Luzern Associates LLC Investment Opportunity Presentation

Luzern Associates LLC STRICTLY CONFIDENTIAL
Luzern Associates LLC

An Investment Opportunity
Redevelopment that unlocks real estate value www.luzernassoc.com

1
Table of Contents
372 Danbury Road, Wilton, CT 180 Post Road East, Westport, CT 9 Commonwealth Avenue, Boston, MA
I. Overview and Luzern’s Core Principles

II. Investment Approach, Target Markets and Product Type, and Return Profile
III. Fund Performance Record
IV. Representative Projects
V. Fund Manager, Team Biographies and Organizational Chart
VI. Disclaimer
THIS PRESENTATION IS FOR INFORMATIONAL PURPOSES ONLY AND
ALL INFORMATION CONTAINED HEREIN IS SUBJECT TO REVISION AND
COMPLETION.
PLEASE SEE THE FULL DISCLAIMER AT THE BACK OF THIS DOCUMENT.

2
Overview
Luzern Associates LLC (“Luzern”), and affiliated entities, is a real estate investment firm founded by Managing Partner Salvatore
Campofranco. Mr. Campofranco’s vision is to apply an institutional caliber investing discipline with an entrepreneurial outlook to
unlock value and provide superior risk-adjusted returns. Since inception, Luzern has raised approximately $55M of equity and
invested in nine projects with a gross project value of $185M. Luzern targets core-plus, value-add and opportunistic investments in
office, multifamily and industrial product types ether by direct ownership or through co-investments with joint venture partners. We
rely on a deep bench of in-house personnel and exclusive consultants with extensive history in our core markets to provide a strategic
competitive advantage to our investors and partners by bringing over 100 years of real estate experience while providing nimble and
patient capital. We take pride in our consistent history of successfully identifying underutilized assets, formulating and executing
complex business plans, creative capital structures, and realizing value during various stages of the real estate market cycle.
Luzern is seeking a partner to invest equity alongside Luzern Realty Fund III, LLC (“Fund III” or the “Fund”). Fund III is the current
vehicle through which Luzern is deploying equity and is a $25M limited partnership with capital commitments of $18M that has $4.7M
(20%) currently invested (discussed in more detail on page 12). The Fund’s current goal is to deploy an additional $12M in new equity
over the next 24 months. Mr. Campofranco is majority owner of the Fund manager, general partner and has personally committed
significant capital to the Fund. Luzern is look to expand it’s investment portfolio through a programmatic joint venture structure
offering the opportunity to gain diverse exposure to a broad array of real estate assets.
Luzern has been successful over the last 12 years by being disciplined and relying on our core investment philosophy and strengths:
A hyper local focus, Highly selective, Disciplined and patient Institutional discipline
providing unique market rigorous and analytically investment approach, and approach in the
perspective and the based deal screening and the ability to be areas of governance,
ability to leverage long- and underwriting dynamic during the hold fund structuring, fund
standing relationships to process with period to ensure management and
generate off-market coordination and input maximum return for operation, and
transactions and partners from our Advisory Board each investment reporting

3
Luzern’s Core Principles

• By concentrating on investments in a few
select markets we can leverage long-term • Luzern’s underwriting process is based on
established relationships with brokers, a ground-up analytical approach developed
owners, lenders, consultants and partners over decades of investing experience.
to manufacture new deals. • We heavily screen and vet potential
• Maximizes the efficiency and capability of acquisitions before deciding to pursue.
Luzern’s operating platform. • Luzern has applied our institutional mind-
• Strong existing relationships are prioritized Rigorous set by creating and utilizing a four-member
Hyper Local Focus in sourcing capital for new investment.
Analytically Based advisory board that is consulted on each
• Enables Luzern to develop deep local deal during the bidding process.
market expertise. Underwriting
Process
• We design conservative capitalization • Concise, well-written and comprehensive

structures to ensure financial stability and agreements define clear partnership
performance during market cycles structure and ensure there is synergy of
• Appropriate levels of debt are balanced alignment with our investors and partners
between fixed and floating interest rates. • Timely, regular and informative
Amortization is included when appropriate. communication to partners and lenders
Patient and • Capital and operating reserves are Institutional • Financial structuring for transactions that
established upon property acquisition.
Disciplined Capital • To best ensure alignment of interests deal
Approach to aligns the interest of the general partner
and partners when considered the
with Dynamic partnerships with patient equity partners Reporting and relationship between risk allocation and
are pursued. reward distribution
Capability Governance

