15835 Foothill Farms Loop Pflugerville, Texas Nimbus Drive Pflugerville, Texas Price

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1 A U N I T VA L U E - A D D A PA R T M E N T H O M E O P P O R T U N I T Y LO C AT E D I N A U S T I N ( P F L U G E R V I L L E ), T E X A S C a p i t a l M a r ke t s I n v e s t m e n t P r o p e r t i e s

2 Address Foothill Farms Loop Pflugerville, Texas Address 1001 Nimbus Drive Pflugerville, Texas Price Terms Price to be determined by the market All cash or loan assumption Price Terms Price to be determined by the market All cash or loan assumption Website Year Completed 2001 Occupancy 95% Number of Units 351 units Net Rentable Area 350,620 square feet Average Sq. Ft. 999 square feet Land Area/Density 20.4 acres; 17.2 units per acre Website Year Completed 1986 Occupancy 95% Number of Units 104 units Net Rentable Area 78,050 square feet Average Sq. Ft. 750 square feet Land Area/Density 5.66 acres; 18.4 units per acre Buildings 1 Leasing/Clubhouse/Business Center/ Fitness Center 33 two and three-story Residential Buildings Parking 40 attached garages 75 detached garages 232 carports 336 open surface spaces 683 total spaces (1.9 spaces per home) Buildings Parking Leasing/Clubhouse/Business Center shared with 1825 Apartments 26 two-story Residential Buildings 168 total spaces (1.6 spaces per home)

3 INVESTMENT SUMMARY CBRE s Central Texas Multifamily Investment Team is pleased to announce the exclusive listing of 1825 Apartments. Class A Community with Value Add Potential 1825 Apartments consists of two adjacent assets, 1825 Place and 1825 Cottages, totaling 455 units. The two properties, connected by a driveway, are operated from a single leasing office and share both staffing and amenities Place was completed in 2001 and totals 351 units in two and three story buildings Cottages was developed in 1986 and is comprised of 104 two-bedroom units Cottages consists of all two-story buildings with large fenced yards included on all ground floor homes. The fast growing three mile area surrounding the property experienced a population increase of 88% between 2000 and This 455-home community includes custom features, luxury details, and a prime North Central Austin location that is convenient to the premier employers in the Austin Metro area. High Growth Location in North Central Austin Located just east of the intersection of Wells Branch Parkway and IH-35, 1825 Apartments is in the middle of Austin s dynamic technology-driven growth corridor. Employers seeking to attract and retain highly skilled workers have long preferred this corridor for expansion and re-location due to the quality of the neighborhoods, desirable Pflugerville Independent School District, nearby retail venues, and convenient roadway infrastructure. Signature Visibility and Strategic Access to Major Employers and Premier Retail With solid drive-by visibility and sheltered exposure from FM 1825 (Pecan Street), 1825 Apartments enjoys a leasing advantage over market competitors. Residents have safe and convenient access to the property from Foothill Farms Loop, and can quickly reach IH-35, Grand Avenue Parkway, and Wells Branch Parkway. The property is within a ten minute commute to both the world headquarters of Dell Computer, the Samsung Campus, and the regional headquarters for Farmer s Insurance and Emerson Electric. Tech Ridge, located less than five minutes south of the property is currently home to approximately 4.6 million square feet of commercial space. The Parmer business park, an approximate $1 billion development located adjacent to Tech Ridge, will eventually add over four million additional square feet of mixed use space Apartments is also within five minutes to 2.9 million square feet of retail at La Frontera at the intersection of IH-35 and SH-45. Solar Power Installation The current owners recently purchased and installed solar panels on five buildings at 1825 Place. The solar project became operational in December 2015 and is projected to generate approximate cost savings of nearly $10,000 annually. The solar array will provide electricity for the leasing office and property amenities Apartments is one of the first communities in the Austin market to employ solar power of this magnitude. Attractive Assumable Loans 1825 Apartments is financed with two separate Fannie Mae loans with a combined balance of approximately $32 million and a fixed blended interest rate of approximately 4.43%. The amortizing loans mature in June of 2025 and were both originated by Wells Fargo. The loans will likely need to be assumed due to significant remaining yield maintenance. UNIT MIX Type Units Size Total SF Market Rent Rent/ SF Monthly Rent Annual Rent Eff ,660 $849 $1.23 $11,886 $142,632 Eff ,280 $899 $1.30 $10,788 $129, ,300 $905 $1.17 $47,060 $564, ,740 $1,005 $1.17 $9,045 $108, ,200 $935 $0.98 $52,360 $628, C ,050 $1,026 $1.37 $106,668 $1,280, ,010 24,240 $1,225 $1.21 $29,400 $352, ,880 $1,330 $1.34 $31,920 $383, ,060 59,360 $1,185 $1.12 $66,360 $796, ,145 64,120 $1,195 $1.04 $66,920 $803, ,165 18,640 $1,225 $1.05 $19,600 $235, ,225 19,600 $1,495 $1.22 $23,920 $287, ,350 21,600 $1,555 $1.15 $24,880 $298,560 Total ,670 $1,101 $1.17 $500,807 $6,009,684 Note: C units are 1825 Cottages

