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1 Offering Memorandum The Cove 4501 Brownfield Dr, Lubbock, TX 79410

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Page 1: Offering Memorandum - LoopNet...$1.29 $1.11 $1.05 $1.03 $1.07 $0.82 $0.86 $0.96 $0.92 $0.87 $0.98 $0.99 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $0 $100 $200 $300 $400 $500

1 Offering Memorandum

The Cove4501 Brownfield Dr, Lubbock, TX 79410

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Offering Procedures

Offering Procedures• Letter of Intent• Resume and/or Business Letter Indicating Recent or Current Assets Ownedand Purchased• Transaction References• Banking References• Source of Equity for Acquisition

Property ToursProspective investors are encouraged to visit the subject property prior tosubmitting an offer. Please DO NOT contact the on-site management or staffwithout prior approval. All property showings are by appointment only. Pleasecontact us for more details.

Sales ConditionsInterested prospective investors should be aware that the owner of the propertyis selling the property in as-is, where-is condition with all faults, if any, andwithout representations or warranties of any kind of nature, expressed orimplied, written or oral.

Offer Due DateSeller will review all offers as they are submitted.

CommunicationsAll communications, inquiries and requests, including property tours, should beaddressed to the listing agent.

Lisa AndersonDirector of Operations & Marketing(806) [email protected]

Grant Roehm, Realtor(281) [email protected]

Greg Brownd, CCIM(806) [email protected]

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Table of Contents

EXECUTIVE SUMMARY 4

PROPERTY OVERVIEW 5

LOCATION OVERVIEW 10

LOCATION INFORMATION 11

RENT COMPARABLES 15

FINANCIAL OVERVIEW 27

OWNER FINANCIALS 29

FIVE YEAR CASH FLOW 30

UNDERWRITING NOTES 31

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Executive Summary

• Walking distance to St. Joseph’s Hospital, one of Lubbock’s top employers

• Easy Access to Marsha Sharp Freeway and Loop 289

• 4 minute drive to Texas Tech University

Property Name: The Cove Apartments

Address: 4501 Brownfield Dr, Lubbock, TX

Number of Units: 119

Year Built: 1975

Cable & Internet: Contract with Suddenlink expired. Reducing property expenses, adding $73,500 annually to buyer bottom line.

LOCATION HIGHLIGHTS

PROPERTY HIGHLIGHTS• Three story garden style complex

• Nice, well-maintained affordable units in great location

• Updated landscaping

• Approximately $100,000 spent on interior and exterior upgrades in last 2 years

Sales Price: $4,975,000

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PROPERTY OVERVIEWProperty DetailsExterior PicturesInterior PicturesFloor Plans

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Property DetailsTax Information Lubbock CAD Fees and DepositsAssessor’s Parcel Number R51259 Application Fee $20 Current Assessed Value (2020) $3,057,309 Non-Refundable Pet Fee $300 Tax Rate 2.17% Monthly Pet Rent $10 Year of Construction 1975 Admin FeeUnits 119 Parcel Size 1.8 acres LaundryDensity 66 Units per Acre Clothes Care Centers One on-site laundry room, units owned by owner, no

maintenance contract

Style Three 3 Story Garden apartment buildings, One 1 story office/laundry building

Foundation Concrete Slab PersonnelFraming Wood Management Company Fairmont Property ManagementExterior Stucco Leasing Agent / Property Manager On-site - 1

Roof Flat TPO, one roof replaced in 2017, one replaced in Oct 2020, one to be replaced in Nov of 2020 Maintenance On-site - 1

Utilities Updates and RenovationsElectricity Individually metered, Paid by tenant Flooring Approximately 60 units have vinyl plank or tile flooring

Water and Sewer Master Metered, Allocated to tenantTrash Allocated to tenantGas Paid by owner, used for laundry room onlyTelephone Paid by tenant

Cable Cancelled contract with Suddenlink in Summer 2020, paid by tenant now

Internet Cancelled contract with Suddenlink in Summer 2020, paid by tenant now

MechanicalHVAC Individual PTAC Units, approximately 40 have been

replaced with current ownershipElectricity Individually Metered

Hot WaterOne Hot Water Heater per 3 units, located in 1st floor

unit, approximately 1/2 have been replaced with current ownership

Fire Protection Smoke Detectors

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EXTERIOR

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INTERIOR

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FLOOR PLANS

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LOCATION OVERVIEWLocation InformationProperty MapRetail MapNeighborhood Map

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LOCATION INFORMATION

Currently, more than 295,999 people call Lubbock home.

