Riverwalk Apartments - Offering Memorandum

O F F E R I N G M E M O R A N DUM
FORT MYERS, FL
A 5 2 - U N I T M U LT I FA M I LY C O M M U N I T Y
N O N - E N D O R S E M E N T & D I S C L A I M E R N O T I C E
C ONFIDENTIALIT Y & DISCL AIMER

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus &
Millichap Real Estate Investment Services of Florida, Inc. (“Marcus & Millichap”) and should not be made available to any other person or entity without the written consent of
Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of
interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation,
and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and
square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the
physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the
subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and
will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation
whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth
herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.
© 2022 Marcus & Millichap. All rights reserved.
SPECIAL C OVID-19 NOTICE

All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem
necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot
conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries
between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers
are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical
condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers
should be comfortable with and rely solely on their own projections, analyses, and decision-making.)
NON-ENDORSEMENT NOTICE
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s
logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any
agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective
customers. Activity ID: ZAD0250226
RENT DISCLAIMER
Any rent or income information in this offering memorandum, with the exception of actual, historical rent collections, represent good faith projections of potential future rent
only, and Marcus & Millichap makes no representations as to whether such rent may actually be attainable. Local, state, and federal laws regarding restrictions on rent increases
may make these projections impossible, and Buyer and its advisors should conduct their own investigation to determine whether such rent increases are legally permitted and
reasonably attainable.
A L L P R O P E R T Y S H O W I N G S A R E B Y A P P O I N T M E N T O N LY.
P L E A S E C O N S U LT Y O U R M A R C U S & M I L L I C H A P A G E N T F O R M O R E D E TA I L S .
OFFICES THROUGHOUT THE U.S. AND CANADA

www.marcusmillichap.com
E XC L U S I V E LY L I S T E D B Y
A DA M P ODB E L SK I
First Vice President Investments
Director, National Multi Housing Group
Tampa Office
Direct: (239) 340-7812
Adam.Podbelski@MarcusMillichap.com
N E D ROB E RT S , C C I M
Tampa Office
Direct: (813) 387-4721
Ned.Roberts@MarcusMillichap.com
JAS ON HAG U E
Tampa Office
Direct: (203) 494-0560
Jason.Hague@MarcusMillichap.com
S A M F E RG U S ON
Investment Associate
Member, National Multi Housing Group
Tampa Office
Direct: (813) 387-4748
Sam.Ferguson@MarcusMillichap.com
F I NA N C IA L A NA LYS T
M I C HA E L C L E N NA N
Financial Analyst
Tampa Office
(813) 387-4846
Michael.Clennan@MarcusMillichap.com
TABLE OF CONTENTS
2
1
E X E C U T I V E S U M M A RY / / 8
PROPERT Y DESCRIPTION // 14
3
M A R K E T OV E RV I E W / / 2 8
4 5
R E N T C O M PA R A B L E S / / 3 6 F I N A N C I A L A N A LY S I S / / 4 6
52
UNITS
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the
information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a
service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2022 Marcus & Millichap. All rights reserved.
1
SECTION
The Marcus & Millichap

Advantage
EXECUTIVE
SUMMARY
OFFERING SUMMARY
TBD by Market Total

Price 52 Total
Units
Rentable Square Feet 49,400
Number of Buildings 8
Number of Stories 2
Year Built 1963
Lot Size 1.95 Acres
8 EXECUTIVE SUMMARY
SUMMARY OF TERMS
INTEREST OFFERED
Fee simple interest in Riverwalk Apartments, a 52-unit multifamily community located in
Fort Myers, Florida.
TERMS OF SALE
This property is being offered on a market bid basis, free and clear of debt. For further details,
please review the Financial Analysis section of this offering memorandum.
PROPERT Y TOURS
Prospective purchasers are encouraged to visit the subject property prior to submitting offers.
However, all property tours must be arranged with the Marcus & Millichap listing agents. At
no time shall the tenants, on-site management or staff be contacted without prior approval.
TIMING
All offers must indicate the length of the Due Diligence period and the Closing time frame.
OFFER PROTOCOL
The seller will have the right to respond to offers as they are received, but a formal bid
deadline may be established.
EXECUTIVE SUMMARY 9
LEE COUNTY
CLERK OF COURT
SIDNEY & BERNE

