Upgraded 16-Unit Multifamily in Growing Submarket

• Average Lease Rate is 45.08% Below
• Market Rate Competitors
• Excellent Unit Mix: 100% 2 Bedroom-1 Bathroom Units (± 750 SF)
• Improvements: 2016-2017 TPO Roofs, Vinyl Double-Pane Windows, and New Doors
• Improving Submarket: Equidistant to 70-Acre Max Q Development & Upscale Ridgecrest Neighborhood
• Amenities: Gated Property, In-Unit Washers & Dryers, and Private Enclosed Courtyards

Financial Information

• Acquisition Pre-Tax Cash-on-Cash Return: 2.97%
• Acquisition After-Tax Cash-on-Cash Return: 5.10%
• Acquisition GRM: 10.04
•  Year-End 2 Pro Forma Pre-Tax Cash-on- Cash Return: 15.20%
• Year-End 2 Pro Forma After-Tax Cashon- Cash Return: 13.66%
• Year-End 2 Pro Forma GRM: 6.92
• Year-End 5 Pro Forma Valuation @ a 6.75% Cap Rate: $2,612,704 (+60.30%)