sale Type: Bldg Type: Year Built/Age: RBA: Land Area: Investment Apartments Built in 1981 Age: 35 7,800 SF 0.37 AC (16,117 SF) Percent Leased: GRM/GIM: / Actual Cap Rate: 6.00% Sale Conditions: Double Escrow Financing: Down payment of $980, (100.0%) Percent Improved: 70.4% Total Value Assessed: Improved Value Assessed Land Value Assessed: Land Assessed/SF: $1.00 Parcel No: Document No: Sale History: Sold for $680,000 ($87.18/SF; $68,000/Unit) on 8/10/2016 Sold for $980,000 ($125.64/SF; $98,000/Unit) on 8/10/2016 $106,370 in 2016 $74,870 $31,500

39 4855 McLeod Dr SOLD 10 Unit, 7,800 SF Class C Apartments Building Built in 1981 (con't) # Units: 10 Avg Unit Size: 780 SF SF of all Units: 7,800 Price/Unit: Avg Rent/Unit/Mo: Avg Rent/SF/Mo: UNIT MIX AT TIME OF SALE $98,000 $695 $0.89 Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 2/ $695 $695 $0.89 $0.89 Transaction Notes The sale included a 10unit multifamily building. 6% cap rate based upon income inplace at the time of sale. Building was 100% occupied and consisted of 10 twobedroom/onebath units averaging 780 SF with average rents of $695 per month. NOI $44,119 at time of sale. The buyer is located in Japan. Jude Nassar represented the transaction for the buyer, and is affiliated with the seller. The deal was an armslength transaction. Income Expense Data Expenses Taxes Operating Expenses Total Expenses $3,950 $3,950 Current Building Information ID: Bldg Type: Apartments # Units: Avg Unit Size: Avg Vacancy: SF 0.0% Bldg Vacant: 0 SF Owner Type: Corporate/User Zoning: C2 Land Area: 16,117 SF Bldg Status: Built in 1981 Bldg Size: Stories: 7,800 SF 2 Typical Floor Size: 3,900 SF Rent/SF/Yr: Elevators: 0 Parking: Expenses: Metro Market: Submarket: County: CBSA: CSA: DMA: 13 Surface Spaces are available; Ratio of 1.30/Unit 2016 $395.02/Unit Location Information Las Vegas Paradise Valley East MF/Paradise Valley East MF Clark Las VegasHendersonParadise, NV Las VegasHenderson, NV Las Vegas, NV

40 8400 W Charleston Blvd, Unit 40 units Solana Apartments Las Vegas, NV Sale on 1/4/2017 for $3,650,000 ($81.68/SF; $91,250/Unit) Research Complete 0 Unit, 44,685 SF Class B Apartments Condominium in a 105,238 SF building Built in 1997 SOLD Buyer & Seller Contact Info Recorded Buyer: Quokka Hills LLC Recorded Seller: Solana Village LLC True Buyer: Tammy Tsai Tammy Tsai 2505 Anthem Village Dr Henderson, NV (702) True Seller: Acquest Real Estate, Inc. Ingrid Huang 6268 Spring Mountain Rd Las Vegas, NV (702) Buyer Type: Individual Seller Type: Other Private Listing Broker: Hotpoint Realty LLC Ina Huang (702) Transaction Details ID: Sale Date: Escrow Length: 01/04/2017 (182 days on market) Sale Price: $3,650,000Confirmed Asking Price: $3,800,000 Price/SF: $81.68 Sale Type: Condo Type: Year Built/Age: RBA: Investment 44,685 SF MultiFamily Condo Built in 1997 Age: ,238 SF Percent Leased: GRM/GIM: / Actual Cap Rate: 5.41% Transfer Tax: $18,615 Financing: Down payment of $3,650, (100.0%) Legal Desc: Units 101,103, Bldg One, Units 105,106,108 and 208 in Bldg two, unit 112 in bldg three... Malibu Canyon Condos File Bk 135 of plats, pg 32 Parcel No: , , , , , , , , , , , , , , , Document No:

41 8400 W Charleston Blvd, Unit 40 units Solana Apartments SOLD 0 Unit, 44,685 SF Class B Apartments Condominium in a 105,238 SF building Built in 1997 (con't) Sale History: Sold for $3,650,000 ($81.68/SF; $91,250/Unit) on 1/4/2017 Sold for $2,100,000 ($47.00/SF; $53,846/Unit) on 11/24/2010 Sold for $2,027,178 ($45.37/SF; $51,979/Unit) on 10/26/2010 NonArms Length Sold for $11,225,000 ($106.66/SF; $122,011/Unit) on 1/11/2006 Sold for $6,356,000 ($60.40/SF; $69,087/Unit) on 9/2/2003 Sold on 3/13/2003 NonArms Length # Units: 0 Avg Unit Size: 1,074 SF SF of all Units: 98,868 Transaction Notes Price/Unit: Avg Rent/Unit/Mo: Avg Rent/SF/Mo: $91,250 $866 $0.81 Sale consists of 40 condo units in the Solana Apartments community that traded for $3,650,000 ($91,250 per unit). Property totals approx. 44,685 SF over several buildings, built in 1997, and sits on 4.62 acres. The average size is approx. 778 SF and the average rents are $862/month. The condominium community totals 92unit condos. The 40 unit mix comprises of 1 bed/1 bath ($750/month at 736 SF), 2 bed/2 bath units ($850$900/month at 1,0741,173 SF), and 3 bed/two bed units ($950/month at 1,232 SF). The asset sold with a 5.41% pro forma Cap Rate. Interior Amenities: Air Conditioning; Balcony; Fireplace; Granite Countertops; Patio; Wheelchair Accessible (Rooms) Community Amenities: Clubhouse; Courtyard; Fitness Center; Pool Broker highlights: Beautiful gated small condo community, 40 out of 92U, built in 1997, some upgrade been done in 2007, 61Br,736 Sqft, 282/2,1074 sqft, 63/ Sqft Resort style Condos with mature landscape, fitness center, pool, club house. Fireplace, balconies, patio. Granite counter top. Prime location near Boca Park, Sahara Shopping center Summerline, Red Rock Casino, Sun Coast, Rampart Casino. Close to Fwy 215 and 95 Seller reported $3.6M sale price Current Building Information ID: Bldg Type: Apartments Bldg Status: Built in 1997 # Units: Avg Unit Size: 0 1,074 SF Bldg Size: Stories: 105,238 SF 2 Bldg Vacant: 0 SF Typical Floor Size: 66,275 SF Owner Type: Metering: Individually Metered Zoning: RPD18, Las Vegas Rent/SF/Yr: Land Area: 201,247 SF Elevators: 0 Parking: Expenses: Site Amenities: Metro Market: Submarket: County: CBSA: CSA: DMA: 92 free Covered Spaces are available; 75 free Surface Spaces are available; Ratio of 1.59/1,000 SF; 1.82/Unit 2016 $137.04/Unit Air Conditioning, Balcony, Clubhouse, Courtyard, Fireplace, Fitness Center, Granite Countertops, Patio, Pool, Wheelchair Accessible (Rooms) Location Information Las Vegas Summerlin/Spring Valley MF/Summerlin MF Clark Las VegasHendersonParadise, NV Las VegasHenderson, NV Las Vegas, NV

42 8400 W Charleston Blvd, Unit 40 units Solana Apartments SOLD 0 Unit, 44,685 SF Class B Apartments Condominium in a 105,238 SF building Built in 1997 (con't) Parcel Number: , , , , , , , , , , , , , , , Legal Description: County: Clark Plat Map: 8400 W Charleston Blvd

