Tennessee - Cloudinary

Tennessee LIHTC Portfolio224 Total Units | Columbia, Lebanon, & Paris, TN | 100% LIHTC

Executive Summary

GROVE PARK

GROVE PARK

MEADOWS OF LEBANON

RIVER HIGHL ANDS

2 TENNESSEE LIHTC PORTFOLIO

EXECUTIVE SUMMARY | TENNESSEE LIHTC PORTFOLIO

J ones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the exclusive opportunity to acquire the Tennessee LIHTC Portfolio, a three-property, 224-unit Portfolio with a concentration in the Nashville MSA. The properties enjoy convenient access to major employers in their respective

markets, and the unparalleled growth of Nashville’s economy promises an Investor strong demand and continued stable, bond-like cash flow.

THE OFFERING

Property Name Meadows of Lebanon River Highlands Grove Park

Address: 50 Meadows Dr. 90 Freedom Ln. 345 Harrison St.

City, State: Lebanon, TN 37087 Columbia, TN 38401 Paris, TN 38242

Year Built: 2005 2005 2003

Number of Units: 72 units 72 units 80 units

Type: 100% LIHTC 100% LIHTC 100% LIHTC

Rent Restrictions: 21% @ 50% AMI; 79% @ 60% AMI 21% @ 50% AMI; 79% @ 60% AMI 21% @ 50% AMI; 79% @ 60% AMI

LIHTC Placed-in-Service: 2005 2005 2003

End of Year 15: December 31, 2019 December 31, 2019 December 31, 2018

End of Extended Use: December 31, 2034 December 31, 2034 December 31, 2033

GROVE PARKRIVER HIGHL ANDSMEADOWS OF LE BANON

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INVESTMENT HIGHLIGHTS

Concetrated in the Nashville MSA – America’s Premier City for Business Expansion and Relocation

Nashville’s economic and population growth is unmatched and outside investment has taken notice. Located directly in the path of growth, the Portfolio offers a Buyer the opportunity to benefit from increasing employment opportunities and wages in the Portfolio’s respective submarkets.

Nashville MSA’s population growth, 2010-2020

21%

Strong Historic Rent Growth Allows for Considerable Organic Revenue Expansion

Surging market rents across the Portfolio have widened the spread between market-rate and affordable rents and JLL projects an Investor can achieve an immediate 10% increase in rents over in-place leasing. In Columbia and Lebanon, effective rents increased 46% and 26% from 1Q11 through 1Q21, respectively.

Stable, Bond-Like Cash Flow Sheltered from Typical Market Volatility

Market-rate comparables at Meadows of Lebanon and River Highlands are currently achieving rents well above in-place leasing, which will allow Properties to enjoy limited turnover and high occupancy going forward.

Limited Competition for High Quality, Family-Friendly Properties Near Attractive Amenities

Residents across the Portfolio enjoy attractive family amenities, including swimming pools, playgrounds, and large 2 and 3 bedroom floorplans. Grove Park is especially desirable for its immediate access to local schools and limited inventory in the market.

Lebanon’s population growth, 2010-2020

34%

Columbia’s population growth, 2010-2020

14%

JLL’s expected Proforma Rent Increase (Meadows of Lebanon)

15%

JLL’s expected Proforma Rent Increase (River Highlands)

11%

JLL’s expected Proforma Rent Increase (Grove Park)

3%

Spread of Market-Rate Rents over In-Place Leasing

(River Highlands)

$508

Spread of Market-Rate Rents over In-Place Leasing

(Meadows of Lebanon)

$402

Large 2 and 3 Bedroom Floorplans

Swimming Pools & Playgrounds

Convenient Distance to Local Schools



MEADOWS OF LEBANONProperty Name Meadows of Lebanon

Address: 50 Meadows Dr.

City, State: Lebanon, TN 37087

Year Built: 2005

Number of Units: 72 units

Type: 100% LIHTC

Rent Restrictions: 21% @ 50% AMI; 79% @ 60% AMI

LIHTC Placed-in-Service: 2005

End of Year 15: December 31, 2019

End of Extended Use: December 31, 2034

1) Max LIHTC rents take into account applicable utility allowances.

