excellent institutionally owned and managed suburban

I N D E P E N D E N C E • M I S S O U R I E X E C U T I V E S U M M A R Y

Holliday Fenoglio Fowler, L.P. (“HFF”) a Missouri licensed real estate broker.

Excellent Institutionally Owned and Managed

Suburban Kansas City Value-Add Opportunity

C L U B H O U S E

O F F E R S D A T E / T O U R S

Tours: Please contact HFF to set up a tour of the

community. The Owner and HFF respectfully request

that interested parties refrain from contacting any

on-site personnel or residents. Tours must be

scheduled in advance by contacting one of the HFF

representatives listed on the back of this offering.

Tour Dates: Wednesday, April 29th, 2015

Monday, May 4th, 2015

* HFF will also accommodate off-cycle tours

Offers: Offers will be due on May 5, 2015. Please

forward offers to Sean Fogarty.

Holliday Fenoglio Fowler, L.P. (“HFF”) is pleased to present The Mansion, a 550-home multi-family apartment

community located in Independence, Missouri – the 4th largest city in Missouri. The Mansion offers an investor an

attractive infill location in close proximity to leading employment and entertainment corridors of Kansas City, including

Cerner Corporation and their under construction $4.45 billion Trails Campus. Investors have an opportunity to acquire

an institutionally owned and managed community with strong historical occupancies and cash flows, and one well-

positioned for value-add through apartment interior renovations, modernization of the historic mansion clubhouse, and

upgrades to the fitness center and other community amenities.

The Mansion is a garden-style apartment complex nestled over 32.16 acres of peaceful park-like land complete with lush

landscaping, scenic ponds and a formal rose garden. The property features convenient and modern amenities including

two sparkling swimming pools, jacuzzi, tennis courts, racquetball courts, state-of-the-art fitness center, business center and

an historic 7,100 square foot mansion, the namesake of the property, which now functions as The Mansion

Apartments clubhouse and leasing office. The mansion, designed by famed architects Wight and Wight, is the centerpiece

of the property. The structure dates back to the mid-1910s, and has been the setting for lavish parties hosted by previous

owner Blevins Davis, a famous playwright and director. Furthermore, President Harry S. Truman, the 33rd President of the

United States, and an Independence native, held his daughter’s wedding reception in The Mansion’s formal rose garden. The

mansion and its grounds are an unmatched feature and an exceptional amenity to the property.

2 EXECUTIVE SUMMARY

Kansas City Regional Map

The community includes a mix of one, two and three-bedroom apartments featuring fully

equipped kitchens, walk-in closets and private patios/balconies. Select homes feature

breakfast bars, separate dining rooms, vaulted ceilings or fireplaces.

The property’s proximity to Interstate 70, Interstate 470 and Highway 291 offers residents

easy access to the regional highway system, all major employment corridors, and

entertainment venues of the Kansas City area. Additionally, the property is just a short

drive from the 1 million square foot Independence Center, a super-regional

shopping mall, CenterPoint Medical Center, a major hospital and employer in

Independence, Kauffman and Arrowhead Stadiums, and Downtown Kansas City.

