COMMERCIAL R C MULITFAMILY INVESTMENT SERVICES · MULITFAMILY INVESTMENT SERVICES Spring Tree 7020 East Reno Midwest City, OK Tinker Air Force is a major U.S. Air Force base located

Providing professional apartment brokerage and marketing services for over 25 years

Arkansas Oklahoma Kansas

COMMERCIAL REALTY RESOURCES COMPANY MULITFAMILY INVESTMENT SERVICES

Mike Buhl

CRRC-OKC

405.360.5966 [email protected]

Darla Knight

CRRC-Tulsa

918.557.5966

[email protected]

Araine Cash

CRRC-Corporate

405.274.2491

[email protected]

M i d w e s t C i t y, O K

Spring Tree Apartments 7 0 2 0 E a s t R e n o

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The information included herein is from reliable sources, but is not guaranteed and is offered subject to errors and omissions.

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Spring Tree Apartments

Table of Contents

1. Spring Tree Property Highlights

• Map and Photos • Property Information • Unit Mix • Floor Plans

2. Purchase Price and Terms

• Purchase Price and Terms

3. Income/Expense Statement

• Income & Expense Statement

4. Rent & Sale Comparables

• Rent Comparables • Sale Comparables

5. Oklahoma City Overview

• Midwest City Overview

6. Oklahoma Broker Relationship Act

• Oklahoma Broker Relationship Act

1

www.crrc.us Spring Tree Property Highlights


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Spring TreeSpring TreeSpring Tree 7020 East Reno

Midwest City, OK

Neighborhood Map


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Aerial Photo


Midwest City, OK



Midwest City, OK

Tinker Air Force is a major U.S. Air Force base located in the southeast Oklahoma City area, di-rectly south of the suburb of Midwest City, Okla-homa. The base has more than 27,000 military and civilian employees and is the largest sin-gle-site employer in the state of Oklahoma. The installation covers approx. 9 square miles and has 760 buildings with a building floor space of over 15,200,000 square feet .The base is bounded by I-40 on the north and I-240 on the south. With the City of Oklahoma City and Okla-homa County owning several square miles of land adjacent to the base, Tinker is one of the few mili-tary bases in a major metropolitan area with suf-ficient room for expansion. Furthermore, Tinker is located in a community that supports expansion; Oklahoma County voters ap-proved a 2008 measure to purchase the former GM Oklahoma City Assembly plant (located adjacent to the base) and lease it to Tinker for future expansion.

Midwest Regional Medical Center, located in Midwest City on the eastern edge of Okla-homa City, provides comprehensive medical care from diagnosis to treatment for a full range of illnesses, injuries and disorders. Midwest Regional employs over 1,650 employees.

The Midwest City-Del City School District, located immedi-ately east of Oklahoma City, provides a comprehensive educa-tional program for over 14,600 students and has over 1,800 employees. The district attracts the finest teachers available because of location, facilities, commitment to education, and a salary schedule which is one of the higher in the state.

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Rose State College currently has an enrollment of over 8,200 students and has over 1,000 employees.

The Submarket


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Midwest City, OK

Tinker Air Force Base

Midwest Regional Medical Center

Mid-Del School District Main Office

Rose State College

Spring Tree Apartments


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Midwest City, OK

Spring Tree presents the opportunity to purchase a well maintained asset in a superb location at the major intersection of Reno and Air Depot in Midwest City. It is estimated that over 27,045 vehicles travel through this intersection daily (according to ACOG). Spring Tree is located within two miles of Tinker Air Force Base (Oklahoma’s 3rd largest employer), Midwest Regional Medical Center & Rose State College. Combined these three employment centers have over 31,000 employees and have a direct impact on the potential tenant base for Spring Tree. The student base at Rose State College is also a major draw for this submarket. The property has pitched roofs with composition shingles that were replaced in 2009 and offers an investor a stable asset based on the current operating numbers. The offering represents a 9.53% Cap Rate based on in place numbers for January through April 2009 annualized.

Offering Description

Property Description: Spring Tree is a 145 unit two-story garden style apartment community located at 7020 East Reno. Built in 1968, Spring Tree has a high visibility location on Reno and Air Depot in Midwest City. This location provides quick and easy access to all parts of Midwest City. Midwest Regional Medical Center, with over 300 Staff Physicians, is within one mile of the property. Tinker Air Force Base (over 27,000 em-ployees), Rose State College (over 8,200 enrollment) and the Midwest City Municipal Complex (over 1,300 employees) are all within two miles of Spring Tree. The CBD of Oklahoma City is roughly five miles west of the property.

Number of Units: 145

Number of Buildings: There are 11 two-story wood framed apartment buildings with brick and wood exteriors and pitched composition shingle roofs. The parking areas are asphalt with concrete curbs and walkways.

Year Built: 1968 (according to courthouse records)

Apartment Features: Wall-to-wall carpeting, refrigerator, electric range/oven with vent hood, disposal, dishwasher, mini-blinds, ceiling fans, and walk-in closets.

Property Amenities: Swimming pool and on-site laundry facility. Mature land-scaping is located throughout the property.

Construction:

Style: Two-Story Garden Style

Exterior: Brick Veneer and Wood/Siding

Roof: Pitched composition shingle roofs replaced in 2009.


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Midwest City, OK

Mechanical System:

Electrical Metering: Total electric and individually metered. Tenants pay elec-tric.