Units Unit Description SF 2020 Max LIHTC Rents1

In-Place Market Rents

In-Place Lease Rents

JLL Proforma Market Rent

JLL Proforma Annual Rent

1 1 Bedroom, 50% AMI 678 $708 $686 $579 $741 $8,895

7 1 Bedroom, 60% AMI 678 $863 $836 $692 $775 $65,100

10 2 Bedroom, 50% AMI 928 $846 $820 $751 $886 $106,291

38 2 Bedroom, 60% AMI 928 $1,031 $1,000 $835 $950 $433,200

4 3 Bedroom, 50% AMI 1,128 $973 $943 $872 $975 $46,800

12 3 Bedroom, 60% AMI 1,128 $1,187 $1,151 $941 $1,100 $158,400

72 945 $1,007 $977 $825 $948 $818,687

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Historic Downtown Lebanon

Cracker Barrel Corporate

Headquarters

Tennessee College of Applied Technology

2,550 students

Vanderbilt Wilson County Hospital• Over 200 physicians and 600

employees• Payroll over $38M

Music City Star - Lebanon Station

Rail line into Downtown Nashville

40 minutes to Downtown Nashville

40 minutes to Downtown Nashville

Mcfarland Specialty Center

Don Fox Community ParkDon Fox Community Park

40

Tennessee Blvd

Tennessee Blvd

E. Main St

E. Main StLeev

ille

Pike

Leev

ille

Pike



RIVER HIGHLANDSProperty Name River Highlands

Address: 90 Freedom Ln.

City, State: Columbia, TN 38401

Year Built: 2005


Type: 100% LIHTC






Units Unit Description SF 2020 Net Max LIHTC Rents1



JLL Proforma Market Rents

JLL Proforma Annual Rent

2 1 Bedroom, 50% AMI 678 $660 $617 $614 $660 $15,840

6 1 Bedroom, 60% AMI 678 $805 $753 $757 $805 $57,960

10 2 Bedroom, 50% AMI 911 $787 $752 $724 $787 $94,440

38 2 Bedroom, 60% AMI 911 $961 $900 $780 $875 $399,000

3 3 Bedroom, 50% AMI 1,092 $902 $843 $846 $902 $32,472

13 3 Bedroom, 60% AMI 1,092 $1,103 $1,032 $893 $1,000 $156,000

72 925 $939 $881 $789 $875 $755,712

Interior photo for illustration only.

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Downtown Columbia

Maury Regional Medical Center• Over 3,000 employees system-

wide• 255 beds, and 200 physicians at

the Columbia location

General Motors Spring Hill• $2B investment in electric

vehicles, 3,200+ employees• 22 minutes from the Property

Highway 31 - 50 minutes to Downtown Nashville

Highway 31 - 50 minutes to Downtown Nashville

Tom J Hitch Parkway

Tom J Hitch Parkway

12 mi.12 mi.

<50 min.<50 min.

Nashville’s TN-155 Outer Loop



GROVE PARKProperty Name Grove Park

Address: 345 Harrison St.

City, State: Paris, TN 38242

Year Built: 2003


Type: 100% LIHTC






Units Unit Description SF 2020 Max LIHTC Rents1



JLL Proforma Market Rent

JLL Proforma Annual Market Rents

14 2 Bedroom, 50% AMI 911 $613 $600 $531 $550 $92,400

50 2 Bedroom, 60% AMI 911 $753 $736 $602 $625 $375,000

3 3 Bedroom, 50% AMI 1,092 $705 $690 $612 $625 $22,500

13 3 Bedroom, 60% AMI 1,092 $867 $848 $686 $700 $109,200

80 947 $745 $729 $604 $624 $599,100

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Henry County Medical Center• 142-bed hospital• Home to Bethel University’s

