PARKER & WILLEY APARTMENTS

Downtown Salt Lake City Investment Offering Memorandum PARKER & WILLEY APARTMENTS Rawley Nielsen +801 441 5922 rawley.n@colliers.com Darren Nielsen +1 801 448 2662 darren.n@colliers.com Colliers International 111 Main Street Suite 2200 Salt Lake City, UT 84111 P: +1 801 947 8300

Table of Contents > Executive Summary...3 > Property Photos... 16 > The SLC Apartment Market... 19 > Financial Summary... 24 > Additional Information... 28 COLLIERS INTERNATIONAL P. 2

PARKER & WILLEY APARTMENTS Offering Memorandum > Executive Summary COLLIERS INTERNATIONAL

EXECUTIVE SUMMARY Introduction > PARKER APARTMENTS & WILLEY APARTMENTS DOWNTOWN SALT LAKE CITY, UTAH Colliers International is pleased to offer a two-property affordable housing portfolio offering, including Parker Apartments and Robert A. Willey Apartments. This combined, 23 unit multifamily investment presents a unique opportunity to acquire two properties that sit just one block from each other on some of the highestvisibility streets in Downtown Salt Lake City within walking distance to popular food and entertainment destinations. These 100% leased low-income tax credit (LIHTC) properties are in great condition, and provide investors ownership of a stable investment with potential to increase rents immediately as well as benefitting from a rising market. Parker Apartments SALES PRICE: $2,425,000 ADDRESS: NUMBER OF UNITS AGE 307-319 East 600 South Salt Lake City, Utah 84111 Willey Apartments 543-549 South 400 East Salt Lake City, Utah 84111 16 23 7 TOTAL 1995 & Early 1900s (Renovated) LOT SIZE 0.38 0.63 0.25 ACRES UNIT MIX PROPERTY TYPE (12) 2x1: 946 SF (4) 2x1: 731 SF Affordable/LIHTC Housing (4) 2x1 (3) 2x1 CAP RATE 5.59% PARKING Surface ZONING RMF - 45 WALK SCORE BIKE SCORE 83/100 97/100 COLLIERS INTERNATIONAL P. 4

EXECUTIVE SUMMARY Property Details: Parker Apartments > PARKER APARTMENTS: 307 & 319 EAST 600 SOUTH Parker Apartments is situated on 0.38 acres with excellent street exposure on 600 South. Parker Apartments consists of 2 adjacent buildings, one with 12-units and the other with 4-units. There is dedicated off-street parking for 12 vehicles and additional convenient on-street parking. The 12-unit structure was constructed in 1995 and features large 2-bed, 1-bath floor plans with modern unit amenities, including washer/dryer hook-ups, dishwashers, large open kitchens, large closets, top floor vaulted ceilings, oversized cove windows. The Parker Four-plex was constructed in the early 20th century, but was fully remodeled and seismically upgraded in the mid 1990s. It has had various interior upgrades since that time. 307 East 600 South 319 East 600 South Description 307 E. has 12 units. It is constructed with three levels, four apartments per level and each level is identical though the apartments vary in style. There are two stairways to each level. The main stairway is mostly covered with a roof awning. The second stairway is outside and exposed. Parking located within a fully-fenced area. 319 E. has 4 units. The basement level is used for laundry and has a significant amount of unused space. Each of the apartments is accessed from a common hallway and stairwell located inside the only exterior door on the front. Common area stairwell to access each apartment. Parking is easily accessible and mostly on street. Seismic upgrades made in 1994. New water supply, plumbing, electrical, and receptacles. Unit Mix (12) 2 bed X 1 bath (4) 2 bed X 1 bath COLLIERS INTERNATIONAL P. 5

EXECUTIVE SUMMARY Property Details: Parker Apartments PROPERTY NAME: PROPERTY ADDRESS: Parker Apartments 307-319 East 600 South Salt Lake City, Utah 84111 APN: 1606381005, 1606381006, 1606453007 TOTAL LOT SIZE: BUILDING SIZE: YEAR BUILT: ZONING: PARKING: UNIT MIX: ROOF: APARTMENT FLOORING: COMMON AREA FLOORING: LAUNDRY ROOM FLOORING: CABINETRY: WINDOWS: HVAC: WATER HEATER: LAUNDRY: UTILITIES: 0.38 Acres 14,276 SF 1995 & Early 20-century (Renovated) RMF-45 12 Stalls, plus easily accessible on-street parking Twelve 2X1: 946 sq. ft. Four 2X1: 731 sq. ft. 307 East: Asphalt shingles 319 East: Modified bitumen surface Carpet, Vinyl, Vinyl Wood Plank (varies by unit) Concrete Concrete Wood Vinyl Frame Each apartment is individually heated and cooled by a split system gas furnace and electric air conditioner. Each tenant has 40-gallon water heater 307 East: In-unit washer/dryer hookups 319 East: Coin operated washer/dryer in the basement Electric and Gas paid by tenant COLLIERS INTERNATIONAL P. 6

