SOMERSET TOWNHOMES. Exclusively Presented By: Capital Markets Multi-Housing

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1 SOMERSET TOWNHOMES A 123-unit luxury apartment home community Located in AUSTIN, texas Exclusively Presented By: Capital Markets Multi-Housing

2 Investment Summary Price: Terms: Property: Address: Year Completed: 1995 Number of Units: Occupancy: 98% TO BE DETERMINED BY THE MARKET AVAILABLE on an All Cash Basis Somerset Townhomes 6800 Austin Center Boulevard Austin, Texas units Net Rentable Area: 143,115 square feet Average Sq. Ft.: 1,164 square feet Land Area/Density: +/ acres; +/- 14 units per acre Buildings: Parking: 1 Leasing Center/Clubroom/Business Center/ Fitness Center SOMERSET TOWNHOMES - INVESTMENT HIGHLIGHTS 13 two-story residential buildings 108 attached garages 4 detached garages 12 covered spaces 96 open surface spaces 220 total spaces (1.8 spaces per home) Luxury Boutique Community in Core Northwest Austin Location. Somerset Townhomes was developed in 1995, and has maintained its reputation as the premier rental community in Northwest Hills, a prestigious infill neighborhood where average home sales in 2012 were over $565,000. The 123-unit condominium quality property provides luxury features in an intimate community featuring lush landscaping, impeccable amenities, and downtown views. Somerset s one-of-a-kind location and luxury features generate strong occupancy, low turnover, and steady rent gains. Classic Design with Condominium Quality Construction. Somerset Townhomes features two and three story buildings constructed with attractive stucco and Texas limestone exteriors, and long lasting slate tile roofs. All floor plans at the property, with the exception of the 1C-A unit type, feature attached one car garages. Designated carports or detached garages serve the fifteen 1C-A homes. The above market feature of attached garages in 88% of homes sets Somerset Townhomes clearly above the competition. Approximately half of the homes are constructed in a desirable townhome style, and there are 2-inch concrete floors between all unit levels affording sound proofing and the ability to decorate all living areas with hardwood or other permanent flooring options. Spacious unit interiors feature nine foot ceilings with crown molding, exquisite cabinetry with adjustable shelves, full size washer dryer connections, raised marble vanities, and stand up showers. Seventeen units at the property have been upgraded to full luxury status with features including gourmet kitchens with a GE stainless steel appliance package, granite countertops, new cabinetry, and brushed nickel fixtures. Living areas include new stone mantels or fireplace surrounds, upgraded lighting fixtures, and wood plank floors. Luxury bathrooms include stone and tile floors and bath surrounds, double sink vanities, and new custom closets. Upgraded units currently generate premiums of approximately $250 per month. This upgrade program could be continued across the property and significantly raise the profile of the original interiors. The property was platted for condominium conversion during the last cycle, and there is clear potential for the property to be converted and sold as individual condominium homes. Convenient Location with Close Proximity to Major Employers and Premier Retail Centers. Somerset Townhomes is located on Austin Center Boulevard, a neighborhood arterial near the intersection of Loop 1 North (MoPac Expressway) and Far West Boulevard. North Hills Drive provides additional convenient access to the property. The three story buildings along MoPac provide extensive visibility and downtown views. Residents have convenient access to over 10 million square feet of professional office and medical space within a three mile radius of the property. Within a short drive north of Somerset Townhomes are the Austin headquarters of Time Warner Cable, IBM, and National Instruments. Medical offices are also concentrated near the property. The renowned Dell Jewish Community Center has facilities and programs open to the public and is within walking distance of Somerset. The Austin CBD is a convenient 10 minute drive south of the property. Austin s premier luxury retail center, the Nieman Marcus anchored Domain, is five minutes north of the property on MoPac Expressway, and the one million square foot Arboretum retail district is just three miles from Somerset Townhomes. An HEB grocery store is located within walking distance of the property. Resort Style Amenities in a Lushly Landscaped Setting. The clubhouse and amenities at Somerset Townhomes have the feel of an upscale country club. The fitness center, available 24 hours per day via key fob, is complete with abundant cardio equipment, Magnum weight machines, free weights, and abundant flat panel televisions. Spacious men s and women s dressing rooms feature granite counters, steam showers, and dry saunas. The large attractively furnished great room includes a full kitchen, televisions, and a spacious balcony overlooking the Austin skyline. Exterior amenities include a unique 72 foot lined lap pool, hot tub, dog park and charcoal grills. Strong Multifamily Submarket with Limited New Development. Apartment home occupancy in the Northwest Hills submarket in the 1st Quarter 2012 was 95.6% with average Class A rental rates of $1.16 per square foot. Rental rates across the Northwest Hills Submarket increased over 8% during the last year. Limited development in premium infill locations is expected to drive rental rates at 6% to 8% per year over the next three years. There are currently no new rental or for-sale developments under construction or proposed in this barrier-to-entry submarket.

