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T A B L E O F C O N T E N T S

50 Glenlake Parkway, Suite 600Atlanta, GA 30328BullRealty.com

Scott K. SpaldingV.P. The Apartment [email protected] x156

Exclusively listed by Bull Realty, Inc.

D I S C L A I M E R & L I M I T I N G C O N D I T I O N SD E C A T U R M U LT I F A M I LY O P P O R T U N I T Y | 3 4 U N I T S

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Bull Realty has been retained as the exclusive listing broker to arrange the sale of the Subject Property.

This Offering Memorandum contains selected information pertaining to the Property but does not purport to be all-inclusive or to contain all of the information that aprospective purchaser may require. All financial projections are provided for general reference purposes only and are based upon assumptions relating to the generaleconomy, competition and other factors, which therefore, are subject to material change or variation. Prospective purchasers may not rely upon the financialprojections, as they are illustrative only. An opportunity to inspect the Property will be made available to qualified prospective purchasers.

In this Offering Memorandum, certain documents, including financial information, are described in summary form and do not purport to be complete or accuratedescriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to review independently alldocuments.

This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation,endorsement or advice as to the value of the Property by Bull Realty Inc. or the current Owner/Seller. Each prospective purchaser is to rely upon its own investigation,evaluation and judgment as to the advisability of purchasing the Property described herein.

Owner/Seller expressly reserve the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminatediscussions with any party at any time with or without notice. Owner/Seller shall have no legal commitment or obligation to any purchaser reviewing this OfferingMemorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered and approvedby the Owner/Seller and any conditions to the purchaser's obligations therein have been satisfied or waived. The Seller reserves the right to move forward with anacceptable offer prior to the call for offers deadline.

This Offering Memorandum may be used only by parties approved by the Owner. The Property is privately offered, and by accepting this Offering Memorandum, theparty in possession hereof agrees (i) to return it if requested and (ii) that this Offering Memorandum and its contents are of a confidential nature and will be held andtreated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior writtenauthorization of Bull Realty, Inc. or Owner/Seller. The terms and conditions set forth above apply to this Offering Memorandum in its entirety and all documents, disksand other information provided in connection therewith.

Bull Realty is pleased to present White Oak Townhomes, a 34-unit apartment community in the

Decatur/North Druid Hills submarket of Atlanta. The property features a unit mix of 27 (2) bedroom

(1.5) bath townhome units, 6 (1) bedroom (1) bath units and 1 (3) bedroom (1) bath unit. The

property is all electric with central HVAC and has off-street parking.

White Oak Townhomes has an average rent of $0.63/SF. There is room to continue to push rents

based on the rent survey on page 14. The property is currently 94% occupied and an excellent

opportunity for long-term upside potential.

PROPERTY OVERVIEW• 34-unit townhome community

• Great value-add opportunity

• All units total electric with central HVAC

• 94% occupied

• Below market rents

• Off-street parking

• Excellent location with close proximity to Downtown Atlanta and the City of Decatur

PROPERTY HIGHLIGHTS

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E X E C U T I V E S U M M A R YD E C A T U R M U LT I F A M I LY O P P O R T U N I T Y | 3 4 U N I T S

PRICE | $1,925,000

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P R O P E R T Y O V E R V I E WD E C A T U R M U LT I F A M I LY O P P O R T U N I T Y | 3 4 U N I T S

Address: 2721 White Oak Drive, Decatur, GA 30032County: DeKalbBuilding Size: 41,000 SF# Units: 34

Unit Mix:(6) 1 Br / 1 Ba

(27) 2 Br / 1.5 Ba(1) 3 Br / 1 Ba

Occupancy Rate: 94%Site Size: 2.60 AcresYear Renovated: 2013Floors: 2Parking: Off-streetHVAC: CentralZoning: RM85Sale Price: $1,925,000

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1 BEDROOM / 1 BATHROOMFLOOR PLAN OPTION 1

1 2 BEDROOM / 1.5 BATHROOMFLOOR PLAN OPTION 2

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A E R I A LD E C A T U R M U LT I F A M I LY O P P O R T U N I T Y | 3 4 U N I T S

SUBJECT PROPERTYAddress City Sale Price Year Built Price/SF Price/Unit # Units Sold Date

2721 White Oak Drive Decatur $1,925,000 1969 $46.95 $56,618 34 -

SALES COMPSAddress City Sale Price Year Built Price/SF Price/Unit Sold Date

1 2892 Eastwyck Cir Decatur $23,650,000 1964 $46.06 $54,243 436 10/30/2017

2 3799 N Decatur Rd Decatur $9,230,000 1969 $90.00 $71,591 156 10/11/2017

3 1403 Custer Ave SE Atlanta $7,900,000 1962 $56.46 $59,167 144 03/31/2017

Subject Property

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S A L E C O M P SD E C A T U R M U LT I F A M I LY O P P O R T U N I T Y | 3 4 U N I T S

SUBJECT PROPERTY

2721 White Oak Drive | Decatur, GA 30032

$1,925,000Sale Price: 1969Year Built:

2.6 ACSite Size: 34No. Units:

1

EASTWYCK VILLAGE TOWNHOMES

2892 Eastwyck Cir | Decatur, GA 30032


513,474 SFBuilding SF: 10/30/2017Closed:


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BRENTWOOD APARTMENTS

3799 N Decatur Rd | Decatur, GA 30032




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BALFOUR EAST LAKE APARTMENTS

1403 Custer Ave SE | Atlanta, GA 30316




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SUBJECT PROPERTYAddress City Avg. Unit Size # Of Units Avg. Unit Mix Avg. Rent/SF/Month

2721 White Oak Drive Decatur 1,094 SF 34 2 Br / 1.5 Ba $0.63

RENT COMPSAddress City Avg. Unit Size # Of Units Avg. Unit Mix Avg. Rent/SF/Month

1 2784 Kelly Lake Rd Decatur 970 SF 40 2 Br / 1 Ba $1.13

2 245 Candler Rd SE Atlanta 819 SF 40 2 Br / 1 Ba $1.12

3 212 Adair St Decatur 950 SF 35 2 Br / 1 Ba $1.16

Subject Property

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R E N T C O M P SD E C A T U R M U LT I F A M I LY O P P O R T U N I T Y | 3 4 U N I T S

SUBJECT PROPERTY

2721 White Oak Drive | Decatur, GA 30032

1,094 SFSpace Size: 41,000 SFBldg Size:34No. Units:

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WHISPERING PINES APARTMENTS2784 Kelly Lake Rd | Decatur, GA 30032

970 SFSpace Size: 48,620 SFBldg Size:40No. Units:

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THE COMMONS OF EAST LAKE245 Candler Rd SE | Atlanta, GA 30317


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ADAIR OAKS APARTMENTS212 Adair St | Decatur, GA 30030


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AT L A N TA D A I R I E S

Located just off the BeltLine, the Atlanta Dairiesredevelopment transforms a historic icon ofReynoldstown into a new center of gravity for Atlanta’sEastside neighborhoods. For 60 years, the old AtlantaDairies cooperative was a hub of commercial activity onMemorial Drive. With this industrial heritage, the visionfor redevelopment incorporates a mix of shopping,dining, and entertainment venues connected by agreenspace. Along with unique office space andapartments, Atlanta Dairies will be a gathering place forvisitors and residents to enjoy outdoor entertainment aswell as the arts and live music.

P R AT T- P U L L M A N Y A R D

Film producer Adam Rosenfelt bought the 27-acrehistoric Kirkwood site with the vision of a self-sustainingmini-city anchored by film production. The $200 millionredevelopment project will headline revitalization of alandmark property that has been a point of pride forKirkwood residents. The hotel, restaurants, retail, officespace, and the film studio will be designed to maintainas much of the site's history as possible. Each bay doorin one of the larger structures, will eventually host itsown food concept in the lobby of the hotel to-be; each isalso planned to have an outdoor component, next to apublic lawn area. Construction is scheduled for Summerof 2018.

M A D I S O N Y A R D S

The 17-acre mixed-use project, located at MemorialDrive and Bill Kennedy Way, is scheduled to include over

130,000 SF of retail & restaurant space, 400 multifamilyunits and 200 senior housing units. It will be anchored by a

Publix supermarket and an AMC theater, with parkingavailable in multiple on-site decks. With its proximity to

both Downtown Atlanta and the BeltLine’s Eastside Trailand bordered by Intown neighborhoods of Reynolds

Town, Inman Park, Old Fourth Ward & Grant Park, thiscorridor has become one of Atlanta’s biggest

development sites. The project is slated to be completedin early 2019.

E A S T L A K E G O L F C L U B

East Lake Golf Club, established in 1904, is the oldestgolf course in Atlanta and the home course of golfer

Bobby Jones. Since 2004, East Lake has been thepermanent home of The Tour Championship, the

culminating event of the PGA Tour Playoffs for theFedEx Cup. The Tour Championship was first played at

the course in 1998. All proceeds from operations at EastLake Golf Club go to support the East Lake Foundation,

which has helped transform one of the nation's worstpublic housing projects into a thriving community.

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* Demographic data derived from 2010 US Census

1 Mile 3 Miles 5 Miles

Total Population 10,557 100,830 264,395Population Density 3,360 3,566 3,366Median Age 37.2 36.6 35.3Median Age (Male) 36.1 34.8 33.9Median Age (Female) 38.5 38.8 36.9Total Households 4,118 40,449 108,779# of Persons Per HH 2.7 2.5 2.6Average HH Income $62,099 $76,419 $80,375Average House Value $199,108 $251,365 $257,044

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A B O U T T H E A R E AD E C A T U R M U LT I F A M I LY O P P O R T U N I T Y | 3 4 U N I T S

D E C AT U R , GA

Centrally located in the heart of DeKalb County, Decatur is close to practically

everything in metro Atlanta. Family fun for all kinds of families is readily available

in Decatur in the form of outdoor concerts in the spring and fall; kid-friendly

events and festivals; city parks and pools; bike trails; and popular shops that cater

to kids. Top destinations around Atlanta are an easy trip from Decatur, and many

spots are accessible via MARTA of the free Cliff Shuttle between Decatur and

Emory University.

Decatur is a destination in itself for foodies, fashionistas and fun-lovers. They flock

here for our critically acclaimed restaurants, including Leon’s, Twain’s and the

Brickstore, that emphasize farm-to-table concepts and hand-crafted beers.

Storefront boutiques that specialize in the latest trends with a spotlight on

organic, fair trade goods, sustainable materials and local designers are also

present in the city. Live music of all genres can also be found at numerous other

venues in Downtown Decatur and nearby Oakhurst Village.

B R O K E R P R O F I L ED E C A T U R M U LT I F A M I LY O P P O R T U N I T Y | 3 4 U N I T S

Bull Realty is a commercial real estate sales, leasing, management and advisory firm headquartered in Atlanta licensedin nine Southeast states. The firm was founded in 1998 on two primary missions: to provide a company of advisorsknown for integrity and to provide the best disposition marketing in the nation. Still guided by these philosophies, thefirm's services have expanded to include disposition, acquisition, project leasing, property management, tenantrepresentation and consulting services. To add additional value and efficiency for clients, advisors focus on specificsectors and services in the office, retail, industrial, multifamily, land, healthcare, senior housing, self-storage,automotive, hospitality and single tenant net lease sectors.

The firm produces America's Commercial Real Estate Show, a national video show and podcast enjoyed by millions ofpeople around the country. Industry analysts, leading market participants and the firm's founder Michael Bull sharemarket intelligence, forecasts and success strategies. The show has aired every week since 2010 on iTunes, YouTube andwww.CREshow.com. The firm also produces Atlanta's Commercial Real Estate Show available on AtlCREshow.com.

404-876-1640 x156

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50 Glenlake Parkway, Suite 600Atlanta, GA 30328

[email protected]

V.P. The Apartment GroupSCOTT K. SPALDING Professional Background

Scott K. Spalding specializes in assisting clients in the acquisition and disposition of 50+ unit apartment communities inmetro Atlanta. Clients find Scott's 25 years of operational experience as a principal in a real estate investment companybeneficial in the successful marketing, sourcing and closing of transactions.

Previous experience includes working with high net worth individuals in retirement planning and wealth buildingstrategies.

The Los Angeles native graduated with honors from Morehouse College where he received a degree in business with aconcentration in real estate. When Scott is not engaged in assisting his clients he enjoys traveling, waterskiing andrunning.

Bull Realty Inc.

T E A M P R O F I L ED E C A T U R M U LT I F A M I LY O P P O R T U N I T Y | 3 4 U N I T S

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Scott K. SpaldingV.P. The Apartment [email protected] x156

Carine DavisMarketing

Michael BullBroker

Joe MitchellMarketing

Scott JacksonAnalyst

Documents

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