4 1825 PLACE SOLAR PANELS 1825 COTTAGES

5 INVESTMENT HIGHLIGHTS Significant Recent Improvements The current ownership has completed over $2 million in exterior and amenity capital projects at the asset Cottages received all new hardi siding, a full exterior paint, new balcony doors, and new kitchen windows in All first floor units received spacious new fenced yards with crushed granite groundcover. Recent improvements at 1825 Place include solar screens on all windows, leasing office renovations, new pool furniture, outdoor kitchen construction, and new signage. Attractive Construction with Proven Value-Add Potential 1825 Place consists of well-maintained two and three story stucco and hardi-plank buildings that were completely painted in Current ownership has implemented a limited value-add program at the property consisting of faux wood vinyl floors throughout on all floors, countertop resurfacing with a mosaic tile backsplash, removal of cabinet boxes to open kitchens to living areas, pendant and track lighting installation, brushed nickel fixtures, and select appliance replacement. 209 units have flooring upgrades (faux wood floor throughout); of those, 82 units feature the updated lighting, removal of cabinet uppers and tiled backsplash in the kitchens. These generated rental increases of approximately $60 per month Cottages has 96 units with flooring upgrades and has completed limited interior upgrades including brushed nickel fans and kitchen lights. New appliances, countertops, faucets, and upgraded bathrooms would be well received upgrades at 1825 Cottages. Competing assets in the immediate area are currently generating rental rates of approximately $1.25 per square foot illustrating the potential for rent growth and continued upgrades at 1825 Apartments. Spacious Floor Plans with Custom Home Features at 1825 Place 1825 Place offers 12 one, two and three bedroom floor plans that average 999 square feet. All homes are accessed via first floor entrances which is a unique and desirable feature in the market. Apartment residences include custom features such as crown molding, arched walkways, walk-in closets, and full size washer/dryer connections in every home. The property features covered parking for nearly 100% of units with 232 carports, 75 detached garages, and 40 attached garages. A Time Warner cable package provides residents with expanded cable plus HBO and high speed internet for $59 per month a significant discount from the full retail rate. The cable rate at the property was increased to $59 per month in October 2015 from a previous rate of $35-$40. Classic Design with Desirable Features at 1825 Cottages 1825 Cottages features all two bedroom floor plans that average 750 square feet. All buildings are desirable two story construction with recently replaced roofs and exterior hardi-type siding. Residences include faux wood vinyl flooring, upgraded fans and light kits, full size washer/dryer connections in 100% of units, and wood burning fireplaces. All first floor residences include oversized granite gravel yards fenced with attractive Trex decking material. Additionally, the site includes a 1.06 acre land tract that could be developed to create additional amenities for the property. There may be potential to develop additional units, but this would need to be evaluated with the planning department of the local jurisdiction. Attractive Amenities and Resort-Style Ambiance The majority of the amenities are located on the 1825 Place portion of the asset and are shared between both phases allowing residents from both properties to utilize all amenities. The property features a fully renovated clubhouse, contemporary business center with computer printers and meeting desks, a two tiered swimming pool with a waterfall, and an adjacent outdoor kitchen. A spacious 24- hour fitness center features cardio equipment, weight machines, and flat panel televisions. Additional outdoor amenities include multiple grilling areas, a playground, and a dog park Cottages features a resident dog park and playground.

