Fairview Condominiums Apartment Development Opportunity SWC E. 9th Ave. & County Line Rd. 804 Summer Hawk Drive Longmont, Colorado 80405

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1 Fairview Condominiums Apartment Development Opportunity SWC E. 9th Ave. & County Line Rd. 804 Summer Hawk Drive Longmont, Colorado Aaron Foy th Street Suite 1800 Denver, CO ph: f:

2 Broker Disclaimer & Disclosure This information package has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of interest in the property described herein. It does not, however, purport to present all material information regarding the subject property, and it is not a substitute for a thorough due diligence investigation by buyer. In particular, Marcus & Millichap, Inc. of Denver has not made any investigation of the actual property, the tenants, the operating history, financial reports, leases, square footage, age, the presence of any environmental conditions or hazards, the property s compliance or lack thereof with respect to any local, city, county, state or Federal regulation, or any other aspect of the property, and make no warranty or representation with respect to the financial condition or business prospects of any tenant, or any tenant s plans or intentions to continue or renew its occupancy of the subject property. All references to square footage are approximate. Buyer shall make its own investigations to determine actual square footages. The information contained in this information package has been obtained from sources we believe to be reliable; however, Marcus & Millichap, Inc. of Denver, and Seller have not conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Any pro formas, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future performance of the property. Marcus & Millichap, Inc. of Denver, and Seller strongly recommend that any prospective purchaser conduct an in-depth investigation of every physical and financial aspect of the property to determine if the property meets their needs and expectations. We also recommend that you consult with your engineering, tax, financial, environmental, and legal advisors on any matters that may affect your decision to purchase the property and the subsequent consequences of ownership. Marcus & Millichap, Inc. of Denver makes no representation and assumes no obligation regarding the presence or absence of toxic or hazardous waste or substances or other undesirable materials on or about any property ultimately sold. It is solely the responsibility of the potential investor to conduct investigations to determine the presence of such materials.

3 Table of Contents Pricing and Financial Analysis Financial Overview 5 Property Description Investment Summary 7 Property Aerial 8 Fairview Site Plan 9 Property Maps 10 Elevations 11 Floorplans 12 Rent Comparables Rental Comps Map 15 Occupancy and Rents/Sq. Ft. 16 Rental Comps Detail 17 Demographics Summary 20 Maps 21

4 Pricing and Financial Analysis

5 Financial Overview Summary Address SWC E. 9th Ave. & County Line Rd. 804 Summer Hawk Dr. Longmont, CO Offering Price $960,000 Lot Size 174,240 sq. ft./ 4 ac. +/- Price/Sq. Ft. $5.51 Buildable Units (Approved) 80 Price/Buildable Unit $12,000 Buildable Sq. Ft. (Approved) 110,628 Assessor s Parcel Number Utilities City of Longmont Zoning PUD Multifamily Mill Levy

6 Property Description

7 Investment Summary INVESTMENT HIGHLIGHTS Fully Entitled project with existing architectural plans included in sale price Marcus & Millichap is pleased to exclusively present the remaining developable units for Fairview Condominiums in Longmont, Colorado. The property has all horizontal improvements in place for the construction of 80 units in 4 buildings. Unit sizes range from 986 to 1255 sq. ft. Architectural drawings will be included with a sale. The seller retains Delcarant rights within the HOA, which may be transferrable to a buyer. Full horizontal land improvements with parking and utilities in place Possibility for rental housing in Boulder County s tight housing Class A and B apartments in Longmont were achieving as high as $1.25 psf in rents and have an occupancy rate above 97% (AAMD Vacancy & Rent Survey Q4 2012). The market provides an excellent opportunity to build these units as rentals today with a potential exit as for sale housing. Fairview is a part of the Fox Meadows master planned community originally built by Engle Homes. The Community consists of single family homes with prices from the $200 s to the $700 s, a townhome community, the Fairview condominium project, a local park and space for a new school. A majority of the community has been fully developed. Located on the east side of Longmont, Fairview is in close proximity to shopping, including Walmart and the 605,000 sq. ft. Harvest Junction Shopping Center with tenants such as Lowe s, Bed Bath & Beyond, Michael s, Petco, Ross, Marshalls, Best Buy, Dick s Sporting Goods, Panera Bread, TGI Friday s and Walgreen;s. Fairview is also a short ride to downtown Longmont s Main Street.

