CRE Operating Memorandum

119 UNITS | 376 BEDS | 16970 CHANDLER RD | EAST LANSING, MI 48823
Prepared for: Thomas Healy - Nuveen
| MARKETING PROPOSAL a Berkshire Hathaway and Jefferies Financial Group company

INVESTMENT SALES ADVISORS MORTGAGE BROKER
PETER BENEDETTO, SENIOR MANAGING DIRECTOR
KEVIN LARIMER, SENIOR MANAGING DIRECTOR - STUDENT HOUSING
248.208.3462 | Peter.Benedetto@berkadia.com
248.341.3305 | Kevin.Larimer@berkadia.com
GREG GONZALEZ, DIRECTOR - STUDENT HOUSING

312.845.3091 | Greg.Gonzalez@berkadia.com
DETROIT OFFICE
28411 Northwestern Highway, Suite 300 | Southfield, MI 48034
Phone: 248.646.7701 | Fax: 248.646.0320
Berkadia.com
a Berkshire Hathaway and Jefferies Financial Group company

TABLE OF CONTENTS
THE PROPERTY 5
THE LOCATION 19
FINANCIAL VALUATION 35
COMPARABLE PROPERTIES 45
TEAM AND SERVICES 67
The
PROPERTY
PROPERTY DESCRIPTION
The Rocks is an upscale 119-unit, garden-style, student housing community

located in the city of East Lansing, Michigan, just north of Michigan State Uni-
versity. Built in 2015, the property is East Lansing’s newest apartment commu-
nity. The Rocks contains eight, three-story wood-frame constructed buildings
with exterior siding and stone accents, and combination flat and pitched roofs
with composition shingles. Bordered by a mature wooded forest, the property
is professionally landscaped with young trees, plants, manicured grass areas, 376
and abundant rocks – hence its name. BEDS
Situated on 8.21 acres of land with a density of 14.49 units per acre, The Rocks encompasses an ideal
THE PROPERTY
unit mix comprised of:
 6 one-bedroom units measuring 750 square

feet each
 26 two-bedroom units containing between

954 and 1,258 square feet
 30 three-bedroom units spanning 1,407

square feet each
 57 four-bedroom units boasting between

1,588 and 1,908 square feet
 Average unit size of 1,468 square feet
119
UNITS
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The Rocks unit amenities are plentiful and
modern, and typify those sought out by to-
day’s renters, including:
Modern kitchen with electric stove,

refrigerator, dishwasher, built-in mi-
crowave, large sink, disposal, pantry,
large kitchen island / breakfast bar,
and lots of cabinet and counter space
Beautifully appointed with high-end

finishes including stainless steel ap-
pliances, wood-style flooring, granite
countertops, plush bedroom carpet-
ing, upgraded cabinetry with brushed
nickel hardware, and pendant /
recessed / task lighting
Private, full size bathroom with tub

and shower
Nine-foot high ceilings, large win-

dows allowing in abundant natural
light, mini blinds, and spacious clos-
ets
Semi-private entry and private patio /

balcony with a French door
In-unit, stacked washer and dryer
2.4 MILES
Select units feature walk-in closets
and furnished units are available
from Air conditioning / heating, cable TV
Michigan State ready, and high-speed Internet access
University
PROPERTY SUMMARY
LOCATION
Property Name The Rocks

Address 16970 Chandler Rd
City, State East Lansing, MI
County Ingham
BUILDING
Units 119
Beds 376
Built 2015
Buildings 8
Stories 3
Density 14.49
Site Size/Acreage 8.21
Total SF 174,724
Average Unit SF 1,468
Average Rent/SF $1.33
Interior
LUXURIES
• Modern kitchen with electric stove, refrigerator,

dishwasher, built-in microwave, large sink, disposal,
pantry, large kitchen island / breakfast bar, and lots of
cabinet and counter space
• Beautifully appointed with high-end finishes including
THE PROPERTY
stainless steel appliances, wood-style flooring, granite

countertops, plush bedroom carpeting, upgraded
cabinetry with brushed nickel hardware, and pendant
/ recessed / task lighting
• Private, full size bathroom with tub and shower
• Nine-foot high ceilings, large windows allowing in
abundant natural light, mini blinds, and spacious
closets
• Semi-private entry and private patio / balcony with a
French door
• In-unit, stacked washer and dryer
• Select units feature walk-in closets and furnished units
are available
• Air conditioning / heating, cable TV ready, and high-
speed Internet access
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THE PROPERTY
11
THE PROPERTY
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Community
FEATURES
• 24-hour activity / club room with a TV and fireplace lounge area,

private study rooms, and a game room with billiards
• 24-hour free coffee / cappuccino machine
• State-of-the-art, 24-hour fitness center with cardio and
weightlifting equipment, free weights, lots of windows, mirrors,
televisions, drinking fountain, and a bottle filling station
• Business center with on-demand printing
• Ample bicycle parking
• 24-hour, award-winning, property management
• Controlled access, plenty of convenient parking, and covered
parking is available
• Roommate matching services and resident events
• Short commute to Michigan State University
• Convenient access to Interstate 69 and U.S. Highway 127
• On the CATA bus line with a stop in front of the property
and each semester students receive a free bus pass, making
commuting to campus a breeze
• Surrounded by beautiful parks and sports facilities including East
Lansing Soccer Complex, East Lansing Family Aquatic Center,
East Lansing Softball Complex, Abbot Road Park, Northern Tail
Dog Park, and Hawk Nest Park
13
FLOOR PLANS | RAMBLE
THE PROPERTY
1 2
BEDROOM BEDROOM
750 SF 954 SF
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THE PROPERTY
2 4
BEDROOM BEDROOM
1,168 SF
(DOUBLE OCCUPANCY)
1,179 SF
(DOUBLE OCCUPANCY)
15
FLOOR PLANS | RAMBLE
THE PROPERTY
2 3
BEDROOM BEDROOM
1,257 SF 1,406 SF
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THE PROPERTY
4 4
BEDROOM BEDROOM
1,586 SF
(DOUBLE OCCUPANCY)
1,906 SF
(DOUBLE OCCUPANCY)
17
The
LOCATION
MICHIGAN STATE UNIVERSITY
THE LOCATION
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THE LOCATION
21
Best Research University

MSU is a member of the Association of American Universities and is
among the top research-intensive universities in North America
- Association of American Universities
First-Year Undergaduates
Michigan State University welcomed 8,525 first-year undergraduates in
the fall of 2019, the largest class in school history
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- Michigan State University
INTRODUCTION
Founded in 1855, Michigan State University (MSU) was the first institution
of higher learning in the country to teach scientific agriculture. Today,
MSU has transformed into a four-year, nationally recognized public
research institution known for its teaching and public engagement.
Top Public University
MSU's welcomed 49,925 students in the fall of 2019, including a record Michigan State University ranked No. 34 among public universities on
8,525 first-year undergraduate enrollees. "America's Best Colleges 2020" list
- U.S. News & World Report
Michigan State University has approximately 576,000 living alumni
found in positions of leadership all over the world, making it one of
the largest U.S. alumni organizations. Each year, approximately 66%
of graduating students choose to live in Michigan, contributing to the
state's skilled workforce.
Michigan State University is a key driver in the state's economy and

Off-Campus Housing
serves as one of the top employers in the area with more than 5,720
Approximately 30,500 MSU students are in need of off-campus housing
faculty and academic staff and approximately 7,200 support staff
options
employees. Each year, the university generates an economic impact of
- Michigan State University
$5.8 billion statewide.
BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW
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DEMOGRAPHICS
44.3K FIRST-YEAR
61% OF STUDENTS LIVE IN 8.5K FIRST-YEAR
UNDERGRADUATE OFF-CAMPUS UNDERGRADUATE
APPLICANTS FOR 2019 HOUSING ENROLLMENT FOR 2019
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40.9k 10.7k 7.8k 35.9k 5.1k
At MSU, 82 % of 21% of Michigan State Approximately 92 % 72% of Michigan State 80% of first-year MSU
students are 24 years University students are of MSU first-year University students are students graduate within
old or younger graduate or professional freshmen return for their Michigan residents six years, among the
students sophomore year best rates in the nation
23
FACILITIES
MSU
CAMPUS 30 MICHIGAN
STATE 19.4k
residential buildings students live in on-campus housing
Located in the heart of Michigan, east of the state capitol, Michigan State University NORTH NEIGHBORHOOD SNYDER HALL
is situated 88 miles west of Detroit and 220 miles northeast of Chicago. MSU's
5,239-acre campus encompasses 2,100 acres of developed space with more than
560 buildings totaling over 23.9 million gross square feet of academic, housing,
research, athletic, and support space. The remaining 3,139 acres are devoted to
experimental farms, outlying research facilities, and a 36-hole golf course. The
campus is nationally recognized for its beautiful botanical gardens, arboretums,
THE LOCATION
and its fall foliage along the Red Cedar River.
Student housing on the MSU campus is provided across 27 residential halls in

five unique on-campus neighborhoods as well as three apartment communities.
The North Neighborhood is filled with classic ivy-covered halls and beautiful
woodwork; the River Trail Neighborhood is positioned in the heart of campus with
scenic views of the Red Cedar River; the East Neighborhood is situated on the
northeast side of campus near the intersection of Hagadorn and Shaw roads; the
South Neighborhood is located southwest of Spartan Stadium near the Breslin
Center, Munn Ice Arena, IM Sports West, and outdoor tennis facilities; and the
Brody Neighborhood is positioned on the west side of campus just north of the
Red Cedar River. Situated south of the Brody Neighborhood, the three apartment
communities are ideal for students in search of a little more independence while
staying connected to the perks of living on campus. MSU boasts a housing
population of approximately 19,425, leaving 30,500 students in need of off-
campus housing options.
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ACADEMICS AND RESEARCH
COLLEGE OF ENGINEERING MAIN LIBRARY
THE LOCATION
200+ $
616 million
Programs Total External Funding
17 85+
Research Institutes and
Academic Schools
Centers
Michigan State University offers over 200 undergraduate, graduate, and As a member of the prestigious Association of American Universities, a group
professional study programs in a wide range of disciplines. MSU's campus of only 62 universities widely regarded among the top research-intensive
is organized into 17 academic schools including the College of Agriculture institutions in North America, MSU is considered cutting-edge for its innovative
and National Resources, the Eli Broad College of Business, and the College of research centers and its international community of scientists and scholars. MSU
Engineering. The university boasts 25 undergraduate and graduate programs is home to AgBioResearch, which funds the research of more than 325 scientists
ranked in the top 20 nationally by U.S. News & World report, including nine who conduct research in on-campus facilities and at 14 outlying research centers
programs ranked No. 1. MSU has more than 5,720 faculty and academic staff across Michigan. In fiscal year 2018, the university received over $616 million in
members who serve as mentors to the 49,925 enrolled students. The university external funding from major sources such as the Department of Energy and the
recruits students from around the world, with its current student body National Science Foundation. Students also have access to campus resources
representing all 50 states in the U.S. and 141 other countries. including the 6 million volumes that MSU libraries have to offer.
25
ENROLLMENT
MSU
ENROLLMENT 49,925 INCOMING
STUDENTS 10,950
students for the fall of 2019 for the fall 2019 semester, including
semester new freshman, transfer, and
graduate students
In the fall of 2019, Michigan State University welcomed 49,925 students MICHIGAN STATE UNIVERSITY
to its campus, a slight decline from the previous year when the university ENROLLMENT
welcomed its second-largest enrollment in history. Of the total MSU student
51,000
body at the start of the 2019 academic year, 39,225 were undergraduate
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students and 10,700 were seeking graduate or professional degrees.

The university recruits students from around the globe, with its current 50,500
student body representing 141 countries other than the U.S.
A record 44,340 first time undergraduate students applied to MSU for

50,000
the fall 2019 semester, an annual increase of 33.8%. MSU boasted an
admittance ratio of just over 71%, translating to 31,535 applicants being 49,500
admitted to the university. Among those first time undergraduate
students who were admitted to the university, 8,525 enrolled at MSU.
49,000
49,343
50,085
50,543
50,019
50,351
49,925
50,344
An additional 2,425 new graduate and professional students began the
academic year at MSU, bringing the total number of incoming students
to 10,950. Over the five years, the number of students applying to attend 48,500
MSU has increased by 25.6% while the number of students being admitted Fall '13 Fall '14 Fall '15 Fall '16 Fall '17 Fall '18 Fall '19
has increased by 480 basis points.
Enrollment
When adding in Michigan State University Law School enrollment, the
total number of students attending MSU reached 50,701 for the 2019-
2020 academic year. The university has boasted an enrollment of over
50,000 every year since 2013 when combining enrollment for MSU and
the MSU Law School.

