5700 & Edgewood on Madison Apartmentsfiles.constantcontact.com/ca6df6b9501/18ad5039-b603-4053... ·...

Offering Memorandum

5700 & Edgewood on Madison ApartmentsINDIANAPOLIS, IN

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

NON-ENDORSEMENT NOTICE

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.

CONFIDENTIALITY AND DISCLAIMER

Offering Procedures

Purchasers Wishing To Make An Offer On The Property Should Submit:

At the time the Owners select a purchaser, they will consider a number of factors including, price, contingency timeframes, track record and the perceived ability of potential purchasers to complete the proposed transaction. Therefore, interested purchasers are encouraged to submit as much of the above as possible with the Letter of Intent.

All communications, inquiries and requests, including property tours, should be addressed to your Marcus & Millichap agent. Do not directly contact the Owners or anyone at the Property.

The Owners reserve the right at any time, for any reason, and in their sole and absolute discretion, to accept a pre-emptive offer, to reject any and all proposals, letters of intent, or expressions of interest in the Property, or to terminate discussions with any party at any time.

Letter of Intent (template available upon request).

Source and location of the equity monies necessary to close the proposed transaction: money market account, marketable securities, etc.

Specific details of intended financing (ie. Fannie, Freddie, Credit Union, Local Bank etc.)

List of other investment real estate owned now or in the past, including property type, address, size, approximate value and period of ownership.

Description of the purchaser’s experience with investment real estate or related industries.

Transaction references.

Banking references.

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exclusively listedExclusively listed by:

OFFICES THROUGHOUT THE U.S. AND CANADAwww.marcusmillichap.com

Nick HillardAssociate National Multi Housing GroupCHICAGO OAKBROOK Tel: (630) 570-2236 Fax: (630) [email protected] License: IL: 475.157175 IN: RB15001342 IA: B65094000

Scott D. HarrisSenior Managing Director Investments Senior Director, National Multi Housing Group CHICAGO OAKBROOKTel: (630) 570-2220Fax: (630) [email protected] License: IL: 475139887 IN: AB21406335 IA: S58247000 WI:15869-090

Table of Contents

5700 & 6000 Madison Apartments

EXECUTIVE SUMMARYInvestment Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Offering Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

PROPERTY DESCRIPTIONRegional Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Local Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Aerial Photo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Floor Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9-11

Property Photos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12-13

FINANCIAL ANALYSISRent Roll Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Comparison of Operating History & Pro Forma . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17-18

Current Rent Roll & Adjusted 2016 Income & Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Underwriting Adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

10 Year Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Cash Flow Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Cash Flow Analysis Growth Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

COMPETITIVE PROPERTY SETRecent Sales Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Recent Sales Comparable Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26-27

Recent Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28-30

Rent Comparables Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

Rent Comparables Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32-33

Rent Comparables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34-36

MARKET OVERVIEWDemographic Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Demographic Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

summaryE X E C U T I V E S U M M A R Y

Investment Overview

EXECUTIVE SUMMARY

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap

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5700 & Edgewood on Madison Apartments

Investment Highlights ■ Brand New Construction - Phase II 100 Percent Leased in under 30 Days

■ Close Proximity to Interstates Interstate 65 and Interstate 465

■ Located in the Homecroft/Southport Neighborhood

■ In-unit Washer and Dryer; Private Entrances for All One and Two-Bedroom Units

Community Amenities ■ Fitness Center

■ Clubhouse

■ Private Resident Entrance

■ Gated Dog Run/Park

Marcus & Millichap is pleased to present the 5700 and Edgewood on Madison Avenue Apartments, a 176-unit apartment complex located in Indianapolis, Indiana . The property is newly constructed, built in two phases, 112 units and 64 units . The first phase was completed in October 2013, with the second phase being completed in August of 2015 . The second phase was fully leased within one month of initial occupancy with no rent concessions .

The property offers residents a variety of different floor plans, including 52 studio (381 - 595 Square Foot) units, eight loft (296 - 338 Square Foot) units, 56 one-bedroom / one-bathroom (647 - 725 Square Foot) units, and 60 two-bedroom / two-bathroom (914 - 998 Square Foot) units . Each unit includes a washer and dryer, nicely-appointed kitchens, stainless steel or black appliances, walk-in closets, and private entrances .

5700 and Edgewood on Madison Apartments is located approximately 20 minutes southeast of downtown Indianapolis within the neighborhood of Homecroft/Southport . This historic, well-established area in the Perry township of Marion County . Marion County is the largest county in the state of Indiana (903,393 census 2010) and the 55th most populated county in the country . The average rental cost in this Homecroft/Southport neighborhood is higher than 87 .7 percent of the neighborhoods in Indiana .

Major area employers include St .Vincent Hospital, Eli Lily, Peyton Manning’s Children’s Hospital, Indiana University, Purdue University, IU Health Indianapolis, Roche Diagnostics Corp, Indiana University School of Medicine, IU Methodist Hospital, and Indiana University (Indianapolis) . In the Southport / Homecroft neighborhood, 45 .8 percent of the working population is employed in executive, management, and professional occupations . The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 25 .8 percent of the residents employed . Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (15 .8 percent), and 12 .5 percent in clerical, assistant, and tech support occupations .