Lubbock was built on a thriving farming industry and made great strides in the cotton industry as well. Today, Lubbock continues to produce two to three million bales of cotton per year, but is known as much more than a farming city.

Lubbock comes from the humble beginnings of tall grasses and roaming buffalo when it was first discovered by the infamous Spanish explorer, Coronado. On his search for the “City of Gold”, he first named the land where Lubbock now sits the Llano Estacado. Lubbock was officially named a city in 1902, which was the same year the first train from Plainview entered the town. Twenty-one years later in 1923, Lubbock citizens fought to win the bid to establish Texas Technological College – now Texas Tech University.

Today, Texas Tech University brings the energy of a young college town into the friendly city of Lubbock. As a member of the Big XII Conference, the school provides ample opportunities to watch great teams compete in football, basketball, volleyball and more.

Aside from being the home of Texas Tech University, Lubbock is famous for the musical acts that hail from the city like Buddy Holly or Waylon Jennings, fine dining, museums, a rich art and culture scene but also for its friendly, hospitable atmosphere. A visit to Lubbock provides all the conveniences and excitement of a city, but with charm of a close-knit town and the neighborly affection of an old friend.

Lubbock, Texas

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RENT COMPARABLES

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The Cove Apartments | 4501 Brownfield Dr, Lubbock, TX 79410

Property Overview Unit Type No. of Units Avg. SF Asking Rent per Unit Rent/SF

Units 119 Studio 66 299 $450 $1.51Occupancy 93% 1 Bed / 1 Bath 49 556 $550 $0.99Year Built 1975 1 Bed / 1 Bath 3 594 $600 $1.01Utilities Tenants Pay Electric. Water, Sewer & Trash Allocated 2 Bed / 1 Bath 1 891 $650 $0.73

Totals / Avg. 119 417 $497 $1.19

Property NotesApplication Fee $20Security Deposit $200-$300Pet Deposit $300Pet Rent / mo $10

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Comparable Rental Properties

Property Year Built Units Occupancy Avg. SF Avg. Rent Avg. Rent / SF Utilities

Bear Creek 1977 74 94% 607 $678 $1.12 Tenant Pays Electric and WaterOak Creek 1972 213 85% 647 $620 $0.96 Tenant pays electric, Water/Sewer/Trash allocatedVentura Flats 1972 44 98% 650 $695 $1.07 Tenants pay electric, flat fee for gas/water/trash of $38/unit/moSquare at South Overton 1967 101 88% 438 $695 $0.79 Tenant pays electric, water/sewer allocated, trash/gas paid by ownerUniversity Club 1967 100 95% 662 $636 $0.96 All Bills Allocated, Free InternetWendover 1971 79 89% 551 $559 $1.31 All Bills Allocated

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Studio Comparison Pro Forma Projections

Property # of Units SF Rent Rent / SF New Rent Rent / SF % Increase

Bear Creek 18 550 $650 $1.18 $521 $1.74 16%Square at South Overton 49 275 $349 $1.27University Club 52 590 $614 $1.04Wendover 49 350 $513 $1.47Average 40 428 $521 $1.22Subject Property 66 299 $450 $1.51

$650

$349

$614$513 $521

$450

$1.18

$1.27$1.04

$1.47

$1.22

$1.51

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$0

$100

$200

$300

$400

$500

$600

$700

Bear Creek Square at South Overton University Club Wendover Average Subject Property

Studio Rent Comparison

Rent Rent / SF

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One Bedroom Comparison Pro Forma Projections

