OFFERING MEMORANDUM A 319-UNIT CORE INVESTMENT OPPORTUNITY LOCATED IN THE HEART OF BUCKHEAD - ATLANTA, GA

OFFERING MEMORANDUM A 319-UNIT CORE INVESTMENT OPPORTUNITY LOCATED IN THE HEART OF BUCKHEAD - ATLANTA, GA

DOMAIN AT PHIPPS PLAZA HOLLIDAY FENOGLIO FOWLER, L.P. ( HFF ) is pleased to exclusively offer the DOMAIN AT PHIPPS PLAZA ( Property ), a Core Apartment Community totaling 319 units in the affluent Buckhead submarket of the Atlanta MSA. PROPERTY OVERVIEW Address: 707 Park Ave City: Atlanta, GA 30326 Year Built: 2017 Structure Type: Mid-Rise with Podium Parking Ceiling Heights: 9 to 14 Number of Units: 319 Average Unit Size: 844 Net Rentable SF: 269,379 SF Number of Buildings: 5 Number of Stories: Land Area: Density: 4 over 2-story podium deck 4.56 Acres 69.96 Units/Acre Parking Spaces: 434 Parking Ratio: 1.36 Spaces/Unit 1.08 Space/Bedroom 2 EXECUTIVE SUMMARY

AMENITY PACKAGE COMMUNITY Pool with Cabanas & Grills Health Club with Fitness on Demand Resident Lounge and Rooftop Terrace Dog Park Pet Spa Enhanced Mail & Package Delivery Center Yoga Courtyard Electric Car Charging Stations INTERIORS 9-14 Ceilings Quartz or Granite Counters in Kitchen & Bath* Stainless Steel Appliances Kitchen Tile Backsplash Full Size Washer & Dryer Single Basin Kitchen Sink 42 Cabinets Ceiling Fans (Living Room & Bedroom) Garden Tub* Stand Up Shower with Frameless Door* USB Outlets Keyless Front Door Entry Internet Controlled Thermostat Wood Style Blinds *Select Units EXECUTIVE SUMMARY 3

DOMAIN AT PHIPPS PLAZA Atlanta Plaza 630K SF Office Buckhead Tower 348K SF Office ATL Financial Center 915K SF Office The Westin 365 Rooms JW Marriott 371 Rooms Lenox Square 1.5M SF Simon Mall Lenox Rd Live Oak Square 201K SF Office Lenox Rd The Oaks at Buckhead Condominiums The Pinnacle 469K SF Office The Grandview Condominiums Lenox Marketplace 452K SF Retail Roxboro Rd Peachtree Rd Peachtree Dunwoody Rd Buckhead Triangle 97K SF Retail 3630 Peachtree 436K SF Office Ecco Restaurant Opening Sep-18 Wieuca 4 EXECUTIVE SUMMARY

Prominence 422K SF Office Two Alliance 492K SF Office 1&2 Securities Center 531K SF Office The Whitley 510 Rooms Monarch Plaza 369K SF Office Monarch Tower 528K SF Office Phipps Tower 481K SF Office One Alliance 555K SF Office Lenox Rd Three Alliance 507K SF Office Phipps Plaza 979K SF Simon Mall Phipps Plaza Transformation Nobu Hotel & Restaurant, Office, Life Time Athletic, Food Hall The Piedmont Senior Living Park Regency Condominiums Met@Phipps Townhomes +$1M Avg Sale Price AC Hotel Buckhead 166 Rooms Phipps Blvd Rd Longleaf Dr Park Ave NE The Huntley Apartments 1,200 SF Avg Unit Size Park Avenue Condominiums +$900K Avg Sale Price EXECUTIVE SUMMARY 5

DOMAIN AT PHIPPS PLAZA ATLANTA S LUXURY RETAIL DESTINATION ANCHORED BY THE SOUTHEAST S MOST AFFLUENT MALL Domain at Phipps Plaza s unique location adjacent to Phipps Plaza provides the Property with an unmatched amenity base and an irreplaceable location within the submarket. Phipps Plaza is the southeast s most sophisticated shopping destination boasting 100+ highend shops and restaurants. The Property is also walking distance to Lenox Square, with 250+ retailers and cementing the area as the shopping capital of the Southeast. Together, Phipps Plaza and Lenox Square offer more than 350 retailers, including 35 dining options. Furthermore, 110 of the retailers/restaurants are exclusive to the State, providing Domain at Phipps Plaza s residents with the region s best shopping and dining all within walking distance. CURATED COUTURE FINE DINING 66 INVESTMENT EXECUTIVE SUMMARY HIGHLIGHTS

