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RARE OPPORTUNITY - LARGE 3 BEDROOM TOWNHOMES NEAR LIGHT RAIL5010 N. 22ND AVENUE | PHOENIX, AZ | 85015

CRYSTAL CREEK

PROPERTY VISITATIONProspective purchasers will have the opportunity to visit the property via pre-scheduled property tours. These tours will include access to a representative sampling of units and access to maintenance and other similar facilities. In order to accommodate the property’s ongoing operations, property visitation will require advance notice and scheduling.

OFFER SUBMISSIONOffers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of Purchasers’ offers including, but not limited to (1) asset pricing, (2) due diligence and closing time frame, (3) earnest money deposit, and (4) qualifications to close. The purchase terms shall require all cash to be paid at closing. Offers should be delivered to the attention of Ryan Ash and Mike Woodrick using the email or fax number information listed below.

CONTACT INFORMATIONRyan AshSenior Managing DirectorTel: [email protected]

Mike WoodrickDirectorTel: [email protected]

ARA - Phoenix2398 E. Camelback RoadSuite 950Phoenix, Arizona 85016Tel: 602-252-4232Fax: 602-252-4236www.ARAnewmark.com

OFFER SOLICITATION PROCESS

2

TABLE OF CONTENTS04

07

20

24

31

32

EXECUTIVE SUMMARY

PROPERTY OVERVIEW

VALUATION SUMMARY

COMPARABLE SALES

APPENDIX

CONTACT

4

EXECUTIVE SUMMARY

ARA is pleased to announce the availability of Crystal Creek Townhomes, a 16 unit townhouse community. This offering represents the unique opportunity to acquire a 2004 constructed property consisting of all large 3 bedroom 2 bath townhouse style units. The townhomes are 1,091 square feet in size and interior amenities include modern kitchens with full size appliances and dishwashers, full size washer and dryers, walk-in closets, ceiling fans, and each unit has a large private patios. The community is situated on just under an acre and consists of 4 separate buildings built of wood-frame with an attractive stucco exterior. The townhomes are individually metered for electricity, with individual ground mounted HVAC’s, pitched asphalt shingle roofs and offer residents plenty of parking with 36 spaces. The property is extremely well landscaped with native desert Palo Verde and Mesquite trees, desert rock, flowers, bougainvillea’s and several grass areas with built-in picnic benches and barbecues for residents to enjoy. Crystal Creek Townhomes is situated on 22nd Avenue just north of Camelback Road in an established Central Phoenix neighborhood. The property is located within walking distance of the Valley Metro Light Rail station at 19th Avenue and Camelback providing residents with affordable transportation to Downtown Phoenix and beyond. The community is also within walking distance of Simpson Elementary School providing a great benefit to residents and their families. Major Employers in the area include Phoenix Baptist Hospital and the booming Grand Canyon University which has recently gone through a $60 million dollar renovation providing a great benefit to the local submarket through added employment and educational opportunities. In addition directly across Camelback Road on the SE Corner of 23rd Avenue and Camelback is the recently developed Westwood on Camelback, a 60K SF Neighborhood retail center anchored by “El Super” a popular Hispanic grocery store. One block north of the property is Christown Spectrum Mall which has 1.1 million square feet of retail and features 90 shops including five anchor tenants. This provides residents with a tremendous amount of employment, shopping, and entertainment venues. Currently the property is 100% occupied and current rents are at $1,100 per unit. Crystal Creek Townhomes provides an investor a rare opportunity to purchase an all 3 bedroom Townhome community, built in 2004 that is within walking distance of the Light Rail station. Furthermore, the community consists of four 4-plexs on separate tax parcels which may provide additional exit strategies to a Buyer.