Property # of Units SF Rent Rent / SF New Rent Rent / SF % Increase

Bear Creek 20 550 $650 $1.18 $595 $1.07 8%Bear Creek 20 609 $675 $1.11Oak Creek 12 400 $515 $1.29Oak Creek 21 480 $535 $1.11Oak Creek 34 525 $550 $1.05Oak Creek 8 580 $595 $1.03Ventura Flats 44 650 $695 $1.07Square at South Overton 45 550 $449 $0.82University Club 48 740 $636 $0.86Wendover 12 650 $625 $0.96Wendover 4 650 $600 $0.92Wendover 14 750 $650 $0.87Average 24 604 $595 $0.98Subject Property 52 558 $552 $0.99

$650 $675

$515 $535 $550 $595$695

$449

$636 $625 $600 $650 $595 $552

$1.18$1.11

$1.29

$1.11$1.05 $1.03

$1.07

$0.82

$0.86 $0.96 $0.92$0.87

$0.98 $0.99

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$0

$100

$200

$300

$400

$500

$600

$700

$800

Bear CreekBear Creek Oak Creek Oak Creek Oak Creek Oak Creek VenturaFlats

Square atSouth

Overton

UniversityClub

Wendover Wendover Wendover Average SubjectProperty

One Bedroom Rent Comparison

Rent Rent / SF

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Two Bedroom Comparison Pro Forma Projections

Property # of Units SF Rent Rent / SF New Rent Rent / SF % Increase

Bear Creek 16 740 $750 $1.01 $693 $0.78 7%Oak Creek 100 704 $660 $0.94Oak Creek 29 727 $615 $0.85Square at South Overton 2 800 $649 $0.81Square at South Overton 5 875 $695 $0.79Average 32 848 $693 $0.82Subject Property 1 891 $650 $0.73

$750$660 $615 $649 $695 $693 $650

$1.01

$0.94$0.85

$0.81$0.79 $0.82

$0.73

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$0

$100

$200

$300

$400

$500

$600

$700

$800

Bear Creek Oak Creek Oak Creek Square at SouthOverton

Square at SouthOverton

Average Subject Property

Two Bedroom Rent Comparison

Rent Rent / SF

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Bear Creek | 4203 18th St, Lubbock, TX

Property Overview Unit Type No. of Units Avg. SF Asking Rent per Unit Rent/SF

Units 74 Studio 18 550 $650 $1.18Occupancy 94% 1 Bed / 1 Bath 20 550 $650 $1.18Year Built 1977 1 Bed / 1 Bath 20 609 $675 $1.11Utilities Tenant Pays Electric and Water 2 Bed / 1 Bath 16 740 $750 $1.01

Totals / Avg. 74 607 $678 $1.12

Property Notes:Application Fee $35Admin Fee $100Pet Fee $400Pet Deposit $450Pet Rent / mo $15

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Oak Creek | 5817 22nd St, Lubbock, TXProperty Overview Unit Type No. of Units Avg. SF Asking Rent per Unit Rent/SF

Units 213 1 Bed / 1 Bath 12 400 $515 $1.29Occupancy 85% 1 Bed / 1 Bath 21 480 $535 $1.11Year Built 1972 1 Bed / 1 Bath 34 525 $550 $1.05Utilities Tenant pays electric, Water/Sewer/Trash allocated 1 Bed / 1 Bath 8 580 $595 $1.03

2 Bed / 1 Bath 100 704 $660 $0.942 Bed / 1 Bath 29 727 $615 $0.85

Property Notes: 3 Bed / 1 Bath 9 1000 $825 $0.83Application Fee $50 Totals / Avg. 213 647 $620.35 $0.96Admin Fee $75Security DepositPet DepositPet Fee $250Pet Rent / mo

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Ventura Flats | 2421 Quinton Ave, Lubbock, TXProperty Overview Unit Type No. of Units Avg. SF Asking Rent per Unit Rent/SF

