418 SF. Apartments - All. 55 Spaces; 1.3 per Unit

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1 Subject Property Sebring, Florida PROPERTY No. of Units: 43 Stories: 1 Avg. Unit Size: Type: Distance to Transit: SF Year Built: 2002 Parking: Apartments - All 55 Spaces; 1.3 per Unit PROPERTY MANAGER Silver Sands Resort Apartments (863) Rent Type: Market OWNER - ASKING RENTS PER UNIT/SF Current: $656 $1.57 /SF Last Quarter: $653 $1.56 /SF Year Ago: $642 $1.54 /SF Competitors: $625 $1.02 /SF Submarket: - - VACANCY Current: 4.7% 2 Units Last Quarter: 4.7% 2 Units Year Ago: 4.7% 2 Units Competitors: 10.6% 30 Units Submarket: MONTH NET ABSORPTION Current: 0 Units Competitor Total: 4 Units Competitor Avg: 0.5 Units Submarket Total: - Submarket Avg: - UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio % 0 0.0% $502 $2.61 $499 $ % % 1 3.7% $654 $1.67 $650 $ % % 0 0.0% $811 $1.12 $806 $ % % 0 0.0% $845 $1.08 $840 $ % Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios % 0 0.0% $502 $2.61 $499 $ % All 1 Beds % 1 2.9% $686 $1.49 $682 $ % All 2 Beds % 0 0.0% $845 $1.08 $840 $ % Totals % 1 2.3% $656 $1.57 $652 $ % Estimate Updated December 15, 2018 SITE AMENITIES Waterfront UNIT AMENITIES Air Conditioning Wheelchair Accessible (Rooms) Page 1

2 Subject Property RECURRING EXPENSES Free Water, Electricity, Trash Removal, ONE TIME EXPENSES Application Fee $50 PET POLICY Dogs Allowed - Declaw Required, Pet Interview Required, Neutering Required, 2 Maximum Restrictions: Small Breed Only Page 2

3 Subject Property Primary Building Building Building Page 3

4 Subject Property Interior Interior Interior Building Page 4

5 3012 SR 17 Silver Sands Apartments 43 Unit Apartment Building Sebring, Florida PREPARED BY William Zalaquett

Summary Silver Sands Apartments - 3012 SR 17 10 Avg. Price/Unit (thous.) $65 Average Price (mil.) $2.2 Average Vacancy at Sale 5.

6 Summary Silver Sands Apartments SR Avg. Price/Unit (thous.) $65 Average Price (mil.) $2.2 Average Vacancy at Sale 5.7% SALE COMPARABLE LOCATIONS Sales Attributes Low Average Median High Sale Price $1,000,000 $2,250,400 $1,897,000 $4,950,000 Price Per Unit $37,500 $65,040 $67,556 $94,952 Cap Rate 6.2% 8.6% 9.1% 10.0% Vacancy Rate at Sale 0% 5.7% 5.8% 10.0% Time Since Sale in Months Property Attributes Low Average Median High Property Size in Units Number of Floors Average Unit SF ,517 Year Built Star Rating 2.2 Page 6

7 Summary Silver Sands Apartments SR 17 Property Information Sale Information Property Name/Address Rating Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF Courtland Terrace Apartments % 7/10/2018 $2,350,000 $78,333 $ th Ct NW Ridgewood Apartments % 3/30/2018 $2,000,000 $60,606 $ Ridgewood Rd NW Crystal Lake Portfolio % 1/22/2018 $1,450,000 $69,047 $ E Park Ave 101 Lakeside Hills Loop % 1/10/2018 $1,460,000 $66,363 $50 Halcyon Apartments % 12/15/2017 $1,994,000 $94,952 $ th St SE Fernwood Apartments % 11/9/2017 $1,050,000 $37,500 $ Goodyear Ave Lakeshore Club % 7/20/2017 $4,450,000 $89,000 $ S Lake Howard Dr 1025 S Ohio Ave % 6/2/2017 $1,000,000 $41,666 $49 Patio Homes % 6/2/2017 $1,800,000 $40,000 $ Scottsdale Loop Barrington at Winter Haven % 1/18/2017 $4,950,000 $68,750 $ Cambridge Sq Page 7

