Offering Memorandum Multifamily Asset Denver, Colorado 5 Buildings 98 Units

A LBION PORTFOLIO Offering Memorandum Multifamily Asset Denver, Colorado 5 Buildings 98 Units

DISCLAIMER & CONFIDENTIALITY All materials and information received or derived from Unique Properties its directors, officers, agents, advisors, affliates and/or third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party s intended use or any and all matters. Neither Unique Properties its directors, officers, agents, advisors, or affiliates makes nay representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party s active conduct of its own due diligence to determine these and other matters of significance to such party. Unique Properties will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate indepen-dent professionals. Unique Properties makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Unique Properties does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Unique Properties in compliance with all applicable fair housing and equal opportunity laws. 2 OFFERING MEMORANDUM ALBION PORTFOLIO

EXCLUSIVE AGENTS: SCOTT SHWAYDER JASON KOCH ADAM RIDDLE PRINCIPAL SENIOR VICE PRESIDENT SENIOR VICE PRESIDENT 303.321.5888 303.512.1153 303.512.2737 SSHWAYDER@UNIQUEPROP.COM JKOCH@UNIQUEPROP.COM ARIDDLE@UNIQUEPROP.COM OFFERING MEMORANDUM ALBION PORTFOLIO 3

TABLE OF CONTENTS 1 PORTFOLIO OVERVIEW 2 1520 SOUTH ALBION STREET 3 1588 & 1594 SOUTH ALBION STREET 4 4101 EAST IOWA AVENUE 5 1600 SOUTH ALBION STREET 6 1650 SOUTH ALBION STREET 7 PORTFOLIO ANALYSIS 8 SALE & COMPARABLES 9 DENVER AREA OVERVIEW 10 PORTFOLIO DEMOGRAPHICS 4 OFFERING MEMORANDUM ALBION PORTFOLIO

1 PORTFOLIO OVERVIEW 5 OFFERING MEMORANDUM ALBION PORTFOLIO

THE OPPORTUNITY The Albion Portfolio is an incredible opportunity for an investor to acquire 98 units in the ever growing Glendale submarket. Currently, there is room to raise rents across the board. Once market rents are achieved, this five building portfolio provides a distinctly above market return for an investor over the long term. Nationally, the Denver metro area continues to be a highly sought after market for investment. This portfolio allows a new investor to cash flow from day one while acquiring an asset with significant upside through increasing rental rates, lowering management expenses and completing capital improvements. 6 OFFERING MEMORANDUM ALBION PORTFOLIO

THE OFFERING PROPERTY NAME: ADDRESSES: Albion Portfolio 1520 South Albion Street 1588 & 1594 South Albion Street 4101 East Iowa Avenue 1600 South Albion Street 1650 East Iowa Avenue PURCHASE PRICE: $14,250,000 PRICE PER UNIT: $145,408 PRICE PER SF: $202.39 NUMBER OF BUILDINGS: 5 NUMBER OF UNITS: 98 UNIT MIX: 9 - Studios 62-1 Bed/1 Bath 27-2 Bed/1 Bath LOT SIZE: 60,273 ABLE SQUARE FEET: 63,080 GROSS BUILDING SQUARE FEET: 70,407 OFFERING MEMORANDUM ALBION PORTFOLIO 7

BUILDING LOCATIONS 1520 South Albion Street Denver, CO 80222 1588 & 1594 South Albion Street Denver, CO 80222 4101 East Iowa Avenue Denver, CO 80222 1600 South Albion Street Denver, CO 80222 1650 South Albion Street Denver, CO 80222 8 OFFERING MEMORANDUM ALBION PORTFOLIO

STRONG LOCATION ALBION PORTFOLIO VALUE-ADD OPPORTUNITY Ideally located within the Glendale submarket, the Albion Portfolio is attractive to residents looking to enjoy the premier upscale retail and entertainment venues in the area. Centrally located between Denver s major employment centers, Downtown Denver and the Denver Tech Center residents have easy access to the best of Denver s amenities. The Albion Portfolio has undergone renovations to about 50% of the units and the majority of the mechanical systems. There is upside to the future owner to finish the remaining units and realize the full revenue potential. The renovated units offer amenities like ceiling fans, new paint, flooring, dishwashers, and updated appliance packages. Excellent management coupled with staggered expirations of non-renovated units over the next 12 months will allow a new investor to continue renovating individual units while increasing net operating income. OFFERING MEMORANDUM ALBION PORTFOLIO 9

10 OFFERING MEMORANDUM ALBION PORTFOLIO

AERIAL MAP OFFERING MEMORANDUM ALBION PORTFOLIO 11

2 1520 SOUTH ALBION STREET 12 OFFERING MEMORANDUM ALBION PORTFOLIO

PROPERTY DETAILS Property Address: Intersection: County: 1520 South Albion Street Denver, CO 80222 S. Albion St & E Florida Ave. Denver YOC: 1958 Number of Buildings: 1 Stories: 3 Lot Size: Rentable Building SF: 11,625 SF 14,440 SF Number of Units: 23 Unit Mix: 23 - One Bed/One Bath CONSTRUCTION & PARKING Style: Foundation: Framing: Roof: Total Parking Spaces: Brick Brick Brick Flat 18 Surface Spaces UTILITIES Water: Sewer: Gas: Electric: Cooling: Master Metered Denver Water Department Master Metered Denver Water Department Master Metered Xcel Energy Separately Metered - Tenant Paid Wall Units OFFERING MEMORANDUM ALBION PORTFOLIO 13

UNIT DESCRIPTION # OF UNITS UNIT MIX ANALYSIS AVERAGE SF CUR AVERAGE /SF MONTHLY PROFORMA LOWEST HIGHEST 1 Bedroom, 1 Bathroom 23 575 $18,955 $824 $1.43 $975 $745 $870 TOTAL: 23 13,225 $18,955 All Units $22,425 x12 x12 Annualized Total: $227,460 $269,100 Unit Mix Charts UNIT COUNT Current Rent Roll BEDROOMS BATHS UNIT SIZE CUR MARKET 101 1 1 575 $811 $975 102 1 1 575 $745 $975 100% 103 1 1 575 $790 $975 104 1 1 575 $767 $975 105 1 1 575 $759 $975 106 1 1 575 $767 $975 107 1 1 575 $757 $975 201 1 1 575 $870 $975 1 Bed, 1 Bath 202 1 1 575 $845 $975 203 1 1 575 $845 $975 204 1 1 575 $828 $975 205 1 1 575 $853 $975 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 Unit Rent 1 Bed, 1 Bath 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20-206 1 1 575 $845 $975 207 1 1 575 $845 $975 208 1 1 575 $862 $975 301 1 1 575 $845 $975 302 1 1 575 $845 $975 303 1 1 575 $853 $975 304 1 1 575 $836 $975 305 1 1 575 $845 $975 306 1 1 575 $870 $975 307 1 1 575 $861 $975 308 1 1 575 $811 $975 Total: 13,225 $18,955 $22,425 14 OFFERING MEMORANDUM ALBION PORTFOLIO

CUR NET OPERATING INCOME UNIT DESCRIPTION AVERAGE SIZE (SF) UNIT COUNT MONTHLY GROSS PER SF 1 Bedroom, 1 Bathroom $824 575 23 $18,955 $1.43 YEAR 1 PER UNIT PER GROSS SF PERCENT OF SGI INCOME Scheduled Rent Income: $227,460 $9,890 $15.75 Other Income: $23,818 $1,036 $1.65 Scheduled Gross Income: $251,278 $10,925 $17.40 100% Vacancy Allowance: ($11,373) ($494) ($0.79) (4.5%) Effective Gross Income: $239,905 $10,431 $16.61 95.5% EXPENSES Property Taxes: $17,073 $742 $1.18 6.8% Insurance: $12,236 $532 $0.85 4.9% Management: $14,050 $611 $0.97 5.6% Utilities: $16,841 $732 $1.17 6.7% Repairs & Maintenance: $30,708 $1,335 $2.13 12.2% General & Administrative: $3,403 $148 $0.24 1.4% Total Expenses: $94,311 $4,100 $6.53 37.5% Net Operating Income: $145,594 $6,330 $10.08 57.9% OFFERING MEMORANDUM ALBION PORTFOLIO 15

PROFORMA NET OPERATING INCOME CUR PER UNIT PROFORMA PER UNIT INCOME Scheduled Rent Income: $227,460 $9,890 $269,100 Other Income: $23,818 $1,036 $24,900 Scheduled Gross Income: $251,278 $10,925 $294,000 Vacancy Allowance: ($11,373) ($494) ($13,455) ($585) Effective Gross Income: $239,905 $10,431 $280,545 $12,198 EXPENSES Property Taxes: $17,073 $742 $17,073 $742 Insurance: $12,236 $532 $12,236 $532 Management: $14,050 $611 $16,300 $709 Utilities: $16,841 $732 $16,841 $732 Repairs & Maintenance: $30,708 $1,335 $19,454 $846 General & Administrative: $3,403 $148 $3,403 $148 Total Expenses: $94,311 $4,100 $85,307 $3,709 Net Operating Income: $145,594 $6,330 $195,238 $8,489 16 OFFERING MEMORANDUM ALBION PORTFOLIO

3 1588 & 1594 SOUTH ALBION STREET 17 OFFERING MEMORANDUM ALBION PORTFOLIO

PROPERTY DETAILS Property Address: Intersection: County: 1588 & 1594 South Albion Street Denver, CO 80222 S. Albion St & E Iowa Ave. Denver YOC: 1959 Number of Buildings: 2 Stories: 3 Lot Size: Rentable Building SF: 11,625 SF 15,074 SF Number of Units: 24 Unit Mix: 3 - Studios 9 - One Bedroom / One Bathroom 6 - Two Bedroom / One Bathroom CONSTRUCTION & PARKING Style Brick Foundation Brick Framing Brick Roof Flat Total Parking Spaces 12 Surface Spaces UTILITIES Water Sewer Gas Electric Cooling Master Metered Denver Water Department Master Metered Denver Water Department Master Metered Xcel Energy Separately Metered - Tenant Paid Window Units 18 OFFERING MEMORANDUM ALBION PORTFOLIO

UNIT MIX ANALYSIS UNIT DESCRIPTION # OF UNITS SF CUR AVERAGE OFFERING MEMORANDUM ALBION PORTFOLIO /SF MONTHLY PROFORMA LOWEST HIGHEST Studio 3 400 $2,209 $736 $1.84 $775 $723 $763 One Bedroom, One Bathroom 6 535 $5,149 $858 $1.60 $950 $836 $886 One Bedroom, One Bathroom 9 540 $6,312 $701 $1.30 $925 $640 $843 Two Bedroom, One Bathroom 3 720 $2,434 $811 $1.13 $1,100 $730 $865 Two Bedroom, One Bathroom 3 800 $3,577 $1,192 $1.49 $1,225 $1,139 $1,225 TOTAL: 24 13,830 $19,681 All Units $23,325 x12 x12 Annualized Total: $236,172 $279,900 Unit Mix Charts $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 13% 13% 37% 12% 25% Studio 1 Bed, 1 Bath 1 Bed, 1 Bath 2 Bed, 1 Bath 2 Bed, 1 Bath Unit Rent Studio 1 Bed, 1 Bath 1 Bed, 1 Bath 2 Bed, 1 Bath 2 Bed, 1 Bath $2.00 $1.80 $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 Current Rent Roll UNIT COUNT BEDROOMS BATHS UNIT SIZE CUR MARKET 1594-1 1 1 575 $811 $975 1594-2 1 1 575 $745 $975 1594-3 1 1 575 $790 $975 1594-5 1 1 575 $767 $975 1594-6 1 1 575 $759 $975 1594-6 1 1 575 $767 $975 1594-7 1 1 575 $757 $975 1594-8 1 1 575 $870 $975 1594-9 1 1 575 $845 $975 1594-10 1 1 575 $845 $975 1594-11 1 1 575 $828 $975 1594-12 1 1 575 $853 $975 1588-1 1 1 575 $845 $975 1588-2 1 1 575 $845 $975 1588-3 1 1 575 $862 $975 1588-4 1 1 575 $845 $975 1588-5 1 1 575 $845 $975 1588-6 1 1 575 $853 $975 1588-7 1 1 575 $836 $975 1588-8 1 1 575 $845 $975 1588-9 1 1 575 $870 $975 1588-10 1 1 575 $861 $975 1588-11 1 1 575 $811 $975 1588-12 1 1 575 $691 $925 Total: 13,225 $18,955 $22.425 19