Units 44 1 Bed / 1 Bath 44 650 $695 $1.07Occupancy 98% Totals / Avg. 44 650 $695 $1.07Year Built 1972Utilities Tenants pay electric, flat fee for gas/water/

trash of $38/unit/mo

Property Notes:Application Fee $50Admin Fee $150Security Deposit $0Pet Fee $250Pet Rent / mo $20

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Square at South Overton | 1612 Avenue Y Lubbock, TXProperty Overview Unit Type No. of Units Avg. SF Asking Rent per Unit Rent/SF

Units 101 Studio 49 275 $349 $1.27Occupancy 88% 1 Bed / 1 Bath 45 550 $449 $0.82Year Built 1967 2 Bed / 1 Bath 2 800 $649 $0.81Utilities Tenant pays electric, water/sewer

allocated, trash/gas paid by owner 2 Bed / 2 Bath 5 875 $695 $0.79Totals / Avg. 101 438 $417 $0.95

Property Notes:Application Fee $25Admin Fee $75Security Deposit $225Pet Deposit $200Pet Rent / mo $10

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University Club | 5540 19th Street Lubbock, TX

Property Overview Unit Type No. of Units Avg. SF Asking Rent per Unit Rent/SF

Units 100 Studio 52 590 $614 $1.04Occupancy 95% 1 Bed / 1 Bath 48 740 $659 $0.89Year Built 1967 Totals / Avg. 100 662 $636 $0.96Utilities All Bills Allocated, Free Internet

Property Notes:Application Fee $40Admin Fee $0Security Deposit $100Pet Deposit $250Pet Rent / mo $150Parking / mo $15

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Wendover | 2601 York Avenue Lubbock, TX

Property Overview Unit Type No. of Units Avg. SF Asking Rent per Unit Rent/SF

Units 79 Studio 49 350 $513 $1.47Occupancy 89% 1 Bed / 1 Bath 12 650 $625 $0.96Year Built 1971 1 Bed / 1 Bath 4 650 $600 $0.92Utilities All Bills Allocated 1 Bed / 1 Bath 14 750 $650 $0.87

Totals / Avg. 79 551 $559 $1.31Property Notes:Application Fee $40Admin Fee $0Security Deposit $250Pet Deposit None allowedPet Rent / mo None allowedParking / mo $25

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FINANCIAL OVERVIEWHistoric & Proforma Financials Owner FinancialsFive Year Cash FlowUnderwriting Notes

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Historic and Proforma Financials

T12 T6 T3 ProformaRental IncomeGross Potential Rents $ 709,200 $ 709,200 $ 709,200 $ 709,200 Less: Vacancy $ (178,793) $ (167,564) $ (108,706) $ (106,380) 15%

Effective Rental Income $ 530,407 $ 541,636 $ 600,494 $ 602,820 RUBS $ 27,516 $ 31,029 $ 33,099 33,099 T3Laundry $ 8,121 $ 8,445 $ 7,748 7,748 T3App Fees $ 1,740 $ 2,160 $ 2,081 2,081 T3Admin Fees $ 425 $ 850 $ - - T3Late Fees $ 6,085 $ 2,115 $ 3,930 3,930 T3Pet Fees $ 1,799 $ 3,247 $ 2,854 2,854 T3Misc. Other Income $ 8,127 $ 12,024 $ 19,882 19,882 T3

