Manzana Grove...Manzana Grove presents an opportunity for a new owner to increase rents with...

CONFIDENTIALOffering Memorandum

Manzana Grove 5925 Callaston LaneFort Worth, TX 76112

Paul YazbeckManaging PartnerPhone: 972.379.9844E-mail: [email protected]

Will ClarkeVice President Phone: 469.250.9714E-mail: [email protected]

Jonathan KrebbsManaging PartnerPhone: 972.379.9843E-mail: [email protected]

Chase DavisVice PresidentPhone: 972.465.9533E-mail: [email protected]

Please do not disturb management or visit the office without an appointment.

Call for Offers November 27th - Tour Dates November 9th and 16th

The BlueprintLocation Overview ........................................4

Property Overview ........................................6

Rent Comparables ........................................21

Financial Overview .......................................27

2

Dallas

North

Manzana Grove

Location

67

30635

820

30

20

35

3545

Fort Worth

360Arlington Grand Prairie

Irving

Bedford

Farmers Branch

KellerGarland

Richardson

Mesquite

DeSoto

Duncanville

Cedar Hill

Lancaster

Benbrook

Southlake

Mansfield

Balch Springs

Highland Park

University Park

Everman

Saginaw

Hutchins

183

121

30

35W

20

35E

183

114

54

7

Property Overview

The Multifamily Group is pleased to announce the exclusive listing of Manzana Grove, a 92% occupied community in Fort Worth, Texas, which has exceptional visibility and ingress/egress along Interstate 30 (14,588 vehicles per day). Manzana Grove has energy efficient double pane windows, w/d hookups, pitched roofs and private patios/balconies. All units, with the exception of the 500 square foot units, have fireplaces and washer/dryer connections. Recent unit turns have received vinyl plank flooring but comparable properties nearby are achieving significantly higher rents with additional upgrades. Competing properties are upgrading kitchen appliances, cabinets, counter-tops, lighting and adding a back-splash. Manzana Grove presents an opportunity for a new owner to increase rents with interior renovations while benefiting from the organic rent growth of the Dallas/Fort Worth Metroplex, the top apartment market in the country. Renovated units nearby average $1.11 per square foot or $876 per unit. Manzana Grove's average rent is $.92 per square foot or $729 per unit. The weighted variance is $.20 per square foot or $147 per unit. See pages 22-25 for more detail.

The location is just North of the Interstate 30 interchange which provides residents convenient access to the Fort Worth central business district and the Arlington entertainment district. Manzana Grove is 10 minutes east of downtown Fort Worth, 25 minutes West of downtown Dallas and 25 minutes from DFW International Airport. Due to the support of the Fort Worth Central Business District, Medical District, nearby Universities and retail, Manzana Grove is 92% occupied. Prospective investors can step into stable cash-flow with significant upside.

Value-Add Opportunities

• Interior Upgrades; none of the units at the property have received a full renovation package.

• Comparable properties are achieving on average $147 increase in per unit rent • Water Conservation Program; the water/sewer expense can be reduced through

the installation of water saving devices such as shower heads and aerators. Save Water Co. estimates a water savings of $16k per year

• Ability to create additional revenue streams such as covered parking• Sales Comps of Similar Vintage in the Meadowbrook Submarket are Exceeding

$80,000/unit

Highlights

• Opportunity to enter market and achieve scale with more than 230 units• Opportunity to bring rents up to an average of $876 to meet market rates• Located near several of the area's largest employers and entertainment centers• Area experiencing steady rent and population growth • "Affordable Pricing” and "Green Pricing" available for financing with Agency Debt• East Fort Worth has been one of the top performing sub-markets in all of DFW with

6% rent growth in the past year (ALN)• Full Size Washer and Dryer Connections in all units except 500 sqft units• Fireplaces in all units except 500 sqft units

Property Summary

Price Market

Terms Free and Clear

Units 236

Year Built 1979

Occupancy 92%

Average Unit Size 796 SF

Average In Place Rent $729

Electricity Resident Pays

HVAC Individual Electric

Hot Water Individual Electric

9

Property Details

Price Market

Terms Free and ClearAddress 5925 Callaston Lane

Fort WorthYear Built 1979Units 236Net Rentable SF 187,816 Average Unit Size 796 SFSite Size 9.98 AcresDensity 23.6 Units/AcreOccupancy 92%

Construction

Foundation SlabExterior Brick/SidingRoof Pitched CompositionNumber of Buildings 32

