915 CARR STREET Lakewood, CO 80214

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1 Jeff Johnson, Co-Founder, Principal Matt Ritter, Co-Founder, Principal Cody Stambaugh, Advisor Peter Sengelmann, Advisor Andrew Monette, Associate Advisor Corey Sandberg, Associate Advisor Nghi Nguyen, Senior Financial Analyst Briana Masullo, Transaction Manager Dallas Sandberg, Transaction Associate 915 CARR STREET One Broadway Suite A300 Denver, CO

2 TABLE OF CONTENTS Executive Summary Property Overview Location Overview Comparables Investment Analysis 2

3 EXECUTIVE SUMMARY INVESTMENT CONTACTS Qualified investors have the opportunity to acquire this highly sought after 24 unit Lakewood Apartment complex. Built in 1968, 915 Carr Street is in a very strong location in the heart of Lakewood just eight blocks away from the Wadsworth Light Rail Station. Offering a desirable, diverse, and large unit mix consisting of 3-1 br/1 ba, 20-2 br/1 ba and 1-3 br/2 ba, units. 915 Carr Street is accompanied with ample off-street parking and attractive landscaping. The current ownership has kept this property in excellent condition. With a total land area of 47,740 SF and a total building size of 20,592 SF, this unique deal offers the potential development of the unused land. With below market rents, this deal offers a stable return with an as is Cap Rate of 5.26%, and a Proforma Cap Rate at 6.19%. JEFF JOHNSON Co-Founder, Principal JJohnson@PinnacleREA.com MATT RITTER Co-Founder, Principal MRitter@PinnacleREA.com CODY STAMBAUGH Advisor CStambaugh@PinnacleREA.com PETER SENGELMANN Advisor PSengelmann@PinnacleREA.com ANDREW MONETTE Associate Advisor AMonette@PinnacleREA.com COREY SANDBERG Associate Advisor CSandberg@PinnacleREA.com NGHI NGUYEN Senior Financial Analyst NNguyen@PinnacleREA.com BRIANA MASULLO Transaction Manager BMasullo@PinnacleREA.com DALLAS SANDBERG Transaction Associate DSandberg@PinnacleREA.com 3

4 PROPERTY OVERVIEW 915 CARR STREET Property Type: Building Type: Multifamily Masonry Year Built: 1968 Total Building: Total Lot Area: Units 24 County: 20,592 SF 47,740 SF Jefferson LIST PRICE: $4,000,000 HIGHLIGHTS Good location Excellent unit mix Large units Rental income upside Attractive landscaping Ample off-street parking Unused land-development potential 8 blocks from Wadsworth Light Rail Station 4

5 PROPERTY OVERVIEW 5

6 PROPERTY OVERVIEW 6

7 LOCATION OVERVIEW W COLFAX AVE POPULATION 1 mile 13,224 3 mile 132,312 5 mile 358,606 LIGHT RAIL 915 Carr Street JEFFERSON COUNTY OPEN SCHOOL WADSWORTH BLVD HOUSEHOLDS 1 mile 5,659 3 mile 55,455 5 mile 147,090 AVERAGE HH INCOME 1 mile $66,605 3 mile $67,960 5 mile $75,361 6TH AVE 7