Geographically within the Indianapolis MSA, the property enjoys a strategic location near Interstate 465, and direct access to Interstate 65 . A short drive from Community Hospital North and the Indianapolis Metropolitan Airport . Indianapolis is thriving with attractions including the Indianapolis Cultural Trail, Monument Circle, War Memorial Plaza, and numerous museums and festivals . 5700 Madison residents can enjoy the convenience of being located immediately next to the Madison and Edgewood Shoppes . Which includes; Kroger, McDonald’s . Edward Jones Financial Advisor, Arby’s, Blimpie’s, Great Clips and Old National Bank .

The 5700 and Edgewood on Madison Apartments provide an investor the opportunity to acquire a newly constructed, stabilized asset with immediate cash flow and strong returns . The properties strong rental market provides additional upside remaining in rents .


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EXECUTIVE SUMMARY 5700 & Edgewood on Madison Apartments

Offering Highlights

5700 & Edgewood on Madison Apartments5757 Madison Avenue

Indianapolis, IN 46227

PROPERTY DETAILSPrice $14,200,000

Number of Units 176

Number of Buildings 9

Number of Stories 2 & 3

Year Built 2013 & 2015

Rentable Square Feet 121,852 SF

Average Square Feet Per Unit 692 SF

Average Monthly Rent Per Unit $750

Lot Size (SF) 8.79 Acres

Type of Ownership Fee Simple

Parking Surface Spaces

Landscaping Grass, Trees, Bushes

Asset/Location Class B+ / B+

CONSTRUCTIONFoundation Concrete

Framing Wood

Exterior Brick and Vinyl Siding

Parking Surface Asphalt

Roof Pitched Shingle Asphalt

UTILTIESWater / Sewer / Trash Tenant Reimbursement

Phone / Internet Tenant Paid

Electric Tenant Paid

Gas N/A

MECHANICALHVAC Central Air / Forced Air Furnace

Wiring Copper

Fire Protection Sprinkler & Hard Wired Smoke Detector

UNIT MIX

NUMBER OF UNITS UNIT TYPE AVERAGE RENT

52 Studio $598

8 Loft $553

56 1 Bdr 1 Bath $743

30 2 Bdr 1 Bath $905

30 2 Bdr 2 Bath $922

descriptionP R O P E R T Y D E S C R I P T I O N

Regional Map

PROPERTY DESCRIPTION

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5700 & Edgewood on Madison

Local Map


PROPERTY DESCRIPTION 5700 & Edgewood on Madison Apartments

7This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap

Aerial Photo


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Floor Plans

CypressStudio | Down | 419 SF

HawthornStudio | Up | 496 SF


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Floor Plans

Hickory1 Bedroom | Up | 716 SF

Sycamore1 Bedroom | Down | 645 SF



Floor Plans

Redwood2 Bedroom | 2 Bath | Down | 914 SF

Sequoia2 Bedroom | 1 Bath | Up | 998 SF


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Property Photos



Interior Photos


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analysisF I N A N C I A L A N A LY S I S

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5700 & Edgewood on Madison ApartmentsFINANCIAL ANALYSIS


Rent Roll Summary as of 1/31/2017

UNIT COUNT

NUMBER VACANT

UNIT TYPE

SFSCHEDULED MARKET RENT

SCHEDULED MONTHLY RENT

MARKETRENT

AVERAGERENT

LOWEST RENT

HIGHEST RENT

AVERAGERENT/SF

COLLECTED MONTHLY RENT

12 0 Studio - Down 419 $7,140 $6,900 $595 $575 $555 $595 $1.37 $6,900

12 0 Studio - Up 496 $7,560 $7,490 $630 $624 $595 $630 $1.26 $7,490

16 0 1 Bed / 1 Bath - Up 716 $12,000 $11,790 $750 $737 $725 $750 $1.03 $11,790

16 0 1 Bed / 1 Bath - Down 647 $11,840 $11,660 $740 $729 $710 $740 $1.13 $11,660

28 2 2 Bed / 1 Bath - Up 998 $25,172 $25,113 $899 $897 $840 $899 $0.90 $23,315

28 1 2 Bed / 2 Bath - Down 914 $25,900 $25,750 $925 $920 $860 $925 $1.01 $24,825

6 0 Loft 296 $3,330 $3,310 $555 $552 $545 $555 $1.86 $3,310

2 0 Loft Large 338 $1,120 $1,110 $560 $555 $550 $560 $1.64 $1,110

12 0 Studio - Down 6000 438 $7,140 $7,030 $595 $586 $575 $595 $1.34 $7,030

12 0 Studio - Up 6000 473 $7,800 $7,740 $650 $645 $630 $650 $1.36 $7,740

2 0 Studio - Building 3 381 $1,120 $1,120 $560 $560 $560 $560 $1.47 $1,120

2 0 Studio - Large Building 3 507 $1,250 $1,200 $625 $600 $575 $625 $1.18 $1,200

12 0 1 Bed / 1 Bath - Up 6000 707 $9,220 $9,160 $768 $763 $750 $770 $1.08 $9,160

12 0 1 Bed / 1 Bath - Down 6000 669 $9,000 $8,910 $750 $743 $730 $750 $1.11 $8,910

2 0 2 Bed / 1 Bath - Up 6000 992 $1,850 $1,825 $925 $913 $900 $925 $0.92 $1,825

2 0 2 Bed / 2 Bath - Down 6000 936 $1,860 $1,850 $930 $925 $920 $930 $0.99 $1,850