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HOUSING RATES
AVERAGE $
ROOM RATE 7,301 MSU - ON-CAMPUS STUDENTS VS OFF-CAMPUS STUDENTS
for the 2019-20 academic year

Live-On Requirement: Freshmen and Sophomores Only
19,425
MSU stipulates all freshman and sophomore students, (39%) 30,500
including transfer students, live in university-affiliated (61%)
housing. Exceptions include married students, those living
with a legal parent or guardian, students over 20 years
old, veterans with one or more years of active service, or
students taking less than six credit hours.
Owen Hall residents receive the DineOn Owen Plan and
THE LOCATION
Owen Cash as part of their room rate. Off-Campus Students On-Campus Students
ON-CAMPUS ROOM RATES*
Residence Halls Standard $4,324 Owen Hall Permanent Single $6,272

Deluxe Double $5,442 Permanent Single Extended $7,202
Permanent Single $6,062 Designated Single $7,392
Single / Buyout $7,156 Designated Single Extended $8,310
Residence Hall On Campus

Apartments Apartments
Williams Double $4,992 1855 Place 2 Bedroom $9,040
Williams Permanent Single $6,660 1855 Place 2 Bedroom Efficiency $8,840
Williams Single $7,754 1855 Place 4 Bedroom $8,180
Residence Hall Apartment $5,442 1855 Place 4 Bedroom Efficiency $7,930
Residence Hall Apartment Single $8,648 1855 Place Studio $9,950
Van Hoosen - 1 Resident $12,870 1855 Place Townhome $8,590
Van Hoosen - 2 Residents $6,434 University Village 4 Bedroom $7,400
Van Hoosen - 3 Residents $4,290 1855 Family Housing 1 Bedroom $8,080
Van Hoosen - 4 Residents $3,218 1855 Family Housing 2 Bedroom $9,340
*rates are per semester, meal plan not included

27
MICHIGAN UNIVERSITY
UNIVERSITYSTATE
OF FLORIDA
CONSTRUCTION AND DEVELOPMENT
FACILITY FOR RARE ISOTOPE BEAMS

$
765 million
Investment
1,400
Scientists
In 2008, the U.S. Department of Energy chose Michigan State University to design and construct
the $765 million facility. Construction began in 2014 and is estimated to be completed in 2022.
Once completed, the facility will support a community of approximately 1,400 scientists from
around the world. Students and researchers at the one-of-a-kind facility will advance their
knowledge of the properties of rare nuclear isotopes with hopes of gaining a better understanding
THE LOCATION
of the physics of nuclei, nuclear astrophysics, and other fundamental interactions.
CONSTRUCTION AND DEVELOPMENT
BILLMAN MUSIC PAVILION

$
35 million
Investment
37,000
SF Building
Construction is underway on MSU's 37,000-square-foot Billman Music Pavilion that will expand
the Music Building on the university's north campus. The $35 million project includes 8,500
square feet of renovated space, increasing the total facility space by more than 40%. The
building is currently home to the university's College of Music, which enrolled 550 students
in the fall of 2018. Upon completion in 2020, the state-of-the-art facility will feature acoustical
engineering and provide excellent sound isolation for students and faculty to rehearse.
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LIFESTYLE AND ENTERTAINMENT
COMMON
GROUND 40k DOWNTOWN
EAST LANSING 60+
average annual attendees restaurants and cafes
Greater Lansing is a one-of-a-kind setting with big-city amenities and small- COMMON GROUND MUSIC FESTIVAL
town hospitality. Residents have access to endless and diverse dining options,
unique boutiques and galleries, world-class performance venues, and a
multitude of festivals.
THE LOCATION
The Taste of Downtown is an annual food and wine festival with live music,
over 40 participating restaurants, and more than 100 wines to sample. The
Common Ground Music Festival is an annual week-long music festival that
also takes place in downtown Lansing. It’s one of the largest attended events
in the city, on average attracting more than 40,000 people each year. Previous
acts for the festival include Dierks Bentley, Halsey, Logic, and Toby Keith.
Another big downtown event is the Silver Bells in the City celebration that
kicks off the holiday season. The celebration draws over 80,000 attendees
each year and features an electric light parade, lighting of the state Christmas
tree, fireworks, a live concert, and unique goods and artist wares at the Silver
Bells Village.
Downtown East Lansing offers a unique atmosphere that is both upbeat and
relaxed. Locals and visitors enjoy an electric mix of restaurants, retail, art
galleries, and entertainment options. The area hosts more than 50 community
events each year including the East Lansing Art Festival, which showcases
hundreds of artists and attracts tens of thousands of visitors.
29
ATHLETICS
MSU
ATHLETICS 23 SPARTAN
STADIUM 75k+
varsity teams total capacity
MSU's Spartans compete in the Big Ten Conference at the National Collegiate SPARTAN STADIUM
Athletic Association (NCAA) Division I level. MSU sponsors 23 varsity sports
teams, 11 men's and 12 women's programs, and has one of the most decorated
histories in college athletics. With more than 220 varsity sport events hosted
THE LOCATION
annually, Spartan athletics bring more than one million fans into Mid-Michigan
each year, generating significant economic activity.
Michigan State University's football team plays at the historic Spartan Stadium,
where more than 75,000 fans come to support the Spartans throughout the
fall. The stadium boasts one of the finest playing surfaces in all of college
football. The Jack Breslin Student Events Center, one of the premier facilities
in the country, serves as the home to MSU's men's and women's basketball
programs. The $43 million facility seats up to 14,759 fans and hosts student
commencements, concerts, trade shows, conventions, banquets, and other
functions.
Sources: Berkadia; Michigan State University; U.S. News & World Report; NBC Sports; The Princeton Review; The Big Ten
Conference; Downtown East Lansing; Association of American Universities;
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THE LOCATION
31
NEIGHBORHOOD SHOPPING H I G H E R E D U C AT I O N
EAST LANSING, MI
2.5mi FROM THE
PROPERTY 2.4mi FROM THE
PROPERTY
THE ROCKS
NEIGHBORHOOD QUICK FACTS
330k SF SHOPPING
DESTINATION 200 DEGREE
PROGRAMS
60 TOTAL
12.9k JOBS
49.9k
STORES SUPPORTED
Forever 21 | Express | Apple | NCG Cinemas Michigan State University

Michigan State University
Students Enrolled - Fall 2019
S T U D E N T CO N V E N I E N C E S E N T E R TA I N M E N T
30.5k 2.3mi FROM THE

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PROPERTY
Students Live Off-Campus
60 CAFES AND
RESTAURANTS
10.7k 40 RETAIL SHOPS

AND SERVICES

Within a three-mile radius of the property Downtown East Lansing
Graduate or Professional Students
10.9k N E A R BY D I N I N G U N I V E R S I T Y AT H L E T I C S
23
ATHLETIC
New Undergraduate and Graduate Students TEAMS
92% 16 VARSITY
SPORTS
SPARTAN
Retention Rate - Fall 2018
75.0k STADIUM SEAT
CAPACITY
Within a three-mile radius of the property NCAA Division I | Big Ten conference
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33
Financial
VALUATION
EXECUTIVE SUMMARY
PROPERTY INFORMATION PRICING SUMMARY

Property Name The Rocks Stretch Price $22,130,000
Property Address 16789 Chandler Rd Price per Bed $58,856
University Served Michigan State University Price per Unit $185,966
Distance to Campus 2.60 Miles Price per Square Foot $129.15
Year Built 2015
Number of Beds 376 Beds YIELD SUMMARY

Number of Units 119 Units Hold Period 7 Years
Beds/Units Ratio 3.16 x EOY 1 GRM 8.27
Average Unit Square Feet 1,440 SF EOY 1 Capitalization Rate 5.68%
FINANCIALS
Rentable Square Feet 171,356 SF EOY 1 Leveraged Cash-on-Cash Return 9.37%
7 Year Average Cash-on-Cash 7.80%
YEAR ONE FORECASTED OPERATIONS SUMMARY 7 Year Unleveraged IRR 7.63%

Economic Occupancy 93.52% 7 Year Unleveraged Equity Multiple 1.57 x
Average Rent per Bed $593 7 Year Leveraged IRR 14.00%
Effective Gross Income $2,947,697 10 Year Leveraged Equity Multiple 2.21 x
Operating Expenses $1,691,335
Operating Expenses per Bed $4,498 DEBT SUMMARY

Operating Expenses (as % of EGI) 57.38% Loan Amount $15,491,000
Net Operating Income $1,256,362 Loan to Value 70%
Management Fee 3.00% Total Equity Required $6,793,910
Replacements Reserves per Bed $150 Monthly Payment (amortizing) $51,637
Debt Service Coverage Ratio 1.42 x
IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia and their clients. This file may not be reproduced physically or in electronic format without
the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia Employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions. COPYRIGHT 2018. All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only
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PRO FORMA INCOME AND EXPENSES
AY 2019/2020 MONTHLY ANNUAL

BEDS UNITS TYPE SQFT TOTAL SF RENT/SF UNIT MIX %
RENT RENT RENT
6 6 A1 - 1 Bed / 1 Bath 750 4,500 $1,215 $7,290 $87,480 $1.62 5.04%
24 12 B1 - 2 Bed / 2 Bath 954 11,448 $758 $18,192 $218,304 $1.59 10.08%

8 4 B2 - 2 Bed / 2 Bath 1,168 4,672 $801 $6,405 $76,864 $1.37 3.36%
6 3 B3 - 2 Bed / 2 Bath 1,180 3,540 $802 $4,814 $57,768 $1.36 2.52%
8 4 B4 - 2 Bed / 2 Bath 1,258 5,032 $807 $6,457 $77,484 $1.28 3.36%

108 36 C1 - 3 Bed / 3 Bath 1,407 50,652 $596 $64,381 $772,575 $1.27 30.25%
144 36 D1 - 4 Bed / 4 Bath 1,588 57,168 $522 $75,175 $902,100 $1.31 30.25%
FINANCIALS
72 18 D2 - 4 Bed / 4 Bath 1,908 34,344 $561 $40,372 $484,466 $1.18 15.13%
376 119 1,440 171,356 $593 $223,087 $2,677,041 $1.30 100.00%
A1 - 1 Bed / 1 Bath
B1 - 2 Bed / 2 Bath
B2 - 2 Bed / 2 Bath
B3 - 2 Bed / 2 Bath
B4 - 2 Bed / 2 Bath
C1 - 3 Bed / 3 Bath
37
AY 2019/2020
INCOME PRO FORMA T12 YE 2018
Scheduled Market Rent $2,677,041 $2,714,904 $2,684,128
Less: Loss to Lease 0.00% $0 $69,917 $121,613
Less: Physical Vacancy 5.00% ($133,852) ($247,831) ($272,820)
Less: Concessions 0.00% $0 ($33,235) ($21,088)
Less: Non-Revenue / Adjust 0.98% ($26,112) ($25,816) ($26,393)
Less: Bad Debt 0.50% ($13,385) ($16,415) ($29,779)
Net Rental Income $2,503,692 $2,461,524 $2,455,661
Plus: Fee Income $175,369 $170,261 $177,512

Plus: Utility Reimbursements $249,344 $242,082 $247,511
Plus: Parking Income $19,292 $18,730 $19,231
Total Other Income $444,005 $431,073 $444,255
Effective Gross Income

$2,947,697 $2,892,597 $2,899,915
(EGI)
AY 2019/2020 PRO
EXPENSES Per Unit Per Bedroom FORMA T12 YE 2018
FINANCIALS
General & Administration $751 $238 $89,378 $87,198 $105,842

Marketing & Promotion $577 $183 $68,710 $67,034 $59,866
Payroll $2,686 $850 $319,600 $372,978 $352,120
Repairs & Maintenance $128 $40 $15,178 $19,136 $10,501
Contract Services $739 $234 $87,970 $85,824 $74,531
Turnover $474 $150 $56,400 $105,000 $7 1,756
Shuttle $521 $165 $62,010 $60,498 $59,706
Total Controllable Expenses $5,876 $1,860 $699,246 $797,668 $734,321
Management Fee 3.00% $743 $235 $88,431 $84,111 $84,900
Utilities $3,810 $1,206 $453,407 $442,348 $444,126
Cable/Internet $524 $166 $62,349 $60,828 $60,833
Real Estate Taxes 5.54% $2,590 $820 $308,155 $314,064 $305,237
Insurance $196 $62 $23,347 $22,778 $26,528
Replacement Reserves $474 $150 $56,400 $56,400 $56,400
Total Expenses $20,089 $2,639 $1,691,335 $1,778,197 $1,7 12,344
Total Expenses Per Bed: $4,498 $4,729 $4,554

Total Expenses as % of EGI: 57.38% 61.47% 59.05%
Net Operating Income $1,256,362 $1,114,400 $1,187,57 1
IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia and their clients. This
file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia Employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions.
COPYRIGHT 2019. All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only
38 | BER K A D IA
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AY 2019/2020
CASH FLOW ANALYSIS T12 YE 2018
PRO FORMA
Projected Net Cash Flow Before Debt Service (NOI) $1,256,362 $1,114,400 $1,187,57 1
Less: Debt Service ($619,640) ($619,640) ($619,640)
Projected Net Cash Flow After Debt Service $636,722 $494,760 $567,931
Debt Service Coverage Ratio 1.42 X 1.26 X 1.34 X
ACQUISITION CAP RATE BASED ON:
CAP RATE ANALYSIS PRICE $/UNIT $/BEDROOM PRO FORMA T12 YE 2018
Stretch Price $23,280,000 $195,630 $61,915 5.40% 4.79% 5.10%
Competitive Offer $22,130,000 $185,966 $58,856 5.68% 5.04% 5.37%
Strong Price Support $21,070,000 $177,059 $56,037 5.96% 5.29% 5.64%
FINANCIALS
LEV CASH ON CASH 7-YR UNLEV 7-YR LEV IRR
RETURN ANALYSIS YEAR 1 7-YR AVG IRR ROEX IRR ROEX
at Stretch Price 8.46% 7.80% 7.63% 1.57 X 14.00% 2.21 X
at Competitive Offer 9.37% 8.82% 7.99% 1.60 X 15.00% 2.30 X
at Strong Price Support 10.30% 9.87% 8.34% 1.62 X 16.00% 2.39 X
ALL FINANCING
Total
Total LTV Equity Required Monthly Payment Debt Yield Debt Constant
Loan Amount
70% $15,491,000 $6,793,910 ($51,637) 8.11% 4.00%
NEW FIRST MORTGAGE (TO BE ORIGINATED

AT PURCHASE)
I/O Term
LTV Loan Amount Interest Rate Amortization Payment Fees
(yrs)
70% $15,491,000 4.00% 30 ($73,956) 1.00% -
Interest Only ($51,637) 2
IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia and their clients. This file may not be reproduced
physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia Employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions. COPYRIGHT 2018. All Rights Reserved. DRAFT REPORT:
Privileged & Confidential, For Discussion Purposes Only
39
NOTES TO PRO FORMA
Based on the average effective rent rates on the Rent Roll dated Based on a rate of $850/bed, which is in line with market for assets of
Scheduled Market Rent 9.20.2019.
Payroll similar size and geographical location.
Based on a rate of $40/bed, which is in line with a 2.5% growth on the

August 2019 T-12 for Total Repairs & Maintenance Expense (excluding
Loss to Lease As effective rates are used in lieu of market rates, loss to lease is $0. Repairs & Maintenance Electrical). $4,436 in one-time HVAC expenses were removed from the
underwriting.