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4 APARTMENT RESIDENCE FEATURES Interior Features Private Direct Access Garages Reserved Covered Parking Private Front Entries Additional Storage Space Nine Foot Ceilings with crown molding Covered Patios or Balconies Aqua Therm Heating and Air-Conditioning Gas Water Heaters Arched Walkways and Two Tone Paint Ceramic Tile Entries Brushed Nickel Light Fixtures High-speed Internet and Cable Ready Full Size Washer and Dryer Connections Solar Screens Double-Pane Windows Pre-wired for Intrusion Alarms Additional Storage in Garage UNIT MIX Type Units Size Total SF Market Rent Rent/ SF Monthly Rent Annual Rent ,904 $1,290 $1.30 $15,480 $185, ,059 12,708 $1,330 $1.26 $15,960 $191, ,009 24,216 $1,295 $1.28 $31,080 $372, ,009 15,135 $1,140 $1.13 $17,100 $205, ,101 13,212 $1,480 $1.34 $17,760 $213, ,193 14,316 $1,620 $1.36 $19,440 $233, ,346 16,152 $1,660 $1.23 $19,920 $239, ,478 35,472 $1,710 $1.16 $41,040 $492,480 Ttl./ Avg , ,115 $1,445 $1.24 $177,780 $2,133,360 COMMUNITY AMENITIES Laned 72 foot swimming pool with fountain and heated spa State of the art fitness center - Abundant Cardio Machines - Magnum Weight Machines - Free Weights - Flat Panel Televisions Private dressing rooms - Granite Counters - Dry saunas - Steam showers Clubroom with fireplace, large screen TV, and balcony overlooking the pool Billiard room and sports bar Private card game room Conference room Charcoal Grills Elevator Access 24 Hour Access to all amenities Gated Access Kitchens Double sinks with vegetable sprayers Wall Mounted Ovens and Microwaves Side-by-Side 19.7 cubic foot refrigerators Exquisite Raised Panel Cabinetry with Adjustable Shelves Baths Stand-Up Showers in One Bedroom Units with Tile Surrounds Deep Soaking Tubs and Stand-Up Showers in Two Bedroom Units Brushed Nickel Lighting Fixtures Cultured Marble Vanities Raised Panel Cabinetry Ceramic Tile Flooring Spacious walk-in closets Upgrade Interior Features (17 Units) Living Natural Wood Plank Flooring in Living Areas New Carpet in Bedrooms New Hardware and Door Handles Stone Mantels or Fireplace Surrounds New Recessed Lighting and Fixtures Patios flooring replaced with stone or porcelain tile flooring Kitchen Granite or Caesar Stone Counters Gourmet GE Stainless Steel Appliance Package All new fixtures and hardware New Hardwood Custom Cabinetry Baths Remodeled Tubs and Shower Areas with benches Stone or Tile floors and Walls Shower w/ Custom Glass Enclosure Double Vanities New Hardwood Custom Cabinetry Upgraded Custom Closets Framed Mirrors * In select units

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6 Boutique Luxury Community in Northwest Austin Prestigious Neighborhood Infill Location Near the Austin CBD Condominium Quality Construction with Conversion Potential Townhome Design with Attached Garages Resort Style Amenities and Dramatic City Views Walking Distance to Upscale Retail Conveniences Available on an All Cash Basis Somerset Townhomes is being offered for sale on an exclusive basis by CBRE, INC. All prospective purchasers who would like to receive a complete sales package should execute the Confidentiality/Registration Form which can be downloaded or signed online at or ed or faxed to you by contacting Darcy Hammar at darcy.hammar@cbre. com or calling or Colin Cannata at colin.cannata@cbre.com or For more information, please contact: CBRE, Inc. 100 Congress Avenue, Suite 500 Austin, Texas F: charles cirar Vice Chairman charles.cirar@cbre.com P: C: MICHAEL WARDLAW Associate michael.wardlaw@cbre.com P: C: COLIN CANNATA Analyst colin.cannata@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