HVAC: Each unit is heated by electric baseboard heaters. Cooling is provided by through-the-wall electric cooling units that are vented to all areas of the apartment unit.

Hot Water: Hot water is provided by individual 40-gallon electric hot water heaters.

Water: Provided by Property

Site/Land Area: 5.12 acres (according to courthouse records)

Density: 28.32 units per acre

Current Occupancy: Available upon request

Real Estate Taxes: R150422450 Assessed Value (2009): 231,000 Tax Rate (2009): 112.82 Tax Amount : $26,061



Midwest City, OK

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UNIT MIX MARKET RENTS

DISTRIBUTION RATIO

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Midwest City, OK

No. Units Unit Type Sq. Ft. Total Sq. Ft

Rent Rent Per Sq. Ft.

Monthly Gross

Annual Gross

45 1 Bed/1 Bath 651 29,295 398.20 0.61 17,919 215,028

22 2 Bed/1 Bath 876 19,272 448.68 0.51 9,871 118,452

33 2 Bed/1 Bath WD 876 28,908 468.06 0.53 15,446 185,352

1 2 Bed/1.5 Bath 925 925 429 0.46 429 5,148

145 821 119,101 437.74 0.53 63,473 761,676

41 2 Bed/2 Bath 925 37,925 470.22 0.51 19,279 231,348

1 3 Bed/2 Bath 975 975 529 0.54 529 6,348

1 Shop 876 876 ‐ ‐ ‐ ‐

1 Office 925 925 ‐ ‐ ‐ ‐

Distribution Ratio

1 Bed/1 Bath31%

2 Bed/1 Bath39%

2 Bed/2 Bath30%

2

www.crrc.us Purchase Price & Terms


Purchase Price & Terms

Purchase Price:

$3,550,000

Terms of Sale:

Buyer to obtain new financing

Price Per Apartment Unit:

$24,483

Price Per Net Rentable Sq. Ft.

$29.81

Cap Rate: (Based on Proforma)

9.53%

Cash-On-Cash: (Based on Proforma)

12.69%

GRM:

4.66


Midwest City, OK

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www.crrc.us Income & Expense Statement

Property SpreadsheetRun Date: 29-May-09 Price: 3,550,000$ Cap Rate: 9.53%Project: Spring Tree Per Unit: 24,483$ Cash-On-Cash: 12.69%Location: Midwest City Per Foot: 29.81$ GRM: 4.66Number of Units: 145 Mortgage Balance: 2,662,500$ Net Rentable S.F. 119,101 Equity Requirement: 887,500$ 25%

No. Units Sq.Ft. Total Sq.Ft. Rent Roll Rent/Sq.Ft. Gross/Mo. Gross/Yr.45 1Bed/1 Bath 651 29,295 398.20 0.61 17,919 215,028

22 2Bed/1 Bath 876 19,272 448.68 0.51 9,871 118,452

33 2Bed/1 Bath WD 876 28,908 468.06 0.53 15,446 185,352

1 2Bed/1.5 Bath 925 925 429.00 0.46 429 5,148

41 2Bed/2 Bath 925 37,925 470.22 0.51 19,279 231,348

1 3Bed/2Bath 975 975 529.00 0.54 529 6,348

1 Shop 876 876 0.00 0.00 - -

1 Office 925 925 0.00 0.00 - - 145 821 119,101 437.74 0.53 63,473 761,676

2008Jan-Apr 09 Annualized Proforma Per Unit

INCOME - Original Bal. 2,662,500$

Gross Potential 761,676 5,253 Current Bal. 2,662,500$ - - Interest Only 0

Vacancy 7% - 53,317 368 Maturity Date 7Total Rental Income 585,250 694,084 708,358 4,885 Amortization 25

Interest Rate 7.00%Other Income 33,436 43,119 45,000 310 Total Revenue 618,686 737,204 753,358 5,196 Constant 8.481%

Debt Service 225,816$ EXPENSES R E Taxes 38,066 57,772 44,056 304

Insurance 37,083 41,248 29,000 200 Management Fee 4% - - 30,134 208 Water & Sanitation 94,963 99,404 100,000 690 Natural Gas 2,418 1,325 2,500 17 Electric 12,082 12,776 13,000 90 Maintenance/Repairs 43,386 49,594 50,000 345 Advertising 4,326 2,976 3,000 21 Office 4,353 3,777 3,900 27 Legal 5,820 8,060 8,100 56 Pest Control 2,451 2,673 2,700 19 Landscaping 9,188 1,740 10,000 69 Payroll / Taxes / Benefit / Bonus 35,811 47,644 116,000 800 Pool Supplies 2,152 - 2,500 17 Total Operating Expenses 292,100 328,991 414,891 2,861

2,014 2,269 2,861 3.48 Net Operating Income 326,586 408,213 338,468 2,334 Debt Service - 225,816 1,557 Cash-Flow Before Taxes 326,586 408,213 112,652 777

Real Estate Tax Information: 2009 Assessed Value: 231,000 Rate/$1000: 112.82 Value: $2,100,000Account: Tax Amount: $26,061 Tax Dist: 0 Per Unit: $14,483R150422450

#Bdrm/Bth

New Bank Financing

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www.crrc.us Rent & Sale Comps

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1. Yorkshire 2512 N Glenhaven Drive Midwest City, OK 2. Calico Corners 2212 Felix Place Midwest City, OK 3. Rolling Oaks 429 N Air Depot Blvd Midwest City, OK

RENT COMPS In order to estimate market rents for Spring Tree, three apartment communities were selected as most competitive. Each property has been chosen due to its similarity with regard to quality, lo-cation, age, or amenities. While each property may not be directly comparable in all aspects, collectively they represent the rental market for Spring Tree.

