Fountain Place DESIRABLE MAITLAND LOCATION ALL UNITS WERE RECENTLY UPGRADED/RENOVATED EXECUTIVE SUMMARY

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1 Fountain Place 34 UNITS BULK CONDOMINIUM INVESTMENT ORLANDO MSA BUILT IN 2002 EXECUTIVE SUMMARY DESIRABLE MAITLAND LOCATION ALL UNITS WERE RECENTLY UPGRADED/RENOVATED CAPITAL MARKETS INSTITUTIONAL PROPERTIES MULTIFAMILY

2 Fountain Place FOUNTAIN PLACE CONDOMINIUM -CASSELBERRY, FLORIDA (ORLANDO MSA) UNIT MIX UNIT TYPE UNITS % TOTAL SIZE (SF) MKT RENT PER SF 1 BR/1 BA % 695 $990 $ BR/1 BA % 783 $990 $ BR/2 BA % 985 $1,150 $1.17 TOTAL/AVG.* % 817 $1,056 $1.29 *including unit currently used as leasing office PROPERTY ADDRESS: 2155 Fontebranda Loop Casselberry, FL # OF UNITS: 34 AVG UNIT SIZE: 817 YEAR BUILT: 2002 OCCUPANCY: 97% INVESTMENT SUMMARY Fountain Place is situated within easy reach of the Maitland/Fern Park area of Orlando, just five minutes from Maitland s new downtown development district. The community was built in 2002 as an apartment complex and converted to condominiums in CBRE is now offering 34-units for investors seeking a bulk purchase well below replacement cost. All buildings of the property have newer roofs, and all 33 units (one unit is a leasing office that can be converted to an apartment) have been rehabbed to include faux wood floors in kitchens, stainless steel appliances and new light fixtures. Fountain Place is conveniently located just two miles from a newer gourmet Publix grocery store near Maitland s downtown development district. Maitland s exciting new project is scheduled to include 90,000 SF of retail and luxury apartments. Residents of Fountain Place enjoy proximity to Maitland and Winter Park, and are only 10 minutes from the Uptown Altamonte area with a new Whole Foods. The property offers the best of both worlds a quiet location in the midst of single family homes and a convenient location with easy access to Highway 17-92, Interstate 4, and State Road 436. New ownership has the tremendous opportunity to realize increased income gains through amenity enhancements and sound property management. KEY INVESTMENT HIGHLIGHTS: Opportunity to acquire a critical mass (52% +) of the units within a luxury condominium at a fraction of replacement cost Great in-place cashflow with current occupancy at 97% New owner would control the homeowners association (HOA) HOA is financially healthy Great opportunity to include W/D in all units and increase rents (all have connections) Low-density design with all two-story buildings Assigned to great public schools (A rated) All units have now been upgraded with ceramic tile kitchens, wood floors, new stainless steel appliances and new light fixtures Close to the affluent submarkets of Maitland, Altamonte Springs, and Winter Park Just 2 miles to the newer gourmet Publix grocery store in Maitland, 2 Whole Foods and a Trader Joe s Close proximity to Downtown Orlando and the Maitland Center Office Park, which is home to more 5.6 million SF of office space and major employers such as FedEx, Charles Schwab, and EA Sports Infill location available at far less than replacement cost (about $175,000/unit)

3 VACANT UNIT ENORMOUS VALUE ADD UPSIDE FROM UNIT INTERIOR UPGRADES PROPERTY FEATURES Fountain Place offers upgraded unit interiors. Amenities include the following: PLACEHOLDER IMAGE Screened Patios/Balconies Ceiling Fan(s) Fully-equipped Kitchens Stainless-steel Appliances Faux-granite countertops Oversized Closets Washer/Dryer Connections Tiled Entries Faux-wood Flooring Swimming Pool with Sundeck Fitness Center Picnic and Barbecue Areas Extra Storage

4 ORLANDO S ECONOMY IS BOOMING! 4.2% Job Growth Y-o-Y Dec-2016 (#1 in U.S.) 6.2% Projected Rent Growth in 2017 (Yardi Matrix) 2.6% Population Growth in 2015 (#1 in U.S.) 4.2% Unemployment Rate (Dec-2016) 96% Current Market Occupancy Rate (AxioMetrics Q4 2016) HOMEOWNERSHIP At Multi-decade Lows in the Orlando MSA PHOTO GALLERY NON-UPGRADED UNIT KITCHEN UPGRADED UPGRADED UNIT KITCHEN UPGRADED FLOORING UPGRADED UNIT BATHROOM UPGRADED UNIT BATHROOM *in select units APARTMENT HOME INTERIORS Studio, 1-, 2-, and 3-bedroom Floor Plans Well-equipped Kitchens Dishwashers Disposals Private Patios/Balconies Tile Flooring throughout* New Tall Baseboards* *select units