EXECUTIVE SUMMARY Property Details: Parker Apartments May 21, 2018 1:298 0 0.005 0.01 0.0025 mi 0 0.0075 0.015 0.00375 km Esri, HERE, Garmin, OpenStreetMap contributors Sources: Esri, HERE, Garmin, USGS, Intermap, INCREMENT P, NRCan, This map was created by the office of the Salt Lake County Assessor, in cooperation with the offices of Surveyor, Recorder, Auditor, and Information Services. Copyrigyht 2013, Assessor GIS. SITE SITE COLLIERS INTERNATIONAL P. 7

EXECUTIVE SUMMARY Low Income Housing Tax Credit (LIHTC) Information > PARKER APARTMENTS Parker Apartments is a LIHTC housing property. As such, apartments at the property are rent-restricted and are consistently in high-demand. Allowable rent for Section 42 properties in Salt Lake County increases each year and has increased year-over-year by an average of 4.93% over each of the last 7 years. These 100% leased low-income tax credit (LIHTC) properties are in great condition, which affords investors ownership of a stable investment with potential to increase rents immediately as well as benefitting from a rising market. Parker Apartments: 307 & 319 East 600 South Rent and Income Limits 12 Units 55% AMI $898 (2-Bed) 4 Units 34% AMI $520 (2-Bed) 2018 Max Allowable Rent* *The allowable rent limits increase each year. Over the last 7 years, they have increased an average of 4.93% each year. Historical % Changes in 2-Bed Fair Market Rent (FMR) Limits: Salt Lake County 2012-2018 2-Bed Rent $1,000 $900 $800 +8.12% +4.41% +2.85% +4.11% +5.54% +4.55% $700 2012 2013 2014 2015 2016 2017 2018 Historical % Changes in 2-Bed Fair Market Rent (FMR) Limits: Salt Lake County 2012-2018 COLLIERS INTERNATIONAL P. 8

EXECUTIVE SUMMARY Property Details: Willey Apartments > ROBERT A WILLEY APARTMENTS 543-549 SOUTH 400 EAST The Robert A. Willey Apartments is situated on 0.25 acres with excellent street exposure from 400 East. Robert A Willey Apartments consists of 2 adjacent buildings, one with 3 units and the other with 4 units. There is off-street parking for 8 vehicles and additional convenient on-street parking. These two structures were constructed in the early 20th century and completely renovated in 1995, including total seismic retrofitting. They feature 3-bed, 1-bath and 2-bed, 1-bath floor plans with modern unit amenities including washer/dryer hook-ups, dishwashers, large open kitchens, and central vacuuming. Additionally, the four-plex building has been retrofitted with wheel chair accessibility including a wheelchair lift, which broadens the market appeal to handicapped residents. 543-549 South 400 East. Description 3-PLEX It was constructed with two levels. One apartment is upstairs. One apartment has a main and upstairs level, and the third apartment is on the main level only. It also includes a partial basement and crawl space. New windows, HVAC system, plumbing and seismic remodeling and restoration was completed in 1995. Unit Mix (3) 2 bed X 1 bath 547 South 400 East 4-PLEX It was constructed with two levels. There are two apartments apartments upstairs and two apartments downstairs. It also includes a partial basement and crawl space. New windows, HVAC system, plumbing and seismic remodeling and restoration was completed in 1995. (4) 2 bed X 1 bath COLLIERS INTERNATIONAL P. 9

EXECUTIVE SUMMARY Property Details: Willey Apartments PROPERTY NAME: PROPERTY ADDRESS: Willey Apartments 543-549 South 400 East Salt Lake City, Utah 84111 APN: 16064540050000 TOTAL LOT SIZE: BUILDING SIZE: YEAR BUILT: ZONING: PARKING: UNIT MIX: ROOF: APARTMENT FLOORING: COMMON AREA FLOORING: LAUNDRY ROOM FLOORING: CABINETRY: WINDOWS: HVAC: WATER HEATER: LAUNDRY: UTILITIES: 0.25 Acres 3,690 sq. ft. & 3,699 sq. ft. Early 20-century (Renovated) RMF-45 8 Stalls, plus easily accessible on-street parking Three 3 Bed X 1 Bath Four 2 Bed X 1 Bath Asphalt shingles Carpet, Vinyl, Vinyl Wood Plank (varies by unit) Vinyl Vinyl Wood Vinyl Frame Each apartment is individually heated and cooled by a split system gas furnace and electric air conditioner. Each tenant has 40-gallon water heater In-unit washer/dryer hookups Electric and Gas paid by tenant COLLIERS INTERNATIONAL P. 10