43 E Flamingo Rd The Point on Flamingo Las Vegas, NV Sale on 5/4/2017 for $17,425,000 ($89.77/SF; $90,755/Unit) Research Complete 192 Unit, 194,110 SF Under Renovation Class C Apartments Building Under Renovation, delivers Aug 2018 SOLD Buyer & Seller Contact Info Recorded Buyer: 939 Flamingo LLC Recorded Seller: Vegas One True Buyer: Glenwood Intermountain Properties 1425 N University Ave Provo, UT (801) True Seller: Gonenco, Inc 5521 Paradise Valley Rd Hidden Hills, CA (818) Buyer Type: Developer/OwnerRGNL Seller Type: Corporate/User Buyer Broker: No Buyer Broker on Deal Listing Broker: Newmark Knight Frank Angela Bates (702) Doug Schuster (702) Curt Allsop (702) Vittal Ram (702) Transaction Details ID: Sale Date: Escrow Length: 05/04/2017 Sale Price: $17,425,000Confirmed Asking Price: Price/SF: $89.77 Price/SF Land Gross: $81.80 Sale Type: Bldg Type: Year Built/Age: RBA: Land Area: Investment Apartments Age: ,110 SF 4.89 AC (213,008 SF) Percent Leased: GRM/GIM: / Actual Cap Rate: 5.13% Transfer Tax: $88, No. of Tenants: 1 Percent Improved: 73.1% Total Value Assessed: Improved Value Assessed Land Value Assessed: Land Assessed/SF: $8.00 $6,430,860 in 2017 $4,702,860 $1,728,000

44 E Flamingo Rd The Point on Flamingo SOLD 192 Unit, 194,110 SF Under Renovation Class C Apartments Building Under Renovation, delivers Aug 2018 (con't) Tenants at time of sale: Financing: Pinnacle Marina Bay Apartments $18,100, from Benefit Street Partners CRE Finance LLC:: due in 24 yrs; Short Term loan type Legal Desc: SEC 22 TWP 21 RNG 61 Parcel No: , Document No: Sale History: Sold for $17,425,000 ($89.77/SF; $90,755/Unit) on 5/4/2017 Sold for $9,625,000 ($49.59/SF; $50,130/Unit) on 8/10/2012 Sold for $6,200,000 ($31.94/SF; $32,292/Unit) on 7/1/2009 NonArms Length Sold for $0 ($0/Unit) on 4/30/2009 NonArms Length Sold for $1,050,000 ($5.41/SF; $5,469/Unit) on 4/27/2009 NonArms Length Sold for $8,290,000 ($42.71/SF; $43,177/Unit) on 10/20/1999 NonArms Length # Units: 192 Price/Unit: $90,755 Avg Unit Size: 1,010 SF SF of all Units: 193,920 UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 2/ ,010 2/ ,010 Transaction Notes This transaction represents the sale of a 192multifamily community situated on a 4.89acre parcel located in the City of Las Vegas. Unit mix is comprised of 192 2bed/1.5 bath, approximately 1010 SF units. Unit amenities include dishwasher/disposal, ceiling fans, and refrigerators; site amenities include two pools & spas, laundry facilities, four courtyards, and grill/picnic areas. Property is located adjacent to UNLV. Buyer will be converting the complex to student housing, and will be converting all units to 2bed/2bath to provide housing for 384 students. Additionally, buyer will be adding an ELounge, renovating the clubhouse, and adding activity areas in all of the courtyards. Estimated timeline to completely renovate the property is approximately one year. Property originally delivered in 1972, and was last renovated in Eleven of the units were recently damaged in a fire, and buyer will be doing a total reconstruction (plumbing, electrical, drywall, etc) on the damaged units. Estimated cost to cure was not disclosed. Average occupancy was reported at approximately 94%; cap rate based on actual income & expenses at the time of sale. We were unable to determine the amount of downpayment, if any. There were no other reported conditions on this transaction.