• 2004 Construction, Individually Metered

• Large 3 Bedroom 2 Bath Townhouse Units –

1,091 SF

• Modern Kitchens; Full Size Appliances w/

Dishwashers

• Full-Size Washers & Dryers

• Attractive Desert Landscaping

• Built-In Picnic Tables & Barbecues

• One Block from Spectrum Mall

• Walking Distance to Light Rail Station

• 100% Occupied, $1,100 Rents

• Directly Across from Newly Developed

“Westwood on Camelback” (60K SF Retail

Center)

INVESTMENT HIGHLIGHTS

THE OPPORTUNITY

6

TOTAL UNITS 16

YEAR BUILT 2004

PRICE $2,800,000

PRICE PER UNIT $175,000

RENTABLE SF 17,456

AVERAGE SF PER UNIT 1,091

PROFORMA CAP RATE 5.50%

AVERAGE RENT PER UNIT $1,100

AVERAGE RENT PER SF $1.01

TERMS OF THEOFFERING

7

PROPERTY OVERVIEW

8

Crystal Creek Townhomes

ADDRESS: 5010 N. 22nd AvenuePhoenix, AZ 85015

COUNTY: Maricopa

YEAR BUILT: 2004

NUMBER OF UNITS: 16

NUMBER OF BUILDINGS: 4

STORIES: 2

RENTABLE AREA: 17,456

AVERAGE UNIT SIZE: 1,091

LAND AREA: 0.94 acres

MECHANICAL SYSTEMS / METERING

ELECTRICITY: Individually metered, resident paid

WATER/SEWER: Owner paid

TRASH DISPOSAL: Owner paid

CONSTRUCTION FEATURES

• Stucco Exterior• Pitched Roofs

AMENITIES

GRASS COURTYARD

BUILT-IN PICNIC TABLES

BUILT-IN BARBEQUES

UNIT TYPE NO. OF UNITS SQUARE FEET

PROFORMA MARKET RENT/MONTH

PROFORMA MARKET RENT/SQUARE FOOT

3 BED / 2 BATH 16 1,091 $1,100 $1.01

TOTAL / AVG. 16 1,091 $1,100 $1.01

PROPERTY DETAILS

9 © 2008, ALL RIGHTS RESERVED.

Reprinted with permission. © 2008, ALL RIGHTS RESERVED.

Reprinted with permission.

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( 8 7 7 ) C A L L - P H X118 OFFICIAL VISITORS GUIDE V I S I T P H O E N I X . C O M OFFICIAL VISITORS GUIDE 119

Crystal Creek

Crystal Creek

Phoenix Baptist HospitalW. BETHANY HOME ROAD

Existing Light Rail

Existing Station

Christown Spectrum Mall

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INTERSTATE

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SimpsonElementary School

Grand Canyon University

Crystal Creek

W. CAMELBACK ROADWestwood

Shopping Center

11

DEVELOPMENTJust south of Crystal Creek Townhomes is the brand new retail development called Westwood on Camelback. The 65,600 sq. ft. shopping center will be anchored by El Super Grocery Store along with seveal other tenants such as Subway, Popeyes and BoSa Donuts.

Crystal Creek

Westwood on Camelback

SHOP

CHRISTOWN SPECTRUM MALLLocated nearby lies over 1.1 million square feet of retail. This indoor mall has over 50 stores including Target, JC Penny, Costco, WalMart Supercenter, Petsmart and a 14 screen Harkins Theatre and plenty of dining options.

PLAYChristown YMCA • This family friendly non-profit has something for everyone in the family including before and after school child care programs, fitness classes, swim lessons,

adult sports, and even certified personal trainers.

Solano Park• Solano Park has a lighted basketball court, playground, picnic areas, restrooms, soccer field and lighted tennis courts for everyone to enjoy.

Boys and Girls Club• Serving children ages 6-18, this organization offers affordable after-school and summer programs for young people with programs such as Academic Success

and Healthy Choices.

Phoenix Public Library - Yucca Branch • The library’s collection includes Spanish-language and English-as-a-Second-Language materials, as well as a variety of newspapers, magazines, DVDs, and

books. The library also offering daily events for family’s to enjoy such as Toddler Time, Bilingual Family Storytime, and we Read 30-day Challenge for kids.