Mechanical

HVAC Individual ElectricHot Water Individual ElectricWiring CopperPlumbing Copper

Utilities

Electricity Resident PaysWater/Sewer Resident PaysGas Property PaysCable/Internet Resident Pays

Laundry / Washer and Dryers

Laundry W/D Hookups in All Units except 500 SF units - Laundry On-site

Tax Information

County TarrantCAD Account No. 00535117

Tax Detail

Assessed Value $14,267,160 City 0.805000ISD 1.352000County 0.244000College 0.140060Hospital 0.224429Other 0.019400Other 2 0.000000Total 2.784889%

School Information

School District Fort WorthElementary John T White Elementary SchoolMiddle School Meadowbrook Middle SchoolHigh School Eastern Hills High School

Parking

Paving GradeTotal Spaces 490

Leasing Fees

Application Fee $35

Personnel

Property ManagerLead and Assistant Maintenance

Community Amenities

• Gated Community• Children’s Playground• Surveillance Cameras and 24 Hour Courtesy Patrol• Soccer Sized Play Area• On-Site Professional Staff • Plenty of Parking• Professionally Maintained Landscaping• On-Site Laundry Facilities

Area Amenities

• East Fort Worth boasts an average occupancy rate of 96% (Yardi)• The Fort Worth-Arlington area added 23,400 jobs in the past 12 months, a 2.3%

gain• Major Employers include: American Airlines, The University of Texas at Arlington,

General Motors, Lockheed Martin, and Texas Health Resources • Several future developments planned such as Texas Live! and the D.R. Horton's

new Headquarters.

Amenities

Unit Amenities

• Resurfaced Countertops (select units)

• High Speed Internet Access

• Ceramic Tile (first floor units)

• Stain Resistant Carpets (select units)

• Updated Appliances (select units)

• Washer Dryer Hookups in all 1, 2 and 3 bedrooms

• Fireplaces in all 1, 2 and 3 bedroom units

• Individually Metered Electricity

1110

3

1. University of Texas at Arlington2nd largest employer in the area, has a $13.6 billion economic impact on the State of Texas

2. Fort Worth Medical DistrictRobust Medical District providing quality jobs and fueling growth in surrounding areas

3. DFW Airport Serves as the HQ for American Airlines, the area's largest employer, and is a hub for flight traveling around the world

4. GM Arlington Assembly Plant $1.4 billion expansion to meet global demand, average production of 1,200 SUVs per day

5. River Legacy ParksJust East of Manzana Grove, River Legacy Parks boasts 8 miles of paved hike & bike trails, picnic areas, canoing, playgrounds, and educational programs

6. AT&T Stadium (Dallas Cowboys) Multipurpose venue constructed in 2009 for $1.3 billion, brings $12 million in special events and $7 million in tour revenue to the City of Arlington

7. Texas Live! (Texas Rangers)$250 million entertainment complex recently opened in 2018 includes: Live! By Loews, a $150 million hotel, 200,000 SF of restaurants and retail, and 35,000 SF of office space, will bring 3,000 new jobs and 3 million more annual tourists

12

6

7

5

4

AArlington

20

360 161

Area Attractions

AFort Worth

820

30

183

Manzana Grove

30

North

820

1312

Additional Photos

14 15

1716

Unit Mix

Type # Units % of Total Square Feet Effective Rent Market Rent Comp Supported Rent Effective $/SF Market $/SF Supported $/SF

0-1 31 13% 500 $615 $700 $739 $1.23 $1.40 $1.48

1-1 32 14% 661 $642 $730 $805 $0.97 $1.10 $1.22

+1-1 81 34% 740 $672 $810 $825 $0.91 $1.09 $1.11

2-1 32 14% 842 $776 $860 $875 $0.92 $1.02 $1.04

2-2 24 10% 957 $808 $900 $960 $0.84 $0.94 $1.00

+2-2 32 14% 1,166 $952 $1,100 $1,141 $0.82 $0.94 $0.98

+2-2 4 2% 1,000 $836 $1,050 $1,100 $0.84 $1.05 $1.10

Total: 236 100% 187,816 $172,083 $199,190 $207,439

Average: 796 $729 $844 $879

Annual: $2,064,991 $2,390,280 $2,489,264

Notes

1918

Rent Comparables

21

Floor Plans

Floor Plans

2322

North

Manzana Grove Woodford Ridge

Asher Apartments

North

Boca Raton Blvd

Randol Mill RD

Will

ow R

idge

Rd

Woodhaven Blvd

Brid

gewoo

d Dr

Woodstone

Taylor Commons

2524

Rent Comparable Summary

Property Name Address City State Zip Year Built # of Units Occupancy Avg. Size Avg. Rent/Unit Avg. Rent PSF

