Capital MarketsMid-Atlantic Multifamily

10360 Swift Stream Place | Columbia, Maryland 21044 531-Unit Luxury Apartment Community

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33Confidential Offering Memorandum

THE OPPORTUNITYJLL, as exclusive advisor, is pleased to present Columbia Town Center (the “Property”), a mid-rise apartment building located in the epicenter of the master-planned community of Columbia, Maryland. Delivered in 2001, the Property features 531 recently renovated units in addition to a revamped amenities package.

Situated adjacent to The Mall in Columbia, a Whole Foods Market, and Merriweather Post Pavilion, the Property affords residents walkable access to the most popular dining, shopping, and entertainment destinations Columbia has to offer. Furthermore, Columbia Town Center’s ideal location near Columbia Pike (US Route 29) and I-95 provides residents with tremendous connectivity to the area’s largest employment hubs as well.

Well-positioned to benefit from the ongoing revitalization of downtown Columbia, Columbia Town Center is a premier investment opportunity for principals looking to acquire a best-in-class asset in a top-performing submarket of the Baltimore/Washington metropolitan area. The Property also presents investors with a light value-add opportunity, as roughly 75 percent of its units maintain their original flooring, which translates to a potential increase in annual cash flow of almost $375,000.

ASSIGNED SCHOOLS • Running Brook Elementary School • Wilde Lake Middle School • Wilde Lake High School

PROPERTY INFORMATION

Address 10360 Swift Stream PlaceColumbia, MD 21044

County Howard

Land Area 11.76 acres

Number of Buildings 14 (interconnected)

Number of Floors 4

Year Built 2001

Total Units 531

Total Rentable SF 551,458 SF

Average Unit Size 1,039 SF

Average Market Rent Per Unit $1,860

Average Market Rent Per SF $1.79

Current Occupancy 94% (as of July 23, 2019)

On-Site Parking 2 parking garages, 938 spaces

Tax Parcel 15-019980

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Spectacular Unit Finishes & Features• Stainless Steel ENERGY STAR® Appliances

• Granite Countertops

• Contemporary Cabinetry

• Wood Plank Flooring in Ground Floor Units

• Gas Stoves

• Washer and Dryer

• Fireplaces in Select Units

• 11’ Ceilings in Ground Floor Units

• Patio or Balcony

• Furnished Apartments Available

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SensationalCommunity Amenities• Fitness Center

• Fitness on Demand

• Spin Room

• Resident Lounge

• Business Center

• Swimming Pool

• Courtyard

• Grilling Area

• Covered Parking

• Additional Storage Available

• Package Acceptance

• Free Wi-Fi In Amenity Areas

• Controlled Access

• Gated Community

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INVESTMENT DRIVERSRARE INVESTMENT OPPORTUNITYColumbia Town Center presents investors with a unique opportunity to acquire an institutional multifamily asset in Howard County, an affluent and desirable area that has experienced 14 percent population growth since 2010. The County is home to just 12 apartment communities built between 2000 and 2010 and trades of comparably sized properties rarely take place in the market – Columbia Town Center represents the only 325-plus-unit asset put up for sale independent of a portfolio in more than five years.

RECENTLY RENOVATEDCurrent ownership recently completed an interior modernization program that successfully repositioned the Property as one of the premier rental communities in the Columbia submarket. All of the 531 units at Columbia Town Center now feature stainless steel ENERGY STAR® appliances, granite countertops, and updated cabinetry fixtures. Additionally, each of the 115 ground floor units now boast new wood flooring throughout. The Property’s modern finishes and features, coupled with its revamped amenity offerings, specifically cater to a more discerning and affluent tenant base and allow it to more effectively compete with the newer deliveries in the area.

Columbia Town Center is the 4th Largest

Apartment Community in Howard County4TH 14% Population Growth in

Howard County since 201014%LIGHT VALUE-ADD POTENTIALDespite the recent improvements made, Columbia Town Center still features value-add potential, as the 416 non-ground floor units maintain their original flooring. By installing wood flooring in each of those apartment homes at an estimated cost of just $2,200 per unit, it is projected that new ownership could achieve $75 rental premiums and an increased annual cash flow of approximately $375,000 at stabilization. Additionally, a buyer could further add value at the Property by installing a new signage package, expanding the fitness center, and introducing other modern amenities.

SIGNIFICANT CAPITAL EXPENDITURESSince 2015, current ownership has invested in numerous capital projects at Columbia Town Center, spending more than $10 million on various projects. In addition to the comprehensive renovation program detailed above, current ownership also replaced hot water heaters throughout the Property, converted the old media room to a virtual fitness center, and completed extensive renovations on the resident clubhouse. As a result of these capital expenditures, a buyer will be able to focus exclusively on other cash-generating projects.

EXPANSIVE FLOOR PLANSColumbia Town Center features one-, two-, and three-bedroom apartment homes that are among the largest in the Columbia submarket. With an average size of 1,039 square feet, the Property’s expansive floor plans cater to families and mature residents seeking more space in a suburban setting, which is difficult to find at many of the newer apartment communities in the submarket.

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UNPARALLELED ACCESS TO RETAIL & LIFESTYLE AMENITIESColumbia Town Center offers residents walkable access to some of the most popular dining, shopping, and lifestyle amenities in the area. The Property is situated across the street from The Mall in Columbia, a 1.3 million square foot shopping center featuring 200 stores and restaurants, a Whole Foods, and 14-screen AMC Theatre, as well as Merriweather Post Pavilion, an outdoor music venue that routinely hosts some of the biggest names in music. Furthermore, Columbia Town Center is just a short drive away from Arundel Mills, the largest outlet and value retail mall in Maryland, in addition to numerous big-box retailers. Also in the immediate area surrounding the Property is Maryland Live! Casino, one of the largest commercial casinos in the country.