Vacancy Rate of 5% applied, in line with lender underwriting
Vacancy standards and market forecasts.
Contract Services August 2019 T-12 for Total Cleaning Expenses, Total Facilities/Safety,
and Total Roads/Grounds.
Based on a rate of $150/bed, which is in line with market for assets of

Concessions In line with asset historicals and market forecasts. Turnover similar size and geographical location.

Non Revenue/Adjust In line with asset historicals and market forecasts. Shuttle August 2019 T-12 for G&A - Shuttle Service Contract.
FINANCIALS
Based on a 3% of EGI, in line with assets of this size in comparable

Bad Debt In line with asset historicals and market forecasts. Management Fee markets.
Based on a 3% growth on the August 2019 T-12 for the following line
items: Cleaning/Damage Fees, Miscellaneous Income, Termination Based on a rate of $1,206/bed, which is in line with a 2.5% growth on
Fee Income Fees, Resident Transfer Fee, Rent Premium - Short Term Lease, Late Utilities the August 2019 T-12 for Total Electrical Expenses and Total Utilities
Charges, Pet Fees, Pet Rent, Application Fees, NSF Fees, Move-In Expense.
Admin Fees, Food & Beverage Income.
Based on a 3% growth on the August 2019 T-12 for Expense Based on a rate of $166/bed, which is in line with a 2.5% growth on the
Utility Reimbursements Recovery - Other and Expense Recovery - Electric.
Cablet/Internet August 2019 T-12 for Cable Television Service.
Based on the 2020 Total State Equalized Value of $5,565,300 provided

Based on a 3% growth on the August 2019 T-12 for Garage &
Accelerated Rent Parking Rents.
Real Estate Taxes by Clinton County, multiplied the most recent millage rate for the Bath
Charter Township, 5.53707%.
Based on a rate of $238/bed, which is in line with a 2.5% growth on

General & Administration the August 2019 T-12 for Total Administration Expenses (excluding Insurance August 2019 T-12 for Insurance - Property Insurance.
G&A - Cable Television Service & G&A - Shuttle Service Contract).
Based on a rate of $183/bed, which is in line with a 2.5% growth on A $150 per bed reserve for capital replacements was included in the
Marketing & Promotion the August 2019 T-12 for Total Marketing/Leasing Expenses.
Replacement Reserve underwriting.
40 | BER K A D IA
10-YEAR CASH FLOW PROJECTION
INCOME EOY 1 EOY 2 EOY 3 EOY 4 EOY 5 EOY 6 EOY 7 EOY 8

Scheduled Market Rent $2,677,041 $2,757,352 $2,840,073 $2,925,275 $3,013,033 $3,103,424 $3,196,527 $3,292,423
Less: Physical Vacancy ($133,852) ($137,868) ($142,004) ($146,264) ($150,652) ($155,171) ($159,826) ($164,621)
Less: Non-Revenue / Adjust ($26,112) ($27,574) ($28,401) ($29,253) ($30,130) ($31,034) ($31,965) ($32,924)
Less: Bad Debt ($13,385) ($13,787) ($14,200) ($14,626) ($15,065) ($15,517) ($15,983) ($16,462)
NET RENTAL INCOME $2,503,692 $2,578,124 $2,655,468 $2,735,132 $2,817,186 $2,901,702 $2,988,753 $3,078,415
Plus: Fee Income $175,369 $180,630 $186,049 $191,630 $197,379 $203,301 $209,400 $215,682
Plus: Utility Reimbursements $249,344 $256,825 $264,530 $272,465 $280,639 $289,059 $297,730 $306,662
Plus: Parking Income $19,292 $19,871 $20,467 $21,081 $21,713 $22,365 $23,036 $23,727
EFFECTIVE GROSS INCOME (EGI) $2,947,697 $3,035,450 $3,126,513 $3,220,309 $3,316,918 $3,416,425 $3,518,918 $3,624,486
Operating expenses
General & Administration $89,378 $91,612 $93,903 $96,250 $98,657 $101,123 $103,651 $106,242
Marketing & Promotion $68,710 $70,428 $72,188 $73,993 $75,843 $77,739 $79,682 $81,674
Payroll $319,600 $327,590 $335,780 $344,174 $352,779 $361,598 $370,638 $379,904
Repairs & Maintenance $15,178 $15,558 $15,947 $16,345 $16,754 $17,173 $17,602 $18,042
Contract Services $87,970 $90,169 $92,423 $94,734 $97,102 $99,530 $102,018 $104,568
Turnover $56,400 $57,810 $59,255 $60,737 $62,255 $63,811 $65,407 $67,042
Shuttle $62,010 $63,561 $65,150 $66,778 $68,448 $70,159 $71,913 $73,711
TOTAL CONTROLLABLE EXPENSES $699,246 $716,727 $734,646 $753,012 $771,837 $791,133 $810,911 $831,184
Management Fee 3.00% $88,431 $91,063 $93,795 $96,609 $99,508 $102,493 $105,568 $108,735
Utilities $453,407 $464,742 $476,360 $488,269 $500,476 $512,988 $525,813 $538,958
Cable/Internet $62,349 $63,907 $65,505 $67,143 $68,821 $70,542 $72,305 $74,113
Real Estate Taxes 5.54% $308,155 $314,318 $320,604 $327,016 $333,556 $340,228 $347,032 $353,973
Insurance $23,347 $23,931 $24,529 $25,143 $25,771 $26,415 $27,076 $27,753
Replacement Reserves $56,400 $56,400 $56,400 $56,400 $56,400 $56,400 $56,400 $56,400
TOTAL EXPENSES $1,691,335 $1,731,089 $1,771,840 $1,813,592 $1,856,370 $1,900,199 $1,945,105 $1,991,115
NET OPERATING INCOME (NOI) $1,256,362 $1,304,361 $1,354,673 $1,406,717 $1,460,548 $1,516,227 $1,573,813 $1,633,370
Discounted Cash Flow Variables Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8

Rent Growth: - 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Loss to Lease Rate: 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Vacancy Rate: 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Concessions Rate: 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Non-Revenue 0.98% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Bad Debt 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Other Income Growth Rate (U&L) - 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Expense Growth - 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
Taxes on Property (Increases) - 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Capital Improvements $0 $0 $0 $0 $0 $0 $0 $0
IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia and their clients. This file may not be reproduced physically or in
electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia Employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions. COPYRIGHT 2019. All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion
Purposes Only
RESIDUAL CALCULATIONS AND YIELD SCHEDULE
ACQUISITION / DISPOSITION EOY 1 EOY 2 EOY 3 EOY 4 EOY 5 EOY 6 EOY 7

Purchase Price ($22,130,000)
Net Operating Income $1,256,362 $1,304,361 $1,354,673 $1,406,717 $1,460,548 $1,516,227 $1,573,813
Capital Improvements $0 $0 $0 $0 $0 $0 $0
Cash Flow Before Debt ($22,130,000) $1,256,362 $1,304,361 $1,354,673 $1,406,717 $1,460,548 $1,516,227 $1,573,813
Disposition Cap Rate 5.68% 5.78% 5.89% 6.00% 6.11% 6.21% 6.32%
Residual Value $22,975,459 $23,420,272 $23,878,307 $24,349,811 $24,835,042 $25,334,269 $25,847,778
(Selling Expense) 1.50% ($344,632) ($351,304) ($358,175) ($365,247) ($372,526) ($380,014) ($387,717)
Net Residual $22,630,827 $23,068,968 $23,520,133 $23,984,564 $24,462,516 $24,954,255 $25,460,061
Outstanding Debt ($15,491,000) ($15,491,000) ($15,218,198) ($14,934,281) ($14,638,798) ($14,331,275) ($14,011,224)
Net Capital Proceeds $7,139,827 $7,577,968 $8,301,935 $9,050,283 $9,823,718 $10,622,980 $11,448,837
Debt Service
FINANCIALS
Mortgages $15,491,000
Mortgage Origination Fees ($154,910)
Principal $0 $0 ($272,802) ($283,917) ($295,484) ($307,522) ($320,051)
Interest ($619,640) ($619,640) ($614,675) ($603,560) ($591,993) ($579,955) ($567,426)
Cash Flow After Debt Service ($6,793,910) $636,722 $684,721 $467,196 $519,240 $573,071 $628,750 $686,336
Debt Service Coverage Ratio 2.03 X 2.11 X 1.53 X 1.59 X 1.65 X 1.71 X 1.77 X
Yield Schedule EOY 1 EOY 2 EOY 3 EOY 4 EOY 5 EOY 6 EOY 7

Capitalization Rate 5.68% 5.89% 6.12% 6.36% 6.60% 6.85% 7.11%
Unleveraged IRR 7.94% 7.82% 7.82% 7.85% 7.90% 7.94% 7.99%
Unleveraged Equity Multiple 1.08 X 1.16 X 1.24 X 1.32 X 1.41 X 1.50 X 1.60 X
Leveraged Cash-on-Cash Return 9.37% 10.08% 6.88% 7.64% 8.44% 9.25% 10.10%
Leveraged IRR 14.46% 15.07% 15.27% 15.27% 15.20% 15.10% 15.00%
Leveraged Equity Multiple 1.14 X 1.31 X 1.49 X 1.67 X 1.87 X 2.08 X 2.30 X
Gross Residual Price/Bed $61,105 $62,288 $63,506 $64,760 $66,051 $67,378 $68,744
Annual Residual Appreciation 3.82% 1.94% 1.96% 1.97% 1.99% 2.01% 2.03%
IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia and their clients. This file may not be reproduced physically or in electronic format
without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia Employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions. COPYRIGHT 2019. All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only
42 | BER K A D IA
B ERKAD IA |
FINANCIALS
43
Comparable
PROPERTIES
COMPARABLE PROPERTIES
DISTANCE (MI) AVG AVG AVG

PROPERTY CITY BEDS UNITS BUILT OCCUPANCY AVG SF
FROM CAMPUS RENT / UNIT RENT / SF RENT / BED
East Lansing 2.60 376 119 2015 97% 1,439 $1,916 $1.33 $606
1 LODGES OF EAST LANSING, THE East Lansing 0.50 1049 364 2011 93% 1,098 $2,177 $1.98 $755
2 HANNAH LOFTS & TOWNHOMES East Lansing 0.20 702 282 2014 96% 1,050 $2,200 $2.09 $932
Comparable Properties
3 LANDINGS AT CHANDLER CROSSING, THE East Lansing 2.80 936 306 2001 86% 1,136 $1,638 $1.44 $536
4 CLUB AT CHANDLER CROSSING, THE East Lansing 2.50 768 210 2003 91% 1,370 $1,898 $1.39 $519
5 VILLAGE AT CHANDLER CROSSING, THE East Lansing 2.70 1068 336 2001 83% 1,149 $1,642 $1.43 $517
6 BLOCK 36 East Lansing 2.50 432 108 2001 86% 1,304 $1,960 $1.50 $490
7 25 EAST East Lansing 2.20 654 222 1999 90% 995 $1,537 $1.54 $522
8 LANDMARK ON GRAND RIVER East Lansing 0.10 464 273 2019 94% 603 $1,704 $2.82 $1,064
9 CAMPUS VILLAGE East Lansing 0.10 355 106 2003 100% 1,256 $2,659 $2.12 $794
10 SKYVUE Lansing 0.40 824 338 2017 77% 999 $2,090 $2.09 $857
11 HUB ON CAMPUS EAST LANSING, THE East Lansing 0.10 585 347 2019 90% 546 $1,650 $3.02 $1,043
Averages* 1.28 712 263 2008 90% 1,046 $1,923 $1.95 $730
*Averages do not include subject property
46 | BER K A D IA
B ERKAD IA |
COMPARABLE PROPERTIES MAP
16970 Chandler Rd
East Lansing, MI, 48823
Lodges of East Lansing, The
5 1
3 2700 Hannah Blvd
6 2 Hannah Lofts & Townhomes
2929 Hannah Blvd
THE ROCKS 4
3 Landings at Chandler
LODGES OF EAST LANSING, THE Crossing, The
EAST LANSING, MI, 48823 7 16789 Chandler Rd
Distance (mi) East Lansing, MI, 48823
From Campus: 2.60
4 Club at Chandler Crossing,
Units: 119 The
Built: 2015 3850 E Coleman Rd
Occupancy: 97%
5 Village at Chandler Cross-
ing, The
3839 Hunsaker St
6 Block 36
3636 E Coleman Rd
7 25 East
2501 Abbot Rd
10 8 8 Landmark on Grand River
9 100 E Grand River Ave
11 East Lansing, MI, 48823
9 Campus Village
1151 Michigan Ave
10 SkyVue
3165 E Michigan Ave
1 Lansing, MI, 48912
2 11 Hub on Campus East Lan-
sing, The
918 E Grand River Ave
47
BER K A D IA
|
48
B ERKAD IA |
COMPARABLE RENTAL PROPERTIES
UNIT MIX & RENT SCHEDULE

