EXCLUSIVE OFFERING MEMORANDUM. Sunrise Springs Apartments 4455 EAST TWAIN AVENUE LAS VEGAS, NV 89121

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1 EXCLUSIVE OFFERING MEMORANDUM Sunrise Springs Apartments 4455 EAST TWAIN AVENUE LAS VEGAS, NV 89

2 SUNRISE SPRINGS APARTMENTS Table of Contents OFFERING OVERVIEW PROPERTY PROFILE FLOOR PLANS 4 THE NEIGHBORHOOD 5 SALE COMPS 6 RENT COMPS 7 FINANCIAL ANALYSIS Points of Contact Carl Sims Executive Director, Multifamily carl.sims@cushwake.com Taylor Sims Director, Multifamily taylor.sims@cushwake.com

3 Offering Overview The Opportunity The Sunrise Springs Apartments were built in 989, consists of 9 units, and contains a desirable mix of one-bedroom, two-bedroom, and three-bedroom layouts, averaging 859 square feet. Each unit has a washer / dryer and common area amenities include indoor and outdoor pools, clubhouse, playground, and BBQ / picnic areas. This property is located in a pocket of Las Vegas that is Henderson adjacent and presents a unique opportunity to achieve higher yields through renovations & rent growth. The property has excellent exposure on major roadways, such as Boulder Highway, and is nearby major employment hubs such as Union Village and the Galleria Mall. The asset is across the street from Arizona Charlie s, and within minutes of The Eastside Cannery, Sam s Town, Boulder Station, and numerous other hotels & casinos. Additionally, the Sunrise Springs is conveniently located just 0 minutes from the world-famous Las Vegas Strip. Rent growth in this submarket is number two among the submarkets in the Las Vegas metropolitan area and is projected to remain above the 5% level for 08, and at 4.6% in 09. Through continued and more intensive interior renovations like new appliances, cabinet paint, and resurfaced countertops, rent growth of 0-5% is common. There is a clear path to grow rents beyond this, as RUBS may be increased, and other income can grow through packages such as cable/internet, offering an additional $50,000 to $75,000 in income potential. Buyer must assume the current loan of approximately $.7M through Berkley Point. Supplemental proceeds are available, and more information can be accessed from the dedicated property website. The offering has been priced at $4M. Please review all documents (PSA samples, operating statements, supplemental estimates, addendums, etc.) before placing a formal offer. PRICE $4.00M LOAN AMOUNT $.70M CO-BROKER FEE 0.75% For More Information, visit: 5 cushmanwakefield.com Offering Memorandum 6

4 The Strip OFFERING HIGHLIGHTS Rental Upside High Growth Submarket Currently the property has performed well and displayed excellent upside through current renovations. Rent comps in the area provide a clear path for the Sunrise Springs to grow rents further through continued & more intensive renovations. Additionally, the property has a clear opportunity to grow rents through the reduction of loss to lease figures and through organic growth of other income items. ex. RUBS income and DirecTV packages can grow other income by $50,000 or $00,00. As we know, strong rental upside is key in today s market and this offering exemplifies this. We look for this growth to continue as a recent surge in upperclass workforce housing has been driven to Las Vegas from other primary markets such as California. To further support the value-add / renovation potential discussed in this package, this particular submarket has consistently outperformed the average, and even recorded 8%+ year-over-year rent growth rates. Great Access With immediate access to Boulder Highway and I-55, the Sunrise Springs is just 0 minutes away from anywhere in town. The Las Vegas strip is just a 0-minute drive, while the historic Boulder Dam is just a 5-minute drive to the South. Red Rock is simply 45 minutes away as well. Low Competition NORTHWEST NORTH N With less than 4,000 market rate units in the area, and only one new development project in the works with "Casa Bella", the risk of new product entering the submarket and undercutting the valueadd proposition is low. Excellent Rental Location SUMMERLIN CENTRAL Downtown McCarran International Airport EAST Per CoStar, this pocket has one of the highest percentages of renters in the Las Vegas metropolitan area, only second to the strip-central/downtown areas with much less desirable renter demographics & tenant bases. Excellent exposure along Boulder Highway and proximity to huge employment hubs adds to the high-rental demand aspect of this area. SOUTHWEST HENDERSON 7 cushmanwakefield.com Offering Memorandum 8

5 Sunrise Springs Apartments Property Description Property Information 9 UNITS Property Description 989 YEAR BUILT 859 SF AVERGE UNIT SIZE 64,98 SF RENTABLE BUILDING AREA 47 WALK SCORE 47 DRIVE SCORE 9 cushmanwakefield.com Offering Memorandum 0