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Home My WebLink AboutMarket Research _ The Julian at Creative Village160146.0009.29.17 C.V. MULTI-FAMILY LOT M 2 CREATIVE VILLAGE APARTMENTS ORLANDO, FLORIDA JANUARY 26, 2018 EXECUTIVESUMMARY Page 1-5 01 02 ARCHITECTURALPLANS Page 15-20 03 MARKET ANALYSIS Page 21-29 04 SPONSORSHIP Page 34-38 06 APPENDIX Page 39-52 07 FINANCIALS Page 30-33 05 CREATIVE VILLAGEOVERVIEW Page 6-14 EXECUTIVESUMMARY 01 201 EXECUTIVE SUMMARY / PROJECT OVERVIEW Creative Village ApartmentsOrlando, FloridaArchitect Baker Barrios 14 Floors / 409 Units Residential 305,067 RSF Retail 6,500 RSF Total Cost $107.3 Million PROJECT TYPE Luxury Rentals CONTRACTOR Brasfield & Gorrie DEVELOPMENT PARTNERS The Allen Morris Company Ustler Development, Inc. LIMITED PARTNERS TBD EQUITY MULTIPLE* 2.17x RETURN ON COST* 6.36% EQUITY* $37.6M DEBT* $67.7M CAP RATE* 5.25% Parcel M First Unit DeliveredStart Construction Certificate of Occupancy DEVELOPMENT TIMELINE Estimated Disposition Q3 2018 Q2 2020 Q3 2020 Q3 2022 LENDERS TBD SITE 1.60 Acres MANAGEMENT COMPANY TBD PROJECT IRR* 23.7% *Investment assumptions: - 65% Debt; LTC construction loan at 5% interest rate - 35% Equity - 4-year investment hold period Orlando CBD Conceptual rendering of Creative Village master development; view looking Southeast 3 Every once in a while a rare opportunity comes around that is too compelling to ignore. As real estate developers, we look for the right mix of ingredients – sound local economic conditions, solid job growth, great sub-markets, vibrant neighborhoods, intriguing sites and good capital partners – to insure the success of each of our developments. As partners, the Allen Morris Company and Ustler Development, Inc. strive to maximize the features of each opportunity by building structures worthy of their sites and neighborhoods; buildings that are elegant and stand the test of time; and environments that create places where people feel welcomed, joyful and at home. We believe if we do more than expected, then our customers – the people who use our buildings every day – will pay us more, and will stay longer. When this happens, then our investment partners will benefit above the expectations of the market, and will appreciate our purposeful attention to detail. Creative Village represents this kind of opportunity. It is a 68 acre urban infill neighborhood anchored by the UCF/Valencia Downtown Campus with beautiful places to learn work, live and play; set in an exciting new neighborhood amidst Downtown Orlando. With the University of Central Florida (UCF) and Valencia College, this neighborhood will stand the test of time, and should expect to mature and grow in this location not just for decades, but for centuries. UCF and Valencia College will educate many thousands of students who will be shaped not just by their college education, but by the environment in which they live while learning. Additionally, other urban-minded residents will be attracted to the vitality and lifestyle of Creative Village. 01 EXECUTIVE SUMMARY 4 Orlando is a TOP U.S. metro with the highest year-over-year growth in rents; overall class A rent growth for 2017 was 5.9% #1 RENT GROWTH IN US 3.3% annual job growth for Orlando Metro projected through 2019, the highest rate in the U.S. #1 JOB GROWTH IN U.S. In 2019, nearly 8,000 students from the country’s second largest university will descend on Downtown Orlando, transforming its economic future. 8,000 NEW STUDENTS IN DOWNTOWN ORLANDO USTLER PREMIER DEVELOPER Ustler Development, Inc. is considered the premier developer in Downtown Orlando and has developed numerous projects collectively valued at over $200 million. The Allen Morris Company has a strong track record of success and expertise and is one of the oldest and most diversified real estate firms in the Southeast. ALLEN MORRIS STRONG TRACK RECORD OF SUCCESS 01 EXECUTIVE SUMMARY / THE OPPORTUNITY Sources: Moody's; Orlando Economic Development Commission (EDC), Axiometrics; Florida Dept. of Economic Opportunity; Noell Consulting Group Ustler's role as master developer at Creative Village favorable land pricing and the ability to control supply and limit competition. BARRIER TO ENTRY + SUPPLY CONSTRAINT $ 55 Parcel M, across from the public park and in the heart of Creative Village, will be developed as the first market rate mixed-use apartment building. It is intended to appeal to the person who wants to live in a vibrant community of high-tech companies and creative learning. It will not be student housing, but it will be a place where serious students and other residents can live close to the UCF/Valencia Downtown Campus while offering sophisticated amenities unavailable in other projects. We expect the lease-up of our apartments to be substantially completed before we open our doors, and to achieve occupancies at or near 100% for each year after that. The Food Hall will be an amenity that is open to the neighborhood, but also offers exclusive areas for the use of the building's residents. It will provide indoor and outdoor places to eat and socialize; it will be a gathering place. The interior of the building will feature collaboration spaces on every floor, where people can meet to work, study and socialize. Recreational amenities such as a rooftop swimming pool, amenity deck and clubhouse, as well as a state-of-the-art fitness center, will be vibrant and distinguishing features of the property. A variety of floorplans will appeal to our large market. Distinctive architecture and design will establish a market-leading identity. In addition to strong market fundamentals in Downtown Orlando, what makes this opportunity unique is the built-in demand created by the UCF/Valencia Downtown Campus. In August 2019 they will open their new classrooms to 7,700 students. We intend to deliver our property a year later, in the summer of 2020. 01 EXECUTIVE SUMMARY / VALUE PROPOSITION WITHIN MASTER DEVELOPMENT Conceptual rendering of Creative Village Apartments CREATIVE VILLAGEOVERVIEW 02 702 CREATIVE VILLAGE OVERVIEW / REGIONAL MAP N 07.31.15 130330.00 CREATIVE VILLAGE LIVINGSTON ST.PARRAMORE AVE.INTERSTATE 4LYNX CENTRAL STATION W COLONIAL DR. CONCORD ST.TERRY AVE. (NEW)CONCEPTUAL MASTER PLAN CONTENTS TABLE OFFICE/CREATIVE EDUCATION RESIDENTIAL HOTEL FLEX/TBD ANTICIPATED DEVELOPMENT PROGRAM - Office/Creative 900K-1,200K SF - Education 500K-800K SF - Residential 1,200-1,500 Units - Commercial 125K-150K SF - Hotel 150-225 Rooms LIVINGSTON ST. 8 USE OFFICE/CREATIVE EDUCATION RESIDENTIAL STUDENT HOUSING COMMERCIAL HOTEL Parcel M 02 CREATIVE VILLAGE OVERVIEW / CONCEPTUAL MASTER PLAN Creative Village Apartments (Parcel M) TABLE OF CONTENTS OFFICE/CREATIVE EDUCATION RESIDENTIAL HOTEL FLEX/TBD 07.31.15 130330.00 CREATIVE VILLAGE LIVINGSTON ST.PARRAMORE AVE.INTERSTATE 4LYNX CENTRAL STATION W COLONIAL DR. CONCORD ST.TERRY AVE. (NEW)CONCEPTUAL MASTER PLAN CONTENTS TABLE OFFICE/CREATIVE EDUCATION RESIDENTIAL HOTEL FLEX/TBD ANTICIPATED DEVELOPMENT PROGRAM - Office/Creative 900K-1,200K SF - Education 500K-800K SF - Residential 1,200-1,500 Units - Commercial 125K-150K SF - Hotel 150-225 Rooms LIVINGSTON ST. 07.31.15 130330.00 CREATIVE VILLAGE LIVINGSTON ST.PARRAMORE AVE.INTERSTATE 4LYNX CENTRAL STATION W COLONIAL DR. CONCORD ST.TERRY AVE. (NEW)CONCEPTUAL MASTER PLAN CONTENTS TABLE OFFICE/CREATIVE EDUCATION RESIDENTIAL HOTEL FLEX/TBD ANTICIPATED DEVELOPMENT PROGRAM - Office/Creative 900K-1,200K SF - Education 500K-800K SF - Residential 1,200-1,500 Units - Commercial 125K-150K SF - Hotel 150-225 Rooms LIVINGSTON ST. 07.31.15 130330.00 CREATIVE VILLAGE LIVINGSTON ST.PARRAMORE AVE.INTERSTATE 4LYNX CENTRAL STATION W COLONIAL DR. CONCORD ST.TERRY AVE. (NEW)CONCEPTUAL MASTER PLAN CONTENTS TABLE OFFICE/CREATIVE EDUCATION RESIDENTIAL HOTEL FLEX/TBD ANTICIPATED DEVELOPMENT PROGRAM - Office/Creative 900K-1,200K SF - Education 500K-800K SF - Residential 1,200-1,500 Units - Commercial 125K-150K SF - Hotel 150-225 Rooms LIVINGSTON ST. 07.31.15 130330.00 CREATIVE VILLAGE LIVINGSTON ST.PARRAMORE AVE.INTERSTATE 4LYNX CENTRAL STATION W COLONIAL DR. CONCORD ST.TERRY AVE. (NEW)CONCEPTUAL MASTER PLAN CONTENTS TABLE OFFICE/CREATIVE EDUCATION RESIDENTIAL HOTEL FLEX/TBD ANTICIPATED DEVELOPMENT PROGRAM - Office/Creative 900K-1,200K SF - Education 500K-800K SF - Residential 1,200-1,500 Units - Commercial 125K-150K SF - Hotel 150-225 Rooms LIVINGSTON ST. 07.31.15 130330.00 CREATIVE VILLAGE LIVINGSTON ST.PARRAMORE AVE.INTERSTATE 4LYNX CENTRAL STATION W COLONIAL DR. CONCORD ST.TERRY AVE. (NEW)CONCEPTUAL MASTER PLAN CONTENTS TABLE OFFICE/CREATIVE EDUCATION RESIDENTIAL HOTEL FLEX/TBD ANTICIPATED DEVELOPMENT PROGRAM - Office/Creative 900K-1,200K SF - Education 500K-800K SF - Residential 1,200-1,500 Units - Commercial 125K-150K SF - Hotel 150-225 Rooms LIVINGSTON ST. PROGRAM 900K-1,200 SF 500K-800K SF 1,200-1,500 Units 1,200 - 1,500 Beds 125K-150K SF 150-225 Rooms Creative Village builds upon the success of Orlando's digital media industry by transforming the former Amway Arena site into a 68-acre urban infill neighborhood in the heart of Downtown Orlando - Anchored by education, specifically the University of Central Florida (UCF) and Valencia College - Mixed-use, including a diversity of housing - Transit oriented, with a focus on walkable urbanism - One of the largest LEED®-ND neighborhoods in Florida - Complements the surrounding Parramore Neigborhood Creative Village is a public/private partnership between the City of Orlando and Creative Village Development, LLC (CVD). CVD, led by Ustler Development, Inc., is the Master Developer and controls the site through a longer-term Master Development Agreement and Purchase Option Agreement. At completion of vertical construction and build out over multiple phases, Creative Village represents over $1 billion dollars in a new development with over 8,000 core and related jobs. N Creative Village Lot M Conceptual Master Plan 02 CREATIVE VILLAGE OVERVIEW / CREATIVE VILLAGE PIPELINE LYNX Central Station Orlando CBD Amway Center UCF/Valencia Downtown Campus OCPS PS-8 School CREATIVE VILLAGE BOUNDARY 9 OCPS: ORANGE COUNTY PUBLIC SCHOOLS *PHASE 1 AT CREATIVE VILLAGE: OPENING BETWEEN 2017 AND 2020 - REPRESENTS A TOTAL INVESTMENT OF OVER OF $485 MILLION OCPS HEADQUARTERS BOB Carr Marriott Florida A & M Law School Centroplex Garages Central Park Creative Village Apartments (Parcel M) Student Housing Creative Village Mixed Income Housing 02 CREATIVE VILLAGE OVERVIEW / CREATIVE VILLAGE PIPELINE UCF/Valencia Downtown Campus Central Park OCPS PS-8 School CREATIVE VILLAGE BOUNDARY 2017-2020 PIPELINE CVD AND OTHERS15 MINUTE WALKING RADIUS 10 *PHASE 1 AT CREATIVE VILLAGE: OPENING BETWEEN 2017 AND 2020 - REPRESENTS A TOTAL INVESTMENT OF OVER OF $485 MILLION Student Housing Creative Village Creative Village Apartments (Parcel M) Mixed Income Housing 11 The University of Central Florida (UCF), in partnership with Valencia College, will create the Best-In-The-Nation Campus for digital media, communications, public services and health-related programs at Creative Village. UCF ACADEMIC PROGRAMS RELOCATION DOWNTOWN: - Digital Media (B.A., M.A.) - Communication (M.A.) - Corporate Communication (Certificate) - Human Communication (B.A.) - Health Care Informatics (M.S) - Health Informatics and Information Management (B.S.) - Interactive Entertainment (M.S.) - Health Sciences (M.S.) - Health Services Administration (B.S.) - Legal Studies (B.A., B.S.) - Social Work (B.S.W., M.S.W.) - Military Social Work (Certificate) UCF will relocate 14 academic programs andstudent support services to create a vibrant, full-service