Palo Verde Golf Course• This public nine-hole executive golf course offers a challenge for golfers of all handicaps with a lighted driving range to practice.

LEARNGRAND CANYON UNIVERSITYJust a short 10 minute drive away is the booming Grand Canyon University, a private, for-profit Christian university. With a fast growing student population of over 40,000 and 1,600 staff, GCU is currently undergoing massive expansion in every way. The 115-acre campus continues to experience an incredible, multi-million dollar expansion. A large portion of this expansion is complete, including a number of new residence halls, classroom buildings, dining facilities and student amenities.

• GCU is now a member of NCAA Division I with former Phoenix Suns shooting guard Dan Majerle overseeing GCU’s transition into NCAA Division I basketball.

• GCU has been recognized as a top-five online school for entrepreneurs by Fortune Magazine.

• With over a 100 majors and concentrations, GCU caters to traditional students through its campus based degree programs, as well as working adults who are offered the convenience of evening and online learning options.

WORK

Central and Camelback Corridors are both major employment centers for the city of Phoenix. Central Corridor is one of Phoenix's most vital and heavily traffiked stretches of roadway and major employers here include major banks and financial institutions, hi-tech companies, and several major law firms and government agencies. Camelback Corridor is one of the city's most acclaimed neighborhoods, the area is known as the financial district surrounded by upscale shopping and dining. Top employer for both areas include Kitchell, Best Western Corp, Copper Point, Symphony Health Solutions and Northern Trust Bank.

5,785 BUSINESSES

76,300+EMPLOYEES

20%FINANCE, INSURANCE & REAL ESTATE INDUSTRY

50% SERVICE INDUSTRY(LEGAL, HEALTH, AUTO-MOTIVE...)

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LIGHT RAIL• The 20-mile starter line, the longest starter line in federal New Starts grant history, opened

in 2008.

• Over 14 million riders use this transportation, making it the 12th busiest light rail in the country.

• Recent expansion has included going eastward through the Downtown Mesa area and will continue on to Gilbert road and a northern expansion up to Dunlap Avenue.

• The light rail provides rapid access to Downtown Tempe, Sky Harbor International Airport, Downtown Phoenix, and the Central Corridor.

Crystal Creek

17

PHOENIXMETRO PHOENIX EMPLOYMENT

13.2%11.4%10.2% 9.6%11.0%

6.9%5.9%5.5%3.8%3.4%3.4%

PROFESSIONAL & BUSINESS SERVICES

RETAILHEALTHCARECONSUMER SERVICES

FINANCE, INSURANCE & REAL ESTATE

EDUCATION

GOVERNMENT

CONSTRUCTION

TRANSPORTATION & DISTRIBUTION

HIGH TECH MANUFACTURING & DEVELOPMENT

HOSPITALITY, TOURISM & RECREATION

MAJOR EMPLOYERS1. Banner Health2. State of Arizona3. Walmart 4. County of Maricopa5. Frys Food Stores6. Wells Fargo7. Arizona State University8. Intel Corporation9. City of Phoenix10. Honeywell

FORTUNE 500'S1. Freeport-McMoRan

2. Avnet

3. Republic Services

4. Insight Enterprises

2NDLARGEST MILITARY

INSTALLATION IN THE WORLD

4THHIGHEST

CONCENTRATION OF AEROSPACE

MANUFACTURING JOBS

EXPECTED TO GROW

43,000HEALTHCARE JOBS IN

THE NEXT DECADE

TOP 5NATIONALLY FOR TECH

JOB GROWTH

PHOENIX IS......

MEDIAN HOUSHOLD INCOME OF

$53,3106TH

LARGEST CONCENTRATION OF DATA CENTERS

NATIONALLY

#5IN THE NATION FOR

BEST-QUALIFIED GRADUATES

3RDLARGEST LABOR POOL

IN THE WEST

A MEDIAN AGE OF

35.4THE SIXTH YOUNGEST

METRO IN THE U.S.