1 Courtland Terrace Apartments - 2000 15th Ct NW Winter Haven, FL 33881 - Winter Haven/Lake Wales Neighborhood SALE Sale Date: 7/10/2018 Sale Price: $2,350,000 Price Per Unit: $78,333 Price Per SF:

8 1 Courtland Terrace Apartments th Ct NW Winter Haven, FL Winter Haven/Lake Wales Neighborhood SALE Sale Date: 7/10/2018 Sale Price: $2,350,000 Price Per Unit: $78,333 Price Per SF: $90 Cap Rate: - PROPERTY Property Size: 30 Units, 2 Floors Average Unit Size: 810 SF Year Built: 1973 Vacancy At Sale: 6.7% Parking Spaces: 60 Spaces; 2.0 per Unit CONTACTS Buyer: Seller: Buyer Broker: Listing Broker: Courtland Terrace Winter Haven LLC Courtland Terrace Marcus & Millichap - Michael Donaldson, Ned Roberts, Nicholas Marcus & Millichap - Michael Donaldson, Ned Roberts, Nicholas UNIT MIX AT SALE Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions % % $688 $1.06 $681 $ % % 1 4.2% $792 $0.93 $789 $ % Totals % 2 6.7% $771 $0.95 $767 $ % SITE AMENITIES Pool, Sundeck UNIT AMENITIES Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Heating, Kitchen, Range, Tile Floors, Tub/Shower, Walk-In Closets Page 8

2 Ridgewood Apartments - 2201 Ridgewood Rd NW Winter Haven, FL 33881 - Winter Haven/Lake Wales Neighborhood SALE Sale Date: 3/30/2018 Sale Price: $2,000,000 Price Per Unit: $60,606 Price Per SF: $80

9 2 Ridgewood Apartments Ridgewood Rd NW Winter Haven, FL Winter Haven/Lake Wales Neighborhood SALE Sale Date: 3/30/2018 Sale Price: $2,000,000 Price Per Unit: $60,606 Price Per SF: $80 Cap Rate: - PROPERTY Property Size: 33 Units, 2 Floors Average Unit Size: 932 SF Year Built: 1982 Vacancy At Sale: 6.1% Parking Spaces: - CONTACTS Buyer: Seller: Southport Financial Services Vaughn Bay Construction, Inc. FINANCING $1,656,000 from Jones Lang LaSalle Multifamily LLC UNIT MIX AT SALE Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions % % $676 $0.90 $671 $ % 2 1 1, % 2 8.3% $861 $0.86 $855 $ % Totals % 2 6.1% $811 $0.87 $805 $ % SITE AMENITIES Courtesy Patrol, Laundry Facilities, Playground, Property Manager on Site UNIT AMENITIES Disposal TRANSACTION NOTES On March 30, 2018, the 25,000 SF multi-family property at 2201 Ridgewood Rd NW was sold for $2,000,000. The property was built back in 1982 and consists of 33 units total. The Ridgewood Apartments was not on the market for any amount of time, as it was an off market sale. The transaction happened to be between partnering companies. Page 9

3 Crystal Lake Portfolio - 436 E Park Ave Lake Wales, FL 33853 - Winter Haven/Lake Wales Neighborhood SALE Sale Date: 1/22/2018 Sale Price: $1,450,000 Price Per Unit: $69,047 Price Per SF: $105 Cap

