FOR SALE The Grove Luxury Student Housing N. 1 st Avenue Tucson, AZ MULTI-FAMILY. Property Highlights.

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1 Property Features Sale Price $2,650,000 Price Per Unit $441,667 Total Beds 24 Price per Bed $110,417 Price per SF $ Number of Units 6 Rentable Square Feet 12,300 Land 1.38 Acres CAP Rate 6.70% Property Highlights Gated Community 6 Four Bedroom/Four and a Half Bath homes 3 Garages to each home Fully equipped kitchens and spacious living rooms * Walking distance to University of Arizona 2014 construction Pride of ownership community PRE-LEASED THROUGH THE 2018/2019 SCHOOL YEAR! ONE OF THE FIRST PROPERTIES TO RENT Allan Mendelsberg, Principal amendelsberg@picor.com Daniel Leibsohn dleibsohn@picor.com PICOR Commercial Real Estate Services 5151 E. Broadway Blvd, Suite 115 Tucson, Arizona phone: picor.com same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

2 Property Description is a luxury student housing community that provides the ultimate comfort and security. It comes with six 4 bed/5 bath houses which include a spacious 3-car garage for each house. It is located in a private gated community that is enclosed by an automatic fence, which residents only have access to. The community is a short 5 minute drive that is located 1.6 miles northeast from the University of Arizona. The community is also located close to the heart of downtown Tucson. The homes come with a fully loaded kitchen, open floor plan, and a full laundry room. They also have a private balcony which can be used for entertainment purposes. The community also has a pool and hot tub for resident enjoyment. Allan Mendelsberg, Principal amendelsberg@picor.com Daniel Leibsohn dleibsohn@picor.com PICOR Commercial Real Estate Services 5151 E. Broadway Blvd, Suite 115 Tucson, Arizona phone: picor.com

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4 SUBJECT Location Overview is located just north of the intersection of 1 st Avenue and Seneca. The property is in a prime student housing area that is located less one mile north of The University of Arizona. Exactly 0.2 miles north of the complex is a Walgreens drug store. Also 0.3 miles north of the property is a large grocery anchored shopping center that includes Fry s Food and Drug, Fry s Gas Station, Dollar Tree, and other small retailers. To the West, 0.2 miles, lies Mansfield Park with many recreational components that would appeal to college student population such a big grass park, public pool, and basketball courts. The surrounding community also includes several bicycle sharing structures that allows the public to rent at a small rate for short period use. Another upside of the neighborhood s proximity to the University of Arizona is that the Safe Ride service routes run throughout this area. Safe Ride is a free transportation service offered to University of Arizona student s to transport them to and from campus. The University of Arizona currently enrolls 45,000 students and which is expected to increase to 60,000 in the next five years. With a high student body population increasing rapidly, the demand for student housing will consequently increase as well. With this property located so close to The University of Arizona, is an ideal property to acquire.

5 ProForma TYPE # OF UNITS SQ. FT. TOTAL S.F. RENT PER S.F. TOTAL MONTHLY RENT STABILIZED RENT 4 BD/4.5 BA 6 2,050 12,300 $1.66 $20,400 $3,400 TOTAL/AVG. 6 2,050 12,300 $1.66 $20,400 $3,400 INCOME STATEMENT MARKETING PER UNIT PER BED PSF RENTAL INCOME Gross Market Rent $244,800 $10,200 $19.90 Vacancy Loss ($9,792) (4.00%) ($408) ($0.80) Gross Rent $235,008 $9,792 $19.11 Concessions & Bad Debt ($3,525) (1.50%) ($147) ($0.29) Net Rental Income $231,483 $9,645 $18.82 Other Income $600 $25 $0.05 TOTAL INCOME $232,083 $38,680 $9,670 $18.87 STABILIZED MARKET VALUATION Value $2,650,000 Per Unit $441,667 Per Sq. Ft. $ Cap Rate Mktg Proforma 6.70% OPERATING EXPENSES Repairs, Maintenance & Supplies $5,000 $833 $208 $0.41 Contract Services $1,500 $250 $63 $0.12 Turnover $1,200 $200 $50 $0.10 General, Admin, Advertising $300 $50 $13 $0.02 Utilities $600 $100 $25 $0.05 TOTAL VARIABLE $8,600 $1,433 $358 $0.70 Property Taxes $17,653 $2,942 $736 $1.44 Property Insurance $2,100 $350 $88 $0.17 Management Fee $23, % $967 $1.89 Reserves $3,000 $500 $125 $0.24 TOTAL EXPENSES $54,561 $9,094 $2,273 $4.44 NET OPERATING INCOME $177,522 $29,587 $7,397 $14.43