One Midtown - OM (PRINT) pdf

ONE MIDTOWNWilmington, NC | 223 Units | Best-In-Class Offering

CONTACTS

Jordan McCarleyManaging Director

Marc RobinsonManaging Partner

Watson BryantSenior Director

Paul MarleyAssociate

T 704.916.7152 | C [email protected]




Multi Housing Advisors (MHA)440 S. Church Street | Suite 250 | Charlotte, NC 28202T 704.916.7150 | F 704.837.0590 | www.usmha.com

ONE MIDTOWN

OFFERING SUMMARY

PROPERTY DETAILS

LOCATION OVERVIEW

MARKET COMPARABLES

FINANCIAL ANALYSIS

DISCLOSURES

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CONFIDENTIAL & EXCLUSIVE INVESTMENT OFFERING

ONE MIDTOWN

OFFERING SUMMARY

ASKING PRICE:

TERMS:

PROPERTY VISITS:

PROPERTY TOUR DATES:

OFFER SUBMISSION:

CALL FOR OFFERS:

To be determined by the market.

Offered on an all-cash basis.

Interested parties are required to schedule property tours directly through Multi Housing Advisors. Under no circumstances should the property or seller be contacted directly.

Property tours are to be scheduled Tuesdays through Thursdays directly with Brokers, 72 hours in advance.

Please submit offers directly to Multi Housing Advisors in the form of a non-binding letter-of-intent (“LOI”).

To be determined.

AtlanticOcean

MasonboroIsland

EagleIsland

MoneyIsland

ShellIsland

FigureEightIsland

HarborIslandGreenfield

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NE Cape Fear Riv

Intra

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tal W

ater

way

Wooster St

S Co

llege

Rd

17th St

16th St

Oleander Dr

N College Rd

N Co

llege

Rd

3rd St

Market StEastwood Rd

Dawson St

Causeway Dr

Castl

e Ha

yne

Rd

Carolina Beach Rd

Caro

lina B

each

Rd

WrightsvilleAve

John Jay Burney Jr Fwy

Wrightsv ille Ave

Waynic

k Blvd

S Kerr Ave

Porters Neck Rd

N Lu

mina Av

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Milit

ary C

utof

f Rd

Maso

nbor

o Loo

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Indep

ende

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Blvd

Greenville Loop Rd

Gordon Rd

Edgewater C lub Rd

Burnett Blvd

Blue

Clay

Rd

Beac

h Rd S

Beach

Rd N

N 23rd St

N Kerr Ave

Wrightsville Ave

Pine Grove Dr

Cedar Hill Rd

Old Mill Rd

Village Rd

Nava

ssa

Rd

Lanvale Rd

Ocean Hwy

Rive

r Rd

River Rd

River Rd

Sanders Dr

Piner Rd

Mohican Trl

Myrtle

Gro

ve R

d

S 17th St

Holly Tree Rd

Inde

pend

ence

Blvd

W Salisbury St

FutchCreek Rd

Scotts Hill Loop Rd

N Kerr Ave

Sidbury Rd

Sidbury Rd

Mc Rae St

Grace St

Front St

Princess Place Dr

Greenville Ave

WilmingtonInternational

Airport

Univ. of N.C.at Wilmington

Cape FearCommunity

College

Porters NeckPlantation &Country Club

Country Clubof Landfall

InlandGreens G.C.

DyeCourse

NiclausCourse

AirieGardens

WilmingtonMunicipal

G.C.

Pine ValleyC.C.

Cape FearCountry Club

EmpiePark

MacraePark

HalyburtonPark

OgdenPark

MaidsPark

OptimistPark

Echo FarmsG.C.

Beau RivageResort & G.C.

LegionStadium

New HanoverRegionalMed Ctr

BattleshipN Carolina

IndependenceMall

MayfaireTown Ctr

Wrightsvi l leBeach

Wilmington

KingsGrant

MyrtleGrove

SkippersCorner

Hightsvi l le

Si lverLake

Murraysvi l le

Kirkland

Wrightsboro

Ogden

Bayshore

Hampstead

Navassa

Leland

Belvi l le

PortersNeck

Blue ClayFarms

MASONBOROTOWNSHIP

CAPE FEAR TOWNSHIP

WILMINGTONTOWNSHIP

HARNETTTOWNSHIP

TOPSAILTOWNSHIP

NORTHWESTTOWNSHIP

TOWN CREEKTOWNSHIP

NEW HANOVERCOUNTY

PENDERCOUNTY

BRUNSWICKCOUNTY

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0 1 2 3 4 5 Miles

From the Wilmington International Airport, head southwest on N 23rd St. After 2.1 miles, turn left onto Market St. After 0.8 of a mile, turn right on Covil Ave for 0.7 of a mile. Continue onto Independence Blvd. After 1.8 miles, turn left onto Midtown Way. Entrance to One Midtown will be 0.2 of a mile down on the left.

DIRECTIONS FROM AIRPORT

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O F F E R I N G S U M M A R Y 5

2945 Midtown Way Wilmington, NC 28403New Hanover County

One Midtown

COMMENTS

The property is currently offering $100 off the monthly rent for vacant units. Tenants pay for all of their utilities.

UTILITIES

Electric:

Water and Sewer:

Natural Gas:

Trash Removal:

Tenant

Tenant

N/A

Tenant

PROPERTY DETAILS

Year Built:

Number of Units:

Property Type:

Approximate Rentable Area:

Buildings:

Stories:

Site Size (Acres):

Density (Units Per Acre):

Occupancy (As of 04/07/2016):

Management:

2015

223

Garden

233,170

9 Buildings

3 Stories

14.18

15.73

91%

Greystar

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UNDERSERVED WILMINGTON MARKETWilmington has historically been underserved by the multifamily market with approximately one apartment unit for every 25 metro residents – driving significant rent growth.

HIGH-END RETAIL LOCATED WITHIN MINUTESTenants of One Midtown enjoy direct access to Wilmington’s premier shopping destinations including Independence Mall, the Oleander Drive Commercial Corridor and Mayfaire Town Center.

EXPLOSIVE POPULATION GROWTHPopulation in the region grew by more than 162,000 residents from 1990 to 2010, representing a cumulative growth rate of 81%, and is forecasted to grow by 13% through 2020.

SUPERIOR LOCATION BETWEEN DOWNTOWN & COASTOne Midtown enjoys a superior location nestled between the vibrant historical Downtown (2 mi.) and the recreational coastline (5.5 mi.), connected by the Cross-City Trail.

ATTRACTIVE DEMOGRAPHICS AND EMPLOYMENT Average Household Incomes (HHI) have risen approximately 11% since 2009 and now rest at $92,999 (2015) – roughly 31% above state Average HHI of $64,555.

EXCEPTIONAL CONSTRUCTION QUALITYOne Midtown features cementitious and architectural brick siding, sound control insulation, granite countertops, stainless steel appliances, wood-style flooring, and subway tiled back-splashes.

THRIVING, DIVERSIFIED LOCAL ECONOMYWilmington boasts one of the healthiest secondary markets in the nation anchored by recession resilient jobs in education, healthcare and government.

IMPRESSIVE MOMENTUM COMING OUT OF LEASE-UP With occupancy stabilizing in March 2016, One Midtown’s pre-stabilization leases are just ending and overall effective rents are primed to climb.

WILMINGTON EMERGING AS A PRIMARY MARKETWilmington is predicted to grow into a NC powerhouse in the next ten years, with rents comparable to those of Raleigh and Charlotte.

HIGH RENT GROWTH CEILINGNew Ownership will inherent a quality asset with a high rent growth ceiling. Currently, the One Midtown average in-place rent sits 7% below the “top of the market” average.

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INVESTMENT HIGHLIGHTS

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ANNUAL WILMINGTON RENT GROWTH RATES

Source: REIS

I. UNDERSERVED WILMINGTON MARKET

Wilmington has historically been underserved by the multifamily market with approximately one apartment unit for every 25 metro residents. Comparatively, markets such as Raleigh-Durham and Charlotte both offer around one unit for every 16 residents. The long-term supply shortage has kept rents high with averages on par with larger Southeastern markets.

Average market rent grew 14% from 2010 to 2015 and now rests at $822. Despite an increase in development activity, average rents are expected to eclipse $958 in 2020 – an additional 17% growth which will outpace the greater South Atlantic region.

Source: REIS

WILMINGTON HISTORICAL RENT GROWTH

FORECASTED GROWTHFrom $822 in 2015 to $958 in 2020

17%GROWTH RATE

From $722 in 2010 to $822 in 2015

14%

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Source: REIS

WILMINGTON POPULATION GROWTH TRENDS

II. EXPLOSIVE POPULATION GROWTH

Fueled by the presence of UNC Wilmington, the Port of Wilmington and a vastly improved transportation infrastructure, population in the Wilmington Metro grew by 162,000+ residents between 1990 and 2010 – a cumulative growth rate of 81%. Between 2010 and 2015 the metro added an additional 21,340 residents. Population forecasts remain extremely positive as the current metro population of 278,930 (2015) is expected to add an additional 37,160 by 2020.

2010 2015 2020

21,340RESIDENTS

ADDED

37,160RESIDENTS

FORECASTED

PORT OF WILMINGTON

UNC WILMINGTON

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Source: REIS

Source: REIS

WILMINGTON AVERAGE HOUSEHOLD INCOME GROWTH

WILMINGTON HISTORICAL EMPLOYMENT GROWTH

III. ATTRACTIVE DEMOGRAPHICS AND EMPLOYMENT

Explosive population growth, an expanding employment nucleus, a low cost-of-living, and a high quality of life have brought national attention to the Wilmington area as an ideal location for both migration and corporate investment.

Average Household Incomes (HHI) have risen approximately 12% since 2010 and now rest at $92,999 (2015) – 31% higher than the state Average HHI of $64,555 and more in line with major NC markets such as Charlotte & Raleigh. Average HHI is expected to grow 14% by 2020, reaching $106,123.

Employment has also grown steadily as the metro has added 11,190 jobs (2010-2015). Forecasted employment is expected to grow an additional 12% (2015 – 2020) as the metro adds approximately 14,450 new jobs.

Wilmington NC US

AFFLUENT RETIREES DRIVING INCOME LEVELS

Wilmington’s demographic base is highly impressive for a city of its size. Affluent empty nesters and retirees are choosing Wilmington for its unique settings, accessibility, entertainment and lifestyle. Within a one-mile radius of One Midtown, over 50% of the population is age 45 or older, with a median age of 45.2.

FORECASTED GROWTHAverage HHI expected to

reach $106,123 in 2020

14%GROWTH RATE

Average HHI have risen to $92,999 in 2015

12%

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IV. THRIVING, DIVERSIFIED LOCAL ECONOMY

Wilmington boasts one of the healthiest secondary markets in the nation anchored by recession resilient jobs in education, healthcare and government. The area is characterized by low business costs, a rapidly increasing population and a well-educated talent pool. Notable economic catalysts include:

VERTEX RAIL CORPORATION(2.25 mi. from subject): Vertex recently announced a new $60 million production facility which will create more than 1,300 new jobs. The company’s Wilmington facility is projected to have an annual economic impact of $1.1 billion on the surrounding area.

PPD(3.6 mi. from subject): Pharmaceutical Product Development (PPD) is a global contract research organization that provides discovery, development and post-approval services in the pharmaceutical industry. PPD employs roughly 1,500 locally and has their global headquarters situated in downtown Wilmington.