18

43,090 Employees at the Airport

$9.5 BILLION ANNUALLYDaily Activity Includes:

+1,200 Aircraft+120,000 Passengers+800 Tons of Air Cargo

Easy Access To and From Airportwith Phoenix Sky Train and

Access to Light Rail Directly at Airport

PHOENIX SKY HARBOR AIRPORT

Sky Harbor Airport has a Daily Economic Impact of

$79 MILLION

#1Best Airport in the U.S.

USA Today 2016

Largest Commerical Airport in the American Southwest, 43 Million

Passengers in 2016, and34TH BUSIEST IN THE

WORLD

19

THE CITY OF PHOENIX’SNOTABLE RANKINGS

10 FASTESTGROWING CITIES

TOP 5 FOR SMALLBUSINESSES

METRO PHOENIX RANKED BEST CITY FOR WORKING PARENTS

TOP 20 BEST PLACES FORTECH STARTUPS

EIGHTH BEST CITY FOR RECENT COLLEGE GRADUATES SEEKING A JOB

ARIZONA STATE UNIVERSITY

#1 IN U.S. FOR INNOVATION

#1 IN SWIPING FINANCIALJOBS FROM WALL STREET

PHOENIX TOP 10

FISCALLY FIT CITIES IN THE US

14TH

SAFEST CITY IN AMERICA

#1 AIRPORT IN THE U.S. - SKY HARBOR

#1 STATE FOR FUTURE JOB GROWTH

20

VALUATION SUMMARY

21

Financial Analysis Executive SummaryCrystal Creek TownhomesPhoenix, Arizona

Number of Units 16 Per Unit DollarsYear Built 2004 Effective Gross Income $12,740 $203,840List Price $2,800,000 Less: Operating Expenses 2,951 47,208Price per Unit $175,000 Less: Capital Reserves 150 2,400Price per Square Foot $160.40 Net Operating Income 9,639 154,232Rentable Square Feet 17,456 Debt Service 101,144Average Square Feet per Unit 1,091 Net Cash Flow (5.41%) $53,088Average Rent per Unit $1,100Average Rent per SF $1.01

Down Payment $980,000 Cap Rate 5.50%Proposed New Loan $1,820,000 Cash on Cash Return 5.41%Loan-to-Value 65%Interest Rate 3.75%Loan Term 5 YearsAmortization 30 Years

Disclaimer

This information has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm itsaccuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

PROPERTY OVERVIEW Proforma

Financing TermsFinancial Return

EXECUTIVE SUMMARY

UNIT MIX AND CURRENT MARKET RENTSUnit Mix and Current Market RentsCrystal Creek TownhomesPhoenix, Arizona

Proforma ProformaProforma Monthly Annual

Unit No. of % Unit Proforma Rent Rent Rent TotalDescription Units Type Sq. Ft. Rents /Sq. Ft. Total Total Sq. Ft.

3 Bdrm / 2 Bath 16 100.0% 1,091 $1,100 $1.01 $17,600.00 $211,200.00 17,456

Total / Avg. 16 100.0% 1,091 $1,100 $1.01 $17,600 $211,200 17,456

By Square Feet

Unit Mix

By Bedroom Type

Eff2%

1 Bed3%

2 Bed95%

2002%

3003%

80095%

22

Market Underwriting AnalysisCrystal Creek TownhomesPhoenix, Arizona

INCOME AssumptionsGross Scheduled Rent $211,200Gross Potential Income $211,200

Less: Vacancy (5.0%) (10,560)Total Rental Income 95.00% $200,640

Plus: Other Income 200 3,200

Effective Gross Income $203,840

EXPENSES per unit

Repairs & Maintenance $300 $4,800Administrative/Advertising 100 1,600Utilities 1,100 17,600Total Variable Expenses $1,500 $24,000Taxes 498 7,970Insurance 200 3,200Management Fee 6.00% 12,038Total Operating Expenses $2,951 $47,208Plus: Capital Reserves 150 2,400Total Expenses $3,101 $49,608

NET OPERATING INCOME $154,232

Debt ServiceNew Financing - $1,820,000 (65% LTV)Debt Service (3.75% P & I)Cash Flow After Debt Service (5.41%) $53,088

$101,144

Proforma

MARKET UNDERWRITING ANALYSIS

23

24

COMPARABLE SALES

76

THE HAVEN

APARTMENT NAME CITY UNITS PRICE $/UNIT $/SQ. FT. YOC SALE DATE

S Crystal Creek Phoenix 16 $2,800,000 $175,000 $160.40 2004 TBD

1 Mode Phoenix 20 $3,400,000 $170,000 $210.53 1966 6/2/2017

2 Trinity on 37th Phoenix 12 $2,337,500 $194,792 $195.57 1960 5/18/2017

3 11th Street Phoenix 14 $2,240,000 $160,000 $214.31 1962 5/15/2017

4 The Collins on Pasadena Phoenix 20 $3,200,000 $160,000 $188.70 1958 4/27/2017

5 Ben Pines Phoenix 15 $2,500,000 $166,667 $197.55 1978 2/28/2017

6 The Haven Phoenix 16 $2,463,158 $153,947 $186.60 1977 12/19/2016

7 Trinity Arcadia Phoenix 16 $2,600,000 $162,500 $176.09 1962 10/19/2016

Averages 16 $2,677,237 $165,847 $194.95 1963

TRINITY ARCADIA

COMPARABLE SALES

32

TRINITY ON 37TH 11TH STREET

5

4

THE COLLINS ON PASADENA

BEN PINES

1

MODE

1

5

210 S Roosevelt St - Revival On RooseveltTempe, AZ 85281Sale on 10/13/2016 for $3,000,000 ($180.93/SF; $150,000/Unit) - Research Complete20 Unit, 16,581 SF Class C Apartments Building Built in 1988

SOLD1

Buyer & Seller Contact Info

Recorded Buyer: Recorded Seller: Revival Condominiums LLLPRoosevelt Park, LLCTrue Buyer: True Seller: Mentor Properties

Cal Desouza15169 N Scottsdale RdScottsdale, AZ 85254(480) 710-1929

Patrick BoydPatrick Boyd1440 W 12th PlTempe, AZ 85281(480) 747-4737

Buyer Type: Seller Type: Developer/Owner-RGNLOther - PrivateBuyer Broker: Listing Broker: Jones Group

Jim Jones(480) 607-7200

Jones GroupJim Jones(480) 607-7200

Sale Date:

Price/SF:

Sale Price:

$180.93

$3,000,000-Confirmed

10/13/2016Bldg Type:

Land Area:

Year Built/Age:RBA:

ApartmentsBuilt in 1988 Age: 2816,581 SF0.61 AC (26,402 SF)

Percent Leased: -

Transaction Details

Asking Price: -

Price/SF Land Gross: $113.63

Total Value Assessed:Improved Value Assessed

Land Value Assessed:

$1,113,500 in 2015$890,900$222,600

Percent Improved: 80.0%

Land Assessed/SF: $8.00

InvestmentSale Type:

GRM/GIM: -/-

ID: 3731027

-

Spacer

Escrow Length: -

Parcel No:

Financing:

124-31-026G, 124-31-026H

Down payment of $0.00 (0.0%)$600,000.00 from Sunny Bel Group LLC

Document No: 0752001Sale History: Sold for $3,000,000 ($180.93/SF; $150,000/Unit) on 10/13/2016

Sold for $1,950,000 ($117.60/SF; $97,500/Unit) on 8/28/2014 Non-Arms LengthSold for $1,075,000 ($64.83/SF; $53,750/Unit) on 3/20/2013Sold for $0 ($0/Unit) on 5/27/2009 Non-Arms LengthSold for $1,800,000 ($108.56/SF; $90,000/Unit) on 12/19/2006Sold for $1,450,000 ($87.45/SF; $72,500/Unit) on 10/1/2004Sold for $1,200,000 ($72.37/SF; $60,000/Unit) on 12/12/2000Sold for $851,064 ($51.33/SF; $42,553/Unit) on 11/19/1998