45 E Flamingo Rd The Point on Flamingo SOLD 192 Unit, 194,110 SF Under Renovation Class C Apartments Building Under Renovation, delivers Aug 2018 (con't) Current Building Information ID: Bldg Type: Apartments Bldg Status: Under Renovation, delivers Aug 2018 # Units: Avg Unit Size: 192 1,010 SF Bldg Size: Stories: 194,110 SF 3 Bldg Vacant: 0 SF Typical Floor Size: 67,602 SF Owner Type: Developer/OwnerRGNL Metering: Individually Metered Zoning: R5, County Rent/SF/Yr: Land Area: 213,008 SF Elevators: 0 Parking: Expenses: Site Amenities: 268 free Surface Spaces are available; Ratio of 1.38/1,000 SF; 1.40/Unit 2016 $271.43/Unit; 2011 $ /Unit, 2012 Est $ /Unit Air Conditioning, Breakfast/Coffee Concierge, Cable Ready, Carpet, Ceiling Fans, Courtyard, Dining Room, Dishwasher, Disposal, Elevator, Grill, Heating, Laundry Facilities, Laundry Service, Picnic Area, Pool, Property Manager on Site... Location Information Second Address: 969 E Flamingo Rd Metro Market: Submarket: County: Las Vegas Las Vegas Strip MF/Outer Las Vegas Strip MF Clark CBSA: Las VegasHendersonParadise, NV CSA: Las VegasHenderson, NV DMA: Las Vegas, NV Map(Page): Thomas Bros. Guide 924F2

46 E Flamingo Rd The Point on Flamingo SOLD 192 Unit, 194,110 SF Under Renovation Class C Apartments Building Under Renovation, delivers Aug 2018 (con't) Parcel Number: , Legal Description: Por NW4 sec 22 T21S R61E County: Clark Plat Map: E Flamingo Rd

47 4409 Spencer St Sea Fox Apartments Las Vegas, NV Sale on 1/28/2016 for $2,100,000 ($100.95/SF; $87,500/Unit) Research Complete 24 Unit, 20,802 SF Class B Apartments Building Built in 1990 SOLD Buyer & Seller Contact Info Recorded Buyer: EBH Management Co LLC ALS Property Holdings LLC 5300 Spring Mountain Rd Las Vegas, NV (702) Recorded Seller: JenShih & LianPin Lee True Buyer: True Seller: JenShih & LianPin Lee JenShih Lee PO Box Rancho Santa Fe, CA (858) Seller Type: Individual Buyer Broker: Best 1 Realty Hong Eon Listing Broker: Simply Vegas Paul Macaluso (702) Transaction Details ID: Sale Date: Escrow Length: 01/28/2016 (100 days on market) 60 days Sale Price: $2,100,000Confirmed Asking Price: Price/SF: $ Price/SF Land Gross: $52.98 Sale Type: Bldg Type: Year Built/Age: RBA: Land Area: Investment Apartments Built in 1990 Age: 26 20,802 SF 0.91 AC (39,640 SF) Percent Leased: GRM/GIM: / Actual Cap Rate: 7.50% Transfer Tax: $10,710 No. of Tenants: 1 Tenants at time of sale: Sea Fox Apartments Percent Improved: 80.2% Total Value Assessed: Improved Value Assessed Land Value Assessed: Land Assessed/SF: $5.00 $1,091,106 in 2016 $875,106 $216,000

48 4409 Spencer St Sea Fox Apartments SOLD 24 Unit, 20,802 SF Class B Apartments Building Built in 1990 (con't) Parcel No: Document No: Sale History: Sold for $2,100,000 ($100.95/SF; $87,500/Unit) on 1/28/2016 Sold for $2,210,000 ($106.24/SF; $92,083/Unit) on 7/29/2005 Sold for $1,350,000 ($64.90/SF; $56,250/Unit) on 1/2/1998 Sold for $1,139,000 ($54.75/SF; $47,458/Unit) on 2/3/1994 Sold for $1,440,000 ($69.22/SF; $60,000/Unit) on 3/4/1992 # Units: 24 Price/Unit: Avg Unit Size: 868 SF SF of all Units: 20,852 UNIT MIX AT TIME OF SALE $87,500 Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 1/ / ,080 Income Expense Data Expenses Taxes Operating Expenses Total Expenses $9,320 $9,320 Current Building Information ID: Bldg Type: Apartments # Units: # of Bldgs: 24 1 Avg Unit Size: 868 SF Units per AC: 26 Bldg Vacant: 0 SF Owner Type: Other Private Zoning: R1, County Land Area: 39,640 SF Bldg Status: Built in 1990 Bldg Size: Stories: 20,802 SF 2 Typical Floor Size: 10,401 SF Metering: Individually Metered Rent/SF/Yr: Elevators: 0 Parking: Expenses: Site Amenities: Metro Market: Submarket: County: CBSA: CSA: DMA: 13 free Surface Spaces are available; 24 free Covered Spaces are available; Ratio of 1.54/1,000 SF; 1.54/Unit 2016 $388.31/Unit Air Conditioning, Balcony, Dishwasher, Disposal, Fireplace, Hardwood Floors, Laundry Facilities, Microwave, Property Manager on Site, Range, Recycling, Refrigerator, WalkIn Closets, Washer/Dryer Location Information Las Vegas Las Vegas Strip MF/Outer Las Vegas Strip MF Clark Las VegasHendersonParadise, NV Las VegasHenderson, NV Las Vegas, NV

49 4409 Spencer St Sea Fox Apartments SOLD 24 Unit, 20,802 SF Class B Apartments Building Built in 1990 (con't) Parcel Number: Legal Description: Por N2 E2 Gov't lot 53 sec 23 T21S R61E County: Clark Plat Map: 4409 Spencer St

50 1064 Sierra Vista Dr Sierra Pointe Las Vegas, NV Sale on 3/6/2017 for $13,453,834 ($112.82/SF; $84,615/Unit) Research Complete 159 Unit, 119,250 SF Class C Apartments Building Built in 1969 SOLD Buyer & Seller Contact Info Recorded Buyer: LV LIHTC LP Recorded Seller: Sierra Vista Housing Assoc True Buyer: Integra Property Group 520 Pike St True Seller: Lawrence K Scott Lawrence Scott Seattle, WA Bartizan Dr (206) Las Vegas, NV (702) Buyer Type: Developer/OwnerNTL Transaction Details ID: Sale Date: Escrow Length: 03/06/2017 Sale Price: $13,453,834Full Value Asking Price: Price/SF: $ Price/SF Land Gross: $69.67 Sale Type: Bldg Type: Year Built/Age: RBA: Land Area: Investment Apartments Built in 1969 Age: ,250 SF 4.43 AC (193,097 SF) Percent Leased: GRM/GIM: / Percent Improved: 66.9% Sale Conditions: LIHTC Total Value Assessed: $2,649,823 in 2017 Transfer Tax: $68, Improved Value Assessed $1,771,423 Land Value Assessed: $878,400 Land Assessed/SF: $4.00 Financing: $20,440, from SunTrust Bank $500, from Nevada Housing Division Legal Desc: LOT 13 BLOCK 4 & LOTS 1418 SEC 15 TWP 21 RNG 61 Parcel No: , , Document No: # Units: 159 Price/Unit: Avg Unit Size: 772 SF SF of all Units: 122,826 $84,615

51 1064 Sierra Vista Dr Sierra Pointe SOLD 159 Unit, 119,250 SF Class C Apartments Building Built in 1969 (con't) UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 2/ / / Transaction Notes This transaction represents the sale of a 159unit MultiFamily community situated on a 4.43acre parcel located in the City of Las Vegas. Unit mix is comprised of 80 2bed/1bath, 19 2bed/2bath and 60 3bed/2bath units. All units are subsidized/section 8; there were no reported unit or site amenities. The HAP contract was renewed by the buyer, and will expire 3/31/2043. We were unable to determine the amount of downpayment, if any. All information is based on public records/recorded documents. Current Building Information ID: Bldg Type: Apartments Bldg Status: Built in 1969 # Units: Avg Unit Size: SF Bldg Size: Stories: 119,250 SF 2 Bldg Vacant: Typical Floor Size: 59,625 SF Owner Type: Developer/OwnerNTL Metering: Individually Metered Zoning: H1 Rent/SF/Yr: Land Area: 193,097 SF Elevators: 0 Expenses: Site Amenities: Metro Market: Submarket: County: CBSA: CSA: DMA: 2016 $225.27/Unit Heating, Kitchen, Oven, Range Location Information Las Vegas Las Vegas Strip MF/Outer Las Vegas Strip MF Clark Las VegasHendersonParadise, NV Las VegasHenderson, NV Las Vegas, NV

52 1064 Sierra Vista Dr Sierra Pointe SOLD 159 Unit, 119,250 SF Class C Apartments Building Built in 1969 (con't) Parcel Number: , , Legal Description: County: Clark Plat Map: 1064 Sierra Vista Dr

53 112 Orland St Orland Street Apartments Las Vegas, NV Sale on 6/6/2017 for $650,000 ($74.61/SF; $81,250/Unit) Public Record 8 Unit, 8,712 SF Class C Apartments Building Built in 1987 SOLD Buyer & Seller Contact Info Recorded Buyer: Bryan E Gill Recorded Seller: 112 Orland Apts Beldurang Llc 2613 Mourning Warbler Ave North Las Vegas, NV Buyer Broker: josh stalk Listing Broker: Sandra L Fink & Associates Inc Josh Stalk Sandy Fink (702) (702) Transaction Details ID: Sale Date: Escrow Length: 06/06/2017 (94 days on market) Sale Price: $650,000Confirmed Asking Price: $768,500 Price/SF: $74.61 Price/SF Land Gross: $86.76 Sale Type: Bldg Type: Year Built/Age: RBA: Land Area: Investment Apartments Built in 1987 Age: 30 8,712 SF 0.17 AC (7,492 SF) Percent Leased: GRM/GIM: / Actual Cap Rate: 8.00% Financing: Down payment of $650, (100.0%) Percent Improved: 80.9% Total Value Assessed: Improved Value Assessed Land Value Assessed: Land Assessed/SF: $2.00 $117,306 in 2017 $94,906 $22,400 Parcel No: Document No: Sale History: Sold on 6/6/2017 NonArms Length Sold for $650,000 ($74.61/SF; $81,250/Unit) on 6/6/2017 Sold for $840,000 ($96.42/SF; $105,000/Unit) on 4/19/2006 # Units: 8 Price/Unit: $81,250 Avg Unit Size: 1,089 SF

54 112 Orland St Orland Street Apartments SOLD 8 Unit, 8,712 SF Class C Apartments Building Built in 1987 (con't) Bldg Type: Apartments # Units: # of Bldgs: 8 1 Avg Unit Size: 1,089 SF Bldg Vacant: 0 SF Owner Type: Zoning: R4, Las Vegas Land Area: 7,492 SF Current Building Information Bldg Status: Built in 1987 Bldg Size: Stories: 8,712 SF 2 Typical Floor Size: 4,356 SF Const Type: Wood Frame, Rent/SF/Yr: Elevators: 0 ID: Parking: Expenses: 6 free Surface Spaces are available; Ratio of 0.68/1,000 SF; 0.75/Unit 2016 $451.77/Unit Location Information Metro Market: Submarket: County: Las Vegas Downtown/Central Las Vegas MF/Outer Downtown/Central La Clark CBSA: Las VegasHendersonParadise, NV CSA: Las VegasHenderson, NV DMA: Las Vegas, NV Map(Page): Thomas Bros. Guide 893F1

55 112 Orland St Orland Street Apartments SOLD 8 Unit, 8,712 SF Class C Apartments Building Built in 1987 (con't) Parcel Number: Legal Description: Lot 23 blk 3 Northridge Unit 1A plat bk 8 pg 68 County: Clark Plat Map: 112 Orland St