176 3 TOTALS 121,852 $133,302 $131,958 $545 $930 $129,235

1.70% VACANT AVERAGES 692 $757 $750 $1.08

UNIT MIX UNIT RENT & RENT/SF

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Comparison of Operating History and Pro Forma

YEAR END 12/31/2015 ACTUALS**

YEAR END 12/31/2016 ACTUALS

CURRENT RENT ROLL & ADJUSTED 2016

EXPENSES

YEAR 1 M&M PROJECTION

PER UNIT PER SF

Effective Rental Income

Market Rents 1,562,912 1,561,632 1,599,624 1,663,609 9,089 13.13

Loss to Lease 3,706 (15,071) 16,128 24,691 1.48% 92 0.13

Scheduled Rental Income 1,559,206 1,576,703 1,583,496 1,638,918 9,180 13.26

Physical Vacancy (38,348) 2.5% (21,868) 1.4% (55,422) 3.0% (57,362) 3.5% (315) (0.45)

Economic Loss

Model Unit (11,947) 0.8% (11,100) 0.7% (11,100) 0.7% 0 0.0% (63) (0.09)

Bad Debt (13,490) 0.9% (16,863) 1.1% (7,917) 0.5% (8,195) 0.5% (45) (0.06)

Concessions (45,865) 2.9% (43,391) 2.8% (15,835) 2.0% (16,389) 1.0% (90) (0.13)

Total Vacancy (109,650) 7.0% (93,222) 5.9% (90,275) 5.7% (81,946) 5.0% (513) (0.74)

Economic Occupancy 92.97% 94.09% 94.30% 95.00%

Total Effective Rental Income 1,449,556 1,483,481 1,493,221 1,556,972 8,353 12.06

Other Income

Water, Sewer & Trash Income 60,222 60,906 60,906 62,733 346 0.50

Admin & Application Fees 44,654 25,430 25,430 26,193 144 0.21

Appliance Rentals 23,547 19,273 19,273 19,851 110 0.16

Cable TV Revenue 0 11,146 11,146 11,480 63 0.09

Late Charge Fees 10,439 7,606 7,606 7,834 43 0.06

Lease Termination Fees 20,160 15,296 15,296 15,755 87 0.13

Month to Month Premiums 5,283 5,099 5,099 5,252 29 0.04

Pet Fees 14,158 13,035 13,035 13,426 74 0.11

Miscellaneous Income 9,697 3,763 3,763 3,876 21 0.03

TOTAL OTHER INCOME 188,161 161,554 161,554 166,401 918 1.33

EFFECTIVE GROSS INCOME 1,637,717 1,645,035 1,654,775 1,723,373 9,271 13.39


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FINANCIAL ANALYSIS


Comparison of Operating History and Pro Forma



CURRENT RENT ROLL & ADJUSTED 2016

EXPENSES

YEAR 1 M&M PROJECTION

PER UNIT PER SF

Non-Controllable

Real Estate Taxes 248,490 248,490 267,795 281,185 1,522 2.20

Insurance 39,631 45,721 39,600 40,788 225 0.32

Electric - Vacant 11,890 7,073 7,073 7,285 40 0.06

Electric - Common Areas 18,082 22,422 22,422 23,095 127 0.18

Water & Sewer 33,264 46,059 46,059 47,441 262 0.38

Total Non-Controllable 351,356 369,765 382,949 399,794 2,176 3.14

Controllable

Maintenance & Repairs 51,690 36,645 36,645 37,744 208 0.30

Cleaning & Decorating 43,825 58,565 44,000 45,320 250 0.36

Refuse 7,927 6,757 6,757 6,960 38 0.06

Landscaping & Grounds 13,876 18,393 18,393 18,945 105 0.15

Snow Removal 5,889 6,941 6,941 7,149 39 0.06

Fire Protection 5,037 4,486 4,486 4,621 25 0.04

Payroll 188,586 162,558 142,000 146,260 807 1.17

Employee Benefits 23,496 28,659 28,659 29,519 163 0.24

Legal & Accounting 6,677 3,272 3,272 3,370 19 0.03

Administrative 27,966 19,068 19,068 19,640 108 0.16

Management 78,462 81,682 58,306 68,935 331 0.48

Advertising / Promotion 24,591 11,849 11,849 12,204 67 0.10

Total Controllable 478,019 438,875 380,376 392,050 2,361 3.41

TOTAL EXPENSES 829,375 808,640 763,325 791,844 4,537 6.55

NET OPERATING INCOME 808,341 836,395 891,450 931,529 5,065 7.32 Reserve 35,200 * 35,200 * 35,200 * 35,200 200 0.29

NOI AFTER RESERVES 773,141 801,195 856,250 896,329 4,865 7.03

**2015 Year-end figures represent the full 2015 year end for Phase 1 (112 units) and October-December Annualized for Phase II (64 Units)*Imposed Expense