No. Units #Bed/Bath Sq. Ft. Total Sq.

Ft. Rent Rent Sq. Ft. Monthly Gross Annual Gross

49 1Bed/1Bath 660 32,340 400 .61 19,600 235,200

80 2Bed/1Bath 850 68,000 450 .53 36,000 432,000

129 778 100,340 431 .55 55,600 667,200


Ft. Rent Rent Sq. Ft. Monthly Gross Annual Gross

74 1Bed/1Bath 725 53,650 470 .65 34,780 417,360

30 2Bed/1Bath 925 27,750 505 .55 15,150 181,800

70 2Bed/2Bath 950 66,500 535 .56 37,450 449,400

194 896 173,900 515 .58 100,080 1,200,960

20 3Bed/2Bath 1300 26,000 635 .49 12,700 152,400


Ft. Rent Rent Sq. Ft. Monthly Gross Annual

Gross

39 1Bed/1Bath 600 23,400 390 .65 15,210 182,520

34 2Bed/1Bath 780 26,520 475 .61 16,150 193,800

73 684 49,920 430 .63 31,360 376,320


Midwest City, OK

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Property Name and Address Year Built

NO. Of Units

Average Unit Size

One Bedroom

Average Unit Size

Two Bedroom

Overall Effective Rent per Sq. Ft.

Market Rent

(1Bed)

Market Rent

(2 Bed)

1 Yorkshire 1970 111 660 850 .55 400 450

2 Calico Corners 1964 73 600 780 .63 390 475

3 Rolling Oaks 1973 194 725 942 .58 470 526

378 675 882 .58 430 489

Spring Tree 1968 145 651 897 .53 398 464

Average Unit Size

Three Bedroom

-

-

1300

1300

975

Market Rent

(3 Bed)

-

-

635

635

529


Midwest City, OK


Midwest City, OK

Yorkshire

Calico Corners

Rolling Oaks

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Rent Comp Map


Midwest City, OK

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Sales Comparison

Property

Price/Unit

Overall Price

No. Unit

Year Built

Date Sold

Brookhollow 965 Biloxi Drive

$26,033 3,150,000 121 1973 Dec-08

Drexel Square 4200 N Drexel Blvd

27,678 4,567,000 165 1964 Sep-08

Sooner Crossing 1115 Biloxi Drive

24,576 2,900,000 118 1972 Jul-08

Average Price Per Unit $26,279 $10,617,000 404

Spring Tree 7020 East Reno

$24,483 $3,550,000 145 1972

$24,483

$26,033

$27,678

$24,576

Spring Tree Brookhollow Drexel Square Sooner Crossing


Midwest City, OK

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Brookhollow 965 Biloxi Drive Norman, OK

Drexel Square 4200 N Drexel Blvd Oklahoma City, OK

Sooner Crossing 1115 Biloxi Drive Norman, OK


Midwest City, OK

Brookhollow

Drexel Square

Sooner Crossing

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Rent Comp Map

5

www.crrc.us Midwest City Overview

Midwest City, Oklahoma Community Profile

City: Midwest City County: Oklahoma

Population Midwest City's population is estimated to be just over 55,000. This is an increase of approximately 1.92% from 2000. 7.89% of the population of Oklahoma County resides in Midwest City. Population data below is provided by Claritas.

Area 1990 2000 2008 (est.) 2013 ProjectionMidwest City 52,560 54,088 55,148 56,04830 Mile Radius 926,285 1,048,916 1,145,270 1,205,219OKC MSA 971,042 1,095,421 1,192,479 1,254,259

Labor Force The Midwest City labor force includes the Oklahoma City MSA, plus Pottawattamie and Lincoln Counties. The Oklahoma Employment Security Commission has provided the following labor force data for February 2008.

Area Month Employment Unemployment Labor Force Unemployment Rate POTTAWATOMIE COUNTY Feb-08 31,790 1,150 32,940 3.5% LINCOLN COUNTY Feb-08 13,540 490 14,030 3.5% OKLAHOMA CITY MSA (Includes Midwest City) Feb-08 530,080 19,240 549,320 3.5% TOTAL FOR AREA 575,410 20,880 596,290 3.5%

Productive Workers Make the Difference As you consider relocation or expansion, your commitment to quality will require access to a productive workforce and superior training programs. The state of Oklahoma offers workers who take pride in quality, in doing the job right the first time. Absenteeism, work stoppages and turnover levels are consistently well below average in Oklahoma. Our award-winning labor force exemplifies a strong work ethic, a spirit of cooperation and a high skill level. Oklahoma workers are well educated and well trained. Workforce Meets the Global Challenge Historically, Oklahoma has lower labor force participation rates, suggesting that there exists an untapped pool of labor that can be brought into the labor market to accommodate additional job growth or demand. This has been verified by businesses that have located and expanded in the state.

Awards to Area Workforce OG&E has again won the Edison Electric Institute’s Emergency Assistance Award. This prestigious award recognizes the work OG&E crews do in helping other utilities in the region restore power after hurricanes, tornadoes or ice storms. OG&E’s wind energy program has been ranked among the top “Green Power” programs in the country by the the U.S. Department of Energy's National Renewable Energy Laboratory. NREL develops the rankings of utility programs from among more than 600 utilities across the United States.