5 FINANCIAL INFORMATION OPERATING STATEMENT HISTORY AND PRO FORMA Stabilized Year 1 Pro Forma Projection Notes INCOME Gross Potential Rent $430,800 Based on all at market Projected Market Rent Increases $12, % in Year 1 Net Market Rent $443,724 Less: Loss to Lease $0 0.00% Less: Vacancy Loss ($17,749) 4.00% Less: Concessions $0 0.00% Less: Non-Revenue Units ($11,880) 1 unit Less: Bad Debt ($4,437) 1.00% Effective Rental Income $409,658 $12,049 per unit Other Income Other Income $5,100 $150 per unit Total Other Income $5,100 EFFECTIVE GROSS INCOME $414,758 $12,199 per unit EXPENSES Utilities $1,700 $50 per unit Repair & Maintenance $10,000 Equal to 2017 Budget Turnover/Make-Ready $3,500 Equal to 2017 Budget Administrative $1,000 Equal to 2017 Budget Management Fees $20, % of EGI Insurance (Liability Only) $6,800 $200 per unit Real Estate Taxes $24,589 Equal to 2017 Budget Association Dues (Includes Reserves) $106,660 Equal to 2017 Budget TOTAL OPERATING EXPENSES $174,987 $5,147 per unit UNDERWRITING ASSUMPTIONS Income Market Rent Growth Rate Loss to Lease Year % Year % Vacancy Rate Concessions Year % Year % Model/Employee Units Bad Debt Loss Year % Year % Other Income Growth Rate Year % Expenses Expense Growth Rate Management Fees Year % Year % Insurance (per unit) Capital Reserves (per unit) Year 1 $200 Year 1 $0 UNIT MIX Floorplan Number of Units Percent of Total Unit Square Feet Average Market Market Rent/SF Monthly Rent A % 695 $990 $1.42 $18,810 B % 783 $990 $1.26 $990 C % 985 $1,150 $1.17 $16,100 Totals/Averages % 817 $1,056 $1.29 $35,900 NET OPERATING CASH FLOW (Before Debt) $239,771 $7,052 per unit

6 FINANCIAL INFORMATION YEAR 1 PRO FORMA Percentage Monthly Annual Per Unit of EGI INCOME Gross Potential Rent $35,900 $430,800 $12, % Projected Market Rent Increases $1,077 $12,924 $ % Value Add Rent Increases $0 $0 $0 0.00% Net Market Rent $36,977 $443,724 $13, % Less: Loss to Lease $0 $0 $0 0.00% Less: Vacancy Loss ($1,479) ($17,749) ($522) -4.28% Less: Concessions $0 $0 $0 0.00% Less: Model/Employee Units ($990) ($11,880) ($349) -2.86% Less: Bad Debt ($370) ($4,437) ($131) -1.07% Effective Rental Income $34,138 $409,658 $12, % Other Income Utility RUBS Income $0 $0 $0 0.00% Other Income $425 $5,100 $ % Total Other Income $425 $5,100 $ % EFFECTIVE GROSS INCOME $34,563 $414,758 $12, % EXPENSES Utilities $142 $1,700 $ % Repair & Maintenance $833 $10,000 $ % Turnover/Make-Ready $292 $3,500 $ % Administrative $83 $1,000 $ % Management Fees $1,728 $20,738 $ % Insurance (Liability Only) $567 $6,800 $ % Real Estate Taxes $2,049 $24,589 $ % Association Dues (Includes Reserves) $8,888 $106,660 $3, % TOTAL OPERATING EXPENSES $14,582 $174,987 $5, % NET OPERATING CASH FLOW (Before Debt) $19,981 $239,771 $7, %

7 EXCELLENT LOCATION IN-BETWEEN MAITLAND AND ALTAMONTE SPRINGS Fountain Place INVESTMENT SALES CONTACTS: :: LUKE WICKHAM Senior Vice President :: SHELTON GRANADE Vice Chairman :: JUSTIN BASQUILL Senior Associate DEBT & STRUCTURED FINANCE CONTACT: :: BRETT MOSS Vice President Fountain Place is easily accessible from Highway 17-92, and is close to State Road 436 and the Maitland Boulevard entrance/exit of Interstate 4. The property benefits from being surrounded by upper income single-family home neighborhoods and close to the affluent downtown Maitland and Winter Park areas. Fountain Place is just a few miles from newer gourmet grocery stores Whole Food, Trader Joes & Publix in The development zone. DISTANCE TO TOP DEMAND DRIVERS: SR mi. SunRail Station - Altamonte 1.2-mi. SunRail Station - Maitland 1.4-mi. Lake Maitland 1.8-mi. Publix Supermarket 1.9-mi. Florida Hospital Altamonte 1.9-mi. Altamonte Mall 2.1-mi. Maitland Art Center 2.2-mi. Lake Lily Park 2.3-mi. Whole Foods 2.4-mi. Interstate mi. Maitland Center Office Park 2.8-mi. Park Avenue Shopping/Dining District 3.0-mi. Winter Park Village Marketplace 3.5-mi. Rollins College 3.8-mi. Baldwin Park 4.9-mi. SR 417 (Eastern Beltway) 5.6-mi. Orlando Executive Airport 6.6-mi. CBRE Orlando 200 S. Orange Avenue Suite 2100 Orlando, Florida Downtown Orlando Lake Mary/Heathrow Office Parks SR 408 (East/West Expressway) Amway Center Dr. Phillips Center University of Central Florida 6.8-mi. 7.2-mi. 7.8-mi. 8.0-mi. 8.1-mi. 9.9-mi CBRE, INC. LICENSED REAL ESTATE BROKER. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. Any projections, opinions, or estimates are subject to uncertainty. The information may not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.