GENERAL ELECTRIC(8 mi. from subject): GE Aviation announced in 2013 a major expansion at its New Hanover County facility that will bring at least $63 million in new capital investments to Wilmington over the next five years. Along with GE Aviation, GE Hitachi Nuclear Energy is also headquartered in Wilmington. GE employs roughly 3,000 in the area and is expected to continue to expand.

LIVE OAK BANK(0.15 mi. from subject): Live Oak, which just finished construction of its state-of-the-art headquarters directly beside One Midtown, employs over 340 people and has assets in excess of $1 billion. The bank focuses on small business/entrepreneur lending and is primed for continued growth. According to executives, they plan to expand their campus in the next few years with the expectation of having roughly 3,600 employees. In July, Live Oak Bancshares went public, listed on the NASDAQ exchange.

VERIZON WIRELESS(0.20 mi. from subject): Verizon Wireless, which operates a 60,000-square-foot call center adjacent to One Midtown, is one of the area’s largest employers. Recently expanding in 2014, Verizon employs over 1,500 at their midtown location and is expected to continue to grow.

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V. WILMINGTON EMERGING AS A PRIMARY MARKET

Wilmington’s phenomenal growth has cemented the city as an emerging primary market. With a burgeoning economy, growing higher education nucleolus, major deep-water port, leading medical center and a highly-sought after destination, many predict that Wilmington will develop into a primary NC market in the next 10 years.

In fact, the Star News reports that more than $200 million in projects are planned for the downtown submarket alone. Wilmington is achieving Class-A rents on par if not higher than those in comparatively larger markets such as Charlotte and Raleigh.

ASKING RENT COMPARISON

CLASS-A ASKING RENT: $1,092RALEIGH, NC

CLASS-A ASKING RENT: $1,092ASHEVILLE, NC

$822

$1,077

$941

$1,092

$913

$1,031

$742

$878$969

$1,092

$970

$1,120

$791

$900

$751

$862

$822

$1,077

$941

$1,092

$913

$1,031

$742

$878$969

$1,092

$970

$1,120

$791

$900

$751

$862

$822

$1,077

$941

$1,092

$913

$1,031

$742

$878$969

$1,092

$970

$1,120

$791

$900

$751

$862

Source: REIS

CLASS-A ASKING RENT: $1,077WILMINGTON, NC

CLASS-A ASKING RENT: $1,120CHARLOTTE, NC

CLASS-A ASKING RENT: $878TRIAD REGION, NC

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RECENT TOP OF THE MARKET TRADES

$231KPER UNIT

CHARLESTON, SC

$255KPER UNIT

RALEIGH, NC

$225KPER UNIT

CHARLOTTE, NC

TOP OF THE MARKET SALES PRICE AVERAGESATTRACTIVE BASIS RELATIVE TO TOP OF MARKET TRADES

The delta between One Midtown’s anticipated sales price relative to recent “Top of the Market” transactions in Charleston, Raleigh and Charlotte reveals future upside for new ownership upon exit.

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VI. HIGH-END RETAIL LOCATED WITHIN MINUTES

Tenants of One Midtown enjoy direct access to Wilmington’s premier shopping destinations including Independence Mall, the regions only enclosed mall, features over 1 million SF anchored by Belk, JC Penney & Dillards. The Oleander Drive Commercial Corridor, one of the highest-traveled thoroughfares in the county featuring upscale shopping & trendy fast-casual dining options. As well as Mayfaire Town Center, premier mixed-use developments featuring over 65 shops and 25 restaurants in addition to a variety of residential options, a business park and two hotels.

NEARBY SHOPPING CENTERS

INDEPENDENCE MALL1. Belk 2. Dillard’s3. JCPenney4. Sears5. The Limited Outlet6. Bath & Body Works7. Rack Room Shoes

OLEANDER DRIVE COMMERCIAL CORRIDOR8. Whole Foods9. Panera Bread10. Chipotle11. Harris Teeter12. Starbucks13. Mellow Mushroom14. Chick-fil-A15. Trader Joe’s

MAYFAIRE TOWN CENTER16. Pottery Barn17. Banana Republic18. Ann Taylor19. Williams-Sonoma20. Barnes & Noble21. Belk22. J. Crew23. Pier 1 Imports24. The Fresh Market

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VII. SUPERIOR LOCATION BETWEEN DOWNTOWN & COAST

One Midtown enjoys a superior location nestled between the vibrant historical Downtown and the recreational coastline. Downtown Wilmington (2 mi.) features over 120 boutiques, 80 trendy restaurants and 50 entertainment hotspots in addition to employing over 11,000. Wrightsville Beach (5.5 mi.), along with Figure Eight Island to the north, both offer an amazing lifestyle for residents, retirees and tourists alike.

Linking One Midtown to these vibrant areas is the Cross-City Trail, a 20-mile bicycle and pedestrian network that connects parks, education, shopping and other amenities across the City. The trail, which will continue to drive growth along Independence Boulevard, runs directly in front of One Midtown.

Source: getgoingnc.com

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LOCATED NORTH OF TWO PREMIER MIXED-USE DEVELOPMENTS

One Midtown is situated in the heart of the next wave of commercial development as two premier mixed-use developments, Gallery Park and River Lights get underway just south of the property.

300-ACRE GALLERY PARK COMMUNITYGallery Park is a 300-acre master planned community located at the intersection of Independence Boulevard and S. 17th Street. Phase I of the project, The Forks at Barclay, began construction in Q4-2014 and will include 72 single-family homes and 52 townhomes on the 46-acre site.

1,400-ACRE RIVER LIGHTS COMMUNITYNewland Communities is developing the River Lights master planned community which includes 2.5 miles of Cape Fear River shoreline and wetlands. Realignment of River Road, the first phase of the project, was just completed at the end of 2015.

WILMINGTON ACCOLADES

• USA Today’s Best Al Fresco Dining in US• CultureTrip.com’s Top 10 Most Beautiful Towns in North Carolina”• MatadorNetwork.com’s “20 Coolest Beach Towns in America”

• #5 in Forbes’s List of “America’s Smartest Cities”• USA Today’s “America’s Best Riverfront”• Milken Institute ranked Wilmington as the fourth best city for

economic productivity in NC • U.S. News & World Report ranked NHMRC among the “Best

Hospitals in North Carolina” for the thrid year in a row

2014

2015

300 ACRES

3 MILLION SF RETAIL & OFFICE

40,000 SF RESTAURANTS

1,375 HOMES

1,400 ACRES

1 MILLION SF COMMERCIAL SPACE

2,700 HOMES

112 BOAT SLIPS

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VIII. EXCEPTIONAL CONSTRUCTION QUALITY

Featuring cementitious and architectural brick siding, Acoustic-Mat sound control insulation, granite countertops, stainless steel appliances, wood-style flooring, subway tiled back-splashes, a four story elevator accessible building, 100% irrigated site from well and an excellent amenity package, One Midtown is truly among the very highest quality assets in the entire Wilmington MSA. Furthermore, residents enjoy access to the 3.5 acre lake with walking trails located directly behind the property.

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ORGANIC RENT GROWTH VIA BELOW MARKET LEASE EXPIRATIONS

IX. IMPRESSIVE MOMENTUM COMING OUT OF LEASE-UP

With occupancy stabilizing in March 2016, One Midtown’s pre-stabilization leases are just ending and overall effective rents are primed to climb. The average in-place rent has already grown from $1,235 to $1,254 since January – while the property was in lease-up.

With the average in-place rent still $21 below their average market rent, the property will benefit by over $50,000 in annual NOI growth as concessions are burned off. Combining the remaining pre-stabilized leases’ turnover with projected organic rent growth, One Midtown is positioned for both near and long-term rent growth.

CASE STUDY | POST-STABILIZATION MOMENTUM

HEADWATERS AT AUTUMN HALL1202 Eastwood RoadWilmington, NC 28403

Year Built:

Number of Units:

Rent PSF (Lease-Up): Rent PSF (Current): Rent Growth:

Headwaters at Autumn Hall, a top of the market asset and sister property of One Midtown, finished construction in 2012. Since lease-up, market rents at Headwaters have grown by 10%, or from $1.27 PSF to $1.40 PSF.

One Midtown is expected to mimic this post-stabilization momentum as leases turn over throughout 2016 and 2017, presenting the next owner with an inherent opportunity to increase rents.

2012

286

$1.27

$1.40

10%

IN ORGANIC RENT GROWTHASSUMING ALL EXPIRING LEASES ARE BROUGHT UP TO MARKET RENT$50,211

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X. HIGH RENT GROWTH CEILING

New Ownership will inherent a top of the market asset with a high rent growth ceiling, representing an appealing opportunity. Currently, the One Midtown average in-place rent, at $1,254, sits 7% below the “top of the market” average of $1,337. Stabilized rents at One Midtown will fall in line with its established competitors as next generation leases bridge the gap and boost revenue.

RENT PER UNIT COMPARISON | TOP OF MARKET ASSETS

ONE MIDTOWN HAWTHORNE AT THE STATION RESERVE AT MAYFAIR HEADWATERS AT AUTUMN HALL

$1,3

37TO

P O

F M

ARK

ETA

VER

AG

E RE

NT

$1,337

• One Midtown

• Hawthorne at the Station

• Reserve at Mayfair

• Headwaters at Autumn Hall

$1,254

$1,291

$1,342

$1,379

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PROPERT Y DETAIL S

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UNIT FEATURES

• Nine Foot Ceilings• Washer & Dryer Connections• Fully Equipped Kitchen• Built-In Microwave• Stainless Steel Appliances• Hardwood Flooring• Kitchen Islands• Ceiling Fan(s)• Walk-In Closet(s)*• Garden Bathtub*• Designer Paint Accent Walls• Detached Garages Available• Private Patio / Balcony*

*In Select Units

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P R O P E R T YD E TA I L S 26

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COMMUNITY AMENITIESS

• Two Story Clubhouse• Resort-Style Swimming Pool• Business Center & Cyber Cafe• Self-Serve Barista Bar• 24-Hour Fitness Center• Bark Park & Dog Washing Station• Interior Bicycle Storage• Outdoor Entertaining Space w/ Fireplace & Grill• Convenient to Downtown Wilmington

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UNIT MIX CHART

PERCENTAGE OF UNIT TYPES

UNIT TYPE # OF UNITS SIZE SQ. FT. TOTAL SQ. FT. MARKET RENT RENT/SQ. FT. MONTHLY RENT

1 BR / 1 BA1 BR / 1 BA1 BR / 1 BA2 BR / 2 BA2 BR / 2 BA2 BR / 2 BA3 BR / 2 BA

36632

40184024

25,27254,5581,980

49,64019,44049,16033,120

$969$1,090$1,340$1,403$1,353$1,502$1,575

$1.38$1.26$1.35$1.13$1.25$1.22$1.14

$34,891$68,685$2,680

$56,110$24,360$60,080$37,800

702866990

1,2411,0801,2291,380

TOTALS / AVERAGES 223 233,170 $1,276 $1.24 $284,6061,046

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M I D T O W NP R O P E R T YD E TA I L S 32

(A1)1BED 1BATH | 702 SQ. FT.

(B2)2BED 2BATH | 1,080 SQ. FT.

(A1)1BED 1BATH | 866 SQ. FT.



(C1)3BED 2BATH | 1,380 SQ. FT.

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3025

3024

2931

3009

2911 2910

2956

2945

2980

A

B

C

D

E

F

G

G

H

G

G

INDEPENDENCE BLVD.