Midwest City, Oklahoma Community Profile 2008 Page 2

Fortune magazine ranked AT&T among the 50 World’s Most Admired Companies in 2008. Companies are rated on attributes that include the ability to attract and retain talented people, quality of products and services, quality of management, innovation, social responsibility, use of corporate assets and long-term investment value. Fortune magazine also named AT&T America's Most Admired Telecommunications Company. AT&T has garnered the No. 1 spot on the America’s Most Admired list 10 times, more than any other telecom company since the rankings were first published.

The Rose State College Small Business Development Center received the 2008 Small Business Development Center Service Excellence and Innovation Center Award from the U.S. Small Business Administration. Area Businesses Midwest City enjoys the greatest concentration of technology companies in the State of Oklahoma. Nationally recognized companies such as: Boeing; Northrop-Grumman; Century, Inc.; Chromalloy; Battelle; TASC; SAIC; Abacus; Acorn Growth Companies; Rolls Royce; Pratt & Whitney and many others are located in Midwest City. The City is served by a variety of businesses, ranging from retail to industrial, offering excellent employment opportunities to our citizens. Midwest City is the service community to Tinker AFB and a 5,000 acre military industrial complex located adjacent to the city's southern border. Midwest City is home to several business and industrial parks. The City of Midwest City has developed a 40-acre industrial park north of SE 15th between Midwest Blvd. and Douglas Blvd. A second city owned 160+ acre business and industrial park is planned for development on NE 23 between Air Depot Blvd. and Midwest Blvd. Located at SE 29th and Sooner Rd., Tinker Business and Industrial Park is a 70 acre sector-specific park serving those companies engaged in aerospace/aviation, telecommunications, and environmental sciences. Olivas Business and Industrial Park and Global Business Centre serve businesses requiring 5-12,000 SF buildings and can accommodate a variety of office, warehouse and light manufacturing functions. Midwest City's business and industrial parks have access to high speed telecommunications, interstate highways and multi-line rail service. Midwest City can accommodate projects with large water, sewer, natural gas and electricity demands. Business and industrial prospects should also be aware that Midwest City boasts Oklahoma's one Class 1 Fire Protection Classification Rating and offers several federally designated business incentive districts. The employment and establishment data reported in the following table is for Oklahoma County. It should be noted that this employment data excludes some types of employment, namely government and railroad employment (Government employment in the Oklahoma City area is substantial, including the state capitol, Tinker Air Force Base and the FAA Aeronautical Center). Sector # of Establishments # EmployedForestry, Fishing, Hunting, & Ag. Support Services 9 <20Mining 554 7,767Utilities 56 2,186Construction 1,811 16,960Manufacturing 773 26,620Wholesale Trade 1,333 20,929Retail Trade 2,948 43,868Transportation & Warehousing 485 11,589Information 383 11,948Finance & Insurance 1,788 20,931Real Estate, Rental & Leasing 1,082 7,889Professional, Scientific, & Technical Services 2,774 30,221Management of Companies & Enterprises 191 8,958Admin., Support, Waste Mgt., & Remediation Services 1,200 28,855Educational Services 204 5,363Health Care & Social Assistance 2,662 54,492Arts, Entertainment, & Recreation 224 4,381Accommodation & Food Services 1,577 36,024Other Services (except public admin.) 2,049 18,681Total for all sectors 22,155 357,736Source: 2006 County Business Patterns


Major Employers Major Employers Product/ Service Number Employed Union Name Tinker AFB Air Force Base 27,800 American Federation of Government Employees,

International Assoc of Fire Fighters Mid-Del Schools School 1,797 NEA Midwest Regional Medical Ctr. Hospital 1,650 Rose State College College 1,000 The Boeing Company Aerospace 700 International Assoc of Aerospace Workers & Machinist

Union Crest Discount Foods Retail/ Distribution Center 590 City of Midwest City 577 FOP Tinker Federal Credit Union Credit Union 568 Wal-Mart Retail 490 Hudiburg Auto Group New & used cars 480

Technology Training Centers The Mid-Del Technology Center assists area employers in meeting workforce training and certification requirements. MDTC offers junior and senior students a choice of 20 programs and 3 alternative programs. MDTC also offers customized training for business and industry and full-time or short-term adult education programs. There are several other technology training centers within a 30 minute drive of Midwest City.