8 Property Aerial

9 Fairview Site Plan

10 Property Maps Area Map Regional Map

11 Elevations

12 Floorplans First Floor Second Floor

13 Floorplans Third Floor Roof Plan

14 Rent Comparables

15 Rent Comparable Map Fairview 1) Fox Ridge 2) Grandview Meadows III 3) Legacy West 4) The Shores 5) Stonebridge at Twin Peaks 6) Ute Creek

16 Occupancy & Rents/sq. ft. Occupancy* Average Occupancy: 97% 100% 98% Average Occupancy 95% 97% 96% 97% 90% * Grandview Meadows III 80% 70% 60% 50% Fox Ridge Legacy West The Shores Stonebridge at Twin Peaks Ute Creek Comparable Rents/Sq. Ft. Unit Average Studio $ Bdrm $ Bdrm $ Bdrm $1.10 $1.60 $1.40 $1.20 $1.00 $0.80 $0.60

17 Rental Comps 1 3 1) FOX RIDGE 3800 Pike Rd. Longmon, CO Number of Units: 328 Occupancy: 98% Year Built: 2001 Lease Terms: 9-12 mo. Date Surveyed: Q4, 2012 Unit Type Units Sq. Ft. Low Sq. Ft. High Rent Low Rent High Rent/SF 1 Bdr, 1 Ba $ 889 $ 889 $ Bdr, 1 Ba $ 964 $ 979 $ Bdr, 1 Ba $ 1,134 $ 1,134 $ Bdr, 2 Ba 96 1,062 1,077 $ 1,214 $ 1,224 $ Bdr, 2 Ba 16 1,300 1,300 $ 1,410 $ 1,410 $ 1.08 Total/Avg $ ) GRANDVIEW MEADOWS III 950 Grandview Meadows Dr. Longmont, CO Unit Type 3) LEGACY WEST Number of Units: 96 Occupancy: 2727 Nelson Rd. Longmont, CO Lease Up Year Built: 2012 Lease Terms: mo. Date Surveyed: Q Units Sq. Ft. Low Sq. Ft. High Rent Low Rent High Rent/SF 1 Bdr, 1 Ba $ 850 $ 850 $ Bdr, 1 Ba $ 990 $ 990 $ Bdr, 1.75 Ba $ 1,050 $ 1,050 $ Bdr, 1.75 Ba $ 1,140 $ 1,140 $ 1.18 Total/Avg $ 1.28 Number of Units: 236 Occupancy: 95% Year Built: 1999 Lease Terms: 3-12 mo. Date Surveyed: Q Unit Type Units Sq. Ft. Low Sq. Ft. High Rent Low Rent High Rent/SF Studio $ 775 $ 775 $ Bdr, 1 Ba $ 970 $ 970 $ Bdr, 1 Ba $ 985 $ 985 $ Bdr, 1 Ba $ 1,045 $ 1,125 $ Bdr, 2 Ba 40 1,150 1,192 $ 1,255 $ 1,275 $ Bdr, 2 Ba 8 1,268 1,268 $ 1,390 $ 1,390 $ 1.10 Total/Avg $ 1.17