TIBUR

ON

DR.

A CLUBHOUSE

B FITNESS CENTER

C POOL

D CABANA

E MAIL/BIKE STORAGE

F BARK PARK

G GARAGES

H COMPACTOR

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EXTERIORS

YEAR BUILT

FRAME

FOUNDATION

FLOORS

EXTERIOR WALLS

ROOFS

WINDOWS

• 2015

• Wood Frame Construction

• Concrete Post Tension Slabs

• 1st Floor - Concrete Slab• Upper Floors - Gypcrete over Wood

• Brick & Cementitious Siding

• Pitched Roofs & Asphalt Shingles

• Insulated Vinyl Windows

MECHANICAL

UTILITIES

HOT WATER

HVAC

PLUMBING

ELECTRICAL

FIRE PROTECTION

• Electricity - Tenant Pays - Duke Energy• Water/Sewer - Tenant Pays (Full Capture Submeter) - CFPUA• Cable/Internet - Tenant Pays - AT&T (Revenue Sharing)• Trash - Tenant Reimburses - Valet Waste• Pest - Tenant Reimburses

• 40 Gallon Electric Water Heaters

• Split System (Heat Pumps)

• PEX • Booster pumps at each building to maintain water pressure

• Copper Wiring

• Smoke Detectors (Battery and Hardwired)• Fire Extinguishers, Central Alarm, Fully Sprinkled

INTERIORS

KITCHEN

BATHROOM

LIVING AREAS

WALLS & CEILINGS

WASHER/DRYER

• Appliances - Side-by-Side Stainless Steel Refrigerator w/ Water & Ice in Door, Dishwasher, Disposal,, Range & Microwave• Flooring - Wood-Like Plank Flooring• Cabinetry - Wood• Countertops - Granite w/ Undermount Sink & Tile Backsplash

• Components - One (1) Piece Fiberglass Tubs and / or Showers, Granite Countertops• Flooring - Wood-Like Plank Flooring• Cabinetry - Wood• Countertops - Granite

• Flooring - Wood Plank Vinyl (All Floors)

• Painted Drywall

• Included in All Units

GROUNDS

PARKING LOTS

PARKING SPACES

HANDICAP PKG

PARKING/UNIT

SIDEWALKS

LANDSCAPING

ACCESS

ZONING

• Asphalt Paved - Vehicluar Drives & Parking Lots

• 417 Parking Spaces (Including 24 Garage/11 Handicap)

• 11 Parking Spaces

• 1.87 Parking Spaces / Unit

• Concrete Curbs & Walkways

• Trees / Shrubs / Grass - Variety • 100% Irrigated from Well

• Two (2) Entrances (Via Independence Blvd & Tiburon Dr)

• MF-M - Property is Part of a POA with Major Shared Items being Storm Water, Pond Management & Irrigation Well

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AERIAL TAX PLAT

APN: MultipleZONING: MF-M (New Hanover)SITE ACREAGE: 14.18

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LOCATION OVERVIEW

Located in New Hanover County, Wilmington is situated along North Carolina’s Atlantic coastline. It is the largest city in southeastern North Carolina and the eighth largest in the state. Wilmington’s historic downtown river district is the epitome of the “New South,” rich with history, beauty and historic landmarks. Due to Wilmington’s strategic location along the Atlantic Coast, the city has become North Carolina’s largest port city and is the backbone for the state’s international trade.

The Wilmington MSA, which has a population of 272,671 (2015) includes New Hanover and Pender Counties, both of which rank among the top in the state for population growth and industry expansion. The Wilmington area also encompasses several beach towns including Carolina Beach, Kure Beach and Wrightsville Beach.

MARKET OVERVIEW

Fueled by strong population growth, the Wilmington multifamily market is quietly one of the healthiest secondary markets in the Southeast. Consequently, new development has picked up resulting in 954 multifamily permits filed in 2014 and 570 filed in 2015. However, the market has done remarkably well in absorbing new units. Rental demand, driven by a rapidly expanding population and access to well-educated workers, remains strong with 977 units absorbed over the the past year. Looking forward, multifamily demand is forecasted to outpace supply by nearly 29% in 2016 as projected job growth of 3.4% will result in 1,328 units absorbed versus 1,031 units delivered. Increased demand will also continue to drive up rental rates, while the average vacancy rate is expected to pivot around the 7% range.

DEMOGRAPHICS

The Wilmington MSA, with a population of 272,671 (2015), ranked as the 171th largest metro in the United States. According to a recent report released by the U.S. Census Bureau, New Hanover and Pender Counties experienced some of the fastest-growth rates out of all North Carolina counties, growing at 8.73% and 10.33%, respectively, since 2010.

Neighboring Brunswick County, which the U.S. Office of Management and Budget (OMB) officially removed from the Wilmington MSA effective in 2015, experienced a 14.7% growth over the same time span – the second fastest in the nation. Had Brunswick County remained, the Wilmington MSA would have been the fastest growing metro in the state and one of the fasting growing in the nation. Nonetheless, the area’s growth is impressive.

38

BPS YOYVacancy grew marginally,

increasing 40 bpsto 7.5% (Q4 2015)

+40% YOY

Average Asking Rentincreased by 4.1%

in 2015 to $822

+4.1GROWTH RATE

Average Asking Rentis forecasted to grow

over the next two years

3-4%

MULTIFAMILY TRENDS

GROWTH RATEWilmington MSA’s

Population projected to increase from 2015-2020

8.0%% YOY 2014

New Hanover County’sAvg Household Income

increased to $69,355

+4.0POPULATION

College educated (bachelor’s or higher)

on national level

35%

MARKET TRENDS

WILMINGTON, NC

WILMINGTON, NORTH CAROLINA

O N E M I D T O W N

LO C AT I O NOV E R V I E W 38

LOCAL ECONOMY

The mainstays of the region’s economy reside in the recession resilient economic anchors of education, healthcare, and government in addition to agriculture and defense sectors. However, transportation & logistics coupled with film and tourism are emerging as economic drivers. In the greater region, several industrial sectors are contributing to growth, including aerospace, life sciences, and advanced manufacturing. Furthermore, financial services and the life science sector (R&D as well as manufacturing) are significant employers.

TourismIn 2014, New Hanover County produced the second most tourism-related income of all NC coastal counties, representing a 6.33% increase from 2013. The industry generated $113.27 million in payroll while more than 5,680 jobs were directly attributable to travel and tourism.

Neighboring Brunswick County generated the third most tourism-related income of all NC coastal counties in 2014. Domestic tourism enjoyed a 5.47% increase from 2013. More than 5,190 jobs were directly attributable to travel and tourism, generating a $91.36 million payroll.

Film IndustryWilmington’s picturesque landscapes and vibrant historic downtown provide the perfect setting for movies and television series. EUE/Screen Gem Studios in Wilmington is the largest film studio facility in the nation outside of Los Angeles. Since its inception in 1983, over 300 feature film, television series and mini-series have been produced. It is estimated that over 650 film crew professionals reside in the Wilmington area. In the past several years, this film studio has generated the third highest amount of revenue, trailing only Los Angeles and New York City. In 2015 alone, 25 television/movie productions were filmed in Wilmington, including: Under the Dome, Sleepy Hollow, Secrets and Lies, Revolution

Transportation And LogisticsWith Wilmington’s history of sea-based transportation, its state-of-the-art deep-water port, airport and numerous military installations, the area provides the ideal environment for aviation production. In fact, Wilmington is the main production hub for GE Aviation, a leader in highly technical aviation systems. Furthermore, sea-based transportation and trade continue to have a significant economic impact as the Port of Wilmington serves as the Army’s primary east coast deep-water port. In 2014, a study conducted by the Institute for Transportation Research and Education (ITRE) at North Carolina State University found that the Port of Wilmington contributed about $12.9 billion to the approximate $14 billion total economic impact of NC ports.

EMPLOYMENT

The total labor force for the Wilmington area is 136,871, while the unemployment rate currently sits at 5.0% (Dec-15), representing a 120 basis point gain since the beginning of 2014. The area’s appealing business climate has attracted global corporations like GE, Corning, Verizon Wireless, and homegrown PPD. Wilmington has a growing and experienced labor pool with a highly productive workforce and diversified industrial base. Employment by sector is becoming more diversified as new industries and businesses are calling Wilmington home.

39

NEW HANOVER COUNTY

BRUNSWICK COUNTY

$508M

$496M

ECONOMIC IMPACT

Government

Trade, Transportation,& Utilities

Leisure & Hospitality

Professional & BusinessServices

Education & HealthServices

22.5%

22.3%

17.0%

15.2%

14.1%

TOP INDUSTRIES BY EMPLOYMENT

O N E M I D T O W N


The largest industrial companies in the area consist of Corning Glass Works (the Wilmington location is the largest manufacturer of optical fibers in the world); General Electric (aircraft engine parts, nuclear fuel components); Duke Energy; International Paper; KoSa (chemicals); PPD (pharmaceutical research); Louisiana Pacific (wood products); Terex American Crane; VisionAir (software); Verizon Wireless; Oracle Packaging; Del Laboratories; L.L. Building Products; AAIPharma (pharmaceutical products); and Interroll (conveyor components).

40

2015 JOB ANNOUNCEMENTS

• nCino, (Finance) a Wilmington banking software firm, announced plans to add 100 new jobs after closing on a $29 million round of financing. (February 2015)


• Vertex Rail (Logistics) announced a $60 million investment that will create 1,300 new jobs and yield $1.1 billion in annual economic impact. (November 2014)

• Live Oak Bank (Finance) announced that it is adding 120 employees to its Wilmington headquarters. (June 2014)


• USA InvestCo (Real Estate Investment) annouced plans to create 100 jobs and invest more than $15 million in a new cold storage facility at the Port of Wilmington. (December 2013)

• R.C. Creations, LLC, (Seafood Processing) a subsidiary of Acme Smoked Fish Corporation, announced plans for a new $30 million, 100,000 square foot facility at Pender Commerce Park that will create 120 new jobs. (October 2013)

• GE Aviation (Aircraft System Production) announced a major $63 million expansion at its New Hanover County facility on Castle Hayne Road as a part of a $195 million commitment the company has made at four sites across the state. The investment is expected to generate 35 new jobs. (June 2013)

• Castle Branch (Background Screening) announced plans to expand operations at its corporate headquarters in Wilmington, NC. The company plans to create 420 jobs with a $10.2 million investment. (March 2013)

• Inclinix, Inc. (Contract Research) announced it would expand operations its Wilmington, NC operations with an investment of $10 million. (January 2013)

COMPANY

New Hanover Regional Medical Center/Cape Fear Hospital

New Hanover County Schools

GE Hitachi & GE Aviation

Wal-Mart

University of NC Wilmington

Brunswick County Schools

New Hanover County

Verizon Wireless Call Center

PPD, Inc.

Duke Energy

Pender County Schools

City of Wilmington

Corning, Inc.

Source: Wilmington Chamber of Commerce

6,462

3,700

3,000

2,592

1,891

1,828

1,609

1,514

1,500

1,350

1,200

1,007

1,000

Healthcare

Education

Manufacturing

Retail

Education

Education

Government

Communications

Pharmaceuticals

Utilities

Education

Government

Technology

# OF EMPLOYEESTYPE OF BUSINESSWILMINGTON MSA - LARGEST EMPLOYERS

2nd BEST CITY IN THE U.S. TO START A BUSINESS

2015

Source: NerdWallet

O N E M I D T O W N


EDUCATION

Wilmington, with over 35,000 college students, benefits tremendously from its high concentration of universities and colleges that include UNC-Wilmington, Cape Fear Community College, Brunswick Community College, Miller-Motte Technical College, Shaw University, and University of Mount Olive, these universities fuel a growing local employment base with a strong supply of well-educated workers.