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ACTUAL INCOME INCOME PER UNIT INCOME PER SQ. FT. INCOME % OF SGI

Income

Market Rent $1,599,624 1 $9,089 $13.13 91.67%

Loss to Lease $16,128 $92 $0.13 0.92%

Scheduled Rental Income $1,583,496 2

Water, Sewer & Trash Income $60,906 2 $346 $0.50 3.49%

Admin & Application Fees $25,430 3 $144 $0.21 1.46%

Appliance Rentals $19,273 3 $110 $0.16 1.10%

Cable TV Revenue $11,146 3 $63 $0.09 0.64%

Late Charge Fees $7,606 3 $43 $0.06 0.44%

Lease Termination Fees $15,296 3 $87 $0.13 0.88%

Month to Month Premiums $5,099 3 $29 $0.04 0.29%

Pet Fees $13,035 3 $74 $0.11 0.75%

Miscellaneous Income $3,763 3 $21 $0.03 0.22%

Total Other Income $161,554 $918 $1.33 9.26%

Scheduled Gross Income (SGI) $1,745,050

Physical Vacancy 3.50% $55,422 $315 $0.45 3.18%

Concessions 1.00% $15,835 $90 $0.13 0.91%

Bad Debt 0.50% $7,917 $45 $0.06 0.45%

Total Vacancy 5.00% $79,175 4 $450 $0.65 4.54%

EFFECTIVE GROSS INCOME (EGI) $1,665,875 $9,465 $13.67 95.46%

Expenses

Real Estate Taxes $267,795 5 $1,522 $2.20 15.35%

Insurance $39,600 6 $225 $0.32 2.27%

Electric - Vacant $7,073 3 $40 $0.06 0.41%

Electric - Common Areas $22,422 3 $127 $0.18 1.28%

Water & Sewer $46,059 3 $262 $0.38 2.64%

Total Fixed Expenses $382,949 $2,176 $3.14 21.94%

Maintenance & Repairs $36,645 3 $208 $0.30 2.10%

Cleaning & Decorating $44,000 6 $250 $0.36 2.52%

Refuse $6,757 3 $38 $0.06 0.39%

Landscaping & Grounds $18,393 3 $105 $0.15 1.05%

Snow Removal $6,941 3 $39 $0.06 0.40%

Fire Protection $4,486 3 $25 $0.04 0.26%

Model Unit $11,100 3 $63 $0.09 0.64%

Payroll $142,000 7 $807 $1.17 8.14%

Employee Benefits $28,659 3 $163 $0.24 1.64%

Legal & Accounting $3,272 3 $19 $0.03 0.19%

Administrative $19,068 3 $108 $0.16 1.09%

Management $58,306 8 $331 $0.48 3.34%

Advertising / Promotion $11,849 3 $67 $0.10 0.68%

Total Controllable Expenses $391,476 $2,224 $3.50 24.45%

TOTAL EXPENSES $809,625 $4,600 $3.21 22.43%

NET OPERATING INCOME $891,450 $5,065 $7.32 51.08%

Reserve $35,200 9 $200 $0.29 2.02%

NOI AFTER RESERVES $856,250 $4,865 $7.03 49.07%

Current Rent Roll and Adjusted 2016 Income & Expenses


20

FINANCIAL ANALYSIS


Underwriting Adjustments

1. Market Rent reflects current asking rents annualized as of the 1/31/2017 rent roll report.

2. Scheduled Rental Income reflects scheduled rents annualized as of the 1/31/2017 rent roll report.

3. Reflects Figure from 2016 Year End Actual Operating Statement.

4. Proforma Vacancy considers current occupancy of +98% and a historical market occupancy of over 95%. The 64 units were brought online August

7, 2015. These units were fully leased within one month, with no rental concessions.

5. Figure represents 2015 taxes payable in 2016 according to the Marion County Treasurer. The second phase was not fully assessed until this year,

therefore current figure represents the newest assessed value at the 2015 payable 2016 millage rate.

6. Figure represents broker proforma based on typical market operations.

7. Payroll adjusted to $142,000 and employee benefits to $28,000 which is in line with owner’s provided numbers.

8. Management Fee calculated at 3.5% of effective gross income (EGI).

9. Replacement and Reserve estimated at $200 per unit.

10 Year Executive Summary

21



PROPERTY DETAILSTotal Number of Units 176

Total Square Feet 121,852

Average Square Feet Per Unit 692

Year of Construction 2013 & 2015

Current Occupancy 98.30%

Average Monthly Rent Per Unit $750

Asset Type 2 & 3 Story Building

PROPERTY DETAILSInterest Rate 4.35%

Amortization Period 30.00

Years of Interest Only 2 Years

Annual Loan Constant 5.97%

Loan Term 10 Years

Loan Fee 1.00%

Loan to Value 75%

Loan Amount $10,650,000

PROPERTY DETAILSYear Capitalized Year 9

Capitilization Rate 6.75%

Cost of Sale 1.50%

PURCHASE PRICE PRICE PER UNIT PRICE PER SQ. FT. YEAR 0 CAP RATE ALL CASH IRR INITIAL CASH ON CASH RETURN LEVERAGED IRR$14,200,000 $80,682 $116.53 6.28% 8.35% 10.75% 16.29%


22

FINANCIAL ANALYSIS


Cash Flow AnalysisYEAR 0 YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10

Market Rents 1,599,624 1,663,609 1,721,835 1,773,490 1,826,695 1,881,496 1,937,941 1,996,079 2,055,961 2,117,640 2,181,169

Loss to Lease 16,128 24,691 33,749 34,762 35,805 36,879 37,985 39,125 40,299 41,507 42,753