FORT MYERS DAVIS ART CENTER
REGIONAL LIBRARY
10
2515 First Street // Fort Myers, FL 33901
INVESTMENT HIGHLIGHTS
A 52-unit community located in Fort Myers, Florida
Class ‘A’ waterfront location on the Caloosahatchee River in Downtown Fort Myers
Strong unit mix of all two-bedroom/one-bathroom units at approximately 950 square feet
Amenities include on-site parking, a dock and pier, swimming pool, outdoor lounge and grill area, and on-site
laundry facility
Offers the ability to grow rents by approximately $360 per unit monthly through the continuation of the strategic
renovation plan
Located within walking distance of Downtown’s numerous bars, restaurants, employment and entertainment
centers – offering a strong ‘Live, Work, Play’ atmosphere
Provides the ability to grow the in-place EGI by approximately 32.8% over a two-year hold period
EXECUTIVE SUMMARY 11
MILES TO
2.0
LEE MEMORIAL
H O S P I TA L
2
SECTION
PROPERT Y
DESCRIPTION
PROPE RT Y DE S CR I P T ION / / River walk Apar tment s
Number of Units 52
Street Address 2515 First Street
Property City Fort Myers
Zip Code 33901
Property County Lee
Year Built 1963
Number of Buildings 8
Number of Stories 2
Acreage 1.95
Exterior Construction Concrete Block
Roof Type Pitched, Composition Shingle
HVAC Type Central
Wiring Type Copper
Rentable Square Footage 49,400
Zoning U-CORE
Assessor’s Parcel Number 13-44-24-P4-00404.0100
UNIT TYPE # OF UNITS SQUARE FOOTAGE AVERAGE RENT

2 Bedroom / 1 Bath 52 950 $1,290
FEES
Application Fee $50 Per Person
Administrative Fee $100
Pet Fees $350 Non-Refundable Deposit + $25/Month Fee
Security Deposit $200-One Month’s Rent
Utility Bill Processing $25
UTILITIES
UTILITY PAID BY
Electricity Resident
Water / Sewer Resident
Trash Resident
Pest Property
Cable Resident
14 PROPERTY DESCRIPTION
52 UNITS
15
Liv ing Unit
R E N O VA T I O N S
Ceramic tile flooring in common areas
Stainless steel appliances
Cherry-wood cabinets
Stone countertops
Crown molding
Light fixtures
Fans
Fresh paint
16 PROPERTY DESCRIPTION
17
18
19
20
21
22
23
24
25
V E H I C L E S P E R D AY
FOWLER STREET
23,000
0.1 MILES
FROM SUBJECT
3
SECTION
MARKET
OV E RV I EW
M E T R O P O P U L AT I O N
790,000+
28 MARKET OVERVIEW
FORT MYERS // FLORIDA
HIGHLIGHTS
#3 #7
Fastest Growing Places in the U.S. Best Place to Retire in the U.S.
2021-2022 2021-2022
(U.S. News and World Report) (U.S. News and World Report)
#7 #8 #43
Best Place to Live in Florida Safest Place to Live in the U.S. Best Place to Live in the U.S.
2021-2022 2021-2022 2021-2022
(U.S. News and World Report) (U.S. News and World Report) (U.S. News and World Report)
• The Cape Coral-Fort Myers MSA includes 804 square miles, over 790,000 residents and is considered a strategic location
between Tampa, Naples, Orlando and Miami/Fort Lauderdale
• Fort Myers is the county seat and commercial center of Lee County, located along the Caloosahatchee River
• Fort Myers’ population grew by almost 40% from 2010 to 2019, according to data from the U.S. Census Bureau
MARKET OVERVIEW 29
F ORT M Y E R S // E ducation, Medical & Travel
FLORIDA GULF COAST UNIVERSITY (PICTURED), over 28,000 alumni and 15,000 students enrolled. It is a public state university that
is part of the Atlantic Sun Conference and competes in NCAA Division I Sports. Received $212 million in research and sponsored programs
since 1997.
FLORIDA SOUTHWESTERN STATE COLLEGE, 16,830 students enrolled and over 46 academic programs. Three campus locations and one
regional center. Serves a five-county regional area of 5,448 square land miles.
NOVA SOUTHEASTERN UNIVERSITY // Fort Myers Campus, a non-profit, independent research university with eight regional campuses.
Offers more than 150 degree programs.
LEE HEALTH SOUTHWEST FLORIDA INTERNATIONAL AIRPORT

