Holliday Fenoglio Fowler, L.P. (“HFF”) a Florida licensed real estate broker.

200 UnitsIdeal Value-Add Opportunity Centrally Located in Tampa’s

Desirable Lake Magdalene Community

TAMPA, FLORIDA

Oak Grove

OFFERING SUMMARY

Holliday Fenoglio Fowler L.P. (“HFF”) is pleased to present the exciting opportunity to acquire Oak Grove (the “Property”), an attractive 200-unit garden-style apartment community centrally located in Tampa, Florida. Oak Grove offers investors both strong cash flow, as well as tremendous upside potential through operational improvements and the implementation of a targeted value-add strategy.

Constructed in 1983, Oak Grove includes 13 two-story residential buildings spanning 16.72 acres, offering a quiet, oasis-like setting. The Property has been well-maintained with capital investments in excess of $550,000 ($2,750 per unit) carried out over just the past 12 months that include full roof replacement throughout the Property and significant enhancement of the Property’s irrigation system. Following these projects, the Property is ideally positioned for a new owner to focus future capital dollars on value-add improvements to substantially grow top-line revenues.

Oak Grove is nestled in Tampa’s desirable Lake Magdalene neighborhood and is extremely convenient to the region’s largest employment centers. The Property sits along the western boundary of the Innovation Place district, boasting 74,000 employees and serving as Tampa’s hub for technology and biomedical sectors. The University of South Florida is less than 10 minutes from the Property along with three of the region’s largest hospitals. Meanwhile, convenient access to I-275 provides residents with a quick commute to Downtown Tampa (66,500 employees) and the Westshore Business District (94,000 employees), both less than 15 minutes away.

With a desirable, central location close to Tampa’s top retail, entertainment, and employment, and the exciting promise of tangible value-add upside, Oak Grove represents an ideal investment opportunity poised to deliver outstanding results for many years to come.

Offering Summary

2EXECUTIVE SUMMARY

propert y overv iew

Location: 13944 Sandy Hill Loop, Tampa, FL 33613

Total Units: 200 Units

Average Unit Size (Under A/C): 774 SF

Total Rentable Residential Square Feet: 154,760 SF

Occupancy (As of 8/30/17): 94.0%

Year Built: 1983

Market Rents (As of 8/30/17): $885 / $1.14

Construction Type: Two-story wood-frame with pitched, asphalt shingle roofs and HardiePlank and stucco siding

unit m ix

Floor Plan Unit Type Average SF Unit Count % of Mix

A1 1 Bed / 1 Bath 625 80 40.0%

B1 2 Bed / 1 Bath 865 72 36.0%

B2 2 Bed / 2 Bath 885 48 24.0%

TOTAL/AVERAGE 774 200 100.0%

Investment HighlightsStrong cash flowing asset with excellent opportunity to implement value-add program with recent interior renovations achieving $75-$100 monthly premiums

Well-maintained asset in excellent condition with over $550,000 ($2,750 per unit) spent in capital improvements within the past year, including full roof replacement

Immediate access to Tampa’s Innovation Place district (home to 74,000 employees, USF and several major hospitals) and less than 15 minutes to Downtown Tampa (66,500 employees) and Westshore Business District (94,000 employees)

Opportunity to achieve strong organic rent growth with in-place rents $136 below average of nearby comps

Quiet, low-density setting with inviting tree canopy entryway

Prime visibility on Florida Avenue, just several blocks north of the intersection with Fletcher Avenue (38,500 VPD), as well as from I-275

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3 EXECUTIVE SUMMARY

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Highly Appealing Residential CommunityUpon entering the Property, residents are welcomed by an inviting entryway lined with mature oak trees that provide a serene canopy. Once inside, a quaint clubhouse leads out to a sparkling swimming pool. Amid the Property’s lush, low-density 16.72 acres are situated 13 attractive residential buildings, as well as a children’s playground, a multi-use sports court, and a scenic pond that offers prime views. Residents are treated to efficiently designed units that are well-appointed with fully-equipped kitchens, large private patios or balconies, and vinyl flooring in the kitchen, dining room, and bathrooms.