4
Investment Approach
Luzern applies a rigorous and methodical process to screening new potential opportunities. After identifying a new investment to
pursue, we generate detailed financial underwriting projections produced by the experienced in-house team.
The assumptions utilized for these projections are based on in-depth market analysis focusing on:
• Historical and projected demographic trends;
• A detailed study of future supply and performance metrics for the applicable product type;
• Thorough examination of the local employment landscape and drivers of growth;
While the investment thesis is being constructed, we involve and seek feedback from local 3rd party experts, lenders, brokers, and
environmental and construction service providers. We then compile the financial underwriting, market analysis, and 3rd party
feedback into a concise investment offering memorandum (“OM”) that clearly articulates the proposed business plan, identifies and
explains the relevant investment risks, and summarizes projected returns. The OM also details the unique attributes, relevant
architectural plans, project budget, timeline, operational details, and important metrics for each project. Additionally, as part of the
underwriting process, we perform a sensitivity analysis to illustrate the impact on projected returns from potential changes in major
underwriting assumptions. The findings of this analysis are also detailed in the OM.
Finally, each potential investment is reviewed and discussed in detail with our Advisory Board during the bidding process and again
before we decide to proceed with a transaction.
Luzern’s Hyper Manufactures Off- Delivers Superior

Local Focus Market Investment Risk Adjusted
Opportunities Returns

5
Target Markets and Product Type

Luzern seeks investments throughout the Northeast Corridor from Boston, MA through the New York Tri-State area. By focusing on
a core geography Luzern can efficiently leverage it’s operating capability and manufacture strong deal flow through established
relationships with local brokers, owners and existing joint venture partners.
Property Type and Investment Profile

Luzern’s investment criteria seeks out opportunistic value-add, core-plus, and ground-up development projects in multifamily,
industrial and office assets.
Specific Target Market Investment Criteria

• Central Business Districts
• Focus on submarkets with major concentrations of Medical and Educational institutions (“Meds & Eds”) providing a durable
highly educated employment base with strong historical and future population growth
• Strong emphasis and focus on proximity to public transportation
• In-fill high-barrier to entry markets
• Live, work, play nodes in emerging submarkets and inner-suburbs along public transportation infrastructure
• Industrial locales along primary transit arteries and major highway interchanges

6
Return Profile
Luzern has achieved superior risk adjusted returns to date by building a portfolio that is blend of cash flow generating operating
properties and opportunistic development orientated investments. The entrepreneurial structure of Luzern’s platform provides the
ability to adjust the targeted deal profile and return hurdles as market cycles flow and opportunities present in order to align with our
strategy and potential co-investment capital.
Operating Properties Development & Redevelopment Properties

(Core-Plus) (Ground-Up and Value-Add)
• Project level levered IRR of between 8% and 10% • Project level levered IRR of between 12% and 18%
• Average annual cash distribution rate during the hold • Target equity multiple of 1.75X
period of between 5% and 7%
• Leverage of between 60% to 70% of total development
• Target equity multiple of 1.30X costs, typically floating interest rate with an interest only
period until the property generates cash flow or is
• Leverage of between 50% to 65% of total acquisition stabilized and then the debt is converted to, or
costs with a fixed interest rate and amortization refinanced, with a fixed rate amortizing loan
• Target holding period between 5 years to 7 years • Target holding period between 3 years to 5 years

