BR A M BL E WO O D A PAR T M EN T S GOLDSBORO, NORTH CAROLINA

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EXECUTIVE SUMMARY

BRAMBLEWOOD APARTMENTS 188 unit value-add opportunity on 209 West Lockhaven Drive in Goldsboro, North Carolina Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp., a North Carolina licensed real estate broker (“HFF”), has been retained as the exclusive sales representative for Bramblewood Apartments in Goldsboro, North Carolina. Bramblewood Apartments (“Bramblewood” or the “Property”) is a 188-unit garden apartment community that is well-located near major employment centers in Goldsboro, NC. The property has benefitted from consistently high occupancy rates due to a stabilized local economy. Several large Goldsboro employers are within close distance of Bramblewood Apartments, including Seymour Johnson Air Force Base (5,300+ service members and employees), Wayne UNC Health Care Hospital (1,700+ employees), and Wayne Community College (300+ faculty and 4,000 students). Exceptional Yield Premium

INVESTMENT SUMMARY ADDRESS

209 West Lockhaven Drive Goldsboro, NC 27534

Y E A R B U I LT

1974/1981

NUMBER OF UNITS

188

AC R E AG E

16.9

D E N S I T Y ( U N I T S /AC R E )

11

AV E R AG E U N I T S I Z E

999

TOTA L S Q UA R E F E E T

187,812

C U R R E N T O P E R AT I O N S C U R R E N T O C C U PA N C Y

93.4%

I N - P L AC E E F F E C T I V E R E N T

$644

EFFECT RENT PSF

$0.64

Value-add potential Stellar Operational History No threat to rents or occupancy in market Convenient access to local grocery stores and retail centers Great Transportation Access B R A M B L E W O O D A PA R T M E N T S | 2

Exceptional Yield Premium At a time when cap rate compression is pushing investors out of many markets, Bramblewood Apartments presents an opportunity to acquire a new apartment community at a 100-150 basis-point yield premium to primary markets.

Value-Add Potential Renovations of 60 units undertaken in 2005 were done in two packages; the first renovation included new white appliances and granite countertops, and the second renovation included new black appliances and granite countertops. New ownership will have the opportunity to increase rental premiums by renovating the remaining 126 units, creating opportunity to finish a proven value add program.

Stellar Operational History Bramblewood Apartments has a well-established history of impressive occupancy, currently at 93.4%. Historical occupancy over the previous 12 months averaged 95.9%, ranging between 92.5 and 99%. This steady trend demonstrates strong demand and potential for revenue growth.

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No Threat to Rents or Occupancy In Market The local market in Goldsboro is sustained by employment from Seymour Johnson Air Force Base, Wayne UNC Health Care Hospital, and Wayne Community College, providing it with a stable renter base. Furthermore, there are no apartments proposed or under construction in the area. These two criteria, when paired together, provide for a ripe opportunity for owners to raise rents without risking occupancy rates.

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BRAMBLEWOOD APARTMENTS

BAKE MY DAY CAFE

Convenient Access to Local Grocery Stores and Retail Centers Residents enjoy living directly across the street and within walking distance of a shopping center anchored by Harris Teeter grocery store. They also live within a 6-minute drive from the Berkeley Mall (with over 40 retail and dining options) and a 9-minute drive from Eastgate Shopping Center (with a wide variety of retail, dining, and service locations).

Great Transportation Access Bramblewood Apartments is well-situated near the entrance three highways. Highway 42, with 42,000 average annual daily users, provides access to Eastern North Carolina. Highway 795, with over 15,000 average annual daily users, connects to I-95. In addition, Highway 70 runs East to West, connecting North Carolina to Arizona. Raleigh, Durham, and Wilmington are all within a 1.5-hour drive from Goldsboro. B R A M B L E W O O D A PA R T M E N T S | 5

NEUSE RIVER BUSCO BEACH AND ATV PARK

BRAMBLEWOOD APARTMENTS

GOLDSBORO MUNICIPAL GOLF COURSE

795

DOWNTOWN GOLDSBORO

INVESTMENT ADVISORS

JUSTIN GOOD Managing Director 919.573.4642 [email protected]

PEACOCK PARK

JEFF GLENN

W AY N

Managing Director 919.573.4646 [email protected]

ORIAL E MEM

ALLAN LYNCH Senior Director 704.526.2819 [email protected]

DRIVE

A N A LY S T S

GEORGE SCHUBERT Real Estate Analyst 704.526.2822 [email protected]

GOLDSBORO UEC THEATERS

SARA CARTA WAGMAN Real Estate Analyst 704.526.2834 [email protected]

DEBT + STRUCTURED FINANCE

ROGER EDWARDS Senior Director 919.573.4647 [email protected]

TRAVIS ANDERSON Senior Managing Director 704.526.2806 [email protected]

BRAMBLEWOOD APARTMENTS WAYNE COUNTRY DAY SCHOOL

©2017 HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.

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