EXECUTIVE SUMMARY Property Details: Willey Apartments May 21, 2018 1:298 0 0.005 0.01 0.0025 mi 0 0.0075 0.015 0.00375 km Esri, HERE, Garmin, OpenStreetMap contributors Sources: Esri, HERE, Garmin, USGS, Intermap, INCREMENT P, NRCan, This map was created by the office of the Salt Lake County Assessor, in cooperation with the offices of Surveyor, Recorder, Auditor, and Information Services. Copyrigyht 2013, Assessor GIS. The information depicted here is to be taken as an approximate fit in regards to the spatial position of the layers presented. This map is not intended to represent an actual field Survey of, nor establish the acutal relation between, any of the layers depicted here. SITE SITE COLLIERS INTERNATIONAL P. 11

EXECUTIVE SUMMARY Low Income Housing Tax Credit (LIHTC) Information > ROBERT A WILLEY APARTMENTS Robert A Willey Apartments is a LIHTC housing property. As such, apartments at the property are rent-restricted and are consistently in high-demand. Allowable rent for Section 42 properties in Salt Lake County increases each year and has increased yearover-year by an average of 4.93% over each of the last 7 years. Robert A Willey Apartments: 543 & 547 South 400 East Rent and Income Limits 2018 Max Allowable Rent* 4 Units 35% AMI $619 (3-Bed), $538 (2-Bed) 3 Units 60% AMI $1139 (3-Bed), $988 (2-Bed) *The allowable rent limits increase each year. Over the last 7 years, they have increased an average of 4.93% each year. Historical % Changes in 2-Bed Fair Market Rent (FMR) Limits: Salt Lake County 2012-2018 2-Bed Rent $1,000 $900 $800 +8.12% +4.41% +2.85% +4.11% +5.54% +4.55% $700 2012 2013 2014 2015 2016 2017 2018 Historical % Changes in 2-Bed Fair Market Rent (FMR) Limits: Salt Lake County 2012-2018 COLLIERS INTERNATIONAL P. 12

PARKER & WILLEY APARTMENTS Offering Memorandum Location Overview COLLIERS INTERNATIONAL

LOCATION OVERVIEW Location Highlights > LOCATION DESCRIPTION Nearby attractions and amenities include TRAX Public Transit, City Creek Center, Temple Square, Trolley Square, Gallivan Plaza, Vivint Smart Home Arena, Salt Lake City Public Library, and all of Downtown Salt Lake City As shown by its Walk Score and Bike Score, 83 and 97 respectively, Parker & Robert A Willey Apartments are one of Salt Lake City s most convenient and walkable live/work/play rental destinations, allowing tenants the option to truly live car-free. > FAST AND CONVENIENT ACCESS Parker and Robert A Willey Apartments are conveniently located between the major 5th and 6th South street thoroughfares, for very quick driving access in and out of Salt Lake City > RESTAURANTS ONLY BLOCKS AWAY The Copper Onion, Cucina Toscana, Purgatory, Taco Taco, Ruth s Chris Steak House, Pretty Bird, The Eklektick, The Robin s Nest, Takashi, The New Yorker, Market Street Grill, and The Melting Pot. > SOCIAL/ENTERTAINMENT WITHIN WALKING DISTANCE The Bar-X, Urban Lounge, Utah Jazz, Utah Symphony, Utah Opera, Eccles Broadway Theater, The Galivan Center, and Gateway s Megaplex Movie Theatres. > SELECTION OF MAJOR NATIONAL, REGIONAL & LOCAL EMPLOYERS WITHIN LESS THAN 1MILE. Among the larger employers are, Huntsman Cancer Institute, Goldman Sachs, The University of Utah, University Health Care, Fidelity Investments, Century Link, The Church Of Jesus Christ of Latter-Day Saints, Utah Transit Authority, Maverik Inc, Wells Fargo Bank, Zions Bank and LDS Hospital. > SALT LAKE CITY Proximity to public transportation, restaurants, shopping opportunities, cultural amenities, nightlife, and walking distance to 75,000 jobs makes for a unique rental market. Salt Lake City s Central Business District is the largest concentrated job market in the state. (Source: Kem C. Gardner Policy Institute at The University of Utah) COLLIERS INTERNATIONAL P. 14

LOCATION OVERVIEW Aerial Map PARKER APARTMENTS WILLEY APARTMENTS PA, 0 0.08 0.16 0.24 0.32 Miles COLLIERS INTERNATIONAL P. 15

PARKER & WILLEY APARTMENTS Offering Memorandum > Property Photos COLLIERS INTERNATIONAL

PROPERTY PHOTOS Property Photos: Willey Apartments COLLIERS INTERNATIONAL P. 17

PROPERTY PHOTOS Property Photos: Parker Apartments COLLIERS INTERNATIONAL P. 18

PARKER & WILLEY APARTMENTS Offering Memorandum > The SLC Apartment Market COLLIERS INTERNATIONAL