7
Fund Performance Record

Since 2008, equity for new transactions has come from a series of private funds raised directly by Luzern. Mr. Campofranco has served
as the fund manager and general partner in each partnership and has retained over 90% of the original limited partners throughout the
organization’s tenure. In aggregate through the three realty funds discussed in more detail below Luzern has raised $46.7M of equity
(including joint venture equity) and invested in six (6) projects with a gross project value of $125M
Luzern Realty Fund I L.P. – Was the inaugural fund formed in January 2008 with $7M of total limited partner equity raised and a total
gross project value of $26M. Major projects included the redevelopment of a 92,000 SF Class A office building located in Wilton, CT and
a 15 unit mixed-use Class A residential and retail property located in the Beacon Hill neighborhood of Boston, MA. The fund was closed
in 2014 and realized a gross IRR of 12.2% and net IRR of 9.60%.
Luzern Realty Fund II L.P. – Formed in 2013 the fund had $15M in limited partner equity and a total gross project value of $75M.
Investments include two residential condominium projects one located in Jamaica Plains, MA and the other in Boston, MA, a 34,000 SF
mixed-use property located in Westport, CT and a co-investment with Fund III in Oak Row Apartments. The fund is closed to new
investors and to date has realized a gross IRR of 14.3% and net IRR of 11.7%.
Luzern Realty Fund III L.P. – Formed in 2017 the Fund has $18 in committed limited partner equity with the ability to increase
commitments by an additional $7M to $25M of limited partner equity. To date, Fund III has invested $4.7M of equity in Oak Row
Apartments, a 135,105 SF 80 unit luxury rental development located in West Roxbury, MA. Total project value for Oak Row is $37.5 M
($24M pro-rata co-investment with Fund II). The capital raise has been completed and Fund III is closed to additional investors. Fund III
has a projected gross IRR of 14% and net IRR of 11.8%.
180 Post Road East

8
Fund Performance Record

Value of Investments
Investments by Equity Invested by
Allocated by
Property Type Property Type
Geography
Graphics include all assets managed by Luzern since inception

9
Representative Projects
Oak Row Apartments – West Roxbury, MA
Tilia Jamaica Plain – Jamaica Plain, MA
Nine Commonwealth Avenue – Boston, MA

10
Representative Projects
Westport 180 – Westport, CT
Wilton 372 – Wilton, CT

11
Multifamily Ground-Up Development

Oak Row Apartments is an out of the ground development of a
four-story elevatored 80 unit Class A apartment building located in
the West Roxbury neighborhood of Boston, MA. The property is the
first recently purpose built apartment community in West Roxbury.
Amenities include a fitness center, resident lounge, coffee bar, pet
washing station, package concierge, a roof terrace and garage
parking.
The investment was sourced off-market through a long-term

relationship with E.A. Fish Development. E.A. Fish had commenced
construction and was seeking equity to complete capitalization.
Luzern was able to quickly react upon being presented with the
opportunity. We simultaneously completed due diligence, raised the
necessary equity and negotiated a creative joint venture structure
providing both traditional and preferred equity. Luzern was able to
add immediate value to our relationship with E.A. Fish, provide an
enhanced return to our investors and significantly mitigate many of
the typical investment risks associated with ground-up development
Investment Date: November 2017 by entering the venture after construction had commenced.
Status: Construction Complete and in Lease-up
Total Development Costs: $32,942,000 Luzern is a co-manager of the day-to-day operations and has
control of major decisions related to capital events and refinancing.
Capitalization Structure: Construction was completed on time and on budget in September of
Luzern Realty Fund II & Fund III Investment: $7,222,153 2018. The project is currently in the lease up phase with stabilization
E.A. Fish Development: $3,200,000 projected in June of 2019.
Projected Return on TDC: 6.0%

Total Projected Return (IRR): 19.3%
Multiple on Equity: 1.7X
Website: www.oakrow.com

12
Recycling of a former MBTA Railyard

Tilia Jamaica Plain is located in Boston’s popular and rapidly growing Jamaica Plain neighborhood. The project is a sustainable urban
residential development located a short walk from the Forest Hills MBTA station and bus terminal. Tilia will be completed in three
phases and include a total of 124 residential units comprised of 48 townhomes and 76 rental units. Constructed on a site formerly used
by the MBTA as a railyard, the project included simultaneous negotiations with multiple agencies for the City of Boston, the MBTA and
Amtrak to address and resolve complications with the design and construction of site improvements and infrastructure necessary for
vertical development to commence. The physical location of the site, adjacent to a high-speed and commuter rail line, required
extensive coordination and thorough planning.
Luzern invested in Phase I of the project through a joint venture with Urbanica, Inc that was
directly sourced in-house. Phase I consisted of constructing 24 townhomes. Luzern
sourced and negotiated the construction loan, procured the construction services and co-
managed the daily oversight of the construction. Phase I was completed in January of 2018
on budget and on time with delivery of the last townhome in November of 2018.
Investment Date: March 2016

