Gables 12 Twenty One

Executive Summary

Berkadia is pleased to present the sale of Gables 12 Twenty One (the “Property”), a 132-market rate unit community located in Arlington, VA, just a 5-minute walk from the Rosslyn-Ballston Corridor. The property provides residents walking access to the hundreds of shops and restaurants along Wilson Boulevard and Clarendon Boulevard headlined by two of Northern Virginia’s prime destinations, downtown Clarendon and Ballston Quarter. The Property’s surroundings are flush with strong employment demand drivers between the Rosslyn-Ballston Corridor’s 26M square feet of office (5-minute walk), home to some of the most prestigious private-sector firms in the DC metro area, Washington D.C.’s 130M square feet of office (5-minute drive), and the Pentagon’s 25,000 employees (3-minute metro). The nearby employment base and talent pool have seen tremendous large-scale investment adding to National Landing’s 13M square feet of office with Amazon HQ2’s newly delivered campus (2 stops/ 5 minutes on the Blue Line Metro) and the $1B incoming Virginia Tech Innovation Campus (5 stops/ 8 minutes on the Blue Line Metro). Gables 12 Twenty One sits at the pinnacle location for live, work, play in Northern Virginia. These major demand drivers are reflected in the surrounding area’s impressive renter demographics that consist of $147,000 average household income, 84% achievement of a bachelor’s degree, and 33% of the population working in professional or business services within a one mile radius. These outstanding demographics are reflected at the Property with a high concentration of employers from Georgetown University, Deloitte, Ernst & Young, among other prestigious employers with a Property-level average income of $125,000+. Gables 12 Twenty One is an exceptional investment opportunity with consistent in-place cash flow and strong historical occupancy. The Property presents an opportunity to purchase at below replacement cost with value-add and significant market rent upside.

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada. © 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit www.berkadia.com/licensing.

4445 Willard Ave | Suite 1200 | Chevy Chase, MD 20815

WALTER COKER

Senior Managing Director 703.282.8081 walter.coker@berkadia.com

BRIAN CRIVELLA

Senior Managing Director 301.580.6685 brian.crivella@berkadia.com

YALDA GHAMARIAN

Senior Director 240.462.2332 yalda.ghamarian@berkadia.com

BILL GRIBBIN

Senior Director 301.580.6486 bill.gribbin@berkadia.com

INVESTMENT SALES

DC METRO

4445 Willard Ave. Suite 1200 Chevy Chase, MD 20815

Investment Highlights

Gables 12 Twenty One is being offered below replacement cost in a submarket with limited future deliveries and replacement costs of approximately $450,000 per unit for wood frame and $600,000 per unit for high rise concrete.

100% of units are in their original condition presenting an opportunity to modernize the interior finishes with modest updates that will elevate the Property to compete with top of market rents.

Strong rental demand in the immediate area boasts $147,000 average HH income, 84% achievement of a bachelor’s degree or higher, one-third of the population working in professional or business services, and 74% of the population lives in rental housing.

The property provides residents walkability to the Orange and Blue Metro lines, just 0.8 miles to Rosslyn and Courthouse Orange Line Stations and 1.2 miles to the Arlington National Cemetery Blue Line Station. The property also provides convenient proximity to the primary arterial roadways Route 66, Route 50, I-395, Route 1, and a short ride to Reagan National Airport (8-minute drive) and Dulles International Airport (30-minute drive).

Offered Below Replacement Cost

Unit Interior and Common Area Value-Add Opportunity

Excellent Submarket Renter Demographics

Central to Main Transit Hubs Throughout Northern Virginia and D.C.

813

avg sf

132

units

2009

built

148

parking spaces

0.8 mi

FROM METRO ORANGE LINE COURTHOUSE & ROSSLYN STATIONS

96%

occupancy

100%

market rate units

Outdoor courtyard with lounge seating Spacious resident lounge with entertaining kitchen Fully-equipped fitness center State-of-the-art resident business center Free WiFi in property amenity areas Outdoor firepit and grilling area Electric vehicle charging stations Resident storage and bicycle storage available

Property Amenities

Spacious light-filled layouts Hardwood flooring in kitchens and living areas 9’ ceiling heights (top floors have 10’) Stainless Steel Energy Star Appliances Dark granite countertops Double vanities in the bathrooms

In-Unit Features

Amenities

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1221 N Pierce St. Arlington, VA 22209

© 2023 Berkadia Proprietary Holding LLC Berkadia® is a trademark of Berkadia Proprietary Holding LLC Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing

4445 Willard Ave | Suite 1200 | Chevy Chase, MD 20815

WALTER COKER

Senior Managing Director 703.282.8081 walter.coker@berkadia.com

BRIAN CRIVELLA

Senior Managing Director 301.580.6685 brian.crivella@berkadia.com

YALDA GHAMARIAN

Senior Director 240.462.2332 yalda.ghamarian@berkadia.com

BILL GRIBBIN

Senior Director 301.580.6486 bill.gribbin@berkadia.com

INVESTMENT SALES

DC METRO

4445 Willard Ave. Suite 1200 Chevy Chase, MD 20815

Proximity to Amazon HQ2 and $1B Virginia Tech Innovation Campus

The property is two metro stops to Amazon HQ2’s Campus and five metro stops to Virginia Tech’s $1B Innovation Campus on the Arlington National Cemetery Metro Blue Line. The delivery of Amazon HQ2 and the Virginia Tech Innovation Campus will bring a new wave of growth to the area’s strong talent pool and add thousands of high-salary employment opportunities to the immediate submarket.

Surrounded by Retail and Lifestyle Amenities

Residents have walking access to the hundreds of shops and restaurants along Wilson Boulevard and Clarendon Boulevard headlined by two of Northern Virginia’s prime destinations, The Crossing Clarendon and Ballston Quarter. The Property is within 15-minutes via metro to all of the shopping and dining across the Rosslyn-Ballston Corridor, downtown Washington, D.C., and National Landing.

Upgraded lighting in kitchen, living areas, and bathrooms Light-colored granite countertops in kitchen and bathrooms Tile backsplash in kitchen White/light-colored cabinet fronts Upgraded fixtures and faucets in kitchen and bathrooms Full-sized modern mirrors in bathrooms

In-Unit Value-Add Opportunity

In-Unit Features