10 3 Crystal Lake Portfolio E Park Ave Lake Wales, FL Winter Haven/Lake Wales Neighborhood SALE Sale Date: 1/22/2018 Sale Price: $1,450,000 Price Per Unit: $69,047 Price Per SF: $105 Cap Rate: 9.4% PROPERTY Property Size: 21 Units, 2 Floors Average Unit Size: 517 SF Year Built: 1925 Vacancy At Sale: 4.8% Parking Spaces: 24 Spaces; 1.1 per Unit CONTACTS Buyer: Seller: Buyer Broker: Listing Broker: Jerald A. Wilks Borzou Biabani Marcus & Millichap - Christopher Travis, Ray Turchi Marcus & Millichap - Berkley Bloodworth, Christopher Travis, Ra UNIT MIX AT SALE Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions Studio % 1 4.8% $669 $1.29 $665 $ % Totals % 1 4.8% $669 $1.29 $665 $ % SITE AMENITIES Courtyard, Furnished Units Available, Laundry Facilities, Picnic Area UNIT AMENITIES Air Conditioning, Balcony, Cable Ready, Ceiling Fans, Eat-in Kitchen, Fireplace, Hardwood Floors, Oven, Range, Refrigerator, Views, Yard TRANSACTION NOTES On 1/22/2018, this 13,792 Square foot Multi-family building at 436 E Park Ave Lake Wales, FL was sold for $1,450,000 or $69,148 per square foot. This property will continue to be used as investment. Page 10

4 101 Lakeside Hills Loop Auburndale, FL 33823 - Outlying Polk County Neighborhood SALE Sale Date: 1/10/2018 Sale Price: $1,460,000 Price Per Unit: $66,363 Price Per SF: $50 Cap Rate: 10.

11 4 101 Lakeside Hills Loop Auburndale, FL Outlying Polk County Neighborhood SALE Sale Date: 1/10/2018 Sale Price: $1,460,000 Price Per Unit: $66,363 Price Per SF: $50 Cap Rate: 10.0% PROPERTY Property Size: 22 Units, 2 Floors Average Unit Size: - Year Built: 1983 Vacancy At Sale: 9.1% Parking Spaces: - CONTACTS Buyer: Seller: Listing Broker: Hosanna Real Estate Services Ahmed Dewan Capital Commercial Real Estate Group, Inc - Jason Nadayil FINANCING $2,362,500 from Bank of Central Florida UNIT MIX AT SALE Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions % % % 0 0.0% Totals % 2 9.1% TRANSACTION NOTES On 1/10/18, the 29,050 square foot mulitifamily building located at 101 Lakeside Hills Loop in Auburndale, FL was sold for $1,460,000 or approximately $66,364 per square foot. The property was built in 1983 and has 22 parking spots. The buyer purchased the building as an investment. At the time of sale, the property yielded a cap rate of 10 percent. Details pertaining to this sale were verified with the listing broker, buyer and through public record. Page 11

5 Halcyon Apartments - 2237 9th St SE Winter Haven, FL 33880 - Downtown Winter Haven Neighborhood SALE Sale Date: 12/15/2017 Sale Price: $1,994,000 Price Per Unit: $94,952 Price Per SF: $63 Cap Rate:

12 5 Halcyon Apartments th St SE Winter Haven, FL Downtown Winter Haven Neighborhood SALE Sale Date: 12/15/2017 Sale Price: $1,994,000 Price Per Unit: $94,952 Price Per SF: $63 Cap Rate: - PROPERTY Property Size: 21 Units, 2 Floors Average Unit Size: 1,517 SF Year Built: 1970 Vacancy At Sale: 4.8% Parking Spaces: 30 Spaces; 1.4 per Unit CONTACTS Buyer: Seller: Vance Kemege Troy Buzzo UNIT MIX AT SALE Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions Studio % 0 0.0% $409 $1.02 $406 $ % , % 0 0.0% $972 $0.69 $964 $ % 2 2 1, % 0 0.0% $634 $0.51 $630 $ % 2 2 1, % 0 0.0% $742 $0.49 $736 $ % 3 2 1, % 0 0.0% $869 $0.55 $863 $ % 3 2 1, % 0 0.0% $829 $0.47 $823 $ % 3 2 2, % 0 0.0% $1,044 $0.47 $1,036 $ % , % 0 0.0% $1,176 $0.75 $1,167 $ % , % 0 0.0% $844 $0.42 $838 $ % Totals 1, % 1 4.8% $774 $0.51 $768 $ % TRANSACTION NOTES CoStar was unable to reach any of the parties involved in the transaction. CoStar will continue to provide additional details as they are made available. Troy and Carol Buzzo sold the 21 unit Halcyon Apartments to Avak BPN, LP for $1,994,000. At the time of the sale, no conditions are known to have impacted the sale price. Page 12