University of North Carolina at Wilmington (UNCW)Few higher education institutions have enjoyed the phenomenal growth and success that the University of North Carolina Wilmington has seen since its establishment in 1947. The University enrolls nearly 15,000 across its 52 bachelor’s, 36 masters and 2 doctoral degree programs, while contributing $500 million annually in economic impact to the region. It is also one of the largest employers in Wilmington, with close to 1,900 faculty members and support staff.

Cape Fear Community CollegeCape Fear Community College (CFCC) is the 6th largest community college in the state, with over 28,000 students taking classes each year, with over 9,500 enrolled in credit programs. Cape Fear has a full-time staff of 553 employees, along with over 600 part time employees. Its multiple campuses throughout the region allows for easy access to its thousands of students.

HEALTHCARE

New Hanover Regional Medical CenterThe highly rated New Hanover Regional Medical Center (NHRMC) serves the county and city of Wilmington. One of the largest employers in the area, the hospital features 769 beds, 37 operating rooms, 565 physicians and is a Level II Trauma Center. NHRMC also boasts numerous awards, both statewide and nationwide, for excellence in care and patient satisfaction.

In 2014, NHRMC’s EMS team was the first in the nation to earn the American Heart Association’s Mission: Lifeline EMS Recognition Award, for specialized treatment of severe heart attacks. In addition, it was the first hospital in North Carolina to earn Triple Gold Awards from NC Prevention Partners. NHRMC is also accredited by the Commission on Accreditation of Rehabilitation Facilities (CARF).

Cape Fear HospitalCape Fear Hospital is home to the New Hanover Regional Medical Center Orthopedic Center and has been ranked among the nation’s top ten percent of orthopedic programs three years in a row. The Center has 26 board-certified or board-eligible surgeons, many of whom are fellowship trained, and perform more than 1,800 joint replacement procedures each year.

Pender Memorial HospitalPart of the New Hanover Regional Medical Center, Pender Memorial serves residents of Pender County. The 86 bed, not for profit operation serves nearly 27,000 patients per year.

41

UNCW

CFCC

NHRMC CAPE FEAR PENDER MEMORIAL

O N E M I D T O W N


ARTS, CULTURE, & RECREATION

New Hanover County is well-known for its superior quality of life. The region offers a wide variety of choices for residents, retirees and vacationers. Residents and visitors enjoy access to three beautiful beach towns, historic downtown Wilmington, and a number of recreational opportunities that include golf on more than 150 courses, kayaking and other water-based activities, exploration of nature and wildlife, and more.

Arts & CultureThe proof of the vibrant arts community can be seen throughout the area: on the walls of local eateries and coffee houses, in the large selection of commercial art galleries, at arts and crafts fairs, and in the numerous community theatre companies with year-round performances. Stroll through downtown Wilmington on a weeknight or weekend and you will see and hear theatre coming from traditional venues, such as historic Thalian Hall, and some less likely places: underground bars, the public radio station and outdoor courtyards.

SHOPPING & RETAIL

Wilmington is a bustling beach community with full-time residents, a large student population, and hosts many vacationers each year. Wilmington has two main shopping centers, Mayfaire Town Center and Independence Mall. For a more eclectic and unique shopping experience, Wilmington shoppers and tourists can visit the numerous boutiques, restaurants and more. Notable “unique” shopping destinations include those at the Cotton Exchange, in historic Downtown, and at Lumina Station near Wrightsville Beach.

Mayfaire Town CenterMayfaire Town Center is the Cape Fear region’s premier shopping and dining destination. The 400-acre, mixed-use development offers over 65 shops and over 20 restaurants. The shopping center consists of two distinct, but complementary retail centers; the upscale Town Center and the necessity based Community Center; a variety of residential options; a business park; and two hotels.

Independence MallIndependence Mall is the only enclosed regional mall within a 60 mile radius located in the heart of Wilmington. Originally built in 1979 and renovated in 2001, Independence Mall features over 1 million square feet of GLA anchored by Belk, Sears, JC Penney and Dillard’s and over 100 Specialty Retail Shops.

42

THALIAN HALL

SMALL ARTTOWNS INAMERICA

100BEST

MAYFAIRE TOWN CENTER

O N E M I D T O W N


TRANSPORTATION

Wilmington International Airport (ILM)Located on 1,500 acres at the midway point of the East Coast, this airport serves more than 750,000 passengers and 3,200 incoming international flights each year. Three fixed base operations (FBO’s) currently house over 100 private aircraft at the airport, and a 24-hour US Customs ramp is available for international flights stopping at the airport. ILM is served by three major airlines that offer 42 scheduled daily flights including non-stop flights to seven major US cities. The National Weather Service maintains a facility at the airport, which serves aviation needs by disseminating weather information to the entire region.

HighwaysThe network of highway systems in the area makes Wilmington attractive and easily accessible, both for travelers and industry. U.S. Highway 17, long a major artery from New York to Florida, is currently being made a four-lane highway spanning from the South Carolina state line northward to the Virginia State line. The New Hanover County leg of the bypass around Wilmington is complete. The I-40 expressway provides a direct connection from Wilmington to Raleigh, Durham, Chapel Hill, Burlington, and Greensboro, as well as other cities across the state. In fact, the east-west highway that begins in Wilmington stretches all the way across the country to Barstow, California. U.S. Highway 74 gives access to Charlotte and U.S. Highway 421 from Boone.

43

PortsNorth Carolina ports have a considerable impact on the local and statewide economy – supporting 85,000 jobs and contributing $299 million in local and state tax revenues. The NC State Port of Wilmington, NC, owned and operated by the NC State Ports Authority, offers terminal facilities serving container, bulk and break-bulk operations. Readily available modern transit and warehouse facilities, state-of-the-art post-Panamax container cranes and support equipment, and the latest in cargo management technology provide a broad platform for supporting international trade to the fast-growing Southeast U.S. market.

The Port of Wilmington has ample capacity to support today’s cargo volumes and continues to invest in expanding the facility to meet projected growth in international trade. In fact, the port is preparing for growth with an expansion project that will add bulk transfer facilities for wood pellet exports.

Recent and ongoing improvement to regional and national highway networks make surface transportation supporting the Port of Wilmington superior to neighboring ports. CSX Transportation provides daily service for boxcar, tanker and general cargo services. Furthermore, Wilmington is home to the Military Ocean Terminal at Sunny Point, which is the largest ammunition port in the western hemisphere.

PORT OF WILMINGTON

ILM

O N E M I D T O W N


RailwaysThe Wilmington area is served by CSX Transportation, a major freight line. From Wilmington, several spurs serve Wilmington area customers in Castle Hayne, Coastal, Hanover and Malmo. Freight destined to and from these customers is shipped west to yards at Pembroke and Hamlet, N.C., for distribution to shippers and receivers all across the United States. Through the Port, CSX provides daily service for boxcar, tanker and general cargo services.

FerriesFerries are located at Fort Fisher, Southport, Bald Head Island, Pamlico River and the Outer Banks.

Bus ServiceThe region is served by the Cape Fear Public Transportation Authority (Wave Transit). Wave Transit buses traverse the city of Wilmington and portions of New Hanover County every day from transfer points located in Downtown Wilmington (Downtown Station), on Columb Drive behind Target (Central Station), Independence Mall (Independence Station), and UNC-Wilmington (UNCW Station).

Students, seniors, and disabled passengers are eligible to ride for half fare, while UNC-Wilmington students ride all routes for free. In addition to fixed route transit, Wave Transit operates the Seahawk Shuttles, serving the University of North Carolina at Wilmington, the Front Street Trolley (a free service that circles through downtown), and a taxicab voucher program.

BicyclingBicycling is becoming a popular form of transportation as well. Bike paths connected to major roadways have been constructed on several area roads, and many more are in the planning stages. Four-foot-wide bike lanes run along each side of River Road from U.S. 421 just north of Snow’s Cut Bridge to Greenfield Lake on the south side of downtown Wilmington. The 10-mile ride offers beautiful views of the Cape Fear River.

The River-to-Sea Bike Route stretches from Riverfront Park on Market Street in Wilmington to Johnny Mercer’s Pier in Wrightsville Beach, a ride of just over 10 miles. The bikeway follows the route of the historic trolley line, which ran from downtown Wilmington to Wrightsville Beach in the early 1900s. Most of the bikeway follows quiet, tree-lined residential streets.

44

WAVE TRANSIT

JOHNNY MERCER’S PIER

O N E M I D T O W N


AtlanticOcean

MasonboroIsland

EagleIsland

MoneyIsland

ShellIsland

FigureEightIsland

HarborIslandGreenfield

Lk

NE Cape Fear Riv

Intra

coas

tal W

ater

way

Wooster St

S Co

llege

Rd

17th St

16th St

Oleander Dr

N College Rd

N Co

llege

Rd

3rd St

Market StEastwood Rd

Dawson St

Causeway Dr

Castl

e Ha

yne

Rd

Carolina Beach Rd

Caro

lina B

each

Rd

WrightsvilleAve

John Jay Burney Jr Fwy

Wrightsv ille Ave

Waynic

k Blvd

S Kerr Ave

Porters Neck Rd

N Lu

mina Av

e

Milit

ary C

utof

f Rd

Maso

nbor

o Loo

p Rd

Indep

ende

nce

Blvd

Greenville Loop Rd

Gordon Rd

Edgewater C lub Rd

Burnett Blvd

Blue

Clay

Rd

Beac

h Rd S

Beach

Rd N

N 23rd St

N Kerr Ave

Wrightsville Ave

Pine Grove Dr

Cedar Hill Rd

Old Mill Rd

Village Rd

Nava

ssa

Rd

Lanvale Rd

Ocean Hwy

Rive

r Rd

River Rd

River Rd

Sanders Dr

Piner Rd

Mohican Trl

Myrtle

Gro

ve R

d

S 17th St

Holly Tree Rd

Inde

pend

ence

Blvd

W Salisbury St

FutchCreek Rd

Scotts Hill Loop Rd

N Kerr Ave

Sidbury Rd

Sidbury Rd

Mc Rae St

Grace St

Front St

Princess Place Dr

Greenville Ave

WilmingtonInternational

Airport

Univ. of N.C.at Wilmington

Cape FearCommunity

College

Porters NeckPlantation &Country Club

Country Clubof Landfall

InlandGreens G.C.

DyeCourse

NiclausCourse

AirieGardens

WilmingtonMunicipal

G.C.

Pine ValleyC.C.

Cape FearCountry Club

EmpiePark

MacraePark

HalyburtonPark

OgdenPark

MaidsPark

OptimistPark

Echo FarmsG.C.

Beau RivageResort & G.C.