6 Drive Times from 1825 Apartments HEB Grocery 2 minutes Dell, Inc. Headquarters Emerson Electric 45 La Frontera Farmers Insurance 3 minutes ebay/paypal Farmers Insurance Tech Ridge 5 minutes Dell, Inc. Headquarters 6 minutes 183 Apple Tech Ridge HEB Grocery General Motors IT Department Samsung Semiconductor La Frontera 6 minutes Emerson Electric 7 minutes LOOP Apple 12 minutes The University of Texas Samsung Semiconductor 12 minutes Austin CBD

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8 1825 PLACE APARTMENT FEATURES Living Areas 12 Spacious One, Two and Three-Bedroom Floor Plans Averaging 999 Square Feet Washer and Dryer Connections in Every Home Faux Wood Vinyl Floors Throughout* Abundant Storage and Closet Space Crown Molding Balconies And Patios in All Except Studios Alarms in All Units Ground Floor Entries for All Units Designer Kitchens Designer Track and Pendant Lighting Faux Granite Laminate Counters Mosaic Tile Backsplash* Whirlpool White Electric Appliance Package Includes: - Frost-Free Refrigerators with Ice-Makers - Built-In Microwaves - Multi-Cycle Dishwashers - Self-Cleaning Ovens Double Stainless Steel Sinks with Gooseneck Faucet Pantries Luxurious Bathrooms Garden Tubs* Ceramic Tile in Bath Surrounds Medicine Cabinets Contemporary Brushed Nickel Fixtures and Lighting* Rainfall Showerheads* * In select units

9 1825 COTTAGES APARTMENT FEATURES Living Areas All Two Bedroom Floor Plans Averaging 750 Square Feet Attached Yards for Ground Floor Units Oversized Balconies on Second Story Units Washer And Dryer Connections in Every Home Faux Wood Vinyl Floors Throughout* Wood Burning Fireplaces Individual Gas Water Heaters Efficient Kitchens Cream Hotpoint Appliances Refrigerators Gas Ranges Pantries White Painted Cabinets Laminate Counters * In select units

10 COMMUNITY AMENITIES Resort-Style Two-Tier Pool with Waterfall Outdoor Kitchen and Pergola 24-Hour Fitness Center Recent Renovated Clubhouse Business Center with WiFi Access Poolside and Clubhouse WiFi Carports Attached and Detached Garages Playground Pet Park Laundry Facilities 1825 COTTAGES PLAYGROUND AND EXTRA LAND

11 455-UNIT CLASS A COMMUNITY BUILT IN 2001/1986 HIGH GROWTH NORTH CENTRAL AUSTIN LOCATION STRATEGIC ACCESS TO MAJOR CORPORATE EMPLOYERS AND REGIONAL RETAIL PROVEN VALUE-ADD UPGRADE POTENTIAL HIGHLY DESIRABLE SCHOOL DISTRICT AND QUALITY NEIGHBORHOOD SETTING AVAILABLE ON AN ALL CASH OR LOAN ASSUMPTION BASIS FOR MORE INFORMATION, PLEASE CONTACT: CBRE, INC. 100 Congress Avenue, Suite 500 Austin, Texas F: TO SCHEDULE A TOUR: DARCY HAMMAR Marketing Coordinator darcy.hammar@cbre.com P: CHARLES CIRAR Vice Chairman charles.cirar@cbre.com P: COLIN CANNATA Analyst colin.cannata@cbre.com P: MICHAEL WARDLAW Associate michael.wardlaw@cbre.com P: Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. CBRE, INC., Printed in USA