6 Fernwood Apartments - 1647 Goodyear Ave Lakeland, FL 33801 - City of Lakeland Neighborhood SALE Sale Date: 11/9/2017 Sale Price: $1,050,000 Price Per Unit: $37,500 Price Per SF: $47 Cap Rate: 8.

13 6 Fernwood Apartments Goodyear Ave Lakeland, FL City of Lakeland Neighborhood SALE Sale Date: 11/9/2017 Sale Price: $1,050,000 Price Per Unit: $37,500 Price Per SF: $47 Cap Rate: 8.8% PROPERTY Property Size: 14 Units, 1 Floors Average Unit Size: - Year Built: 1984 Vacancy At Sale: 7.1% Parking Spaces: - CONTACTS Buyer: Seller: Giuseppe Marrobio Michael Mieszala FINANCING $635,000 from BankFinancial, National Association $100,000 from BankFinancial, National Association UNIT MIX AT SALE Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions Studio Totals % 1 7.1% UNIT AMENITIES Air Conditioning Page 13

7 Lakeshore Club - 1300 S Lake Howard Dr Winter Haven, FL 33880 - Downtown Winter Haven Neighborhood SALE Sale Date: 7/20/2017 Sale Price: $4,450,000 Price Per Unit: $89,000 Price Per SF: $73 Cap

14 7 Lakeshore Club S Lake Howard Dr Winter Haven, FL Downtown Winter Haven Neighborhood SALE Sale Date: 7/20/2017 Sale Price: $4,450,000 Price Per Unit: $89,000 Price Per SF: $73 Cap Rate: - PROPERTY Property Size: 50 Units, 5 Floors Average Unit Size: 1,404 SF Year Built: 1985 Vacancy At Sale: 10.0% Parking Spaces: - CONTACTS Buyer: Seller: Listing Broker: Westside Capital Group SixTen, LLC ARA Newmark FINANCING $4,000,000 from Rait Partnership: Acquisition & Development UNIT MIX AT SALE Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions $719 - $ % $818 - $ % 2 2 1, % 0 0.0% $865 $0.86 $857 $ % 2 2 1, % 0 0.0% $926 $0.71 $918 $ % 2 2 1, % 3 8.6% $948 $0.68 $939 $ % 3 2 1, % % $1,207 $0.62 $1,195 $ % Totals 1, % % $956 $0.69 $947 $ % SITE AMENITIES Elevator, Fitness Center, Pond UNIT AMENITIES Dishwasher, Washer/Dryer TRANSACTION NOTES The 61,375 sf class C multifamily building sold for $4,450,000 or $89,000/unit There are 50 units located on the property and occupancy at the time of sale is unknown. The buyer was attracted to the property because they will add value by expanding the building and increasing the number of units. Plat map is available. Page 14

8 1025 S Ohio Ave Lakeland, FL 33803 - City of Lakeland Neighborhood SALE Sale Date: 6/2/2017 Sale Price: $1,000,000 Price Per Unit: $41,666 Price Per SF: $49 Cap Rate: - PROPERTY Property Size: 24