LegionStadium

New HanoverRegionalMed Ctr

BattleshipN Carolina

IndependenceMall

MayfaireTown Ctr

Wrightsvi l leBeach

Wilmington

KingsGrant

MyrtleGrove

SkippersCorner

Hightsvi l le

Si lverLake

Murraysvi l le

Kirkland

Wrightsboro

Ogden

Bayshore

Hampstead

Navassa

Leland

Belvi l le

PortersNeck

Blue ClayFarms

MASONBOROTOWNSHIP

CAPE FEAR TOWNSHIP

WILMINGTONTOWNSHIP

HARNETTTOWNSHIP

TOPSAILTOWNSHIP

NORTHWESTTOWNSHIP

TOWN CREEKTOWNSHIP

NEW HANOVERCOUNTY

PENDERCOUNTY

BRUNSWICKCOUNTY

421

421

117

76

76

76

17BUS

17BUS

17

133

133

140

133

421

117

40

132

132

74

74

74

117

14017

17

0 1 2 3 4 5 Miles

45

★

O N E M I D T O W N


MARKET COMPARABLES

3

14

COMPARABLE RENTAL PROPERTIES MAP

8

1

10 9

2

3

4

5

6

7

★

PROPERTY # OFUNITS

YEARBUILT OCCUPANCY APPROX.

SQ. FT.EFF.RENT

EFF. RENTPER SQ. FT.

One Midtown 223 2015 91% 1,045 $1,257 $1.20

1 South Front 216 1954 98% 671 $1,000 $1.492 Barclay Place 164 1997 95% 1,261 $1,295 $1.033 Reserve at Mayfair 264 2005 96% 1,124 $1,342 $1.194 City Block 112 2015 92% 810 $1,164 $1.445 Amberleigh Shores 282 2014 91% 1,012 $1,095 $1.086 Hawthorne at Murrayville 204 2008 93% 982 $951 $0.977 Hawthorne at the Station 192 2014 93% 1,047 $1,291 $1.238 Headwaters at Autumn Hall 286 2013 97% 1,079 $1,379 $1.409 Belle Meade 147 2016 58% 997 $962 $0.96

10 Meridian at Fairfield Park 241 2016 N/A 939 $993 $1.06

AVERAGES 211 2005 90% 988 $1,211 $1.19

O N E M I D T O W N

M A R K E TCO M PA R A B L E S 47

3

PROPERTY UNITTYPE

APPROXSQ. FT.

EFF.RENT

RENT PERSQ. FT.

South Front 1 BR / 1 BA 525 $879 $1.67

City Block 1 BR / 1 BA 637 $1,055 $1.66

Headwaters at Autumn Hall 1 BR / 1 BA 742 $1,200 $1.62

South Front 1 BR / 1 BA 550 $879 $1.60

City Block 1 BR / 1 BA 656 $1,035 $1.58


City Block 1 BR / 1 BA 729 $1,099 $1.51

City Block 1 BR / 1 BA 697 $1,035 $1.48

City Block 1 BR / 1 BA 674 $999 $1.48

South Front 1 BR / 1.5 BA (TH) 700 $1,024 $1.46




One Midtown 1 BR / 1 BA 702 $1,001 $1.43


Amberleigh Shores 1 BR / 1 BA 675 $911 $1.35

Hawthorne at the Station 1 BR / 1 BA 811 $1,075 $1.33

Reserve at Mayfair 1 BR / 1 BA 860 $1,120 $1.30

One Midtown 1 BR / 1 BA 990 $1,290 $1.30

Hawthorne at the Station 1 BR / 1 BA 872 $1,095 $1.26

Reserve at Mayfair 1 BR / 1 BA 896 $1,120 $1.25


One Midtown 1 BR / 1 BA 866 $1,064 $1.23

Hawthorne at Murrayville 1 BR / 1 BA 720 $855 $1.19

Meridian at Fairfield Park 1 BR / 1 BA 631 $752 $1.19




PROPERTY UNITTYPE

APPROXSQ. FT.

EFF.RENT

RENT PERSQ. FT.

One Midtown 1 BR / 1 BA 990 $1,290 $1.30Headwaters at Autumn Hall 1 BR / 1 BA 853 $1,230 $1.44Headwaters at Autumn Hall 1 BR / 1 BA 742 $1,200 $1.62Reserve at Mayfair 1 BR / 1 BA 860 $1,120 $1.30Reserve at Mayfair 1 BR / 1 BA 896 $1,120 $1.25City Block 1 BR / 1 BA 729 $1,099 $1.51Hawthorne at the Station 1 BR / 1 BA 872 $1,095 $1.26Barclay Place 1 BR / 1 BA 974 $1,090 $1.12Headwaters at Autumn Hall 1 BR / 1 BA 704 $1,085 $1.54Hawthorne at the Station 1 BR / 1 BA 811 $1,075 $1.33One Midtown 1 BR / 1 BA 866 $1,064 $1.23City Block 1 BR / 1 BA 637 $1,055 $1.66City Block 1 BR / 1 BA 656 $1,035 $1.58City Block 1 BR / 1 BA 697 $1,035 $1.48South Front 1 BR / 1.5 BA (TH) 700 $1,024 $1.46South Front 1 BR / 1.5 BA (TH) 725 $1,024 $1.41South Front 1 BR / 1.5 BA (TH) 700 $1,024 $1.46South Front 1 BR / 1.5 BA (TH) 700 $1,024 $1.46One Midtown 1 BR / 1 BA 702 $1,001 $1.43City Block 1 BR / 1 BA 674 $999 $1.48Amberleigh Shores 1 BR / 1 BA 794 $995 $1.25Amberleigh Shores 1 BR / 1 BA 855 $967 $1.13Amberleigh Shores 1 BR / 1 BA 859 $944 $1.10Amberleigh Shores 1 BR / 1 BA 675 $911 $1.35Meridian at Fairfield Park 1 BR / 1 BA 841 $910 $1.08South Front 1 BR / 1 BA 550 $879 $1.60South Front 1 BR / 1 BA 525 $879 $1.67Hawthorne at Murrayville 1 BR / 1 BA 720 $855 $1.19

*(TH) Townhome

RANKED BY RENT PER SQUARE FOOT

ONE BEDROOM

RANKED BY RENT PER UNIT

O N E M I D T O W N


3

PROPERTY UNITTYPE

APPROXSQ. FT.

EFF.RENT

RENT PERSQ. FT.

Barclay Place 1 BR / 1 BA 974 $1,090 $1.12





Belle Meade 1 BR / 1 BA 864 $853 $0.99

AVERAGES 754 $994 $1.33

PROPERTY UNITTYPE

APPROXSQ. FT.

EFF.RENT

RENT PERSQ. FT.

Amberleigh Shores 1 BR / 1 BA 749 $854 $1.14Belle Meade 1 BR / 1 BA 864 $853 $0.99Meridian at Fairfield Park 1 BR / 1 BA 757 $804 $1.06Meridian at Fairfield Park 1 BR / 1 BA 683 $768 $1.12Meridian at Fairfield Park 1 BR / 1 BA 631 $752 $1.19Meridian at Fairfield Park 1 BR / 1 BA 661 $750 $1.13

AVERAGES 754 $994 $1.33

*(TH) Townhome


ONE BEDROOM


PROPERTY UNITTYPE

APPROXSQ. FT.

EFF.RENT

RENT PERSQ. FT.

Barclay Place 1 BR / 1 BA 974 $1,090 $1.12





Belle Meade 1 BR / 1 BA 864 $853 $0.99

AVERAGES 754 $994 $1.33

PROPERTY UNITTYPE

APPROXSQ. FT.

EFF.RENT

RENT PERSQ. FT.

Amberleigh Shores 1 BR / 1 BA 749 $854 $1.14Belle Meade 1 BR / 1 BA 864 $853 $0.99Meridian at Fairfield Park 1 BR / 1 BA 757 $804 $1.06Meridian at Fairfield Park 1 BR / 1 BA 683 $768 $1.12Meridian at Fairfield Park 1 BR / 1 BA 631 $752 $1.19Meridian at Fairfield Park 1 BR / 1 BA 661 $750 $1.13

AVERAGES 754 $994 $1.33

*(TH) Townhome


ONE BEDROOM


O N E M I D T O W N


3

PROPERTY UNITTYPE

APPROXSQ. FT.

EFF.RENT

RENT PERSQ. FT.

South Front 2 BR / 1 BA 700 $1,224 $1.75

Headwaters at Autumn Hall 2 BR / 2 BA (G) 1,289 $2,055 $1.59

Headwaters at Autumn Hall 2 BR / 2 BA (TH) 1,103 $1,635 $1.48

Headwaters at Autumn Hall 2 BR / 2 BA 1,013 $1,485 $1.47

City Block 2 BR / 2 BA 1,145 $1,599 $1.40




Hawthorne at the Station 2 BR / 2 BA (P) 1,377 $1,875 $1.36






City Block 2 BR / 2 BA 975 $1,270 $1.30



Hawthorne at the Station 2 BR / 2 BA 1,223 $1,525 $1.25

One Midtown 2 BR / 2 BA 1,080 $1,341 $1.24

One Midtown 2 BR / 2 BA 1,229 $1,481 $1.21


Reserve at Mayfair 2 BR / 2 BA 1,190 $1,380 $1.16



Amberleigh Shores 2 BR / 2 BA 1,067 $1,220 $1.14


Meridian at Fairfield Park 2 BR / 2 BA 1,098 $1,229 $1.12

Barclay Place 2 BR / 2 BA (C) 1,361 $1,515 $1.11

PROPERTY UNITTYPE

APPROXSQ. FT.

EFF.RENT

RENT PERSQ. FT.

Headwaters at Autumn Hall 2 BR / 2 BA (G) 1,289 $2,055 $1.59Hawthorne at the Station 2 BR / 2 BA (P) 1,377 $1,875 $1.36Reserve at Mayfair 2 BR / 2 BA 1,473 $1,679 $1.14Headwaters at Autumn Hall 2 BR / 2 BA (TH) 1,103 $1,635 $1.48Hawthorne at the Station 2 BR / 2 BA 1,377 $1,625 $1.18Headwaters at Autumn Hall 2 BR / 2 BA (TH) 1,216 $1,604 $1.32City Block 2 BR / 2 BA 1,145 $1,599 $1.40Headwaters at Autumn Hall 2 BR / 2 BA (TH) 1,174 $1,591 $1.36Headwaters at Autumn Hall 2 BR / 2 BA 1,237 $1,589 $1.28Headwaters at Autumn Hall 2 BR / 2 BA (TH) 1,142 $1,533 $1.34Hawthorne at the Station 2 BR / 2 BA 1,223 $1,525 $1.25Barclay Place 2 BR / 2 BA (C) 1,361 $1,515 $1.11Headwaters at Autumn Hall 2 BR / 2 BA 1,013 $1,485 $1.47One Midtown 2 BR / 2 BA 1,229 $1,481 $1.21Headwaters at Autumn Hall 2 BR / 2 BA 1,151 $1,480 $1.29Headwaters at Autumn Hall 2 BR / 2 BA 1,117 $1,460 $1.31Headwaters at Autumn Hall 2 BR / 2 BA 1,029 $1,420 $1.38Hawthorne at the Station 2 BR / 2 BA 1,200 $1,384 $1.15Reserve at Mayfair 2 BR / 2 BA 1,190 $1,380 $1.16Barclay Place 2 BR / 2 BA 1,339 $1,365 $1.02Hawthorne at the Station 2 BR / 2 BA 1,165 $1,343 $1.15One Midtown 2 BR / 2 BA 1,080 $1,341 $1.24One Midtown 2 BR / 2 BA 1,241 $1,335 $1.08Barclay Place 2 BR / 2.5 BA (TH) (C) 1,363 $1,315 $0.96City Block 2 BR / 2 BA 975 $1,270 $1.30South Front 2 BR / 2.5 BA (TH) 900 $1,250 $1.39South Front 2 BR / 2.5 BA (TH) 900 $1,250 $1.39South Front 2 BR / 2.5 BA (TH) 950 $1,250 $1.32

*(G) Attached Garage; (P) Penthouse Unit; (TH) Townhome; (C) Carport


TWO BEDROOM


O N E M I D T O W N


3

PROPERTY UNITTYPE

APPROXSQ. FT.