Status: Completed in December 2018
Total Development Costs: $13,206,000
Capitalization Structure:
Luzern Realty Fund II Investment : $2,763,997
Urbanica Investment: $898,000
Total Realized Return (IRR): 15%

Website: www.tiliajp.com

13
Redevelopment of a Back Bay Apartment Building

Nine Commonwealth Avenue is a classic historic brownstone located in the affluent Back
Bay neighborhood on the first block of Boston’s prestigious Commonwealth Avenue. The
project was a complete gut renovation of a former apartment building into six customized
high-end luxury condominium homes. The renovation involved a complex structural re-design
removing the entire interior support structure, the installation of a brand new historically
accurate façade, six car parking garage located in the basement, installation of an elevator
and a private roof deck. Units were finished with high-end completely customized, millwork
and finish packages.
The investment was sourced off-market by Luzern and completed in a joint venture with
Boston Realty Development, LLC. Luzern served as co-manager for the project, responsible
for day-to-day construction management and oversight, and the marketing and sale strategy.
The project was completed in twenty-four months from the date of acquisition to the closing of
unit sales.
Investment Date: October 2013

Status: Completed September 2015
Total Development Costs: $19,839,000
Capitalization Structure:
Luzern Realty Fund II Investment: $2,426,000
Boston Realty Development, LLC: $2,426,000
Total Realized Return (IRR): 41.2%


14
Fund Manager
Salvatore Campofranco - Founder and Managing Partner of Luzern Associates, LLC
With over thirty years of experience in the financing, development and operation of commercial real estate, Salvatore Campofranco
has an exceptional track record of equity preservation and positive returns throughout the toughest real estate and economic cycles.
Since 2007, Mr. Campofranco has been a real estate equity fund manager. He developed the business strategy of Luzern,
established the operating platform, sourced the investments and completed the capitalization for three private equity real estate
funds. He was directly responsible for the successful execution of asset strategy on multiple investments which have realized profits
for his partners. Mr. Campofranco has a reputation of being conservative, creative and detail orientated.
Prior to founding Luzern, from 1996 to 2007, Mr. Campofranco was an executive with Reckson Associates Realty Corp (“Reckson”)
a NYSE traded REIT. There, he held the position of Executive Vice President and Chief Operating Officer. As a member of the
Executive Committee he helped create the strategy for the Company. In his role Salvatore served as the Chairperson of the
Operating Committee, which was a key platform for communication and the personnel development for the entire senior and
executive management team. During his eleven-year tenure Reckson’s market cap grew from $250M to over $6B. Reckson was
sold in January of 2007 to SL Green Realty (NYSE: SLG).
For eight years prior to Reckson, Mr. Campofranco was a Senior Vice President and Chief Financial Officer for Towermarc
Corporation in Boston, MA. Towermarc developed and operated Class A office buildings in Massachusetts, Tennessee and Florida
and over that time grew rapidly providing strong returns to investors. Mr. Campofranco and the executive team of Towermarc
steered the company through the one of the most difficult real estate recessions in recent memory (1991-1995) and provided
positive returns to its owners upon the sale of the company in 1996 to Highwoods Properties (NYSE: HIW).
Mr. Campofranco is a graduate of St. John’s University in Queens, NY with a Bachelor of Science in Accounting and a New York
State CPA. He is also a member of the Urban Land Institute, Director Emeritus for the Waterside School in Stamford, CT and a
former member of the Parents’ Committee for Middlebury College (2006-2013).