Consists of four acute care hospitals: Lee Memorial Hospital, Healthpark Accommodated more than 10.3 million passengers in 2021. One of the
Medical Center, Gulf Coast Medical Center and Cape Coral Hospital Top 50 U.S. airports for passenger traffic. 14 airlines serve non-stop
and two specialty hospitals: Golisano Children’s Hospital of Southwest service throughout North America and international service to Canada
Florida and The Rehabilitation Hospital. A total of 1,426 beds and over and Germany.
one million patient contacts each year makes Lee Health the largest
public health system in Florida; more than 13,000 employees and 4,500
volunteers.
30 MARKET OVERVIEW
P L A N N E D & N EW D EV E L O P M E N T S LUM I NA RY HOT E L
LUM I NA RY H OT E L
• The hotel is part of the Autograph Collection of hotels, a Marriott
International portfolio of high-end, boutique properties
• The hotel is one of at least five that are completed for downtown
• The $92 million project includes 243 rooms and suites overlooking the
Caloosahatchee River, a rooftop bar and dining
• The project also includes a renovation of Harborside Event Center,
which will eventually connect to the Luminary building and a re-haul of
the city pier building
• Opened in September 2020
M I DTOW N
• Planned to include 4,000-plus residential units, 650,000-plus square feet
of commercial office space and about 5 acres of public space
• The plan seeks to turn the neighborhood that currently has about 500
residents and almost 200 businesses into a walkable urban center that
would connect to downtown C A L O O S A S OU N D A M P H I T H E AT E R / / Render ing
SM I T H B L O C K
• Planned to offer retail and restaurants wrapping around a parking deck
• Will include 40,000 square feet of Class A office space over two stories
C I T Y WA L K
• A mixed-use community comprised of 317 residential units and 5,000-
10,000 square feet of retail/commerical space
• Expected to offer a 128-room SpringHill Suites hotel, part of the Marriott
brand
• The development is predicted to increase property values in the area
• Total project cost is $75 million
C A L O O S A S O U N D A M P H I T H E AT E R C I T Y WA L K / / Render ing
• New 3,300 square foot amphitheater that will accomodate both private
and public events
F ORU M PA R K
• New 19-acre park including a walking trail, playgrounds, pickleball
courts, dog park, multi-use play fields and more
T O P 5 A R E A E M P L OY E R S
C OM PA N Y E M P L OY E E S
Lee County School District 13,723
Lee Health 13,595
L ee County Local Government 9,044
Publix Super Market 7,183
NCH Healthcare System 7,017
MARKET OVERVIEW 31
F O RT M Y E R S / / Attrac tion s
• Fort Myers Beach (pictured), located on Estero Island and stretches for roughly seven miles; attracts nearly 1.9 million
visitors annually
• Sanibel and Captiva Islands, offer two unique island getaways for both tourists and locals; Sanibel was ranked #4 among
all Florida beaches by the Travel Channel
• Pine Island, part cozy town and part fishing village, 17 miles long, found just over “The Fishingest Bridge in the U.S.” from
Cape Coral
• Miromar Outlets (pictured), voted Best Shopping Experience, Best Factory Outlet Mall and Best Place to Buy Shoes in
Southwest Florida with over 140 top designer and brand name outlets including Saks Fifth Avenue OFF 5TH, Neiman Marcus,
Coach, Michael Kors, White House Black Market and Le Creuset
• Edison Mall, one of Southwest Florida’s largest indoor shopping centers, offers patrons more than 160 clothing, specialty and gift
stores, anchor stores include JC Penney’s, Sears, Dillard’s and Macy’s
32 M
P HA O
RTKO
ETS &
O VME AR RV KI EE W
T OVERVIEW
DOWNTOWN FORT MYERS
LOOK OUT CENTENNIAL
PIER PARK
52 UNITS
PINE LEE MEMORIAL

ISLAND HOSPITAL
FORT MYERS
COUNTRY
CLUB
EDISON MALL
GULF COAST
MEDICAL
CENTER
SANIBEL
ISLAND
FORT MYERS
BEACH
33
49,400
R E N TA B L E
S Q UA R E F E E T
4
SECTION
RENT
C O M PA R A B L E S
R I V E RWA L K A PA RT M E N T S
1 T H E DE A N BU I L DI N G
4
2 T H E E A R N HA R DT BU I L DI N G C ON D OM I N I UM S
3 A LTA M A R C ON D OM I N I UM S
4 OASI S G R A N D 3
5 C OR SIC A R I V E
5
6 L A NG F OR D L OF T S
7 FRANKLIN ARMS
2
7
1 26
52 UNITS
36
R E N T C OM PA R A B L E S // Ave rag e O cc upanc y
100%
100% 100% 100% Avg. 95%
90% 94% 95%
93%
88% 90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Riverwalk The Dean Building The Earnhardt Alta Mar Oasis Grand Corsica Rive Langford Lofts Franklin Arms
Apartments Building Condominiums
Condominiums
R E N T C O M PA R A B L E S 37
M A RKET R E N T SORT / / Two - B edroom Apar tme nt s
YEAR UNIT # OF SQUARE MARKET RENT PER UTILITIES INCLUDED WASHER/ DISTANCE FROM
PROPERTY
BUILT TYPE UNITS FOOTAGE NET RENT SQUARE FOOT IN THE RENT DRYER SUBJECT (MILES)
Alta Mar Condominiums 2006 2 x 2.5 134 1,010 $3,500 $3.47 None In Each Unit 1.7
Langford Lofts 1901 2x2 4 1,000 $2,300 $2.30 None In Each Unit 0.3
Oasis Grand 2008 2 x 2 - Den 59 1,523 $2,300 $1.51 None In Each Unit 1.6
Franklin Arms 1889/1924 2x2 2 1,600 $2,200 $1.38 W,S,T In Each Unit 0.3
Oasis Grand 2008 2x2 58 1,089 $2,113 $1.94 None In Each Unit 1.6
The Earnhardt Building Condominiums 1914/2003 2x2 16 972 $1,900 $1.96 None In Select Units 0.3
Franklin Arms 1889/1924 2x2 6 945 $1,750 $1.85 W,S,T In Each Unit 0.3
Riverwalk Apartments - Pro-Forma 1963 2x1 52 950 $1,650 $1.74 None On-Site Subject
Corsica Rive 2008 2 x 2.5 - TH 4 1,250 $1,595 $1.28 W,S,T In Each Unit 1.8
Riverwalk Apartments 1963 2x1 52 950 $1,425 $1.50 None On-Site Subject
Corsica Rive 2008 2x2 2 1,200 $1,400 $1.17 W,S,T In Each Unit 1.8
Averages: 1991 23 1,107 $1,922 $1.77