Total Other Income $ 53,813 $ 59,871 $ 69,594 $ 69,594

Gross Operating Income $ 584,219 $ 601,507 $ 670,088 $ 672,414

Operating ExpensesAdmin $ 13,031 $ 13,724 $ 12,437 $ 13,031 T12Advertising $ 2,472 $ 1,781 $ 2,762 $ 2,472 T12Cleaning $ 18,036 $ 27,323 $ 31,987 $ 18,036 T12Landscaping $ 2,555 $ 3,810 $ 4,180 $ 2,555 T12Maintenance & Repairs $ 47,488 $ 48,786 $ 66,755 $ 47,488 T12Management Fee $ 23,005 $ 23,657 $ 26,457 $ 26,897 *Payroll $ 49,580 $ 41,461 $ 62,221 $ 49,580 T12Insurance $ 28,415 $ 34,098 $ 34,098 $ 41,650 *Property Taxes $ 57,135 $ 57,135 $ 57,135 $ 80,968 *Cable & Internet $ 59,350 $ 43,190 $ 10,871 $ - *Gas $ 1,171 $ 1,188 $ 1,226 $ 1,171 T12Electric - Common $ 17,000 $ 18,218 $ 17,596 $ 17,000 T12Electric - Vacant $ 5,266 $ 4,584 $ 3,783 $ 5,266 T12Water & Sewer $ 38,556 $ 39,588 $ 39,859 $ 38,556 T12Trash Removal $ 4,498 $ 4,505 $ 4,505 $ 4,498 T12Replacement Reserves $ - $ - $ - $ 35,700 *

Total Operating Expenses $ 367,558 $ 363,049 $ 375,871 $ 384,868

Net Operating Income (NOI) $ 216,662 $ 238,458 $ 294,217 $ 287,547

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Owner FinancialsIncome T3 Annualized % of GPR Per Unit Pro Forma % of GPR Per Unit

Gross Potential Rents $709,200 100% $5,960 $709,200 100% $5,960Less: Vacancy -$108,706 -15.3% -$913 -$106,380 -15.0% -$894Net Rental Income $600,494 84.7% $5,046 $602,820 85.0% $5,066RUBS $33,099 4.7% $278 $33,099 4.7% $278Laundry $7,748 1.1% $65 $7,748 1.1% $65App Fees $2,081 0.3% $17 $2,081 0.3% $17Admin Fees $0 0.0% $0 $0 0.0% $0Late Fees $3,930 0.6% $33 $3,930 0.6% $33Pet Fees $2,854 0.4% $24 $2,854 0.4% $24Misc. Other Income $19,882 2.8% $167 $19,882 2.8% $167Total Other Income $69,594 9.8% $585 $69,594 9.8% $585

Total Operating Income $670,088 94.5% $5,631 $672,414 94.8% $5,651

Expenses T12 % of GPR Per Unit Pro Forma % of GPR Per UnitAdmin $13,031 1.8% $110 $13,031 1.8% 110Advertising $2,472 0.3% $21 $2,472 0.3% 21Cleaning $18,036 2.5% $152 $18,036 2.5% 152Landscaping $2,555 0.4% $21 $2,555 0.4% 21Maintenance & Repairs $47,488 6.7% $399 $47,488 6.7% 399Management Fee $23,005 3.2% $193 $26,897 3.8% 226Payroll $49,580 7.0% $417 $49,580 7.0% 417Insurance $28,415 4.0% $239 $41,650 5.9% 350Property Taxes $57,135 8.1% $480 $80,968 11.4% 680Cable & Internet $59,350 8.4% $499 $0 0.0% 0Gas $1,171 0.2% $10 $1,171 0.2% 10Electric - Common $17,000 2.4% $143 $17,000 2.4% 143Electric - Vacant $5,266 0.7% $44 $5,266 0.7% 44Water & Sewer $38,556 5.4% $324 $38,556 5.4% 324Trash Removal $4,498 0.6% $38 $4,498 0.6% 38Replacement Reserves $0 0.0% $0 $35,700 5.0% 300Total Expenses $367,558 51.8% $3,089 $384,868 54.3% $3,234

Net Operating Income $302,530 42.7% $2,542 $287,547 40.5% $2,416

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Five Year Cash FlowIncome T3 Annualized Pro Forma Year