Copyrighted report licensed to ARA, A Newmark Company - 7983. 1/11/2017

Page 1


SOLD1






Jim Jones(480) 607-7200


Sale Date:

Price/SF:

Sale Price:

$180.93



Land Area:

Year Built/Age:RBA:


Percent Leased: -

Transaction Details

Asking Price: -




$1,113,500 in 2015$890,900$222,600




GRM/GIM: -/-

ID: 3731027

-

Spacer

Escrow Length: -

Parcel No:

Financing:

124-31-026G, 124-31-026H





Page 1


SOLD1






Jim Jones(480) 607-7200


Sale Date:

Price/SF:

Sale Price:

$180.93



Land Area:

Year Built/Age:RBA:


Percent Leased: -

Transaction Details

Asking Price: -




$1,113,500 in 2015$890,900$222,600




GRM/GIM: -/-

ID: 3731027

-

Spacer

Escrow Length: -

Parcel No:

Financing:

124-31-026G, 124-31-026H





Page 1

210 S Roosevelt St1 Sold: $3,000,000 ($150,000/Unit)Tempe 16,581 SF Multi-Family/Apartments

1133 W 5th St2 Sold: $7,150,000 ($162,500/Unit)Tempe 41,580 SF Multi-Family/Apartments

407-411 W 7th St3-1 Multi-Property Sale: $1,650,000 ($117,857/Unit)Tempe 13,300 SF Multi-Family/Apartments

419 W 7th St3-2 Multi-Property Sale: $1,650,000 ($117,857/Unit)Tempe 13,300 SF Multi-Family/Apartments

1214 S Farmer Ave4 Sold: $660,000 ($110,000/Unit)Tempe 4,029 SF Multi-Family/Apartments

1700 S College Ave5 Sold: $2,850,000 ($91,935/Unit)Tempe 21,600 SF Multi-Family/Apartments

Address City Property Info Sale Info


Page 17

MODE

11TH STREET

THE HAVEN

TRINITY ON 37TH

THE COLLINS

BEN PINES

TRINITY ARCADIA

26

5

6

7

2

3

4

Crystal Creek

1

C R Y S T A L C R E E K A P A R T M E N T S5 0 1 0 N . 2 2 N D A V E N U E , P H O E N I X 8 5 0 1 5lamar

4227 w. lamar road85019

Unit Type SF # of UnitsNo. of Units: 16 Price: 2,800,000$ 3 Bedroom / 2 Bath 1,091 16Year Built: 2004 Price Per Unit: 175,000$ Totals 16NRA: 17,456 Price Per SF: 160.40$

Sale Date: TBD

Property Information Sale Information

M O D E A P A R T M E N T S4 2 3 1 - 4 2 3 7 N . 2 7 T H S T R E E T , P H O E N I X 8 5 0 1 6

mode apartments4231-4237 n. 27th streetphoenix 85016

Unit Type SF # of UnitsNo. of Units: 20 Price: 3,400,000$ 2 Bedroom / 1 Bath 875 20Year Built: 1966 Price Per Unit: 170,000$ Totals 20NRA: 16,150 Price Per SF: 210.53$

Sale Date: 6/2/2017


1

S

27

T R I N I T Y O N 3 7 T H A P A R T M E N T S3 4 1 6 N . 3 7 T H S T R E E T , P H O E N I X 8 5 0 1 8Trinity on 37th