Colleges & Universities Located within Midwest City is Rose State College, a 2-year institution offering 47 degree programs and 22 technical programs. The University of Central Oklahoma (UCO) now partners with Rose State College to offer baccalaureate degree programs on the Rose State College Campus. Rose State provides customized training and certification modules for area businesses. Rose State is a valued Midwest City business development partner. Within a 25-mile radius are numerous 4 year colleges and universities including: University of Oklahoma, University of Central Oklahoma, Oklahoma City University, Oklahoma Christian University, Oklahoma Baptist University, St. Gregory’s University, Southern Nazarene University, Oklahoma State University (Oklahoma City Campus). Local Economic Development Organization The City of Midwest City has contracted with the Midwest City Chamber of Commerce to provide economic development services. The Chamber staff, including a Certified Economic Developer, is available to provide information and assistance to any current or proposed Midwest City business project. The Chamber publishes a bi-annual Business Guide, a quarterly Economic Outlook, a quarterly Commercial Property Guide, a bi-monthly Mainstream newsletter, and a Map of Midwest City and Eastern Oklahoma County. The Chamber maintains a website at www.midwestcityok.com and an electronic site location service. Websites maintained by the Chamber’s Economic Development Department include www.AeroEOC.com, www.MWCOK.com, www.EastisIn.com, www.TinkerandthePrimes.com, and www.AfterCareers.com. Contact: David T. Burnett, CEcD Director of Economic Development Midwest City Chamber of Commerce P.O. Box 10980 Midwest City, Oklahoma 73140 Phone: 405-733-3801 Fax: 405-733-5633 E-mail: [email protected] Business Financing Business financing is available through local and Metro area commercial banks. Rose State College maintains an active Small Business Development Center. The SBDC provides businesses with technical assistance and assistance in accessing SBA loan programs. The U.S. Small Business Administration awarded the Rose State College SBDC the 2008 Small Business Development Center Service Excellence and Innovation Center Award.


Business Incentives Since each project is unique, Midwest City considers business incentives on a case-by-case basis. Incentives will be considered for projects that: 1) Create significant numbers of high quality, high paying jobs or 2) Generate significant sales tax revenue to the City of Midwest City, or significantly enhance the quality of life for the citizens of Midwest City. Due diligence processes, including financial disclosure will be required of all projects seeking tax, infrastructure, or other development incentives. The State of Oklahoma has numerous programs that may benefit Midwest City business expansion or relocation projects. These incentives include the Oklahoma Industrial Finance Authority, HUB Zones, Opportunity and Enterprise Zones, and several tax incentive programs including the New Market Tax Credits Areas and the Quality Jobs Program. Financial Institutions Midwest City has three locally owned banks with assets in excess of 350 million and has numerous national and regional banks with assets in excess of 1 trillion. The area is also served by Tinker Federal Credit Union, a large, regional organization with more than 1.6 billion in assets.

Cost of Living – Get more – Pay less! A family's budget buys more in Oklahoma. A mid-management employee in Dallas, St. Louis, or Kansas City would have to earn up to 7% more in order to equal Oklahoma's cost of living. It costs 14% more to live in Phoenix, 80% more in Los Angeles, and 54% more in Boston. Shorter commute times in Oklahoma City mean you'll spend more time with your family. Based upon the average daily commute times of Chicago, Houston, and L.A., Oklahoma City’s short commute will save you the equivalent of two extra weeks per year.

Climate The average temperature in Midwest City is 60 degrees Fahrenheit with a July temperature average of 82 degrees and a January temperature average of 36 degrees. The area receives an average of 36 inches of rain annually and 9 inches of snow. The average number of flying days is 360.

General Government Midwest City has a council-manager form of government. There is a comprehensive city plan and zoning. The city provides water, sewer and trash services for residential and commercial areas. As the result of its proactive planning and development activities, the Oklahoma Department of Commerce has certified Midwest City as a "Century Community."

Public Safety Midwest City has the enhanced 911 system for all emergency services. The city has 94 full-time fire personnel and 93 full-time police officers. In 2006, the city obtained the coveted ISO Class 1 fire protection rating from the Insurance Services Office, the best in Oklahoma and among the top 55 cities in the nation.

Utility Providers Electric - Oklahoma Gas & Electric Co. – Dual entry service that meets project specifications is available at proposed sites. UPS service will be made available at proposed sites. Natural Gas - Oklahoma Natural Gas Company.

Telecommunications – High speed/broadband infrastructure is available at proposed sites. AT&T and Cox Communications are primary local providers. AT&T, Cox Communications and other providers are available for high speed/broad band needs. The metro area is noted for its ability to serve the telecommunications needs of numerous customer contact and call centers.


Water/Sewer/Refuse - City of Midwest City Water System

Storage Capacity Daily Consumption Pressure in Mains Source Capacity

Ground: 8,000,000 Gals. Max: 13,000,000 GPD 98 PSI 13,000,000 GPD

Elevated: 1,700,000 Gals. Min: 5,000,000 GPD 54 PSI

Lake Thunderbird

and 22 wells Sanitation and Sewage Treatment Midwest City has a rotating biological contractors system of treatment. The city's sewage treatment system is currently operating at approximately 48% of capacity.

Sewer Treatment Capacity and Load Measurement Capacity Present Load

Gallons per Day 12,000,000 5,800,000 Population Equivalent 118,000 60,000

Telecommunications Midwest City has more than 87 miles of fiber optic cable available. AT&T offers electronic switching, data transmission, plexar service, phone and high speed data service, DSL Internet access and Internet-based protocol television called U-verse. Cox Communications and Birch Telecom also provide phone and high speed data communications services in Midwest City. Express and Motor Freight There are several motor freight companies with terminals in the metro area. Express services include United Parcel Service, Airborne Express, and Federal Express. Midwest City is served by AOK Railroad, a short line railway that connects to Burlington Northern Santa Fe and Union Pacific major rail carriers. Distance to Major Cities Oklahoma is centrally located in the United States. Midwest City lies at the junction of 3 major interstates: I-40/I-35/I-44, making access to other markets very easy. The distance from Midwest City to the following cities is:

City Miles to City Miles toAtlanta 819 Memphis 463Chicago 788 New Orleans 656Dallas 197 New York 1,458Denver 618 Oklahoma City 9Detroit 1,016 San Francisco 1,648 Houston 437 St. Louis 503Kansas City 353 Seattle 1,904Los Angeles 1,336 Tulsa 124