Woodstone 6051 Bridge Street Fort Worth TX 76112 1984 200 92% 676 $836 $1.24

Woodford Ridge 6001 Oakland Hills Dr Fort Worth TX 76112 1984 216 92% 672 $825 $1.23

Asher 807 Heights Dr Fort Worth TX 76112 1979 332 84% 868 $870 $1.00

Taylor Commons 5600 Cotswold Hills Dr Fort Worth TX 76112 1979 224 90% 767 $867 $1.13

Casa Villa 6130 Oakland Hills Dr Fort Worth TX 76112 1984 140 77% 949 $982 $1.03

Averages 1982 222 87% 786 $876 $1.11

Manzana Grove 5925 Callaston Lane Fort Worth TX 76112 1979 236 92% 796 $729 $0.92

Variance +10 ($147) ($0.20)

820

30

Casa Villa

Large One Bedroom

Two Bedroom Large Two Bedroom

Efficiency

One BedroomPROPERTY SIZE RENT R/SFCasa Villa 601 $765 $1.27

Woodstone 603 $792 $1.31

Asher 636 $755 $1.19

Taylor Commons 653 $830 $1.27

Woodford Ridge 671 $825 $1.23


Asher 717 $780 $1.09

Average 654 $795 $1.22 Manzana Grove* 661 $642 $0.97

Variance ($152) ($0.25)

PROPERTY SIZE RENT R/SFAsher 768 $790 $1.03


Casa Villa 820 $875 $1.07

Woodstone 826 $880 $1.07

Asher 861 $845 $0.98

Casa Villa 922 $930 $1.01


Variance ($181) ($0.12)

PROPERTY SIZE RENT R/SFWoodford Ridge 471 $715 $1.52

Woodstone 510 $749 $1.47




Variance ($145) ($0.25)

PROPERTY SIZE RENT R/SFAsher 861 $900 $1.05

Asher 955 $930 $0.97


Asher 966 $960 $0.99

Casa Villa 968 $990 $1.02


Woodstone 1012 $1,044 $1.03


Variance ($184) ($0.08)

Manzana Grove* 957 $808 $0.84

Variance ($152) ($0.16)

PROPERTY SIZE RENT R/SFTaylor Commons 1008 $1,025 $1.02

Woodstone 1012 $1,095 $1.08

Casa Villa 1053 $1,065 $1.01

Asher 1105 $975 $0.88

Asher 1115 $990 $0.89

Casa Villa 1140 $1,125 $0.99

Average $0.98 Manzana Grove* 1166 $952 $0.82

Variance ($93) ($0.16)

Manzana Grove* 1000 $836 $0.84

Variance ($210) ($0.14)

Rent ComparisonThis study compares market rents from comparable properties to Manzana Grove's effective rents.

27

Notes

Financial Overview

2928

3130

T-12 INCOME Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 T-12 TOTAL

Market Rent 199,190 199,190 199,190 199,190 199,190 199,190 199,190 199,190 199,190 199,190 199,190 199,190 $2,390,280

Less: Loss to Lease/Gain to Lease (27,107) (27,107) (27,107) (27,107) (27,107) (27,107) (27,107) (27,107) (27,107) (27,107) (27,107) (27,107) ($325,289)

Gross Potential Rent 172,083 172,083 172,083 172,083 172,083 172,083 172,083 172,083 172,083 172,083 172,083 172,083 $2,064,991

Vacancy (22,423) (20,454) (22,597) (15,367) (16,630) (20,305) (9,184) (24,108) (20,487) (19,568) (17,166) (17,275) ($225,561)

Bad Debt/Concessions 0 (1,280) (82,792) (5,075) (16,309) (1,826) (14,680) (2,812) (37,045) (26,984) (221) (13,480) ($202,504)

Net Rental Income 149,660 150,348 66,694 151,641 139,144 149,952 148,219 145,164 114,551 125,531 154,696 141,328 $1,636,926

RUB Income 7,170 7,463 7,665 7,655 7,520 7,453 7,342 7,255 7,485 7,508 7,662 7,434 $89,612