BUCKHEAD - THE CENTER OF COMMERCE AND WEALTH 140,000 DAYTIME POPULATION 87,000 RESIDENTS 40,500 NEW JOBS EXPECTED IN BUCKHEAD IN THE NEXT 25 YEARS $88,107 MEDIAN HH INCOME (180% OF CITY MEDIAN) $436,000 MEDIAN HOME VALUE (VS $192,000 CITYWIDE) 27.4MM SF OF COMMERCIAL SPACE $31.6B ECONOMIC IMPACT 10.1 JOBS PER HOUSEHOLD 1.9MM SF OF NEW OFFICE SPACE 68,579 JOBS (GREW BY 47% 2006-2016) HIGH PAYING JOBS SUPPORT THE ABILITY TO PUSH RENTS Employment Sector Estimated # of Employees % of Total Employees Estimated Avg Ann Income Professional/Scientific/Tech 13,354 19% $130,000 $3,575 Finance/Insurance 13,410 20% $101,140 $2,781 Other 23,651 34% $82,368 $2,265 Hotel/Food Service 8,103 12% $35,360 $972 Retail Trade 10,061 15% $22,828 $628 Monthly Rent Affordability Totals/Weighted Averages 68,579 100% $81,025 $2,228 74% EFF 39% RENT OF BUCKHEAD EMPLOYEES EARN MORE THAN THE PROPERTY S AVG RENT ($1,605) ABOVE THE PROPERTY S AVG EFF ($1,605) EXECUTIVE SUMMARY 7

DOMAIN AT PHIPPS PLAZA DENSIFYING THE SOUTHEAST S PREMIER MALL Recent and future development surrounding Domain at Phipps Plaza solidifies the Property s location and future performance. In 2016, Phipps Plaza received facade and exterior upgrades giving the mall superior curb appeal. The AC Hotel Atlanta Buckhead at Phipps Plaza by Marriott opened in 2016 with 166 rooms and suites. In 2017, Simon announced plans for a new mixed use project that will transform the Belk store and bring more amenities to Domain at Phipps Plaza as outlined below. World-Renowned Nobu Hotel & Restaurant ONE PHIPPS PLAZA Only Class A office building to deliver in Buckhead over next three years. Anticipated late 2020 delivery 340,000 RSF 13-story building Efficient 28,000 RSF floor plates Outdoor dining & event space NOBU HOTEL & RESTAURANT Anticipated early 2021 delivery 150-room hotel 10,000 SF restaurant 10,000 SF corporate conference space Rooftop pool FOOD HALL Anticipated mid-2021 opening 46,000 SF Outdoor amenity space ANTICIPATED TIME LINE Demolition Begins Aug-18 Construction Begins Sep-18 Ecco Opens Sep-18 Office Delivers 2020 NOBU Life Time Athletic & Food Hall Delivers 2021 2021 8 EXECUTIVE SUMMARY

LIFE TIME ATHLETIC Anticipated mid-2021 opening 90,000 SF 1 floor co-working, 2 floors fitness Rooftop deck, pool, and cafe Resort-like athletic Club with workout classes, personal training, and a full-service spa. Life Time Athletic ECCO RESTAURANT Anticipated Sep-18 opening 9,400 SF 3rd Atlanta location EXECUTIVE SUMMARY 9

DOMAIN AT PHIPPS PLAZA Phipps Tower 481K SF Office Phipps Blvd Lenox Rd FOOD/FITNESS BUILDING Phipps Plaza 979K SF Simon Mall Life Time Athletic (Food Hall Below) Outdoor Amenity Space The Huntley Apartments 1,200 SF Avg Unit Size Life Time Athletic - 90K SF 1 Floor Co-Working 2 Floors Fitness Rooftop Pool, Cafe, Amenity Deck Food Hall (2 Levels) - 46K SF Outdoor Event Space Over 20 Food Stalls Fire Station Office Tower Nobu Hotel & Restaurant NOBU HOTEL 150 Rooms Nobu Restaurant 10K SF of Conference/ Banquet Space Rooftop Pool OFFICE 13 Levels of Class A Office Ecco Restaurant Opening Sep-18 AC Hotel Buckhead 166 Rooms Park Ave NE Park Avenue Condominiums +$900K Avg Sale Price 340K RSF Peachtree Rd 10 EXECUTIVE SUMMARY Wieuca Rd Longleaf Dr

MID-RISE CONSTRUCTION IN A HIGH-RISE LOCATION Domain at Phipps Plaza s mid-rise, podium construction offers the rare opportunity to own one of the most infill Buckhead locations at a significant discount to replacement costs. Appreciating land values combined with site scarcity have created significant challenges for new mid-rise development within the submarket. As seen in the chart below, the vast majority of upcoming development is high-rise product - representing 75% of the submarket s future deliveries. REPLACEMENT COST HARD COST $200 PSF SOFT COST $82 PSF LAND $40,000 per unit TOTAL COST $89,000,000 PER UNIT $279,000 PSF $330 PSF PROJECTED EXECUTIVE SUMMARY 11

TRANSACTION LEADERS Jason Nettles Sr. Managing Director 404.942.3186 jnettles@hfflp.com Megan Thompson Sr. Director 404.942.3185 mthompson@hfflp.com Gregg Shapiro Managing Director 404.942.2208 gshapiro@hfflp.com TRANSACTION TEAM Jack Konas 404.942.2206 jkonas@hfflp.com Atlanta Austin Boston Carolinas Chicago Dallas Denver Houston Indianapolis Los Angeles Las Vegas Miami New Jersey New York Orange County Orlando Philadelphia Phoenix Pittsburgh Portland San Diego San Francisco Tampa Washington London HFF, L.P. 3424 Peachtree Road NE Suite 1750 Atlanta, Georgia 30326 tel (404) 832-8460 fax (404) 942-2181 www.hfflp.com Holliday Fenoglio Fowler, L.P. ("HFF") a Georgia licensed real estate broker. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, HFF ), HFF Securities L.P. and HFF Securities Limited (collectively, HFFS ) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF. HFFLP.COM