THE SLC APARTMENT MARKET Rental Market: Downtown SLC > MARKET HIGHLIGHTS The Salt Lake City metro area is expected to need 16,478 new apartments by 2030 to keep up with local demand, according to a study commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA) and conducted by Hoyt Advisory Services. (Source: NMHC and NAA: U.S. Apartment Demand -- A Look Forward) In 2010, after 100 years of development, the number of downtown rental units in Salt Lake City totaled 5,200. By 2020, that number is expected to double to 10,000 units and the downtown population will grow to 20,000, about the same population as Payson or Brigham City, in an area of 1.65 square miles. Since 1910, the downtown rental market has seen several apartment development booms but the size of the current boom is unprecedented. Nearly 1,900 units have been completed in the past four years. The current vacancy rate of these units is less than two percent. New downtown apartments have the highest rents in the state; the average rent for a studio unit is $1,000, $1,100 for a one-bedroom unit, and $1,450 for a two-bedroom, two-bath unit. The magnitude of the current boom combined with very high rental rates seems like a recipe for an overbuilt market. However, as of October 2016, there are no signs of a distressed market; vacancy rates are low, rental rates are increasing, and absorption rates are strong. Demand for downtown rentals is supported by a unique set of locational and demographic advantages. The size of the current apartment boom is unprecedented. In just 10 years, nearly as many apartment units will be developed downtown as were developed in the previous 100 years. The boom, however, has brought much higher rental rates. The 15 apartment projects completed since 2011 have the following average rents: studio $1,000, one bedroom $1,100, two-bed-room two-bath $1,450. There are no-three bedroom units in the recently completed projects. The rents do not include the charges for a media package, sewer, water, trash, or parking fees, which could easily add another $150 to $200 to the base rent. Source: Kem C. Gardner Policy Institute at The University of Utah, 2017 COLLIERS INTERNATIONAL P. 20

THE SLC APARTMENT MARKET Rental Market: Downtown SLC > LOCATIONAL AND DEMOGRAPHIC ADVANTAGES Since 2000, the number of households with individuals that are nonfamily, not living alone and with the householder 18 to 34 years has increased annually at a six percent growth rate in Salt Lake City, an increase of 3,000 households. For roommates who are single, young professionals, and working downtown, the cost of housing can be shared, making downtown living much less financially intimidating. One more favorable demographic trend is the increase in net in-migration. From 2009 to 2014, net in-migration statewide never exceeded 11,000 individuals, but in 2015, it jumped to 21,300 and is projected to average 32,000 over the next four years. Conservatively, at least one-third of these in-migrants will locate in Salt Lake County, and some will be attracted to the downtown rental market, due to the nearness of employment and life style considerations boosting demand for downtown rentals. Location is probably the greatest and most obvious advantage of downtown living. Proximity to public transportation, restaurants, shopping opportunities, cultural amenities, nightlife, and walking distance to 75,000 jobs makes for a unique rental market. Salt Lake City s Central Business District is the largest concentrated job market in the state. Four out of five employees in downtown work in office settings at jobs with an average pay of $52,000. This proximity to a large base of job opportunities with above average pay is integral to the success of downtown rental housing. Will the doubling of the downtown rental inventory in 10 years lead to an overbuilt market? First, a little context may help. In 2015, the Salt Lake County rental market had about 126,000 occupied rental units, only 7,000 of these units were located downtown; not quite six percent of the county s rental inventory. Countywide the vacancy rate is about three percent while downtown the rate is less than two percent. Rental rates for one and two-bedroom units in newer downtown projects are 30 percent higher than similar units in the suburban market. > RISK OF OVERBUILDING? The recent surge in downtown apartment development is part of a larger apartment boom, a boom that extends throughout Salt Lake County. The downtown market will face some competition from the large number of under construction and proposed units in the county s suburban areas as well as the several hundred units on the periphery of the downtown market, but the fundamental advantages of a downtown location and favorable demographic trends will effectively off-set much of the competitive headwinds. Employment opportunities will continue to grow with development of new office, retail, and commercial space. One example is the completion of downtown s newest office building (462,000 square feet) at 111 South Main, which should increase office employment by as much as 1,000 jobs over the next few years. Demographically, the increase in non-related households (roommates), higher levels of net in-migration, as well as the growing number of individuals in the prime age group for renting (18-34 years), bodes well for the apartment market in general. Nearly half of all renters in Salt Lake County are between 18-34 years old and this age group is expected to grow by five percent from 2015 to 2020, an increase of 17,000 individuals. Source: Kem C. Gardner Policy Institute at The University of Utah COLLIERS INTERNATIONAL P. 21

PARKER & WILLEY APARTMENTS Offering Memorandum > Financial Summary COLLIERS INTERNATIONAL

