the-columbus-two

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13210 Village Park Drive Southgate, MI 48195

VILLAGE ON THE PARK

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900 Long Blvd Lansing, MI, 48911

AUTUMN RIDGE

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Berkadia is pleased to present the exclusive offering of The Columbus Two Portfolio. This portfolio consists of two assets, The Residences at Eastpointe Ridge (180 units) and Villages at Waggoner Park (400 units), both extremely well located in the Columbus MSA which is ranked #1 among the Midwest’s 10 largest metros for population and job growth. The communities are a mere 2.5 miles from each other, providing investors the opportunity for immediate economies of scale.

Columbus Two

offers residents proximity to downtown Columbus, Easton Town Center, and endless entertainment options. The amenity package includes a beautiful clubhouse, a swimming pool and sundeck, a state-of-the-art fitness center, and a convenient package service. Villages at Waggoner Park exhibits luxury and sophistication in each of its one-, two-, and three-bedroom apartment homes. Villages at Waggoner Park sits in the desirable Blacklick submarket, and average household income within one mile from the community exceeds $85,500 annually. Blacklick is located a mere 10 minutes from the new $20B Intel Campus in New Albany.

The Villages at Waggoner Park

EASTPOINTE RIDGE

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WAGGONER PARK

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is similarly positioned in a fantastic location surrounded by local conveniences and great visibility. Like Villages at Waggoner Park, The Residences at Eastpointe Ridge provides residents with luxury amenities such as a swimming pool, a newly upgraded 24-hour fitness center, a community grilling station, and additional storage space. This spectacular property offers residents an ideal lifestyle in spacious studios, one-, two-, and three-bedroom floor plans. The owners have invested significant capital into the Residences at Eastpointe Ridge, and recent CAPEX includes all new gutters, new vinyl flooring in the building entrances and rubber on the stairs, and updates to property fencing. In addition to the exceptional quality and outstanding location, this portfolio presents investors with the opportunity to come in and increase value through the continuation of an already proven value-add program. The current owners have demonstrated the success of interior unit upgrades, with renovated units achieving premiums up to $200, while leaving 73% of the property available for a new owner to increase value through renovations. Desirable locations, a strong value-add opportunity, and growing population ensure the long-term viability and success of the Columbus Two Portfolio.

The Residences at Eastpointe Ridge

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Attractive Assumable Financing: Blended agency debt with interest rates of 4.87% and 4.89% at Waggoner and Eastpointe respectively Recent Revenue Growth: Both properties have exceeded 8% revenue growth annually over the past two years Proven Value-Add Opportunity: Over 72% of the units remaining to be upgraded 580 Total Units: Immediate ability to create / leverage economies of scale Nationally Ranked Submarket: 7.3% Effective Y-o-Y rent growth compared to 3.8% in the overall Columbus market Burgeoning Local Economy: Recent billion-dollar investments announced by Intel, Amazon, and Ohio State University (Carmenton Innovation District) Very Well Maintained: New roofs at The Residences at Eastpointe Ridge in the last five years

Investment Highlights

Property Overview

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PROPERTY Overview

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Eastpointe Ridge

Waggoner Park

Attractive Loan Assumption

The attractive location of Residences at Eastpoint Ridgealong with its strong occupancy, high quality tenant profile,and attractive floor plans, establish an opportunity toincrease revenue through unit upgrades. The currentownership has upgraded a total of 48 units. There istremendous upside for a new owner to enhance valuethrough continuation and expansion of unit interior upgradesboth Tier 1 and Tier 2. Details to follow:

VALUE-ADD OPPORTUNITY

The Residences at Eastpointe Ridge

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55 Eastpointe Ridge, Columbus, OH 43213

PROPERTY DESCRIPTION

161,522

SF:

28.66 units/acre

Density:

897

Average SF:

$1.21

Rent / SF:

306 spaces

Total Parking

Three-Story, Garden Style

Stories

Buildings

2004

Built

180

UNITS

6.28 acres

Site Size / Acreage:

• Two Beautiful Courtyards • 24-Hour Management • 24-Hour Emergency Maintenance • Elevators in Buildings • Resort-Style Swimming Pool • 24-Hour Fitness Center • Oversized Sundeck with Community Grill • Climate Controlled Storage Available • Pet Friendly Community • On COTA Bus Line • Flexible Lease Terms • Preferred Employer Program • No Hassle Resident Payment & Service Portal