15 S Ohio Ave Lakeland, FL City of Lakeland Neighborhood SALE Sale Date: 6/2/2017 Sale Price: $1,000,000 Price Per Unit: $41,666 Price Per SF: $49 Cap Rate: - PROPERTY Property Size: 24 Units, 2 Floors Average Unit Size: 854 SF Year Built: 1978 Vacancy At Sale: 0% Parking Spaces: 46 Spaces; 1.9 per Unit CONTACTS Buyer: Seller: Samuel Houghton Latham Groves & Timber Inc UNIT MIX AT SALE Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions % 0 0.0% $531 $0.71 $529 $ % 2 1 1, % 0 0.0% $624 $0.62 $623 $ % , % 0 0.0% $549 $0.55 $548 $ % Totals % 0 0.0% $563 $0.66 $562 $ % UNIT AMENITIES Air Conditioning, Balcony, Heating, Kitchen, Oven, Range, Refrigerator TRANSACTION NOTES Unable to reach buyer or seller Page 15

9 Patio Homes - 201 Scottsdale Loop Lakeland, FL 33803 - City of Lakeland Neighborhood SALE Sale Date: 6/2/2017 Sale Price: $1,800,000 Price Per Unit: $40,000 Price Per SF: $42 Cap Rate: - PROPERTY

16 9 Patio Homes Scottsdale Loop Lakeland, FL City of Lakeland Neighborhood SALE Sale Date: 6/2/2017 Sale Price: $1,800,000 Price Per Unit: $40,000 Price Per SF: $42 Cap Rate: - PROPERTY Property Size: 45 Units, 1 Floors Average Unit Size: - Year Built: 1982 Vacancy At Sale: 4.4% Parking Spaces: 50 Spaces; 1.1 per Unit CONTACTS Buyer: Seller: BT Capital Llc Latham Groves & Timber Inc UNIT MIX AT SALE Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions Studio Totals % 2 4.4% SITE AMENITIES Pool UNIT AMENITIES Carpet, Ceiling Fans, Dishwasher, Disposal, Heating, Kitchen, Storage Units TRANSACTION NOTES On 6/2/17, 42,900 square feet of multi-family apartments located at 201 Scottsdale Loop in Lakeland, FL were sold for $1,800,000 or approximately $40,000 per unit. The property has 40 units. Details pertaining to this report were verified with public record. Page 16

10 Barrington at Winter Haven - 1101 Cambridge Sq Winter Haven, FL 33880 - Downtown Winter Haven Neighborhood SALE Sale Date: 1/18/2017 Sale Price: $4,950,000 Price Per Unit: $68,750 Price Per SF:

17 10 Barrington at Winter Haven Cambridge Sq Winter Haven, FL Downtown Winter Haven Neighborhood SALE Sale Date: 1/18/2017 Sale Price: $4,950,000 Price Per Unit: $68,750 Price Per SF: $40 Cap Rate: 6.2% PROPERTY Property Size: 73 Units, 2 Floors Average Unit Size: 936 SF Year Built: 1984 Vacancy At Sale: 5.5% Parking Spaces: 100 Spaces; 1.4 per Unit CONTACTS Buyer: Seller: Buyer Broker: Listing Broker: Robbins Property Associates, LLC Reman Corp ARA Newmark - Ryan Moody ARA Newmark - Ryan Moody FINANCING $3,780,000 from Mutual Of Omaha Bank UNIT MIX AT SALE Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions % 2 8.0% $780 $0.99 $773 $ % % 2 5.0% $940 $0.95 $935 $ % 3 2 1, % 0 0.0% $990 $0.88 $985 $ % Totals % 4 5.5% $891 $0.95 $885 $ % SITE AMENITIES Maintenance on site, Pool, Property Manager on Site UNIT AMENITIES Air Conditioning, Cable Ready, Carpet, Dining Room, Dishwasher, Disposal, Heating, Kitchen, Range, Tub/Shower, Vinyl Flooring, Walk-In Closets, Washer/Dryer Hookup, Wi-Fi, Window Coverings TRANSACTION NOTES The 124,342 sf class C multi-family property sold for $4,950,000 or $68,750/unit. There are 73 units located on the property and occupancy was 100% at the time of the sale. Capitalization rate was reported to be 6.2%. The seller was motivated to divest of the property so that they could focus on other assets. The buyer was attracted to the property to manage and add value by renovating units. Plat map is not available. Page 17