S BEDS UNITS TYPE UNIT SF UNIT RENT RENT / SF RENT / BED
6 6 1 Bed/1 Bath 750 $1,230 $1.64 $1,230
6 3 2 Bed/2 Bath 1,179 $1,598 $1.36 $799
8 4 2 Bed/2 Bath 1,257 $1,608 $1.28 $804
8 4 2 Bed/2 Bath 1,168 $1,608 $1.38 $804
24 12 2 Bed/2 Bath 954 $1,516 $1.59 $758
108 36 3 Bed/3 Bath 1,406 $1,797 $1.28 $599
72 18 4 Bed/4 Bath 1,906 $2,316 $1.22 $579
144 36 4 Bed/4 Bath 1,586 $2,176 $1.37 $544
376 119 Weighted Average 1,439 $1,916 $1.33 $606
UNIT MIX BREAKDOWN
12%
1 Bed / 1 Bath (6 Beds)
ROCKS, THE
16970 Chandler Rd | East Lansing, MI, 48823
2 Bed / 2 Bath (46
Beds)
PROPERTY SUMMARY 3 Bed / 3 Bath (108
57% 29% Beds)
DISTANCE (MI) FROM CAMPUS: 2.60
UNITS: 119 4 Bed / 4 Bath (216
BUILT: 2015 Beds)
OCCUPANCY: 97%
49

1 BEDS UNITS TYPE UNIT SF UNIT RENT RENT / SF RENT/BED
12 12 0 Bed/1 Bath 512 $1,089 $2.13 $1,089
63 63 1 Bed/1 Bath 594 $1,219 $2.05 $1,219
14 7 2 Bed/2 Bath 926 $1,778 $1.92 $889
16 8 2 Bed/2 Bath 864 $1,698 $1.97 $849
32 16 2 Bed/2 Bath 800 $1,698 $2.12 $849
34 17 2 Bed/2 Bath 866 $1,698 $1.96 $849
36 12 3 Bed/3 Bath 1,080 $2,352 $2.18 $784
45 15 3 Bed/3 Bath 1,080 $2,232 $2.07 $744
177 59 3 Bed/3 Bath 1,080 $2,232 $2.07 $744

204 51 4 Bed/4 Bath 1,500 $2,756 $1.84 $689
416 104 4 Bed/4 Bath 1,403 $2,756 $1.96 $689
1,049 364 Weighted Average 1,098 $2,177 $1.98 $755
UNIT MIX BREAKDOWN
LODGES OF EAST LANSING, THE

2700 Hannah Blvd | East Lansing, MI, 48823 6% Studio (12 Beds)
9%
PROPERTY SUMMARY 1 Bed / 1 Bath (63
Beds)
BUILT: 2011
Beds)
59% 25% 3 Bed / 3 Bath (258
OCCUPANCY: 93%
Beds)
4 Bed / 4 Bath (620
Beds)
50 | BER K A D IA
B ERKAD IA |

65 65 0 Bed/1 Bath 486 $1,135 $2.34 $1,135
2 2 1 Bed/1 Bath 823 $1,170 $1.42 $1,170
6 6 1 Bed/1 Bath 502 $1,214 $2.42 $1,214
47 47 1 Bed/1 Bath 515 $1,214 $2.36 $1,214
2 1 2 Bed/2 Bath 710 $1,600 $2.25 $800
2 1 2 Bed/2 Bath 752 $1,750 $2.33 $875
2 1 2 Bed/2 Bath 878 $1,780 $2.03 $890
2 1 2 Bed/2 Bath 916 $1,720 $1.88 $860
4 2 2 Bed/2 Bath 742 $1,600 $2.16 $800
8 4 2 Bed/2 Bath 1,192 $1,828 $1.53 $914
6 3 2 Bed/2.5 Bath 1,004 $1,900 $1.89 $950
38 19 2 Bed/2.5 Bath 1,030 $1,900 $1.84 $950
6 2 3 Bed/3 Bath 1,476 $2,397 $1.62 $799
132 33 3 Bed/4 Bath 1,260 $3,068 $2.43 $1,023
4 1 4 Bed/4.5 Bath 1,604 $2,900 $1.81 $725
8 2 4 Bed/4.5 Bath 1,692 $3,140 $1.86 $785
HANNAH LOFTS & TOWNHOMES
20 5 4 Bed/4.5 Bath 1,664 $3,100 $1.86 $775
2929 Hannah Blvd | East Lansing, MI, 48823 24 6 4 Bed/4.5 Bath 1,468 $3,100 $2.11 $775
160 40 4 Bed/4.5 Bath 1,680 $3,340 $1.99 $835
PROPERTY SUMMARY 164 41 4 Bed/4.5 Bath 1,700 $3,360 $1.98 $840
DISTANCE (MI) FROM CAMPUS: 0.20 702 282 Weighted Average 1,050 $2,200 $2.09 $932
UNITS: 282 UNIT MIX BREAKDOWN

BUILT: 2014
Studio (65 Beds)
OCCUPANCY: 96%
9% 1 Bed / 1 Bath (55
Beds)
8%
2 Bed / 2 Bath (20
Beds)
6% 2 Bed / 2.5 Bath (44
54% Beds)
3 Bed / 3 Bath (6
Beds)
19%
3 Bed / 4 Bath (132
Beds)
4 Bed / 4.5 Bath (380
Beds)
51

216 108 2 Bed/2 Bath 864 $1,278 $1.48 $639
216 72 3 Bed/3 Bath 1,153 $1,692 $1.47 $564
504 126 4 Bed/4 Bath 1,359 $1,916 $1.41 $479
UNIT MIX BREAKDOWN

23%
2 Bed / 2 Bath (216
Beds)
3 Bed / 3 Bath (216
54% Beds)
LANDINGS AT CHANDLER CROSSING, THE
4 Bed / 4 Bath (504
16789 Chandler Rd | East Lansing, MI, 48823
23% Beds)
PROPERTY SUMMARY

UNITS: 306
BUILT: 2001
OCCUPANCY: 86%
52 | BER K A D IA
B ERKAD IA |

24 12 2 Bed/2 Bath 927 $1,538 $1.66 $769
144 48 3 Bed/3 Bath 1,284 $1,707 $1.33 $569
240 60 4 Bed/2 Bath 1,228 $1,836 $1.50 $459
120 30 4 Bed/4 Bath 1,887 $2,196 $1.16 $549
240 60 4 Bed/4 Bath 1,412 $2,036 $1.44 $509
UNIT MIX BREAKDOWN
19% 2 Bed / 2 Bath (24
Beds)
3 Bed / 3 Bath (144
47% Beds)
CLUB AT CHANDLER CROSSING, THE
3850 E Coleman Rd | East Lansing, MI, 48823 4 Bed / 2 Bath (240
Beds)
PROPERTY SUMMARY
4 Bed / 4 Bath (360
31% Beds)
UNITS: 210
BUILT: 2003
OCCUPANCY: 91%
53

5 BEDS UNITS TYPE UNIT SF UNIT RENT RENT / SF RENT / BED
36 36 1 Bed/1 Bath 654 $1,079 $1.65 $1,079
72 36 2 Bed/2 Bath 854 $1,338 $1.57 $669
288 96 3 Bed/3 Bath 1,078 $1,527 $1.42 $509
96 24 4 Bed/2 Bath 1,264 $1,716 $1.36 $429
192 48 4 Bed/2 Bath 1,368 $1,876 $1.37 $469
144 36 4 Bed/4 Bath 1,518 $1,996 $1.31 $499
240 60 4 Bed/4 Bath 1,293 $1,916 $1.48 $479
1,068 336 Weighted Average 1,149 $1,642 $1.43 $517
UNIT MIX BREAKDOWN
1 Bed / 1 Bath (36

7%
Beds)
2 Bed / 2 Bath (72
VILLAGE AT CHANDLER CROSSING, THE 36% Beds)
3839 Hunsaker St | East Lansing, MI, 48823
27% 3 Bed / 3 Bath (288
Beds)
PROPERTY SUMMARY
4 Bed / 2 Bath (288
DISTANCE (MI) FROM CAMPUS: 2.70 Beds)
BUILT: 2001
27% Beds)
OCCUPANCY: 83%
54 | BER K A D IA
B ERKAD IA |

6 BEDS UNITS TYPE UNIT SF UNIT RENT RENT / SF RENT / BED
432 108 4 Bed/4 Bath 1,304 $1,960 $1.50 $490
UNIT MIX BREAKDOWN
4 Bed / 4 Bath (432
Beds)
BLOCK 36
3636 E Coleman Rd | East Lansing, MI, 48823
100%
PROPERTY SUMMARY

UNITS: 108
BUILT: 2001
OCCUPANCY: 86%
55

30 30 1 Bed/1 Bath 665 $944 $1.42 $944
144 72 2 Bed/2 Bath 752 $1,318 $1.75 $659
480 120 4 Bed/2 Bath 1,224 $1,816 $1.48 $454
654 222 Weighted Average 995 $1,537 $1.54 $522
UNIT MIX BREAKDOWN

5%
22% 1 Bed / 1 Bath (30

Beds)
2 Bed / 2 Bath (144
Beds)
25 EAST 4 Bed / 2 Bath (480
2501 Abbot Rd | East Lansing, MI, 48823 Beds)
73%
PROPERTY SUMMARY

UNITS: 222
BUILT: 1999
OCCUPANCY: 90%
56 | BER K A D IA
B ERKAD IA |

15 15 0 Bed/1 Bath 350 $1,050 $3.00 $1,050
15 15 0 Bed/1 Bath 440 $1,150 $2.61 $1,150
15 15 0 Bed/1 Bath 439 $1,150 $2.62 $1,150
20 20 0 Bed/1 Bath 425 $1,150 $2.71 $1,150
25 25 0 Bed/1 Bath 384 $1,050 $2.73 $1,050
15 15 1 Bed/1 Bath 512 $1,310 $2.56 $1,310
40 20 2 Bed/1 Bath 790 $1,900 $2.41 $950
40 20 2 Bed/1 Bath 750 $1,900 $2.53 $950
40 20 2 Bed/1 Bath 724 $1,900 $2.62 $950
40 20 2 Bed/1 Bath 708 $1,900 $2.68 $950
20 10 2 Bed/2 Bath 772 $2,100 $2.72 $1,050
30 15 2 Bed/2 Bath 754 $2,100 $2.79 $1,050
40 20 2 Bed/2 Bath 768 $2,100 $2.73 $1,050
40 20 2 Bed/2 Bath 724 $2,100 $2.90 $1,050
69 23 2 Bed/2 Bath 528 $2,496 $4.73 $1,248
464 273 Weighted Average 603 $1,704 $2.82 $1,064
LANDMARK ON GRAND RIVER
100 E Grand River Ave | East Lansing, MI, 48823 UNIT MIX BREAKDOWN
PROPERTY SUMMARY

UNITS: 273 19% Studio (90 Beds)
BUILT: 2019
OCCUPANCY: 94% 1 Bed / 1 Bath (15 Beds)
43%
2 Bed / 1 Bath (160
Beds)
2 Bed / 2 Bath (199
Beds)
35%
57

3 3 1 Bed/1 Bath 686 $1,205 $1.76 $1,205
46 23 2 Bed/2 Bath 934 $1,744 $1.87 $872
48 16 3 Bed/3 Bath 1,213 $2,457 $2.03 $819
248 62 4 Bed/4 Bath 1,393 $3,076 $2.21 $769
10 2 5 Bed/5 Bath 1,899 $4,045 $2.13 $809
UNIT MIX BREAKDOWN

1 Bed / 1 Bath (3 Beds)

13%
2 Bed / 2 Bath (46
Beds)
13%
CAMPUS VILLAGE 3 Bed / 3 Bath (48
Beds)
1151 Michigan Ave | East Lansing, MI, 48823
4 Bed / 4 Bath (248
Beds)
PROPERTY SUMMARY
70% 5 Bed / 5 Bath (10
Beds)
UNITS: 106
BUILT: 2003
OCCUPANCY: 100%
58 | BER K A D IA
B ERKAD IA |

144 144 1 Bed/1 Bath 637 $1,254 $1.97 $1,254
2 1 2 Bed/2 Bath 794 $1,780 $2.24 $890
30 15 2 Bed/2 Bath 996 $1,928 $1.94 $964
64 32 2 Bed/2 Bath 822 $1,838 $2.24 $919
60 15 4 Bed/4 Bath 1,356 $3,020 $2.23 $755
80 20 4 Bed/4 Bath 1,644 $3,116 $1.90 $779
444 111 4 Bed/4 Bath 1,356 $2,960 $2.18 $740
824 338 Weighted Average 999 $2,090 $2.09 $857
UNIT MIX BREAKDOWN
17%
SKYVUE 1 Bed / 1 Bath (144
3165 E Michigan Ave | Lansing, MI, 48912 Beds)
12% 2 Bed / 2 Bath (96
Beds)
PROPERTY SUMMARY
4 Bed / 4 Bath (584
Beds)
UNITS: 338 71%
BUILT: 2017
OCCUPANCY: 77%
59
COMPARABLE RENTAL PROPERTIES UNIT MIX & RENT SCHEDULE
BEDS UNITS TYPE UNIT SF UNIT RENT RENT / SF RENT/BED
65 65 0 Bed/1 Bath 486 $1,135 $2.34 $1,135
2 2 1 Bed/1 Bath 823 $1,170 $1.42 $1,170
6 6 1 Bed/1 Bath 502 $1,214 $2.42 $1,214
11 47 47 1 Bed/1 Bath 515 $1,214 $2.36 $1,214

2 1 2 Bed/2 Bath 710 $1,600 $2.25 $800
2 1 2 Bed/2 Bath 752 $1,750 $2.33 $875
2 1 2 Bed/2 Bath 878 $1,780 $2.03 $890
2 1 2 Bed/2 Bath 916 $1,720 $1.88 $860
4 2 2 Bed/2 Bath 742 $1,600 $2.16 $800
8 4 2 Bed/2 Bath 1,192 $1,828 $1.53 $914
6 3 2 Bed/2.5 Bath 1,004 $1,900 $1.89 $950
38 19 2 Bed/2.5 Bath 1,030 $1,900 $1.84 $950
6 2 3 Bed/3 Bath 1,476 $2,397 $1.62 $799
132 33 3 Bed/4 Bath 1,260 $3,068 $2.43 $1,023