W = Water, S = S e wer, T = Tr ash
38 R E N T C O M PA R A B L E S
P SF R E N T S O RT / / Two- B edroom Apar tme nt s
YEAR UNIT # OF SQUARE MARKET RENT PER UTILITIES INCLUDED WASHER/ DISTANCE FROM
PROPERTY
BUILT TYPE UNITS FOOTAGE NET RENT SQUARE FOOT IN THE RENT DRYER SUBJECT (MILES)
Alta Mar Condominiums 2006 2 x 2.5 134 1,010 $3,500 $3.47 None In Each Unit 1.7
Langford Lofts 1901 2x2 4 1,000 $2,300 $2.30 None In Each Unit 0.3
The Earnhardt Building Condominiums 1914/2003 2x2 16 972 $1,900 $1.96 None In Select Units 0.3
Oasis Grand 2008 2x2 58 1,089 $2,113 $1.94 None In Each Unit 1.6
Riverwalk Apartments - Pro-Forma 1963 2x1 52 950 $1,650 $1.74 None On-Site Subject
Oasis Grand 2008 2 x 2 - Den 59 1,523 $2,300 $1.51 None In Each Unit 1.6
Riverwalk Apartments 1963 2x1 52 950 $1,425 $1.50 None On-Site Subject
Franklin Arms 1889/1924 2x2 2 1,600 $2,200 $1.38 W,S,T In Each Unit 0.3
Corsica Rive 2008 2x2 2 1,200 $1,400 $1.17 W,S,T In Each Unit 1.8
Averages: 1991 23 1,107 $1,922 $1.77

W = Water, S = S e wer, T = Tr ash
52 100% 1963
R I V E R WA L K A P A R T M E N T S
Total Total Year
2515 First St re et, For t Myers, FL 33901 Units Occupancy Built
SQUA R E M A R K E T M A R K E T P RO - F OR M A P RO - F OR M A
U NI T T Y PE U NI T S
F E ET R ENT RENT/SF RENT R E N T / SF
2 Bdr 1 Bath 52 950 $1,425 $1.50 $1,650 $1.74
TOTAL/WTD. AVG. 52 950 $1,425 $1.50 $1,650 $1.74
• There are currently no concessions being offered

• Residents are responsible for all utility expenses
• Amenities include a swimming pool, sundeck with waterfront views, riverfront observation, fishing deck and an on-site laundry
facility
• Renovations include ceramic tile flooring in common areas, stainless steel appliances, cherry-wood cabinets, stone countertops,
crown molding, updated light and fan packages and fresh paint
43 94% 1927
1 THE DEAN BUILDING Total Total Year
1415 D e an St re et, For t Myers, FL 33901 Units Occupancy Built
U NI T T Y PE U NI T S S QUARE FEET RENT RENT/SF

Studio 17 450 $1,150 $2.56
1 Bdr 1 Bath 17 589 $1,395 $2.37
1 Bdr 1 Bath 9 600 $1,585 $2.64
TOTAL/WTD AVG. 43 536 $1,338 $2.49

• Water, sewer, trash removal and WiFi expenses are included in the rent; residents are responsible for all other utility expenses
• Amenities include an elevator, trash chute, on-site laundry facilities and controlled access
• The property offers a variety of residential, commercial, retail and virtual offices
• Renovations include vinyl plank flooring, white shaker cabinetry, updated countertops, stainless steel appliances, new tile
backsplash, new vanities, updated fixtures, new brushed nickel hardware and fresh paint
2
16 88%
THE EARNHARDT BUILDING COND OMINIUMS
Total Total Years
2260 First St re et, For t Myers, FL 33901 Units Occupancy Built 1914/2003

2 Bdr 2 Bath 16 877 - 1,066 $1,600 - $2,200 $1.96
TOTAL/WTD. AVG. 16 972 $1,900 $1.96

• Amenities include washer/dryer appliances in select units
• The property was redeveloped in 2003 and offers eight ground level commercial units and 16 luxury residential condominiums
that include beautifully restored hardwood floors, decorative brick wall accents and eight foot tall windows
183 93% 2006

3 A LTA M A R C O N D O M I N I U M S Total Total Year
2825 Pa lm B e ach B ou le vard, For t Myers, FL 33916 Units Occupancy Built

1 Bdr 1.5 Bath 27 723 $2,800 $3.87
2 Bdr 2.5 Bath 134 1,003 - 1,017 $3,500 $3.47
3 Bdr 2.5 Bath 22 1,296 - 1,477 $4,000 $2.88
TOTAL/WTD. AVG. 183 1,151 $3,457 $3.41

• Amenities include a washer/dryer in each unit, controlled access, covered parking, a swimming pool, spa and fitness room
4
198 90% 2008

OASI S G R A N D
Total Total Year
3040 O asis Grand B ou le vard, For t Myers, FL 33916 Units Occupancy Built