1 Year 2 Year 3 Year 4 Year 5

Gross Potential Rents $ 709,200 $ 709,200 $ 730,476 $ 752,390 $ 774,962 $ 798,211 Less: Vacancy $ (108,706) $ (106,380) $ (109,571) $ (112,859) $ (116,244) $ (119,732)Net Rental Income $ 600,494 $ 602,820 $ 620,905 $ 639,532 $ 658,718 $ 678,479 RUBS $ 33,099 $ 33,099 $ 34,092 $ 35,115 $ 36,169 $ 37,254 Laundry $ 7,748 $ 7,748 $ 7,980 $ 8,220 $ 8,466 $ 8,720 App Fees $ 2,081 $ 2,081 $ 2,143 $ 2,207 $ 2,274 $ 2,342 Admin Fees $ - $ - $ - $ - $ - $ - Late Fees $ 3,930 $ 3,930 $ 4,048 $ 4,169 $ 4,294 $ 4,423 Pet Fees $ 2,854 $ 2,854 $ 2,940 $ 3,028 $ 3,119 $ 3,213 Misc. Other Income $ 19,882 $ 19,882 $ 20,478 $ 21,093 $ 21,725 $ 22,377 Total Other Income $ 69,594 $ 69,594 $ 71,682 $ 73,833 $ 76,048 $ 78,329

Total Operating Income $ 670,088 $ 672,414 $ 692,587 $ 713,364 $ 734,765 $ 756,808

Expenses T12Admin $ 13,031 $ 13,031 $ 13,292 $ 13,558 $ 13,829 $ 14,105 Advertising $ 2,472 $ 2,472 $ 2,521 $ 2,572 $ 2,623 $ 2,675 Cleaning $ 18,036 $ 18,036 $ 18,397 $ 18,765 $ 19,140 $ 19,523 Landscaping $ 2,555 $ 2,555 $ 2,606 $ 2,658 $ 2,711 $ 2,766 Maintenance & Repairs $ 47,488 $ 47,488 $ 48,438 $ 49,407 $ 50,395 $ 51,403 Management Fee $ 23,005 $ 26,897 $ 27,435 $ 27,983 $ 28,543 $ 29,114 Payroll $ 49,580 $ 49,580 $ 50,571 $ 51,583 $ 52,614 $ 53,667 Insurance $ 28,415 $ 41,650 $ 42,483 $ 43,333 $ 44,199 $ 45,083 Property Taxes $ 57,135 $ 80,968 $ 82,587 $ 84,239 $ 85,924 $ 87,643 Cable & Internet $ 59,350 $ - $ - $ - $ - $ - Gas $ 1,171 $ 1,171 $ 1,195 $ 1,219 $ 1,243 $ 1,268 Electric - Common $ 17,000 $ 17,000 $ 17,340 $ 17,686 $ 18,040 $ 18,401 Electric - Vacant $ 5,266 $ 5,266 $ 5,372 $ 5,479 $ 5,589 $ 5,701 Water & Sewer $ 38,556 $ 38,556 $ 39,327 $ 40,114 $ 40,916 $ 41,735 Trash Removal $ 4,498 $ 4,498 $ 4,588 $ 4,679 $ 4,773 $ 4,868 Replacement Reserves $ - $ 35,700 $ 36,414 $ 37,142 $ 37,885 $ 38,643 Total Expenses $ 367,558 $ 384,868 $ 392,565 $ 400,416 $ 408,425 $ 416,593

Net Operating Income $ 302,530 $ 287,547 $ 300,022 $ 312,948 $ 326,341 $ 340,215

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Underwriting Notes Current / Actual

Income All Income Items Underwritten Trailing 3Other Income - Underwriting Trailing 3

Expenses All Expenses Underwritten Trailing 12

Pro Forma / Year 1

Income Market Rent - Pro Forma Rents with growth at 3.0% annuallyVacancy/Credit/Delinquency Losses - 15.0% of Gross Potential Income Other Income - Increased by 3.0% annually

Expenses All Expenses grown by 2.0% annuallyUsed T12 expenses except for:Management Fee (4.0%) Insurance - Adjusted to $350/unit/yrCable & Internet - contract with Suddenlink expired and owner is not required to pay this expense anymoreReal Estate Taxes - Current Tax Rate of 2.17% times 75% of expected sales priceReplacement Reserves - $300 per Unit

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All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial per-formance of the property for any party’s intended use or any and all other matters.

Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of sig-nificance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transaction.

All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or perfor-mance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Lubbock in compliance with all applicable fair housing and equal opportunity laws.

Confidentiality & Disclaimer

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