EFF.RENT

RENT PERSQ. FT.

One Midtown 2 BR / 2 BA 1,241 $1,335 $1.08




Barclay Place 2 BR / 2 BA 1,339 $1,365 $1.02


Belle Meade 2 BR / 2 BA 1,044 $1,043 $1.00


Barclay Place 2 BR / 2.5 BA (TH) (C) 1,363 $1,315 $0.96

Amberleigh Shores 2 BR / 2 BA 1,047 $999 $0.95

Belle Meade 2 BR / 2 BA 1,152 $1,057 $0.92

Hawthorne at Murrayville 2 BR / 2 BA 1,047 $962 $0.92



AVERAGES 1,142 $1,355 $1.20

PROPERTY UNITTYPE

APPROXSQ. FT.

EFF.RENT

RENT PERSQ. FT.

Meridian at Fairfield Park 2 BR / 2 BA 1,098 $1,229 $1.12South Front 2 BR / 1 BA 700 $1,224 $1.75Meridian at Fairfield Park 2 BR / 2 BA 1,185 $1,223 $1.03Amberleigh Shores 2 BR / 2 BA 1,067 $1,220 $1.14Amberleigh Shores 2 BR / 2 BA 1,132 $1,211 $1.07Meridian at Fairfield Park 2 BR / 2 BA 1,149 $1,135 $0.99Meridian at Fairfield Park 2 BR / 2 BA 1,008 $1,062 $1.05Belle Meade 2 BR / 2 BA 1,152 $1,057 $0.92Belle Meade 2 BR / 2 BA 1,044 $1,043 $1.00Amberleigh Shores 2 BR / 2 BA 1,047 $999 $0.95Amberleigh Shores 2 BR / 1 BA 974 $995 $1.02Hawthorne at Murrayville 2 BR / 2 BA 1,047 $962 $0.92Hawthorne at Murrayville 2 BR / 2 BA 1,150 $962 $0.84Hawthorne at Murrayville 2 BR / 2 BA 1,250 $962 $0.77

AVERAGES 1,142 $1,355 $1.20



TWO BEDROOM


PROPERTY UNITTYPE

APPROXSQ. FT.

EFF.RENT

RENT PERSQ. FT.



Barclay Place 2 BR / 2 BA 1,339 $1,365 $1.02

Barclay Place 2 BR / 2.5 BA (TH) (C) 1,363 $1,315 $0.96

Amberleigh Shores 2 BR / 2 BA 1,047 $999 $0.95

Bellingham Park 2 BR / 2 BA 1,012 $943 $0.93






AVERAGES 1,144 $1,359 $1.20

PROPERTY UNITTYPE

APPROXSQ. FT.

EFF.RENT

RENT PERSQ. FT.

South Front 2 BR / 1 BA 700 $1,224 $1.75Amberleigh Shores 2 BR / 2 BA 1,067 $1,220 $1.14Amberleigh Shores 2 BR / 2 BA 1,132 $1,211 $1.07Amberleigh Shores 2 BR / 2 BA 1,047 $999 $0.95Amberleigh Shores 2 BR / 1 BA 974 $995 $1.02Hawthorne at Murrayville 2 BR / 2 BA 1,250 $962 $0.77Hawthorne at Murrayville 2 BR / 2 BA 1,047 $962 $0.92Hawthorne at Murrayville 2 BR / 2 BA 1,150 $962 $0.84Bellingham Park 2 BR / 2 BA 1,170 $958 $0.82Bellingham Park 2 BR / 2 BA 1,101 $949 $0.86Bellingham Park 2 BR / 2 BA 1,012 $943 $0.93

AVERAGES 1,144 $1,359 $1.20



TWO BEDROOM


O N E M I D T O W N


3

PROPERTY UNITTYPE

APPROXSQ. FT.

EFF.RENT

RENT PERSQ. FT.



One Midtown 3 BR / 2 BA 1,380 $1,584 $1.15




Barclay Place 3 BR / 2.5 BA (TH) (G) 1,633 $1,575 $0.96

Hawthorne at Murrayville 3 BR / 2 BA 1,333 $1,250 $0.94


AVERAGES 1,432 $1,566 $1.10

PROPERTY UNITTYPE

APPROXSQ. FT.

EFF.RENT

RENT PERSQ. FT.

Reserve at Mayfair 3 BR / 2 BA 1,721 $1,954 $1.14Headwaters at Autumn Hall 3 BR / 2 BA 1,293 $1,850 $1.43Barclay Place 3 BR / 2 BA (C) 1,499 $1,765 $1.18One Midtown 3 BR / 2 BA 1,380 $1,584 $1.15Barclay Place 3 BR / 2.5 BA (TH) (G) 1,633 $1,575 $0.96Amberleigh Shores 3 BR / 2 BA 1,350 $1,428 $1.06Amberleigh Shores 3 BR / 2 BA 1,286 $1,378 $1.07Meridian at Fairfield Park 3 BR / 2 BA 1,397 $1,309 $0.94Hawthorne at Murrayville 3 BR / 2 BA 1,333 $1,250 $0.94

AVERAGES 1,432 $1,566 $1.10

*(G) Attached Garage; (TH) Townhome; (C) Carport


THREE BEDROOM


PROPERTY UNITTYPE

APPROXSQ. FT.

EFF.RENT

RENT PERSQ. FT.



One Midtown 3 BR / 2 BA 1,380 $1,584 $1.15




Barclay Place 3 BR / 2.5 BA (TH) (G) 1,633 $1,575 $0.96

Hawthorne at Murrayville 3 BR / 2 BA 1,333 $1,250 $0.94

Bellingham Park 3 BR / 2 BA 1,226 $1,128 $0.92

Bellingham Park 3 BR / 2 BA 1,301 $1,162 $0.89

AVERAGES 1,402 $1,507 $1.07

PROPERTY UNITTYPE

APPROXSQ. FT.

EFF.RENT

RENT PERSQ. FT.

Reserve at Mayfair 3 BR / 2 BA 1,721 $1,954 $1.14Headwaters at Autumn Hall 3 BR / 2 BA 1,293 $1,850 $1.43Barclay Place 3 BR / 2 BA (C) 1,499 $1,765 $1.18One Midtown 3 BR / 2 BA 1,380 $1,584 $1.15Barclay Place 3 BR / 2.5 BA (TH) (G) 1,633 $1,575 $0.96Amberleigh Shores 3 BR / 2 BA 1,350 $1,428 $1.06Amberleigh Shores 3 BR / 2 BA 1,286 $1,378 $1.07Hawthorne at Murrayville 3 BR / 2 BA 1,333 $1,250 $0.94Bellingham Park 3 BR / 2 BA 1,301 $1,162 $0.89Bellingham Park 3 BR / 2 BA 1,226 $1,128 $0.92

AVERAGES 1,402 $1,507 $1.07



THREE BEDROOM


O N E M I D T O W N


3

UNIT TYPE # OF UNITS SIZE SF EFF. RENT EFF. RENT/SF1 BR / 1 BA 36 702 $1,001 $1.431 BR / 1 BA 63 866 $1,064 $1.231 BR / 1 BA 2 990 $1,290 $1.302 BR / 2 BA 18 1,080 $1,341 $1.242 BR / 2 BA 40 1,229 $1,481 $1.212 BR / 2 BA 40 1,241 $1,335 $1.083 BR / 2 BA 24 1,380 $1,584 $1.15TOTAL/AVG 223 1,045 $1,257 $1.20

Electric: Tenant Water and Sewer: TenantNatural Gas: N/A Trash Removal: Tenant

The property is currently offering $100 off the monthly rent for vacant units. Tenantspay for all of their utilities.

UNIT MIX AND RENTAL RATES

FEATURES AND AMENITIES

Washer & Dryer ConnectionsFully Equipped KitchenBuilt-In MicrowaveStainless Steel AppliancesHardwood FlooringKitchen IslandsCeiling Fan(s)Walk-In Closet(s)*Designer Paint Accent WallsGarden Bathtub*Detached Garages Available

Private Patio / Balcony*Resort-Style Swimming PoolTwo Story ClubhouseBusiness Center & Cyber CafeSelf-Serve Barista Bar24-Hour Fitness CenterBark Park & Dog Washing StationInterior Bicycle StorageOutdoor Entertaining Space w/ Fireplace& GrillConvenient to Downtown Wilmington

UTILITIES

COMMENTS

One Midtown2945 Midtown WayWilmington, NC 28403New Hanover County

2015Year Built:223Total Units:Low-Rise/GardenProperty Type:233,170 SFTotal Area (SF):91%Occupancy:GreystarManagement:

UNIT TYPE # OF UNITS SIZE SF EFF. RENT EFF. RENT/SF

1 BR / 1 BA 43 525 $879 $1.671 BR / 1 BA 44 550 $879 $1.601 BR / 1.5 BA (TH) 8 700 $1,024 $1.461 BR / 1.5 BA (TH) 32 700 $1,024 $1.461 BR / 1.5 BA (TH) 24 700 $1,024 $1.461 BR / 1.5 BA (TH) 32 725 $1,024 $1.412 BR / 1 BA 1 700 $1,224 $1.752 BR / 2.5 BA (TH) 8 900 $1,250 $1.392 BR / 2.5 BA (TH) 8 900 $1,250 $1.392 BR / 2.5 BA (TH) 16 950 $1,250 $1.32TOTAL/AVG 216 671 $1,000 $1.49

*(TH) Townhome


The property is currently not offering any leasing specials. Tenants pay for all of theirutilities.



Dog ParkCommunity GardenCommunity Room with TVFitness CenterSaltwater Swimming PoolPicnic Area with GrillsCovered Bicycle StorageCommunity Chefs KitchenFree DVD Exchange

Custom CabinetryGranite Countertops in BathroomsPoured Concrete Countertops in KitchensFully Equipped KitchensWalk-In ClosetsStainless Appliance PackagePatios/BalconyPantryMini Blinds

UTILITIES

COMMENTS

1400 South 2nd StreetWilmington, NC 28401New Hanover County

South Front

1954Year Built:216Total Units:Garden & TownhomeProperty Type:145,075 SFTotal Area (SF):98%Occupancy:Tribute PropertiesManagement:

1

O N E M I D T O W N


3


1 BR / 1 BA 56 974 $1,090 $1.122 BR / 2 BA 24 1,339 $1,365 $1.022 BR / 2 BA (C) 4 1,361 $1,515 $1.112 BR / 2.5 BA (TH) (C) 56 1,363 $1,315 $0.963 BR / 2 BA (C) 6 1,499 $1,765 $1.183 BR / 2.5 BA (TH) (G) 18 1,633 $1,575 $0.96TOTAL/AVG 164 1,261 $1,295 $1.03



The property is not currently offering any leasing specials. They have been doing fullinterior renovations as units turnover for 3 years, and are down to only 30 originalstyle units remaining. The pricing above applies to renovated units. Units that havenot received any upgrades are going for $125 - $175 less per month. Carports areavailable for an additional $40 per month, and all utilities are covered separate ofthe rental rates.