Studio 25 629 $1,500 $2.38
1 Bdr 1 Bath 25 1,088 $1,750 $1.61
2 Bdr 2 Bath 58 1,089 $2,100 - $2,125 $1.94
2 Bdr 2 Bath - Den 59 1,334 - 1,711 $2,150 - $2,449 $1.51
3 Bdr 2 Bath - Den 31 1,800 $2,650 - $2,700 $1.49
TOTAL/WTD. AVG. 198 1,570 $2,133 $1.68

• Amenities include two infinity edge heated pools, a 1.5-acre sundeck with cabanas & lounges, massage rooms, saunas, fitness
center, lounge room with billiards, wet bar & TV, library with curated art collection, two lighted outdoor tennis courts, boat
launch facilities & parking, scenic waterfront boardwalk, grilling areas, two-story attended lobby and gated entry with controlled
access
• Renovations are reflected in the higher rental rates above and include vinyl plank flooring, updated cabinetry, new countertops,
updated hardware and fresh paint
22 95% 2008
5 CORSICA RIVE Total Total Year
2741-2747 First St re et, For t Myers, FL 33916 Units Occupancy Built

Studio 6 600 $950 $1.58
2 Bdr 2 Bath 2 1,200 $1,400 $1.17
2 Bdr 2.5 Bath - TH 4 1,150 $1,495 $1.30
2 Bdr 2.5 Bath - TH 6 1,200 $1,550 $1.29
2 Bdr 2.5 Bath - TH 4 1,250 $1,595 $1.28
TOTAL/WTD AVG. 22 1,036 $1,371 $1.32

• Water, sewer and trash removal are included in the rent; residents are responsible for all other utility expenses
• For studio units, water, sewer, trash removal, electric, cable and internet expenses are included in the rent
• Amenities include a washer/dryer in each unit and access to a swimming pool, spa, tennis court and fitness room
• The property interiors were renovated in 2015 to luxury-grade finishes
6
4 100% 1901
LANGFORD LOFTS
Total Total Year
2278 First St re et, For t Myers, FL 33901 Units Occupancy Built

2 Bdr 2 Bath 4 1,000 $2,300 $2.30
TOTAL/WTD. AVG. 4 1,000 $2,300 $2.30

• Amenities include a washer/dryer in each unit, controlled access and luxury-grade finishes
• This property was fully renovated in 2015
22 100%
FRANKLIN ARMS
Total Total Years
2310-2320 First St re et, For t Myers, FL 33901 Units Occupancy Built 1889/1924

1 Bdr 1 Bath 6 665 $1,600 $2.41
1 Bdr 2 Bath 3 895 $1,650 $1.84
2 Bdr 1 Bath 1 895 $1,349 $1.51
2 Bdr 1 Bath 1 910 $1,700 $1.87
2 Bdr 2 Bath 3 910 $1,750 $1.92
2 Bdr 2 Bath 6 945 $1,750 $1.85
2 Bdr 2 Bath 2 1,600 $2,200 $1.38
TOTAL/WTD. AVG. 22 913 $1,716 $1.88

• Water, sewer and trash removal are included in the rent; residents are responsible for all other utility expenses
• Amenities include a washer/dryer in each unit, controlled keypad access, a mail room and two elevators
• Recent renovations include tile flooring, upgraded kitchen cabinets and appliances and upgraded bathrooms
• Residents can purchase parking at The Denison Parking Garage located 0.1 miles from the property for $45 per month
$62,354
AV E R A G E H O U S E H O L D
INCOME WITHIN A
T WO-MILE RADIUS
5
SECTION
FINANCIAL
A NA LYS I S
R E N T ROLL SUM M A RY // Apr il 1 , 2 0 22
TOTAL AVERAGE AVERAGE MARKET MARKET PRO-FORMA PRO-FORMA

UNIT SQUARE
UNIT TYPE SQUARE RENT/UNIT/ RENT/SF/ RENT/UNIT/ RENT/SF/ RENT/UNIT/ RENT/SF/
COUNT FEET
FEET MONTH MONTH MONTH MONTH MONTH MONTH
Two Bedroom / One Bathroom 52 950 49,400 $1,290 $1.36 $1,425 $1.50 $1,650 $1.74
52 950 49,400 $1,290 $1.36 $1,425 $1.50 $1,650 $1.74
UNIT STATUS UNIT COUNT PERCENT UNIT STATUS UNIT COUNT PERCENT
Occupied with Lease Units 52 100.00% Renovated 0 0.00%
Available Units 0 0.00% Unrenovated 52 100.00%
Total / Percentage 52 100.00% Total / Percentage 52 100.00%
46 FINANCIAL ANALYSIS
VA LU E - A D D / / Rive r walk Apar tme nt s
YEAR ONE TAKEOVER YEAR ONE YEAR TWO AVERAGE