4 1 4 Bed/4.5 Bath 1,604 $2,900 $1.81 $725
8 2 4 Bed/4.5 Bath 1,692 $3,140 $1.86 $785
20 5 4 Bed/4.5 Bath 1,664 $3,100 $1.86 $775
24 6 4 Bed/4.5 Bath 1,468 $3,100 $2.11 $775
160 40 4 Bed/4.5 Bath 1,680 $3,340 $1.99 $835
164 41 4 Bed/4.5 Bath 1,700 $3,360 $1.98 $840
HUB ON CAMPUS EAST LANSING, THE 702 282 Weighted Average 1,050 $2,200 $2.09 $932
918 E Grand River Ave | East Lansing, MI, 48823
UNIT MIX BREAKDOWN
PROPERTY SUMMARY

Studio (213 Beds)
UNITS: 347 14%
BUILT: 2019
2 Bed / 1 Bath (74
OCCUPANCY: 90% 37% Beds)
15% 2 Bed / 2 Bath (124
Beds)
3 Bed / 2 Bath (90
Beds)
21% 3 Bed / 3 Bath (84

13% Beds)
60 | BER K A D IA
$600
$800
$1,000
$1,200
$200
$400
$0
Block 36 | $490
Block 36
Average $703
Village at Chandler Crossing, The | $517
Crossing, The
Club at Chandler Crossing, The | $519
Crossing, The
Village at Chandler Club at Chandler
25 East | $522
25 East
Landings at Chandler Crossing, The | $536
The
Landings at
Chandler Crossing,
Rocks, The | $606
Rocks, The
TOTALS
Lodges of East Lansing, The | $755
Lansing, The
Lodges of East
Campus Village | $794

Campus Village
SkyVue | $857
SkyVue
Hannah Lofts & Townhomes | $932

Townhomes
Hannah Lofts &
B ERKAD IA
|
Hub on Campus East Lansing, The | $1,043

Hub on Campus
East Lansing, The
Landmark on Grand River | $1,064

Grand River
Landmark on
61
$1,400
Average $1,198
$1,200
$1,000
$800
Village at Chandler Crossing, The | $1,079
$600
Hannah Lofts & Townhomes | $1,212
Lodges of East Lansing, The | $1,219

$400 Campus Village | $1,205
Rocks, The | $1,230
SkyVue | $1,254
25 East | $944
$200
$0
25 East Village at Chandler Campus Village Hannah Lofts & Lodges of East Rocks, The SkyVue Landmark on Grand
Crossing, The Townhomes Lansing, The River
1
BEDROOM
62 | BER K A D IA
$600
$800
$1,000
$1,200
$200
$400
$0
The
Landings at
Chandler Crossing,
25 East | $659 Average $870
25 East
Crossing, The
Village at Chandler
Crossing, The
Club at Chandler
Rocks, The | $779
Rocks, The
2
Lansing, The Lodges of East Lansing, The | $855
Lodges of East
BEDROOMS
Campus Village

Townhomes
Hannah Lofts &
SkyVue | $932
SkyVue
B ERKAD IA
Hub on Campus East Lansing, The | $1,027

|
East Lansing, The

River
Hub on Campus Landmark on Grand
63
$1,200
$1,000
$800
Average $681
$600
Hub on Campus East Lansing, The | $848

Hannah Lofts & Townhomes | $1,013

Lodges of East Lansing, The | $750
$400

Rocks, The | $599
$200
$0
Village at Chandler Landings at Chandler Club at Chandler Rocks, The Lodges of East Lansing, Campus Village Hub on Campus East Hannah Lofts &
Crossing, The Crossing, The Crossing, The The Lansing, The Townhomes
3
BEDROOMS
64 | BER K A D IA
$600
$900
$100
$800
$500
$300
$200
$700
$400
$0
25 East | $454
25 East
Average $586
Crossing, The
Crossing, The
Village at Chandler Landings at Chandler
Block 36 | $490
Block 36
Crossing, The
Club at Chandler
4
Rocks, The | $556
Rocks, The
BEDROOMS Lodges of East Lansing, The | $689

Lansing, The
Lodges of East
SkyVue | $747
SkyVue
Campus Village|$769
B ERKAD IA
Campus Village
|

Townhomes
Hannah Lofts &
65
Team &
SERVICES
EXPERIENCE & EXPERTISE
EXPERIENCE & EXPERTISE
The Berkadia Real Estate Advisors for this engagement will be your single point of contact for all marketing and
advisory activities. The advisors, working directly on your behalf, will represent your interests by combining their market
knowledge with state-of-the-art resources and with Berkadia’s specialized support divisions.
ENGAGEMENT TEAM KEY ELEMENTS
Kevin
KevinLarimer - Senior
Larimer ManagingDirector-Student
- Managing Director - Student Housing
Housing
GregGonzalez
Greg Gonzalez - Director-Student
- Director Housing
- Student Housing
PeterBenedetto
Peter Benedetto - Senior
- Senior Managing
Managing DirectorDirector
Team & Services
EXPERIENCE
Product Specialization — Our advisors are dedicated to the ensures that all potential investors will be exposed to this offering,
multifamily sector, investing all of their professional time in managing while simultaneously enhancing the ability to substantiate aggressive
transactions and analyzing local market conditions for local, regional, pricing and financial assumptions.
and national apartment owners and investors. Our professionals fully
understand the multifamily industry and are prepared to overcome any Transaction Experience — Berkadia Real Estate Advisors maximize
obstacle in order to maximize sale proceeds. sale proceeds for owners of multifamily properties through our Direct
Marketing Program. Our advisors consistently meet or exceed client
Market Knowledge — Berkadia Real Estate Advisors have unsurpassed expectations, and our research-based, proactive marketing campaigns
market knowledge and years of apartment sales experience. This expertise, continue to generate a number of record sale prices.
coupled with the Berkadia Real Estate Advisors National Central Database
68 | BER K A D IA
B ERKAD IA |
COMPREHENSIVE ADVISORY SERVICES
UNDERWRITING AND TOURING
Underwriting — Every investor requesting a full offering package also This approach ensures a professional interaction with the on-site staff
receives property-specific informational updates and disclosures. and guarantees the proper response to inquiries and requests. This level
of dedication extends to all follow-up visits and third-party inspections.
Personal Tours — The listing advisor will personally escort each investor
on their tour of the community.
ACCOUNTABILITY AND CLIENT REPORTING
Team & Services

Quality Control — The seller shall approve all marketing material and Offer Summary Sheet — An offer summary sheet will accompany each
relative information prior to distribution. submitted offer, summarizing the terms of the offer, qualification of the
proposed buyer, and our recommendation of any action items.
Real-Time Reporting (Internet-Based) — Berkadia Real Estate Advisors
provides real-time updates via our 24/7 On Demand Marketing Center. Buyer Selection — Berkadia Real Estate Advisors provides an offer matrix,
From the initiation of the offering process until the close of escrow, showing a comparison of all offers and will assist in the selection of the
Berkadia Real Estate Advisors will supply a progress report that best offer. Our experience, enables us to assist with qualifying investors
summarizes the name of the prospective buyer, offer price and terms, and choosing the winning bidder.
qualifications of the buyer, if the head decision-maker has toured the
property, and verification of funds.
Information Control File — Berkadia Real Estate Advisors maintains a
control file with records of all information that has been distributed to each
prospective investor and broker.
69
4.105 BILLION OF RECENT STUDENT HOUSING TRANSACTIONS
TOTALING 81,000 BEDS | 2019 / 2018
THE VENETIAN THE UNION THE UNION AT COLLEGEPLACE FSU SEMINOLE TRAILS THE PLACE AT 117
Florida State University Oregon State University DEARBORN I & II Florida State University University of Illinois at
384 Beds 220 Beds University of Michigan - Florida State University 368 Beds Urbana-Champaign
Dearborn Various 588 Beds
604 Beds
Team & Services
THE EDGE AT MUSTANG RANCH THE POINTE AT MSU CAPSTONE COTTAGES 1047 COMMON- THE LANDING AT
OAKLAND Tarleton State University Mississippi State University OF LUBBOCK WEALTH LONG BEACH
Oakland University 501 Beds 1392 Beds Texas Tech University Boston University California State
244 Beds 969 Beds 240 Beds University - Long Beach
304 Beds
2018
TAILOR LOFTS SPRING PLACE THE SPOKE LAUNCH SOCIAL THE JAMES
University of Illinois University of North Carolina - University of California LIVING Virginia Commonwealth
at Chicago Greensboro 344 Beds Purdue University University
441 Beds 576 Beds 731 Beds 691 Beds
PINE COURT THE BLAKE SEBASTIAN VILLAGE CAMPUS POINTE THE COURTYARDS SUMMIT AT COATES
APARTMENTS Kennesaw State University North Carolina A&T University Eastern Illinois University University of Michigan RUN
Virginia Commonwealth Univ. 737 Beds 264 Beds 336 Beds 896 Beds Ohio University
Various Beds 856 Beds
70 | BER K A D IA
B ERKAD IA |

TOTALING 81,000 BEDS | 2018
COLLEGE TOWN SYCAMORE PLACE COASTAL VILLAGE MILLENNIUM 700 SOHO THE REEF
TUCSON Indiana State University Florida Gulf Coast University University of Oklahoma Western Michigan University Florida Gulf Coast University
University of Arizona 312 Beds 800 Beds 698 Beds 484 Beds 924 Beds
228 Beds
Team & Services

COLLEGIAN NORTH EVOLVE AUBURN RIVER CREST THE IVY APARTMENTS HAWKEYE TOWERS SUITES AT PORT
University of Michigan Auburn University Baylor University Brigham Young University Hawkeye Community College WARWICK
253 Beds 456 Beds 294 Beds 456 Beds 294 Beds Christopher Newport University
314 Beds
SYMBOL APARMENTS FLATS AT 4200 ICONIC VILLAGE BOISE COMMONS ON OAK ASH TREE THE RESERVE AT UTSA
Virginia Commonwealth University of South Florida Boise State University TREE APARTMENTS University of Texas at San
University 539 Beds 223 Beds University of Oklahoma University of Virginia Antonio
HEARTLAND VILLAGE HAVEN AT KENNESAW BECKERT’S PARK THE SOCIAL 2700 CHERRY STREET SQUARE STATION
Illinois State University Kennesaw State University DEVELOPMENT Florida State University Texas A&M University Miami International
288 Beds 148 Beds Tuskegee University 696 Beds 240 Beds School of Art & Design
1,087 Beds
71
TOTALING 81,000 BEDS | 2018 / 2017
DOUGLAS HEIGHTS POINTE ON RIO ECLIPSE ON MADISON ASPEN LINCOLN THE SOCIAL AT THE EDGE
University of Tennessee at University of Texas at Austin Florida State University University of Nebraska - SOUTH FLORIDA Bowling Green State
Chattanooga 321 Beds 128 Beds Lincoln University of South Florida University
2017
Team & Services
18NINETEEN AQUA CLUB AQUA PARK ASPEN SPRINGFIELD AVA U DISTRICT

Texas Tech University Florida State University Florida State University Missouri State University University of Washington
728 Beds 480 Beds 947 Beds 614 Beds 384 Beds
AVENUE 29 THE BLOCK CAMPUS CROSSINGS DISTRICT FLATS EAGLE VILLAGE ELEVATION ON POST
Florida State University Mississippi State University I & II University of Missouri University of Southern Texas State University
324 Beds 208 Beds Middle Tennessee State Univ. 336 Beds Indiana 342 Beds
816 Beds 511 Beds
FIFTY TWENTY-FIVE FOXRIDGE X FRANKLIN PARK GATEWAY AT HUB AT AUBURN HUB AT TALLAHASSEE
San Diego State University APARTMENTS Purdue University HUNTSVILLE Auburn University Florida State University
942 Beds Virginia Tech 624 Beds Sam Houston State University 368 Beds 340 Beds
84 Beds 416 Beds
72 | BER K A D IA
B ERKAD IA |

IVY ON 14TH KNOLLWOOD PLACE LA POINTE THE LOOKOUT AT THE MARQ ON50
Marquette University APT. Boise State University CRAGMOR Marquette University University of South Florida
165 Beds Western Michigan University 336 Beds Colorado State University 612 Beds 416 Beds
244 Beds 157 Beds
Team & Services

PACIFIC HEIGHTS THE QUARTERS AT REBEL PLACE THE RESERVE ON 66TH ROCKLAND WEST RUGBY APARTMENTS
Brigham Young University IOWA CITY University of Nevada, Kirkwood Community College University of Kansas University of Virginia
444 Beds University of Iowa Las Vegas 752 Beds 500 Beds 16 Beds
892 Beds 480 Beds
SEMINOLE TRAILS SOLHAUS PORTFOLIO SPRING PLACE STONE AVENUE T&E APARTMENTS-BRIDGE UNIVERSITY EDGE
Florida State University University of Minnesota APARTMENTS STANDARD Virginia Commonwealth East Tennessee State Univ.
368 Beds 200 Beds UNC-Greensboro University of Arizona University 256 Beds
576 Beds 224 Beds 127 Beds
UNIVERSITY LAKE UNIVERSITY PLACE UNIVERSITY VILLAGE VENETIAN VILLAS VILLA DEL LAGO DOMAIN AT
APARTMENTS University of Missouri Cal State Fullerton Florida State University Florida State University NORTHGATE
University of South Florida 351 Beds 290 Beds 384 Beds 700 Beds Texas A&M University
600 Beds 344 Beds
73
IRISH FLATS OVERLOOK AT GREENE CROSSING THE QUAD THE VILLAGE AT 48 UNIVERSITY EDGE
University of Notre Dame NOTRE DAME University of South Carolina University of Central Florida WEST University of Notre Dame
188 Beds University of Notre Dame 726 Beds 384 Beds Grand Valley State Univ. 528 Beds
359 Beds 920 Beds
Team & Services
THE BRONCO CLUB CLOVER VILLAGE IRET PORTFOLIO HILLCREST PARK UNIVERSITY SQUARE CLOVER RIDGE
Western Michigan Univ. University of Notre Dame Saint Cloud State Univ. University of Northern Iowa Texas A&M University University of Notre Dame
496 Beds 330 Beds 391 Beds 526 Beds 192 Beds 206 Beds
THE EDGE FLATS SOCIAL AT SOUTH WISH PORTFOLIO LAUREL RIDGE UNIVERSITY LAKES GRANDVIEW (MAIN
Wake Forest University FLORIDA Various Texas A&M University University of South Florida STREET AND SOUTH ROCK)
170 Beds University of South Florida 89 Beds 568 Beds 401 Beds Slippery Rock University
560 Beds 118 Beds
ECLIPSE ON BROAD THE WASHINGTON FOUNDRY LOFTS GATEWAY AT RAMS VILLAGE SUNCHASE
University of Georgia CENTER RAF University of Michigan COLLEGE STATION Colorado State University APARTMENTS
32 Beds Various 518 Beds Texas A&M University 979 Beds James Madison University
74 | BER K A D IA
B ERKAD IA |

