CHENAL VALLEY LAND Little Rock, AR 21.3+/- Acres Multifamily

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1 CHENAL VALLEY LAND Little Rock, AR 21.3+/- Acres Multifamily CUSHMAN & WAKEFIELD COMMERCIAL ADVISORS 5101 Wheelis Drive, Suite 300, Memphis, TN Phone: Fax:

2 CHENAL VALLEY LAND OFFERING MEMORANDUM PROPERTY SUMMARY Price $1,625,000 Location Acres Little Rock, AR 21.3 Acres # Units 256 Units Density Road Frontage Zoning Topography Utilities CHENAL LAND 12 Units/Acre Chenal Valley Drive MF-12 Sloping, Wooded Available BROKER CONTACTS: MATT WEATHERSBY, SIOR, CCIM Principal mweathersby@commadv.com LARRY JENSEN, SIOR President/CEO ljensen@commadv.com

3 CUSHMAN & WAKEFIELD COMMERCIAL ADVISORS N

4 CHENAL VALLEY LAND OFFERING MEMORANDUM THE OPPORTUNITY This well-located land in Little Rock, AR is a fully entitled mulitfamily site. With submarket occupancy rates higher than 96%, this is a perfect opportunity to capture the growing demand for suburban multifamily development. STRONG MULTIFAMILY MARKET The West Little Rock Multifamily Submarket has experienced very strong activity and steadily increasing rental rates. Per the REIS first quarter 2015 report, occupancy in the West Submarket is 96.6%. Demand for multifamily remains high and newer developments are experiencing a high velocity of leasing. We believe there is demand for smaller units in an amenity rich development averaging around 1,000 square feet at $1.20 per square foot rent. SUPERIOR LOCATION The subject parcel is located in the fast growing West Little Rock Submarket just a few miles east of the intersection of I-430 and I-630. The City of Little Rock continues to develop and grow to the west and remains the sought after location for many young professionals in the region. The site offers excellent accessibility to West Little Rock, Downtown Little Rock, and to Conway. Average home values in a five miles radius are $236,272 with median annual household income in the same area of $97,404. HARTSFIELD-JACKSON INTERNATIONAL OFFERING HIGHLIGHTS 1. Underserved Multifamily Market 2. Superior Location 3. Accessibility to West Little Rock amenities 4. Fully Entitled Multifamily Site 5. Outstanding Demographics and Employment

5 CUSHMAN & WAKEFIELD COMMERCIAL ADVISORS POTENTIAL SITE PLAN UNITS M:\2015\15-094J - CV MF Tract 18\DWG\SITEPLAN.DWG, 3/20/2015 8:37:26 AM, bdale

6 CHENAL VALLEY LAND OFFERING MEMORANDUM LOCATION OVERVIEW The subject property is located immediately west of Chenal Parkway and less than two miles south of Cantrell Road. The site is accessible to the entire Little Rock-Conway metro population of more than 900,000 residents via proximity to the intersection of I-430 and I-630. As the capital of the State of Arkansas, Little Rock offers a diversity of large employers from both the public and private sectors. DEMOGRAPHICS 1MI 3 MI 5 MI Population 3,218 29,735 66,170 Median Home Value $350,244 $282,773 $236,272 Median Household Income $142,140 $124,001 $97,404 MAJOR EMPLOYERS Local, Federal, & State Govt. 70,000+ Little Rock & Pulaski Schools 6,200 University of Arkansas for Medical Sciences 8,500 Baptist Health 7,000 Acxiom 4,380 AT&T 2,600 Entergy Arkansas 2,740 Dillard s Inc. 2,400 Union Pacific Railroad 2,000

7 CUSHMAN & WAKEFIELD COMMERCIAL ADVISORS PLEASANT VALLEY COUNTRY CLUB PINNACLE POINT HOSPITAL ARKANSAS HEART HOSPITAL N

8 CUSHMAN & WAKEFIELD COMMERCIAL ADVISORS WEST LITTLE ROCK RENT COMPS CHENAL POINTE AT THE DIVIDE PALISADES AT CHENAL VALLEY THE POINTE AT BRODIE CREEK (PHASE I*) LOFTS AT KANIS CREEK PANTHER BRANCH Year Built planned planned Units Average Size 889 1, Avg Eff Rent $930 $1,325 $1,306 Avg Eff Rent/SF $1.05 $1.04 $1.08 Occupancy 98% 94% 98% *The Pointe at Brodie Creek Phase II of 240+/- units is to be delivered in July 2015 N/A N/A Class A Rent and Occupancy CHART Trend: TITLE Little Rock, AR Title $ $ $ $ $ $ $ $ % 12.0% 10.0% 8.0% 6.0% 4.0% Class A properties are currently 91.6% occupied and the average effective rent is $844 per unit. West Little Rock Submarket properties across all classes are currently 96.6% occupied and the average effective asking rent for the competitive set is $1.06 per square foot. $ $0.00 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ % 0.0% ASKING RENT VACANCY RATE