FINANCIAL OVERVIEW Rent Roll: Parker Apartments Unit # Sq Ft Floorplan Current Rent** Market Rent* Current Rent per Sq Ft Market Rent per Sq Ft # of Pkg Spaces Move In Lease Expiration 307-1 946 2/1 $839 $898 $0.89 $0.95 1 10/3/13 10/31/18 55% AMI 307-2 946 2/1 $800 $898 $0.85 $0.95 1 12/16/16 4/30/19 55% AMI 307-3 946 2/1 $839 $898 $0.89 $0.95 1 3/1/08 11/30/18 55% AMI 307-4 946 2/1 $700 $520 $0.74 $0.55 1 11/4/16 10/31/18 35% AMI 307-5 946 2/1 $839 $898 $0.89 $0.95 1 9/1/15 8/31/18 55% AMI 307-6 946 2/1 $839 $898 $0.89 $0.95 1 3/14/16 2/28/19 55% AMI 307-7 946 2/1 $839 $898 $0.89 $0.95 1 9/1/10 9/30/18 55% AMI 307-8 946 2/1 $839 $898 $0.89 $0.95 1 12/28/16 11/30/18 55% AMI 307-9 946 2/1 $839 $898 $0.89 $0.95 1 11/4/16 11/30/18 55% AMI 307-10 946 2/1 $790 $898 $0.84 $0.95 1 9/1/15 9/30/18 55% AMI 307-11 946 2/1 $800 $898 $0.85 $0.95 1 6/25/14 11/30/18 55% AMI 307-12 946 2/1 $839 $898 $0.89 $0.95 1 55% AMI 319-1 731 2/1 $739 $520 $1.01 $0.71 0 1/29/18 12/31/18 35% AMI 319-2 731 2/1 $483 $520 $0.66 $0.71 0 35% AMI 319-3 731 2/1 $790 $898 $1.08 $1.23 0 10/1/95 9/30/18 55% AMI 319-4 731 2/1 $483 $520 $0.66 $0.71 0 12/30/16 11/30/18 35% AMI 14,276 Monthly Income $12,297 $12,856 $0.86 $0.90 Annual Income $147,564 $154,272 *According to IRC Section 42, this is the maximum monthly amount that can be charged directly to the tenant during 2018. This amount reflects the required utility allowance. Since 2000, the allowable rent amounts that can be charged to the tenants have increased an average of 2.5% annually. Over the last 7 years, the allowable rent amounts have increased an average of 4.93% each year. **For those tenants who receive some additional rent assistance (like Section 8), it is possible for the actual rent received to be greater. Notes COLLIERS INTERNATIONAL P. 23

FINANCIAL OVERVIEW Rent Roll: Willey Apartments Unit # Sq Ft Floorplan Current Rent** Market Rent* Current Rent per Sq Ft Market Rent per Sq Ft # of Pkg Spaces Move In Lease Expiration 1 1,116 3/1 $1,150 $619 $1.03 $0.55 1 8/1/13 11/30/18 35% AMI 2 1,116 3/1 $1,065 $1,139 $0.95 $1.02 1 5/30/17 4/30/18 60% AMI 3 1,116 3/1 $999 $1,139 $0.90 $1.02 1 12/21/17 9/30/18 60% AMI 547-1 852 2/1 $899 $988 $1.06 $1.16 1 2/22/18 1/31/19 60% AMI 547-2 852 2/1 $500 $538 $0.59 $0.63 1 12/31/15 10/31/18 35% AMI 547-3 852 2/1 $707 $538 $0.83 $0.63 1 11/2/12 1/31/19 35% AMI 547-4 852 2/1 $500 $538 $0.59 $0.63 1 10/18/16 9/30/18 35% AMI 6,756 Monthly Income $5,820 $5,499 $0.85 $0.81 Annual Income $69,840 $65,988 *According to IRC Section 42, this is the maximum monthly amount that can be charged directly to the tenant during 2018. This amount reflects the required utility allowance. Since 2000, the allowable rent amounts that can be charged to the tenants have increased an average of 2.5% annually. Over the last 7 years, the allowable rent amounts have increased an average of 4.93% each year. **For those tenants who receive some additional rent assistance (like Section 8), it is possible for the actual rent received to be greater. Notes COLLIERS INTERNATIONAL P. 24