8 LOCATION OVERVIEW About Lakewood The City of Lakewood is the fifth-largest city in the state of Colorado. Home to the nearly completed West Corridor Light Rail Line, Lakewood offers numerous opportunities for commercial and residential development with easy access to Interstates 25 and 70, Colorado 470, U.S. 6, and Denver International Airport. Lakewood is located 10 minutes west of downtown Denver, 10 minutes east of the foothills and right next to the region s major educational and research institutions. About Jefferson County Lakewood is the largest city in Jefferson County. Jefferson County is on the west side of the Denver metro area and the county seat is Golden. Jefferson County is part of the Denver-Aurora-Boulder Combined Statistical Area. Outdoor Recreation Parks and Trails abound in Lakewood. Some popular trails include the Green Mountain Loop, Bear Creek Trail Loop, Apex Gulch Loop and Belmar Park. POPULATION ,980 POPULATION BY AGE UNDER 5 YEARS... 8, % 5 9 YEARS... 8, % YEARS... 7, % YEARS... 12, % YEARS... 26, % YEARS... 28, % YEARS... 29, % YEARS... 17, % 85 YEARS & OVER... 3, % MEDIAN AGE RACE AND HISPANIC ORIGIN RACE WHITE , % BLACK OR AFRICAN AMERICAN... 2, % AMERICAN INDIAN OR ALASKA NATIVE... 1, % ASIAN... 4, % NATIVE HAWAIIAN OR PACIFIC ISLANDER % OTHER RACE... 10, % TWO OR MORE RACES... 4, % HISPANIC ORIGIN (ALL RACES)... 31, % AVERAGE HOUSEHOLD SIZE HOUSHOLD STATUS OWNER OCCUPIED POPULATION... 84, % RENTER OCCUPIED POPULATION... 56, % TOTAL NUMBER OF HOUSING UNITS... 65,758 SINGLE FAMILY HOUSEHOLDS... 38, % MULTI-FAMILY HOUSEHOLDS... 26, % TOTAL NUMBER OF OCCUPIED UNITS... 61,986 VACANT... 3, % MEDIAN HOUSEHOLD INCOME... $52,960 POVERTY STATUS PERSONS BELOW POVERTY LEVEL... 16, % MEDIAN RENT OF HOUSING UNITS... $876 MEDIAN VALUE OWNER OCCUPIED HOUSING UNITS... $237,300 Sources: 2010 U.S. Census; American Community Survey

9 LOCATION OVERVIEW TheWest Light Rail Line The W Line is the first light rail line to open under the FasTracks program. The 12.1-mile light rail transit system extends from Denver s Union Station to Jefferson County Government Center, traversing through Denver, Lakewood and Golden. There are 11 stations along the line: Six stations along the line with parking Decatur Federal Sheridan Lakewood Wadsworth Oak Federal Center Jefferson County Government Center-Golden Six with walkup/kiss-n-ride stations Auraria West Knox Perry Lamar Garrison Red Rocks College 9

10 SALES COMPARABLES 1475 S Pierce St Cottonwood Place Apts Avenue 59 Apartments La Nila Apartments Zephyr St 1475 S Pierce St Lakewood, CO W 16th Pl W 59th Ave Arvada, CO Jellison St Lakewood, CO Zephyr St Lakewood, CO Number of Units: 8 Number of Units: 18 Number of Units: 16 Number of Units: 8 Number of Units: 22 Bldg Square Feet: 8,072 Bldg Square Feet: 15,975 Bldg Square Feet: 14,225 Bldg Square Feet: 6,632 Bldg Square Feet: 16,300 Year Built: 1951 Year Built: 1959 Year Built: 1970 Year Built: 1959 Year Built: 1970 Sale Price: $1,350,000 Sale Price: $2,700,000 Sale Price: $2,600,000 Sale Price: $1,300,000 Sale Price: $3,300,000 Bldg Price/SF: $ Bldg Price/SF: $ Bldg Price/SF: $ Bldg Price/SF: $ Bldg Price/SF: $ Price/Unit $168,750 Price/Unit $150,000 Price/Unit $162,500 Price/Unit $162,500 Price/Unit $150,000 Cap Rate: 5.98% Cap Rate: 5.62% Cap Rate: 5.94% Cap Rate: 5.75% Cap Rate: 5.67% Date Sold: 1/9/2017 Date Sold: 2/2/2017 Date Sold: 7/29/2016 Date Sold: 5/30/2017 Date Sold: 12/15/2016 Number of Units: Unit Type: Number of Units: Unit Type: Number of Units: Unit Type: Number of Units: Unit Type: Number of Units: Unit Type: 2 1Br/1Ba 3 1Br/1Ba 16 2Br/1Ba 8 2Br/1Ba 22 2Br/1Ba 2 2Br/1Ba 15 2Br/1Ba 4 3Br/1Ba Comps Summary: Average Price/SF: $ Average Price/Unit: $158,750 Average Cap Rate: 5.79% 10

11 RENT COMPARABLES 1BD/1BA Location Distance from Subject Units YOC Unit Type Asking Rent SF Rent PSF 915 Carr St Lakewood, CO Subject Br/1Ba $ $1.12 Villa Grande W 10th Ave 0.4 miles Br/1Ba $ $1.30 Cottonwood Place Apartments 8220 W 16th Pl 0.9 miles Br/1Ba $ $1.18 Adrienne Townhomes and Apts 1945 Vance St 1.8 miles Br/1Ba $ $1.64 Greenway Apartments W 7th Ave Lakewood, CO miles Br/1Ba $1, $1.72 Comps Average: 1Br/1Ba $ $

12 RENT COMPARABLES 2BD/1BA Location Distance from Subject Units YOC Unit Type Asking Rent SF Rent PSF ADD SUBJECT PROPERTY 915 Carr St Lakewood, CO Subject Br/1Ba $ $1.17 Three Spruce Apartments 7830 W 10th Ave 0.4 miles Br/1Ba $1, $1.30 Cottonwood Place Apartments 8220 W 16th Pl 0.9 miles Br/1Ba $1, $1.42 Off Belmar Apartments Webster St Lakewood, CO miles Br/1Ba $1, $1.34 Silver Leaf Apartments W 26th St 1.7 miles Br/1Ba $1, $1.50 Comps Average: 2Br/1Ba $1, $

13 RENT COMPARABLES 3BD/1BA Location Distance from Subject Units YOC Unit Type Asking Rent SF Rent PSF ADD SUBJECT PROPERTY 915 Carr St Lakewood, CO Subject Br/1Ba $1,450 1,100 $1.32 Squire Apartments 6900 W 25th Ave Edgewater, CO miles Br/1Ba $1, $1.63 Yukon Court Apartments 4585 Yukon Ct Wheat Ridge, CO miles Br/1Ba $1,640 1,025 $1.60 Falls at Lakewood W Nevada Dr Lakewood, CO miles Br/1Ba $1,485 1,050 $1.41 Average: 3Br/1Ba $1, $

14 INVESTMENT ANALYSIS 915 Carr Street Estimated As-Is Proforma PRICING ANALYSIS Unit Breakdown INCOME: INCOME: Acquisition Price: $4,000,000 Unit Type Units Avg SF Avg Rent/Unit Unit Type Rent/SF Total Avg Rent/Unit Unit Type Rent/SF Total Price Per Unit: $166,667 1Br/1Ba $783 1Br/1Ba $1.12 $ 28,200 $950 1Br/1Ba $1.36 $ 34,200 Price Per SF: $ Br/1Ba $995 2Br/1Ba $1.17 $ 238,740 $1,175 2Br/1Ba $1.38 $ 282,000 3Br/1Ba $1,450 3Br/1Ba $1.32 $ 17,400 $1,550 3Br/1Ba $1.41 $ 18,600 Total Units 24 Gross Rental Income: $ 284,340 Gross Rental Income: $ 334,800 New Estimated Loan Property Description General Vacancy: 3.00% $ (8,530) General Vacancy: 3.00% $ (10,044) Loan Amount (70%): $2,800,000 Down Payment (30%): $1,200,000 Total Units: 24 Effective Rental Income: $ 275,810 Effective Rental Income: $ 324,756 Interest Rate: 4.00% Year Built: 1968 RUBS: $ 15,100 RUBS: $ 21,000 Amortization Years: 30 Building GSF: 20,592 SF Garage/Parking: $ - Garage/Parking: $ - Annual Debt Service: ($160,412) Land SF: 47,740 SF Laundry: $ 5,716 Laundry: $ 5,716 Principal Reduction: $49,309 Underwriting Assumptions: Miscellaneous: $ 7,935 Miscellaneous: $ 7,935 Gross Operating Income: $ 304,561 Gross Operating Income: $ 359,407 As-Is NOI: $210,245 Building GSF and Land SF based on Jefferson County Assessor. "As-Is" Rental Income based on annualizing Rent Roll dated 6/30/17; "Proforma" based on market rate assumptions. Miscellaneous Income includes these categories are itemized on the T12 P&L: Move Out, Late Fee, Applications, Other and Prepaid Income. "Proforma" assumes RUBs are $50/month for 1BR units, $75/month for 2BR units and $100/month for 3BR unit. "As-Is" and "Proforma" assume Management Fee of 8.0% of Effective Rental Income, and R&M of $750/unit/year. "As-Is" Property Taxes based on 2017 Payable 2018 Jefferson County assessment. "Proforma" Expenses are 3.0% increases over "As-Is". EXPENSES: % of ERI Per Unit Total EXPENSES: % of ERI Per Unit Total Before Tax Cash Flow: $49,833 Property Tax: 5.23% $ 601 $ 14,416 Property Tax: 4.57% $ 619 $ 14,849 Debt Coverage Ratio: 1.31 Insurance: 2.87% $ 330 $ 7,924 Insurance: 2.51% $ 340 $ 8,162 Cash-on-Cash Return: 4.15% Utilities: 7.82% $ 899 $ 21,566 Utilities: 6.84% $ 926 $ 22,213 Total Return: 8.26% Trash: 1.97% $ 226 $ 5,425 Trash: 1.72% $ 233 $ 5,588 Cap Rate: 5.26% Management Fee: 8.00% $ 919 $ 22,065 Management Fee: 8.00% $ 1,083 $ 25,980 Administration: 1.78% $ 205 $ 4,919 Administration: 1.56% $ 211 $ 5,067 Repairs & Maint.: 6.53% $ 750 $ 18,000 Repairs & Maint.: 5.54% $ 750 $ 18,000 Proforma NOI: $259,548 Total Expenses: 34% $ 94,316 Total Expenses: 31% $ 99,859 Before Tax Cash Flow: $99,136 Expenses Per Unit: Expenses Per SF: Net Operating Income: 210,245 $ 3,930 Expenses Per Unit: $ 4,161 Debt Coverage Ratio: 1.62 $ 4.58 Expenses Per SF: $ 4.85 Cash-on-Cash Return: 8.26% Net Operating Income: 259,548 Total Return: 12.37% Cap Rate: 6.49% Information contained in this analysis has been obtained from sources believed to be reliable, however we accept no responsibility for its correctness, and encourage the verification of all information. 8/23/

15 DISCLOSURE This confidential Offering Memorandum, has been prepared by Pinnacle Real Estate Advisors, LLC ( Pinnacle REA ) for use by a limited number of qualified parties. This Offering Memorandum has been provided to you at your request based upon your assurances that you are a knowledgeable and sophisticated investor in commercial real estate projects and developments. Pinnacle REA recommends you, as a potential buyer/investor, should perform your own independent examination and inspection of the property described herein as 915 Carr Street located in Lakewood, Colorado (the Property ) and of all of the information provided herein related to the Property. By accepting this Offering Memorandum, you acknowledge and agree that you shall rely solely upon your own examination and investigation of the Property and you shall not rely on any statements made in this Offering Memorandum or upon any other materials, statements or information provided by Pinnacle REA or its brokers. Pinnacle REA makes no guarantee, warranty or representation about the completeness or accuracy of the information set forth in this Offering Memorandum. You are responsible to independently verify its accuracy and completeness. Pinnacle REA has prepared the information concerning the Property based upon assumptions relating to the general economy, its knowledge of other similar properties in the market, and on other market assumptions including factors beyond the control of the Pinnacle REA and the Owner of the Property. Pinnacle Real Estate Advisors make no representation or warranty as to either the accuracy or completeness of the information contained herein, and the information set forth in this Offering Memorandum in not intended to be a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be accurate, Pinnacle REA and the Property Owner disclaim any responsibility or liability for any inaccuracies. Further, Pinnacle REA and the Property Owner disclaim any and all liability for any express or implied representations and warranties contained in, or for any omissions from, the Offering Memorandum and for any other written or oral communication transmitted or made available to you. Pinnacle REA shall make available to you, as a qualified prospective investor, additional information concerning the Property and an opportunity to inspect the Property upon written request. This Offering Memorandum and the contents are intended to remain confidential except for such information which is in the public domain or is otherwise available to the public. By accepting this Offering Memorandum, you agree that you will hold and treat Offering Memorandum in the strictest confidence, that you will not photocopy or duplicate it, or distribute it. You agree you will not disclose this Offering Memorandum or its contents to any other person or entity, except to outside advisors retained by you and from whom you have obtained an agreement of confidentiality, without the prior written authorization of Pinnacle REA. You agree that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the Property. If you determine you have no interest in the property, kindly return the Offering Memorandum to Pinnacle REA at your earliest convenience. 15

16 Jeff Johnson, Co-Founder, Principal Matt Ritter, Co-Founder, Principal Cody Stambaugh, Advisor Peter Sengelmann, Advisor Andrew Monette, Associate Advisor Corey Sandberg, Associate Advisor Nghi Nguyen, Senior Financial Analyst Briana Masullo, Transaction Manager Dallas Sandberg, Transaction Associate One Broadway Suite A300 Denver, CO