18 Rental Comps 4 6 4) THE SHORES 2450 Airport Rd. Longmon, CO Unit Type Number of Units: 280 Occupancy: 97% Year Built: 1998 Lease Terms: 9-12 mo. Date Surveyed: Q4, 2012 Units Sq. Ft. Low Sq. Ft. High Rent Low Rent High Rent/SF 1 Bdr, 1 Ba $ 829 $ 829 $ Bdr, 1 Ba $ 899 $ 899 $ Bdr, 1 Ba $ 1,009 $ 1,009 $ Bdr, 2 Ba 96 1,018 1,018 $ 1,084 $ 1,084 $ Bdr, 2 Ba 16 1,216 1,216 $ 1,345 $ 1,345 $ 1.11 Total/Avg $ ) STONEBRIDGE AT TWIN PEAKS Number of Units: th Ave. Occupancy: 96% Year Built: 1998 Longmont, CO Lease Terms: 9-12 mo. Date Surveyed: Q Unit Type Units Sq. Ft. Low Sq. Ft. High Rent Low Rent High Rent/SF 1 Bdr, 1 Ba $ 935 $ 990 $ Bdr, 1 Ba $ 1,025 $ 1,070 $ Bdr, 2 Ba 84 1,026 1,026 $ 1,100 $ 1,155 $ Bdr, 2 Ba 30 1,276 1,276 $ 1,275 $ 1,395 $ 1.05 Total/Avg $ ) UTE CREEK Number of Units: E. 17th Ave. Occupancy: 97% Year Built: 1999 Longmont, CO Lease Terms: 3-12 mo. Date Surveyed: Q Unit Type Units Sq. Ft. Low Sq. Ft. High Rent Low Rent High Rent/SF 1 Bdr, 1 Ba $ 925 $ 925 $ Bdr, 2 Ba $ 1,079 $ 1,079 $ Bdr, 2 Ba $ 1,129 $ 1,129 $ 1.13 Total/Avg $ 1.17

19 Demographics

20 Demographic Summary Population In 2011, the population within 5 miles of Fairview was 85,552. The population has changed by 18.44% since It is estimated that the population in your area will be 91,235 five years from now, which represents a change of 6.64% from the current year. The current population is 49.2% male and 50.7% female. The median age of the population in your area is 37.7, compare this to the U.S. average which is The population density in your area is 1, people per square mile. Households There are currently 32,453 households within 5 miles of Fairview. The number of households has changed by 20.95% since It is estimated that the number of households in your area will be 34,109 five years from now, which represents a change of 5.10% from the current year. The average household size in your area is 2.62 persons. Income In 2011, the median household income within 5 miles of Fairview is $57,678, compare this to the U.S. average which is currently $53,620. The median household income for your area has changed by 11.77% since It is estimated that the median household income in your area will be $65,124 five years from now, which represents a change of 12.90% from the current year. The current year per capita income in your area is $28,443, compare this to the U.S. average, which is $28,713. The current year average household income in your area is $73,823, compare this to the U.S. average which is $73,458. Race & Ethnicity The current year racial makeup of your selected area is as follows: 80.98% White, 0.97% African American, 1.17% Native American and 1.59% Asian/Pacific Islander. Compare these to U.S. averages which are: 72.40% White, 12.60% African American, 0.95% Native American and 4.93% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 26.16% of the current year population in your selected area. Compare this to the U.S. average of 16.90%. Housing The median housing value in your area was $177,403 in 2000, compare this to the U.S. average of $110,796 for the same year. In 2000, there were 18,034 owner occupied housing units in your area and there were 8,797 renter occupied housing units in your area. The median rent at the time was $678. Employment In 2011, there are 34,506 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 63.4% of employees are employed in white-collar occupations in this geography, and 36.5% are employed in blue-collar occupations. In 2011, unemployment in this area is 7.65%. In 2000, the median time traveled to work was 20.3 minutes.

21 Demographic Maps Household Income Theme Low High Low Less than $29,500 Below Average $29,500 $48,500 Average $48,500 $80,000 Above Average $80,000 $132,500 High $132,500 Or more Average income of all people 15 years and older occupying a single housing unite Population Density Theme Low High Low Less than 55 Below Average Average 475 4,100 Above Average 4,100 35,000 High 35,000 Or more People living in an area per Square Mile

22 Fairview Condominiums Apartment Development Opportunity SWC E. 9th Ave. & County Line Rd. 804 Summer Hawk Drive Longmont, Colorado Aaron Foy th Street Suite 1800 Denver, CO ph: f: