COLLIERS INTERNATIONAL P. 1
OFFERING MEMORANDUM Table of Contents INVESTMENT SUMMARY PAGE 3 PROPERTY INFORMATION PAGE 6 MARKET OVERVIEW PAGE 9 COMPARABLES PAGE 14 FINANCIAL OVERVIEW PAGE 18 Exclusive Advisors This Offering Memorandum contains select information pertaining to the business and affairs of the Property at 6202 SW Burlingame Ave., Portland, Oregon. It has been prepared by Colliers International. This Offering Memorandum may not be allinclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. For further information regarding the purchase and sale of this asset, to schedule a tour, or to submit a bid, please contact the following Colliers International professionals: TRANSACTION GUIDELINES PAGE 23 Kenneth Verbeck Associate Multifamily DIRECT +1 503 499 0079 EMAIL kenneth.verbeck@colliers.com Skip Rotticci CCIM Associate Vice President Multifamily DIRECT +1 503 499 0062 EMAIL skip.rotticci@colliers.com Alex Cheng Associate Multifamily DIRECT +1 503 499 0075 EMAIL alex.cheng@colliers.com 851 S.W. Sixth Ave., Suite 1200 Portland, Oregon 97204 503.223.3123 COLLIERS INTERNATIONAL P. 2
> Investment Summary
INVESTMENT HIGHLIGHTS Investment Opportunity The Burlingame Apartments offer an investor the opportunity to acquire a stable 100% occupied asset in one of Portland s most coveted corridors. With rents well below market, there is opportunity to increase cashflow significantly. In addition to the cash-flow, this site has the potential to build up to 27 additional units by way of the underutilized site and existing R1 Zoning, and amenity bonus. The property is located in a City of Portland Transit-Oriented Development zone and may qualify for an up to 10 year tax abatement program. This is a unique opportunity to finance developable land to build out now or in the future, while maintaining positive cash flow on the existing nine unit apartment building. NORTH *Buyer is advised to complete due diligence with City of Portland. COLLIERS INTERNATIONAL P. 4
INVESTMENT HIGHLIGHTS Property Details NAME: The Burlingame Apartments ADDRESS: 6202 SW Burlingame, Portland OR 97239 PARCEL NUMBER(S): R124233 & R124065 / Site area 23.830 square feet BUILDING: 3 Stories, 6,435 net rentable square feet CONSTRUCTION: Garden Style, wood frame construction YEAR BUILT: 1970 RESIDENTIAL: 8 garden style apartments with one to be completed, average unit size of 710 square feet FLOORPLANS: 1 bedroom ACCESSIBILITY: Walk Score of 72, Transit Score of 48 PARKING: 10 free surface spaces COMMUNITY AMENITIES: Laundry OFFERING PRICE: $2,150,000 COLLIERS INTERNATIONAL P. 5
> Property Information
PROPERTY INFORMATION The Burlingame Apartments The Burlingame Apartments is an attractive, well maintained, garden style apartment consisting of one building with the potential for nine one bedroom units. Built in 1970, the average unit is 715 sf. Equipped with two access driveways and is surrounded in a bucolic setting with a creek, abundant tress around the perimeter. The Burlingame Apartments provide a quaint space for it s tenants. Located in the Hillsdale Neighborhood of SW Portland, Burlingame provides a reasonable commute to the inner-core. Hillsdale is also a popular established community that is family friendly with a suburban feel and urban amenities, such as restaurants, and neighborhood retail services. Nearby parks include George Himes Park, Terwilliger Park and Hillsdale Park. Burlingame is ideal for those who do not wish to live in an urban environment but would like ease of access to one. The site is greatly underutilized at a total of 23,830 square feet. By virture of the underlying R1 zoning the site can accommodate up to 24 units, and according to an Early Assistance meeting the Seller has had with City of Portland Bureau of Development Services the site may be eligible for density bonus and height restriction variances allowing as many as 36 total units on the site. COLLIERS INTERNATIONAL P. 7
SW BARBUR BLVD. PROPERTY INFORMATION NORTH ROSS ISLAND SW CAPITOL HIGHWAY THE BURLINGAME APARTMENTS WILSON HIGH SCHOOL GEORGE HINES CITY PARK COLUMBIA RIVER COLLIERS INTERNATIONAL P. 8
> Market Overview
MARKET OVERVIEW City of Portland Crisscrossed by rivers, mountains and vineyards, Metropolitan Portland offers more than urban adventure. Within a few minutes drive of downtown Portland are Pinot-producing wineries (most with year-round tasting rooms), kayak-friendly waterways that nudge wildlife preserves and, of course, the glorious foothills of Mount Hood. And if it s urban adventure you crave, be warned that Portland, the Rose City, isn t your run-of-the-mill urban megapolis. An effervescent arts community, dozens of urban parks and green spaces, a lively downtown, complete with an open air plaza that serves as the community s living room and a world-class public transportation system, are just few of the reasons that make this one of the country s most livable cities. And Oregon continues to top the list, for a consecutive year, as the top moving destination of 2014 according to the United Van Lines mover study. Its mild climate, scenery, friendly people, vibrant culture and arts community has placed Portland on the Best of lists in many publications and online surveys. In the third quarter of 2015, Portland grabbed the top rent-growth market with a staggering 14.8% growth - Axiometrics Multnomah County named one of nation s top markets for renting to millennials - Portland Business Journal Portland one of the Top 10 Occupancy Markets and ranked #7th in Top 10 Apartment Boomtowns for 2015 -Multifamily Executive COLLIERS INTERNATIONAL P. 10
MARKET OVERVIEW Local Economy & Employment The Portland region benefits from a diversified economy that historically has been less dependent upon the lumber and wood products industry and more closely reflects national business trends. Strategically in its favor are the Ports of Portland and Vancouver serving as a West Coast hub for trade, commerce and travel. Also under the authority of the Port of Portland is the Portland International Airport (PDX), which accounts for over 90.0% of passenger travel and more than 95.0% of air cargo for the state. The Portland region serves as headquarters for two Fortune 500 companies including Nike (sportswear and equipment supplier) and Precision Castparts (manufacturer of cast metal parts). The high-tech, healthcare, and education industries are all integral parts of the regional economy. Nike is growing at a record pace and is underway on a $150 million campus expansion and increase in workforce with 2,084 full-time employees added since January 2012 in Oregon alone. Nike s Oregon workforce represents 14.5% of it s 60,000 global employees. Intel, the largest employer in Oregon, recently agreed to invest $100 billion in Washington County. It s 2012 payroll of $2.8 billion generated some $328 million in state taxes alone that year. The improving economy is driving more people into the labor market, with Oregon s economic recovery concentrated on the state s urban areas. For every 10 new jobs statewide in October, the Portland area gained 7 of them. NORTH VANCOUVER Portland ranked 11th best market for real estate investment prospects in 2014 - Urban Land Institute s Emerging Trends in Real Estate CORNELIUS HILLSBORO PORTLAND From 2008-2013, Portland had the fastest GDP growth of major metro areas in the U.S. at 22.8% - Bureau of Economic Analysis & US Census Bureau The Burlingame Apartments ALOHA BEAVERTON TIGARD MILWAUKIE LAKE OSWEGO CLACKAMAS COLLIERS INTERNATIONAL P. 11
MARKET OVERVIEW Local Demographics DISTANCE TO/FROM PROPERTY 1 MILE 3 MILE 5 MILE 2015 Total Population: 13,602 116,861 352,066 2020 Population: 14,207 122,678 369,388 Pop Growth 2015-2020: 0.87% 0.98% 0.97% Average Age: 39.2 38.6 38.7 HOUSEHOLDS 2015 Total Households: 6,319 55,430 166,745 2020 Total Households: 6,600 58,422 175,554 HH Growth 2015-2020: 0.87% 1.06% 1.03% 2015 Median Household Income: $94,772 $88,707 $82,059 2015 Average Household Size: 2.14 2.02 2.05 2020 Median Household Income: $109,531 $102,682 $95,192 2020 Average Household Size: 2.14 2.01 2.04 HOUSING 2015 Median Home Value: $465,479 $489,444 $460,668 2015 Renter Occupied: 43% 49% 50% COLLIERS INTERNATIONAL P. 12
MARKET OVERVIEW Local Multifamily Market MULTIFAMILY MORTGAGE DEBT & SALES VOLUME THROUGH THE ROOF; CONTINUED RENT GROWTH INTO 2016 > > For the first time ever, outstanding multifamily mortgage debt has surpassed $1 trillion and is increasing at about 10 percent annually as multifamily continues to be the stalwart investment of this cycle. Investors continue to show a voracious appetite for Portland multifamily properties. Portland sales volume is up in every measure, already at $1.7 billion, ahead of last year s high of $1.5 billion, the $686 million in Q3 is the highest quarterly sales volume since 2000 and more than 20% higher than last quarter s high Rising property values are behind increasing mortgage debt Portland Age Demographics 11% 18% xxxxxxxxxxxx - xxxxxxxxxxxxxx 18% Market Indicators Relative to prior period Q3 2015 Y-O-Y Forecast VACANCY NEW SUPPLY RENTAL RATE* # OF SALES $ VOLUME/SALES *Rental Rate is the change in metro-wide rents. > > Portland multifamily rents have experienced significant growth the last few years with absolute average monthly rents growing from $1,023 in Q1 2012 to $1,366 in Q2 2015. An increase of 25.11%, or a little more than 8% per year. According to Pierce Eislen, the Portland area forecasted rent growth range for the next four quarters is between 12% on the low end and 14% on the higher end of the forecast. According to Axiometrics, in the third quarter of 2015 Portland grabbed the top rent-growth market with a staggering 14.8% growth. > > Evidence of the effects of the Trimet light rail Orange Line may be on display in the sale of multifamily properties along the route in Q3 totalling more than $85 million. Such effects on housing were addressed in a commercial real estate roundtable hosted by The Portland Business Journal, and the Portland Development Commission recently proposed half of the redevelopment of the NW Portland area that includes the U.S. Postal Service site be set aside for residential, including affordable housing. 30% 23% Under 18 Millenials Gen X Working Baby Boomers Retirement Age and Above Rental Rates Y-O-Y Comparison $1,200 $1,114 $1,100 $1,000 $986 $927 $900 $875 $836 $800 $800 $700 $600 Q3 Q3 Q3 Q3 Q3 Q3 2010 2011 2012 2013 2014 2015 The Bluffs in Milwaukie and nearby Miramonte Lodge in Portland sold for $33.1 million and $55.8 million respectively in a portfolio sale The PDC proposed residential for half of the 3.8 million SF redevelopment in NW Portland COLLIERS INTERNATIONAL P. 13
> Comparables
RENT & SALE COMPARABLES Sales Comparables PROPERTY NAME The Medina Apartments Oliver Apartments The Spokane ADDRESS 2926 SW 4th Ave. 4330 SE Division Street 610 SE Spokane Street CITY, STATE Portland, OR Portland, OR Portland, OR NO. UNITS 26 22 11 BUILDING SF 27,465 16,616 6,532 YEAR BUILT 2013 2015 2014 SALE PRICE $5,500,000 $5,750,000 $2,350,000 PRICE/UNIT $211,538 $261,364 $213,636 CAP RATE 4.6% 4.93% 5.50% SALE DATE Sep-2015 Nov-2015 Oct-2015 COLLIERS INTERNATIONAL P. 15
RENT & SALE COMPARABLES Sales Comparables LAND COMPS PROPERTY NAME The Sellwood ADDRESS 8072 SE 6th Avenue 6107 SW 18th Drive 924 SW Gaines Street CITY, STATE Portland, OR Portland, OR Portland, OR NO. UNITS 11 Land - R1 Land - R1 BUILDING SF 6,532 10,000 SF 15,184 SF YEAR BUILT 2015 SALE PRICE $2,250,000 $550,000 $750,000 PRICE/UNIT $204,545 $54.99/SF $49.39/SF CAP RATE 5.96% SALE DATE Aug-2015 Dec-2015 Nov-2015 COLLIERS INTERNATIONAL P. 16
RENT & SALE COMPARABLES Rent Comparables THE MEDINA 2926 SW 4th Ave. Portland, OR BUILT: 2013 UNIT TYPE AVG SF RENT 549 $1,094 OLIVER APARTMENTS 4330 SE Division St. Portland, OR BUILT: 2015 UNIT TYPE AVG SF RENT 1 bed/1 bath 572 $1,385 2 bed/2 bath 769 $1,675 THE SPOKANE 610 SE Spokane St. Portland, OR BUILT: 2014 UNIT TYPE AVG SF RENT 1 bed/1 bath 563 $1,267 2 bed/2 bath 875 $1,585 THE SELLWOOD 80072 SE 6th Ave. Portland, OR BUILT: 2015 UNIT TYPE AVG SF RENT 1 bed/1 bath 568 $1,277 1 bed/1.5 bath 576 $1,387 2 bed/2 bath 875 $1,595 COLLIERS INTERNATIONAL P. 17
> Financial Overview
FINANCIAL OVERVIEW Current Rent Roll 1 bed/1 bath 8 units SUITE # SQUARE FEET MONTHLY RENT ANNUAL BASE RENT $/SF 1 695 $950 $11,400 $1.37 2 695 $895 $10,740 $1.29 3 715 $825 $9,900 $1.15 4 715 $800 $9,600 $1.12 5 715 $950 $11,400 $1.33 6 715 $950 $11,400 $1.33 7 715 $995 $11,940 $1.39 8 715 $895 $10,740 $1.25 TOTAL/AVG 710 $908 $87,120 $1.28 Pro Forma Rent Roll 9 units SUITE # SQUARE FEET MONTHLY RENT ANNUAL BASE RENT $/SF 1 695 $950 $11,400 $1.37 2 695 $950 $11,400 $1.37 3 695 $995 $11,940 $1.39 4 715 $995 $11,940 $1.39 5 715 $995 $11,940 $1.39 6 715 $995 $11,940 $1.39 7 715 $995 $11,940 $1.39 8 715 $995 $11,940 $1.39 9 715 $995 $11,940 $1.39 TOTAL/AVG 708 $985 $106,380 $1.39 COLLIERS INTERNATIONAL P. 19
FINANCIAL OVERVIEW 10-Year Pro Forma Cash Flow on Existing Units Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Potential Rental Income $87,120 $102,802 $107,942 $113,339 $117,872 $122,587 $127,491 $132,590 $137,894 $143,410 Vacancy & Credit Losses $3,485 $4,112 $4,318 $4,534 $4,715 $4,903 $5,100 $5,304 $5,516 $5,736 Effective Rental Income $83,635 $98,690 $103,624 $108,805 $113,157 $117,684 $122,391 $127,287 $132,378 $137,673 Other Income (collectable) $8,320 $8,570 $8,827 $9,091 $9,364 $9,645 $9,935 $10,233 $10,540 $10,856 Gross Operating Incom $91,955 $107,259 $112,451 $117,897 $122,522 $127,329 $132,326 $137,519 $142,918 $148,529 Operating Expenses Real Estate Taxes $12,232 $12,477 $12,726 $12,981 $13,240 $13,505 $13,775 $14,051 $14,332 $14,618 Property Insurance $2,038 $2,079 $2,120 $2,163 $2,206 $2,250 $2,295 $2,341 $2,388 $2,436 Off Site Management $5,517 $6,436 $6,747 $7,074 $7,351 $7,640 $7,940 $8,251 $8,575 $8,912 Payroll $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Payroll Taxes/Worker s Comp $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Repairs and Maintenance $4,150 $4,233 $4,318 $4,404 $4,492 $4,582 $4,674 $4,767 $4,862 $4,960 Utilities $8,510 $8,680 $8,854 $9,031 $9,211 $9,396 $9,584 $9,775 $9,971 $10,170 Accounting and Legal $600 $612 $624 $637 $649 $662 $676 $689 $703 $717 Licenses/Permits $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Advertising $300 $306 $312 $318 $325 $331 $338 $345 $351 $359 Misc. Contract Services $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Reserves $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Operating Expense $33,347 $34,822 $35,701 $36,607 $37,475 $38,366 $39,281 $40,219 $41,182 $42,171 Net Operating Income $58,608 $72,437 $76,749 $81,289 $85,046 $88,963 $93,045 $97,300 $101,735 $106,358 *The Pro Forma data contained herein are projections of future performance and are based on various assumptions and subjective determinations as to which no guarantee or assurance can be given. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. COLLIERS INTERNATIONAL P. 20
FINANCIAL OVERVIEW Project Metrics PROJECTED DATA SITE AREA 23,830 # OF UNITS 36 NET LEASABLE SQ. FOOTAGE 23,400 GROSS SQUARE FOOTAGE 26,000 EXISTING BLDG 9 units EXISTING GROSS SQ. FOOTAGE 6,435 EXISTING AVG SQ. FT. PER UNIT 715 Development Summary PROJECTED METRICS (PROJECTED) SITE ACQUISITION $2,150,000.00 TOTAL DEVELOPMENT COST $6,286,135.14 REQUIRED EQUITY $1,580,290.01 CONSTRUCTION DEBT $4,705,845.13 STABILIZED VALUE $7,783,308.03 STABILIZED NET OPERATING INCOME $463,834.80 STABILIZED YIELD ON COST 7.35% STABILIZED CASH ON CASH 9.68% EQUITY INTERNAL RATE OF RETURN 31.70% *The projections detailed above are conceptual in nature and are subject to change. They are designed to indicate what a development of additional units, and rehabilitation of the existing units may yield over time. Please do not rely on our projections. Buyers should perform their own analysis and projections. COLLIERS INTERNATIONAL P. 21
FINANCIAL OVERVIEW 10-Year Pro Forma Cash Flow Post Development Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Potential Rental Income $648,144 $674,070 $701,033 $729,074 $758,237 $788,566 $820,109 $852,913 $887,030 $922,511 Vacancy & Credit Losses $32,407 $33,703 $35,052 $36,454 $37,912 $39,428 $41,005 $42,646 $44,351 $46,126 Effective Rental Income $615,737 $640,366 $665,981 $692,620 $720,325 $749,138 $779,103 $810,268 $842,678 $876,385 Other Income (collectable) $42,120 $42,962 $43,822 $44,698 $45,592 $46,504 $47,434 $48,383 $49,350 $50,337 Gross Operating Incom $657,857 $683,329 $709,803 $737,318 $765,917 $795,642 $826,537 $858,650 $892,029 $926,723 Operating Expenses Real Estate Taxes $35,100 $35,802 $36,876 $37,982 $39,122 $40,295 $41,504 $42,749 $44,032 $45,353 Property Insurance $15,210 $15,514 $15,980 $16,459 $16,953 $17,461 $17,985 $18,525 $19,081 $19,653 Off Site Management $32,893 $34,166 $35,490 $36,866 $38,296 $39,782 $41,237 $42,993 $44,601 $46,366 Payroll $23,400 $23,868 $24,584 $25,322 $26,081 $26,864 $27,670 $28,500 $29,355 $30,235 Payroll Taxes/Worker s Comp $5,850 $5,967 $6,146 $6,330 $6,520 $6,716 $6,917 $7,125 $7,339 $7,559 Repairs and Maintenance $46,800 $47,736 $49,168 $50,643 $52,162 $53,727 $55,339 $56,999 $58,709 $60,471 Utilities $1,872 $1,909 $1,967 $2,026 $2,086 $2,149 $2,214 $2,280 $2,348 $2,419 Accounting and Legal $3,200 $3,264 $3,329 $3,396 $3,464 $3,533 $3,604 $3,676 $3,750 $3,825 Licenses/Permits $500 $510 $520 $530 $540 $550 $560 $570 $580 $590 Advertising $1,200 $1,224 $1,248 $1,273 $1,298 $1,324 $1,350 $1,377 $1,405 $1,433 Misc. Contract Services $17,550 $17,901 $18,438 $18,991 $19,561 $20,148 $20,752 $21,375 $22,016 $22,676 Reserves $10,800 $11,016 $11,346 $11,687 $12,037 $12,399 $12,771 $13,154 $13,548 $13,955 Total Operating Expense $194,375 $198,878 $205,092 $211,505 $218,121 $224,948 $231,902 $239,323 $246,764 $254,535 Net Operating Income $463,482 $484,451 $504,710 $525,813 $547,796 $570,694 $594,635 $619,328 $645,265 $672,188 *The Pro Forma data contained herein are projections of future performance and are based on various assumptions and subjective determinations as to which no guarantee or assurance can be given. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. COLLIERS INTERNATIONAL P. 22
> Transaction Guidelines
TRANSACTION GUIDELINES Offering Procedure The offering of The Burlingame Apartments is being conducted exclusively by Colliers International. Seller requests all questions and inquiries directed to the Colliers representatives listed in this memorandum. Colliers will be available to assist prospective investors with their review of the offering. On-site inspections of the property and tours of the market area can be arranged directly with Colliers. Potential buyers will need to sign a Confidentiality Agreement prior to receiving seller documents including financial statements, rent roll, leases, and vendor contracts. Offers should include, at a minimum, the following: The purchase price and closing date; The source of capital, both equity and debt, for the transaction; The amount of earnest money deposit; A detailed schedule of the due diligence and requisite approval process; and A description of assumptions utilized for the offer. Please address your offers to the brokers listed below. 851 S.W. Sixth Ave., Suite 1200 Portland, Oregon 97204 503.223.3123 KENNETH VERBECK Associate kenneth.verbeck@colliers.com +1 503 499 0079 SKIP ROTTICCI Vice President skip.rotticci@colliers.com +1 503 499 0062 ALEX CHENG Associate alex.cheng@colliers.com +1 503 499 0075 DAVID KOTANSKY Managing Director david.kotansky@colliers.com +1 503 499 0063 COLLIERS INTERNATIONAL P. 24
TRANSACTION GUIDELINES CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of the Property at 6202 SW Burlingame Avenue, Portland, Oregon. It has been prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by the Seller and in part upon financial information obtained by Colliers International from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum from Colliers, you agree: 1) The Offering Memorandum and its contents are confidential; 2) You will hold it and treat it in the strictest of confidence; and 3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum. COLLIERS INTERNATIONAL P. 25
851 S.W. Sixth Ave., Suite 1200 Portland, Oregon 97204 503.223.3123 Kenneth Verbeck Associate DIRECT +1 503 499 0079 EMAIL kenneth.verbeck@colliers.com Skip Rotticci CCIM Associate Vice President DIRECT +1 503 499 0062 EMAIL skip.rotticci@colliers.com Alex Cheng Associate DIRECT +1 503 499 0075 EMAIL alex.cheng@colliers.com