FINANCIAL OVERVIEW Financial Summary: Combined Income In-Place Rents Per Month Per Unit Market Rents Per Month Per Unit Notes Gross Residential Rental Income $217,404 $18,117 $9,452 $220,260 $18,355 $9,577 Less: Vacancy ($8,696) ($725) ($378) ($8,810) ($734) ($383) 4% vacancy Net Residential Rental Income $208,708 $17,392 $9,074 $211,450 $17,621 $9,193 Plus: Parking income $0 $0 $0 $0 $0 $0 Other Income $4,811 $401 $209 $4,674 $390 $17 T12 Actual - Mar 18 TOTAL COLLECTED INCOME $213,519 $17,793 $9,283 $216,124 $18,010 $9,397 Expenses Proforma Expenses Per Month Per Unit Notes Property Taxes $15,026 $1,252 $653 Estimated 2% increase from actual 2017 taxes Insurance $6,225 $519 $271 Market estimate Utilities Electric $1,717 $143 $75 T12 Actual - Mar 18 Water & Sewer $7,274 $606 $316 T12 Actual - Mar 18 Garbage $3,656 $305 $159 T12 Actual - Mar 18 Gas $273 $23 $12 T12 Actual - Mar 18 Property Management Fees $9,608 $801 $418 4.5% of Collected Rents (Current Actual Fee) Payroll $12,705 $1,059 $552 T12 Actual - Mar 18 Administrative $1,982 $165 $86 T12 Actual - Mar 18 Marketing/Tenant Screening $1,056 $88 $46 T12 Actual - Mar 18 Grounds Maintenance $3,106 $259 $135 T12 Actual - Mar 18 Repairs/Maintenance/Supplies $9,655 $805 $420 T12 Actual - Mar 18 Capital Improvement Reserves $5,750 $479 $250 $250 per unit TOTAL EXPENSES $78,033 $6,503 $3,393 In-Place Rents Per Month Per Unit Market Rents Per Month Per Unit NET OPERATING INCOME $135,485 $11,290 $5,891 $138,090 $11,508 $6,004 TOTAL PRICE $2,425,000 TOTAL # of units 23 Price Per Unit $105,434.78 Square Feet 21,032 Price per Sq Ft $115.30 PARKER In-Place Cap Rate 5.59% # of units 16 In-Place GRM 11.15 Square Feet 14,276 WILLEY # of units 7 Square Feet 6,756 COLLIERS INTERNATIONAL P. 25

PARKER & WILLEY APARTMENTS Offering Memorandum > Additional Information COLLIERS INTERNATIONAL

ADDITIONAL INFORMATION Demographic & Income Profile 1 mile 3 miles 5 miles Census 2010 Summary Population 22,198 134,944 237,996 Households 11,968 57,112 93,759 Families 3,718 27,270 50,428 Average Household Size 1.80 2.28 2.46 Owner Occupied Housing Units 2,886 24,437 45,904 Renter Occupied Housing Units 9,082 32,675 47,855 Median Age 31.1 31.0 31.1 2017 Summary Population 24,848 147,442 257,280 Households 13,411 62,145 100,650 Families 3,976 28,650 52,549 Average Household Size 1.80 2.29 2.48 Owner Occupied Housing Units 2,910 24,857 46,511 Renter Occupied Housing Units 10,501 37,288 54,139 Median Age 32.1 32.3 32.5 Median Household Income $32,380 $45,553 $49,739 Average Household Income $49,585 $70,747 $72,849 2022 Summary Population 26,783 155,907 270,686 Households 14,554 65,964 106,143 Families 4,215 29,890 54,591 Average Household Size 1.79 2.28 2.48 Owner Occupied Housing Units 3,103 26,141 48,686 Renter Occupied Housing Units 11,451 39,823 57,457 Median Age 32.9 33.0 33.1 Median Household Income $35,807 $51,802 $54,927 Average Household Income $57,877 $81,312 $83,069 Trends: 2017-2022 Annual Rate Population 1.51% 1.12% 1.02% Households 1.65% 1.20% 1.07% Families 1.17% 0.85% 0.77% Owner Households 1.29% 1.01% 0.92% Median Household Income 2.03% 2.60% 2.00% COLLIERS INTERNATIONAL P. 27

ADDITIONAL INFORMATION Demographic & Income Profile 1 mile 3 miles 5 miles 2017 Households by Income Number Percent Number Percent Number Percent <$15,000 3,229 24.1% 10,327 16.6% 14,076 14.0% $15,000 - $24,999 1,930 14.4% 6,830 11.0% 10,208 10.1% $25,000 - $34,999 1,953 14.6% 7,345 11.8% 11,558 11.5% $35,000 - $49,999 1,789 13.3% 8,608 13.9% 14,672 14.6% $50,000 - $74,999 1,875 14.0% 10,226 16.5% 18,048 17.9% $75,000 - $99,999 1,119 8.3% 6,530 10.5% 11,348 11.3% $100,000 - $149,999 915 6.8% 6,358 10.2% 11,045 11.0% $150,000 - $199,999 339 2.5% 2,743 4.4% 4,689 4.7% $200,000+ 263 2.0% 3,179 5.1% 5,006 5.0% Median Household Income $32,380 $45,553 $49,739 Average Household Income $49,585 $70,747 $72,849 Per Capita Income $26,972 $30,713 $29,357 2022 Households by Income Number Percent Number Percent Number Percent <$15,000 3,389 23.3% 10,490 15.9% 14,289 13.5% $15,000 - $24,999 1,876 12.9% 6,517 9.9% 9,745 9.2% $25,000 - $34,999 1,883 12.9% 6,832 10.4% 10,702 10.1% $35,000 - $49,999 1,774 12.2% 8,135 12.3% 13,775 13.0% $50,000 - $74,999 1,939 13.3% 9,918 15.0% 17,249 16.3% $75,000 - $99,999 1,565 10.8% 8,176 12.4% 13,916 13.1% $100,000 - $149,999 1,312 9.0% 8,531 12.9% 14,552 13.7% $150,000 - $199,999 463 3.2% 3,506 5.3% 5,949 5.6% $200,000+ 352 2.4% 3,860 5.9% 5,966 5.6% Median Household Income $35,807 $51,802 $54,927 Average Household Income $57,877 $81,312 $83,069 Per Capita Income $31,530 $35,240 $33,411 COLLIERS INTERNATIONAL P. 28