CUR NET OPERATING INCOME UNIT DESCRIPTION AVERAGE SIZE (SF) UNIT COUNT MONTHLY GROSS PER SF Studio $736 400 3 $2,209 $1.84 1 Bedroom, 1 Bathroom $858 535 6 $5,149 $1.60 1 Bedroom, 1 Bathroom $701 540 9 $6,312 $1.30 2 Bedroom, 1 Bathroom $811 720 3 $2,434 $1.13 2 Bedroom, 1 Bathroom $1,192 800 3 $3,577 $1.49 YEAR 1 PER UNIT PER GROSS SF PERCENT OF SGI INCOME Scheduled Rent Income: $236,172 $9,841 $16.49 Other Income: $38,164 $1,590 $2.66 Scheduled Gross Income: $274,336 $11,431 $19.15 100% Vacancy Allowance: ($11,809) ($492) ($0.82) (4.3%) Effective Gross Income: $262,527 $10,939 $18.33 95.7% EXPENSES Property Taxes: $13,330 $555 $0.93 4.9% Insurance: $17,439 $727 $1.22 6.4% Management: $13,800 $575 $0.96 5.0% Utilities: $22,195 $925 $1.55 8.1% Repairs & Maintenance: $34,875 $1,453 $2.43 12.7% General & Administrative: $2,400 $100 $0.17 0.9% Total Expenses: $104,039 $4,335 $7.26 37.9% Net Operating Income: $158,488 $6,604 $11.06 57.8% 20 OFFERING MEMORANDUM ALBION PORTFOLIO

PROFORMA NET OPERATING INCOME CUR PER UNIT PROFORMA PER UNIT INCOME Scheduled Rent Income: $236,172 $9,840 $279,900 $11,662 Other Income: $38,164 $1,590 $38,164 $1,590 Scheduled Gross Income: $274,336 $11,431 $318,064 $13,252 Vacancy Allowance: ($11,809) ($492) ($13,995) ($583) Effective Gross Income: $262,527 $10,939 $304,069 $12,670 EXPENSES Property Taxes: $13,330 $555 $13,330 $555 Insurance: $17,439 $727 $17,439 $727 Management: $13,800 $575 $17,000 $708 Utilities: $22,195 $925 $22,195 $925 Repairs & Maintenance: $34,875 $1,453 $20,165 $840 General & Administrative: $2,400 $100 $2,400 $100 Total Expenses: $104,039 $4,335 $92,529 $3,855 Net Operating Income: $158,488 $6,604 $211,540 $8,814 OFFERING MEMORANDUM ALBION PORTFOLIO 21

4 4101 EAST IOWA AVENUE 22 OFFERING MEMORANDUM ALBION PORTFOLIO

PROPERTY DETAILS Property Address: Intersection: County: 4101 East Iowa Avenue Denver, CO 80222 E. Iowa Ave & S. Albion St Denver YOC: 1957 Number of Buildings: 1 Stories: 2 Lot Size: Rentable Building SF: 13,200 SF 9,244 SF Number of Units: 12 Unit Mix: 6 - One Bed/One Bath 6 - Two Bed/One Bath CONSTRUCTION & PARKING Style: Foundation: Framing: Roof: Total Parking Spaces: Masonry Masonry Masonry Flat 18 Surface Spaces UTILITIES Water: Sewer: Gas: Electric: Cooling: Master Metered Denver Water Department Master Metered Denver Water Department Master Metered Xcel Energy Separately Metered - Tenant Paid Window Units OFFERING MEMORANDUM ALBION PORTFOLIO 23

UNIT MIX ANALYSIS UNIT DESCRIPTION # OF UNITS SF CUR AVERAGE /SF MONTHLY PROFORMA LOWEST 1 Bedroom, 1 Bathroom 6 640 $4,913 $819 $1.28 $1,000 $757 $902 HIGHEST 2 Bedroom, 1 Bathroom 6 850 $1,200 $948 $1.12 $1,200 $862 $985 TOTAL: 12 8,940 $10,602 All Units $13,200 x12 x12 Annualized Total: $127,224 $158,400 Unit Mix Charts 50% 50% Current Rent Roll $1,000 $950 $900 $850 $800 1 Bed, 1 Bath 2 Bed, 1 Bath Unit Rent $1.30 $1.25 $1.20 $1.15 $1.10 $1.05 UNIT COUNT BEDROOMS BATHS UNIT SIZE CUR MARKET 1 2 1 850 $949 $1,200 2 1 1 640 $804 $1,000 3 1 1 640 $757 $1,000 4 2 1 850 $970 $1,200 5 2 1 850 $949 $1,200 6 1 1 640 $772 $1,000 7 1 1 640 $843 $1,000 8 2 1 850 $974 $1,200 9 2 1 850 $862 $1,200 10 1 1 640 $902 $1,000 11 1 1 640 $835 $1,000 12 2 1 850 $985 $1,200 Total: 8,940 $10,602 $13,200 $750 1 Bed, 1 Bath 2 Bed, 1 Bath $1.00 24 OFFERING MEMORANDUM ALBION PORTFOLIO