15
Team Biographies
Eric Seitz is Vice President of Project Management based in Boston, MA and joined Luzern in 2011. He has been instrumental in
sourcing new investments, formulation of investment strategy and the execution for each of Luzern’s projects in the Boston MSA. Prior
to joining Luzern, Eric worked at Vinco Properties as Project Manager on the Chestnut Green Project in Foxboro, MA which was a $32M
adaptive reuse project of the former Foxboro State Hospital Campus. Eric graduated from Hobart College in 2007 with a Bachelors
Degree in Urban Studies and Economics, holds a Massachusetts Real Estate Brokers License and a Massachusetts Construction
Supervisor License. Eric has a Certificate in Commercial Real Estate Finance from Boston University and serves as Chair of the Young
Leaders Board for Caritas Communities.
Mark Liguori is Vice President of Asset Management. Mark has over 26 years of experience in the commercial real estate business and
began working with Luzern in 2014. He is directly responsible for investor relations and specifically the creation and maintenance of
Luzern’s investor database which entails partner investment activity and Luzern’s compliance of such activity with partnership
agreements. He is instrumental in the preparation of information packages distributed to Luzern’s limited partners. Mark works directly
with Sal on developing asset strategy and monitoring asset performance including underwriting research, due diligence activities,
construction loan draws, joint venture reporting and new investment presentations. Prior to Luzern, Mark worked for several top real
estate services and development companies such as Cushman and Wakefield and Baker Properties. Mark is a licensed Real Estate
Broker in New York and Connecticut. He holds an MBA from Fordham University in New York City with specializations in Real Estate
Finance and Management and a B.S. in Finance from Siena College in Loudonville, New York.
David Elwell is a Director of Acquisitions and has been working with Luzern since 2010. He is responsible for formulation and
preparation of all materials utilized in the bid process during the pursuit of new investments and the disposition of properties. He works
directly with Sal on pre-closing investment information projects related to communication of asset strategy including all aspects of the
development, market research, capitalization, modeling and yield analysis. David is responsible for preparation of the investor analysis
package presented to partners and Advisory Board members. David has 15 years of experience in all aspects of commercial real estate
acquisitions, valuations, financing, development and management. Prior to working with Luzern, David worked for HFF in Hartford, CT,
Goedecke & Co. in Boston, MA and Prairie Realty Advisors in Chicago, IL, where he helped place commercial real estate debt and equity
in excess of $1.55B. David is 2004 graduate of Trinity College.
Thomas Riley has over 35 years experience in the design, management and construction of commercial office buildings, retail,
hospitality and industrial buildings as well as commercial interiors. Tom worked with Sal as a Senior Vice President and Director of
Reckson Construction and Development. He is currently President of TRAC Consulting which provides services to Luzern on a project
basis.

16
Luzern’s Organizational Chart

Mark Liguori
Vice President
Investor Relations and
Asset Management
Eric Seitz Salvatore

Vice President Campofranco David Elwell
Based in Boston, MA Director
Acquisitions and
Founder and Acquisitions and Capital
Project Management Managing Member Raising
Thomas Riley, RA
Advisory Design Consulting
and Construction
Board Management