Water/Sewer 7,170 7,463 7,665 7,655 7,520 7,453 7,342 7,255 7,485 7,508 7,662 7,434 $89,612

Other Income 12,141 7,346 8,567 9,706 4,112 3,430 6,065 8,286 9,041 12,843 8,010 9,545 $99,093

GROSS REVENUES 168,971 165,157 82,926 169,002 150,776 160,835 161,626 160,705 131,077 145,882 170,368 158,307 $1,825,631

T-12 EXPENSES

Repairs & Maintenance 9,764 4,595 25,197 2,670 2,190 775 0 950 52 1,075 975 3,589 $51,832

Administrative 1,810 2,523 1,813 3,393 898 394 329 1,318 2,128 2,048 1,562 3,801 $22,016

Marketing 193 0 60 373 0 0 0 15 0 20 0 0 $661

Payroll (2,384) (2,858) 47,780 20,645 17,155 14,580 13,419 17,277 23,206 7,184 15,819 14,307 $186,130

Utilities 12,346 11,490 13,279 17,566 6,058 20,798 13,356 11,560 14,720 13,759 7,066 10,698 $152,696

Water/Sewer 12,346 11,490 13,279 17,566 6,058 20,798 13,356 11,560 14,720 13,759 7,066 10,698 $152,696

Management Fees 0 0 504 0 0 0 0 0 0 0 0 0 $504

Insurance 3,296 3,438 3,828 0 0 10,080 2,662 2,662 5,323 0 2,662 2,662 $36,612

Real Estate Taxes 33,110 33,110 33,110 33,110 33,110 33,110 33,110 33,110 33,110 33,110 33,110 33,110 $397,325

TOTAL EXPENSES 58,137 52,298 125,570 77,758 59,411 79,737 62,875 66,892 78,540 57,197 61,194 68,167 $847,775 Recurring Capital Expenditures 4,425 4,425 4,425 4,425 4,425 4,425 4,425 4,425 4,425 4,425 4,425 4,425 $53,100

NOI (WITH RESERVES) 106,410 108,434 (47,068) 86,819 86,941 76,673 94,326 89,387 48,112 84,260 104,749 85,715 $924,757

3332

TRENDING ANALYSIS TRAILING 12 MONTHS

90 DAY ANNUALIZED INCOME

30 DAY ANNUALIZED INCOME

UNDERWRITING YEAR 1 NOTES

Market Rent 2,390,280 10,128 2,390,280 10,128 2,390,280 10,128 2,509,794 10,635 Year 1 Rents have been grown at 5% based on comparable properties

Less: Loss to Lease (325,289) 13.6% (325,289) 13.6% (325,289) 13.6% (101,587) 4.0% Loss to Lease has been estimated at 4% of Total Market Rent

Gross Potential Rent 2,064,991 8,750 2,064,991 8,750 2,064,991 8,750 2,408,207 10,204

Vacancy (225,561) 10.9% (216,032) 10.5% (207,295) 10.0% (200,784) 8.0% Vacancy has been normalized at 8.0% based on current market conditions

Non Revenue 0 0.0% 0 0.0% 0 0.0% 0 0.0% Non Revenue is projected at 0.0% of Total Market Rent based on historical operations

Bad Debt/Concessions (202,504) 9.8% (162,742) 7.9% (161,763) 7.8% (53,655) 2.2% Bad Debt/Other Rent Loss is projected at 2.2% of Total Market Rent based on historical operations

Net Rental Income 1,636,926 6,936 1,686,217 7,145 1,695,933 7,186 2,153,769 9,126

RUB Income 89,612 380 90,416 383 89,208 378 114,522 485 RUB Income is projected at $114522 based on historical operations

Water/Sewer 89,612 380 90,416 383 89,208 378 114,522 485

Trash 0 0 0 0 0 0 0 0

Gas/Electric RUB 0 0 0 0 0 0 0 0

Other Income 99,093 420 99,093 420 99,093 420 99,093 420 Other Income is projected at $99,093 based on historical operations

GROSS REVENUES 1,825,631 7,736 1,875,727 7,948 1,884,234 7,984 2,367,384 10,031

EXPENSES *Expenses based on Wehner Multifamily Budget who took over in Oct 2018*

Contract Services 0 0 0 0 0 0 26,973 114 Contract Services are projected at $114 per unit based on current operations