CUR NET OPERATING INCOME UNIT DESCRIPTION AVERAGE SIZE (SF) UNIT COUNT MONTHLY GROSS PER SF 1 Bedroom, 1 Bathroom $819 640 6 $4,913 $1.28 2 Bedroom, 1 Bathroom $948 850 6 $5,689 $1.12 YEAR 1 PER UNIT PER GROSS SF PERCENT OF SGI INCOME Scheduled Rent Income: $127,224 $10,602 $13.76 Other Income: $7,691 $641 $0.83 Scheduled Gross Income: $134,915 $11,243 $14.59 100% Vacancy Allowance: ($6,361) ($530) ($0.69) (4.7%) Effective Gross Income: $128,554 $10,713 $13.91 95.3% EXPENSES Property Taxes: $6,506 $542 $0.70 4.8% Insurance: $9,278 $773 $1.00 6.9% Management: $8,100 $675 $0.88 6.0% Utilities: $11,512 $959 $1.25 8.5% Repairs & Maintenance: $17,497 $1,458 $1.89 13.0% General & Administrative: $300 $25 $0.03 0.2% Total Expenses: $53,193 $4,433 $5.75 39.4% Net Operating Income: $75,361 $2,680 $8.15 55.9% OFFERING MEMORANDUM ALBION PORTFOLIO 25

PROFORMA NET OPERATING INCOME CUR PER UNIT PROFORMA PER UNIT INCOME Scheduled Rent Income: $127,224 $10,602 $158,400 $13,200 Other Income: $7,691 $640 $7,691 $640 Scheduled Gross Income: $134,915 $10,713 $158,171 $13,180 Vacancy Allowance: ($6,361) ($530) ($7,920) ($660) Effective Gross Income: $128,554 $10,713 $158,171 $13,181 EXPENSES Property Taxes: $6,506 $542 $6,506 $542 Insurance: $9,278 $773 $9,278 $773 Management: $8,100 $675 $8,900 $742 Utilities: $11,512 $959 $11,512 $959 Repairs & Maintenance: $17,497 $1,458 $9,738 $812 General & Administrative: $300 $25 $300 $25 Total Expenses: $53,193 $4,433 $46,234 $3,853 Net Operating Income: $75,361 $6,280 $111,937 $9,328 26 OFFERING MEMORANDUM ALBION PORTFOLIO

5 1600 SOUTH ALBION STREET 27 OFFERING MEMORANDUM ALBION PORTFOLIO

PROPERTY DETAILS Property Address: Intersection: County: 1600 South Albion Street Denver, CO 80222 S. Albion St & E Iowa Ave. Denver YOC: 1958 Number of Buildings: 1 Stories: 3 Lot Size: Rentable Building SF: 13,200 SF 12,430 SF Number of Units: 15 Unit Mix: 9 - One Bed/One Bath 6 - Two Bed/One Bath CONSTRUCTION & PARKING Style: Foundation: Framing: Roof: Total Parking Spaces: Brick & Masonry Brick Brick Flat 15 Surface Spaces UTILITIES Water: Sewer: Gas: Electric: Cooling: Master Metered Denver Water Department Master Metered Denver Water Department Master Metered Xcel Energy Separately Metered - Tenant Paid Window Units 28 OFFERING MEMORANDUM ALBION PORTFOLIO

UNIT DESCRIPTION # OF UNITS SF UNIT MIX ANALYSIS CUR AVERAGE /SF MONTHLY PROFORMA LOWEST 1 Bedroom, 1 Bathroom 9 675 $6,910 $768 $1.14 $925 $695 $985 HIGHEST 2 Bedroom, 1 Bathroom 6 875 $5,545 $924 $1.06 $1,150 $835 $1,020 TOTAL: 15 11,325 $12,455 All Units $15,225 x12 x12 Annualized Total: $149,460 $182,700 Unit Mix Charts $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 40% 60% 1 Bed, 1 Bath 2 Bed, 1 Bath Unit Rent $1.16 $1.14 $1.12 $1.10 $1.08 $1.06 $1.04 $1.02 $1.00 1 Bed, 1 Bath 2 Bed, 1 Bath UNIT COUNT Current Rent Roll BEDROOMS BATHS UNIT SIZE CUR MARKET 101 1 1 675 $865 $925 102 2 1 875 $865 $1,150 103 2 1 875 $995 $1,150 104 1 1 675 $695 $925 105 1 1 675 $695 $925 201 2 1 875 $995 $1,150 202 1 1 675 $695 $925 203 2 1 875 $835 $1,150 204 2 1 875 $835 $1,150 205 1 1 675 $720 $925 301 1 1 675 $865 $925 302 1 1 675 $695 $925 303 1 1 675 $985 $925 304 2 1 875 $1,020 $1,150 305 1 1 675 $695 $925 Total: 11,325 $12,455 $15,225 OFFERING MEMORANDUM ALBION PORTFOLIO 29

CUR NET OPERATING INCOME UNIT DESCRIPTION AVERAGE SIZE (SF) UNIT COUNT MONTHLY GROSS PER SF 1 Bedroom, 1 Bathroom $768 675 9 $6,910 $1.14 2 Bedroom, 1 Bathroom $924 875 6 $5,545 $1.06 YEAR 1 PER UNIT PER GROSS SF PERCENT OF SGI INCOME Scheduled Rent Income: $149,460 $9,964 $12.02 Other Income: $11,772 $785 $0.95 Scheduled Gross Income: $161,232 $10,749 $12.97 100% Vacancy Allowance: ($7,473) ($498) ($0.60) (4.6%) Effective Gross Income: $153,759 $10,251 $12.37 95.4% EXPENSES Property Taxes: $9,305 $620 $0.75 5.8% Insurance: $5,250 $350 $0.42 3.3% Management: $9,600 $640 $0.77 6.0% Utilities: $18,234 $1,216 $1.47 11.3% Repairs & Maintenance: $14,206 $947 $1.14 8.8% General & Administrative: $1,409 $94 $0.11 0.9% Total Expenses: $58,004 $3,867 $4.67 36.0% Net Operating Income: $95,755 $6,384 $7.70 59.4% 30 OFFERING MEMORANDUM ALBION PORTFOLIO

PROFORMA NET OPERATING INCOME CUR PER UNIT PROFORMA PER UNIT INCOME Scheduled Rent Income: $149,460 $9,964 $182,700 $12,180 Other Income: $11,772 $784 $11,772 $784 Scheduled Gross Income: $153,759 $10,251 $185,337 $12,355 Vacancy Allowance: ($7,473) ($498) ($9,135) ($609) Effective Gross Income: $153,759 $10,251 $185,337 $12,356 EXPENSES Property Taxes: $9,305 $620 $9,305 $620 Insurance: $5,250 $350 $5,250 $350 Management: $9,600 $640 $11,700 $780 Utilities: $18,234 $1,216 $18,234 $1,216 Repairs & Maintenance: $14,206 $947 $11,206 $747 General & Administrative: $1,409 $94 $1,409 $94 Total Expenses: $58,004 $3,867 $57,104 $3,807 Net Operating Income: $95,755 $6,384 $128,233 $8,549 OFFERING MEMORANDUM ALBION PORTFOLIO 31

6 1650 SOUTH ALBION STREET 32 OFFERING MEMORANDUM ALBION PORTFOLIO

PROPERTY DETAILS Property Address: Intersection: County: 1650 South Albion Street Denver, CO 80222 S. Albion St & E Mexico Ave. Denver YOC: 1961 Number of Buildings: 1 Stories: 3 Lot Size: Rentable Building SF: 12,804 SF 19,968 SF Number of Units: 24 Unit Mix: 6 - Studio 9 - One Bed/One Bath 9 - Two Bed/One Bath CONSTRUCTION & PARKING Style: Foundation: Framing: Roof: Total Parking Spaces: Brick Brick Brick Flat 12 Surface Spaces UTILITIES Water: Sewer: Gas: Electric: Cooling: Master Metered Denver Water Department Master Metered Denver Water Department Master Metered Xcel Energy Separately Metered - Tenant Paid Window Units OFFERING MEMORANDUM ALBION PORTFOLIO 33

UNIT DESCRIPTION # OF UNITS SF UNIT MIX ANALYSIS CUR AVERAGE 34 OFFERING MEMORANDUM ALBION PORTFOLIO /SF MONTHLY PROFORMA LOWEST Studio 6 473 $3,717 $620 $1.31 $700 $570 $660 One Bedroom, One Bathroom 6 621 $4,313 $719 $1.16 $950 $617 $899 One Bedroom, One Bathroom 3 756 $2,265 $755 $1.00 $975 $681 $800 Two Bedroom, One Bathroom 9 861 $7,501 $833 $0.97 $1,150 $779 $927 TOTAL: 24 16,581 $17,796 All Units $23,175 x12 x12 Annualized Total: $213,552 $278,100 Unit Mix Charts $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 38% 12% 25% 25% Studio 1 Bed, 1 Bath 1 Bed, 1 Bath 2 Bed, 1 Bath Unit Rent Studio 1 Bed, 1 Bath 1 Bed, 1 Bath 2 Bed, 1 Bath 2 Bed, 1 Bath $2.00 $1.80 $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 Current Rent Roll UNIT COUNT BEDROOMS BATHS UNIT SIZE CUR HIGHEST MARKET 1 2 1 861 $825 $1,150 2 2 1 861 $901 $1,150 3 1 1 621 $644 $950 4 1 1 621 $617 $950 5-1 473 $615 $700 6-1 473 $570 $700 7 2 1 861 $817 $1,150 8 1 1 756 $681 $975 101 2 1 861 $830 $1,150 102 2 1 861 $821 $1,150 103 1 1 621 $685 $950 104 1 1 621 $899 $950 105-1 473 $622 $700 106-1 473 $660 $700 107 2 1 861 $927 $1,150 108 1 1 756 $800 $975 201 2 1 861 $801 $1,150 202 2 1 861 $800 $1,150 203 1 1 621 $658 $950 204 1 1 621 $810 $950 205-1 473 $653 $700 206-1 473 $597 $700 207 2 1 861 $779 $1,150 208 1 1 756 $784 $975 Total: 16,581 $17,795 $23,175

CUR NET OPERATING INCOME UNIT DESCRIPTION AVERAGE SIZE (SF) UNIT COUNT MONTHLY GROSS PER SF Studio $620 473 6 $3,717 $1.31 1 Bedroom, 1 Bathroom $719 621 6 $4,313 $1.16 1 Bedroom, 1 Bathroom $755 756 3 $2,265 $1.00 2 Bedroom, 1 Bathroom $833 861 9 $7,501 $0.97 YEAR 1 PER UNIT PER GROSS SF PERCENT OF SGI INCOME Scheduled Rent Income: $213,552 $8,898 $10.69 Other Income: $19,459 $811 $0.97 Scheduled Gross Income: $233,011 $9,709 $11.67 100% Vacancy Allowance: ($10,678) ($445) ($0.53) (4.6%) Effective Gross Income: $222,333 $9,264 $11.13 95.4% EXPENSES Property Taxes: $12,557 $523 $0.63 5.4% Insurance: $6,950 $290 $0.35 3.0% Management: $14,000 $583 $0.70 6.0% Utilities: $15,822 $659 $0.79 6.8% Repairs & Maintenance: $35,636 $1,485 $1.78 15.3% General & Administrative: $2,316 $97 $0.12 1.0% Total Expenses: $87,281 $3,637 $4.37 37.5% Net Operating Income: $135,052 $5,627 $6.76 58.0% OFFERING MEMORANDUM ALBION PORTFOLIO 35

PROFORMA NET OPERATING INCOME CUR PER UNIT PROFORMA PER UNIT INCOME Scheduled Rent Income: $213,552 $8,898 $278,100 $11,587 Other Income: $19,459 $810 $19,459 $810 Scheduled Gross Income: $233,011 $9,709 $297,559 $11,648 Vacancy Allowance: ($10,678) ($445) ($13,905) $579 Effective Gross Income: $222,333 $9,264 $283,654 $11,819 EXPENSES Property Taxes: $12,557 $523 $12,557 $523 Insurance: $6,950 $290 $6,950 $290 Management: $14,000 $583 $16,500 $688 Utilities: $15,822 $659 $15,822 $659 Repairs & Maintenance: $35,636 $1,485 $24,437 $1,018 General & Administrative: $2,316 $97 $2,316 $97 Total Expenses: $87,281 $3,637 $78,582 $3,274 Net Operating Income: $135,052 $5,627 $205,072 $8,545 36 OFFERING MEMORANDUM ALBION PORTFOLIO

6 ALBION PORTFOLIO ANALYSIS 37 OFFERING MEMORANDUM ALBION PORTFOLIO

UNIT MIX ANALYSIS UNIT DESCRIPTION # OF UNITS AVERAGE SF CUR AVERAGE /SF MONTHLY PROFORMA LOWEST HIGHEST Studio 9 450 $5,925 $658 $1.46 $775 $619 $736 1 Bedroom, 1 Bathroom 38 550 $30,432 $801 $1.46 $1,000 $701 $858 1 Bedroom, 1 Bathroom 24 650 $18,386 $766 $1.18 $1,025 $718 $820 2 Bedroom, 1 Bathroom 6 780 $6,009 $1,002 $1.28 $1,150 $811 $1,192 2 Bedroom, 1 Bathroom 21 850 $18,731 $892 $1.05 $1,150 $833 $948 TOTAL: 98 63,080 $79,483 $100,625 x12 x12 Annualized Total: $953,796 $1,207,500 Unit Rent 1,200 1.60 6% 21% 25% 9% 39% 1,000 800 600 1.40 1.20 1.00 0.80 Studio 1 Bed, 1 Bath 1 Bed, 1 Bath 2 Bed, 1 Bath 2 Bed, 1 Bath 400 200 - Studio 1 Bed, 1 Bath 1 Bed, 1 Bath 2 Bed, 1 Bath 2 Bed, 1 Bath 0.60 0.40 0.20-38 OFFERING MEMORANDUM ALBION PORTFOLIO

CUR NET OPERATING INCOME YEAR 1 PER UNIT PER GROSS SF PERCENT OF SGI INCOME Scheduled Rent Income: $953,796 $9,733 $13.55 Other Income: $100,964 $1,030 $1.43 Scheduled Gross Income: $1,054,700 $10,762 $14.98 100% Vacancy Allowance: ($38,152) ($389) ($0.54) (3.6%) Effective Gross Income: $1,016,548 $10,37 $14.44 96.4% EXPENSES Property Taxes: $58,771 $600 $0.83 3.2% Property Insurance: $33,473 $342 $0.48 3.2% Private Mortgage Insurance: $13,304 $136 $0.19 1.3% Off-Site Management: $30,118 $307 $0.43 2.9% Electric: $15,549 $159 $0.22 1.5% Gas: $24,640 $251 $0.35 2.3% Trash: $7,525 $77 $0.11 0.7% Water & Sewer: $25,598 $261 $0.36 2.4% Repairs & Maintenance: $95,549 $975 $1.36 9.1% General & Administrative: $28,029 $286 $0.40 2.7% Other: $3,000 $31 $0.04 2.7% Total Expenses: $337,236 $3,441 $4.79 32.0% Net Operating Income: $679,312 $6,932 $9.65 64.4% OFFERING MEMORANDUM ALBION PORTFOLIO 39

10 YEAR CASH FLOW FORECAST YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 Income Gross Scheduled Rent 953,796 1,192,245 1,228,012 1,264,853 1,302,798 Other Income 100,904 126,130 129,914 133,811 137,826 Vacancy Loss (38,152) (83,457) (61,401) (63,243) (65,140) Effective Gross Income 1,016,548 1,234,918 1,296,526 1,335,421 1,375,484 Operating Expenses Taxes 58,771 60,534 62,350 64,221 66,147 Insurance 46,777 48,180 49,626 51,114 52,648 Management 30,118 31,022 31,952 32,911 33,898 Repairs & Maintenance 95,549 98,415 101,368 104,409 107,541 Utilities 72,312 75,511 77,777 80,110 82,513 General & Administrative 28,029 28,870 29,736 30,628 31,547 Marketing & Promotion 1,680 1,730 1,782 1,836 1,891 Other 3,000 3,090 3,183 3,278 3,377 Total Expenses 337,236 347,353 357,774 368,507 379,562 Net Operating Income 679,312 887,565 938,752 966,915 1,025,800 Less Annual Debt Service (653,104) (653,104) (653,104) (653,104) (653,104) Cash Flow 26,208 234,461 285,648 313,810 342,818 Cash-on-Cash Return 0.9% 8.2% 10.0% 11.0% 12.0% Principal Reduction 200,758 208,937 217,450 226,309 235,529 Total Return 8.0% 15.6% 17.7% 19.0% 21.7% Capitalization Rate 4.8% 6.2% 6.6% 6.8% 7.0% 40 OFFERING MEMORANDUM ALBION PORTFOLIO

10 YEAR CASH FLOW FORECAST YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 Income Gross Scheduled Rent 1,341,882 1,382,139 1,423,603 1,466,311 1,510,300 Other Income 141,960 146,219 150,606 155,124 159,778 Vacancy Loss (67,094) (69,107) (71,180) (73,316) (75,515) Effective Gross Income 1,416,749 1,459,251 1,503,029 1,548,119 1,594,563 Operating Expenses Taxes 68,132 70,176 72,281 74,449 76,683 Insurance 54,227 55,854 57,530 59,256 61,033 Management 34,915 35,962 37,041 38,153 39,297 Repairs & Maintenance 104,409 114,091 117,513 121,039 124,670 Utilities 84,989 87,538 90,165 92,869 95,656 General & Administrative 32,493 33,468 34,472 35,506 36,571 Marketing & Promotion 1,948 2,006 2,066 2,128 2,192 Other 3,478 3,582 3,690 3,800 3,914 Total Expenses 390,949 402,677 414,758 427,200 440,016 Net Operating Income 1,025,800 1,056,574 1,088,271 1,120,919 1,154,547 Less Annual Debt Service (653,104) (653,104) (653,104) (653,104) (653,104) Cash Flow 372,695 403,469 435,167 467,815 501,442 Cash-on-Cash Return 13.1% 14.2% 15.3% 16.4% 17.6% Principal Reduction 245,125 255,112 265,505 276,323 287,580 Total Return 21.7% 23.1% 24.6% 26.1% 27.7% Capitalization Rate 7.2% 7.4% 7.6% 7.9% 8.1% OFFERING MEMORANDUM ALBION PORTFOLIO 41

PRICING Price $14,250,000 Down Payment $2,850,000 (20%) Loan Amount $11,400,000 Interest Rate / Amortization 4.00% / 30 Years Current NOI / Pro Forma NOI $679,312 / $903,984 Current / Pro Forma Analysis Debt Service ($653,104) Net Cash Flow After Debt Service $26,208 / $250,880 0.92% / 8.80% Principal Reduction $200,758 Total Return $226,966 / $451,638 7.96% / 15.85% Cap Rate 4.77% / 6.34% GRM 14.94 / 11.80 Price Per Unit $145,408 Price Per SF $202.39 42 OFFERING MEMORANDUM ALBION PORTFOLIO

UNDERWRITING ASSUMPTIONS Rental revenue is based on October 2016 rent roll. Proforma based on area rental comparables. Other income is annualized off of 2016 Profit Loss Statements Taxes are based off of taxes paid for 2015 Current insurance combines both the property insurance and PMI. Proforma insurance removes PMI and assumes a coverage cost of $350 a unit per year. Management is currently done in house. Proforma management costs assumes a fee of 4% of gross plus $1,000 a month for an onsite manager at one of the properties. Utilities for current and proforma both based off of the 2015 Profit Loss Statements. Current maintenance costs are prorated from 2016 statements. Proforma is based off of $500/unit/year. Repair, landscaping and snow removal costs for current and proforma are derived from the annualized 2016 Profit Loss Statements. Administrative, legal, accounting and advertising all based on annualized 2016 Profit Loss Statements. On 10 year projection, Year 2 assumes achieving market rents. Exit price is based off a resale cap rate of 5.33% with 2% closing costs. OFFERING MEMORANDUM ALBION PORTFOLIO 43

FINANCING QUOTE Percentage Down: 20% LTV: 80% Interest Rate: 4.00% Amortization: 30 years 44 OFFERING MEMORANDUM ALBION PORTFOLIO

7 SALE AND COMPARABLES 45 OFFERING MEMORANDUM ALBION PORTFOLIO

SALE COMPARABLES PROPERTY NAME UNITS SF YOC SALE DATE SALE PRICE PRICE / UNIT PRICE / SF CAP RATE UNIT MIX 1 Ashbury Arms Apartments 4630 East Asbury CIrcle Denver, CO 80222 12 8,649 1962 9/7/2016 $1,810,000 $150,833 $209.27 5.43% 1-1 Bed/1 Bath 11-2 Bed/1 Bath 2 Vantage Point Apartments 1105 South Cherry Street Denver, CO 80246 115 80,710 1975 7/14/2015 $16,201,103 $140,879 $200.73 5.85% 55-1 Bed/1 Bath 60-2 Bed/1 Bath 3 Infinity Flats 1250 S Clermont Street Denver, CO 80246 66 101,850 1979 7/14/2015 $16,341,982 $140,879 $160.45 5.95% 50-1 Bed/1 Bath 66-2 Bed/1 Bath 4 Four Mile Flats 1150 South Cherry Street Denver, CO 80246 115 101,850 1975 7/14/2015 $16,201,103 $140,879 $159.06 5.85% 57-1 Bed/1 Bath 58-1 Bed/1 Bath Averages $143,368 $182.38 5.77% 46 OFFERING MEMORANDUM ALBION PORTFOLIO

SALE COMPARABLES MAP OFFERING MEMORANDUM ALBION PORTFOLIO 47

COMPARABLES PROPERTY NAME YOC UNIT MIX AVG UNIT SF MARKET MARKET PER SF 1 1640 South Albion Street Denver, CO 80222 1961 1 Bed/1 Bath 2 Bed/1 Bath 600 SF 725 SF $1,050 $1,250 $1.75 $1.72 2 1251 South Bellaire Street Denver, CO 80246 1963 1 Bed/1 Bath 2 Bed/1 Bath 665 SF 840 SF $1,125 $1,365 $1.69 $1.62 3 818 & 848 South Dexter Street Denver, CO 80246 1974 1 Bed/1 Bath 2 Bed/1 Bath 425 SF 575 SF $1,065 $1,291 $1.93 $1.69 4 1260 South Bellaire Street Denver, CO 80246 1964 1 Bed/1 Bath 2 Bed/1 Bath 650 SF 925 SF $1,000 $1,225 $1.53 $1.32 Averages 1 Bed/1 Bath 2 Bed/1 Bath 623 SF 830 SF $1,037 $1,283 $1.67 $1.58 48 OFFERING MEMORANDUM ALBION PORTFOLIO

COMPARABLES MAP OFFERING MEMORANDUM ALBION PORTFOLIO 49

8 DENVER AREA OVERVIEW 50 OFFERING MEMORANDUM ALBION PORTFOLIO

DENVER NOTABLE RANKINGS 1st Best Places for Business & Careers 2nd Consecutive Year - Forbes, 2016-5th Healthiest City in the U.S - Forbes, 2016-3rd City for Relocating Millennials - Mayflower Movers, 2016-1st Best Place to Live - U.S News, 2016-4th Highest % Young & Educated City - New York Times, 2014 - Denver, the capital of Colorado, is a consolidated city of seven counties with a population of more than three million people. A beautiful, bustling metropolis set against the backdrop of the Colorado Rocky Mountains, Denver is widely recognized for it s exceptional balance of a thriving economy, healthy lifestyle and urban as well natural amenities. With appealing business opportunities for both corporate employers as well as entrepreneurs, award-winning transit and mobility, excellence in education, and a healthy housing market, Denver is strengthening its reputation as one of America s most livable cities. OFFERING MEMORANDUM ALBION PORTFOLIO 51

DENVER EMPLOYMENT Home to some of the fastest-growing counties in the nation, Metro Denver continues to attract businesses. The city s competitive environment, sound transportation infrastructure and variety of industries brings companies here and continues to rank Denver in many of the nation s rankings for best places to do business. More than 43% of Denver residents have a bachelor s degree or better and find employment in the following industries aerospace, aviation, biospace, broadcasting, energy, financial services, healthcare and wellness, and information technology software. Downtown Denver is home to several Fortune 500 companies including Dish Network, Western Union and Davita. Largest Private Employers* 1. HealthONE Corporation - 11,960 2. Centura Health - 9,450 3. SCL Health System - 9,060 4. Lockhead Martin Corporation - 7,460 5. UC Health - 6,770 6. Comcast Corporation - 6,760 7. Kaiser Permanente - 6,420 8. Children s Hospital of Colorado - 6,100 9. CenturyLink - 5,840 10. United Airlines - 5,500 *Source - Metro Denver Economic Corporation 52 OFFERING MEMORANDUM ALBION PORTFOLIO

DENVER INFRASTRUCTURE With a modern and efficient international airport, the Metro Denver region s central location and growing economy combine to make the city one of the country s most important transportation hubs. Denver is planning for growth with a multimodal transit system, transit-oriented developement and urban redevelopment. According to Airports Council International, Denver International Airport is the largest airport by area in the United States and the 5th busiest in the U.S. Regional Transportation District (RTD) manages transportation throughout the metro area with more than 130 local, regional and skyride bus routes, eight light rail lines and more than 80 park-n-rides. FasTracks is RTD s voter-approved transit expansion program - the largest in the nationh -- transforming transportation through the metro area. Since 2004, there was completion of the W Line, the Free MetroRide, Union Station, and the A Line to Denver International Airport. Future plans for the multi-billion dollar expansion plan include service to Longmont, Thornton and a southwest rail extension. OFFERING MEMORANDUM ALBION PORTFOLIO 53

CULTURE & ENTERTAINMENT Denver offers thriving arts and culture from world-class museums to unique art districts as well as eight professional sports teams that thrill crowds year-round. Since 1989, Scientific and Cultural Facilities District has distributed funds from a 1/10 of 1% sales and use tax to cultural facilities throughout Denver. The funds support facilities whose primary purpose is to enlighten and entertain the public through the production, presentation, exhibition, advancement and preservation of art, music, theater, dance, zoology, botany, natural history and cultural history. Key entertainment and cultural city venues are highlight below. Denver Performing Arts Center Sports Authority Field at Mile High Pepsi Center Denver Museum of Nature & Science 16th Street Mall Denver Pavilions Infinity Park Stadium Colorado History Museum Butterfly Pavilion & Insect Center Denver Art Museum Red Rocks Amphitheater Molly Brown Museum Denver Botanic Gardens Coors Field 54 OFFERING MEMORANDUM ALBION PORTFOLIO

9 PORTFOLIO DEMOGRAPHICS 55 OFFERING MEMORANDUM ALBION PORTFOLIO

ALBION PORTFOLIO DEMOGRAPHICS ONE MILE THREE MILES FIVE MILES Population 2016 Population 24,497 184,507 495,042 2021 Population 27,141 203,311 544,733 2010 Population 20,772 161,529 434,840 Population Growth 2010 to 2016 17.93% 14.22% 13.84% Population Growth 2016 to 2021 10.79% 10.19% 10.04% Household Income 2016 Total Households 12,265 90,582 237,403 2021 Projection 13,567 99,799 237,403 2010 Census 10,559 79,785 209,229 Growth 2010 to 2016 16.16% 13.53% 13.47% Growth 2016 to 2021 10.62% 10.18% 10.09% Owner Occupied 4,829 44,561 107,145 Renter Occupied 7,436 46,021 130,258 Income < $25,000 2,596 16,991 53,993 Income $25,000 - $50,000 3,422 20,253 56,470 Income $50,000 - $75,000 1,912 14,460 38,729 Income $75,000 - $100,000 1,703 11,015 27,995 Income $100,000 - $125,000 846 7,558 18,477 Income $125,000 - $150,000 621 4,596 10,977 Income $150,000 - $200,000 394 5,481 11,828 Income $200,000+ 769 10,227 18,934 2016 Average Household Income $74,968 $93,231 $80,737 56 OFFERING MEMORANDUM ALBION PORTFOLIO

DEMOGRAPHICS MAP OFFERING MEMORANDUM ALBION PORTFOLIO 57

CONTACT INFORMATION: SCOTT SHWAYDER JASON KOCH ADAM RIDDLE PRINCIPAL SENIOR VICE PRESIDENT SENIOR VICE PRESIDENT 303.321.5888 303.512.1153 303.512.2732 SSHWAYDER@UNIQUEPROP.COM JKOCH@UNIQUEPROP.COM ARIDDLE@UNIQUEPROP.COM 58 OFFERING MEMORANDUM ALBION PORTFOLIO