18 Sales Volume METRO SALES VOLUME IN UNITS SUBMARKET SALES VOLUME IN UNITS Page 18

19 Sales Pricing NATIONAL PRICE INDICES REGIONAL MULTI-FAMILY PRICE INDICES Page 19

Sales Pricing PRICE PER UNIT INDEX UNITED STATES PAST YEAR BY PRICE PER UNIT PAST YEAR BY PRICE PER UNIT PRICE PER UNIT SUMMARY FOR SALES IN PAST YEAR Geography Transactions Low Bottom 25% Median

20 Sales Pricing PRICE PER UNIT INDEX UNITED STATES PAST YEAR BY PRICE PER UNIT PAST YEAR BY PRICE PER UNIT PRICE PER UNIT SUMMARY FOR SALES IN PAST YEAR Geography Transactions Low Bottom 25% Median Average Top 25% United States 21,115 $5,000 $35,094 $112,500 $150,205 $415,417 Sebring 5 $8,000 $14,159 $29,508 $34,144 $44,885 Selected Sale Comps 10 $37,500 $39,722 $67,556 $65,040 $87,428 High $83,333,333 $59,770 $94,952 Page 20

Cap Rates CAP RATE TRENDS UNITED STATES CAP RATES PAST YEAR CAP RATES PAST YEAR CAP RATE SUMMARY STATISTICS IN PAST YEAR Geography Transactions Low Bottom 25% Median

21 Cap Rates CAP RATE TRENDS UNITED STATES CAP RATES PAST YEAR CAP RATES PAST YEAR CAP RATE SUMMARY STATISTICS IN PAST YEAR Geography Transactions Low Bottom 25% Median Average Top 25% United States 9, % 3.8% 5.8% 6.2% 9.4% Sebring 3 6.9% N/A 12.4% 11.4% N/A Selected Sale Comps 4 6.2% 6.2% 9.1% 8.6% 10.0% High 25.0% 14.9% 10.0% Page 21

22 Buyers TOP SEBRING MULTI-FAMILY BUYERS PAST TWO YEARS Properties Bought Properties Sold Company Name Bldgs Units Volume Bldgs Units Volume EZ Miami 1 87 $5,200, Beth T Besu 3 66 $3,682, Janina Tokarz 3 66 $3,682, Greystone & Co $3,600, Equity Management Partners, Inc $3,479, $5,200,000 Villa Palms LLC $2,133, TYPES OF MULTI-FAMILY SEBRING BUYERS PAST TWO YEARS Buying Volume Average Purchase Company Type Bldgs Units Millions Price/Unit Avg Price Private $19.64 $45,898 $2,182,720 Private Equity REIT/Public Institutional $0 $5 $10 $15 $20 Page 22

23 Sellers TOP SEBRING MULTI-FAMILY SELLERS PAST TWO YEARS Properties Sold Properties Bought Company Name Bldgs Units Volume Bldgs Units Volume Equity Management Partners, Inc $5,200, $3,479,500 Bevis Amanda 3 66 $3,682, Alden Torch Financial $3,600, Carlton D. Hodges 1 87 $3,479, American Apartment Management Co., Inc., $2,133, TYPES OF MULTI-FAMILY SEBRING SELLERS PAST TWO YEARS Selling Volume Average Sale Company Type Bldgs Units Millions Price/Unit Avg Price Private $14.49 $42,015 $2,415,898 Institutional $3.60 $29,508 $3,600,000 Private Equity REIT/Public $0 $4 $8 $12 $16 Page 23

Planned Development Application 1450 Sherman Avenue Evanston, IL ECONOMIC FEASIBILITY REPORT

Planned Development Application 1450 Sherman Avenue Evanston, IL 60201 13 ECONOMIC FEASIBILITY REPORT SECTION 13 ECONOMIC FEASIBILITY REPORT Based on the supporting data attached, Albion Residential feels