Repairs & Maintenance 51,832 220 51,832 220 51,832 220 116,157 492 R&M is projected at $492 per unit based on current operations

Administration 22,016 93 22,016 93 22,016 93 37,814 160 Administrative Costs are projected at $160 per unit based on current operations

Marketing 661 3 661 3 661 3 5,900 25 Marketing is projected at $25 per unit based on current operations

Payroll 186,130 789 186,130 789 186,130 789 213,879 906 Payroll is projected at $906 per unit based on current operations

Utilities 152,696 647 152,696 647 152,696 647 152,696 647 Utilities are projected at $647 per unit. *Water and Trash combined*

Electric 0 0 0 0 0 0 0 0

Water/Sewer 152,696 647 152,696 647 152,696 647 152,696 647

Trash 0 0 0 0 0 0 0 0

Gas/Other 0 0 0 0 0 0 0 0

Management Fee 504 2 504 2 504 2 82,858 351 Management Fees are projected at 3.5% of Gross Revenue

Insurance 36,612 155 36,612 155 36,612 155 53,808 228 Insurance is based on an comparable property policy costs of $228 per unit

Taxes 397,325 1684 397,325 1,684 397,325 1,684 401,337 1,701 Taxes are $401,337 based on an Equal and Uniform analysis of comparable properties in the area

TOTAL EXPENSES 847,775 3592 847,775 3592 847,775 3592 1,091,423 4625

Recurring Capital 53,100 225 53,100 225 53,100 225 53,100 225 Recurring capital expenditures have been estimated at $225 per Unit

NOI (WITH RESERVES) 924,757 3,918 974,852 4,131 983,359 4,167 1,222,861 5,182 *Water can be reduced by $16k a year w/ implementation of Water Conservation Program

35

5 YEAR CASHFLOW ASSUMPTIONS Current YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5

Gross Potential Rent Growth 5.00% 3.00% 3.00% 3.00% 3.00%

Total Economic Loss 31.52% 14.19% 7.00% 7.00% 7.00% 7.00%

Other/Utility Reimbursement Income Growth 0.00% 2.00% 2.00% 2.00% 2.00%

Operating Expense Growth 0.00% 2.00% 2.00% 2.00% 2.00%

Real Estate Tax Growth 0.00% 2.00% 2.00% 2.00% 2.00%

INCOME

Gross Potential Rent 2,390,280 2,509,794 2,585,088 2,662,640 2,742,520 2,824,795

Less: Total Economic Loss (1,509) (356,025) (180,956) (186,385) (191,976) (197,736)

Economic Occupancy 68% 86% 93% 93% 93% 93%

Net Rent Per Unit 578 801 894 920 948 976

Net Rental Income 1,636,926 2,153,769 2,404,132 2,476,256 2,550,543 2,627,060

Utility Reimbursement Income 89,612 114,522 116,812 119,149 121,532 123,962

Other Income 99,093 99,093 101,075 103,097 105,158 107,262

Gross Revenues 1,825,631 2,367,384 2,622,019 2,698,501 2,777,233 2,858,284

Monthly Revenue 152,136 197,282 218,502 224,875 231,436 238,190

% Increase over previous year 0.00% 29.67% 10.76% 2.92% 2.92% 2.92%

EXPENSES

Contract Services 0 26,973 27,512 28,063 28,624 29,196

Repairs & Maintenance 51,832 116,157 118,480 120,850 123,267 125,732

Administrative 22,016 37,814 38,570 39,342 40,129 40,931

Marketing 661 5,900 6,018 6,138 6,261 6,386

Payroll 186,130 213,879 218,157 222,520 226,970 231,510

Utilities 152,696 152,696 155,750 158,865 162,042 165,283

Management Fees 504 82,858 84,516 86,206 87,930 89,689

Insurance 36,612 53,808 54,884 55,982 57,101 58,244

Taxes 397,325 401,337 409,364 417,551 425,902 434,420

Recurring Capital Expenditures 53,100 53,100 53,100 53,100 53,100 53,100

Total Expenses with Reserves (900,875) (1,144,523) (1,167,413) (1,190,761) (1,214,577) (1,238,868)

NET OPERATING INCOME 924,757 1,222,861 1,454,606 1,507,739 1,562,657 1,619,415

Paul YazbeckManaging PartnerThe Multifamily Group

Prior to forming The Multifamily Group, Paul was an Executive Director of Investment Sales with Sperry Van Ness (SVN) and finished as the company’s #7 highest performing broker out of over 1,100 brokers worldwide in 2017, the #1 ranked broker in the Southwest Region, and the top producer in the office in 2017. In 2016, Paul was the 3rd ranked broker in the Southwest Region, was the 25th highest producing Broker worldwide, and top producer in the office in 2016. He qualified for the company’s Partner’s Circle recognition in both 2016 and 2017 throughout the US.