17
Disclaimer
THIS PRESENTATION IS FOR INFORMATIONAL PURPOSES ONLY AND ALL INFORMATION REPRESENTATIVES ARE MAKING ANY REPRESENTATION OR WARRANTY, EXPRESS OR
CONTAINED HEREIN IS SUBJECT TO REVISION. THIS PRESENTATION DOES NOT IMPLIED, AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED
CONSTITUTE OR FORM PART OF AN OFFER TO ISSUE OR SELL, OR OF A SOLICITATION IN THIS PRESENTATION.
OF AN OFFER TO SUBSCRIBE OR BUY, ANY SECURITIES OR OTHER FINANCIAL
INSTRUMENTS, NOR DOES IT CONSTITUTE A FINANCIAL PROMOTION, INVESTMENT NO RELIANCE MAY BE PLACED FOR ANY PURPOSE ON THE INFORMATION AND
ADVICE OR AN INDUCEMENT OR INCITEMENT TO PARTICIPATE IN ANY PRODUCT, OPINIONS CONTAINED IN THIS DOCUMENT OR THEIR ACCURACY OR COMPLETENESS
OFFERING OR INVESTMENT. ANY SUCH OFFER WILL BE MADE ONLY BY MEANS OF THE AND NOTHING CONTAINED HEREIN SHALL BE RELIED UPON AS A PROMISE OR
CONFIDENTIAL PRIVATE OFFERING MEMORANDUM. REPRESENTATION WHETHER AS TO PAST OR FUTURE PERFORMANCE. NOTHING
CONTAINED HEREIN SHOULD BE CONSTRUED AS LEGAL, BUSINESS OR TAX ADVICE.
THE INFORMATION SET FORTH HEREIN DOES NOT PURPORT TO BE COMPLETE. THE EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN ATTORNEY, BUSINESS
PRIVATE OFFERING DOCUMENTS WILL CONTAIN ADDITIONAL INFORMATION ABOUT THE ADVISOR AND TAX ADVISOR AS TO LEGAL, BUSINESS, TAX AND RELATED MATTERS
INVESTMENT OBJECTIVES, TERMS AND CONDITIONS OF AN INVESTMENT AND ALSO CONCERNING THE INFORMATION CONTAINED HEREIN. NONE OF THE ENTITIES OR
CONTAIN RISK DISCLOSURES THAT ARE IMPORTANT TO ANY INVESTMENT DECISION. OTHER REPRESENTATIVES WILL HAVE ANY LIABILITY TO YOU OR ANY OTHER PERSON
THIS PRESENTATION IS QUALIFIED IN ITS ENTIRETY BY THE PRIVATE OFFERING RESULTING FROM USE OF THIS PRESENTATION. NONE OF THE FUND OR OTHER
DOCUMENTS WHICH SHOULD BE READ COMPLETELY BEFORE MAKING AN REPRESENTATIVES HAS ANY OBLIGATION TO UPDATE THE INFORMATION CONTAINED
INVESTMENT. AN INVESTMENT IS SPECULATIVE AND INVOLVES SIGNIFICANT RISKS. IN THIS PRESENTATION. ONLY THOSE REPRESENTATIONS OR WARRANTIES THAT ARE
INVESTORS WHO HAVE PRELIMINARY INTEREST SHOULD UNDERSTAND THESE RISKS MADE TO YOU IN A DEFINITIVE WRITTEN AGREEMENT BETWEEN YOU AND THE
AND HAVE THE FINANCIAL ABILITY AND WILLINGNESS TO ACCEPT THEM FOR AN ENTITIES WILL HAVE ANY LEGAL EFFECT
EXTENDED PERIOD OF TIME BEFORE MAKING AN INVESTMENT.
CERTAIN INFORMATION CONTAINED IN THIS PRESENTATION CONSTITUTES “FORWARD-
ASSUMPTIONS AND STATEMENTS REGARDING FORECASTS AND PROJECTIONS RELY LOOKING STATEMENTS” WHICH CAN BE IDENTIFIED BY THE USE OF FORWARD-
ON A NUMBER OF ECONOMIC AND FINANCIAL VARIABLES AND ARE INHERENTLY LOOKING TERMINOLOGY SUCH AS “MAY,” “SHOULD,” “EXPECT,” “TARGET,” “PROJECT,”
SPECULATIVE. FORECASTED RETURNS ARE NOT GUARANTEED AND ARE SUBJECT TO “ESTIMATE,” “INTEND,” “CONTINUE,” OR “BELIEVE,” OR THE NEGATIVES THEREOF OR
CHANGE WITHOUT NOTICE. FORECASTS ARE BASED ON COMPLEX CALCULATIONS OTHER VARIATIONS THEREON OR COMPARABLE TERMINOLOGY. SUCH FORWARD-
AND FORMULAS THAT CONTAIN SUBSTANTIAL SUBJECTIVITY AND NO EXPRESS OR LOOKING STATEMENTS INVOLVE CERTAIN RISKS AND UNCERTAINTIES. ACTUAL
IMPLIED PREDICTION IS MADE HEREBY WITH RESPECT TO THE INVESTMENT OR ANY RESULTS MAY DIFFER MATERIALLY FROM SUCH FORWARD-LOOKING STATEMENTS.
OTHER ACTUAL INVESTMENT. THERE CAN BE NO ASSURANCE THAT THE MARKET
CONDITIONS WILL PERFORM ACCORDING TO ANY FORECAST OR THAT THE THIS PRESENTATION CONTAINS CONFIDENTIAL INFORMATION AND THE RECIPIENT
INVESTMENT WILL ACHIEVE ITS OBJECTIVES OR THAT INVESTORS IN THE INVESTMENT HEREOF AGREES TO MAINTAIN THE CONFIDENTIALITY OF SUCH INFORMATION. THIS
WILL RECEIVE A RETURN OF THEIR CAPITAL. PRESENTATION IS INTENDED SOLELY FOR THE INFORMATION OF THE PERSON TO
WHOM IT HAS BEEN DELIVERED. DISTRIBUTION OF THIS PRESENTATION TO ANY
THE INFORMATION CONTAINED IN THIS PRESENTATION, INCLUDING INFORMATION PERSON OTHER THAN THE PERSON TO WHOM IT HAS BEEN ORIGINALLY DELIVERED
SUPPORTING FORECASTS AND PROJECTIONS, HAS BEEN OBTAINED OR DERIVED AND TO THE ADVISORS OF SUCH PERSON WHO ARE ALSO SUBJECT TO A DUTY OF
FROM INDEPENDENT THIRD PARTY SOURCES BELIEVED TO BE RELIABLE BUT THE CONFIDENTIALLY IS UNAUTHORIZED, AND ANY REPRODUCTION OR TRANSMISSION OF
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INFORMATION AND HAS NOT REVIEWED THE ASSUMPTIONS ON WHICH SUCH CONTENTS TO THIRD PARTIES, WITHOUT THE PRIOR CONSENT OF THE FUND, IS
INFORMATION IS BASED. BY ACCEPTING DELIVERY OF THIS PRESENTATION, YOU PROHIBITED.
UNDERSTAND AND ACKNOWLEDGE THAT NONE OF THE ENTITIES NOR ITS