TREMENDOUS VISIBILITYAs a result of its superb location next to The Mall in Columbia, Columbia Town Center is afforded outstanding visibility in the market, as more than 45,000 vehicles pass by the Property along Little Patuxent Parkway each day on average. Columbia Town Center’s excellent visibility, which is further supported by the traffic generated at Merriweather Post Pavilion, will ultimately allow the Property to remain a top-performing asset moving forward.

OUTSTANDING REGIONAL CONNECTIVITYColumbia Town Center is situated just off Columbia Pike (US Route 29) and near I-95 – major thoroughfares that provide residents with excellent connectivity throughout the entire Baltimore-Washington metro area. Additionally, the Property is situated less than 10 miles from the Savage MARC station, which is serviced by MARC’s Camden Line, allowing residents to travel to both downtown Baltimore and downtown Washington, DC via passenger rail. The average commute time from Savage Station to Camden Station in Baltimore is approximately 25 minutes, while the average commute time to Union Station in the District is just over 30 minutes.

PROXIMITY TO MAJOR EMPLOYERSColumbia Town Center is conveniently located near several major employers in the area including the Johns Hopkins Applied Physics Lab, Lorien Health Systems, Howard County General Hospital, and Howard County Community College. Columbia Gateway Business Park, Fort Meade, BWI Airport, downtown Baltimore, NASA’s Goddard Space Flight Center, and the national headquarters of both the Social Security Administration and Food and Drug Administration are all located within 20 miles of the Property as well. Combined, these employment hubs support roughly 240,000 workers and serve as a reliable tenant base for Columbia Town Center.

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Columbia was ranked the #1 Best Place to

Live in the United States#1Howard County is the 4th Wealthiest

County in the United States4TH

DOWNTOWN COLUMBIA PLANApproved by Howard County in 2010, the Downtown Columbia Plan laid out a revitalization initiative aimed at redeveloping Columbia’s 391-acre central business district. Once complete, the Downtown Columbia Plan will include 14 million square feet of mixed-used development comprised of 4.3 million square feet of commercial office space, 1.25 million square feet of street retail, more than 6,200 residential units, and approximately 650 hotel rooms. Recent additions as part of the redevelopment plan have included One Merriweather, a new office building home to MedStar Health’s headquarters, Two Merriweather, the headquarters for Pearson Connections Academy, and a Whole Foods Market. It is estimated that the Downtown Columbia Plan will eventually amount to $6.1 billion in economic activity, 25,000 construction jobs, and more than 31,000 new permanent full-time jobs.

ATTRACTIVE COLUMBIA, MARYLAND LOCATIONRanked the best place to live in the United States by Money Magazine, Columbia has become a highly sought after location due to its regional connectivity, economic opportunity, excellent schools, and model master-planned community. All of these attributes make Columbia an appealing destination for well-educated young professionals, families with children, and other residents seeking quality apartment homes in a suburban setting.

FOURTH WEALTHIEST COUNTY IN THE NATIONHoward County is routinely included among Forbes’ list of the Top 10 Richest Counties in America and recently retained its spot, qualifying as the fourth wealthiest county in the United States with a median household income of $116,238. In addition to its high median household income, Howard County also boasts a 2.8 percent unemployment rate – the lowest in the state – as well as a strong local office market that comprises over 70 million square feet

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UNIT TYPE # OF UNITS % OF UNIT MIX SIZE (SF) AVG. MARKET RENT AVG. MARKET RENT PSF

One Bedroom 200 38% 810 $1,740 $2.15

Two Bedroom 253 48% 1,107 $1,839 $1.66

Three Bedroom 78 15% 1,403 $2,240 $1.60

Total / Average 531 100% 1,039 $1,860 $1.79

CONSOLIDATED UNIT MIX & RENT MATRIX (AS OF JULY 23, 2019)

UNIT TYPE # OF UNITS % OF UNIT MIX SIZE (SF) AVG. MARKET RENT AVG. MARKET RENT PSF

A1 (1 Bed / 1 Bath) 81 15% 732 $1,660 $2.27

A2 (1 Bed / 1 Bath) 100 19% 854 $1,788 $2.09

A3 (1 Bed / 1 Bath) 19 4% 911 $1,830 $2.01

B1 (2 Bed / 2 Bath) 96 18% 1,040 $1,766 $1.70

B2 (2 Bed / 2 Bath) 94 18% 1,136 $1,848 $1.63

B3 (2 Bed / 2 Bath) 63 12% 1,165 $1,936 $1.66

C1 (3 Bed / 2 Bath) 78 15% 1,403 $2,240 $1.60

Total / Average 531 100% 1,039 $1,860 $1.79

DETAILED UNIT MIX & RENT MATRIX (AS OF JULY 23, 2019)

FOR FINANCING:

Although information has been obtained from sources deemed reliable, Owner, Jones Lang LaSalle, and/or their representatives, brokers, or agents make no guarantees as to the accuracy of the information contained herein, and offer Columbia Town Center without express or implied warranties of any kind. Columbia Town Center may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2019. Jones Lang LaSalle. All rights reserved.

Anthony HebenstreitVice President

+1 703 891 8416 anthony.hebenstreit@am.jll.com

Shawn McDonald Managing Director

+1 703 891 8425 shawn.mcdonald@am.jll.com

Robert GarrishManaging Director

+1 202 719 5811robert.garrish@am.jll.com

Christine EspenshadeManaging Director

+1 202 719 5668christine.espenshade@am.jll.com

Greg BurySenior Analyst

+1 202 719 6231greg.bury@am.jll.com

Catherine ChengSenior Analyst

+1 202 719 5983catherine.cheng@am.jll.com