ADDITIONAL INFORMATION Demographic & Income Profile Longitude: -111.87969 1 mile 3 miles 5 miles 2010 Population by Age Number Percent Number Percent Number Percent Age 0-4 1,200 5.4% 9,808 7.3% 18,921 8.0% Age 5-9 771 3.5% 7,449 5.5% 15,070 6.3% Age 10-14 608 2.7% 6,312 4.7% 13,027 5.5% Age 15-19 961 4.3% 8,446 6.3% 14,871 6.2% Age 20-24 3,175 14.3% 15,987 11.8% 24,776 10.4% Age 25-34 6,334 28.5% 29,825 22.1% 49,438 20.8% Age 35-44 2,839 12.8% 17,399 12.9% 30,766 12.9% Age 45-54 2,278 10.3% 15,176 11.2% 26,831 11.3% Age 55-64 1,920 8.7% 12,306 9.1% 21,530 9.0% Age 65-74 964 4.3% 6,207 4.6% 11,111 4.7% Age 75-84 688 3.1% 3,959 2.9% 7,613 3.2% Age 85+ 462 2.1% 2,071 1.5% 4,044 1.7% 2017 Population by Age Number Percent Number Percent Number Percent Age 0-4 1,212 4.9% 9,768 6.6% 18,723 7.3% Age 5-9 888 3.6% 8,235 5.6% 16,606 6.5% Age 10-14 681 2.7% 7,118 4.8% 14,669 5.7% Age 15-19 947 3.8% 8,639 5.9% 15,510 6.0% Age 20-24 3,298 13.3% 15,031 10.2% 23,196 9.0% Age 25-34 7,114 28.6% 32,839 22.3% 52,310 20.3% Age 35-44 3,190 12.8% 19,581 13.3% 35,320 13.7% Age 45-54 2,367 9.5% 15,591 10.6% 27,250 10.6% Age 55-64 2,330 9.4% 14,501 9.8% 25,007 9.7% Age 65-74 1,435 5.8% 9,360 6.3% 16,269 6.3% Age 75-84 811 3.3% 4,399 3.0% 7,917 3.1% Age 85+ 577 2.3% 2,381 1.6% 4,503 1.8% 2022 Population by Age Number Percent Number Percent Number Percent Age 0-4 1,299 4.8% 10,333 6.6% 19,761 7.3% Age 5-9 916 3.4% 8,477 5.4% 16,951 6.3% Age 10-14 785 2.9% 7,637 4.9% 15,676 5.8% Age 15-19 1,036 3.9% 9,052 5.8% 16,377 6.1% Age 20-24 3,277 12.2% 14,990 9.6% 23,510 8.7% Age 25-34 7,377 27.5% 33,665 21.6% 52,567 19.4% Age 35-44 3,656 13.6% 21,826 14.0% 38,982 14.4% Age 45-54 2,469 9.2% 16,089 10.3% 28,481 10.5% Age 55-64 2,538 9.5% 14,773 9.5% 25,205 9.3% Age 65-74 1,773 6.6% 11,253 7.2% 19,322 7.1% Age 75-84 1,036 3.9% 5,441 3.5% 9,516 3.5% Age 85+ 622 2.3% 2,373 1.5% 4,337 1.6% COLLIERS INTERNATIONAL P. 29