TOTALING 81,000 BEDS | 2016 / 2015
STARLITE AND METRO LUX 13 - PHASE II THE AVENUE AT LINDER SPRINGS THE EDGE 1318 WEST BROAD
APARTMENTS University of Florida NORMAN Boise State University Wake Forest University STREET
University of North Texas 754 Beds University of Oklahoma 96 Beds 930 Beds University of Richmond
Team & Services

2015
THE UNION UNIVERSITY EDGE LOFT HOUSE BLVD63 THE LOFTS
Oregon State University Louisiana State University Stanford University San Diego State University West Virginia University
221 Beds 472 Beds 241 Beds 642 Beds 648 Beds
WEST 10 QUARRY TRAIL PROVINCE BOULDER THE EDGE MILLENNIUM ONE THE UNION AT
Florida State University University of Tennessee University of Colorado Viriginia Tech University University of DEARBORN
780 Beds 317 Beds 317 Beds 912 Beds North Carolina Charlotte University of Michigan
740 Beds 605 Beds
DOBIE CENTER THE MARK FIFTY TWENTY-FIVE UNIVERSITY GABLES HEIGHTS AT 1301 THE WOODS AT
University of Texas Arizona State University University of North Carolina Middle Tennessee State East Tennessee State GREENLAND
975 Beds 229 Beds Charlotte University University Middle Tennessee State Univ.
75
RAIDERS CROSSING SACONY COMMONS RESIDENCE HALL AT REVEILLE RANCH STADIUM CENTRE EAGLES POINTE
Middle Tennessee State Univ. Kutztown University BROOKLYN COLLEGE Texas A&M University Florida State University Kaplan University
276 Beds 162 Beds Brooklyn College 1,019 Beds 233 Beds 176 Beds
292 Beds
SMITH’S LANDING FAIRWAY COMMONS ON OAK STONE AVENUE WILLOWPARK MAVERICK CREEK
APARTMENTS APARTMENTS TREE STANDARD Cameron University VILLAS
Virginia Tech Institute and Purdue University University of Oklahoma University of Arizona 200 Beds University of Texas
State University - 494 Beds 298 Beds 780 Beds 224 Beds 702 Beds
THE EDGE FLATS RIVER RANCH DOMAIN AT ECLIPSE ON MADISON CARMEL LOFT HOUSE 612 WHALEY
Winston-Salem State Univ. Angelo State University NORTHGATE Florida State University Santa Clara University University of South Carolina
930 Beds 480 Beds Texas A&M University 128 Beds 202 Beds 210 Beds
344 Beds
THE LIGHTS AND COLLEGE EDGE

ACROSS THE ST APTS Blinn College
University of North Texas 400 Beds
159 Beds
B ERKAD IA
|
77
Team & Services

ADVISOR PROFILE - KEVIN R. LARIMER
MEET KEVIN LARIMER

Kevin Larimer is widely regarded as one of the top sales professionals in the student housing industry.
Kevin has 26 years of investment real estate advisory services experience and has been responsible for
the disposition of over $3 billion of assets in multiple product types. Since 2003, Mr. Larimer has focused
KEVIN LARIMER
Senior Managing Director, Student Housing exclusively on student housing and has closed transactions with many of the industry’s most
28411 Northwestern Highway recognizable pension funds, REITs, developers, operators, servicers and private investors.
Suite 300
Southfield, MI 48034
248.341.3305
248.646.0320
Kevin.Larimer@berkadia.com
Team & Services
STUDENT HOUSING FOCUSED SINCE
‘03 2003
176
TOTAL DEALS
TRANSACTED
SINCE 2015
73
UNIQUE
UNIVERSITIES
SERVED SINCE 2015
$82K+
AVERAGE
PRICE/BED OVER
THE LAST 12 MOS.
81,000 $4.105B
TOTAL BEDS
TRANSACTED
SINCE 2015
IN TRANSACTIONS
78 | BER K A D IA
B ERKAD IA |
ADVISOR PROFILE - GREG GONZALEZ
MEET GREG GONZALEZ

Greg Gonzalez joined Berkadia’s National Student Housing Advisory Group in 2015 and serves as a Director based
in Chicago. Greg is responsible for marketing, underwriting, and client relationships in the purpose built student
GREG GONZALEZ housing space as well as conventional multifamily properties that are university orbit.
Director, Student Housing
125 South Wacker Drive
Greg is a graduate of Carnegie Mellon University where he received a bachelor’s and master’s degree in
Suite 400
Chicago, IL 60606 Civil and Environmental Engineering. Following graduation Greg played basketball in Germany and Puerto Rico
312.845.3091
312.845.8501 before working for a general contractor in vertical construction. Prior to joining Berkadia Greg worked at one of the
Greg.Gonzalez@berkadia.com nation’s leading commercial real estate investment firms with a focus on student housing.
Team & Services

STUDENT HOUSING FOCUSED SINCE
‘12 2012
176
TOTAL DEALS
TRANSACTED
SINCE 2015
73
UNIQUE
UNIVERSITIES
SERVED SINCE 2015
$82K+
AVERAGE
PRICE/BED OVER
THE LAST 12 MOS.
81,000 $4.105B
TOTAL BEDS
TRANSACTED
SINCE 2015
IN TRANSACTIONS
79
INSTITUTIONAL CLIENT LIST
AIMCO Equity Residential JRK Investors Ocwen
Acacia Capital Essex Property Trust Kennedy Wilson Pacific Properties
Alliance Residential Fairfield Residential Key Bank Post Properties
Archon Fannie Mae Laramar Group Prudential Real Estate Group
Avalon Bay FHA/HUD Lend Lease Related
Bank of America FPA Multifamily Lincoln Property Company RREEF
Bascom Group Freddie Mac LNR PARTNERS Sares Regis Group
BlackRock Realty GE Commercial Lowe Enterprises Sherman Residential
BRE Properties Goldman Sachs Merrill Lynch Simpson Housing

Team & Services
Camden Properties Greystar MetLife Starwood Capital
CAPREIT Harbor Group International Meridian Realty Advisors TIAA-CREF
Centerline Home Properties Mid-America Apartment Communities Trimont
Clarion Partners ING Midland Trammell Crow Residential
Crescent Heights Inland Real Estate Mitsubishi Property United Dominion Realty Trust
Crown Northcorp Invesco Morgan Stanley Wells Fargo
CW Capital JPMorgan Chase Northwestern Mutual Western National Properties
80 | BER K A D IA
B ERKAD IA |
TARGETING BUYERS NATIONALLY
LEVERAGING OUR NATIONAL CENTRAL DATABASE
Berkadia Advisors’ marketing team leverages the firm’s proprietary National Central Database, powered by a full-time database division, to
track all apartment assets and the real-time flow of capital, sourcing active and emerging buyers across all markets. The targeted marketing
efforts include private capital and institutional investors, including pension funds, syndicators and REITs. The integration of the National Central
Database with the 24/7 also allows Berkadia to target investors who have submitted competitive offers on other Berkadia listings.
RAW DATA EXPANDED BUYER POOL

Property & Owner Data Active Buyers
Sales Emerging Buyers
Title Transfers Owners of Like Product
Team & Services

Contact Notes 1031 Exchange Buyers
Offers on Berkadia Real Buyer Qualification
Estate Advisors Listings
Marketing data mines the database to identify the

highest probability buyers, expanding the buyer
pool.
THE BRIDESMAIDS LIST

Every offer received by a broker in our firm is stored in the National Central Database. Buyers making offers that are not selected by the sellers (“The Brides-
maids”) are retargeted with other current opportunities. Retargeted marketing efforts such as this are unique to Berkadia and assist in driving value and
maximizing price.
DIRECT MARKETING TO TARGET INVESTORS
Our Target Investor Market Includes the Following:
• Owners and buyers in the subject market

• Apartment investment groups who have recently purchased a comparable community throughout the United States
• Investors who have submitted competitive bids on other Berkadia listings or other similar properties
• Owners who have sold a comparable community within the last 45 days (1031 exchange requirements)
81
NATIONAL MARKETING SYSTEM
Berkadia’s multi-channel national apartment marketing system guarantees that your asset is presented to the entire local, regional and national
marketplace in a timely and effective manner. Leveraging our advanced technology and national advisor network ensures wide-scale exposure,
and guarantees that all prospects get personal attention and timely follow-up.
MULTI CHANNEL MARKETING

Berkadia | Sign In
Berkadia | Sign In
| EXCLUSIVE MULTIFAMILY OFFERING Berkadia | Sign In
a Berkshire Hathaway and Leucadia National Company | EXCLUSIVE MULTIFAMILY OFFERING

| EXCLUSIVE MULTIFAMILY OFFERING
OPPORTUNITY PROPERTY THE MARKET a Berkshire Hathaway and LeucadiaINVESTMENT
COMPARABLES National Company DOCUMENTS CONTACTS
OPPORTUNITY PROPERTY THE MARKET COMPARABLES INVESTMENT DOCUMENTS CONTACTS
OPPORTUNITY PROPERTY THE MARKET 9900COMPARABLES
12TH Avenue West INVESTMENT DOCUMENTS CONTACTS
Everett, Washington 98208 9900 12TH Avenue West
9900 12TH Avenue West
Berkadia | Sign In Everett, Washington 98208
316 UNITS | BUILT 2010 Everett, Washington 98208
| EXCLUSIVE MULTIFAMILY OFFERING $20,000,000 316 UNITS | BUILT 2010

| EXCLUSIVE MULTIFAMILY OFFERING
316 UNITS | BUILT 2010
$20,000,000
a Berkshire Hathaway and Leucadia National Company $20,000,000
THE OPPORTUNITY
PROPERTY THE MARKET COMPARABLES INVESTMENT DOCUMENTS
Scheduled for construction in late 2012, West Edge Tower establishes a new level of high-rise luxury apartment living THE OPPORTUNITY
JUST LISTED
Berkadia | Sign In in Seattle’s urban core with 344 units, in a 39-story project targeting LEED Silver certication. Designed by world-re- Scheduled for construction in late 2012, West Edge Tower establishes a new level of high-rise luxury apartment living
nowned architect, Tom Kundig, this is an exclusive JV Equity investment opportunity with fth-generation Seattle spon- in Seattle’s urban core with 344 units, in a 39-story project targeting LEED Silver certication. Designed by world-re-
| EXCLUSIVE MULTIFAMILY OFFERING nowned architect, Tom Kundig, this is an exclusive JV Equity investment opportunity with fth-generation Seattle spon-
sor, Greg Smith of Urban Visions. An industry-recognized leader in sustainable urban development, Greg has delivered or
115 UNITS | SEATTLE, WA | $20,000,000 a Berkshire Hathaway and Leucadia National Company been involved with some of the city’s most transformational developments, including Millennium Tower, 4th & Madison, sor, Greg Smith of Urban Visions. An industry-recognized leader in sustainable urban development, Greg has delivered or
and 5th & Madison. been involved with some of the city’s most transformational developments, including Millennium Tower, 4th & Madison,
PROPERTY THE MARKET COMPARABLES INVESTMENT DOCUMENTS and 5th & Madison.
13.35% CASH-ON-CASH RETURN
Unparalleled harbor views and striking cityscapes highlight the irreplaceable location of West Edge Tower. Set in the City
JUST LISTED
Unparalleled harbor views and striking cityscapes highlight the irreplaceable location of West Edge Tower. Set in the City
Center and adjoining the nancial business district and retail core, residents are just one block from the world-famous Pike
Center and adjoining the nancial business district and retail core, residents are just one block from the world-famous Pike
Place Market and Seattle’s ongoing $2-Billion Waterfront Project. This premier address for urban-dwellers invites evening
316 UNITS | SEATTLE, WA | $20,000,000 walks along the waterfront or shopping at the many high-end international boutiques that are just steps away. West Edge
walks along the waterfront or shopping at the many high-end international boutiques that are just steps away. West Edge
Tower is at the center of the best Seattle has to offer.
Tower is at the center of the best Seattle has to offer.
TOUR DATES: OCTOBER 23 & 24, 2012, NOVEMBER 6 & 7, 2012
9900 12 Avenue West
TH Unparalleled harbor views and striking cityscapes highlight the irreplaceable location of West Edge Tower. Set in the
Unparalleled harbor views and striking cityscapes highlight the irreplaceable location of West Edge Tower. Set in the
Team & Services
Everett, Washington 98208 City Center and adjoining the nancial business district and retail core, residents are just one block from the world-fa-
City Center and adjoining the nancial business district and retail core, residents are just one block from the world-fa-
mous Pike Place Market and Seattle’s ongoing $2-Billion Waterfront Project. This premier address for urban-dwellers
mous Pike Place Market and Seattle’s ongoing $2-Billion Waterfront Project. This premier address for urban-dwellers
invites evening walks along the waterfront or shopping at the many high-end international boutiques that are just
316 UNITS | BUILT 2010 invites evening walks along the waterfront or shopping at the many high-end international boutiques that are just
steps away. West Edge Tower is at the center of the best Seattle has to offer. steps away. West Edge Tower is at the center of the best Seattle has to offer.
$20,000,000 | EXCLUSIVE MULTIFAMILY OFFERING
Scheduled for construction in late 2012, West Edge Tower establishes a new level of high-rise luxury apartment living Scheduled for construction in late 2012, West Edge Tower establishes a new level of high-rise luxury apartment living
9900 12TH Avenue West Download Flyer (1.2 MB) Download Package (6.1 MB) 9900 12TH Avenue West, Everett, Washington 98208
in Seattle’s urban core with 344 units, in a 39-story project targeting LEED Silver certication. Designed by world-re- in Seattle’s urban core with 344 units, in a 39-story project targeting LEED Silver certication. Designed by world-re-
Everett, Washington 98208 316 Units | Built 2010
VISIT PROPERTY WEBSITE nowned architect, Tom Kundig, this is an exclusive JV Equity investment opportunity with fth-generation Seattle spon- nowned architect, Tom Kundig, this is an exclusive JV Equity investment opportunity with fth-generation Seattle spon-
$20,000,000
domaine.hpapts.com Additional
sor, Greg Smith Documents
of Urban Visions. >>
An industry-recognized leader in sustainable urban development, Greg has delivered or sor, Greg Smith of Urban Visions. An industry-recognized leader in sustainable urban development, Greg has delivered or OFFER DEADLINE - JUNE 14, 2012
316 UNITS | BUILT 2010 been involved with some of the city’s most transformational developments, including Millennium Tower, 4th & Madison, been involved with some of the city’s most transformational developments, including Millennium Tower, 4th & Madison,
$20,000,000 and 5th & Madison.
KENNY DUDUNAKIS Prime Development Opportunity and 5th & Madison.
206.521.7216
Unparalleled harbor in Downtown
views and striking cityscapes highlight the irreplaceable
kdudunakis@berkdadia.com Seattle
location of West Edge Tower. Set in the City Unparalleled harbor views and striking cityscapes highlight the irreplaceable location of West Edge Tower. Set in the City
Center and adjoining the nancial business district and retail core, residents are just one block from the world-famous Pike Center and adjoining the nancial business district and retail core, residents are just one block from the world-famous Pike
KENNY DUDUNAKIS Prime Development Opportunity VISIT PROPERTY WEBSITE
206.521.7216 domaine.hpapts.com Cash
Place Market and Seattle’s ongoing $2-Billion Waterfront Project. This premier
 to for
address New Loan Opportunity
urban-dwellers invites evening
kdudunakis@hpapts.com in Downtown Seattle walks along the waterfront or shopping at the many high-end international boutiques that are just steps away. West Edge walks along the waterfront or shopping at the many high-end international boutiques that are just steps away. West Edge
Tower is at the center of the best Seattle has to offer. Tower is at the center of the best Seattle has to offer.
 Easy Access to the 105, 605 & 710 Freeways
 Cash to New Loan Opportunity
Unparalleled harbor views and striking cityscapes highlight the irreplaceable location Upside
of West Edge Tower. Set in the Unparalleled harbor views and striking cityscapes highlight the irreplaceable location of West Edge Tower. Set in the
Easy Access to the 105, 605 & 710 Freeways  Potential in Rents
 City Center and adjoining the nancial business district and retail core, residents are just one block from the world-fa-
City Center and adjoining the nancial business district and retail core, residents are just one block from the world-fa-
KENNY DUDUNAKIS Prime Development Opportunity mous Pike Place Market and Seattle’s ongoing $2-Billion Waterfront Project. This premier address for urban-dwellers
mous Pike Place Market and Seattle’s ongoing $2-Billion Waterfront Project. This premier address for urban-dwellers EXCLUSIVE MULTIFAMILY OFFERING
 Potential Upside in Rents 206.521.7216  Attractive High Rental Demand Inll Location
kdudunakis@berkadia.com in Downtown Seattle invites evening walks along the waterfront or shopping at the many high-end international boutiques that are just
invites evening walks along the waterfront or shopping at the many high-end international boutiques that are just
steps away. West Edge Tower is at the center of the best Seattle has to offer.
 Attractive High Rental Demand Inll Location steps away. West Edge Tower is at the center of the best Seattle has to offer.
 Solid and High Cash Flow 000 Units | Built: 0000 | Price To Be Determined By Market Address
Cash to New Loan Opportunity City, ST 00000
PROPERTY NOTE

 Solid and High Cash Flow

Easy Access to the 105, 605 & 710 Freeways  Near Shopping, Schools & Major Employment Centers

Note Two 9900 12TH Avenue West DPWaddress.hpapts.com a Berkshire Hathaway and Leucadia National Company
 Near Shopping, Schools & Major Employment Centers Everett, Washington 98208
 Potential Upside in Rents
REGISTER NOW REGISTER NOW 316 Units | Built 2010
www.berkadia.com Email: ondemand@hpapts.com  Attractive High Rental Demand Inll Location REGISTER NOW To Access Documents & Receive Offering Updates To Access Documents & Receive Offering Updates secondandpike.hpapts.com secondandpike.hpapts.com $20,000,000
If you want to unsubscribe from all Berkadia emails you can reply to unsubscribe@berkadia.com or call us at 602-445-1686 To Access Documents & Receive Offering Updates secondandpike.hpapts.com
 Solid and High Cash Flow ® 2014 Berkadia Commercial Mortgage LLC | DISCLAIMER
® 2014 Berkadia Commercial Mortgage LLC | DISCLAIMER a Berkshire Hathaway and Leucadia National Company
® 2014 Berkadia Commercial Mortgage LLC | DISCLAIMER
SEARCH AVAILABLE PROPERTIES | APARTMENTUPDATE.COM | BERKADIA.COM  Near Shopping, Schools & Major Employment Centers SEARCH AVAILABLE PROPERTIES | APARTMENTUPDATE.COM | BERKADIA.COM
SEARCH AVAILABLE PROPERTIES | APARTMENTUPDATE.COM | BERKADIA.COM
® 2014 Berkadia Commercial Mortgage LLC | DISCLAIMER
www.berkadia.com Email: ondemand@hpapts.com
If you want to unsubscribe from all Berkadia emails you can reply to unsubscribe@berkadia.com or call us at 602-445-1686
® 2014 Berkadia Commercial Mortgage LLC | DISCLAIMER KENNY DUDUNAKIS

206.521.7216
kdudunakis@berkadia.com
a Berkshire Hathaway and Leucadia National Company
Email Media Campaign Dedicated Property Website Print Media
• Initiates the national marketing effort • Exclusive, customized website for • Professional quality flyers, packages
each property and marketing materials
• Launched within hours of client approval
• Simple custom web address • In-house design and printing
• Reaches thousands of qualified buyers capabilities allow for speed-to market
• Online document center with fully
• Expedites the new listing to the integrated activity tracking systems • Materials delivered to targeted
marketplace investors
• Displays property and market data,
photos, financial data, comps and more
• Provides rapid speed-to-market with

ability to make changes in real time
82 | BER K A D IA
B ERKAD IA |
ELITE PROFESSIONALS
Berkadia multifamily advisors average more than 25 years of experience in each of their local markets and, in aggregate, have completed
billions in apartment transactions.
Berkadia’s industry-leading expertise creates value for apartment owners, investors, lenders and servicers in a number of different ways:
• Deep Market Knowledge — Every building and every owner, as well as • Research Expertise — Our research experts ensure detailed market data
historical operations and trends in the local marketplace, are known by each is tracked daily in each of the local and regional markets. All market
of our experienced advisors in the field. conclusions and recommendations are based on historical market figures
Team & Services

and your advisor’s professional viewpoint.
• Existing Relationships — The advisors’ existing, long-term, as well as those
and newly-developed relationships, are critical to the successful marketing • Successful Closings — With extensive experience involving similar
and sale of multifamily properties. These relationships allow the advisors to transactions in their respective local market, our advisors can effectively
make recommendations for, and draw investors to, a particular property, in navigate the changing marketplace, best position the asset to investors, and
the midst of a changing market. negotiate through any issues that may arise in order to ensure a successful,
high-value closing.
• Experienced & Specialized Support Personnel — Our dedicated support
divisions focus on the critical tasks of preparing marketing materials,
researching the local market, tracking real-time market information and
more. Our high-level support enables our advisors to focus solely on
representing the client.
83
SHOWCASING THE ASSET
All materials relating to the offering are presented to the marketplace with one goal: positioning each property in its best possible light. Experience
proves that a clear and accurate presentation of the subject property, along with detailed location and market-area data, establishes a clear path
for a buyer to pay the maximum price for each asset.
• Presenting the Property — Using our experienced team of design • Selling Optimistic Numbers — Using our exclusive, proprietary multi-
professionals, each property is visually presented with the goal of achieving column pro forma, financials are presented in an easy-to-understand
its highest marketing potential. This includes custom graphics, photo layout, providing the buyer with active operating performance results, and
enhancements and professional layout. aggressive pro forma assumptions.
Articulating the Opportunity — Coupled with the visual depiction of the Leveraging Our Advisor Network — Historically, a high level of investor
Team & Services
• •
subject property, a strategic plan is created for each property, ensuring interest is generated solely within the Berkadia National Network. In
the opportunity is highlighted, and the investment thesis is created and this way, we can access and leverage instantaneously all of the Berkadia
presented to the buyer is clear and concise. relationships. Our network is extremely successful at referring buyers to
other markets.
• Supporting Market Data — Our experienced staff meticulously researches

all relevant supporting sale, rent and market data before it reaches the desk
of a potential buyer. The quality and consistency of this data gives buyers
confidence in making key underwriting decisions.
84 | BER K A D IA
B ERKAD IA |
THE DIFFERENCE
The ultimate goal of marketing this asset

is to achieve maximum value with the
best, most professional overall execution.
Achieving Maximum Value – The Key Elements of Berkadia Real Estate Advisors All aspects of our firm, including our
advisors and divisional personnel, as well
Focused Elite Professionals as the structure of our firm, are aligned
With a 100% focus on multifamily, all of Berkadia’ resources, innovations,
with this underlying objective.
personnel, information and techniques are targeted solely in the
multifamily arena. This focus has drawn to our firm the in-
dustry’s most experienced advisors and dedicated
Team & Services

support staff. We are apartment specialists.
National Marketing System

The firm’s multi-channel marketing Access to Capital
campaign delivers high-quality web and Full integration with Berkadia’s capital
print materials and ensures that your asset ACHIEVING markets platform allows for optimal sale
is presented to the entire local, regional execution, maximizes pricing and im-
MAXIMUM
and national marketplace using a wide- proves certainty of closure.
scale systematic approach. VA L U E
Industry Leading Research Advanced Technology Systems

The firm’s exclusive research division builds By leveraging a proprietary web-based information
upon our National Central Database by providing infrastructure, the firm is able to track all owners,
in-depth local, regional, and national studies to buyers and sales of apartments nationwide, provide
provide market data support for current marketing real-time data to clients, increase speed to market for
assignments, underwriting, assumptions new listings and expand the reach of each marketing
and market positioning. assignment by targeting known and emerging buyers.
85
ACCESS TO CAPITAL
In addition to our multifamily advisory and investments sales services, Berkadia is a leading principal and intermediary, providing debt and
equity solutions for multifamily and commercial real estate nationwide. Berkadia Commercial Mortgage LLC is a Freddie Mac Program Plus
lender, Fannie Mae DUS® Multifamily Seller/Servicer and HUD, MAP and LEAN originator and servicer. We are a correspondent for 40 insurance
companies for which we originate and service loans, providing non-recourse fixed rate, short, intermediate and long term debt. We have
origination and servicing agreements with the major CMBS conduits. Berkadia is a proprietary bridge lender, leveraging our balance-sheet
capabilities. In 2013, we placed $10.5 billion of debt with this diverse base of capital providers.
Team & Services
• As a nonbank-regulated, closely held corporation, Berkadia has the flexibility • This full range of services – from acquisition to disposition – is a complete life-
to quickly respond to ever-changing market dynamics and the ability to cycle solution spanning all commercial property types, and is delivered with
customize finance solutions to meet our customers’ needs. quality, flexibility, customer focus and satisfaction.
• Berkadia is also a highly rated master, primary, and special servicer managing • Berkadia has helped clients achieve their goals through any market
a portfolio of more than $250 billion in 2013. condition and is aggressively positioned to serve all your future multifamily
finance needs.
• A full suite of financing programs is available - from acquisition and
construction, to rehabilitation and refinance of multifamily and commercial • Founded in 2009 as a joint venture between Berkshire Hathaway and Jefferies
real estate properties - all with Berkadia’s proven access to capital and depth Financial Group, Berkadia has more than 75 offices in the United States, a
of service. wholly owned operation in India, and over 1,300 employees worldwide.
86 | BER K A D IA
B ERKAD IA |
JEFFERIES OVERVIEW
Jefferies Overview
Key Points Expansion of Global Footprint Principal Offices

Number of Employees
 Investment banking, sales,
trading and research presence
across the United States, 3,700 Toronto
Stockholm
Europe and Asia 3,018
Amsterdam
Chicago Jersey City
London
Frankfurt
 Serving clients for over 56 years 2,636 San Francisco
(European
Boston Headquarters)
Stamford Tokyo
Nashville
Paris Milan
 Offices in 30 cities worldwide 2,217 New York
Atlanta (Global Headquarters) Zurich Hong Kong
Washington DC Mumbai (Asia Headquarters)
Los Angeles Charlotte
 3,700 employees, including 800
Singapore
in Europe and 275 in Asia Dallas
Houston
 $41 billion in assets, $3.2 billion

in LTM revenue Sydney
Team & Services

 Part of Jefferies Financial Group
1/1/2009 1/1/2010 1/1/2011 Current
─ A member of the S&P 500
and Fortune 500 Investment Banking Overview Advisory Business Overview Financing Business Overview
Deep sector expertise with (Since January 1, 2016) (Since January 1, 2016)
─ Market capitalization of 
approximately $10 billion extensive experience across 8  Completed more than 370  465 bookrun Equity Capital
major industry verticals sell-side transactions; over Markets Transactions
─ Strategic alliances with  Closed over 1,760 bookrun or $285 billion aggregate value
Berkshire Hathaway,  123 bookrun High Yield Bond
advisory banking transactions 70% of M&A transactions are
Government of Singapore,