18

Office Locations:
24 East Avenue, #1363, New Canaan, CT 06840
31 Saint James Avenue, Boston MA 02116
203-594-9275
info@LuzernAssoc.com
www.luzernassoc.com

19

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Luzern Associates LLC STRICTLY CONFIDENTIAL

Luzern Associates LLC

Luzern Associates LLC

Redevelopment that unlocks real estate value www.luzernassoc.com

I. Overview and Luzern’s Core Principles

PLEASE SEE THE FULL DISCLAIMER AT THE BACK OF THIS DOCUMENT.

Redevelopment that unlocks real estate value www.luzernassoc.com

Redevelopment that unlocks real estate value www.luzernassoc.com

Luzern’s Core Principles

• We design conservative capitalization • Concise, well-written and comprehensive

Redevelopment that unlocks real estate value www.luzernassoc.com

• Historical and projected demographic trends;

• Thorough examination of the local employment landscape and drivers of growth;

Luzern’s Hyper Manufactures Off- Delivers Superior

Redevelopment that unlocks real estate value www.luzernassoc.com

Target Markets and Product Type

Property Type and Investment Profile

Specific Target Market Investment Criteria

• Strong emphasis and focus on proximity to public transportation

• In-fill high-barrier to entry markets

Redevelopment that unlocks real estate value www.luzernassoc.com

Operating Properties Development & Redevelopment Properties

Redevelopment that unlocks real estate value www.luzernassoc.com

Fund Performance Record

180 Post Road East

Redevelopment that unlocks real estate value www.luzernassoc.com

Fund Performance Record

Graphics include all assets managed by Luzern since inception

Redevelopment that unlocks real estate value www.luzernassoc.com

Tilia Jamaica Plain – Jamaica Plain, MA

Nine Commonwealth Avenue – Boston, MA

Redevelopment that unlocks real estate value www.luzernassoc.com

Wilton 372 – Wilton, CT

Redevelopment that unlocks real estate value www.luzernassoc.com

Multifamily Ground-Up Development

The investment was sourced off-market through a long-term

Projected Return on TDC: 6.0%

Redevelopment that unlocks real estate value www.luzernassoc.com

Recycling of a former MBTA Railyard

Investment Date: March 2016

Total Realized Return (IRR): 15%

Redevelopment that unlocks real estate value www.luzernassoc.com

Redevelopment of a Back Bay Apartment Building

Investment Date: October 2013

Total Realized Return (IRR): 41.2%

Redevelopment that unlocks real estate value www.luzernassoc.com

Redevelopment that unlocks real estate value www.luzernassoc.com

Redevelopment that unlocks real estate value www.luzernassoc.com

Luzern’s Organizational Chart

Eric Seitz Salvatore

Redevelopment that unlocks real estate value www.luzernassoc.com

Redevelopment that unlocks real estate value www.luzernassoc.com

Luzern Associates LLC

24 East Avenue, #1363, New Canaan, CT 06840

31 Saint James Avenue, Boston MA 02116

Redevelopment that unlocks real estate value www.luzernassoc.com

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