Scheduled Rental Income 1,583,496 1,638,918 1,688,086 1,738,728 1,790,890 1,844,617 1,899,956 1,956,954 2,015,663 2,076,133 2,138,417

Total Vacancy (90,275) (81,946) (84,404) (86,936) (89,545) (92,231) (94,998) (97,848) (100,783) (103,807) (106,921)

Total Effective Rental Income 1,493,221 1,556,972 1,603,682 1,651,792 1,701,346 1,752,386 1,804,958 1,859,107 1,914,880 1,972,326 2,031,496

Total Other Income 161,554 166,401 171,393 176,534 181,830 187,285 192,904 198,691 204,652 210,791 217,115

Effective Gross Income 1,654,775 1,723,373 1,775,074 1,828,326 1,883,176 1,939,672 1,997,862 2,057,798 2,119,531 2,183,117 2,248,611

Maintenance & Repairs (36,645) (37,744) (38,877) (40,043) (41,244) (42,482) (43,756) (45,069) (46,421) (47,813) (49,248)

Cleaning & Decorating (44,000) (45,320) (46,680) (48,080) (49,522) (51,008) (52,538) (54,114) (55,738) (57,410) (59,132)

Refuse (6,757) (6,960) (7,169) (7,384) (7,605) (7,833) (8,068) (8,310) (8,560) (8,816) (9,081)

Landscaping & Grounds (18,393) (18,945) (19,513) (20,099) (20,701) (21,323) (21,962) (22,621) (23,300) (23,999) (24,719)

Snow Removal (6,941) (7,149) (7,364) (7,585) (7,812) (8,047) (8,288) (8,537) (8,793) (9,056) (9,328)

Fire Protection (4,486) (4,621) (4,759) (4,902) (5,049) (5,201) (5,357) (5,517) (5,683) (5,853) (6,029)

Payroll (142,000) (146,260) (150,648) (155,167) (159,822) (164,617) (169,555) (174,642) (179,881) (185,278) (190,836)

Employee Benefits (28,659) (29,519) (30,404) (31,316) (32,256) (33,224) (34,220) (35,247) (36,304) (37,393) (38,515)

Legal & Accounting (3,272) (3,370) (3,471) (3,575) (3,683) (3,793) (3,907) (4,024) (4,145) (4,269) (4,397)

Administrative (19,068) (19,640) (20,229) (20,836) (21,461) (22,105) (22,768) (23,451) (24,155) (24,879) (25,626)

Management (58,306) (60,318) (62,128) (63,991) (65,911) (67,889) (69,925) (72,023) (74,184) (76,409) (78,701)

Advertising / Promotion (11,849) (12,204) (12,571) (12,948) (13,336) (13,736) (14,148) (14,573) (15,010) (15,460) (15,924)

Reserve (35,200) (35,200) (35,200) (35,200) (35,200) (35,200) (35,200) (35,200) (35,200) (35,200) (35,200)

Total Controllable Expenses (415,576) (427,250) (439,012) (451,126) (463,604) (476,456) (489,694) (503,328) (517,372) (531,837) (546,737)

Real Estate Taxes (267,795) (281,185) (289,621) (298,309) (307,259) (316,476) (325,971) (335,750) (345,822) (356,197) (366,883)

Insurance (39,600) (40,788) (42,012) (43,272) (44,570) (45,907) (47,284) (48,703) (50,164) (51,669) (53,219)

Electric - Vacant (7,073) (7,285) (7,504) (7,729) (7,961) (8,200) (8,446) (8,699) (8,960) (9,229) (9,506)

Electric - Common Areas (22,422) (23,095) (23,787) (24,501) (25,236) (25,993) (26,773) (27,576) (28,404) (29,256) (30,133)

Water & Sewer (46,059) (47,441) (48,864) (50,330) (51,840) (53,395) (54,997) (56,647) (58,346) (60,097) (61,899)

Total Non-Controllable Expenses (382,949) (399,794) (411,788) (424,141) (436,865) (449,971) (463,470) (477,375) (491,696) (506,447) (521,640)

Total Expenses (798,525) (827,044) (850,799) (875,267) (900,469) (926,427) (953,164) (980,703) (1,009,068) (1,038,284) (1,068,377)

Net Operating Income Before Reserves 891,450 931,529 959,475 988,259 1,017,907 1,048,444 1,079,898 1,112,295 1,145,663 1,180,033 1,215,434

Net Operating Income After Reserves $856,250 896,329 924,275 953,059 982,707 1,013,244 1,044,698 1,077,095 1,110,463 1,144,833 1,180,234

Purchase Price/ Net Residual Value 14,200,000 17,222,679

Debt Service - Principal 0 0 (176,418) (184,247) (192,424) (200,963) (209,882) (219,196) (228,923) (9,237,947)All Cash

IRR 8.35%Debt Service - Interest (463,275) (463,275) (459,785) (451,956) (443,780) (435,240) (426,322) (417,008) (407,280) (397,121)

Total Debt Service (463,275) (463,275) (636,204) (636,204) (636,204) (636,204) (636,204) (636,204) (636,204) (9,635,069)

Cash Flow After Debt Financing 392,975 433,054 288,072 316,856 346,504 377,041 408,494 440,891 474,260 8,732,443