ADDITIONAL INFORMATION Demographic & Income Profile 1 mile 3 miles 5 miles 2010 Race and Ethnicity Number Percent Number Percent Number Percent White Alone 17,316 78.0% 103,571 76.8% 179,143 75.3% Black Alone 690 3.1% 3,690 2.7% 6,706 2.8% American Indian Alone 445 2.0% 1,837 1.4% 3,221 1.4% Asian Alone 1,184 5.3% 6,398 4.7% 10,501 4.4% Pacific Islander Alone 179 0.8% 2,304 1.7% 4,278 1.8% Some Other Race Alone 1,585 7.1% 12,355 9.2% 25,349 10.7% Two or More Races 800 3.6% 4,789 3.5% 8,798 3.7% Hispanic Origin (Any Race) 3,715 16.7% 26,787 19.9% 52,900 22.2% 2017 Race and Ethnicity Number Percent Number Percent Number Percent White Alone 18,587 74.8% 108,765 73.8% 186,250 72.4% Black Alone 848 3.4% 4,473 3.0% 7,938 3.1% American Indian Alone 533 2.1% 2,172 1.5% 3,726 1.4% Asian Alone 1,734 7.0% 8,963 6.1% 14,547 5.7% Pacific Islander Alone 214 0.9% 2,541 1.7% 4,664 1.8% Some Other Race Alone 1,891 7.6% 14,485 9.8% 29,292 11.4% Two or More Races 1,042 4.2% 6,043 4.1% 10,862 4.2% Hispanic Origin (Any Race) 4,442 17.9% 31,284 21.2% 60,863 23.7% 2022 Race and Ethnicity Number Percent Number Percent Number Percent White Alone 19,318 72.1% 111,257 71.4% 189,508 70.0% Black Alone 1,003 3.7% 5,165 3.3% 9,049 3.3% American Indian Alone 601 2.2% 2,388 1.5% 4,056 1.5% Asian Alone 2,193 8.2% 10,983 7.0% 17,732 6.6% Pacific Islander Alone 238 0.9% 2,717 1.7% 4,953 1.8% Some Other Race Alone 2,196 8.2% 16,430 10.5% 32,988 12.2% Two or More Races 1,234 4.6% 6,966 4.5% 12,399 4.6% Hispanic Origin (Any Race) 5,137 19.2% 35,157 22.5% 67,870 25.1% COLLIERS INTERNATIONAL P. 30

May 23, 2018 ADDITIONAL INFORMATION Demographic & Income Profile Longitude: -111.87969 1 mile Trends 2017-2022 2.5 Annual Rate (in percent) 2 1.5 1 0.5 0 Population Households Families Owner HHs Median HH Income Area State USA Population by Age 25 20 Percent 15 10 5 2017 2022 0 0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ 2017 Household Income 2017 Population by Race $25K - $34K 14.6% $15K - $24K 14.4% $35K - $49K 13.3% $50K - $74K 14.0% < $15K 24.1% $150K - $199K 2.5% $100K $200K+ - $149K 2.0% 6.8% $75K - $99K 8.3% Percent 70 65 60 55 50 45 40 35 30 25 20 15 10 5 0 White Black Am.Ind. Asian Pacific Other Two+ Hisp Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022. COLLIERS INTERNATIONAL P. 31

May 23, 2018 ADDITIONAL INFORMATION Demographic & Income Profile Longitude: -111.87969 3 miles Trends 2017-2022 Annual Rate (in percent) 2.5 2 1.5 1 0.5 0 Population Households Families Owner HHs Median HH Income Population by Age 22 20 18 16 Percent 14 12 10 8 6 4 2 0 0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ Area State USA 2017 2022 2017 Household Income 2017 Population by Race $35K - $49K 13.9% $25K - $34K 11.8% $50K - $74K 16.5% $75K - $99K 10.5% $15K - $24K 11.0% < $15K 16.6% $200K+ 5.1% $150K - $199K 4.4% $100K - $149K 10.2% Percent 70 65 60 55 50 45 40 35 30 25 20 15 10 5 0 White Black Am.Ind. Asian Pacific Other Two+ Hisp Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022. COLLIERS INTERNATIONAL P. 32

ADDITIONAL INFORMATION Demographic & Income Profile Longitude: -111.87969 5 miles Trends 2017-2022 2.5 Annual Rate (in percent) 2 1.5 1 0.5 0 Population Households Families Owner HHs Median HH Income Area State USA Population by Age 20 18 16 14 Percent 12 10 8 6 4 2 0 0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ 2017 2022 2017 Household Income $35K - $49K 14.6% $50K - $74K 17.9% $25K - $34K 11.5% $75K - $99K 11.3% $15K - $24K 10.1% < $15K 14.0% $200K+ 5.0% $150K - $199K 4.7% $100K - $149K 11.0% 2017 Population by Race Percent 70 65 60 55 50 45 40 35 30 25 20 15 10 5 0 White Black Am.Ind. Asian Pacific Other Two+ Hisp COLLIERS INTERNATIONAL P. 33

Downtown Salt Lake City Investment Offering Memorandum PARKER & WILLEY APARTMENTS Rawley Nielsen +801 441 5922 rawley.n@colliers.com Darren Nielsen +1 801 448 2662 darren.n@colliers.com Colliers International 111 Main Street Suite 2200 Salt Lake City, UT 84111 P: +1 801 947 8300