The Property

EXECUTIVE SUMMARY 4

TAMPA, FLORIDA

Oak Grove

Community Amenities» Sparkling Swimming Pool with Sundeck

» Children’s Playground

» Fitness Center with Cardio & Strength Equipment

» Pet Friendly Community

» Two Laundry Care Centers

» Near Public Transportation

» Multi-Purpose Sports Court

» Two Scenic Community Ponds

5 EXECUTIVE SUMMARY

» Expansive Walk-In Closets

» Modern Kitchens with Pantry & Bar Counter

» Vinyl Flooring in Kitchen, Dining Room, and Bathrooms

» Ceiling Fans Throughout

» Extra Storage Space

» Private Balcony or Patio

» Large Living Spaces

Standard Unit Features

Ability to Implement a Highly Accretive Value-Add Strategy The Property offers an excellent opportunity for a new owner to significantly grow top-line revenue by modernizing unit interiors. While the great majority of units still have original interior finishes, the unit upgrades that have been completed to date have proven to be highly successful. Renovations have been made to a small portion of units with upgrades including painting cabinet boxes and doors, upgraded lighting and plumbing fixtures, baseboards, accent wall and chair rail in the dining room, and new white appliances. These units command premiums of $75-$100 with one more extensively renovated unit currently being offered for rent for a $150 premium.

Additional interior upgrades can be completed to garner even higher rent premiums. Potential modernized upgrades include:

» Paneled kitchen and bathroom cabinetry

» Resurfaced countertops

» Vinyl plank flooring in the living areas

» Screened-in patios

» Black or stainless steel appliances

» Four- or six-panel interior doors

» Washer/dryer connections and machines

» Reconfigured kitchens to make a more open floor plan

The Opportunity

6EXECUTIVE SUMMARY

Additional Avenues to Boost the Bottom LineIn addition to interior upgrades, a new owner will have the ability to significantly grow the Property’s net operating income by making operational improvements, such as the following:

» Increasing flat-rate fees to be in line with other nearby communities or switching to a RUBS billing system to recapture a greater share of the water, sewer, and trash expense

» Offering 36 storage units that are currently out-of-use for rent for $15-20 per month

» Implementing a valet waste service to create an additional revenue stream of $10-15 per unit in monthly net income

» Installing a trash compactor in order to do away with the dumpsters on the Property and save on monthly trash collection expense

Further, a new owner has the opportunity for strong future organic rent growth as the current rents at the Property are currently $136 below the average of nearby competing properties. As such, the weighted average of the last five leases of each floor plan at the Property show outstanding growth of 4.4% over the Property’s current in-place rents.