RETURN ON YEAR ONE YEAR TWO
CASH-ON-CASH RENOVATED RENOVATION RENOVATION TOTAL PER UNIT
INVESTMENT CAPEX CAPEX
RETURN UNIT COUNT UNIT COUNT UNIT COUNT (FULL RENOVATION)
Two Bedroom* 28.22% 55.62% 0 of 52 Units 26 of 52 Units 52 of 52 Units $130,000 $130,000 $260,000 $5,000
Common Area N/A N/A N/A N/A N/A $26,000 $26,000 $52,000 $1,000
Property Total/Wtd Avg. 25.90% 46.35% 0 of 52 Units 26 of 52 Units 52 of 52 Units $156,000 $156,000 $312,000 $6,000
*All per bedroom metrics are based on the units being renovated for that bedroom count.
TOTAL CAPEX ALLOCATION CAPITAL EXPENDITURE RETURN METRICS

60.00%
17%
50.00%
83% 40.00%
30.00%
Two Bedroom* Common Area 20.00%
10.00%
0.00%
Two Bedroom* Property Total/Wtd Avg.
Return on Investment Year 1 Cash-On-Cash
* Bedroom metrics not inclusive of previously renovated units. FINANCIAL ANALYSIS 47

OPE R AT ING STAT E M E NT // Rive r walk Apar tment s
MARCH 2022 TAKEOVER YEAR ONE YEAR TWO TERMINAL

TRAILING % OF M&M % OF PER M&M % OF M&M GROWTH
ACTUALS GSR PROJECTIONS GSR UNIT PROJECTIONS GSR PROJECTIONS RATE
INCOME
Effective Rental Income

Gross Potential Rent T3 868,371 889,200 915,876 1,017,827 3.00%
GPR Increase From New Renovations 72,306 74,475
Loss / Gain to Lease* T3 (88,700) (84,300) 9.48% (29,645) 3.00% (10,923) 1.00%
Gross Scheduled Rent 779,671 804,900 958,537 1,081,380
Physical Vacancy T3 (9,378) 1.20% (24,147) 3.00% (38,341) 4.00% (43,255) 4.00%
Economic Vacancy
Bad Debt** T3 0 0.00% (4,025) 0.50% (77) (4,793) 0.50% (5,407) 0.50%
Total Vacancy** (9,378) 1.20% (28,172) 3.50% (542) (43,134) 4.50% (48,662) 4.50%
Economic Occupancy 98.80% 96.50% 95.50% 95.50% 95.5%
Total Effective Rental Income 770,293 98.80% 776,729 96.50% 915,402 95.50% 1,032,718
Other Income
Laundry & Vending T12 5,994 0.77% 5,994 0.74% 115 5,994 0.63% 6,174 3.00%
Other Resident Charges T12 25,681 3.29% 25,681 3.19% 494 25,681 2.68% 26,451 3.00%
Total Other Income 31,675 4.06% 31,675 3.94% 31,675 3.30% 32,625
Effective Gross Income 801,968 102.86% 808,404 100.44% 947,077 98.80% 1,065,343
• M&M projections are based on the assumptions defined in the value-add analysis
L EGEND
T3 / T12 Trailing 3 or 12 Month
ASM Assumption
FY2021 Fiscal Year 2021
* Percent of Gross Potential Rent
** Percent of Gross Scheduled Rent
*** Percent of Effective Gross Income
OPER ATING STAT E ME N T // Rive r walk Apar tme nt s
MARCH 2022 TAKEOVER YEAR ONE YEAR TWO TERMINAL