Air Transportation Will Rogers World Airport is located 20 minutes from Midwest City (in Oklahoma City). This airport is a full-service field that operates three runways, the longest having a total runway length of 9,800 feet. There are at least 10 commercial airlines offering nonstop flights to 27 major U.S. cities and direct or connecting flights to many other destinations. In 2004, passenger enplanements and deplanements reached 3,379,883. In 2007, Will Rogers had an average of 85 departures per day. Road System Three major interstate highways (I-40/I-35/I-44) pass through or surround Midwest City. Additionally, there are several major U.S. and state highways which pass through, or nearby, the community. Public Transportation Local bus service is provided by the Metro Area Transit System. Connections are available for destinations throughout the metropolitan area.


Accommodations The city has 9 hotels/motels with over 780 rooms. The largest banquet room in Midwest City seats 1,000 people. Housing Costs You Can Live With Year after year, Oklahoma ranks at or near the top in affordable housing. According to statistics from the U.S. Census Bureau's 2006 American Community Survey, as a percent of total income, Oklahoma City has the lowest housing costs of any city in the nation. Consider the bottom line -- in Oklahoma, both you and your employees will be able to buy the same size and quality housing for less cost than in most locations throughout the U.S. Midwest City has 23,853 dwellings of which 61.2% are owner-occupied. Residential availability includes every family need, from the very small to the executive level home. Condominiums, town homes, duplexes, and apartments are also available. Several new subdivisions are under construction at this time. K-12 Educational Resources Midwest City is served by three separate public school districts: the Mid-Del Schools, Nicoma Park – Choctaw Public Schools and Oklahoma City Public Schools. Midwest City is also served by seven private schools offering classes for Montessori through 12th grade. Mid-Del Schools operate Midwest City High School, Carl Albert High School, the Mid-Del Technology Center, three Middle Schools and eight Elementary Schools within the city limits of Midwest City. Oklahoma City Public Schools operate two elementary schools located within the Midwest City corporate limits. The Mid-Del school district attracts the finest teachers available because of location, facilities, commitment to education, and a salary schedule which is one of the highest in the state. Mid-Del Schools (total system) has an enrollment of over 14,600 students, is staffed by 1,079 certified teachers and administrators, and has a support staff of 591. The system maintains a 1:13 teacher-to-pupil ratio and teachers have an average of 12 years of experience. In 2007, graduating seniors earned over $7 million in scholarships. Media Midwest City is served by 1 daily newspaper and 1 biweekly paper. There are 20 local radio stations, 19 television stations, and cable availability.

Tax Structure According to a report published in 2007 by the Tax Foundation, of all 50 states, Oklahoma had the lowest overall state and local tax burden in both 2006 and 2007. Oklahoma’s overall tax rate is 27.8% - 4.9% below the national average of 32.7%. Oklahoma’s per capita property taxes are 4th from the lowest when compared to other states. Midwest City's property tax rates per $1,000 assessed value are listed below. The fractional assessment percentage for real property is 11.00% and is 0% for residential personal property. Agricultural and Commercial Personal Property is taxed at 13.75%. The total rate is the sum of the rates for each taxing unit. Midwest City’s total property tax rate will vary by location based upon the assessment rate for the school district serving that specific location. All districts were certified October 19th, 2007.

City Rate School System Rate Vo-Tech or Jr. College Rate County Total Rate Midwest City 8.32 Mid-Del #52 64.31 Rose State College 17.67 22.29 112.59 Midwest City 8.32 Oklahoma City #89 56.73 Rose State College 17.67 22.29 105.01 Midwest City 8.32 Choctaw #4 63.11 Rose State College 17.67 22.29 111.39 Midwest City 8.32 Crutcho #74 48.14 Rose State College 17.67 22.29 96.42

City County School (avg.) Other Total $8.32 $22.29 $58.07 $17.67 $106.35


Bonded Indebtedness (as of Jun 30, 2007) –

Mid-Del Schools (Amount applicable to

Oklahoma County)

Midwest City Oklahoma County

$29,428,020 $10,750,000 $15,410,000

In 2008, Oklahoma County voters approved a $74.5 million, 15 year bond issue that will enable the County to complete an Oklahoma County Courthouse Renovation, Natural Hazard Mitigation and Flood Relief, and purchase the General Motors facility for use by Tinker Air Force Base.

Sales Taxes The city has a sales tax rate of 3.3%. In addition, the state levies a 4.5% tax rate on sales. The total combined tax rate for Midwest City is 7.8%. Oklahoma County levies no sales tax.

Medical Facilities and Medical Practitioners Midwest City is home to one general hospital, two specialty hospitals and more than 15 medical clinics. Midwest City has 42 dentists, 16 optometrists, and 11 chiropractors. Oklahoma County has 2,292 medical doctors. There are 4 nursing homes in Midwest City with more than 500 beds.

Recreational Facilities The citizens of Midwest City have access to a number of recreational facilities.

Parks Art & Other Museums Golf Courses Bowling Centers Water Parks Lakes 33 3 2 1 1 1

Other Attractions Three nearby lakes, Lake Thunderbird, Lake Draper and Lake Arcadia, offer a variety of activities including boating, camping, fishing, swimming, and water skiing. Other recreational facilities in Midwest City include 1 skate park, 2 football stadiums, 3 field houses, 3 adult softball fields, 12 soccer fields, 9 baseball fields, and 6 tennis courts. There are 4 major festivals each year, all attracting tens of thousands of visitors annually: May STAR SPANGLED SALUTE June TINKER INTER-TRIBAL COUNCIL POW WOW October GLOBAL OKLAHOMA... A FESTIVAL OF CULTURES December HOLIDAY LIGHTS SPECTACULAR

Please check the following websites for more detailed information: Midwest City Chamber of Commerce – www.midwestcityok.com City of Midwest City – www.midwestcityok.org Tinker Air Force Base – www.tinker.af.mil Mid-Del Schools - www.mid-del.net Mid-Del Technology Center – http://mid-del.tec.ok.us Rose State College – www.rose.edu Midwest Regional Medical Center - www.midwestregional.com

6

www.crrc.us Oklahoma Broker Relationship Act

Oklahoma Broker Relationships Act Title 59

Oklahoma Statutes Sections 858-351--858-363 Effective November 1, 2000

PREFACE

This pamphlet has been compiled and published for the benefit of real estate licensees and members of the general public. It is intended as a general guide and is not for the purpose of answering specific legal questions. Questions of interpretation should be referred to an attorney. If a question arises as to whether or not a licensee has failed to comply with this act, please contact the Oklahoma Real Estate Commission at (405) 521-3387.

First Printing June 2000

858-351. Definitions. Unless the context clearly indicates otherwise, as used in Section 858-351 through 858-363 of this act:

1. "Broker" means a real estate broker as defined in Section 858-102 of Title 59 of the Oklahoma Statutes, and means, further, except where the context refers only to a real estate broker, an associated broker associate, sales associate, or provisional sales associate authorized by a real estate broker to provide brokerage services; 2. "Party" means a person who is a seller, buyer, landlord, or tenant or a person who is involved in an option or exchange; 3. "Single-party broker" means a broker who has entered into a written brokerage agreement with a party in a transaction to provide services for the benefit of that party; 4. "Transaction" means those real estate activities enumerated in Section 858-102 of Title 59 of the Oklahoma Statutes which are performed by a broker; and 5. "Transaction broker,” means a broker who provides services by assisting a party in a transaction without being an advocate for the benefit of that party.

858-352. Written brokerage agreement. A broker may enter into a written brokerage agreement to provide services as either a single-party broker or a transaction broker. If a broker does not enter into a written brokerage agreement with a party, the broker shall perform services only as a transaction broker. 858-353. Transaction broker--Duties and responsibilities. A transaction broker shall have the following duties and responsibilities:

1. To perform the terms of the written brokerage agreement, if applicable: 2. To treat all parties with honesty; 3. To comply with all requirements of the Oklahoma Real Estate License Code and all applicable statutes and rules; and 4. To exercise reasonable skill and care including:

a. timely presentation of all written offers and counteroffers, b. keeping the party for whom the transaction broker is providing services fully informed regarding the transaction, c. timely accounting for all money and property received by the broker, d. keeping confidential information received from a party confidential as required by 858-357 of this act, and

e. disclosing information pertaining to the property as required by the Residential Property Condition Disclosure Act.

858-354. Single-party broker--Duties and responsibilities. A. A broker shall enter into a written brokerage agreement prior to providing services as a single-party broker. B. The single-party broker shall have the following duties and responsibilities: 1. To perform the terms of the brokerage agreement; 2. To treat all parties with honesty; 3. To comply with all requirements of the Oklahoma Real Estate License Code and all applicable statutes and rules; and 4. To exercise reasonable skill and care including:

a. timely presentation of all written offers and counteroffers, b. keeping the party for whom the single-party broker is

performing services fully informed regarding the transaction, c. timely accounting for all money and property received by the broker, d. keeping confidential information received from a party confidential as required by 858-357 of this act, e. performing all brokerage activities for the benefit of the party for whom tile single-party broker is performing services unless prohibited by law, f. disclosing information pertaining to the property as required by the Residential Property Condition Disclosure Act, and g. obeying the specific directions of the party for whom the single-party broker is performing services that are not contrary to applicable statutes and rules or contrary to the terms of a contract between the parties to tile transaction.

C. In the event a broker who is a single-party broker for a buyer or a tenant receives a fee or compensation based on a selling price or lease cost, such receipt does not constitute a breach of duty or obligation to the buyer or tenant if fully disclosed to the buyer or tenant in the written brokerage agreement.

858-355. Alternative relationships entered into where broker assists one or both parties--Written disclosure--Written consent--Contents of brokerage agreement--Withdrawal by broker--Referral fees--Cooperation with other brokers.