Swimming PoolFitness CenterBusiness CenterTennis CourtPutting GreenPlaygroundFishing Pond with Walking TrailsCroquet Lawn

9' CeilingsTrack LightingWasher/Dryer ConnectionsIntrusion AlarmsWalk-In ClosetsStainless Steel AppliancesFaux Wood FloorsPlantation Blinds

UTILITIES

COMMENTS

2545 Croquet DriveWilmington, NC 28412New Hanover County

Barclay Place

1997Year Built:164Total Units:Garden & TownhomeProperty Type:206,840 SFTotal Area (SF):95%Occupancy:Drucker & FalkManagement:

2


1 BR / 1 BA 36 860 $1,120 $1.301 BR / 1 BA 96 896 $1,120 $1.252 BR / 2 BA 72 1,190 $1,380 $1.162 BR / 2 BA 36 1,473 $1,679 $1.143 BR / 2 BA 24 1,721 $1,954 $1.14TOTAL/AVG 264 1,124 $1,342 $1.19

*Available in upgraded units: +$166 monthly premium (average)


Property uses Yieldstar for daily pricing. The property has three tiers of units. First tierunits are the original units built in 2005, second tier units include a light fixtureupgrade in 2008, and third tier units were completely renovated in 2012. Theaverage premium received on upgraded units is $166 per month.



Private CarwashSwimming Pool (Junior Olympic Size)Fitness CenterPoolside Grilling PavilionBusiness CenterShuffleboard AreaPlaygroundContinental Breakfast (Weekdays)Private Patio / Balcony

Washer & Dryer IncludedWalk-in Closets9' Ceilings & Crown MoldingStainless Steel Appliances*Vaulted Ceilings*Faux-Wood Flooring*Granite Countertops*Ceramic Tile, Walk-in Showers*Tile Backsplash*

UTILITIES

COMMENTS

1411 Parkview CircleWilmington, NC 28405New Hanover County

Reserve at Mayfair

2005Year Built:264Total Units:GardenProperty Type:296,988 SFTotal Area (SF):96%Occupancy:Bell PartnersManagement:

3

O N E M I D T O W N


3


1 BR / 1 BA 20 637 $1,055 $1.661 BR / 1 BA 20 656 $1,035 $1.581 BR / 1 BA 8 674 $999 $1.481 BR / 1 BA 8 697 $1,035 $1.481 BR / 1 BA 8 729 $1,099 $1.512 BR / 2 BA 40 975 $1,270 $1.302 BR / 2 BA 8 1,145 $1,599 $1.40TOTAL/AVG 112 810 $1,164 $1.44


The property is not offering any leasing specials. All utilities are paid for by thetenant.



Elevator AccessCovered Parking AvailableGated CommunityFitness StudioVeranda with Grilling StationStorage Units AvailableComplimentary WiFi ThroughoutCard-Access Building

Granite Countertops9' CeilingsStainless Steel GE AppliancesLaminate Hardwood FlooringBuilt-In MicrowavesDishwasher & DisposalCrown MoldingWasher/Dryer In Each Unit

UTILITIES

COMMENTS

814 N. 3rd StreetWilmington, NC 28401New Hanover County

City Block

2015Year Built:112Total Units:MidriseProperty Type:90,820 SFTotal Area (SF):92%Occupancy:Drucker & FalkManagement:

4


1 BR / 1 BA 4 675 $911 $1.351 BR / 1 BA 27 749 $854 $1.141 BR / 1 BA 25 794 $995 $1.251 BR / 1 BA 24 855 $967 $1.131 BR / 1 BA 26 859 $944 $1.102 BR / 1 BA 18 974 $995 $1.022 BR / 2 BA 42 1,047 $999 $0.952 BR / 2 BA 29 1,067 $1,220 $1.142 BR / 2 BA 42 1,132 $1,211 $1.073 BR / 2 BA 15 1,286 $1,378 $1.073 BR / 2 BA 30 1,350 $1,428 $1.06TOTAL/AVG 282 1,012 $1,095 $1.08


The property uses a daily pricing software and is currently offering the month of Aprilrent free, which is factored into the pricing shown above. All utilities are paidseparate of the rent prices.



Pet ParkGated AccessGarages AvailableOutdoor Fire PitGrilling Area

Car Care CenterClubhouseMedia/Game RoomPlaygroundFitness Center

UTILITIES

COMMENTS

115 Amberleigh DriveWilmington, NC 28411New Hanover County

Amberleigh Shores

2014Year Built:282Total Units:GardenProperty Type:285,410 SFTotal Area (SF):91%Occupancy:Flournoy PropertiesManagement:

5

O N E M I D T O W N


3


1 BR / 1 BA 84 720 $855 $1.192 BR / 2 BA 48 1,047 $962 $0.922 BR / 2 BA 24 1,150 $962 $0.842 BR / 2 BA 24 1,250 $962 $0.773 BR / 2 BA 24 1,333 $1,250 $0.94TOTAL/AVG 204 982 $951 $0.97

*Available in select 2BR units


The property is currently offering one month free in addition to the reduced price of$1049 for all vacant 2BR units. This special is reflected in the rental rates above. Alltenants must pay an $8 monthly trash removal fee in addition to rent.



Track & Pendant LightingMaster Suites (Garden Baths & DoubleVanities)Sunrooms w/ Archways*Built-in DesksBlack AppliancesWood CabinetryWalk-in Closets

9' CeilingsWood-Laminate FlooringFull Size Washer & Dryer ConnectionsPrivate Patio / BalconyFrench Doors & Brushed Nickel HardwareFitness Center & Yoga StudioCyber CafŽ & Resident Lounge

UTILITIES

COMMENTS

5418 Sirius DriveWilmington, NC 28405New Hanover County

Hawthorne at Murrayville

2008Year Built:204Total Units:GardenProperty Type:200,328 SFTotal Area (SF):93%Occupancy:Hawthorne ResidentialManagement:

6


1 BR / 1 BA 36 811 $1,075 $1.331 BR / 1 BA 60 872 $1,095 $1.262 BR / 2 BA 12 1,165 $1,343 $1.152 BR / 2 BA 36 1,200 $1,384 $1.152 BR / 2 BA 24 1,223 $1,525 $1.252 BR / 2 BA 16 1,377 $1,625 $1.182 BR / 2 BA (P) 8 1,377 $1,875 $1.36TOTAL/AVG 192 1,047 $1,291 $1.23

*(P) Penthouse Unit

*Select Units


The property is offering $500 off the first month's rent on the 1165 and 1200 SF 2BRunits. This special is reflected in the rate above. Tenants are responsible for all of theirutilities.



Business CenterSwimming PoolFitness CenterClubhouseYoga StudioOutdoor Kitchen and GrillDog ParkElevators

Granite Countertops14' Vaulted Ceilings*Ceramic Tile SurroundsW/D Units IncludedKitchen Island w/ Breakfast BarSilver GE AppliancesPlank Style Flooring*Polished Concrete Flooring*

UTILITIES

COMMENTS

531 Old Maccumber Station RoadWilmington, NC 28405New Hanover County

Hawthorne at the Station


7

O N E M I D T O W N


3


1 BR / 1 BA 22 742 $1,200 $1.621 BR / 1 BA 54 704 $1,085 $1.541 BR / 1 BA 48 853 $1,230 $1.442 BR / 2 BA 24 1,029 $1,420 $1.382 BR / 2 BA 4 1,013 $1,485 $1.472 BR / 2 BA 54 1,151 $1,480 $1.292 BR / 2 BA 18 1,237 $1,589 $1.282 BR / 2 BA 24 1,117 $1,460 $1.312 BR / 2 BA (TH) 4 1,216 $1,604 $1.322 BR / 2 BA (TH) 4 1,174 $1,591 $1.362 BR / 2 BA (TH) 4 1,142 $1,533 $1.342 BR / 2 BA (TH) 4 1,103 $1,635 $1.482 BR / 2 BA (G) 4 1,289 $2,055 $1.593 BR / 2 BA 18 1,293 $1,850 $1.43TOTAL/AVG 286 986 $1,379 $1.40

* (TH) Townhome; (G) Attached Garage


The property is not currently offering any leasing specials. Tenants are responsible forall of their utilities.



Stainless Steel AppliancesClubhouse (Concierge Service)Caramel Finished Cabinetry

Fitness Center & Bocce CourtGranite CountertopsStainless Steel Outdoor Grills

UTILITIES

COMMENTS

612 Council StreetWilmington, NC 28403New Hanover County

Headwaters at Autumn Hall

2013Year Built:286Total Units:Garden & THProperty Type:308,830 SFTotal Area (SF):97%Occupancy:GreystarManagement:

8


1 BR / 1 BA 66 864 $853 $0.992 BR / 2 BA 34 1,044 $1,043 $1.002 BR / 2 BA 47 1,152 $1,057 $0.92TOTAL/AVG 147 997 $962 $0.96


The property is offering $500 off the first month's rent, which is averaged into thepricing shown above. They are currently in lease-up with the 147 units that they havecompleted construction on and are in the process of constructing the final 99 units.



Fitness CenterBark ParkComplimentary Coffee BarPicnic PavilionClubhouse

Swimming Pool9ft CeilingsBrushed Nickel LightingPrivate Patio/BalconyStainless Steel Appliances

UTILITIES

COMMENTS

1109 Matteo DriveWilmington, NC 28412New Hanover County

Belle Meade


9

O N E M I D T O W N


3


1 BR / 1 BA 25 631 $752 $1.191 BR / 1 BA 24 661 $750 $1.131 BR / 1 BA 24 683 $768 $1.121 BR / 1 BA 24 757 $804 $1.061 BR / 1 BA 24 841 $910 $1.082 BR / 2 BA 24 1,008 $1,062 $1.052 BR / 2 BA 24 1,098 $1,229 $1.122 BR / 2 BA 24 1,149 $1,135 $0.992 BR / 2 BA 24 1,185 $1,223 $1.033 BR / 2 BA 24 1,397 $1,309 $0.94TOTAL/AVG 241 939 $993 $1.06

*Select Units


The property will be complete with construction and hopes to begin lease-up inJune of this year. As a starting special, they are offering the first month rent free,which has been averaged into the pricing shown above.



Swimming Pool w/ Sun DeckDog ParkCourtyardBilliards RoomElevator Access

Detached Garages*Energy Efficient AppliancesWasher/Dryer IncludedPrivate Patio/Balcony*Granite Countertops

UTILITIES

COMMENTS

4605 Fairview DriveWilmington, NC 28411New Hanover County

Meridian at Fairfield Park

2016Year Built:241Total Units:GardenProperty Type:226,471 SFTotal Area (SF):N/AOccupancy:Bell PartnersManagement:

10

O N E M I D T O W N


FINANCIAL ANALYSIS

N/A

One Midtown

O N E M I D T O W N

F I N A N C I A LA N A LY S I S 60

O N E M I D T O W N


EGI & COLLECTIONS GROWTH

OCCUPANCY GROWTH THROUGH LEASE-UP

Total Collections Effective Gross Income

34% EGI GROWTH SINCE OCT-1532% COLLECTIONS GROWTH SINCE OCT-15

O N E M I D T O W N


O N E M I D T O W N


Seller or any of their respective representatives, affiliates, officers, employees, partners or directors, as to the accuracy or completeness of the Property Information, nor does the Property Information purport to be all inclusive or to contain all of the information which prospective investors or purchasers of the Property need or desire.

All projections have been developed by Agent, and are based upon assumptions relating to general economy, competition and other factors beyond Agent’s control, which therefore make the Property Information subject to variation. No representation is made by Agent or Seller as to the accuracy or completeness of the Property Information, and the Property Information shall not be relied on as, a promise or representation as to the future performance of the Property. Agent hereby expressly advises you to exercise independent due diligence in verifying all Property Information. Further, Agent, Seller, their agents and employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omissions from any and all Property Information made available to you. The Offering Prospectus does not constitute a representation that there has been no change in the business or affairs of the Property since the date of preparation of the Offering Prospectus. Analysis and verification of the information contained in the Offering Prospectus is solely your responsibility as a prospective purchaser. Summaries contained in the Offering Prospectus or in any other documents provided to you by Agent are not intended to be comprehensive statements of the terms of such documents, but rather only outline some of the principal provisions contained therein.

Prospective purchasers should be aware that the Seller, owner of the Property, is selling the Property in its “AS IS” CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. Prior to and/or after contracting to purchase, as appropriate, prospective purchasers will be given a reasonable opportunity to inspect and investigate the Property and all improvements thereon, either independently or through agents of the prospective purchaser’s choosing.

Any Property Information which may be provided with respect to the Property being marketed was obtained from a variety of sources. Neither Agent nor Seller has made any independent investigation or verification of the Property Information presented or to be presented with respect to the Property. Seller and Agent make no representations or warranties as to the accuracy or completeness of the Property Information. You hereby acknowledge that you will solely rely upon the results of your own investigations notwithstanding the delivery of the Offering Prospectus or any other documents containing the Property Information, and you specifically acknowledge and agree that you waive, release, and discharge any claim you have or may have in the future against Agent with respect to costs, damages, obligations, penalties, causes of action, and other liabilities arising as a result of (i) the condition of the Property, either patent or latent, (ii) the actual or potential income or profits to be derived from the Property, or (iii) any other state of facts which exists with respect to the Property.

CONFIDENTIALITY AGREEMENT

Multi Housing Advisors, LLC (“Agent”) has been engaged as the exclusive agent for the sale of that certain property commonly known as One Midtown, located at 2945 Midtown Way, Wilmington, NC 28403, (“Property”) by “Seller”.

The material contained in the Offering Prospectus provided by Agent is confidential, furnished solely for the purpose of considering the purchase of the real property described therein, and is not to be used for any other purposes or made available to any other person or entity without the express written consent of Agent.

Seller expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or terminate discussions with any entity at any time with or without notice. Neither a prospective purchaser nor Seller shall be bound in regard to the Property until execution of a written purchase agreement by both parties. Prospective purchasers shall be responsible for their costs and expenses of investigating the Property and all other expenses, professional or otherwise, incurred by them.

This Offering Prospectus, its contents, and any other information made available to you, whether disclosed orally or disclosed or accessed in written, electronic, or other form or media, and whether or not marked, designated, or otherwise identified as “confidential,” except such information which is a matter of public record or is generally available to the public, are of a confidential nature. By taking possession of and reviewing the information contained herein, the recipient agrees (i) to hold and treat it in the strictest confidence, (ii) not to photocopy or duplicate it, (iii) not to disclose the Offering Prospectus or any of the contents to any other person or entity without the prior written authorization of Seller or Agent, and (iv) not use the Offering Prospectus or any of the contents in any fashion or manner detrimental to the interest of Seller and/or Agent. You shall not contact employees or tenants of the Property directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of the Seller or Agent.

If you have no interest in the Property at this time, please return this Offering Prospectus to: Multi Housing Advisors, 440 S. Church Street, Suite 250, Charlotte, NC 28202.

OFFERING DISCLAIMER

The material contained in the Offering Prospectus provided by Agent and any other materials or information provided to you by Agent, whether disclosed orally or disclosed or accessed in written, electronic, or other form or media (collectively, the “Property Information”), are being provided solely to facilitate your own due diligence for which you shall be fully and solely responsible. By taking possession of and reviewing the Property Information, you expressly acknowledge and agree that you shall not be entitled to, and shall not, rely on Agent, its agents, employees, or representatives, and that no representation or warranty, expressed or implied, is being made by Agent or

O N E M I D T O W N

O F F E R I N G D I S C L A I M E R& D I S C LO S U R E S 64

For representing you and helping you sell your property, you will pay the listing firm a sales commission or fee. The listing agreement must state the amount or method for determining the commission or fee and whether you will allow the firm to share its commission with agents representing the buyer.

DUAL AGENTYou may even permit the listing firm and its agents to represent you and a buyer at the same time. This “dual agency relationship” is most likely to happen if an agent with your listing firm is working as a buyer’s agent with someone who wants to purchase your property. If this occurs and you have not already agreed to a dual agency relationship in your listing agreement, your listing agent will ask you to amend your listing agreement to permit the agent to act as agent for both you and the buyer.

It may be difficult for a dual agent to advance the interests of both the buyer and seller. Nevertheless, a dual agent must treat buyers and sellers fairly and equally. Although the dual agent owes them the same duties, buyers and sellers can prohibit dual agents from divulging certain confidential information about them to the other party.

Some firms also offer a form of dual agency called “designated agency” where one agent in the firm represents the seller and another agent represents the buyer. This option (when available) may allow each “designated agent” to more fully represent each party. If you choose the “dual agency” option, remember that since a dual agent’s loyalty is divided between parties with competing interests, it is especially important that you have a clear understanding of:• what your relationship is with the dual agent and• what the agent will be doing for you in the transaction.

BUYERSWhen buying real estate, you may have several choices as to how you want a real estate firm and its agents to work with you. For example, you may want them to represent only you (as a buyer’s agent). You may be willing for them to represent both you and the seller at the same time (as a dual agent). Or you may agree to let them represent only the seller (seller’s agent or subagent). Some agents will offer you a choice of these services. Others may not.

BUYER’S AGENTDuties to Buyer: If the real estate firm and its agents represent you, they must:• promote your best interests• be loyal to you• follow your lawful instructions• provide you with all material facts that could influence your decisions• use reasonable skill, care and diligence, and• account for all monies they handle for you.Once you have agreed (either orally or in writing) for the firm and its agents to be your buyer’s agent, they may not give any confidential information about you to sellers or

WORKING WITH REAL ESTATE AGENTS

When buying or selling real estate, you may find it helpful to have a real estate agent assist you. Real estate agents can provide many useful services and work with you in different ways. In some real estate transactions, the agents work for the seller. In others, the seller and buyer may each have agents. And sometimes the same agents work for both the buyer and the seller. It is important for you to know whether an agent is working for you as your agent or simply working with you while acting as an agent of the other party.

This brochure addresses the various types of working relationships that may be available to you. It should help you decide which relationship you want to have with a real estate agent. It will also give you useful information about the various services real estate agents can provide buyers and sellers, and it will help explain how real estate agents are paid.

SELLERSSeller’s AgentIf you are selling real estate, you may want to “list” your property for sale with a real estate firm. If so, you will sign a “listing agreement” authorizing the firm and its agents to represent you in your dealings with buyers as your seller’s agent. You may also be asked to allow agents from other firms to help find a buyer for your property.

Be sure to read and understand the listing agreement before you sign it. Your agent must give you a copy of the listing agreement after you sign it.

Duties to Seller: The listing firm and its agents must:• promote your best interests• be loyal to you• follow your lawful instructions• provide you with all material facts that could influence your decisions• use reasonable skill, care and diligence, and• account for all monies they handle for you.

Once you have signed the listing agreement, the firm and its agents may not give any confidential information about you to prospective buyers or their agents without your permission so long as they represent you. But until you sign the listing agreement, you should avoid telling the listing agent anything you would not want a buyer to know.

Services and Compensation: To help you sell your property, the listing firm and its agents will offer to perform a number of services for you. These may include:• helping you price your property• advertising and marketing your property• giving you all required property disclosure forms for you to complete• negotiating for you the best possible price and terms• reviewing all written offers with you and• otherwise promoting your interests.

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their agents without your permission so long as they represent you. But until you make this agreement with your buyer’s agent, you should avoid telling the agent anything you would not want a seller to know.

Unwritten Agreements: To make sure that you and the real estate firm have a clear understanding of what your relationship will be and what the firm will do for you, you may want to have a written agreement. However, some firms may be willing to represent and assist you for a time as a buyer’s agent without a written agreement. But if you decide to make an offer to purchase a particular property, the agent must obtain a written agency agreement before writing the offer. If you do not sign it, the agent can no longer represent and assist you and is no longer required to keep information about you confidential. Be sure to read and understand any agency agreement before you sign it. Once you sign it, the agent must give you a copy of it.

Services and Compensation: Whether you have a written or unwritten agreement, a buyer’s agent will perform a number of services for you. These may include helping you:• find a suitable property• arrange financing• learn more about the property and• otherwise promote your best interests.

If you have a written agency agreement, the agent can also help you prepare and submit a written offer to the seller.

A buyer’s agent can be compensated in different ways. For example, you can pay the agent out of your own pocket. Or the agent may seek compensation from the seller or listing agent first, but require you to pay if the listing agent refuses. Whatever the case, be sure your compensation arrangement with your buyer’s agent is spelled out in a buyer agency agreement before you make an offer to purchase property and that you carefully read and understand the compensation provision.

DUAL AGENTYou may permit an agent or firm to represent you and the seller at the same time. This “dual agency relationship” is most likely to happen if you become interested in a property listed with your buyer’s agent or the agent’s firm. If this occurs and you have not already agreed to a dual agency relationship in your (written or oral) buyer agency agreement, your buyer’s agent will ask you to amend the buyer agency agreement or sign a separate agreement or document permitting him or her to act as agent for both you and the seller. It may be difficult for a dual agent to advance the interests of both the buyer and seller. Nevertheless, a dual agent must treat buyers and sellers fairly and equally. Although the dual agent owes them the same duties, buyers and sellers can prohibit dual agents from divulging certain confidential information about them to the other party.Some firms also offer a form of dual agency called “designated agency” where one agent in the firm represents the seller and another agent represents the buyer. This option (when available) may allow each “designated agent” to more fully represent each party.

If you choose the “dual agency” option, remember that since a dual agent’s loyalty is divided between parties with competing interests, it is especially important that you have a clear understanding of:• what your relationship is with the dual agent and• what the agent will be doing for you in the transaction.

This can best be accomplished by putting the agreement in writing at the earliest possible time.

SELLER’S AGENT WORKING WITH A BUYERIf the real estate agent or firm that you contact does not offer buyer agency or you do not want them to act as your buyer agent, you can still work with the firm and its agents. However, they will be acting as the seller’s agent (or “subagent”). The agent can still help you find and purchase property and provide many of the same services as a buyer’s agent. The agent must be fair with you and provide you with any “material facts” (such as a leaky roof) about properties. But remember, the agent represents the seller—not you—and therefore must try to obtain for the seller the best possible price and terms for the seller’s property.

Furthermore, a seller’s agent is required to give the seller any information about you (even personal, financial or confidential information) that would help the seller in the sale of his or her property. Agents must tell you in writing if they are sellers’ agents before you say anything that can help the seller. But until you are sure that an agent is not a seller’s agent, you should avoid saying anything you do not want a seller to know. Sellers’ agents are compensated by the sellers.

(Note: This brochure is for informational purposes only and does not constitute a contract for service).

The North Carolina Real Estate CommissionP.O. Box 17100Raleigh, NC 27619-7100919-875-3700 Web Site: www.ncrec.gov

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