Volunteer Involvement includes Big Brother Big Sisters (BBBS), American Corporate Partners, Gen Next, and Carter Bloodcare.

Paul’s education includes an M.B.A from the University of Texas at Austin and a B.B.A in Finance from The University of Colorado at Boulder where he attended on a ROTC scholarship. He was awarded the Bronze Star Medal for his service in Iraq during his second deployment as a Captain in the Army. Between his two deployments, he spent 27 months in Baghdad from 2003-2008.

Phone: 972.379.9844Cell: 972.310.1032Fax: 972.957.7662E-mail: [email protected]

4228 North Central Expressway, Suite 110Dallas, TX 75206

Jon KrebbsManaging PartnerThe Multifamily Group

Jon began his career in real estate in 2005, purchasing and renovating several multifamily properties while attending college. Since then, he has been involved in the brokerage, management, development, and construction of multifamily and single family assets across Texas and Oklahoma. Prior to forming The Multifamily Group, Jon was a top producer at Sperry Van Ness and the Henry S. Miller Company in Dallas. Jon specializes in asset valuation, coordination of the marketing process, property tours, and contract negotiations for sellers of multifamily

properties. With 12 years of real estate experience and an abundance of industry contacts, Jon analyzes each assignment carefully and finds creative ways to add value to his clients. Jon serves as the Community Service Coordinator for the Dallas Chapter of the Texas Tech Alumni Association and on the board of Real Estate Finance Executives Association. His education includes a B.B.A. in Finance and an M.B.A. from Texas Tech University.


4228 North Central Expressway, Suite 110Dallas, TX 75206

3736

Chase DavisVice President The Multifamily Group

Chase began remodeling rental properties in high school and developed an understanding of how to add value and increase cash flow. In college he managed a major redevelopment in Austin and started a management company with a significant portfolio of Student Housing.

After graduating from Texas Tech University he went on to start his own construction company, completeting hundreds of remodels and effectively rehabbing buidings that were deemed lost causes.

At The Multifamily Group Chase specializes in Tertiary Markets and uses his extensive knowledge of underwriting and apartment rehabilitation to help principals drive value and achieve desired returns. Chase looks to add value in whatever he does through wise negotiations and unmatched tenacity, always approaching life from his personal business moto, “Striving for Perfection, Producing Excellence.”


4228 N. Central Expy, Suite 110Dallas, TX 75206

Will ClarkeVice PresidentThe Multifamily Group

Will embarked on his commercial real estate career as an investment associate and underwriter for a nationally recognized brokerage firm in 2016. In his role as Vice President at The Multifamily Group (TMG), Will is responsible for arranging multifamily transactions in the Dallas – Fort Worth metroplex as well as other major markets in the southwest region.Will grew up in Dallas and received his B.S. in Finance with a concentration in Real Estate from the Naveen Jindal School of Management at The University of Texas at Dallas.

He is a member of The Real Estate Council (TREC) in Dallas and is a member of the Young Guns group. Will is a licensed sales agent in the State of Texas.Outside of the office, Will enjoys being outdoors, whether it is golfing, fishing, hunting, or enjoying the Katy Trail.



3938

Notes

Chris SiemaskoInvestment AssociateThe Multifamily Group

Chris began his commercial real estate career in 2016 as an analyst on Paul’s team. Prior to TMG, Chris worked on institutional sponsor Westmount Realty Capital’s acquisition desk and Coldwell Banker’s marketing team. A perspective built from both principal and brokerage platforms enables Chris to provide clients with unique guidance on all aspects of multifamily acquisition and disposition. Chris focuses on tertiary core-plus product as well as operational value-add deals in major Texas metros. Over the course of his career, Chris has been involved in

transactions exceeding 250m. Chris actively volunteers with Big Brothers Big Sisters Dallas and spends as much free time as he can in the yoga studio and traveling. He holds a B.B.A. in Real Estate Finance from Southern Methodist University.