EXECUTIVE SUMMARY

TAMPA, FLORIDA

Oak Grove

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Oak Grove Sunstone Palms

Windwood Oaks

The Park at Orvieto

Park East The Palms at Sand Lake

Oak Grove vs. Comps

Eff Rent Avg. of Comps: $962 Eff Rent PSF

EXECUTIVE SUMMARY 8

Fowler Ave

Busch Blvd

Sligh Ave

Fletcher Ave

Bearss Ave

Nebraska Ave

Bruce B. Downs Blvd

Florida Ave

TAMPA INTERNATIONAL

AIRPORT

Florida Hospital Tampa475-Bed Hospital

Moffitt Cancer Center4,500 Employees

University ofSouth Florida42,800 Students13,900 Faculty/Staff

WESTSHORE BUSINESSDISTRICT94,000 Employees

WESTSHORE BUSINESSDISTRICT94,000 Employees

DOWNTOWN TAMPA66,500 EmployeesDOWNTOWN TAMPA66,500 Employees

LAKE MAGDALENEHomes selling for $1,000,000+

LAKE MAGDALENEHomes selling for $1,000,000+

Tampa Bay

James A. Haley Veterans’ Hospital4,700 Employees

Adventure Island

Lowry Park Zoo

Oak Grove

Babe Zaharias Golf Course

Grand Prix Tampa

Busch Gardens

Port of TampaFlorida’s Largest Port85,000 Direct and Indirect Jobs

University MallDillard’s, Burlington Coat Factory, Sears

Crossfit Sparta

ALDI, Ross Dress for Less

Skipper’s Smokehouse

Walmart

Portillo’sSave-A-Lot

Walgreens

Big Lots

Winn-Dixie

Golf Grove

INNOVATION DISTRICT74,000 EmployeesINNOVATION DISTRICT74,000 Employees

Employers

RetailDestinations

Schools

TRADE AERIAL KEY

The LocationAbundance of Nearby Shopping, Dining, and Entertainment The Property is situated just several blocks north of the well-traveled intersection of Florida Avenue and Fletcher Avenue (38,500 VPD). These bustling thoroughfares provide convenient access to many of Tampa’s top retail and entertainment destinations, as well as everyday essentials that include several nearby grocery stores, a number of fast-casual and high-end dining options, and a multitude of shopping outlets. The Property is also within several miles of a wide variety of many of Tampa’s top attractions, such as Busch Gardens, Adventure Island, Lowry Park Zoo, the Museum of Science and Industry, and several popular golf courses.

Immediate Access to Tampa’s Largest Employment CentersStrategically located proximate to Tampa’s three main employment hubs, the Property is within a convenient 15-minute drive of nearly 250,000 jobs. Notably, the Property lies at the western edge of Innovation Place, a dynamic, cutting-edge district encompassing 74,000 employees and 4,100 companies across industries such as technology, health care, education, and entertainment. Appealing to a highly skilled labor force, one in six jobs and one in three businesses in Innovation Place are within high-tech sectors. Anchors of the district include the University of South Florida, one of the nation’s largest universities with an enrollment of 42,800 students, as well as Moffitt Cancer Center and Florida Hospital Tampa.

Just a half mile from the on-ramp to I-275, residents of the Property can also be to Downtown Tampa (66,500 employees) and the Westshore Business District (94,000 employees), Florida’s largest office market, in less than 15 minutes. Oak Grove’s central location appeals to a deep, diverse employment base, providing strong and steady renter demand.

University of South Florida

9 EXECUTIVE SUMMARY

Fowler Ave

Busch Blvd

Sligh Ave

Fletcher Ave

Bearss Ave

Nebraska Ave

Bruce B. Downs Blvd

Florida Ave

TAMPA INTERNATIONAL

AIRPORT

Florida Hospital Tampa475-Bed Hospital

Moffitt Cancer Center4,500 Employees

University ofSouth Florida42,800 Students13,900 Faculty/Staff

WESTSHORE BUSINESSDISTRICT94,000 Employees

WESTSHORE BUSINESSDISTRICT94,000 Employees

DOWNTOWN TAMPA66,500 EmployeesDOWNTOWN TAMPA66,500 Employees

LAKE MAGDALENEHomes selling for $1,000,000+

LAKE MAGDALENEHomes selling for $1,000,000+

Tampa Bay

James A. Haley Veterans’ Hospital4,700 Employees

Adventure Island

Lowry Park Zoo

Oak Grove

Babe Zaharias Golf Course

Grand Prix Tampa

Busch Gardens

Port of TampaFlorida’s Largest Port85,000 Direct and Indirect Jobs

University MallDillard’s, Burlington Coat Factory, Sears

Crossfit Sparta

ALDI, Ross Dress for Less

Skipper’s Smokehouse

Walmart

Portillo’sSave-A-Lot

Walgreens

Big Lots

Winn-Dixie

Golf Grove

INNOVATION DISTRICT74,000 EmployeesINNOVATION DISTRICT74,000 Employees

Employers

RetailDestinations

Schools

TRADE AERIAL KEY

Downtown Tampa Busch Gardens

Investment Contacts Debt Inquiries

Matt MitchellSenior Managing Director813.387.9902mmitchell@hfflp.com

Jaret TurkellManaging Director305.913.5545jturkell@hfflp.com

Zach NolanDirector813.387.9906 znolan@hfflp.com

Maurice HabifSenior Director305.448.1610 mhabif@hfflp.com

Stephen HassenfluAssociate813.387.9904 shassenflu@hfflp.com

Jarrod SmithAnalyst813.387.9912 jsmith@hfflp.com

Elliott ThroneManaging Director305.421.6549ethrone@hfflp.com

Preston ReidDirector813.387.9905 preid@hfflp.com

No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein. The Property is offered subject to errors, omissions, change of price, rental or other conditions including withdrawal without notice, and will be subject to any special conditions, which may be imposed or made by the owner or Holliday Fenoglio Fowler, L.P. The owner and Holliday Fenoglio Fowler, L.P. reserve the right to accept or reject or withdraw any and all offers.

@2017 Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

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