Non-Leveraged Return on Investment 6.03% 6.31% 6.51% 6.71% 6.92% 7.14% 7.36% 7.59% 7.82% 8.06% Leveraged IRR

16.29%Leveraged Return on Investment 10.75% 11.84% 7.88% 8.67% 9.48% 10.31% 11.17% 12.06% 12.97% 238.82%

Debt Coverage Ratio 1.85 1.93 1.45 1.50 1.54 1.59 1.64 1.69 1.75 0.12

Capitalization Rate Before Reserves 6.28% 6.56% 6.76% 6.96% 7.17% 7.38% 7.60% 7.83% 8.07% 8.31%

Capitalization Rate After Reserves 6.03% 6.31% 6.51% 6.71% 6.92% 7.14% 7.36% 7.59% 7.82% 8.06%

23



Cash Flow Analysis Growth RatesM&M YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10

Income

Effective Rental Income

Market Rents 4.00% 3.50% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Scheduled Rents 3.50% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Total Vacancy 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

Total Other Income 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Expenses

Controllable

Maintenance & Repairs 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Cleaning & Decorating 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Refuse 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Landscaping & Grounds 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Snow Removal 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Fire Protection 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Payroll 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Employee Benefits 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Legal & Accounting 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Administrative 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Management 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50%

Advertising / Promotion 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Non-Controllable

Real Estate Taxes 5.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Insurance 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Electric - Vacant 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Electric - Common Areas 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Water & Sewer 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Reserve 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

comparablesC O M PA R A B L E S



25

COMPARABLES


Recent Sales Map

4

5

3

21

SRecent Sales

1

2

3

4

5

Subject Property

Canyon Club at Perry Crossing

The Bristol

82 Flats

Cumberland Pointe

Maple Knoll Apartments

6 Riverchase Apartments

7 Reveal on Cumberland

6

7


26

COMPARABLES


Recent Sales Comparables Summary

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

RiverchaseApartments

Canyon Club at Perry

Crossing

Avg 6.03%

Reveal on Cumberland

CumberlandPointe

82 Flats The Bristol

Average Cap Rate

27

5700 & Edgewood on Madison ApartmentsCOMPARABLES


0.00

40.00

60.00

80.00

100.00

120.00

140.00



Crossing

Avg $112,946


CumberlandPointe


20.00


Recent Sales Comparables Summary

0.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00



Crossing

Avg $99.32


CumberlandPointe


20.00


Average Price per Square Foot

Average Price per Unit


28

COMPARABLES


Recent Sales

2

1

5700 & Edgewood on Madison Apartments (Subject Property) 5757 Madison Avenue, Indianapolis, IN 46227

List Price $14,200,000

Units 176

Price/Unit $80,682

Price/SF $116.53

Cap Rate 6.28%

Year Built 2013/2015

No. of Units Unit Type

52 Studio

8 Loft

56 1 Bdr 1 Bath

30 2 Bdr 1 Bath

30 2 Bdr 2 Bath

Maple Knoll Apartments 500 Bigleaf Maple Way, Westfield, IN 46074

Close of Escrow 2/18/2016

Sales Price $32,900,000

Units 300

Price/Unit $109,667

Price/SF $84.13

Cap Rate N/A

Year Built 2007

Units Unit Type

116 1 Bdr 1 Bath

48 2 Bdr 1 Bath

120 2 Bdr 2 Bath

16 3 Bdr 2 Bath

Cumberland Pointe 15800 Navigation Way, Noblesville, IN 46060



Units 336

Price/Unit 117931.5476

Price/SF $82.24

Cap Rate 6.57%

Year Built 2013

Units Unit Type

108 1 Bdr 1 Bath

36 2 Bdr 1 Bath

156 2 Bdr 1 Bath

36 3 Bdr 2 Bath

29



5

4

Recent Sales

82 Flats 8515 Lake Clearwater Lane, Indianapolis, IN 46240



Units 232

Price/Unit $145,474

Price/SF $153.41

Cap Rate 5.50%

Year Built 2013

Units Unit Type

108 1 Bdr 1 Bath

24 2 Bdr 1 Bath

100 2 Bdr 2 Bath

The Bristol 7705 Harborside Drive, Camby, IN 46113



Units 211

Price/Unit $92,180

Price/SF $88.68

Cap Rate 6.00%

Year Built 2005

Units Unit Type

62 1 Bdr 1 Bath

109 2 Bdr 2 Bath

40 3 Bdr 2 Bath

Canyn Club at Perry Crossing 2720 Canyon Club Drive, Plainfield, IN 46168



Units 206

Price/Unit $116,505

Price/SF $114.35

Cap Rate 5.83%

Year Built 2012

Units Unit Type

74 1 Bdr 1 Bath

24 2 Bdr 1 Bath

96 2 Bdr 2 Bath

12 3 Bdr 2 Bath

3


30

COMPARABLES


7

Riverchase Apartments 7300 Crawfordsville Road, Indianapolis, IN 46214



Units 216

Price/Unit $74,769

Price/SF $87.01

Cap Rate 6.33%

Year Built 2000

Units Unit Type

72 1 Bdr 1 Bath

73 2 Bdr 1 Bath

71 2 Bdr 2 Bath

Reveal on Cumberland 11723 Watermark Way, Fishers, IN 46037



Units 220

Price/Unit $134,091

Price/SF $85.40

Cap Rate 6.05%

Year Built 2014

Units Unit Type

88 1 Bdr 1 Bath

116 2 Bdr 2 Bath

16 3 Bdr 2 Bath

6

Recent Sales



31

COMPARABLES


Rent Comparables Map

53

2

1

6

7

4

Rent Comparables

1

2

3

4

5

Subject Property

Stonebridge Apartments

Murphy’s Landing Apartments

Madison Village Apartments

Keeneland Crest Apartments

Dakota Ridge Apartments

6 Westminster Apartments

7 Martinique Terrace Apartments


32

COMPARABLES


Rent Comparables Summary

0

10

20

30

40

50

60

70

80

90

100

Subject DakotaRidge

Apartments

Avg 94%

KeenelandCrest

Apartments

Madison Village

Apartments

Murhpy’s Landing

Apartments


Westminster Apartments

Martinique Terrace

Apartments

0

100

200

300

400

500

600

700

800

900

Subject

Avg $738

1 Bdr Studio

1,000

DakotaRidge Apart-

ments

KeenelandCrest Apart-

ments

Madison Village

Apartments

Murhpy’s Landing

Apartments



Martinique Terrace

Apartments

Average Occupancy

Average Rents - Studio and 1 Bedroom

33



Rent Comparables Summary

0

200

400

600

800

1,000

1,200

Subject

Avg $866

2 Bdr 3 Bdr

1,400

Avg $1,080

DakotaRidge Apart-

ments

KeenelandCrest Apart-

ments

Madison Village

Apartments

Murhpy’s Landing

Apartments



Martinique Terrace

Apartments

Average Rents - 2 and 3 Bedrooms


34

COMPARABLES


2

1

Rent Comparables

5700 & Edgewood on Madison Apartments (Subject Property) 5757 Madison Avenue, Indianapolis, IN 46227

Dakota Ridge Apartments 1510 Dakota Ridge Drive, Indianapolis, IN 46237

Keeneland Crest Apartments 5540 Ashview Drive, Indianapolis, IN 46237

No. of Units: 176

Occupancy: 98%

Year Built/Renovated: 2013/2015

No. of Units: 272

Occupancy: 97%

Year Built: 2004

No. of Units: 424

Occupancy: 99%

Year Built: 1997

Units Unit Type SF Rent Rent/SF

52 Studio 381-595 $555-$630 $1.21

8 Loft 296-338 $545-$550 $1.73

56 1 Bdr 1 Bath 647-725 $699-$750 $1.06

30 2 Bdr 1 Bath 998-992 $899-$900 $0.95

30 2 Bdr 2 Bath 914-936 $920-$925 $1.00


N/A 1 Bdr 1 Bath 788-850 $720-$804 $0.93

N/A 2 Bdr 2 Bath 997-1,209 $850-$956 $0.82

N/A 3 Bdr 2 Bath 1,188-1,222 $982 $0.16


N/A 1 Bdr 1 Bath Classic 830-890 $659 $0.77

N/A 1 Bdr 1 Bath Upgrade 830-890 $769 $0.89

N/A 2 Bdr 1 Bath Classic 930-985 $749-$769 $0.79

N/A 2 Bdr 1 Bath Upgrade 930-985 $849-$869 $0.90

N/A 2 Bdr 2 Bath Classic 1,040-1,100 $779-$829 $0.75

N/A 2 Bdr 2 Bath Upgrade 1,040-1,100 $889-$929 $0.85


35

COMPARABLES


5

4

Rent Comparables

Madison Village Apartments 1819 Madison Village Drive, Indianaplis, IN 46227

Murphy’s Landing Apartments 6909 Murphys Landing Lane, Indianapolis, IN 46217

Stonebridge Apartments 6512 Bridge Crossing Drive, Indianapolis, IN 46227

No. of Units: 192

Occupancy: 90%


No. of Units: 200

Occupancy: 94%

Year Built: 2000

No. of Units: 322

Occupancy: 93%



72 1 Bdr 1 Bath 700-865 $629-$649 $0.82

12 1 Bdr 1.5 Bath 765 $709 $0.93

38 2 Bdr 1 Bath 850-865 $709 $0.83

34 2 Bdr 1.5 Bath 975 $799 $0.82

36 3 Bdr 1.5 Bath 1,075-1,300 $799-$999 $0.76


72 1 Bdr 1 Bath 700 $685-$780 $1.05

44 2 Bdr 1 Bath 935 $854-$959 $0.97

56 2 Bdr 2 Bath 1,000 $891-$1,022 $0.96

28 3 Bdr 2 Bath 1,200 $1,045-$1,268 $0.96


75 1 Bdr 1 Bath 680-750 $870-$1,110 $1.38

75 2 Bdr 1 Bath 890 $975-$1,295 $1.28

154 2 Bdr 2 Bath 1,010-1,250 $1,050-$1,370 $1.07

18 3 Bdr 2 Bath 1,280-1,300 $1,299-$1,664 $1.15

3


36

COMPARABLES


7

Rent Comparables

Westminster Apartments 921 Parliament Place, Indianapolis, IN 46217

Martinique Terrace Apartments 6789 South East Street, Indianapolis, IN 46227

No. of Units: 438

Occupancy: 85%


No. of Units: 215

Occupancy: 98%

Year Built: 1967/2008


N/A 1 Bdr 1 Bath 621-701 $595-$680 $0.96

N/A 2 Bdr 1 Bath 868 $715 $0.82

N/A 2 Bdr 1.5 Bath 884 $760 $0.86

N/A 2 Bdr 2 Bath 1,092 $800 $0.73

N/A 3 Bdr 2 Bath 1,368 $1,020 $0.75


N/A 1 Bdr 1 Bath 850 $649-$669 $0.78

N/A 2 Bdr 1 Bath 900-1,000 $679-$739 $0.75

N/A 3 Bdr 1.5 Bath 1,300 $939 $0.72

6

demographicsD E M O G R A P H I C R E P O R T

Demographic Summary

MARKET OVERVIEW

38



INCOME 1-MILE 3-MILES 5-MILES

$0 - $ 14,999 13.3% 13.8% 13.3%

$15,000 - $24,999 12.7% 14.0% 13.3%

$25,000 - $34,999 13.3% 14.2% 13.0%

$35,000 - $49,999 16.9% 16.9% 15.9%

$50,000 - $74,999 20.7% 18.8% 19.3%

$75,000 - $99,999 11.4% 10.6% 11.8%

$100,000 - $124,999 7.8% 5.8% 6.7%

$125,000 - $149,999 1.6% 2.8% 3.4%

$150,000-$199,999 1.7% 1.8% 2.0%

$200,000-$249,999 0.3% 0.5% 0.7%

$250,000 + 0.4% 0.7% 0.8%

Median HH Income $44,769 $41,575 $44,410

Per Capita Income $22,227 $22,426 $22,928

Average HH Income $54,256 $54,742 $57,543

HOUSEHOLDS 1-MILE 3-MILES 5-MILES

2000 Households 2,937 31,363 69,824

2010 Households 2,862 34,182 78,087

2014 Households 2,941 35,170 80,255

2019 Households 2,939 36,230 84,409

Average HH Size 2.39 2.41 2.48

2014 Daytime Population 2,765 25,625 64,786

2000 Owner Occupied Housing Units 69.47% 55.76% 59.14%

2000 Renter Occupied Housing Units 24.74% 37.20% 33.38%

2000 Vacant 5.79% 7.03% 7.48%



2014 Vacant 4.76% 6.02% 7.11%



2019 Vacant 4.66% 5.93% 6.99%

POPULATION 1-MILE 3-MILES 5-MILES

2000 Population 7,115 76,051 175,767

2010 Population 7,025 84,720 198,095

2014 Population 7,198 86,947 203,103

2019 Population 7,173 89,119 212,334

Demographic Summary

Demographic data © 2015 by Experian/Applied Geographic Solutions.

MARKET OVERVIEW 5700 & Edgewood on Madison Apartments


Race and Ethnicity

The current year racial makeup of your selected area is as follows: 84 .24% White, 5 .24% Black, 0 .05% Native American and 3 .58% Asian/Pacific Islander . Compare these to Entire US averages which are: 71 .60% White, 12 .70% Black, 0 .18% Native American and 5 .02% Asian/Pacific Islander .

People of Hispanic origin are counted independently of race . People of Hispanic origin make up 7 .43% of the current year population in your selected area . Compare this to the Entire US average of 17 .13% .

Housing

In 2000, there were 44,633 owner occupied housing units in your area and there were 25,190 renter occupied housing units in your area . The median rent at the time was $477 .

Employment

In 2014, there are 64,786 employees in your selected area, this is also known as the daytime population . The 2000 Census revealed that 58 .65% of employees are employed in white-collar occupations in this geography, and 41 .50% are employed in blue-collar occupations . In 2014, unemployment in this area is 6 .41% . In 2000, the average time traveled to work was 24 .7 minutes .

Population

In 2014, the population in your selected geography is 203,102 . The population has changed by 15 .55% since 2000 . It is estimated that the population in your area will be 212,333 five years from now, which represents a change of 4 .54% from the current year . The current population is 48 .55% male and 51 .44% female . The median age of the population in your area is 34 .3, compare this to the Entire US average which is 37 .3 . The population density in your area is 2,582 .33 people per square mile .

Households

There are currently 80,254 households in your selected geography . The number of households has changed by 14 .93% since 2000 . It is estimated that the number of households in your area will be 84,408 five years from now, which represents a change of 5 .17% from the current year . The average household size in your area is 2 .48 persons .

Income

In 2014, the median household income for your selected geography is $44,410, compare this to the Entire US average which is currently $51,972 . The median household income for your area has changed by 4 .57% since 2000 . It is estimated that the median household income in your area will be $50,438 five years from now, which represents a change of 13 .57% from the current year .

The current year per capita income in your area is $22,927, compare this to the Entire US average, which is $28,599 . The current year average household income in your area is $57,543, compare this to the Entire US average which is $74,533 .

Geography: 5 Miles

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Nick HillardAssociate National Multi Housing GroupCHICAGO OAKBROOK Tel: (630) 570-2236 Fax: (630) [email protected] License: IL: 475.157175 IN: RB15001342 IA: B65094000

Scott D. HarrisSenior Managing Director Investments Senior Director, National Multi Housing Group CHICAGO OAKBROOKTel: (630) 570-2220Fax: (630) [email protected] License: IL: 475139887 IN: AB21406335 IA: S58247000 WI:15869-090

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