TRAILING % OF M&M % OF PER M&M % OF M&M GROWTH
ACTUALS EGI PROJECTIONS EGI UNIT PROJECTIONS EGI PROJECTIONS RATE
EXPENSES
Controllable
Payroll T12 59,805 7.46% 59,805 7.40% 1,150 59,805 6.31% 61,001 2.00%
Contract Services 0.00% 7,800 0.96% 150 7,800 0.82% 7,956 2.00%
Repairs & Maintenance T12 58,890 7.34% 15,600 1.93% 300 15,600 1.65% 15,912 2.00%
General & Administrative T12 23,620 2.95% 10,400 1.29% 200 10,400 1.10% 10,608 2.00%
Management Fee*** T12 47,146 5.88% 40,420 5.00% 777 47,354 5.00% 53,267 5.00%
Turnover T12 25,236 3.15% 10,400 1.29% 200 10,400 1.10% 10,608 2.00%
Total Controllable 214,698 26.77% 144,425 17.87% 2,777 151,359 15.98% 159,353
Non-Controllable
Real Estate Taxes FY 2021 106,514 13.28% 106,514 13.18% 2,048 106,514 11.25% 108,644 2.00%
RE Tax Reassessment Increase ASM 60,173 7.50% 60,173 7.44% 1,157 60,173 6.35% 61,376 2.00%
Insurance T12 58,681 7.32% 58,681 7.26% 1,128 58,681 6.20% 59,854 2.00%
Utilities T12 11,929 1.49% 11,929 1.48% 229 11,929 1.26% 11,929 2.00%
Total Non-Controllable 237,297 29.59% 237,297 29.35% 4,563 237,297 25.06% 241,805
Reserves 13,000 1.62% 13,000 1.61% 250 13,000 1.37% 13,000 0.00%
Total Expenses 464,995 57.98% 394,723 48.83% 7,591 401,656 42.41% 414,157
Net Operating Income 336,973 42.02% 413,681 51.17% 7,955 545,421 57.59% 651,186
• Contract Services - M&M projections are based on the assumption of $150 per unit annually to reflect the current market norms
• Repairs & Maintenance - M&M projections are based on the assumption of $300 per unit annually to reflect the current market norms
• General & Administrative - M&M projections are based on the assumption of $200 per unit annually to reflect the current market norms
• Turnover - M&M projections are based on the assumption of $200 per unit annually to reflect the current market norms
• Based on the Actual 2021 Tax Bill
• M&M projections are based on the assumption that the property will be reassessed at 75% of the purchase price resulting in an increased tax obligation at the
millage rate of 18.3762
FINANCIAL ANALYSIS 49
C A SH F L OW // Rive r walk Apar tme nt s
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11
INCOME
Effective Rental Income
Gross Potential Rent 915,876 1,017,827 1,125,072 1,158,824 1,193,589 1,229,396 1,266,278 1,304,266 1,343,394 1,383,696 1,425,207
GPR Increase From New Renovations 72,306 74,475 - - - - - - - - -
Loss / Gain to Lease* (29,645) (10,923) (11,251) (11,588) (11,936) (12,294) (12,663) (13,043) (13,434) (13,837) (14,252)
Gross Scheduled Rent 958,537 1,081,380 1,113,821 1,147,236 1,181,653 1,217,102 1,253,615 1,291,224 1,329,961 1,369,859 1,410,955
Total Vacancy** (43,134) (48,662) (50,122) (51,626) (53,174) (54,770) (56,413) (58,105) (59,848) (61,644) (63,493)
Total Effective Rental Income 915,402 1,032,718 1,063,699 1,095,610 1,128,478 1,162,333 1,197,203 1,233,119 1,270,112 1,308,216 1,347,462
Total Other Income 31,675 32,625 33,604 34,612 35,650 36,720 37,822 38,956 40,125 41,329 42,569
Effective Gross Income 947,077 1,065,343 1,097,303 1,130,222 1,164,129 1,199,053 1,235,024 1,272,075 1,310,237 1,349,544 1,390,031
EXPENSES
Controllable
Payroll (59,805) (61,001) (62,221) (63,466) (64,735) (66,030) (67,350) (68,697) (70,071) (71,473) (72,902)
Contract Services (7,800) (7,956) (8,115) (8,277) (8,443) (8,612) (8,784) (8,960) (9,139) (9,322) (9,508)
Repairs & Maintenance (15,600) (15,912) (16,230) (16,555) (16,886) (17,224) (17,568) (17,919) (18,278) (18,643) (19,016)
General & Administrative (10,400) (10,608) (10,820) (11,037) (11,257) (11,482) (11,712) (11,946) (12,185) (12,429) (12,678)
Management Fee*** (47,354) (53,267) (54,865) (56,511) (58,206) (59,953) (61,751) (63,604) (65,512) (67,477) (69,502)
Turnover (10,400) (10,608) (10,820) (11,037) (11,257) (11,482) (11,712) (11,946) (12,185) (12,429) (12,678)
Total Controllable (151,359) (159,353) (163,072) (166,882) (170,785) (174,783) (178,878) (183,073) (187,371) (191,773) (196,283)
Non-Controllable
Real Estate Taxes (106,514) (108,644) (110,817) (113,034) (115,294) (117,600) (119,952) (122,351) (124,798) (127,294) (129,840)
RE Tax Reassessment Increase (60,173) (61,376) (62,604) (63,856) (65,133) (66,436) (67,764) (69,120) (70,502) (71,912) (73,350)
Insurance (58,681) (59,854) (61,052) (62,273) (63,518) (64,788) (66,084) (67,406) (68,754) (70,129) (71,532)
Utilities (11,929) (11,929) (11,929) (11,929) (11,929) (11,929) (12,168) (12,411) (12,660) (12,913) (13,171)
Total Non-Controllable (237,297) (241,805) (246,402) (251,091) (255,875) (260,754) (265,969) (271,288) (276,714) (282,248) (287,893)
Reserves (13,000) (13,000) (13,000) (13,000) (13,000) (13,000) (13,000) (13,000) (13,000) (13,000) (13,000)
Total Expenses (401,656) (414,157) (422,474) (430,974) (439,660) (448,536) (457,847) (467,361) (477,084) (487,021) (497,176)
Net Operating Income 545,421 651,186 674,829 699,248 724,469 750,516 777,178 804,714 833,153 862,523 892,854
F I NA N C IA L A NA LYSI S // Rive r walk Apar tme nt s
R E N OVAT IO N M A R K E T R E N T P R E M I UM
1,800
1,600
$225 $225
1,400
1,200
1,000
800
$1,425 $1,425
600
400
200
0
Two Bedroom Total
Market Rent Premium
R E N OVAT IO N E F F E C T I V E R E N T P R E M I UM
1,800
1,600
1,400 $360 $360
1,200
1,000
800
600 $1,290 $1,290
400
200
0
Two Bedroom Total
Effective Rent Premium
FINANCIAL ANALYSIS 51
E XC L U S I V E LY L I S T E D B Y
A DA M P ODB E L SK I N E D ROB E RT S , C C I M
First Vice President Investments First Vice President Investments
Director, National Multi Housing Group Director, National Multi Housing Group
Tampa Office Tampa Office
Direct: (239) 340-7812 Direct: (813) 387-4721
Adam.Podbelski@MarcusMillichap.com Ned.Roberts@MarcusMillichap.com
JAS ON HAG U E S A M F E RG U S ON
First Vice President Investments Investment Associate
Director, National Multi Housing Group Member, National Multi Housing Group
Tampa Office Tampa Office
Direct: (203) 494-0560 Direct: (813) 387-4748
Jason.Hague@MarcusMillichap.com Sam.Ferguson@MarcusMillichap.com
F I NA N C IA L A NA LYS T
M I C HA E L C L E N NA N
Financial Analyst
Tampa Office
(813) 387-4846
Michael.Clennan@MarcusMillichap.com
BROKER OF RECORD
RYA N N E E
License #: BK3154667