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LAKEJACOMO

PRAIRIELEE LAKE

LAKELOTAWANA

WYANDOTTECOUNTY LAKE

WEATHERBYLAKE

KANSAS CITYINTERNATIONAL

AIRPORT

JOHNSON COUNTYEXECUTIVE AIRPORT

Tiffany SpringsPark

Tiffany GreensGolf Club

Staley Farms

Golf Club

Hodge ParkGolf Club

The Deuceat National

WyandotteCounty

Lake Park

Blue ValleyPark

Blue OxCampground

Shawnee MissionPark

FlemingPark

Burr Oak WoodsConservation

Area

SwopePark

Mai

n St

139t

h St

Arro

whe

ad T

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Harr

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130t

h St

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Switzer Bypass

Mainliner RdW

olcott Rd

Eisenhower Rd

Farimount Rd

Leavenworth Rd15

5th

St

Parallel Pkwy

158t

h St

State Ave

Kaw Dr

Holiday Dr

Johnson Dr

Linwood Rd

83rd St

135th St

151st St

87th St

Prairie Star Pkwy

College Blvd 111th St

119th St

127th St

Santa Fe St

151st St

Woodland Rd Ridgeview

Rd

Renner Blvd Black Bob Rd

Pflumm

Rd

Quivira Rd

Pflumm

Rd

Lackman Rd

95th St

Quivira Rd

Antioch Rd

Metcalf Ave

Nall Ave

Metcalf Ave

Antioch Rd

State Line Rd

75th St

Holm

es R

dTr

oost

Ave

Pros

pect

Ave

Bannister Rd

Mission Rd

High Grove RdScherer Rd

Barry Rd

64th St

Oak

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ficw

ay

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pect

Ave

Brig

hton

Ave

Oak

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ficw

ay

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Independence Ave

Truman Rd

Hard

esty

Ave

23rd St

Kansas Ave

7th

St

Rain

bow

Blv

d

47th St

Nol

and

Rd

RAyt

own

Rd

Bluff Rd

K A N S A S C I T YC B D

L E AV E N WO RT H

L A N S I N G L I B E RT Y

I N D E P E N D E N C E

S U G A R C R E E K

R AY TOW N

B L U ES P R I N G S

G R A N DV I E WM A RT I N C I T YO L AT H E

L E N E X A

L E AWO O D

P R A I R I EV I L L A G E

S H AW N E EM I S S I O N

W E S T WO O DE A S T S I D E

N O RT H E A S TK A N S A S C I T Y

A R G E N T I N E

E DWA R D S V I L L EB O N N E R S P R I N G S

B A S E H O R

V I C TO RYH I L L S

PA R K V I L L E

R I V E R S I D E

G L A D S TO N E

P L E A S A N TVA L L E Y

N O RT HK A N S A S C I T Y

2 miles

69

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L E E ’ SS U M M I T

OV E R L A N DPA R K

THE MANSION

3EXECUTIVE SUMMARY

T H E M A N S I O N H O M E M I X S U M M A R Y

CODE DESCRIPTION # OF HOMES SQ. FT AVERAGE ASKING RENT RENT PSF

1x1A Washington 72 549 $579 $1.06

1x1B Jefferson 56 602 $634 $1.05

1x1C Adams 56 649 $638 $0.98

1x1D Madison 92 722 $687 $0.95

2x1 Truman 72 853 $737 $0.86

2x2A Lincoln 88 917 $768 $0.84

2x2B Eisenhower 72 972 $797 $0.82

3x2 Roosevelt 42 1,157 $926 $0.80

Total/Average 550 794 $715 $0.90

O F F E R I N G S U M M A R Y

Name: The Mansion

Address: 2905 South Lee’s Summit Road

Independence, MO 64055

Number of Buildings:

38 two and three-story apartment buildings

1 office/clubhouse

1 maintenance shop

1 laundry facility

1 fitness center/laundry facility

Number of Homes: 550

Rentable Square Feet*: 436,698 SF

Average Home Size*: 794 SF

Occupancy: 95.0%

Year Built: 1987

Site Area: 32.16 acres

Parking: 980 surface spaces

Parking Ratio: 1.78 spaces per home

Property Type: Residential Garden Apartment

Financing: Available on an All Cash basis or

assumable tax exempt bond financing.

* All square footages are approximate

Please contact Matthew Schoenfeldt for current debt pricing (see back of this offering for contact information).

* All square footages are approximate

Upgraded Kitchen

4 EXECUTIVE SUMMARY

Investment Highlights

E X C E P T I O N A L V E R I F I A B L E V A L U E - A D D O P P O R T U N I T Y

Current ownership has recently renovated 3 apartment homes, and are realizing rent increases between $50 and $100

per home per month. The renovations have included new black appliances, two tone paint, brush nickel hardware, new

carpet and vinyl flooring, refinished countertops and new light fixtures. By continuing this program, an investor

can realize a return-on-cost exceeding 20%. Upgrades to common areas and amenity additions may also be made

to help further drive rent growth, including updates to the mansion clubhouse and fitness center.

S T R O N G M A R K E T F U N D A M E N T A L S

The Independence submarket enjoys some of the lowest vacancy rates in the Midwest. REIS reports vacancy for the

submarket in Q4 2014 at 3.2%, and more impressively the class B/C apartment vacancy rate was just 1.2% for

the same quarter. With no new supply since at least 2009, and very little new construction planned, vacancy rates

should remain low and average asking rents are projected to increase 4.2% by 2016.

