HAWTHORN SUITES College Blvd Overland Park, KS 66210

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1 HAWTHORN SUITES College Blvd Overland Park, KS A Hotel to Apartment Repositioning Opportunity in the Heart of Johnson County, KS

2 DISCLOSURES, NOTICES AND CONFIDENTIALITY CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an Affiliate ) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the Property ) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum. This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property. This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the Owner ), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc. Purchaser acknowledges that CBRE is acting on behalf of Owner as exclusive broker in connection with the sale, and also acknowledges that CBRE is not the agent of the Purchaser. Purchaser agrees to pay all brokerage commissions, finder s fees, and other compensation to which any broker (except CBRE) finder or other person may be entitled in connection with the sale of the Property if such claim or claims for commissions, fees or other compensation are based in whole or in part on dealings with Purchaser or any of its representatives; and Purchaser agrees to indemnify and hold harmless CBRE and Owner, their respective affiliates, successors, and assigns, employees, officers, and directors against and from any loss, liability or expense, including reasonable attorneys fees arising out of any claim or claims by any broker, finder or similar agent for commissions, fees, or other compensation for bringing about any sale of the property to Purchaser if such claim or claims are based in whole or in part on dealings with Purchaser or any of its representatives. DISCLAIMER 2014 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

3 PROPERTY TOURS Qualified investors are invited to tour the property with any of the CBRE representatives listed in this Offering Memorandum. Property tours will be given during normal business hours only. In reviewing offers, the Seller shall give preference to investors that have formally toured the property. DOCUMENT CENTER Investors agreeing to the terms and conditions set forth in the Confidentiality Agreement will be given an invitation to the password protected document center on the offering s dedicated website ( The document center contains electronic copies of materials to assist in properly evaluating the property, including the Offering Memorandum. For questions regarding the document center, please contact Bayley Pinney at or bayley.pinney@cbre.com. SUBMITTING AN OFFER Offers will be evaluated on price, timing, plan of execution and prospective investors qualifications to complete the transaction. Offers may be submitted any time prior to an offer cutoff date, which will be established at a later date. Financial documents and other pertinent information are posted in the online document center of the offering s website ( collegeblvdapartments). Submit offers in the form of a Letter of Intent via facsimile or to Bayley Pinney at or bayley.pinney@cbre.com. CBRE CONTACTS All communication, inquiries and requests should be addressed to the below CBRE contact as a representative of the Seller. Management at the property should not be contacted directly. Gina Anderson Nate Sahn Tom Adamson Jeff Stingley Capital Markets Hotel Group Hotel Group Multi-Housing Group gina.anderson@cbre.com nate.sahn@cbre.com tom.adamson@cbre.com jeff.stingley@cbre.com

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5 CBRE is pleased to present an extraordinary hotel to apartment repositioning opportunity in South Overland Park, KS, Kansas City s top apartment submarket. The current unit configuration and amenity set lend themselves well to becoming a Class A+ apartment community. CBRE is proposing that existing side-by-side 1BR suites are combined into 107 2BR/2BA luxury apartment units measuring 1,100 sq. ft. An existing 1BR owner s suite measuring 700 sq. ft. will remain as a 1BR/1BA unit, bringing the total proposed unit count to 108. INVESTMENT OVERVIEW Offer Price: Market Offers Due Date: To Be Determined Offering Terms: All Cash Year Built: 1999 Total Units 1 : Average Unit Size: Existing: 215 Proposed: 108 Existing: 555 SF Proposed: 1,096 SF Net Rentable Area: 118, Assumes side-by-side units are combined. See floor plans in Property Description section. COLLEGE BOULEVARD APARTMENTS

6 INVESTMENT RATIONALE Class A+ location in South Overland Park, KS, Kansas City s top suburban apartment market in terms of occupancy and rents. Highly visible location along College Boulevard, located in South Johnson County, the metro s top office submarket with over 15.7 million sq. ft. of Class A & B office space. The metro s largest office park, Corporate Woods, is located less than 1.5 miles east of the subject site. Property is the existing Hawthorn Suites extended stay hotel (215 existing rooms). Offering contemplates combining 2 adjacent hotel suites into an 1,100 SF 2 bedroom 2 bath apartment unit (108 apt units). Major nearby employers include Overland Park Regional Medical Center, Johnson County Community College, Quintiles and Sprint World Headquarters. Johnson County Community College (JCCC), the metro s largest junior college at 20,443 students, is located less than 1 mile to the west, at the intersection of College Blvd. & Quivira Rd. The site has excellent access to the Kansas City metro via nearby I-435 and U.S. 69 Highway. Some of the metro s largest retail centers are in close proximity, including Oak Park Mall (1.5 million sq. ft.) and Town Center Plaza (528,220 sq. ft.). The existing amenity package is conducive to repositioning the property to luxury apartments. Amenities include a salt water pool, large clubhouse with kitchen, and multiple barbeque areas thoughout the site. Low maintenance construction with brick veneer exterior siding. The property is located in the Blue Valley School District, long considered the metro s top district. OFFERING BROCHURE

7 NALL AVENUE OAK PARK MALL 1,570,860 SF OVERLAND PARK REGIONAL MEDICAL CENTER 1,100 EMPLOYEES COLLEGE SQUARE SHOPPING CENTER 63,828 SF COLLEGE BOULEVARD APARTMENTS COLLEGE BLVD CORPORATE WOODS OFFICE PARK 2,200,000 SF JOHNSON COUNTY COMMUNITY COLLEGE 2,784 EMPLOYEES METCALF SOUTH SHOPPING CENTER 784,336 SF W. 103RD STREET INDIAN CREEK SHOPPING CENTER 63,828 SF CHILDREN S MERCY HOSPITAL 632 EMPLOYEES CENTURY LINK 1,800 EMPLOYEES ZURICH 769 EMPLOYEES BLACK & VEATCH 2,253 EMPLOYEES W. 119TH STREET ROSANA SQUARE SHOPPING CENTER 113,774 SF SPRINT WORLD HQ 8,000 EMPLOYEES MENORAH MEDICAL CENTER 850 EMPLOYEES TOWN CENTER PLAZA 626,487 SF ST. LUKE S SOUTH HOSPITAL 749 EMPLOYEES QUIVIRA ROAD SINGLE FAMILY RESIDENTIAL $315,000 - $640,000 UNIVERSITY OF KANSAS EDWARDS CAMPUS SINGLE FAMILY RESIDENTIAL $200,000 - $330,000 NORTH

8 OFFERING BROCHURE

9 COLLEGE BOULEVARD APARTMENTS

10 OFFERING BROCHURE

11 CBRE, Inc Main Street Suite 600 Kansas City, MO