COMMUNITY FEATURES

• Controlled Access Entry • Detached Garages Available • Washer and Dryer Connections (Washer and Dryer Available) • Nine-Foot Ceilings • Window Treatments • Cable Ready • Central Heating and Air Conditioning • Fully-Equipped Kitchen with Dishwasher, Garbage Disposal, Refrigerator, and Self-Cleaning Oven • Walk-In Closets • Accent Wall in Warm Color • Window Treatments

INTERIOR LUXURIES

LOCATION

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RESIDENCES AT EASTPOINTE RIDGE

TIER 1 UPGRADE

• Updated light fixtures • Updated bathroom fixtures • Modern cabinets knobs • USB outlets

TIER 2 UPGRADE

• Modern cabinets • Tile backsplash • Woodgrain vinyl flooring • Upgraded paint • Stainless-steel appliances

AMENITIES

Existing Unit

Stainless Steel Appliances

Modern Cabinets/Knobs

Updated Light Fixtures

Updated Paint

Tile Backspalsh

Woodgrain Vinyl Flooring

TIER 1

• Total Upgraded: 47 • Est. Upgrade cost: $1,500 • Upgrade Premium: $50 • Annual ROI: 40%

Tier 2

• Total Upgraded: 1 • Est. Upgrade Cost: $5,000 • Upgrade Premium: $100 • Annual ROI: 24%

FACTS

Existing Unit

Updated Light Fixtures

Updated Bathroom Fixtures

Modern Cabinet Knobs

158,400

Projected Annual Revenue for completing remaining upgrades to Tier 2

Units remaining with no upgrade (73%)

132

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Waggoner Park

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Villages at Waggoner Park

8181 Herald Cove, Blacklick, OH 43004

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PROPERTY DESCRIPTION

397, 586

SF:

11.44 units/acre

Density:

994

Average SF:

$1.26

Rent / SF:

901 spaces

Total Parking

Two- and Three-Story Garden and Townhome

Stories

Buildings

2003 (Phase I) and 2010 (Phase II)

Built

400

UNITS

35 acres

Site Size / Acreage:

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• One, Two, and Three-Bedroom Flats and Townhomes • Beautifully Appointed Clubhouse with Resident Lounge • Resort-Style Swimming Pool and Sundeck • Professionally-Equipped Fitness Center with Free Weights • 24-Hour Emergency Maintenance • 24-Hour Management • Pet Friendly Community • Bark Park • Convenient Location Near Shopping, Dining, and Entertainment • Preferred Employer Program • No Hassle Resident Payment Portal

COMMUNITY FEATURES

• Upgraded Floor Plan Styles • Private Entrance • Attached Garage Available • Kitchen Opens to Living Room • Fully Equipped Kitchen with Dishwasher and Microwave • Pantry • In-Unit Washer and Dryer • Walk-In Closets • Private Patio / Balcony • Linen Closet • Central Air Conditioning • Plush Neutral Carpeting

INTERIOR LUXURIES

AMENITIES

LOCATION

TIER 1

• Total Upgraded: 80 • Est. Upgrade cost: $1,500 • Upgrade Premium: $50 • Annual ROI: 40%

Projected Annual Revenue for completing remaining upgrades to Tier 2

Units remaining with no upgrade (74%)

705,600

294

Tier 2

• Total Upgraded: 26 • Est. Upgrade Cost: $10,500 • Upgrade Premium: $200 • Annual ROI: 23%

Facts

Existing Unit

Updated Light Fixtures

Updated Bathroom Fixtures

Modern Cabinet Knobs

TIER 1 UPGRADE

• Updated light fixtures • Updated bathroom fixtures • Modern cabinets knobs • USB outlets

TIER 2 UPGRADE

• Modern cabinets • Tile backsplash • Woodgrain Vinyl Flooring • Upgraded paint • Stainless Steel appliances

Villages at Waggoner Park

Existing Unit

Modern Cabinets/Knobs

Updated Light Fixtures

Updated Paint

Tile Backspalsh

Woodgrain Vinyl Flooring

Existing Unit

Stainless Steel Appliances

The attractive location of Villages at Waggoner Park along with its strong occupancy, high quality tenant profile, and attractive floor plans, establish an opportunity to increase revenue through unit upgrades. The current ownership has upgraded a total of 106 units. There is tremendous upside for a new owner to enhance value through continuation and expansion of unit interior upgrades both Tier 1 and Tier 2. Details to follow:

VALUE-ADD OPPORTUNITY

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