ENTITLED MULTI-FAMILY SITE OUTRIGHT SALE, JV OR EQUITY INVESTMENT within 1 Mile of Greenville, SC CBD

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1 ENTITLED MULTI-FAMILY SITE OUTRIGHT SALE, JV OR EQUITY INVESTMENT within 1 Mile of CBD The Haven at Century Drive Robert Podewils, Broker Office: Mobile(704) Robert@tbcdev.com

2 Executive summary The Haven at Century Drive (Haven) represents an opportunity to construct new market rate work force apartments minutes from downtown. Current market conditions favor a quick lease up, consistent high occupancy and rent growth supported by very strong job growth. The Haven is located in close proximity to major employers and high volume transportation routes. The Havens market position is designed to be value oriented with a projected rent of $1.21, significantly lower than market rents in downtown Greenville of $ The project is fully entitled. TBC (Sponsor) has received a letter of invitation from HUD for 221 (D)(4) financing and will continue to pursue this path. Conventional financing is also an option for interested parties. An easement has been secured to provide direct access to Century Drive and traffic studies have been completed. The Haven s unit and property amenities will include nine-foot smooth ceilings, balconies or patios, salt water resort pool with beach entry, outdoor cabana with fireplace, grilling stations and big screen TVs. Cardio fitness center, yoga studio, cyber café and video gaming area, Bark Park with dog wash stations and walking trails.

3 OFFERING OPTIONS: 1. Sale of fully entitled land for 199 units: $15,000/door plus $600,000 in 3 rd party reimbursable pursuit & soft costs assignable to Buyer. 2. Pre-sale at certificate of occupancy: $150,000/door. 3. JV equity request: $3,000,000- $7,000,000 (Depending on conventional or HUD 221(D)(4) financing)

4 SITE AERIAL Market Summary 3 Mile Radius 5 Year Market Occupancy 96.2% 2016 Avg. HH Income $65,525 Total Population 70,335 Daytime Work Population 35,799 Unemployment Rate 5.2% Annual Population Growth 1.6% Source: CoStar & ESRI

5 COMPARABLE RENTAL PROPERTIES MAP Property Comparables # Units Year Built Occupancy Approx. SF Eff. Rent/SF The Haven at Century Drive (Subject) % 968 $ South Ridge % 774 $ Haywood Reserve % 1,044 $ Velo Verdae % 1,108 $ Hawthorne at the Carlyle % 1,011 $ The Aventine % 960 $ Tapestry % 1,105 $ Springs at Greenville % 974 $ Waterside Greene % 819 $ Ardmore Howell Road % 1,012 $ Bell Roper Mountain % 1,087 $0.96 AVERAGES % 989 $1.13 Adjacent Properties 11. Stonesthrow % 831 $ Ivy % 1,029 $0.84

6 COMPARABLE SALES PROPERTIES MAP Property # Units Year Built Sales Price Price/Unit Price/SF Cap Rate Close of Escrow 1. McBee Station $44,700,000 $226,903 $ % 6/ Rhett $29,750,000 $198,333 $ % 1/ Innovation Apartments $56,800,000 $169,048 NA NA 9/ Avana at Carolina Point $51,750,000 $149,566 $ % 8/ Tapestry $35,345,000 $146,053 $ % 8/ Hawthorne at the Carlyle $38,500,000 $137,500 $ % 1/ Vinings at Laurel Creek $30,900,000 $126,639 $ N/A 10/ Aventine Greenville $41,886,000 $121,057 $ N/A 2/ Bell Caledon $38,800,000 $110,857 $ % 11/2015 AVERAGES $40,936,778 $153,995 $ %

7 Land Comparables Property Location Acreage Proposed Units Units/Acre Price Price/Acre Price/Unit Price/ SF Close of Escrow 1. Springs at Laurens Road 1401 Laurens View Road 2. Prestwick Ridge 2402 Dry Pocket Road Greer, SC 3. Mosby Pointsett Apts 5000 Old Buncombe Road 4. Greenville Lofts 200 S. Academy Street 5. Residences at Century Park 3515 Brushy Creek Road East Greer, SC 6. Fountains Greenville 210 East Broad Street 7. Brand Properties Apts 40 Market Point Drive 8. Haywood Reserve 37 Timmons Drive $2,750,000 $149,457 $10,110 $3.43 7/ $2,800,000 $77,584 $16,471 $1.78 6/ $3,000,000 $130,890 $10,417 $3.00 4/ $4,500,000 $617,199 $20,930 $ / $2,635,000 $138,538 $8,842 $3.18 9/ $3,000,000 $1,229,508 $15,000 $ / $3,077,000 $250,163 $12,559 $5.74 2/ $4,290,000 $293,896 $14,692 $6.75 1/2015

8 SITE DEMOGRAPHICS & TRAFFIC COUNTS COMMUNITY PROFILE Metric 1 mile 3 miles 2016 Population Annual Growth Annual Population Growth 2016 Owner Occupied 2016 Renter Occupied 2016 Vacant Housing 2016 Median HH Income 2016 Average HH Income Daytime Workforce Civilian Unemployed 9,617 70, % 1.6% 227 1,125 31% 40% 57% 49% 11% 10% $38,251 $42,955 $49,312 $64,236 4,054 35, % 5.2% Source: ESRI

9 FULLY VESTED SITE PLAN

10 ELEVATION & FLOOR PLAN Apartment Amenities Modern, Functional Open Floor Plans Nine Foot Ceilings Walk In Spacious Closets Energy Star Rated Appliances In-Apartment Surveillance of Main Entrance to Apartment Building Smooth Ceilings and Wall Finishes Ceiling Fans and Balconies USB Enabled Wall Outlets Washer & Dryer Hook Ups in Each Unit

11 UNIT FLOOR PLANS One Bedroom One Bath 850 HSF Three Bedroom Two Bath 1,390 HSF Two Bedroom Two Bath 1,020 HSF

12 TOP EMPLOYERS Greenville Memorial Downtown/Patewood Medical (12,770) Greenville School District (9,580) Bon Secours St. Francis (5,047) Michelin Corporate HQ (4,000) GE Turbine (3,400) Fluor Engineering (2,260) Greenville County Government (1,771) Greenville Technical College (1,400) Sealed Air Corporation (1,300) TD Bank Corporate Office (1,250) Verizon Wireless Call Center Synnex Corporation (1,055) City of Greenville (979) Bob Jones University (1,519) Lockheed Martin Aircraft (700) Mitsubishi Polyester Film (700) Matsun Nutra Nutrition (650) Bosch (640) Hubbell (470) Bausch & Lomb (400) Global Performance Group (420) Resurgent Capital (500) Windstream / Nuvox (825) Furman University (850) United States Government (1,835) Haywood Mall (1,000+) (number of employees) Source: WYFF Channel 4 and Greenville Area Development Corp