Riverwalk Apartments - Offering Memorandum

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O F F E R I N G M E M O R A N DUM

C ONFIDENTIALIT Y & DISCL AIMER

SPECIAL C OVID-19 NOTICE

OFFICES THROUGHOUT THE U.S. AND CANADA

The Marcus & Millichap

TBD by Market Total

Year Built 1963

Lot Size 1.95 Acres

Fort Myers, Florida.

please review the Financial Analysis section of this offering memorandum.

deadline may be established.

SIDNEY & BERNE

A 52-unit community located in Fort Myers, Florida

UNIT TYPE # OF UNITS SQUARE FOOTAGE AVERAGE RENT

Ceramic tile flooring in common areas

Stainless steel appliances

LEE HEALTH SOUTHWEST FLORIDA INTERNATIONAL AIRPORT

PINE LEE MEMORIAL

Averages: 1991 23 1,107 $1,922 $1.77

Averages: 1991 23 1,107 $1,922 $1.77

TOTAL/WTD. AVG. 52 950 $1,425 $1.50 $1,650 $1.74

• There are currently no concessions being offered

U NI T T Y PE U NI T S S QUARE FEET RENT RENT/SF

1 Bdr 1 Bath 17 589 $1,395 $2.37

1 Bdr 1 Bath 9 600 $1,585 $2.64

TOTAL/WTD AVG. 43 536 $1,338 $2.49

• There are currently no concessions being offered

U NI T T Y PE U NI T S S QUARE FEET RENT RENT/SF

TOTAL/WTD. AVG. 16 972 $1,900 $1.96

• There are currently no concessions being offered

183 93% 2006

U NI T T Y PE U NI T S S QUARE FEET RENT RENT/SF

2 Bdr 2.5 Bath 134 1,003 - 1,017 $3,500 $3.47

3 Bdr 2.5 Bath 22 1,296 - 1,477 $4,000 $2.88

TOTAL/WTD. AVG. 183 1,151 $3,457 $3.41

• There are currently no concessions being offered

198 90% 2008

U NI T T Y PE U NI T S S QUARE FEET RENT RENT/SF

1 Bdr 1 Bath 25 1,088 $1,750 $1.61

2 Bdr 2 Bath 58 1,089 $2,100 - $2,125 $1.94

2 Bdr 2 Bath - Den 59 1,334 - 1,711 $2,150 - $2,449 $1.51

3 Bdr 2 Bath - Den 31 1,800 $2,650 - $2,700 $1.49

TOTAL/WTD. AVG. 198 1,570 $2,133 $1.68

• There are currently no concessions being offered

U NI T T Y PE U NI T S S QUARE FEET RENT RENT/SF

2 Bdr 2 Bath 2 1,200 $1,400 $1.17

2 Bdr 2.5 Bath - TH 4 1,150 $1,495 $1.30

2 Bdr 2.5 Bath - TH 6 1,200 $1,550 $1.29

2 Bdr 2.5 Bath - TH 4 1,250 $1,595 $1.28

TOTAL/WTD AVG. 22 1,036 $1,371 $1.32

• There are currently no concessions being offered

U NI T T Y PE U NI T S S QUARE FEET RENT RENT/SF

TOTAL/WTD. AVG. 4 1,000 $2,300 $2.30

• There are currently no concessions being offered

U NI T T Y PE U NI T S S QUARE FEET RENT RENT/SF

TOTAL/WTD. AVG. 22 913 $1,716 $1.88

• There are currently no concessions being offered

TOTAL AVERAGE AVERAGE MARKET MARKET PRO-FORMA PRO-FORMA

52 950 49,400 $1,290 $1.36 $1,425 $1.50 $1,650 $1.74

Occupied with Lease Units 52 100.00% Renovated 0 0.00%

Available Units 0 0.00% Unrenovated 52 100.00%

Total / Percentage 52 100.00% Total / Percentage 52 100.00%

YEAR ONE TAKEOVER YEAR ONE YEAR TWO AVERAGE

TOTAL CAPEX ALLOCATION CAPITAL EXPENDITURE RETURN METRICS