DEVELOPMENT STRATEGY

Deliver: 174 Class A units in a burgeoning Charlotte suburb boasting significant retail and major highway access and visibility.

Utilize: HUD 221 d4 long-term construction to permanent financing, locking the interest rate at construction closing for 42 years.

EXECUTION

Construction: Overcame significant local obstacles and rock to deliver the project within 6 months of schedule and under budget (including contingencies).

Stabilization: Rents exceeded proforma and expenses met proforma, resulting in NOI above expectations.

RESULTS

Sale: Upon stabilization, marketed the asset for sale, receiving numerous qualified offers, resulting in 5.0 Cap Rate transaction.

INVESTOR RETURNS

Returns NET of all fees.