P R O X I M I T Y T O T O P E M P L O Y E R S

Kansas City is home to eight Fortune 1000 corporations, five of which are within 16 miles of The Mansion. Cerner

Corporation is one of the premier health care technology companies in the world, and will be adding a

reported 16,000 employees over the next decade at the under construction $4.45 billion Cerner Trails

Campus. ATK Small Caliber Systems has a 3,935-acre U.S. government-owned facility to manufacture and

test small caliber ammunition for the U.S. Army just 6.1 miles northeast of The Mansion.

Clubhouse

Fitness Center

5EXECUTIVE SUMMARY

Racquetball Court

Clubhouse Lobby

Tennis Court

N E A R B Y L E A D I N G M E D I C A L C E N T E R

Centerpoint Medical Center is a 221-bed community hospital located just 3.4 miles southeast of The Mansion.

Centerpoint Medical Center, part of the HCA Midwest Health System, is a top employer in Independence

(1,600 employees) and has recently announced a $20 million expansion, with the addition of the 17,000 SF

state-of-the-art Sarah Cannon Cancer Center.

O U T S T A N D I N G N E A R B Y S H O P P I N G & E N T E R T A I N M E N T

The I-70 and I-470 interchange offers superb retail amenities including regional and super-regional shopping centers, big

box retailers, specialty shops and national chains. Independence Center, just 3.0 miles southeast of The Mansion,

is a 1 million square foot super-regional mall. The adjacent Independence Commons offers the convenience of big

box retailers: Best Buy, Barnes & Noble and Kohl’s. Costco, The Home Depot, Walmart, Sam’s Club, Target and Dick’s

Sporting Goods, along with several grocery stores are all within an eight minute drive of The Mansion.

E X C E L L E N T A C C E S S I B I L I T Y

Located in close proximity to I-70 and I-470, residents can quickly access Downtown Kansas City (13 miles) and the

network of highways serving the broader Kansas City area. The Mansion is within 20 minutes of Kansas City’s

top attractions, including:

• 10 minutes to Kauffman Stadium

• 10 minutes to Arrowhead Stadium

• 9 minutes to the Harry S. Truman Historic District

• 18 minutes to the Kansas City Zoo

• 8 minutes to the Independence Events Center

• 20 minutes to Downtown Kansas City

6 EXECUTIVE SUMMARY

R O B U S T H I S T O R I C A L C A S H F L O W & O C C U P A N C Y

The Mansion maintains a high occupancy rate (95% in March 2015) and generates strong cash flows reflective of strong

market fundamentals and sound management, and robust demand for housing in the attractive suburban submarket of

Independence.

S U P E R B E D U C A T I O N O P T I O N S

Serving the property is Truman High School, which is the highest rated high school in Independence by

U.S. News and World Report. Additionally, there are four colleges and universities located within 4.2 miles of the

property, with a total of over 6,000 students currently enrolled.

Outstanding Apartment and

Community Amenities

A P A R T M E N T F E A T U R E S :

• Fully Equipped Kitchens

• Walk-In Closets

• Private Patios/Balconies

• Breakfast Bars*

• Washer/Dryer Connections*

• Fireplaces*

• Separate Dining Rooms*

• Vaulted Ceilings*

• Ceiling Fans*

*in select homes

C O M M U N I T Y A M E N I T I E S :

• Historic Mansion Clubhouse

• Formal Rose Garden

• Two Swimming Pools

• Hot Tub

• BBQ & Picnic Area

• Racquetball Courts

• Tennis Courts

• Fitness Center

• Scenic Ponds & Gazebo

C L U B H O U S E

7EXECUTIVE SUMMARY

I N V E S T M E N T C O N T A C T SSEAN P. FOGARTY

Managing [email protected]

312.528.3675

MARTY F. O’CONNELLManaging Director

[email protected]

WICK B. KIRBYAssociate [email protected]

312.980.3611

DANIEL A. KAUFMANManaging Director

[email protected]

MO License #2012028715

KEVIN M. GIRARDAnalyst

[email protected]

F I N A N C I N G C O N T A C TMATTHEW R. SCHOENFELDT

Managing [email protected]

312.528.3686

H F F C H I C A G O181 West Madison Street

Suite 3900Chicago, IL 60602

312.528.3650hfflp.com

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KANSAS CITYINTERNATIONAL

AIRPORT

CHARLES B.WHEELER

DOWNTOWNAIRPORT

JOHNSON COUNTYEXECUTIVE AIRPORT

LEE’S SUMMITMUNICIPAL

AIRPORT

Tiffany SpringsPark

Tiffany GreensGolf Club

Staley Farms

Golf Club

Hodge ParkGolf Club

The Deuceat National

WyandotteCounty

Lake Park

Blue ValleyPark

Blue OxCampground

Shawnee MissionPark

FlemingPark

Burr Oak WoodsConservation

Area

SwopePark

Mai

n St

139t

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Arro

whe

ad T

raffi

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Armour Rd

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Harr

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oria

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130t

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Shawnee Mission Pkw

Switzer Bypass

Mainliner RdW

olcott Rd

Eisenhower Rd

Farimount Rd

Leavenworth Rd

155t

h St

Parallel Pkwy

158t

h St

State Ave

Kaw Dr

Holiday Dr

Johnson Dr

Linwood Rd

83rd St

135th St

151st St

87th St

Prairie Star Pkwy

College Blvd 111th St

119th St

127th St

Santa Fe St

151st St

Woodland Rd Ridgeview

Rd

Renner Blvd Black Bob Rd

Pflumm

Rd

Quivira Rd

Pflumm

Rd

Lackman Rd

95th St

Quivira Rd

Antioch Rd

Metcalf Ave

Nall Ave

Metcalf Ave

Antioch Rd

State Line Rd

75th St

Holm

es R

dTr

oost

Ave

Pros

pect

Ave

Bannister Rd

Mission Rd

High Grove RdScherer Rd

Barry Rd

64th St

Oak

Traf

ficw

ay

Pros

pect

Ave

Brig

hton

Ave

Oak

Traf

ficw

ay

Front St

Independence Ave

Truman Rd

Hard

esty

Ave

23rd St

Kansas Ave

7th

St

Rain

bow

Blv

d

47th St

Nol

and

Rd

RAyt

own

Rd

Bluff Rd

K A N S A S C I T YC B D

L E AV E N WO RT H

L A N S I N G L I B E RT Y

I N D E P E N D E N C E

S U G A R C R E E K

R AY TOW N

B L U ES P R I N G S

L E E ’ SS U M M I T

G R A N DV I E WM A RT I N C I T YO L AT H E

L E N E X A

L E AWO O D

OV E R A L N DPA R K

P R A I R I EV I L L A G E

S H AW N E EM I S S I O N

W E S T WO O DE A S T S I D E

N O RT H E A S TK A N S A S C I T Y

A R G E N T I N E

E DWA R D S V I L L EB O N N E R S P R I N G S

B A S E H O R

V I C TO RYH I L L S

PA R K V I L L E

R I V E R S I D E

G L A D S TO N E

P L E A S A N TVA L L E Y

N O RT HK A N S A S C I T Y

2 miles

69

69

EmployersEmployers

HospitalsHospitals

Recreation & EntertainmentRecreation & Entertainment

EducationEducation

LEGEND

RetailRetail

THE MANSION

FA I R M O U N TB U S I N E S S D I S T R I C T

Innovation CampusInnovation Campus

Trails CampusTrails Campus

Small Caliber Systems

Small Caliber Systems

SubtropolisSubtropolis

Blue Ridge Bank & Trust Company

Blue Ridge Bank & Trust Company

* Private School* Private School

Independence CommonsIndependence Commons

Independence CenterIndependence Center

Kauffman StadiumKauffman Stadium

Arrowhead StadiumArrowhead Stadium Waterfall ParkWaterfall Park

AMC IndependenceCommons 20

AMC IndependenceCommons 20

Independence Events CenterIndependence Events Center

Harry S. TrumanLibrary and Museum

Harry S. TrumanLibrary and Museum

Atlanta ■ Austin ■ Boston ■ Charlotte ■ C H I C A G O ■ Denver ■ Dallas ■ Florham Park (NJ)

Houston ■ Indianapolis ■ Los Angeles ■ Miami ■ New York ■ Orange County (CA) ■ Orlando

Philadelphia ■ Pittsburgh ■ Portland (OR) ■ San Diego ■ San Francisco ■ Tampa ■ Washington, DC

©2015 HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

HFF has been engaged by the owner of the property [properties] to market it [them] for sale. Information concerning the property [properties] described herein has been obtained from sources other than HFF and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.

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