Offerings
closed since January 1, 2016 sell-sides
Mass Mutual Insurance and 422 bookrun Lead Arranged
Bank of China ─ $1.0 trillion in transaction value  130 M&A transactions $1+

Leveraged Loans
billion in deal value
 Voted Best Place to Work in
2018 among 64 financial
services firms for the 9th year in The Importance of Investment Banking
a row in a global survey by Here LTM Investment Banking Revenue as Percent of Net Revenue(1)
Is The City 80%
60%
 Repeat Clients: 68% of our 60%
transactions and 78% of our 40% 22% 18% 15%
revenue 20%
13% 8% 8% 7% 7% 6%
0%
Jefferies Goldman Credit Suisse Morgan Barclays Deutsche Bank UBS Citi JPMorgan BofA Merrill
Sachs Stanley Lynch
Source: Public company filings.
(1) Jefferies percentage of 60% based on FY2018 financial results whereas percentage for all other banks based on trailing twelve month data through December 2018.
Jefferies LLC / March 2019 1
87
JEFFERIES REAL ESTATE, GAMING & LODGING INVESTMENT BANKING OVERVIEW
Jefferies Real Estate, Gaming & Lodging Investment Banking Overview
Jefferies has a Global Team Covering Real Estate, Gaming and Lodging
Timothy Lloyd-Hughes
John Ockerbloom Rishi Bhuchar
Chairman of Gaming, Lodging and
Global Head of REGAL Global Co-Head of REGAL
Leisure EMEA
Tel: +1 (704) 943 7436 Tel: +44 (0)20 7548 4241
Tel: +44 (0)20 7548 4246
Mob: +1 (704) 577 0979 Mob: +44 (0)77 4005 2571
Mob: +44 (0)79 8075 6796
Email: john.ockerbloom@jefferies.com Email: rbhuchar@jefferies.com
Email: tlloyd-hughes@jefferies.com
Thomas Granite Brenton Greer

Cavan Yang Mike Old
US Head of Gaming Head of Real Estate & Gaming
Head of Real Estate & Gaming M&A Managing Director
Leveraged Finance
Tel: +1 (212) 284 8190 Tel: +1 (212) 284 2511 Tel: +44 (0)20 7029 8168
Tel: +1 (212) 336 7234
Mob:+1 (201) 920 5672 Mob: +1 (714) 658 9373 Mob: +44 (0)77 9336 9728
Mob: +1 (310) 963 7835
Email: tgranite@jefferies.com Email: cavan.yang@jefferies.com Email: mold@jefferies.com
Email: bgreer@jefferies.com
Josh Fuller Will Cowan Jeffrey Altman Greg Rinsky

Managing Director Managing Director Managing Director Managing Director
London
Cleveland
Tel: +1 (704) 943 7446 Tel: +1 (704) 943 7453
Mob: +1 (201) 680 8975
Nashville Boston Mob: +1 (201) 606 1930
Chicago
Email: jfuller@jefferies.com Email: william.cowan@jefferies.com
Frankfurt
Team & Services
San Francisco Stamford

Jersey City
Paris
Michael Murrer Thomas Field Marc Munichman Tokyo
Silicon Valley Senior Vice President Senior Vice President Senior Vice President
Los Angeles Tel: +1 (212) 336 7212 Zurich

Tel: +44Milan
(0)20 7548 4242 Tel: +1 (704) 943 7441
Mob: +1 (201) 234 2533 New York Mob: +1 (201) 688 9257
Email: mmurrer@jefferies.com Email: tfield@jefferies.com Email: mmunichman@jefferies.com
Washington Shanghai*
Dallas Jersey City Andrew Morris Will Barber
Anand Subramanian
Vice President Vice President
Vice President Charlotte Hong Kong **
Tel: +44 (0)20 7029 8173 Tel: +1 (704) 943 7467
Tel: +44 (0)20 7548 4222
Mob: +44 (0)77 6823 7774 Mob: +1 (336) 339 7805
Email: asubramanian@jefferies.com
Email: amorris@jefferies.com Email: wbarber@jefferies.com
Houston Atlanta Mumbai Singapore
New Orleans
Chad Cole Keaton Hurt
Nikolay Ocheretin Dharshan Vadivelu
Associate Associate
Associate Associate
Tel: +1 (704) 943 7421 Tel: +1 (704) 943 7466
Tel: +44 (0)20 7548 4149 Tel: +44 (0)20 7029 8153
Mob: +1 (757) 576 2590 Mob: +1 (540) 798 8033
Email: wcole@jefferies.com Email: khurt@jefferies.com Email: nocheretin@jefferies.com Email: dvadivelu@jefferies.com
Corey Su Steve Garibaldi Jack Matkins

Analyst Analyst Analyst Julian Clarke
Tel: +1 (704) 943 7428 Tel: +1 (704) 943 7416 Tel: +1 (212) 323 7518 Analyst
Mob: +1 (678) 643 1097 Mob: +1 (703) 967 9431 Mob: +1 (704) 287 2075 Email: jclarke1@jefferies.com
Email: csu@jefferies.com Email: sgaribaldi@jefferies.com Email: jmatkins@jefferies.com
Shubhang Mehta Noah Rickolt Michael Rhine Kyle Douglas

Analyst Analyst Analyst Analyst
Tel: +1 (212) 510 3253 Tel: +1 (704) 943 7483 Tel: +1 (704) 943 7455
Tel: +44 (0)20 7548 4172
Mob: +1 (424) 297 6954 Mob: +1 (302) 598 0197 Mob: +1 (910) 620 2591
Email: smehta1@jefferies.com Email: nrickolt@jefferies.com Email: mrhine@jefferies.com Email: kdouglas@jefferies.com
88 | BER K A D IA
B ERKAD IA |
JEFFERIES REAL ESTATE INVESTMENT BANKING OVERVIEW

Jefferies Real Estate Investment Banking Overview
Deal Wins As A Direct Result Of Superior Real Estate Banking Coverage
Significant Momentum Across Multiple Product Types in All Real Estate Sub-Sectors
February 2019 February 2019 February 2019 February 2019 January 2019 November 2018 November 2018 November 2018 October 2018 October 2018
$350,000,000 $322,000,000 $240,000,000 $300,000,000 $350,000,000 $400,000,000 $89,000,000 $1,000,000,000 £400,000,000 $400,000,000
Joint Venture with Alinda Capital

Senior Notes Offering Common Stock Offering Senior Notes Offering Senior Notes Offering Senior Notes Offering Common Stock offering Senior Notes Offering Senior Notes Offering Senior Notes Offering
Partner
Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner
Joint Financial Advisor
September 2018 September 2018 September 2018 June 2018 June 2018 June 2018 June 2018 April 2018 April 2018 February 2018
$375,000,000
Team & Services

$700,000,000 $193,000,000 $765,000,000 $315,000,000 $398,000,000 $650,000,000 $85,000,000 $300,000,000 $300,000,000
Strategic Capital Raise from
Convertible Preferred Stock Private Placement of Senior Starwood Property Trust
Senior Notes Offering Common Stock Offering Credit Facility to Finance Senior Notes Offering Common Stock Offering Senior Notes Offering
Offering Common Stock Offering Unsecured Notes Sole Financial Advisor
Joint Bookrunner Joint Bookrunner Acquisition by KKR Joint Bookrunner Joint Bookrunner Joint Bookrunner
Joint Bookrunner Joint Bookrunner Joint Placement Agent
Joint Lead Arranger
February 2018 February 2018 February 2018 January 2018 December 2017 December 2017 December 2017 December 2017 November 2017 November 2017
$600,000,000
$350,000,000 $650,000,000 Senior Secured Notes $323,000,000 $22,500,000,000 $450,000,000 $147,000,000 $300,000,000 $1,350,000,000 $450,000,000
Offering
Joint Bookrunner
Senior Notes Offering Senior Notes Offering $50,000,000 Common Stock Offering Sale to Unibail-Rodamco Senior Notes Offering Common Stock Offering Senior Notes Offering Senior Notes Offering Senior Notes Offering
Joint Bookrunner Joint Bookrunner Credit Facility Joint Bookrunner Joint Financial Advisor Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner
Joint Lead Arranger
November 2017 November 2017 October 2017 October 2017 September 2017 September 2017 September 2017 August 2017 August 2017 August 2017
$350,000,000 $850,000,000 $400,000,000 $173,000,000 $2,200,000,000 $120,000,000 $400,000,000 $225,000,000 $150,000,000 $1,350,000,000
Sale to Apollo
Senior Notes Offering Senior Notes Offering Senior Notes Offering Preferred Stock Offering Global Management Preferred Stock Offering Senior Notes Offering Senior Notes Offering Preferred Stock Offering Senior Notes Offering
Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Financial Advisor Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner
August 2017 August 2017 July 2017 June 2017 June 2017 June 2017 June 2017 June 2017 June 2017 May 2017
$500,000,000 $750,000,000 $100,000,000 $89,000,000 $300,000,000 $100,000,000 $113,000,000 $500,000,000 $400,000,000 $500,000,000
Senior Notes Offering Senior Notes Offering Senior Notes Offering Common Stock Offering Senior Notes Offering Private Placement Common Stock Offering Senior Notes Offering Senior Notes Offering Senior Notes Offering
Joint Bookrunner Joint Bookrunner Lead Joint Placement Agent Joint Bookrunner Joint Bookrunner Joint Placement Agent Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner
89
B ERKAD IA |
PROPOSED LISTING TERMS
Compensation — Our goal is to establish long-term relationships rather than Expense Policy — Berkadia will pay for all marketing costs associated with the
transaction-oriented business. By appointing Berkadia as the exclusive agent production and distribution of a first-class offering memorandum, including
for this listing, our sole responsibility is to represent your best interest and to messenger service, mailings, etc.
ensure a successful closing. To that end, we request the following listing terms
and compensation structure for negotiating and completing a successful sale of Advisory Fee — For services provided, Berkadia requests compensation
the property. commensurate with the marketplace, to be determined based on the gross
purchase price. This compensation includes any cooperating broker fee;
Terms of Listing — The property can be fully exposed to the market and an the cost of producing and distributing marketing materials; maintenance of
Team & Services

acceptable offer can be negotiated within 30-60 days after the distribution of the offering on the Berkadia website (www.Berkadia.com), listing-specific
the offering memorandum. Taking into account time for escrow, we propose a Dedicated Property Website (DPW) and “24/7 Marketing Update System.”
180-day exclusive listing agreement.
91

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119 UNITS | 376 BEDS | 16970 CHANDLER RD | EAST LANSING, MI 48823

Prepared for: Thomas Healy - Nuveen

| MARKETING PROPOSAL a Berkshire Hathaway and Jefferies Financial Group company

GREG GONZALEZ, DIRECTOR - STUDENT HOUSING

a Berkshire Hathaway and Jefferies Financial Group company

The Rocks is an upscale 119-unit, garden-style, student housing community

unit mix comprised of:

 6 one-bedroom units measuring 750 square

 26 two-bedroom units containing between

 30 three-bedroom units spanning 1,407

 57 four-bedroom units boasting between

 Average unit size of 1,468 square feet

Modern kitchen with electric stove,

Beautifully appointed with high-end

Private, full size bathroom with tub

Nine-foot high ceilings, large win-

Semi-private entry and private patio /

In-unit, stacked washer and dryer

Property Name The Rocks

• Modern kitchen with electric stove, refrigerator,

stainless steel appliances, wood-style flooring, granite

• 24-hour activity / club room with a TV and fireplace lounge area,

Best Research University

- Michigan State University

Michigan State University is a key driver in the state's economy and

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW

MICHIGAN STATE UNIVERSITY

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW

and its fall foliage along the Red Cedar River.

Student housing on the MSU campus is provided across 27 residential halls in

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW

ACADEMICS AND RESEARCH

COLLEGE OF ENGINEERING MAIN LIBRARY

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW

students and 10,700 were seeking graduate or professional degrees.

A record 44,340 first time undergraduate students applied to MSU for

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW

for the 2019-20 academic year

Owen Hall residents receive the DineOn Owen Plan and

ON-CAMPUS ROOM RATES*

Residence Halls Standard $4,324 Owen Hall Permanent Single $6,272

Residence Hall On Campus

*rates are per semester, meal plan not included

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW

CONSTRUCTION AND DEVELOPMENT

FACILITY FOR RARE ISOTOPE BEAMS

of the physics of nuclei, nuclear astrophysics, and other fundamental interactions.

CONSTRUCTION AND DEVELOPMENT

BILLMAN MUSIC PAVILION

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW

MICHIGAN STATE UNIVERSITY

LIFESTYLE AND ENTERTAINMENT

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW

Forever 21 | Express | Apple | NCG Cinemas Michigan State University

30.5k 2.3mi FROM THE

10.7k 40 RETAIL SHOPS

Michigan State University

PROPERTY INFORMATION PRICING SUMMARY

Number of Beds 376 Beds YIELD SUMMARY

Rentable Square Feet 171,356 SF EOY 1 Leveraged Cash-on-Cash Return 9.37%

7 Year Average Cash-on-Cash 7.80%

YEAR ONE FORECASTED OPERATIONS SUMMARY 7 Year Unleveraged IRR 7.63%

Operating Expenses per Bed $4,498 DEBT SUMMARY