A. When assisting one party to a transaction, a broker shall enter into one of the following relationships: 1. As a transaction broker without a written brokerage agreement: 2. As a transaction broker through a written brokerage agreement; or 3. As a single-party broker through a written brokerage agreement. B. When assisting both parties to a transaction, a broker may enter into the following relationships: 1. As a transaction broker for both parties; 2. As a single-party broker for one party and as a transaction broker for the other party. In this event, a broker shall disclose in writing to the party for whom the broker is providing services as a transaction broker, the difference between a transaction broker and a single-party broker, and that the broker is a single-party broker for the other party and performs services for the benefit of the other party in the transaction; or 3. As a transaction broker where the broker has previously entered into a written brokerage agreement to provide services as a single-party broker for both parties. In this event, the broker shall obtain the written consent of each party before the broker begins to perform services as a transaction broker. The written consent may be included in the written brokerage agreement or in a separate document and shall contain the following information:

a. a description of the transaction or type of transactions that might occur in which the single-party broker seeks to obtain consent to become a transaction broker,

b. a statement that in such transactions the single-party broker would perform services for more than one party whose interest could be differ-ent or even adverse and that such transactions require the broker to seek the consent of each party to such transactions to permit a change in the brokerage relationship,

c. a statement that by giving consent in such transactions: 1) the party will allow the broker to change the broker's relationship from performing services as a single-party broker to performing

services as a transaction broker, 2) the broker will no longer provide services for the benefit of the party, but may only assist in such transactions, 3) the broker will not be obligated to obey the specific directions of the party but will assist all parties to such transactions, 4) the party will not be vicariously liable for the acts of the broker and associated associates, and 5) the broker's obligation to keep confidential information received from the party confidential is not affected,

d. a statement that the party is not required to consent to the change in the brokerage relationships in such transactions and may seek independent advice, e. a statement that the consent of the party to change the brokerage relationship in such transactions has been given voluntarily and that the written consent has been read and understood by the party, and f. a statement that the party authorizes the broker to change the brokerage relationship in such transactions and to assist all parties to such transaction as a transaction broker.

C. 1. If neither party gives consent as described in paragraph 3 of subsection B of this section, the broker shall withdraw from providing services to all but one

party to a transaction. If the broker refers the party for whom the broker is no longer providing services to another broker, the broker shall not receive a fee for referring the party unless written disclosure is made to all parties. 2. If only one party gives consent as described in paragraph 3 of subsection B of this section, the broker may act as a transaction broker for the consenting party and continue to act as a single-party broker for the nonconsenting party. In this event, the broker shall disclose in writing to the consenting party that the broker remains a single-party broker for the nonconsenting party and performs services for the benefit of the nonconsenting party.

D. A broker may cooperate with other brokers in a transaction. Under Sections 858-351 through 858-363 of this act, a broker shall not be an agent, subagent, or dual agent and an offer of subagency shall not be made to other brokers.

858-356. Disclosures--Confirmation in writing.

A. Prior to the signing by a party of a contract to purchase, lease, option or exchange real estate, a broker who is performing services as a transaction broker without a written brokerage agreement shall describe and disclose in writing the broker's role to the party.

B. Prior to entering into a written brokerage agreement as either a transaction broker or single-party broker, the broker shall describe and disclose in writing the broker's relationship to the party.

C. A transaction broker shall disclose to the party for whom the transaction broker is providing services that the party is not vicariously liable for the acts or omissions of the transaction broker.

D. A single-party broker shall disclose to the party for whom the single-party broker is providing services that the party may be vicariously liable for the acts or omissions of a single-party broker.

E. The disclosure required by this section and the consent required by Section 858-355 of this act must be confirmed by each party in writing in a separate provision, incorporated in or attached to the contract to purchase, lease, option, or exchange real estate. In those cases where a broker is involved in a transaction but does not prepare the contract to purchase, lease, option, or exchange real estate, compliance with the disclosure requirements must be documented by the broker.

858-357. Confidential information. The following information shall be considered confidential and shall not be disclosed by a broker without the consent of the party disclosing the information unless consent to disclosure is granted by thc party disclosing the information, the disclosure is required by law, or the information is made public or becomes public as the result of actions from a source other than the broker:

1. That a party is willing to pay more or accept less than what is being offered; 2. That a party is willing to agree to financing terms that are different from those offered; and 3. The motivating factors of the party purchasing, selling, leasing, optioning, or exchanging the property.

858-358. Duties of broker following termination, expiration, or completion of performance. Except as may be provided in a written brokerage agreement between the broker and a party to a transaction, the broker owes no further duties or responsibilities to the party after termination, expiration, or completion of performance of the transaction, except:

1. To account for all monies and property relating to the transaction; and 2. To keep confidential all confidential information received by the broker during the broker's relationship with a party. 858-359. Payment to broker not determinative of relationship. The payment or promise of payment or compensation by a party to a broker does not determine what relationship, if any, has been established between the broker and a party to a transaction. 858-360. Abrogation of common law principles of agency—Remedies cumulative. The duties and responsibilities of a broker specified in Sections 858-351 through 858-363 of this act shall replace and abrogate the fiduciary or other duties of a broker to a party based on common law principles of agency. The remedies at law and equity supplement the provisions of Sections 858-351 through 858-363 of this act. 858-361. Use of Word "agent" in trade name. A real estate broker is permitted under the provisions of Sections 858-351 through 858-363 of this act to use the word "agent" in a trade name. 858-362. Vicarious liability for acts or omissions of real estate licensee. A party to a real estate transaction shall not be vicariously liable for the acts or omissions of a real estate licensee who is providing services as a transaction broker under Section 858-351 through 858-363 of this act. 858-363. Associates of real estate broker—Authority. Each broker associate, sales associate, and provisional sales associate shall be associated with a real estate broker. A real estate broker may authorize associates to enter into written agreements to provide brokerage services in the name of the real estate broker.

Documents

COMMERCIAL R C MULITFAMILY INVESTMENT SERVICES · MULITFAMILY INVESTMENT SERVICES Spring Tree 7020 East Reno Midwest City, OK Tinker Air Force is a major U.S. Air Force base located