Physicians Assistant program

Grove Jr. High School

Eiffel Tower Park

Harrison St

Harrison St

Old Grove StOld Grove St

Veterans DrVeterans Dr

79



Nashville

BowlingGreen

Clarksville

Murfreesboro

Murray

Cookeville

Tullahoma

Glasgow

Columbia

Hopkinsville

McMinnville

Gallatin

Shelbyville

Franklin

Hendersonville

Lexington

Paris

Livingston

Hohenwald

Camden

Sparta

Waverly

Russellville

Lafayette

Lewisburg

Dickson

Smithville

Manchester

Springfield

Lebanon

Spring Hill

Smyrna

Brentwood La Vergne

Albany

Benton

CliftonDunlap

Edmonton

Huntingdon

Burkesville

Cadiz

Waynesboro

Parsons

Monterey

Dover

Tompkinsville

Celina

Scottsville

Centerville

NewJohnsonville

Franklin

Mt Pleasant

Carthage

McEwen

Woodbury

Portland

Fairview

AlgoodMt Juliet

Goodlettsville

Graysville

Gilbertsville

Sardis

Pikeville

GrandRivers

PalmerSaltillo

Byrdstown

Henry

Hardin

PleasantHill

Ethridge

Lewisburg

Altamont

Puryear

Scotts Hill

Linden

Briensburg

Spencer

Lafayette

Petersburg

Elkton

HollowRock

Lynnville

Hazel

Decaturville

Pembroke

Viola

Gainesboro

Big Sandy

Lobelville

Auburn

Summertown

Red BoilingSprings

Erin

Cornersville

Doyle

Allensville

PlumSprings

Morrison

Trenton

Baxter

Vanleer

Westmoreland

Normandy

Alexandria

Adairville

BellBuckle

Guthrie

Centertown

Chapel Hill

Bruceton

Hartsville

Charlotte

Dowelltown

White Bluff

Auburntown

Eagleville

Wartrace

Mitchellville

Pegram Watertown

Burns

Joelton

Ridgetop

65

65

24

69

40

840

231

231

231

31

41

31

431

79

79

641

641

41

6868

68

127

127

70

70

70

412

43

7070

31

31

RiverCumberland

Duck River

©M apcreator . io/©HERE

Grove Park

PROPERTY LOCATIONS

Meadows of Lebanon

River Highlands

Downtown Nashville

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3344 Peachtree Rd NE Suite 1200 | Atlanta, GA 30326

www.us.jll.com/capitalmarkets

Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”), a licensed real estate broker, has been engaged by the owner of the property to market it for sale. Information concerning the property [properties] described herein has been obtained from sources other than JLL, and neither Owner nor JLL, nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser. JLL and owner disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2021. Jones Lang LaSalle IP, Inc. All rights reserved. **The outbreak of the COVID-19 virus (novel coronavirus) since the end of January 2020 has resulted in market uncertainty and volatility. While the economic impact of a contagion disease generally arises from the uncertainty and loss of consumer confidence, its impact on real estate values is unknown at this stage. Given the prevailing domestic and global uncertainty arising from the Coronavirus, we recommend that the intended recipients of this information regularly seek our guidance.

Contact information

C.W. EarlySenior Managing DirectorAffordable Housing+1 972 646 [email protected]

David LottVice PresidentAffordable Housing+1 727 437 [email protected]

Cody DoolinAssociateAffordable Housing+1 512 593 [email protected]

Melissa BloemAssociateAffordable Housing+1 404 942 [email protected]

Daniel NaumannAnalystAffordable Housing+1 404 460 [email protected]

Clifford MurphyAnalystAffordable Housing+1 404 460 [email protected]

ANALYTICAL SUPPORT

CAPITAL MARKETS ADVISORS

Doug ChildersSenior Managing DirectorAffordable Housing+1 404 942 [email protected]

Michael FoxSenior DirectorAffordable Housing+1 404 942 [email protected]

Ian AndersonSenior DirectorNashville Multi-Housing+1 615 927 [email protected]

Anne McGinnDirectorNashville Multi-Housing+1 615 928 [email protected]

AFFORDABLE HOUSING ADVISORS LOCAL MARKET ADVISORS

Tennessee - Cloudinary

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