3416 n. 37th streetphoenix 85018


Sale Date: 5/18/2017


1 1 T H S T R E E T A P A R T M E N T S4 0 2 0 N . 1 1 T H S T R E E T , P H O E N I X 8 5 0 1 4

11th street4020 n. 11th streetphoenix 85014




3

2

28

T H E C O L L I N S O N P A S A D E N A A P A R T M E N T S3 2 0 W . P A S A D E N A A V E N U E , P H O E N I X 8 5 0 1 3

the collins on pasadena320 w. pasadena avenue\phoenix 85013

Unit Type SF # of UnitsNo. of Units: 20 Price: 3,200,000$ 1 Bedroom / 1 Bath 720 8Year Built: 1958 Price Per Unit: 160,000$ 2 Bedroom / 1 Bath 768 6NRA: 16,958 Price Per SF: 188.70$ 2 Bedroom / 2 Bath 895 2

Sale Date: 4/27/2017 3 Bedroom / 2 Bath 1,200 4Totals 20


B E N P I N E S A P A R T M E N T S3 1 2 2 N . 3 8 T H S T R E E T , P H O E N I X 8 5 0 1 8ben pines

3122 N. 38th streetphoenix 85018




5

4

29

T H E H A V E N A P A R T M E N T S6 5 0 1 N . 3 R D A V E N U E , P H O E N I X 8 5 0 1 3the haven

6501 n. 3rd avenuepheonix 85013


Sale Date: 12/19/2016


T R I N I T Y A R C A D I A A P A R T M E N T S 3 2 3 4 N . 3 8 T H S T R E E T , P H O E N I X 8 5 0 1 8

trinity arcadia aprtments3234 n. 38th street

85018

Unit Type SF # of UnitsNo. of Units: 16 Price: 2,600,000$ Studio 240 2Year Built: 1962 Price Per Unit: 162,500$ 2 Bedroom / 1 Bath 1,000 13NRA: 14,765 Price Per SF: 176.09$ 3 Bedroom / 2 Bath 1,285 1

Sale Date: 10/19/2016 Totals 16


7

6

30

DisclosureApartment Realty Advisors of Arizona, LLLP, a licensed Arizona Broker, (collectively, the “Agent”) has prepared this material for limited use in the acquisition of certain Property or Properties, specifically, Crystal Creek Apartments in Phoenix, Arizona.

The Offering Memorandum is not intended to provide a completely accurate summary of the Properties or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective purchasers may need or desire. All financial projections are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and the Agent, and therefore may be subject to variation. The Offering Memorandum does not constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of the Offering Memorandum. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers.

Neither the Owner nor the Agent nor any of their respective officers, agents or principals has made or will make any representations or warranties, expressed or implied, as to the accuracy or completeness of the Offering Memorandum or any of the Contents (defined below), and no legal commitment or obligation shall arise by reason of the Offering Memorandum or the Contents. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser.

The Owner and Agent expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any entity at any time with or without notice. The Owner shall have no legal

commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property or Properties unless and until such offer for the Property or Properties is approved by the Owner, and any conditions to the Owner obligations thereunder have been satisfied or waived.

This Offering Memorandum and the Contents, except such information which is a matter of public record or is provided in sources available to the public (such contents as so limited herein are called the “Contents”), are of a confidential nature and are not to be made available to persons not receiving copies directly from the Agent. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the Contents to any other entity (except for outside advisors retained by you if necessary, in your opinion, for your determination of whether or not to make a proposal) without the prior written authorization of the Owner or Agent, and that you will not use the Offering Memorandum or any of the Contents in any fashion or manner detrimental to the interest of the Owner or Agent.

If you have no interest in acquiring either of the Properties at this time, kindly return the Offering Memorandum forthwith.

APPENDIX

31

ARA PHOENIX2398 E. Camelback Road

Suite 950

Phoenix, AZ 85016

T 602-252-4232

RYAN ASHSenior Managing DirectorT 602-852-3784

C 602-525-4877

[email protected]

MIKE WOODRICKDirectorT 602-852-3789

C 480-540-1504

[email protected]

RELATIONSHIPS THAT DELIVER RESULTS.

www.aranewmark.com

© ARA. All Rights Reserved

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