4140

DisclaimerThe material contained in this Marketing

Analysis is furnished solely upon the

Property Owner’s request for the purpose

of considering the sale of the property

within and is not to be used for any other

purpose. This information should not,

under any circumstance, be photocopied

or disclosed to any third party without the

written consent of The Multifamily Group or

Property Owner, or used for any purpose

whatsoever other than for the Property

Owner to evaluate the possible purchase of

the Property.

The only party authorized to represent the

Owner in connection with the sale of the

Property are the Multifamily Group Advisors

listed in this proposal, and no other person

is authorized by the Owner to provide any

information or to make any representation

other than contained in this Market Analysis.

If the person receiving these materials

does not choose to pursue a purchase of

the Property, this Market Analysis must be

returned to The Multifamily Group Advisor.

Neither The Multifamily Group Advisor

nor the Owner make any representation

or warranty, express or implied, as to

the accuracy or completeness of the

information contained herein, and nothing

contained herein is or shall be relied upon

as a promise or representation as to the

future condition, operations or financial

performance of the Property. This Market

Analysis may include certain statements

and estimates with respect to the Property

based on certain assumptions. These

assumptions may or may not be proven to

be correct, and there can be no assurance

that such results will be achieved. Further,

The Multifamily Group Advisor and the

Owner disclaim any and all liability for

representations or warranties, expressed

or implied, contained in or omitted from

this Market Analysis, or any other written

or oral communication transmitted or made

available to the recipient. The recipient

shall be entitled to rely solely on those

representations and warranties that may be

made to it in any final, fully executed and

delivered Real Estate Purchase Agreement

between it and Owner.

The information contained herein is subject

to change without notice and the recipient

of these materials shall not look to Owner

or The Multifamily Group Advisor nor any of

their officers, employees, representatives,

independent contractors or affiliates, for

the accuracy or completeness thereof.

Recipients of this Market Analysis are

advised and encouraged to conduct their

own comprehensive review and analysis of

the Property.

This Market Analysis is a solicitation of

interest only and is not an offer to sell the

Property. The Owner expressly reserves the

right, at its sole discretion, to reject any or

all expressions of interest to purchase the

Property and expressly reserves the right, at

its sole discretion, to terminate negotiations

with any entity, for any reason, at any time

with or without notice. The Owner shall

have no legal commitment or obligation to

any entity reviewing the Market Analysis or

making an offer to purchase the Property

unless and until the Owner executes and

delivers a signed Real Estate Purchase

Agreement on terms acceptable to Owner,

in Owner’s sole discretion. By submitting

an offer, a prospective purchaser will be deemed

to have acknowledged the foregoing and agreed

to release the Owner and The Multifamily Group

Advisor from any liability with respect thereto.

To the extent Owner or any agent of Owner

corresponds with any prospective purchaser, any

prospective purchaser should not rely on any

such correspondence or statements as binding

Owner. Only a fully executed Real Estate Purchase

Agreement shall bind the property and each

prospective purchaser proceeds at its own risk.

Information About Brokerage Services

TYPES OF REAL ESTATE LICENSE HOLDERS:A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker.A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents):Put the interests of the client above all others, including the broker’s own interests; Inform the client of any material information about the property or transaction received by the broker;Answer the client’s questions and present any offer to or counter-offer from the client; andTreat all parties to a real estate transaction honestly and fairly.A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner's agent must perform the broker’s minimumduties above and must inform the owner of any material information about the property or transaction known by the agent, includinginformation disclosed to the agent or subagent by the buyer or buyer’s agent.AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer's agent must perform the broker’s minimum duties above and must inform the buyer of any

material information about the property or transaction known by the agent, including information disclosed to the agent by th e seller or seller’s agent.AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. A broker who acts as an intermediary:Must treat all parties to the transaction impartially and fairly;May, with the parties' written consent, appoint a different license holder associated with the broker to each party (owner andbuyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction.Must not, unless specifically authorized in writing to do so by the party, disclose:that the owner will accept a price less than the written asking price;that the buyer/tenant will pay a price greater than the price submitted in a written offer; andany confidential information or any other information that a party specifically instructs the broker in writing not todisclose, unless required to do so by law.AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH:The broker’s duties and responsibilities to you, and your obligations under the representation agreement.Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation foryou to use the broker’s services.

Disclaimer

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Manzana Grove...Manzana Grove presents an opportunity for a new owner to increase rents with...

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