campus in the heart of Downtown Orlando. Valencia College will offer general education, job training and a world-class culinary program. VALENCIA ACADEMIC PROGRAMS RELOCATION DOWNTOWN: - Associate of Arts (A.A.) - Culinary and Hospitality (A.S.) - Digital Media (A.S.) - Health Information Technology (A.S.) 02 CREATIVE VILLAGE OVERVIEW / UCF/VALENCIA DOWNTOWN CAMPUS AT CREATIVE VILLAGE UCF Dr. Philips Academic Commons UCF Student Housing Project The UCF/Valencia Downtown Campus provides a tremendous anchor forCreative Village. There will be 7,700 UCF and Valencia students on opening day in August 2019 and the enrollment is projected to increase to 10,000 -15,000 within a few years. UCF is the second largest public university in the country with over 63,000 students. Valencia College has been recognized as the top community college in the United States and has five campuses with over 70,000 students. Combinedenrollment at UCF and Valencia is over133,000 students. DESIGN/BUILD TEAM FOR UCF DOWNTOWN Robert AM Stern Architects SchenkelShultz Architecture Skanska PHASE I UCF Downtown Campus broke ground on May 11, 2017; opening August 2019 PHASE I IS FULLY FUNDED AND INCLUDES COMMUNITY, CITY AND STATE SUPPORT: $60 MILLION UCF Dr. Phillips Academic Commons Building $5 MILLION UCF Center for Emerging Media / Florida Entertainment Academy building renovations $9 MILLION 600 space UCF parking garage $75.2 MILLION of up-front infrastructure and other public and private investment PHASE I OF THE UCF / VALENCIA DOWNTOWN CAMPUS ALSO INCLUDES AN ADJACENT STUDENT HOUSING PROJECT INTEGRAL TO THE DOWNTOWN CAMPUS, BEING DEVELOPED BY THE USTLER GROUP OF COMPANIES AND DEVEN DEVELOPMENT GROUP (FORMELY KUD INTERNATIONAL, LLC) 1202 CREATIVE VILLAGE OVERVIEW / UCF/VALENCIA DOWNTOWN CAMPUS - PHASE I 02 CREATIVE VILLAGE OVERVIEW / DOWNTOWN ORLANDO 13 CREATIVE VILLAGE APARTMENTS CREATIVE VILLAGE STUDENT HOUSING PROJECT - Joint venture between Ustler Development, Inc. and DEVEN Development Ventures Group (formerly KUD International, LLC) - Purpose-built student housing • Leased by the bed; single and double occupancy rooms • Includes furniture and utilities • No parking; limited kitchens • Community living room and laundry facilities per floor - Privately owned; managed by UCF Housing Department 1402 CREATIVE VILLAGE OVERVIEW / STUDENT HOUSING PROJECT - The Creative Village student housing project is specially positioned as purpose-built student housing and The Creative Village Apartments have been thoughtfully designed and positioned to complement the student housing beds. - $105 million student housing project • Approximately 600-beds • 105,000 SF of education and support space for UCF and Valencia • 12,000 SF of ground floor commercial space • 600-space integrated parking garage • 15 stories - Phase I delivered concurrent with UCF/Valencia opening in August 2019 - Future Phases include 600+additional beds ARCHITECTURALPLANS 03 160146.00 09.29.17 C.V. MULTI-FAMILY LOT M 2 Conceptual rendering of Creative Village Apartments; view from Central Park looking west 16 Conceptual rendering of Creative Village Apartments Patio Food Hall 17 9 160146.00 06.16.17 C.V. MULTI-FAMILY LOT M // Aerial View with C.V. Student Housing Project 409 UNITS FOOD HALL COLLABORATION SPACES ROOFTOP POOL, AMENITY DECK & CLUB HOUSE CHARACTERISTICS - Number of units: 409 - Number of stories: 14 - Average unit size: 746 square feet - Unit mix: - 68% studio and 1 bedroom units - 32% 2-and 3-bedroom units APARTMENT TYPES - 77 larger studios - 96 studios - 107 1-bedroom units - 104 2-bedroom units - 25 3-bedroom units - Integrated structured parking - Parking ratio 1.4 space per unit AMENITIES - Ground floor Food Hall (open to public) - Front Porch facing Central Park - Adjacent to Central Park - State-of-the-art fitness center - Rooftop swimming pool, amenity deck and club room - Interior courtyard - Collaboration spaces on each floor CONSTRUCTION TYPE - Cast- in- place concrete building frame - Pre- cast concrete parking garage - Glass/Surface Area: 50/50 First Unit DeliveredStart Construction Certificate of Occupancy Estimated Disposition Q3 2018 Q2 2020 Q3 2020 Q3 2022TOTAL COST $107.3 MILLION 03 ARCHITECTURAL PLANS / PROJECT OVERVIEW CENTRAL PARK INTERIOR COURTYARD 18 MIXED-USE STUDENT HOUSING PROJECT 03 ARCHITECTURAL PLANS / OVERALL FLOOR PLANS 160146.0009.29.17C.V. MULTI-FAMILY LOT M1// Level 1DWWDWDREF.DWREF.DWREF.DWREF.DWREF.DWW D REF.DWUP WD DW DW UP REF.DWUP @ 14% 1" = 20' GRAPHIC SCALE 20'0 60'40'80'10' STAIR STAIR TRASH TRASH FOODHALL UP @ 7% DN @ 8% BACK OFHOUSE BACK OF HOUSELOADING FITNESSCENTER TRANSFORMERSTAIR BACK OFHOUSE BACK OFHOUSE COMPACTOR BACK OFHOUSE STAIR -7' - 6" 0"0" -5' - 6" -5' - 6" LOBBY &LEASING MECH UNIT S-1 UNIT S-1 UNIT S-1 UNIT S-1 UNIT S-1 UNIT B-1 UNIT S-3 UNIT S-3 UNIT S-4 UNIT A-1 UNIT A-1 UNIT A-1 UNIT A-1 UNIT B-1 UNIT B-1 UNIT A-1 UNIT B-3 UNIT C-1 UNIT S-1 160146.0009.29.17C.V. MULTI-FAMILY LOT M2// Level 3DWWDWDREF.DWREF.DWREF.DWREF.DWREF.DWREF.DWW D REF.DWWDDWWDWDREF.DWREF.DWREF.DWREF.DWWD REF.DWW/D WD DW DW W D UP REF.DWW/D REF.DWW/DREF.DWREF.DWW/D UP @ 4.3 % UP @ 4.3 % STAIR TRASH TRASH STAIR 15' - 0"20' - 0" UNIT S-3 387 SF MECH/ELEC 20' - 0"20' - 0" UNIT S-1 UNIT S-1 UNIT S-1 UNIT S-1 UNIT S-1 UNIT S-2 UNIT S-4 UNIT A-3 UNIT S-3 UNIT S-3 UNIT B-1 UNIT S-3 UNIT A-1 UNIT A-1 UNIT A-1 UNIT A-1 UNIT A-2ALT UNIT A-2 UNIT A-2 UNIT B-3 UNIT B-3 UNIT B-3 UNIT A-2 UNIT B-1 UNIT B-1 UNIT -1ALT. UNIT C-1 UNIT A-1 ALT UNIT S-1 GROUND FLOOR FLOOR 2 19 Refer to appendix for individual unit plans. 160146.0004.24.17C.V. MULTI-FAMILY LOT MMAIN BUILDING PROGRAM Gross SF Efficency w/ and w/out Collaborate Space Total Total 3 Level 1 Level 2 Level 3 Level 4 Level 5 Level 6 Level 7 Level 8 Level 9 Level 10 Level 11 Level 12 Level 13 Level 14 Level 1 Level 2 Level 3 Level 4 Level 5 Level 6 Level 7 Level 8 Level 9 Level 10 Level 11 Level 12 Level 13 Level 14 Building Gross 27,544 21,809 29,924 29,924 30,293 30,293 29,984 29,984 29,984 29,988 29,988 29,994 29,994 29,994 w/out 62.5% 72.9% 76.0% 75.0% 75.0% 75.8% 75.8% 75.8% 75.8% 75.8% 75.8% 75.8% 75.8% 75.8% 409,697 75% Residential Rentable 13,077 13,763 22,734 22,734 22,734 22,734 22,734 22,734 22,734 22,734 22,734 22,734 22,734 22,734 w/ N/A 76.2% 80.9% 80.9% 81.1% 81.1% 80.9% 80.9% 80.9% 80.9% 80.9% 80.9% 80.9% 80.9% 299,648 81% WDWDDWWDWDREF.DWREF.DWREF.DWREF.DWREF.DWREF.DWWD REF.DWDW DW WDWDDWWDWDREF.DWREF.DWREF.DWREF.DWWD W DREF.DWW D DW DW W D UP UP @ 4.3 % UP @ 4.3 % STAIR TRASH TRASH STAIR 15' - 0"20' - 0" 1,370 SF COLLABORATE S3 // LEVEL 3-9160146.0009.29.17C.V. MULTI-FAMILY LOT M3// Level 4 - 11REF.DWW D DW DW WDDWWDWDREF.DWREF.DWREF.DWREF.DWREF.DWREF.DWWD UP DW DW WD W D W D REF.DWREF.DWDW STAIR TRASHTRASH STAIR COLLABORATION STAIR 25' - 0" MECH/ELEC UNIT S-1 UNIT S-1 UNIT S-1 UNIT S-1 UNIT S-1 UNIT S-2 UNIT S-4 UNIT A-1 UNIT S-3 UNIT S-3 UNIT S-3 UNIT S-3 UNIT A-1 UNIT A-1 UNIT A-1 UNIT A-1 UNIT A-1 UNIT A-1 UNIT A-1 UNIT B-3 UNIT B-3 UNIT B-3 UNIT B-3 UNIT C-2 UNIT B-1 UNIT B-1 UNIT B-1 UNIT C-1 UNIT B-1 UNIT S-1 UNIT S-2 ALT.12' - 8 111/256" FLOORS 3 TO 9 FLOORS 10 TO 14 ROOFTOP POOL 2003 ARCHITECTURAL PLANS / OVERALL FLOOR PLANS Refer to appendix for individual unit plans. MARKETANALYSIS 04 ENTERTAINMENT / SPORTS ASSETS - Amway Center - Dr. Phillips Center for the Performing Arts - Orlando City Soccer Stadium - Complete overhaul of Camping World Stadium (formerly the Citrus Bowl) DIVERSIFIED ECONOMY AND THE CREATIVE CLASS - “Home grown” tech companies - Orlando Tech Association - Incubators / co- working spaces EDUCATION - UCF Downtown and Valencia College - OCPS K- 8 School TRANSPORTATION INFRASTRUCTURE - Orlando International Airport expansion - SunRail and LYNX LYMMO - I- 4 Ultimate Project - "Last Mile” connectivity with bike share, car share, etc. - Brightline connectivity to South Florida Downtown Orlando is quickly becoming recognized as a World Class City 04 MARKET ANALYSIS / DOWNTOWN ORLANDO HIGHLIGHTS 22 The Orlando‐Kissimmee Metropolitan Statistical Area (MSA or metro), Florida’s third most- populated MSA and the 24th largest in the nation, is home to 2.44 million people. As an economic powerhouse, the MSA has a dynamic business climate that continues to diversify far beyond its tourism roots; the area now benefits from a highly skilled workforce and a broad industry base with nationally recognized clusters of innovation in technology development, aerospace research, life science and biotechnology, and military simulation. With no state or city income taxes and low costs of living and of doing business, Orlando has sound long- term growth fundamentals, underpinned by continued expansion of medical and tourist- related sectors, tremendous population and job growth and affordable housing. Intellectual capital is attracted by both increased job opportunities and a high quality of life. 04 MARKET ANALYSIS / METROPOLITAN ORLANDO ECONOMICS Florida's population is forecasted to growby 4.54 Million people by 2026 and Orlando MSA'S job growth is projected to increase 13.4% by 2021. $67,083 Household Income 160,000 Projected 5 year job growth Orlando MSA Statistics 260,000 Projected 5year population growth 4.5% 4Q2016 Unemployment Rate 20,000 15,000 10,000 5,000 0 -5,000 -10,000 -15,000 -20,000 -25,000 14.0% 12% 10% 8.0% 6.0% 4,0% 2.0% 101,700 01'02'03'04'05'06'07'08'09'10'11'12'13'14'15'16' JOBS UNEMPLOYMENT 203,667 ORLANDO MSA QUARTERLY EMPLOYMENT GROWTH TRENDS Source: Moody's; Orlando Economic Development Commission (EDC); ZRS Property Management; Florida Dept. of Economical Opportunity, Noell Consulting Group 23 - LYNX LYMMO – A Bus Rapid Transit (BRT) fare free ride in Downtown Orlando - SunRail – Commuter rail spanning 4 counties over 32 miles and 12 stations • Phase 2 will expand to provide 4 additional stations in Osceola County; to be completed in 2018 • Phase 3 will construct a connector from existing commuter rail to Orlando International Airport • Phase 3 received approval from the Federal Transit Administration for project development phase - Orlando International Airport – the 5th largest Origin and Destination Airport in the US with almost 42 million annual passengers - I‐4 Ultimate – a $2.3 billion project that will rebuild 21 miles of I‐4 from west of Kirkman Road in Orange County to east of State Road (SR) 434 in Seminole County; add two dynamic tolled Express Lanes in each direction, replace more than 140 bridges, reconfigure 15 major interchanges, reconstruct the entire exiting roadway and increase the posted speed to 55 mph - Brightline – a $3 billion project being developed by All Aboard Florida that will be a privately‐owned and operated intercity passenger rail system linking South Florida to Central Florida. The route will feature passenger service along the Florida East Coast Corridor between Miami and the Space Coast, and will also include the creation of new tracks that will link to Central Florida. Currently, there are four stations under construction for downtown Miami, Fort Lauderdale, West Palm Beach and Orlando 04 MARKET ANALYSIS / TRANSIT ORIENTED DEVELOPMENT WITH LOCAL, REGIONAL AND NATIONAL CONNECTIVITY Proximity to SunRail, LYNX Central Station and the LYNX LYMMO route provide Creative Village with the connectivity to Downtown Orlando’s Central Business District, the broader MSA and beyond:LYNX is the public transit provider forOrange, Osceola and Seminole counties.Additional connectivity withLake and Polk counties.CONTACT US for information on fares,bus stops, schedules and trip planning:THANK YOU FOR RIDING LYNX!407-841-5969phone407-423-0787tddgolynx.comwebWELCOME ABOARD!Ready to roll? Look inside for more info...LYMMO is your ride to great places around Downtown Orlando. Whetheryou’re heading to work, a meal, or one of the many attractions Downtown, LYMMO’s frequent service andbus-only lanes will get you there faster.And when you’re riding LYMMO, you never have to worry about parking. If you don’t see your destination here, CONTACT US and we can connect you to the right LYMMO.DIRECT SERVICE TO:Other accessible formats available upon requestNotice of Title VI Rights:LYNX operates its programs and services without regard to race, color,religion, gender, age, national origin, disability, or family status inaccordance with Title VI of the Civil Rights Act. Any person who believeshe or she has been aggrieved by any unlawful discriminatory practicerelated to Title VI may le a complaint in writing to LYNX Title VI OcerDesna Hunte, 455 N. Garland Avenue, Orlando, Florida 32801 or by calling407-254-6117, email dhunte@golynx.com or www.golynx.com.Information in other languages or accessible formats available upon request.Eective:APRIL 2017Lake Eola Lake Dot Lake Lucerne Lake Concord ORANGE LINENORTH QUARTER ORANGE LINE DOWNTOWN 4 4 Central BlvdCentral Blvd Central Blvd PINE ST JACKSON ST SOUTH ST GORE STGORE ST ROBINSON STROBINSON STROBINSON ST LIVINGSTON ST AMELIA ST CONCORD ST COLONIAL DR LIVINGSTON ST WASHINGTON ST Washington St JEFFERSON ST WASHINGTON ST WASHINGTON ST CONCORD ST AMELIA ST COLONIAL DR MARKS ST ROSALIND AVEROSALIND AVEMagnolia AveOrange AveSUMMERLIN AVEORANGE AVEDELANEY AVEPARRAMORE AVEPARRAMORE AVERonaldBlocker AveGLENN LNBRYAN AVEDivisionAveTERRY AVELAKE AVEOSCEOLA AVEEOLA DRSouth StTerry AveMagnolia AveWestmoreland DrSummerlin AveOrange AveGarland AveHughey AveLivingston St Marks St Amelia St Alexander Pl Church StChurch St 408 EAST-WEST EXPRESSWAY 5050 408 BOONE AVEANDERSON ST LYNXCentralStation Orange County Public Schools Creative Village Centroplex Garage AmwayCenterWells’BuiltMuseum Dr. Phillips Center for the Performing Arts City Hall CountyAdminBuilding OrangeCounty Courthouse Post O ce Senior Recreation Complex USCourthouse CountyHealth Dept Orlando City Stadium Publix OrlandoPublic Library Walt Disney Amphitheater Swan BoatRentals Playground Orlando FarmersMarketHeritage Square andHistory Center Bob Carr Theater FAMU Law School ChurchStreet Orlando Health/Amtrak Downtown OrlandoInfo Center Bay C C ENTR AL BU SI N ESS D I STR IC T SOUTH OR ANGE SOU TH EO L A PA R R A MO R E L A KE EO L A H EI G HTS NORTH Q UARTE R TH O R NTO N PA R K L AKE DOT C ALL AHAN Schematic Map Not to Scale Amway CenterBob Carr TheaterCounty CourthouseCounty Health DeptDr Phillips CenterHeritage SquareLake Eola ParkLYNX Central StationOrlando City StadiumParramoreLYMMO Orange, Lime andGrapefruit LinesBROCHUREM855.RAIL.411 Easy LYNX connections sunrail.com SUNRAIL CENTRAL FLORIDA’S COMMUTER TRAINSEE ROUTE SCHEDULES FOR DETAILED INFO LYNX SuperStop Hospital Point of Interest Stops only as shown Transfer point Orange Line – Downtown Lime Line Grapefruit Line Orange Line – North Quarter LYMMO SunRail line and station *Link 212 KnightLYNX serves all LYMMO stops along Magnolia Ave and Livingston St 24 04 MARKET ANALYSIS / DATA AND DEMAND DRIVERS TARGET MARKET The Creative Village is an emerging district in Downtown Orlando targeting high-tech, digital media creative companies. Creative Village will also be home to the UCF/Valencia Downtown Campus. Allen Morris and the Ustler Group of Companies are designing an apartment community that will appeal to the Creative Class, which includes students, entrepreneurs, employees and business owners across multiple generations. In addition to existing apartment renters, we've been studying the upcoming Generation Z (post-Millenials) to ensure the Creative Village Apartments appeal to students entering college over the next several years. UNIQUE UNIT SIZE The average unit size is 746 square feet. The smaller studio units are under supplied in the Downtown Orlando market, but proven in other dense urban settings and in high demand. We believe the smaller units will provide a unique opportunity for renters to live in a well-amenitized private apartment and still afford an "A+" location. Most Orlando apartment developers are building typical multi-family boxes with average unit sizes of 900 SQ FT and standard unit mixes (50% 1 bedroom, 40% 2-bedroom, 10% 3 bedroom). No downtown product has been built with focus on efficiently designed apartments that maximize com- mon areas and authentic shared experiences. The smaller footprint also drives a higher per square foot rate, boosting project economics. COMPETITIVE OFFERING AND PRICING Allen Morris Company and Ustler Group of Companies, Inc. are building a different, strategically positioned project with a carefully selected target market given the site location with the UCF/Valencia Downtown Campus as the anchor. Additionally, we are delivering a unique unit mix for Downtown Orlando. Market data supports actionable demand and robust absorption of Class-A amenitized apartments with a current approximate range of ($1,200-$4,000). 1) WHAT IS THE GENERAL, LOW-HIGH RANGE OF CLASS A APARTMENT RENTALS IN ORLANDO? This varies significantly based on the deal and unit type. In general, the current low-high range of Class A studios - 3 bedroom units is $1,150 - $4,500. 2) HOW DO OUR RENTS COMPARE TO THE MARKET ON A PER UNIT BASIS? Proposed rents for the Creative Village Aparments were underwritten not only with a with a focus on the monthly check amount, but with deep local in- sight into the amenity package in greatest demand. While the average monthly rent of $1,950 is approximately $200 higher than the comp average of $1,733, this spread will decrease as new prod- uct, namely CitiTower and Modera, increases rents during their lease up. Also, rents for the Creative Village Apartments are in line with 420 East, Jefferson Apartment Group’s stabilized deal in Downtown Orlando and $150 less than Summa Development’s CitiTower. The unique amenities, vibrant pedestrian location and tech focused employment will drive young business professionals and students to Creative Village. 3) WHY IS ORLANDO RENT GROWTH STRONG? While job growth in the tourism industry continues to be robust, Orlando is a diversified economy that has seen significant employment gains in health care, finance, accounting and the technology sector. The growth of UCF and Valencia College has created a pipeline of young millennials that are obtaining high-paying jobs. Orlando is adding over 1,000 jobs per week across a broad base of industries. Job growth is expelted to grow continue to by 3.3% annually, making it the fastest growing metro in the U.S.. The strength of the labor market has a direct correlation to the rental market, where occupancy has remained steady at over 96% and rental rates have increased an average of 6% in Orlando in the past year. Source: ZRS Market Survey; ZRS Management; MPF Report; Noell Consulting Group, Florida Dept. of Economic Opportunity; Axiometrics 25 04 MARKET ANALYSIS / COMPARABLE SURVEY / CLASS A COMPS IN DOWNTOWN ORLANDO CREATIVE VILLAGE APARTMENTS Avg. Rent $1,950 Avg. Price/SF $2.61 Avg. Sq. Ft. 746 THE SEVENS Avg. Rent $1,579 Avg. Price/SF $1.98 Avg. Sq. Ft. 806 NORA APARTMENTS Avg. Rent $1,637 Avg. Price/SF $1.85 Avg. Sq. Ft. 883 SKYHOUSE ORLANDO Avg. Rent $1,734 Avg. Price/SF $2.18 Avg. Sq. Ft. 795 420 EAST APARTMENTS Avg. Rent $1,983 Avg. Price/SF $2.14 Avg. Sq. Ft. 925 CITITOWER Avg. Rent $2,095 Avg. Price/SF $2.29 Avg. Sq. Ft. 916 26 Source: Noeil Consulting Group 01/09/18 Nora Apartments Total/Average 1/1 2/2 169 152 321 169 76 245 768 1,259 920 $1,379-$1,700 $1,740-$2,800 $1,379-$2,800 $1,466 $1,009 $1,249 $1.93 $1.74 $1.85 $1,466 $2,017 $1,637 Studio 1/1 2/2 12 48 218 134 400 48 218 67 333 675 733 1,134 806 $1,425-$1,490 $1,339-$1,710 $1,964-$2,424 $1,339-$2,424 $1,441 $1,471 $1,059 $1,329 $2.14 $2.01 $1.87 $1.98 $1,441 $1,471 $2,117 $1,597 04 MARKET ANALYSIS / COMPARABLE SURVEY / ALL UNIT TYPES Property Name Creative Village Apartments Total/Average Unit Type Studio Large Studio Jr, 1 Bd 1 Ba 1/1 2/2 3/ 2 # of Beds 96 63 14 107 208 75 563 # Units 96 63 14 107 104 25 409 Weighted Avg. Sq.Ft. 412 548 525 735 1,080 1,307 746 Effective Rent Range Low-High $1,270-$1,320 $1,395-$1,520 $1,420-$1,420 $1,620-$2,020 $2,520-$2,720 $3,420-$3,420 $1,270-$3,420 Weighted Avg. Rent/Bed $1,315 $1,499 $1,420 $1,815 $1,333 $1,140 $1,416 Weighted Avg. Rent/Sq.Ft. $3.19 $2.73 $2.70 $2.47 $2.47 $2.62 $2.61 Avg. Month Rent $1,315 $1,499 $1,420 $1,815 $2,665 $3,420 $1,950 27 The Sevens Total/Average Skyhouse Total/Average Studio 1/1 2/2 3/3 76 158 136 54 424 76 158 68 18 320 614 770 1,054 2,298 879 $1,141-$1,499 $1,178-$1,941 $2,422-$2,739 $,108-$2,488 $1,141-$2,739 $1,310 $1,519 $2,541 $2,353 $1,308 $2.15 $2.16 $2.41 $1.68 $2.18 $1,310 $1,519 $2,541 $2,353 420 East Total/Average 1/1 2/2 3/3 148 234 72 454 148 117 24 289 740 1,047 1,470 925 $1,481-$1,665 $2,061-$2,191 $3,532-$3,582 $1,481-$3,582 $1,600 $1,073 $1,186 $1,262 $2.16 $2.05 $2.42 $2.14 $2.18 $1,600 $2,145 $3,557 $1,983 CitiTower Total/Average Studio 1/1 2/2 3/3 74 112 62 48 296 74 112 31 16 233 738 851 218 1,602 782 $1,431-$1,788 $1,651-$2,609 $2,530-$4,325 $3,855-$4,565 $1,431-$4,565 $1,603 $1,887 $1,491 $1,369 $1,649 $2.17 $2.22 $2.45 $2.56 $2.26 $2.18 $1,603 $1,887 $2,981 $4,108 $2,095 **Denotes furnished, purpose-built, student housing some with multiple beds per room. All other comps are market-rate, unfurnished apartment units, with one bed per bedroom Please see ZRS Market Survey for comp tables organized by unit type. Please see Noeil Report for more details on comparative set. 04 MARKET ANALYSIS / HERMITAGE APARTMENTS CASE STUDY The city had a great waterfront park, vibrant restaurant scene, established infrastructure, good city government and most importantly, high paying jobs. The site we selected for Hermitage Apartments is a few blocks away from the new pediatric campus for Johns Hopkins and a University of South Florida campus. We started leasing the Hermitage Apartments in late 2016 and have experienced robust absorption at the highest price per square foot and absolute rental rates in the St. Petersburg market. We believe this accomplishment is due mostly to the extraordinary design of the building, and its amenities and finishes. We never lose sight of the fact that our residents are leasing a "lifestyle" as well as their new home. The Hermitage is a good example of people paying strong rents for a superior product. The Allen Morris Company passionately identifies and pursues sites in urban sub-markets that are well suited to create long term value. Four years ago we saw some special things happening in downtown St. Petersburg, Florida that compelled us to make an investment there. 28 Hermitage Apartments Sponsor success story in downtown St. Petersburg, Florida 04 MARKET ANALYSIS / HERMITAGE APARTMENTS CASE STUDY Unit Type S1 S1m A1 A1M A1A A2 A3 A3M B1 B2 B2M B3 B4 B4A B5 Total Sq.Ft. 550 529 687 737 702 711 765 814 977 1152 1113 1183 1215 1249 1259 896 # Units 32 1 58 13 1 12 78 13 15 56 5 2 8 23 31 348 Proforma Rent PSF February 2015 $1,433 $1,315 $1,578 $1,588 $1,602 $1,621 $1,731 $1,633 $2,060 $2,405 $2,337 $2,547 $2,698 $2,698 $2,773 $1,800 Rent/Sq.Ft. $2.61 $2.49 $2.30 $2.15 $2.28 $2.26 $2.01 $2.11 $2.09 $2.10 $2.15 $2.22 $2.16 $2.20 $2.16 $2.01 Rent/Sq.Ft. $2.64 $2.82 $2.43 $2.23 $2.59 $2.33 $2.30 $2.08 $2.23 $2.07 $2.40 $2.70 $2.08 $2.02 $3.00 $2.15 January 2018 Asking Rent $1,451 $1,490 $1,670 $1,643 $1,820 $1,658 $1,756 $1,695 $2,179 $2,379 $2,670 $3,195 $2,526 $2,526 $3,774 $1,924 Performance Rent Comparison: Proforma Vs. Actual Property Hermitage Cottonwood Beacon 430 Fusion 1560 AER St. Petersburg Average Avg. Eff. Rent $1,991 $1,830 $1,915 $1,702 $2,551 $2,000 Variance $0 $161 $76 $289 $560 $9 410 Occupancy 87.10% 95.40% 95.20% 94.29% 86.29% 92.80% $/Sq. Ft. $2.23 $2.06 $2.02 $2.00 $2.34 $2.11 Traffic 15 11 9 10 12 57 Leases 3 2 2 1 1 9 Leased 63.50% 97% 95% 95% 86% 93% Competitive Analysis: Average Effective Rent Vs. Occupancy - All Floorplans January 2018 (averages do not include Hermitage) Note: Comparison of current rental performance to original underwriting assumptions Actual Vs. Underwriting 29 FINANCIALS05 3105 FINANCIALS / CREATIVE VILLAGE APARTMENTS INVESTMENTS SUMMARY Creative Village ApartmentsOrlando, FloridaArchitect Baker Barrios 14 Floors / 409 Units Residential 305,067 RSF Retail 6,500 RSF Total Cost $107.3 Million PROJECT TYPE Luxury Rentals CONTRACTOR Brasfield & Gorrie (See note below) DEVELOPMENT PARTNERS The Allen Morris Company Ustler Development, Inc. LIMITED PARTNERS TBD EQUITY MULTIPLE* 2.17x RETURN ON COST* 6.36% EQUITY* $37.6M DEBT* $69.7M CAP RATE* 5.25% First Unit DeliveredStart Construction Certificate of Occupancy DEVELOPMENT TIMELINE Estimated Disposition Q3 2018 Q2 2020 Q3 2020 Q3 2022 LENDERS TBD SITE 1.60 Acres MANAGEMENT COMPANY TBD PROJECT IRR* 23.7% *Investment assumptions: - 65% Debt; LTC construction loan at 5% interest rate - 35% Equity - 4-year investment hold period Note – Pre-construction and cost estimating services provided by Brasfield & Gorrie and included extensive coordination with the developer and architect. The pricing breakdown is included in the Appendix. Brasfield & Gorrie is one of the largest general contractors in the Southeastern United States with an extremely well-respected pre-construction services department. Qualifications and experience for Brasfield & Gorrie will be provided upon request. 05 FINANCIALS / PROFORMA 7.04% 6.95% 32 Project: Creative Village Proforma Operations Scenario: 409 Units 14 Story January 25, 2018 Residential Rental Income CURRENT STABILIZED Beds /Net # of Unit Rent /Rent /Dec-2017 Oct-2020 #Unit Type Baths Sq Ft Units %'s SF / Mo DU / Mo Rent / Yr Rent / Yr Market 0/1 412 84 20.5%3.20 1,320 1,330,560 1,475,885 0/1 412 12 2.9%3.08 1,270 182,880 202,854 0/1 522 11 2.7%2.67 1,395 184,140 204,252 0/1 554 52 12.7%2.74 1,520 948,480 1,052,074 0/1 525 14 3.4%2.70 1,420 238,560 264,616 1/1 736 101 24.7%2.47 1,820 2,205,840 2,446,763 1/1 1,004 1 0.2%2.01 2,020 24,240 26,888 1/1 589 3 0.7%2.75 1,620 58,320 64,690 1/1 760 1 0.2%2.46 1,870 22,440 24,891 1/1 773 1 0.2%2.42 1,870 22,440 24,891 2/2 1,080 53 13.0%2.43 2,620 1,666,320 1,848,317 2/2 1,010 1 0.2%2.50 2,520 30,240 33,543 2/2 1,081 50 12.2%2.52 2,720 1,632,000 1,810,248 3/2 1,307 14 3.4%2.62 3,420 574,560 637,314 3/2 1,307 11 2.7%2.62 3,420 451,440 500,747 Totals - Market 305,067 409 100.0%n/a 797,705 9,572,460 10,617,971 Averages - Market 746 n/a n/a 2.61 1,950 $1,950/DU/mo $2,163/DU/mo Other Income & Premiums CURRENT STABILIZED #Description Type #% of DUs $ / Mo Rent / Year Rent / Year 50 12%50.00 30,000 33,277 409 100%75.00 368,100 408,304 50 12%25.00 15,000 16,638 20 5%35.00 8,400 9,317 20 5%45.00 10,800 11,980 Totals - Unit Premiums 2,850 34,200 37,935 Totals - Other Income 33,175 398,100 441,581 Total Other Income & Premiums 36,025 432,300 479,516 Effective Revenue CURRENT STABILIZED Per Mo Rent / Year Rent / Year Rental Revenue 797,705 9,572,460 10,617,971 Other Income and Preimums 36,025 432,300 479,516 Gross Potential Revenue 833,730 10,004,760 11,097,487 Less: Vacancy (4.00%)(33,349) (400,190) (443,899) Less: Loss to Lease (1.00%)- - (106,536) Net Effective Revenue - Residential 800,381 9,604,570 10,547,051 Operating Expenses CURRENT STABILIZED $ per DU $ per Description per Year Month Rent / Year Rent / Year Payroll (1,025)(34,935)(419,225)(465,013) General and Administrative (250)(8,521)(102,250)(113,418) Marketing (200)(6,817)(81,800)(90,734) B-1 B-1 Alt B-3 C-1 C-2 A-1 A-1 Alt A-2 A-2 Alt A-3 S-1 S-2 S-2 Alt S-3 S-4 City/Skyline View Garage Parking Miscellaneous Other Income Floor Premium Pool/Courtyard Premium Other Income Other Income Unit Premiums Unit Premiums Unit Premiums Project: Creative Village Proforma Operations Scenario: 409 Units 14 Story January 25, 2018 Utilities (650)(22,154)(265,850)(294,886) Turnover / Make Ready (250)(8,521)(102,250)(113,418) Repairs and Maintenance (250)(8,521)(102,250)(94,750) Contract Services (400)(13,633)(163,600)(181,469) Property Insurance (600)(20,450)(245,400)(272,203) Property Taxes (Cost Basis)(2,938)(100,125)(1,201,502)(1,284,359) Management Fee (3.00%)(704)(24,011)(288,137)(316,412) Total Operating Expenses (30.9% of Net Revenue)(7,267)(247,689)(2,972,264)(3,226,661) Residential Net Operating Income (NOI)CURRENT STABILIZED Per Mo Rent / Year Rent / Year Net Effective Revenue - Residential 800,381 9,604,570 10,547,051 Less: Total Operating Expenses (30.9% of Net Revenue)247,689 (2,972,264)(3,226,661) Residential Net Operating Income ( NOI Res)1,048,069 6,632,305 7,320,390 Commercial Operations CURRENT STABILIZED Per SF/Yr Per Mo Rent / Year Rent / Year Gross Potential Rents 35.00 18,958 227,500 244,377 Other Income - - - - Gross Potential Rents 35.00 18,958 227,500 244,377 Net Effective Revneue Reimbursements - Common Area Maint. (100%)4.13 2,237 26,845 29,630 Reimbursements - Property Taxes (100%)3.37 1,824 21,885 17,911 Total Reimbursements 7.50 4,061 48,730 47,542 Gross Potential Revenue 42.50 23,019 276,230 291,919 Less: Economic Vacancy (10.00%)(4.25) (2,302) (27,623) (29,192) Net Effecitve Revenue - Commercial 38.25 20,717 248,607 262,727 Commercial Operating Expenses Common Area Maintenance (4.13) (2,237) (26,845) (29,630) Property Taxes (3.37) (1,824) (21,885) (19,762) Management Fee (3.00%)(1.15) (622) (7,458) (6,118) Total Operating Expenses (23% of Net Revenue)(8.64) (4,682) (56,189) (55,510) Commercial Net Operating Income 29.60 16,035 192,419 207,217 Net Operating Income Per Month CURRENT STABILIZED Residential NOI (409 Dwelling Units)1,048,069 6,632,305 7,320,390 Commercial NOI (6,500 Sq Ft)16,035 192,419 207,217 Total Project Net Operating Income (NOI)1,064,104 6,824,724 7,527,608 Replacement Reserves (200 / DU / Year)(81,800) (90,734) Investment Basis 107,300,000 107,300,000 Yield on Cost 6.36%7.02% 05 FINANCIALS / CAPITAL BUDGET Capital Budget 33 Project: Creative Village Development Budget Scenario: 409 Units 14 Story Description Total Budget $s / Unit $s / NSF LAND ACQUISITION Purchase Price 5,317,000 13,000 17.43 Closing Costs & Fees 43,490 106 0.14 Commissions 159,510 390 0.52 Real Estate Taxes 150,000 367 0.49 Land Costs 5,670,000 13,863 18.59 SOFT COSTS Legal & Organizational 500,000 1,222 1.64 Architect & Engineering 3,270,000 7,995 10.72 Permits & Fees 4,509,759 11,026 14.78 Furniture, Fixtures & Equipment 1,680,000 4,108 5.51 Marketing 275,000 672 0.90 Retail Commissions 149,464 365 0.49 Financing Fees 1,895,286 4,634 6.21 Interest Expense Reserve 2,310,532 5,649 7.57 JV Administration Fee 120,000 293 0.39 Development Fee (3.0%)2,897,169 7,084 9.50 Construction Admin Fee (0.5% HC)413,185 1,010 1.35 Operating Deficits (0.5% HC)112,773 276 0.37 Soft Cost Contingency 523,914 1,281 1.72 Total Soft Costs 18,657,082 45,616 61.16 HARD COSTS G.C. Contract - GMP 77,380,518 189,194 253.65 Low Voltage Allowance 450,000 1,100 1.48 DAS System Allowance 200,000 489 0.66 Courtyard Hardscape Allowance 250,000 611 0.82 Tenant Improvement Allowance 487,500 1,192 1.60 Builders Risk Insurance 335,874 821 1.10 Developer HC Contingency (5.0%)3,869,026 9,460 12.68 Total Hard Costs 82,972,918 202,868 271.98 Total Project Cost 107,300,000 262,347 351.73 As of: January 25, 2018 SPONSORS06 06 SPONSORS / THE ALLEN MORRIS COMPANY The Allen Morris Company, founded in 1958, is one of the oldest diversified real estate firms in the Southeast US with more than 80 successful development projects credited to its name. In 2013 The Allen Morris Company formed a new division, Allen Morris Residential, which focuses selectively on developing best-in-class residential, office and mixed-use projects in unique locations with unparalleled amenities and carefully curated retail experiences. The Mission of The Allen Morris Company is to “Inspire, Impress, and Improve,” and that creed is visible in every detail of the business. Over its 59 year history, The Allen Morris Company has never defaulted on a single financial obligation, has never delayed the remittance of an interest payment nor has been involved in a single project that has caused its investors to lose their investment. It’s a record which the Company protects vigorously. 35 YAZMIN GIL TREASURER Yazmin Gil heads up the administrative and business functions at Allen Morris and its affiliated entities, overseeing the financial operation and planning of the company including human resources and IT divisions. She is in charge of financial management and reporting, cash management and strategic planning, financing and debt. Her real estate experience includes commercial property management and its financial applications in construction, development and condominiums. GORDON CROZIER DIRECTOR OF INVESTMENT Gordon Crozier is well versed in all phases of construction and real estate development, with over 20 years of senior level financial management experience. He has served as the CFO for several publicly traded real estate companies and is a former CPA with the accounting firm Deloitte and Touche. Gordon is responsible for underwriting, evaluating and financing development and investment opportunities for The Allen Morris Company. Additionally, he oversees the asset management and budgeting processes for new developments. MALLORI MORRIS PROJECT MANAGER As Development Associate, Mallori Morris works with the development team to design the products and services that will enhance each project’s competitive position to continually anticipate the future demand of residents and tenants. She works closely with the Senior Developers to oversee the development process, the property management companies through lease-up and further into asset management. Morris has her BFA from Southern Methodist University (SMU) in Dallas, Texas and her International MBA from Instituto de Empresa (IE) in Madrid, Spain. She brings diverse experience to the team with her international experience as an entrepreneur and non-profit director in emerging countries. W. ALLEN MORRIS CHAIRMAN & CEO Since taking the helm of The Allen Morris Company in 1980 at the age of 28, Allen has led the real estate firm his father established in 1958. The Allen Morris Company is today one of the oldest diversified real estate companies in the Southeast with offices around Florida and Georgia, and over 80 successful development projects to its credit. Some of his key projects have won resounding praise, such as the landmark Alhambra Towers in Coral Gables named the “Top Commercial Project in Florida,” among 8 other awards. DENNIS SUAREZ MANAGING DIRECTOR OF DEVELOPMENT Dennis Suarez’s primary focus is on the company’s newly launched multi-family division. His range of responsibilities includes development operations for office, retail and apartments, condominiums and mixed-use developments. Dennis Suarez has more than 30 years experience in development and design of over 20,000 multi-family residential units. Prior to joining Allen Morris in 2013, Dennis Suarez was an executive with Arch- stone, JPI and Trammell Crow Residential, and was the Managing Director/Partner of York Residential. SCOTT FLATLEY DIRECTOR OF CONSTRUCTION Scott joined AMCO in 2017 and has 22-years of development and construction experience in large scale mixed-use, luxury high-rise residential, office, hotel and industrial projects throughout the US. He oversees the day-today operations for design and construction, budgeting, and project execution on all development projects. Scott has worked with other large developers including Related, Rockefeller Development, and with BE&K / KBR Building Group on the construction side. Ho holds degrees from the University of Florida, Bachelor of Science with Honors in Construction Management & Civil Engineering; and a Masters of Business Administration in Real Estate Development & Finance from Emory University. 06 SPONSORS / THE ALLEN MORRIS COMPANY 36 06 SPONSORS / USTLER GROUP OF COMPANIES The Ustler Group of Companiesconsists of various commercial real estate development, brokerage, ownership, management and investment entities. Ustler hasdeveloped numerous projectscollectively valued at over $200 million. The Ustler Group was founded in 1995 and, through- out its history, the firm has developed strong relationships with its investment partners and has successfully completed many of Downtown Orlando’s signature commercial real estate projects. The firm is also involved in several community projects and charitable causes. The Ustler Group focuses on Downtown Orlando and has completed projects including residential condos, multifamily, office, retail and hospitality. Ustler is the preferred apartment development partner for Florida Hospital and recently completed The Ivy Apartments at Florida Hospital Health Village. The Ustler Group is led by Craig Ustler. Ustler is considered the premier commercial real estate developer in Downtown Orlando and an expert on urban infill projects. In addition to being sponsor of Creative Village Apartments, Ustler also leads the master development team for Creative Village and is developing the Creative Village Student Housing Project. 37 CRAIG USTLER PRESIDENT USTLER DEVELOPMENT, INC. Craig Ustler, MAI, CCIM is the Owner and President of Ustler Development, Inc., a real estate development company and Vice President of Ustler Properties, Inc., a commercial real estate brokerage company. In addition to being a sponsor of the Creative Village Apartments, Ustler also leads the master development team for Creative Village. Ustler is an experienced and seasoned owner, investor, developer and broker of various property types. He has extensive experience in land sales, urban planning and highest and best use analysis. For the past several years, Ustler has focused on urban infill projects as advocated by the “new urbanism” planning movement. In particular, recent projects have been concentrated in Downtown Orlando neighborhoods including the Central Business District, North Quarter, Thornton Park, Creative Village and Florida Hospital Health Village. Ustler has developed numerous projects collectively valued at over $200 million. Ustler received the MAI designation from the Appraisal Institute and holds the CCIM designation from the Commercial Investment Real Estate Institute. His educational background includes a Master of Real Estate and Urban Analysis from the University of Florida and a Bachelor of Arts in Economics, with a major in Urban Economics and a minor in Business Administration from the University of Florida. Ustler is a Licensed Real Estate Broker, having been a Realtor for 30 years. 06 SPONSORS / USTLER GROUP OF COMPANIES BROOKE A MYERS PRESIDENT VELOCITYRED Brooke Myers is a visionary development partner focusing on strategic real estate opportunities in Central Florida. Recognizing the potential for robust growth in the region, Brooke founded VelocityRED in 2010 to identify and implement mixed-use projects and transit oriented developments in urban environments. Brooke has been involved with over $100 million in develop- ment projects and more than $1 billion in real estate investment. Brooke is an owner, investor, advisor and development partner on several high-profile projects in Downtown Orlando, including Creative Village and Florida Hospital Health Village, and has developed multiple successful projects in partnership with the Ustler Group of Companies. Brooke’s passion for the urban fabric started with the Atlanta Olympic Committee planning the 1996 Olympic Games, followed by a decade with the Walt Disney Company where she managed various large-scale growth projects in the theme park and hospitality industry including the Four Seasons Resort at Walt Disney World and Disney Cruise Line’s $1+ billion fleet expansion. Brooke is a graduate of Georgia Institute of Technology and has her Masters of Management degree from Northwestern University's Kellogg Graduate School of Management. She is actively involved with several community organizations and she recently served as Vice Chair of Project DTO, the Mayor’s task force charged with updating Downtown Orlando’s strategic plan. HELEN MARTINEZ PRESIDENT BLACK ELK GROUP Helen Martinez is an attorney and entrepreneur who founded Black Elk Group in 2017. Black Elk Group is a commercial real estate development, investment and consulting firm located in Downtown Orlando. Prior to founding Black Elk Group, Helen built a Saas-based company focused on the financial due diligence sector, which she sold to a public financial services firm in New York in late 2014. Helen also practiced law for nearly a decade in private practice and as in-house counsel. Helen served as Corporate Counsel for CNL Capital Markets Corp. and Corporate Capital Trust, where she oversaw all selling syndicate and SEC/ FINRA related matters. Helen was also a member of the litigation and real estate practice groups at Greenberg Traurig, P.A. Helen earned her Juris Doctor from Florida State University College of Law and holds a Bachelor of Arts in Political Science from Wake Forest University. In 2012, Helen was inducted into the Bar of the United States Supreme Court. She is also a member of the Florida Bar and the U.S. District Court for the Middle District of Florida. Helen is active in Downtown Orlando and has served on many boards including the Advisory Board for Athena International. 38 APPENDIX07 07 APPENDIX / CREATIVE VILLAGE DEVELOPMENT PHASE I 2017-2020 40 - Central Park Phase I Including the $75 million of in-kind contributions, land and infrastructure from the City and CVD, the initial phase represents a total investment of $485 million. Creative Village 2017-2020 Pipeline (Phase I). Announced projects represent over $410 million of vertical development activity scheduled for delivery in Phase I between 2017-2020 - UCF/ Valencia Downtown Campus - $74 million Phase I opening in August 2019 - Private Development • 600-bed student housing project: $105 million • 300+unit market rate apartment project: originally estimated at $75+million • 256-unit mixed-income apartment community: $56 million - OCPS PS-8 School: $60 million investment by Or- ange County Public School; opened August 2017 - Full service 299-room Marriott hotel recently completed a $40 million renovation; opened December 2017 07.31.15 130330.00 CREATIVE VILLAGE LIVINGSTON ST.PARRAMORE AVE.INTERSTATE 4LYNX CENTRAL STATION W COLONIAL DR. CONCORD ST.TERRY AVE. (NEW)CONCEPTUAL MASTER PLAN CONTENTS TABLE OFFICE/CREATIVE EDUCATION RESIDENTIAL HOTEL FLEX/TBD ANTICIPATED DEVELOPMENT PROGRAM - Office/Creative 900K-1,200K SF - Education 500K-800K SF - Residential 1,200-1,500 Units - Commercial 125K-150K SF - Hotel 150-225 Rooms LIVINGSTON ST. Creative Village Phasing Map PARCEL LEGEND UCF / Valencia Campus: A, B, C, D, E , F, G and UCF Phase I CVD Mixed-Income Housing Parcels: L, N, P Phase I CVD Private Development Concurrent w/ UCF Downtown: I, J, K, M Currently Excluded Parcels: V, Y, Y-1, Z Phase I Available for Qualified Third Party Purchase: H, U, X, X-1 Future Phases: O, Q, R, S, T, T-1 (could be offered for sale at "future" pricing) Future Parcel: Outside of CV Footprint Central Park - Constructed in Phases 07 APPENDIX / CREATIVE VILLAGE PHASING MAP 41 Creative Village is a long-term public/private develop- ment model that will occur in several phases over 10 to 15 years. Upon development and build out of the entire project, total vertical development value is estimated well in excess of $1 billion. Creative Village Apartments (Parcel M) Phase I of Creative Village includes 7,700 UCF / Valencia students in August 2019. In addition to the students, there will be hundreds of faculty and staff at the Downtown Campus. While the Creative Village Apartments are targeted to attract students, we believe there will be significant demand from other demographics for a new, unique apartment community in Downtown Orlando and in Creative Village, in particular. Much of Downtown Orlando’s growth has been in the Central Business District. With the recent investment in the west side of I-4, the focus is now shifting west of I-4. The culmination of these investments, coupled with the Creative Village and UCF / Valencia Downtown Campus and accelerated by Downtown Orlando’s population and job growth, will stimulate apartment demand across market segments. As such, the Phase I plan for Creative Village represents a carefully curated residential program to appeal to several distinct audiences, including: • 600 student housing beds • 256-unit mixed income apartment project • 409 unit Creative Village Apartments (subject property, Parcel M) • And potentially another 300 unit third party project that would open after our project (Parcel U) 07 APPENDIX / CREATIVE VILLAGE RESIDENTIAL SUPPLY 42 Student Housing Purpose-built student housing Managed by UCF Leased by the bed Single and double occupancy rooms Limited unit configuration Many units do not have living rooms or kitchens (community living room and laundry facilities per floor) Utilities included Parking not included No pets allowed Limited amenities, no pool Price range $760 - $1,200 per bedroom Market-Rate Apartments Provides privacy, convenience, and flexibility No university oversight Leased by unit Single occupancy rooms Fifteen (15) unit types Multiple unit types with private rooms, full kitchens, in-unit laundry; many with balconies Utilities not included Parking included Pets allowed Superior amenities competitive across Orlando MSA (rooftop pool, amenity deck and clubhouse; groundfloor Food Hall; collaboration spaces on each floor; state-of-the-art fitness center) Price range $1,270 - $3,420 per unit; $1,140 - $1,270 per bedroom Creative Village Residential Supply VS. 07 APPENDIX / CREATIVE VILLAGE APARTMENTS-UNIT FLOORPLANS 160146.00 09.29.17 C.V. MULTI-FAMILY LOT M 8 �12 SF �N�� S�1 1,00� SF �N�� A�1 AL� 589 SF �N�� A�2 7�0 SF �N�� A�2 AL� 7�3 SF �N�� A�3 1,080 SF �N�� 1 1,081 SF �N�� 3 1,307 SF �N�� 1 1,307 SF �N�� 2 55� SF �N�� S�3 525 SF �N�� S��73� SF �N�� A�1 NOTE: REFER TO EXCEL FOR SQUARE FOOTAGES AND UNIT COUNTS 1,010 SF �N�� 1 AL� �12 SF �N�� S�2 �92 SF �N�� S�2 AL� PROJECT NO: ALL IDEAS, DESIGNS, ARRANGEMENTS AND PLANS INDICATED OR REPRESENTED BY THIS DRAWING ARE OWNED BY AND THE PROPERTY OF BAKER BARRIOS ARCHITECTS, INC. AND WERE CREATED, EVOLVED, AND DEVELOPED FOR USE ON AND IN CONNECTION WITH THE SPECIFIED PROJECT. NONE OF THE IDEAS, DESIGNS, ARRANGEMENTS OR PLANS SHALL BE USED BY OR DISCLOSED TO ANY PERSON, FIRM, OR CORPORATION FOR ANY PURPOSE WHATSOEVER WITHOUT THE WRITTEN PERMISSION OF BAKER BARRIOS ARCHITECTS, INC. WARNING: REPRODUCTION HEREOF IS A CRIMINAL OFFENSE UNDER 18 U.S.C. SEC. 506 UNAUTHORIZED DISCLOSURE MAY CONSTITUTE TRADE SECRET MISAPPROPRIATION IN VIOLATION OF 1.C.24-2-31-1 ET. SEQ. AND OTHER LAWS. THE IDEAS, ARRANGEMENTS AND DESIGNS DISCLOSED HEREIN MAY BE PATENTED OR BE THE SUBJECT OF PENDING PATENT APPLICATION. 1 2 3 4 5 6 A B C D E SHEET NUMBER:DATE:A B C D E 1 2 3 4 5 69/28/2017 4:33:58 PMG.005 UNIT BOMA GROSS SF/CLIENT RENTABLE 160146.00 ORLANDO, FL CREATIVE VILLAGE LOT-M PROGRESS SET - NOT FORCONSTRUCTION 3�1�� 1��0�1 �N�� S�1 3�1�� 1��0�5 �N�� A�1 AL� 3�1�� 1��0��N�� A�2 3�1�� 1��0�7 �N�� A�2 AL� 3�1�� 1��0�8 �N�� A�3 3�1�� 1��0�10 �N�� 1 3�1�� 1��0�11 �N�� 3 3�1�� 1��0�12 �N�� 1 3�1�� 1��0�13 �N�� 2 3�1�� 1��0�2 �N�� S�3 3�1�� 1��0�3 �N�� S�� 3�1�� 1��0��N�� A�1 NO DATE REVISION/ SUBMISSION 3�1�� 1��0�9 �N�� 1 AL� 3�1�� 1��0�1��N�� S�2 3�1�� 1��0�15 �N�� S�2 AL� UNIT A-1 (TYPICAL) 1 BEDROOM / 1 BATH 736 GSF STUDIO PLUS S-3 (TYPICAL) 1 BEDROOM / 1 BATH 554 GSF STUDIO S-1 (TYPICAL) 1 BEDROOM / 1 BATH 412 GSF STUDIO S-4 (TYPICAL) 1 BEDROOM / 1 BATH 525 GSF 43 160146.00 09.29.17 C.V. MULTI-FAMILY LOT M 8 �12 SF �N�� S�1 1,00� SF �N�� A�1 AL� 589 SF �N�� A�2 7�0 SF �N�� A�2 AL� 7�3 SF �N�� A�3 1,080 SF �N�� 1 1,081 SF �N�� 3 1,307 SF �N�� 1 1,307 SF �N�� 2 55� SF �N�� S�3 525 SF �N�� S��73� SF �N�� A�1 NOTE: REFER TO EXCEL FOR SQUARE FOOTAGES AND UNIT COUNTS 1,010 SF �N�� 1 AL� �12 SF �N�� S�2 �92 SF �N�� S�2 AL� PROJECT NO: ALL IDEAS, DESIGNS, ARRANGEMENTS AND PLANS INDICATED OR REPRESENTED BY THIS DRAWING ARE OWNED BY AND THE PROPERTY OF BAKER BARRIOS ARCHITECTS, INC. AND WERE CREATED, EVOLVED, AND DEVELOPED FOR USE ON AND IN CONNECTION WITH THE SPECIFIED PROJECT. NONE OF THE IDEAS, DESIGNS, ARRANGEMENTS OR PLANS SHALL BE USED BY OR DISCLOSED TO ANY PERSON, FIRM, OR CORPORATION FOR ANY PURPOSE WHATSOEVER WITHOUT THE WRITTEN PERMISSION OF BAKER BARRIOS ARCHITECTS, INC. WARNING: REPRODUCTION HEREOF IS A CRIMINAL OFFENSE UNDER 18 U.S.C. SEC. 506 UNAUTHORIZED DISCLOSURE MAY CONSTITUTE TRADE SECRET MISAPPROPRIATION IN VIOLATION OF 1.C.24-2-31-1 ET. SEQ. AND OTHER LAWS. THE IDEAS, ARRANGEMENTS AND DESIGNS DISCLOSED HEREIN MAY BE PATENTED OR BE THE SUBJECT OF PENDING PATENT APPLICATION. 1 2 3 4 5 6 A B C D E SHEET NUMBER:DATE:A B C D E 1 2 3 4 5 69/28/2017 4:33:58 PMG.005 UNIT BOMA GROSS SF/CLIENT RENTABLE 160146.00 ORLANDO, FL CREATIVE VILLAGE LOT-M PROGRESS SET - NOT FORCONSTRUCTION 3�1�� 1��0�1 �N�� S�1 3�1�� 1��0�5 �N�� A�1 AL� 3�1�� 1��0��N�� A�2 3�1�� 1��0�7 �N�� A�2 AL� 3�1�� 1��0�8 �N�� A�3 3�1�� 1��0�10 �N�� 1 3�1�� 1��0�11 �N�� 3 3�1�� 1��0�12 �N�� 1 3�1�� 1��0�13 �N�� 2 3�1�� 1��0�2 �N�� S�3 3�1�� 1��0�3 �N�� S�� 3�1�� 1��0��N�� A�1 NO DATE REVISION/ SUBMISSION 3�1�� 1��0�9 �N�� 1 AL� 3�1�� 1��0�1��N�� S�2 3�1�� 1��0�15 �N�� S�2 AL� 160146.0009.29.17C.V. MULTI-FAMILY LOT M 8 �12 SF �N�� S�1 1,00� SF �N�� A�1 AL� 589 SF �N�� A�27�0 SF �N�� A�2 AL� 7�3 SF �N�� A�3 1,080 SF �N�� 1 1,081 SF �N�� 3 1,307 SF �N�� 1 1,307 SF �N�� 2 55� SF �N�� S�3 525 SF �N�� S��73� SF �N�� A�1 NOTE: REFER TO EXCEL FOR SQUARE FOOTAGES AND UNIT COUNTS 1,010 SF �N�� 1 AL� �12 SF �N�� S�2 �92 SF �N�� S�2 AL� PROJECT NO: ALL IDEAS, DESIGNS, ARRANGEMENTS AND PLANS INDICATED OR REPRESENTED BY THIS DRAWING ARE OWNED BY AND THE PROPERTY OF BAKER BARRIOS ARCHITECTS, INC. AND WERE CREATED, EVOLVED, AND DEVELOPED FOR USE ON AND IN CONNECTION WITH THE SPECIFIED PROJECT. NONE OF THE IDEAS, DESIGNS, ARRANGEMENTS OR PLANS SHALL BE USED BY OR DISCLOSED TO ANY PERSON, FIRM, OR CORPORATION FOR ANY PURPOSE WHATSOEVER WITHOUT THE WRITTEN PERMISSION OF BAKER BARRIOS ARCHITECTS, INC. WARNING: REPRODUCTION HEREOF IS A CRIMINAL OFFENSE UNDER 18 U.S.C. SEC. 506 UNAUTHORIZED DISCLOSURE MAY CONSTITUTE TRADE SECRET MISAPPROPRIATION IN VIOLATION OF 1.C.24-2-31-1 ET. SEQ. AND OTHER LAWS. THE IDEAS, ARRANGEMENTS AND DESIGNS DISCLOSED HEREIN MAY BE PATENTED OR BE THE SUBJECT OF PENDING PATENT APPLICATION. 12 3 4 5 6 A B C D E SHEET NUMBER:DATE:A B C D E 12 3 4 5 69/28/2017 4:33:58 PMG.005 UNIT BOMA GROSS SF/CLIENT RENTABLE 160146.00 ORLANDO, FL CREATIVE VILLAGE LOT-M PROGRESS SET - NOT FORCONSTRUCTION 3�1�� 1��0�1�N�� S�1 3�1�� 1��0�5 �N�� A�1 AL� 3�1�� 1��0��N�� A�2 3�1�� 1��0�7�N�� A�2 AL� 3�1�� 1��0�8 �N�� A�3 3�1�� 1��0�10�N�� 1 3�1�� 1��0�11�N�� 3 3�1�� 1��0�12 �N�� 1 3�1�� 1��0�13 �N�� 2 3�1�� 1��0�2�N�� S�3 3�1�� 1��0�3 �N�� S�� 3�1�� 1��0��N�� A�1 NO DATE REVISION/ SUBMISSION 3�1�� 1��0�9 �N�� 1 AL� 3�1�� 1��0�1��N�� S�2 3�1�� 1��0�15 �N�� S�2 AL� 160146.0009.29.17C.V. MULTI-FAMILY LOT M 8 �12 SF �N�� S�1 1,00� SF �N�� A�1 AL� 589 SF �N�� A�2 7�0 SF �N�� A�2 AL� 7�3 SF �N�� A�3 1,080 SF �N�� 1 1,081 SF �N�� 3 1,307 SF �N�� 1 1,307 SF �N�� 2 55� SF �N�� S�3 525 SF �N�� S��73� SF �N�� A�1 NOTE: REFER TO EXCEL FOR SQUARE FOOTAGES AND UNIT COUNTS 1,010 SF �N�� 1 AL� �12 SF �N�� S�2 �92 SF �N�� S�2 AL� PROJECT NO: ALL IDEAS, DESIGNS, ARRANGEMENTS AND PLANS INDICATED OR REPRESENTED BY THIS DRAWING ARE OWNED BY AND THE PROPERTY OF BAKER BARRIOS ARCHITECTS, INC. AND WERE CREATED, EVOLVED, AND DEVELOPED FOR USE ON AND IN CONNECTION WITH THE SPECIFIED PROJECT. NONE OF THE IDEAS, DESIGNS, ARRANGEMENTS OR PLANS SHALL BE USED BY OR DISCLOSED TO ANY PERSON, FIRM, OR CORPORATION FOR ANY PURPOSE WHATSOEVER WITHOUT THE WRITTEN PERMISSION OF BAKER BARRIOS ARCHITECTS, INC. WARNING: REPRODUCTION HEREOF IS A CRIMINAL OFFENSE UNDER 18 U.S.C. SEC. 506 UNAUTHORIZED DISCLOSURE MAY CONSTITUTE TRADE SECRET MISAPPROPRIATION IN VIOLATION OF 1.C.24-2-31-1 ET. SEQ. AND OTHER LAWS. THE IDEAS, ARRANGEMENTS AND DESIGNS DISCLOSED HEREIN MAY BE PATENTED OR BE THE SUBJECT OF PENDING PATENT APPLICATION. 1 2 3 4 5 6 A B C D E SHEET NUMBER:DATE:A B C D E 1 2 3 4 5 69/28/2017 4:33:58 PMG.005 UNIT BOMA GROSS SF/CLIENT RENTABLE 160146.00 ORLANDO, FL CREATIVE VILLAGE LOT-M PROGRESS SET - NOT FORCONSTRUCTION 3�1�� 1��0�1�N�� S�1 3�1�� 1��0�5 �N�� A�1 AL� 3�1�� 1��0��N�� A�2 3�1�� 1��0�7�N�� A�2 AL� 3�1�� 1��0�8 �N�� A�3 3�1�� 1��0�10�N�� 1 3�1�� 1��0�11 �N�� 3 3�1�� 1��0�12 �N�� 1 3�1�� 1��0�13 �N�� 2 3�1�� 1��0�2�N�� S�3 3�1�� 1��0�3 �N�� S�� 3�1�� 1��0��N�� A�1 NO DATE REVISION/ SUBMISSION 3�1�� 1��0�9 �N�� 1 AL� 3�1�� 1��0�1��N�� S�2 3�1�� 1��0�15 �N�� S�2 AL� 07 APPENDIX / CREATIVE VILLAGE APARTMENTS-UNIT FLOORPLANS UNIT C-1 3 BEDROOM / 2 BATHS 1,307 GSF UNIT B-2 (CORNER) 2 BEDROOMS / 2 BATHS 1,010 GSF UNIT B-1 (TYPICAL) 2 BEDROOMS / 2 BATHS 1,050 GSF UNIT B-3 (CORNER) 2 BEDROOMS / 2 BATHS 1,081 GSF 44 160146.00 09.29.17 C.V. MULTI-FAMILY LOT M 8 �12 SF�N�� S�1 1,00� SF�N�� A�1 AL�589 SF�N�� A�2 7�0 SF�N�� A�2 AL�7�3 SF�N�� A�3 1,080 SF �N�� 1 1,081 SF �N�� 3 1,307 SF �N�� 1 1,307 SF�N�� 255� SF�N�� S�3 525 SF�N�� S��73� SF�N�� A�1 NOTE: REFER TO EXCEL FOR SQUARE FOOTAGES AND UNIT COUNTS1,010 SF�N�� 1 AL� �12 SF �N�� S�2 �92 SF �N�� S�2 AL� PROJECT NO: ALL IDEAS, DESIGNS, ARRANGEMENTS AND PLANS INDICATED OR REPRESENTED BY THIS DRAWING ARE OWNED BY AND THE PROPERTY OF BAKER BARRIOS ARCHITECTS, INC. AND WERE CREATED, EVOLVED, AND DEVELOPED FOR USE ON AND IN CONNECTION WITH THE SPECIFIED PROJECT. NONE OF THE IDEAS, DESIGNS, ARRANGEMENTS OR PLANS SHALL BE USED BY OR DISCLOSED TO ANY PERSON, FIRM, OR CORPORATION FOR ANY PURPOSE WHATSOEVER WITHOUT THE WRITTEN PERMISSION OF BAKER BARRIOS ARCHITECTS, INC. WARNING: REPRODUCTION HEREOF IS A CRIMINAL OFFENSE UNDER 18 U.S.C. SEC. 506 UNAUTHORIZED DISCLOSURE MAY CONSTITUTE TRADE SECRET MISAPPROPRIATION IN VIOLATION OF 1.C.24-2-31-1 ET. SEQ. AND OTHER LAWS. THE IDEAS, ARRANGEMENTS AND DESIGNS DISCLOSED HEREIN MAY BE PATENTED OR BE THE SUBJECT OF PENDING PATENT APPLICATION.1 2 3 4 5 6 A B CDE SHEET NUMBER:DATE:A B CDE 1 2 3 4 5 69/28/2017 4:33:58 PMG.005 UNIT BOMA GROSS SF/CLIENT RENTABLE 160146.00 ORLANDO, FL CREATIVE VILLAGE LOT-M PROGRESS SET - NOT FORCONSTRUCTION 3�1�� 1��0�1 �N�� S�1 3�1�� 1��0�5 �N�� A�1 AL� 3�1�� 1��0��N�� A�2 3�1�� 1��0�7 �N�� A�2 AL� 3�1�� 1��0�8 �N�� A�3 3�1�� 1��0�10 �N�� 1 3�1�� 1��0�11 �N�� 3 3�1�� 1��0�12 �N�� 1 3�1�� 1��0�13 �N�� 2 3�1�� 1��0�2 �N�� S�3 3�1�� 1��0�3 �N�� S�� 3�1�� 1��0��N�� A�1 NO DATE REVISION/ SUBMISSION 3�1�� 1��0�9 �N�� 1 AL� 3�1�� 1��0�1��N�� S�2 3�1�� 1��0�15 �N�� S�2 AL� 160146.0009.29.17C.V. MULTI-FAMILY LOT M 8 �12 SF�N�� S�1 1,00� SF �N�� A�1 AL� 589 SF �N�� A�2 7�0 SF �N�� A�2 AL� 7�3 SF �N�� A�3 1,080 SF �N�� 1 1,081 SF �N�� 3 1,307 SF �N�� 1 1,307 SF �N�� 2 55� SF�N�� S�3 525 SF�N�� S��73� SF�N�� A�1 NOTE: REFER TO EXCEL FOR SQUARE FOOTAGES AND UNIT COUNTS 1,010 SF �N�� 1 AL� �12 SF �N�� S�2 �92 SF �N�� S�2 AL� PROJECT NO: ALL IDEAS, DESIGNS, ARRANGEMENTS AND PLANS INDICATED OR REPRESENTED BY THIS DRAWING ARE OWNED BY AND THE PROPERTY OF BAKER BARRIOS ARCHITECTS, INC. AND WERE CREATED, EVOLVED, AND DEVELOPED FOR USE ON AND IN CONNECTION WITH THE SPECIFIED PROJECT. NONE OF THE IDEAS, DESIGNS, ARRANGEMENTS OR PLANS SHALL BE USED BY OR DISCLOSED TO ANY PERSON, FIRM, OR CORPORATION FOR ANY PURPOSE WHATSOEVER WITHOUT THE WRITTEN PERMISSION OF BAKER BARRIOS ARCHITECTS, INC. WARNING: REPRODUCTION HEREOF IS A CRIMINAL OFFENSE UNDER 18 U.S.C. SEC. 506 UNAUTHORIZED DISCLOSURE MAY CONSTITUTE TRADE SECRET MISAPPROPRIATION IN VIOLATION OF 1.C.24-2-31-1 ET. SEQ. AND OTHER LAWS. THE IDEAS, ARRANGEMENTS AND DESIGNS DISCLOSED HEREIN MAY BE PATENTED OR BE THE SUBJECT OF PENDING PATENT APPLICATION. 1 2 3 4 5 6 A B C D E SHEET NUMBER:DATE:A B C D E 1 2 3 4 5 69/28/2017 4:33:58 PMG.005 UNIT BOMA GROSS SF/CLIENT RENTABLE 160146.00 ORLANDO, FL CREATIVE VILLAGE LOT-M PROGRESS SET - NOT FORCONSTRUCTION 3�1�� 1��0�1�N�� S�1 3�1�� 1��0�5 �N�� A�1 AL� 3�1�� 1��0��N�� A�2 3�1�� 1��0�7 �N�� A�2 AL� 3�1�� 1��0�8 �N�� A�3 3�1�� 1��0�10�N�� 1 3�1�� 1��0�11 �N�� 3 3�1�� 1��0�12 �N�� 1 3�1�� 1��0�13 �N�� 2 3�1�� 1��0�2 �N�� S�3 3�1�� 1��0�3 �N�� S�� 3�1�� 1��0��N�� A�1 NO DATE REVISION/ SUBMISSION 3�1�� 1��0�9 �N�� 1 AL� 3�1�� 1��0�1��N�� S�2 3�1�� 1��0�15 �N�� S�2 AL�160146.00 09.29.17 C.V. MULTI-FAMILY LOT M 8 �12 SF�N�� S�1 1,00� SF�N�� A�1 AL� 589 SF �N�� A�2 7�0 SF �N�� A�2 AL� 7�3 SF �N�� A�3 1,080 SF �N�� 1 1,081 SF �N�� 3 1,307 SF �N�� 1 1,307 SF �N�� 2 55� SF�N�� S�3 525 SF�N�� S��73� SF�N�� A�1 NOTE: REFER TO EXCEL FOR SQUARE FOOTAGES AND UNIT COUNTS 1,010 SF �N�� 1 AL� �12 SF �N�� S�2 �92 SF �N�� S�2 AL� PROJECT NO: ALL IDEAS, DESIGNS, ARRANGEMENTS AND PLANS INDICATED OR REPRESENTED BY THIS DRAWING ARE OWNED BY AND THE PROPERTY OF BAKER BARRIOS ARCHITECTS, INC. AND WERE CREATED, EVOLVED, AND DEVELOPED FOR USE ON AND IN CONNECTION WITH THE SPECIFIED PROJECT. NONE OF THE IDEAS, DESIGNS, ARRANGEMENTS OR PLANS SHALL BE USED BY OR DISCLOSED TO ANY PERSON, FIRM, OR CORPORATION FOR ANY PURPOSE WHATSOEVER WITHOUT THE WRITTEN PERMISSION OF BAKER BARRIOS ARCHITECTS, INC. WARNING: REPRODUCTION HEREOF IS A CRIMINAL OFFENSE UNDER 18 U.S.C. SEC. 506 UNAUTHORIZED DISCLOSURE MAY CONSTITUTE TRADE SECRET MISAPPROPRIATION IN VIOLATION OF 1.C.24-2-31-1 ET. SEQ. AND OTHER LAWS. THE IDEAS, ARRANGEMENTS AND DESIGNS DISCLOSED HEREIN MAY BE PATENTED OR BE THE SUBJECT OF PENDING PATENT APPLICATION. 1 2 3 4 5 6 A B C D E SHEET NUMBER:DATE:A B C D E 1 2 3 4 5 69/28/2017 4:33:58 PMG.005 UNIT BOMA GROSS SF/CLIENT RENTABLE 160146.00 ORLANDO, FL CREATIVE VILLAGE LOT-M PROGRESS SET - NOT FORCONSTRUCTION 3�1�� 1��0�1 �N�� S�1 3�1�� 1��0�5 �N�� A�1 AL� 3�1�� 1��0��N�� A�2 3�1�� 1��0�7 �N�� A�2 AL� 3�1�� 1��0�8 �N�� A�3 3�1�� 1��0�10 �N�� 1 3�1�� 1��0�11 �N�� 3 3�1�� 1��0�12 �N�� 1 3�1�� 1��0�13 �N�� 2 3�1�� 1��0�2 �N�� S�3 3�1�� 1��0�3 �N�� S�� 3�1�� 1��0��N�� A�1 NO DATE REVISION/ SUBMISSION 3�1�� 1��0�9 �N�� 1 AL� 3�1�� 1��0�1��N�� S�2 3�1�� 1��0�15 �N�� S�2 AL� 160146.0009.29.17C.V. MULTI-FAMILY LOT M 8 �12 SF�N�� S�1 1,00� SF�N�� A�1 AL� 589 SF �N�� A�2 7�0 SF �N�� A�2 AL� 7�3 SF �N�� A�3 1,080 SF �N�� 1 1,081 SF �N�� 3 1,307 SF �N�� 1 1,307 SF �N�� 2 55� SF�N�� S�3 525 SF�N�� S��73� SF�N�� A�1 NOTE: REFER TO EXCEL FOR SQUARE FOOTAGES AND UNIT COUNTS 1,010 SF �N�� 1 AL� �12 SF �N�� S�2 �92 SF �N�� S�2 AL� PROJECT NO: ALL IDEAS, DESIGNS, ARRANGEMENTS AND PLANS INDICATED OR REPRESENTED BY THIS DRAWING ARE OWNED BY AND THE PROPERTY OF BAKER BARRIOS ARCHITECTS, INC. AND WERE CREATED, EVOLVED, AND DEVELOPED FOR USE ON AND IN CONNECTION WITH THE SPECIFIED PROJECT. NONE OF THE IDEAS, DESIGNS, ARRANGEMENTS OR PLANS SHALL BE USED BY OR DISCLOSED TO ANY PERSON, FIRM, OR CORPORATION FOR ANY PURPOSE WHATSOEVER WITHOUT THE WRITTEN PERMISSION OF BAKER BARRIOS ARCHITECTS, INC. WARNING: REPRODUCTION HEREOF IS A CRIMINAL OFFENSE UNDER 18 U.S.C. SEC. 506 UNAUTHORIZED DISCLOSURE MAY CONSTITUTE TRADE SECRET MISAPPROPRIATION IN VIOLATION OF 1.C.24-2-31-1 ET. SEQ. AND OTHER LAWS. THE IDEAS, ARRANGEMENTS AND DESIGNS DISCLOSED HEREIN MAY BE PATENTED OR BE THE SUBJECT OF PENDING PATENT APPLICATION. 1 2 3 4 5 6 A B C D E SHEET NUMBER:DATE:A B C D E 1 2 3 4 5 69/28/2017 4:33:58 PMG.005 UNIT BOMA GROSS SF/CLIENT RENTABLE 160146.00 ORLANDO, FL CREATIVE VILLAGE LOT-M PROGRESS SET - NOT FORCONSTRUCTION 3�1�� 1��0�1�N�� S�1 3�1�� 1��0�5 �N�� A�1 AL� 3�1�� 1��0��N�� A�2 3�1�� 1��0�7 �N�� A�2 AL� 3�1�� 1��0�8 �N�� A�3 3�1�� 1��0�10�N�� 1 3�1�� 1��0�11 �N�� 3 3�1�� 1��0�12 �N�� 1 3�1�� 1��0�13 �N�� 2 3�1�� 1��0�2 �N�� S�3 3�1�� 1��0�3 �N�� S�� 3�1�� 1��0��N�� A�1 NO DATE REVISION/ SUBMISSION 3�1�� 1��0�9 �N�� 1 AL� 3�1�� 1��0�1��N�� S�2 3�1�� 1��0�15 �N�� S�2 AL� 07 APPENDIX / CREATIVE VILLAGE STUDENT HOUSING PROJECT (ADJACENT TO PROPOSED MARKET RATE DEVELOPMENT)45 Creative Village Student Housing Project Program Mix C. Rasnick April 4, 2017 # of beds 1.5 1 2 PRO FORMA (MONTHLY RENT PER BED) Percentage of Units # of Units # of Beds Total Beds Single Occupancy Double Occupancy R.A. / Companion Room 7%9 1 9 $600 n/a Resident Manager: 2/2 1%1 1 1 $0 n/a ENTRY: 4/2 w/ no kitchen 37%45 6 270 $960 $760 STANDARD: 4/2 w/ living and kitchenette 38%46 6 276 $1,060 $860 PREMIUM: 4/4 w/ living and kitchenette 17%20 4 80 $1,210 n/a Total 100%121 636 160037.00 01.24.17 CREATIVE VILLAGE STUDENT HOUSING PROJECT (175<81,7%('5220%$7+16) %$7+5220 %('5220 %('5220 %('5220 (175< %('5220 %$7+5220 6,1.6 6,1.60(&+ &/26(7 &/26(7 &/26(7 &/26(7 &/26(7 &/26(7 // Unit Plan 160037.00 01.24.17 CREATIVE VILLAGE STUDENT HOUSING PROJECT 67$1'$5'81,7%('5220%$7+16) *5($75220 %('5220%('5220%('5220 %$7+5220 (175< 0(&+%$7+5220 &/26(7 &/26(7 &/26(7 &/26(7 &/26(7 %('5220 &/26(7 6,1.6,1. // Unit Plan ENTRY UNIT / 4 BEDROOM 2 BATH / 1075 NSF 160037.00 01.24.17 CREATIVE VILLAGE STUDENT HOUSING PROJECT 35(0,8081,7%('5220%$7+16) *5($75220 %('5220%('5220 %('5220 &/26(7 %$7+5220 %('5220 %$7+5220 &/26(7 %$7+5220&/26(7 &/26(7 (175< 0(&+%$7+5220 :+ // Unit Plan STANDARD UNIT / 4 BEDROOM 2 BATH / 1276 NSF PREMIUM UNIT / 4 BEDROOM 4 BATH / 1326 NSF Creative Village Student Housing Project Program Mix C. Rasnick April 4, 2017 # of beds 1.5 1 2 PRO FORMA (MONTHLY RENT PER BED) Percentage of Units # of Units # of Beds Total Beds Single Occupancy Double Occupancy R.A. / Companion Room 7%9 1 9 $600 n/a Resident Manager: 2/2 1%1 1 1 $0 n/a ENTRY: 4/2 w/ no kitchen 37%45 6 270 $960 $760 STANDARD: 4/2 w/ living and kitchenette 38%46 6 276 $1,060 $860 PREMIUM: 4/4 w/ living and kitchenette 17%20 4 80 $1,210 n/a Total 100%121 636 Creative Village Student Housing Project Program Mix C. Rasnick April 4, 2017 # of beds 1.5 1 2 PRO FORMA (MONTHLY RENT PER BED) Percentage of Units# of Units # of Beds Total Beds Single Occupancy Double Occupancy R.A. / Companion Room7%9 1 9 $600 n/a Resident Manager: 2/21%1 1 1 $0 n/a ENTRY: 4/2 w/ no kitchen37%45 6 270 $960 $760 STANDARD: 4/2 w/ living and kitchenette38%46 6 276 $1,060 $860 PREMIUM: 4/4 w/ living and kitchenette17%20 4 80 $1,210 n/a Total100%121 636 UCF was ranked as one of the nation's "Most Innovative" universities in the U.S. News & World Report's Best Colleges 2016 guide rankings. Last year, Kiplingers and the Princeton Review named UCF as one of the nation's best values for a college education. The Carnegie Foundation has classified UCF as an R1 Doctoral University and one of 25 public universities with the Carnegie Foundation's highest designation in two categories: community engagement and very high research activity. In 2016, UCF’s Florida Interactive Entertainment Academy (FIEA), was ranked as the best video game graduate school in North America by the Princeton Review and PC Gamer Magazine. UCF awards the most degrees in Florida and is its largest university, with students from 50 states and 148 countries. Students at UCF have been recognized throughout the world and include recipients of Rhodes, Mellon and Goldwater scholarships. In 2014, UCF enrolled the largest number of National Merit Scholars in the state. UCF is an academic, partnership and research leader in numerous fields, such as optics, modeling and simulation, engineering and computer science, business administration, education, the sciences including biomedical sciences, hospitality management and digital media. On-campus housing includes 11 communities for nearly 12,000 students ranging from first-year to graduate students. The 10,000-seat arena and a 45,000-seat on campus football stadium were both opened in 2007. UCF Knights won the inaugural American Athletic Conference titles in women's soccer and football and was the youngest university to ever play in a BCS bowl game in 2014. 07 APPENDIX / UNIVERSITY OF CENTRAL FLORIDA University of Central Florida, founded in 1963, is the second largest university in the nation. Located in Orlando, Florida, UCF and its 13 colleges provide opportunities to 63,000 students, offering 210 degree programs. 46 07 APPENDIX / UNIVERSITY OF CENTRAL FLORIDA STATISTICS 30.7% PART-TIME STUDENTS 69.3% FULL-TIME STUDENTS 15% GRADUATES DIRECTLY PURSUING ADVANCED STUDY 18 - 22 MEDIAN STUDENT AGE 87.5% FIRST -YEAR STUDENTS RETURNING 45%55% 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 68'70'75'80'85'90'95'00'05'10'15' UCF HISTORICAL HEADCOUNT (1968-2015) 1,948 5,711 10,545 12,820 16,447 21,376 26,325 33,453 45,090 56,337 63,373 12,5% INCR. AVG. 27.1% INCR. PER PERIOD UCF was ranked as one of the nation's "Most Innovative Universities" in the U.S. News & World Report's Best Colleges 2016 guide rankings Sources UCF College knowledge management fall 2015 data. 47 In 1971 Valencia Community College moved to their first permanent location, the 180-acre West Campus located at Kirkman Road. Valencia continued to expand, opening additional campus locations. The East Campus opened in 1975, the Osceola Campus in 1997 and the Winter Park Campus in 1998. In July 2011, the State Board of Governors directed the change of certain community colleges to state colleges, allowing for the inclusion of four year degree programs. As a result, the school was renamed Valencia College. That same year, they began to offer bachelor's degrees for the first time with the launch of two new programs: Radiologic and Imaging Sciences, and Electrical and Computer Engineering Technology. The Aspen Prize for Community College Excellence was based on measurable achievements in graduation rates, workforce placement and innovative programs. They award more associate degrees than any other community college in the nation. DIRECT CONNECT TO UCF Under what's know as the 2+2 system, students who earn an associate's degree are guaranteed a place as juniors at a state university, like UCF. This program guarantees Valencia graduates admission and a smooth transition to UCF. One out of four UCF graduates started at Valencia. THE DIRECT CONNECT PROGRAM OFFERS THE FOLLOWING BENEFITS - Guaranteed admission to a bachelor's degree program at UCF - Preferential admission to select bachelor's degree programs at UCF - Joint advising from UCF and Valencia help ensure a smooth transition Valencia College has the 3rd largest student body out of Florida's 28 state colleges. In 2016, Valencia was awarded the Aspen Prize for "The Best Community College in the Nation". 07 APPENDIX / VALENCIA COLLEGE 48 37.6% OF STUDENT BODY ORANGE COUNTY RESIDENTS 07 APPENDIX / VALENCIA COLLEGE STATISTICS 35,000 30,000 25,000 20,000 15,000 10,000 94'95'96'97'98'99'00'01'02'03'04'05'06'07'08'09'10' 14,449 15,122 16,238 20,388 21,513 20,872 23,816 29,296 VALENCIA COLLEGE HISTORICAL HEADCOUNT 1 - YEAR (2009-2010) INCREASE = 10.8% 3 - YEAR (2007-2010) INCREASE = 35.5% 18,034 60,548 CREDIT-SEEKING STUDENTS 21 MEDIAN STUDENT AGE 1 OUT OF 4 UCF GRADUATES STARTING AT VALENCIA 37.4% FULL-TIME STUDENTS 62.6% PART-TIME STUDENTS Valencia College is recognized nationally as one of the best and largest state colleges in America with more than 70,000 students enrolled in on-campus, distance learning, and continuing education programming. Sources Valencia College institutional research printed 7/7/2010 *FTEL Full time equivalent students rather than total enrollment 49 STATE FUNDED FTE EXECUTIVE SUMMARY Cost Cost/Unit SITEWORK $3,520,676 $8,608 PARKING GARAGE $10,458,384 $25,571 MULTI-FAMILY $63,401,458 $155,016 SUBTOTAL $77,380,518 $189,194 TOTAL PROJECT $77,380,518 $189,194 Cost per unit based on 409 Units Project Breakdown Ustler Development CREATIVE VILLAGE MULTI-FAMILY LOT M Orlando, Florida November 10, 2017 Conceptual Budget 11/10/17 07 APPENDIX / CONSTRUCTION COST 50 SCHEDULE OF VALUES | SITE AC:2.00 CSI Item of Work Total Cost Cost Per AC 160 Temporary Measures $26,760 $13,380 180 Cleanup & Dumpsters $0 $0 190 Equipment & Hoisting $0 $0 200 Building Demolition $0 $0 225 Site Demo & Clearing $20,000 $10,000 229 Erosion Control $18,162 $9,081 220 Deep Foundations - Parking Deck only 85' Depth $623,700 $311,850 230 Earthwork & Grading $305,796 $152,898 231 Unsuitable Soils Removal Allowance $50,000 $25,000 232 Dewatering $0 $0 235 Shoring at Existing Roads Allowance $50,000 $25,000 240 Site Storm Drainage $97,500 $48,750 241 Exfiltration System Allowance $200,000 $100,000 245 Site Domestic Water $9,000 $4,500 250 Site Fire Water $52,500 $26,250 255 Site Sanitary Sewer $13,000 $6,500 260 Site Gas $11,250 $5,625 265 Paving & Curbs $83,320 $41,660 280 Hardscape Pavers & Sidewalks $337,785 $168,893 285 Landscaping & Irrigation $130,000 $65,000 286 Landscaping & Site Features at Courtyard Allowance $760,500 $380,250 290 Site Furnishings $80,145 $40,073 291 Monumental Signage $0 $0 1600 Site Lighting $144,000 $72,000 1800 General Conditions $152,186 $76,093 1810 Preconstruction $7,962 $3,981 1850 Permits $24,644 $12,322 1860 Contractor Insurance and Risk Management $52,809 $26,404 1870 Subcontractor Default Program $35,653 $17,826 1900 Contingency $98,597 $49,299 1920 Escalation $0 $0 Subtotal $3,385,269 $1,692,635 Fee $135,407 $67,703 Totals $3,520,676 $1,760,338 Orlando, Florida 11/10/2017 CREATIVE VILLAGE MULTI-FAMILY LOT M Ustler Development Conceptual Budget11/10/17SCHEDULE OF VALUES / SITE SCHEDULE OF VALUES | APARTMENTS Units 409 CSIItem of WorkTotal Cost Cost Per Unit CREATIVE VILLAGE MULTI-FAMILY LOT M Ustler Development Orlando, Florida 11/10/2017 Conceptual Budget11/10/17 1420 Trash Chute $42,172 $103.11 1530 Fire Protection $1,062,432 $2,597.63 1540 Plumbing $3,113,359 $7,612.12 1550 HVAC $2,822,779 $6,901.66 1600 Electrical $5,905,673 $14,439.30 1605 Access Control/CCTV/Phone Entry $261,966 $640.50 1610 Exterior Uplights $100,408 $245.50 1700 3rd Party Commissioning - Not Included $0 $0.00 1800 General Conditions $2,740,622 $6,700.79 1810 Preconstruction $143,386 $350.58 1850 Permits $443,797 $1,085.08 1860 Contractor Insurance and Risk Management $950,996 $2,325.17 1870 Subcontractor Default Program $642,049 $1,569.80 1900 Contingency $1,775,570 $4,341.25 1920 Escalation $0 $0.00 Subtotal$60,963,009 $149,054 Fee $2,438,449 $5,962 Totals$63,401,458 $155,016 HARD COST 07 APPENDIX / CONSTRUCTION COST SCHEDULE OF VALUES | PARKING GARAGE Parking Spaces 570 CSI Item of Work Total Cost Cost Per Space 181 Cleanup & Dumpsters $89,263 $156.60 190 Equipment & Hoisting $0 $0.00 200 Temporary Shoring $0 $0.00 300 Concrete Frame $681,592 $1,195.78 360 Precast $5,468,147 $9,593.24 400 Masonry $68,294 $119.81 410 Special Finish at Exterior Garage Wall - See Premiums Below $0 $0.00 500 Structural & Miscellaneous Steel $152,898 $268.24 510 Barrier Cable $26,658 $46.77 515 Security Screen $45,184 $79.27 600 Rough Carpentry $0 $0.00 610 Millwork/Finish Carpentry $0 $0.00 700 Waterproofing/Caulking $93,850 $164.65 720 Spray Fireproofing $0 $0.00 750 Roofing $0 $0.00 800 Doors/Frames/Hardware $66,699 $117.02 820 Glass & Glazing - See Premiums Below $0 $0.00 900 Stucco/EIFS $0 $0.00 910 Framing & Drywall $0 $0.00 920 Amenity/Building Services - Clubhouse - See Apartments $0 $0.00 990 Painting $52,139 $91.47 1000 Specialties $8,056 $14.13 1010 Code Required Signage $65,265 $114.50 1020 Canopies $1,807 $3.17 1300 Pool - See Apartments $0 $0.00 1150 Parking Equipment $0 $0.00 1110 Loading Dock Equipment $20,082 $35.23 1200 Window Treatment $0 $0.00 1400 Elevators $0 $0.00 1530 Fire Protection $62,567 $109.77 1540 Plumbing $135,561 $237.83 1550 HVAC $30,121 $52.84 1600 Electrical $698,660 $1,225.72 1800 General Conditions $452,079 $793.12 1810 Preconstruction $23,652 $41.50 CREATIVE VILLAGE MULTI-FAMILY LOT M Ustler Development Orlando, Florida 11/10/2017 Conceptual Budget11/10/17 SCHEDULE OF VALUES | PARKING GARAGE Parking Spaces 570 CSI Item of Work Total Cost Cost Per Space CREATIVE VILLAGE MULTI-FAMILY LOT M Ustler Development Orlando, Florida 11/10/2017 Conceptual Budget11/10/17 1850 Permits $73,207 $128.43 1860 Contractor Insurance and Risk Management $156,871 $275.21 1870 Subcontractor Default Program $105,909 $185.81 1900 Contingency $292,889 $513.84 1920 Escalation $0 $0.00 Subtotal $8,871,451 $15,564 Fee $402,234 $706 Parking Garage Total $9,273,685 $16,270 Parking Garage Premiums 1 Precast Double-tee premium for pool deck $458,842 $804.99 2 Structural Steel for Glazing, Corner Feature and Sign $124,255 $217.99 3 Special Finish at Garage Skin $248,012 $435.11 4 Garage Exterior Glazing $103,324 $181.27 5 Fire Protection Premium $250,266 $439.06 6 Mechanical Ventilation Premium $0 $0.00 Subtotal $1,184,699 $2,078 Parking Garage Total with Premiums $10,458,384 $18,348 51 SCHEDULE OF VALUES / PARKING GARAGE SCHEDULE OF VALUES / PARKING GARAGE SCHEDULE OF VALUES | APARTMENTS Units 409 CSIItem of WorkTotal Cost Cost Per Unit CREATIVE VILLAGE MULTI-FAMILY LOT M Ustler Development Orlando, Florida 11/10/2017 Conceptual Budget11/10/17 1420 Trash Chute $42,172 $103.11 1530 Fire Protection $1,062,432 $2,597.63 1540 Plumbing $3,113,359 $7,612.12 1550 HVAC $2,822,779 $6,901.66 1600 Electrical $5,905,673 $14,439.30 1605 Access Control/CCTV/Phone Entry $261,966 $640.50 1610 Exterior Uplights $100,408 $245.50 1700 3rd Party Commissioning - Not Included $0 $0.00 1800 General Conditions $2,740,622 $6,700.79 1810 Preconstruction $143,386 $350.58 1850 Permits $443,797 $1,085.08 1860 Contractor Insurance and Risk Management $950,996 $2,325.17 1870 Subcontractor Default Program $642,049 $1,569.80 1900 Contingency $1,775,570 $4,341.25 1920 Escalation $0 $0.00 Subtotal$60,963,009 $149,054 Fee $2,438,449 $5,962 Totals$63,401,458 $155,016 07 APPENDIX / CONSTRUCTION COST SCHEDULE OF VALUES | APARTMENTS Units 409 CSI Item of Work Total Cost Cost Per Unit 180 Cleanup & Dumpsters $177,121 $433.06 190 Equipment & Hoisting $1,134,622 $2,774.14 220 Temporary Shoring $0 $0.00 300 Concrete Frame $13,881,089 $33,939.09 400 Masonry $482,683 $1,180.15 500 Structural & Misc. Steel $926,267 $2,264.71 510 Ornamental Railings $187,227 $457.77 600 Unit Cabinetry, Trim & Countertops $1,382,325 $3,379.77 610 Rough Carpentry & Trim $385,110 $941.59 700 Waterproofing/Caulking $347,966 $850.77 701 Expansion Joints $193,989 $474.30 720 Spray Fireproofing $0 $0.00 740 Metal Panels $0 $0.00 750 Roofing $646,291 $1,580.17 800 Doors/Frames/Hardware $2,033,347 $4,971.51 820 Exterior Glass & Glazing $1,759,909 $4,302.96 825 Interior Glass $46,188 $112.93 900 EIFS $2,078,670 $5,082.32 910 Framing & Drywall $7,786,211 $19,037.19 930 Tile & Stone $560,922 $1,371.45 960 Soft Flooring $884,964 $2,163.73 970 Amenity/Building Services - Fitness & Leasing $332,399 $812.71 975 Amenity/Building Services - Clubhouse $261,062 $638.29 990 Painting $1,237,819 $3,026.45 1000 Specialties $482,726 $1,180.26 1010 Code Required Signage $6,160 $15.06 1020 Exterior Canopies $0 $0.00 1100 Install Owner Equipment - Not Included $0 $0.00 1105 Residential Appliances $1,237,032 $3,024.53 1110 Loading Dock Equipment - Not Included $0 $0.00 1140 Food Service Equipment - Not Included $0 $0.00 1200 Window Blinds $90,696 $221.75 1300 Pool $922,936 $2,256.57 1400 Elevators $1,492,069 $3,648.09 CREATIVE VILLAGE MULTI-FAMILY LOT M Ustler Development Orlando, Florida 11/10/2017 Conceptual Budget11/10/17 SCHEDULE OF VALUES | APARTMENTS Units 409 CSI Item of Work Total Cost Cost Per Unit CREATIVE VILLAGE MULTI-FAMILY LOT M Ustler Development Orlando, Florida 11/10/2017 Conceptual Budget11/10/17 1420 Trash Chute $42,172 $103.11 1530 Fire Protection $1,062,432 $2,597.63 1540 Plumbing $3,113,359 $7,612.12 1550 HVAC $2,822,779 $6,901.66 1600 Electrical $5,905,673 $14,439.30 1605 Access Control/CCTV/Phone Entry $261,966 $640.50 1610 Exterior Uplights $100,408 $245.50 1700 3rd Party Commissioning - Not Included $0 $0.00 1800 General Conditions $2,740,622 $6,700.79 1810 Preconstruction $143,386 $350.58 1850 Permits $443,797 $1,085.08 1860 Contractor Insurance and Risk Management $950,996 $2,325.17 1870 Subcontractor Default Program $642,049 $1,569.80 1900 Contingency $1,775,570 $4,341.25 1920 Escalation $0 $0.00 Subtotal $60,963,009 $149,054 Fee $2,438,449 $5,962 Totals $63,401,458 $155,016 52 SCHEDULE OF VALUES / APARTMENTS SCHEDULE OF VALUES / APARTMENTS SCHEDULE OF VALUES | APARTMENTS Units 409 CSIItem of WorkTotal Cost Cost Per Unit CREATIVE VILLAGE MULTI-FAMILY LOT M Ustler Development Orlando, Florida 11/10/2017 Conceptual Budget11/10/17 1420 Trash Chute $42,172 $103.11 1530 Fire Protection $1,062,432 $2,597.63 1540 Plumbing $3,113,359 $7,612.12 1550 HVAC $2,822,779 $6,901.66 1600 Electrical $5,905,673 $14,439.30 1605 Access Control/CCTV/Phone Entry $261,966 $640.50 1610 Exterior Uplights $100,408 $245.50 1700 3rd Party Commissioning - Not Included $0 $0.00 1800 General Conditions $2,740,622 $6,700.79 1810 Preconstruction $143,386 $350.58 1850 Permits $443,797 $1,085.08 1860 Contractor Insurance and Risk Management $950,996 $2,325.17 1870 Subcontractor Default Program $642,049 $1,569.80 1900 Contingency $1,775,570 $4,341.25 1920 Escalation $0 $0.00 Subtotal$60,963,009 $149,054 Fee $2,438,449 $5,962 Totals$63,401,458 $155,016 USTLER GROUP OF COMPANIES Craig T. Ustler, MAI, CCIM President Ustler Development, Inc. 800 North Orange Avenue, Suite 200 Orlando, FL 32801 O: +1 407 839 1070 Custler@ustler.net www.ustler.net THE ALLEN MORRIS COMPANY Lisel C. Morris Investor Relations The Allen Morris Company 121 Alhambra Plaza, PH01 Coral Gables, FL 33134 O: +1 305 443 1000 x 530 Lisel@allenmorris.com www.allenmorris.com FOR MORE INFORMATION ABOUT CREATIVE VILLAGE Creative Village: www.creativevillagedevelopment.com Creative Village Land Broker: www.creativevillagelandbroker.com City of Orlando: www.cityoforlando.net/economic/creative-village UCF: www.ucf.edu/downtown Valencia College: www.valenciacollege.edu Downtown Orlando: www.downtownorlando.com Orlando Economic Partnership: www.orlandoedc.com LYNX: www.golynx.com General: This Executive Summary does not contain all the information that a prospective investor would need in investigating an investment in any potential project described herein, and may be subject to updating, withdrawal, revision or amendment. No representation or warranty, express or implied, is or will be given by The Allen Morris Company or its employees, affiliates or advisers as to the accuracy or completeness of the presentation or the information or opinions contained therein. The contents of this presentation are strictly confidential and proprietary. All recipients expressly agree not to disclose any information contained herein nor distribute this development pipeline to any person without express authorization from The Allen Morris Company. Except as otherwise expressly stated, the information in this Executive Summary is current only as of the date on the last page of this document. The Allen Morris Company assumes no obligation, and it specifically disclaims any intention or obligation, to update any information in this Executive Summary, whether as a result of new information, future events or otherwise. This Presentation contains views and opinions which, by their very nature, are subject to uncertainty and involve inherent risks. Predictions or forecasts, described or implied, may prove to be wrong and are subject to change without notice. References to targeted returns or other goals that The Allen Morris Company seeks to achieve are aspirational only and should not be considered a prediction or guarantee that such results will be achieved. Investments involve a risk of loss of capital. Past performance is not a guarantee of future results. Certain information contained in this Presentation constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “intend,” “project,” “continue” or “believe,” or the negatives thereof, other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the project described herein may differ materially from the events, results or performance reflected or contemplated in such forward-looking statements. Any projections, targets, forecasts and estimates contained herein are based upon certain assumptions that The Allen Morris Company considers reasonable. Projections, targets, forecasts and estimates are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the projections, targets, forecasts and estimates will not materialize and/or that actual events and consequences thereof will vary significantly from the assumptions upon which projections contained herein have been based. The inclusion of projections, targets, forecasts and/or estimates herein should not be regarded as a representation or guarantee regarding the reliability, accuracy or completeness of the information contained herein, and The Allen Morris Company is under no obligation to update or keep current such information. Unless otherwise indicated, the information provided herein is based on matters as they exist as of the date of preparation of this Presentation and not as of any future date. Recipients of this Presentation are encouraged to contact The Allen Morris Company to discuss the procedures and methodologies used to make the projections, targets, forecasts and estimates and other information provided herein. Certain forward-looking statements are based upon architectural concepts, project cost estimates and costs of equity and debt capital, all of which are subject to change. Not an Offer: This Executive Summary is for discussion purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any securities or interests in any venture, project or investment vehicle. Any such offer or solicitation, if made at all, will be pursuant to separate documents and other related agreements. This Investment Summary does not contain all information required to evaluate a potential investment in any venture, project or investment vehicle.